Document:

EXHIBIT 10.2

 

Deed
of Trust

 

	Section	 	Subject	 	Page
	Deed
    of Trust	 	3
	1	 	Introduction,
    Definitions and Interpretation	 	5
	2	 	Issuance
    of Bonds; Terms of Issue; Equal Rank	 	10
	3	 	Purchase
    of Bonds by the Company and/or an Affiliate and Performing Distributions	 	11
	4	 	Issue
    of Additional Bonds	 	12
	5	 	Company’s
    Undertakings	 	16
	6	 	Securing
    the Bonds	 	37
	7	 	Early
    Redemption	 	43
	8	 	Right
    to Call for Immediate Repayment	 	47
	9	 	Claims
    and Proceedings by the Trustee	 	58
	10	 	Trust
    of Proceeds	 	59
	11	 	Authority
    to Demand Payment to Holders through Trustee	 	61
	12	 	Powers
    to Delay the Distribution of Funds	 	61
	13	 	Notice
    of Distribution	 	62
	14	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	62
	15	 	Receipt
    by Bondholders and Trustee	 	64
	16	 	Presentation
    of Bonds to the Trustee; Registration in Connection with Partial Payment	 	65
	17	 	Investment
    of Funds	 	66
	18	 	Company’s
    Undertakings vis-a-vis Trustee	 	66
	19	 	Additional
    Liabilities	 	73
	20	 	Counsel	 	74
	21	 	Other
    Agreements	 	75
	22	 	Reports
    on Matters Relating to Trusteeship	 	75
	23	 	Wages
    and Coverage of Trustee’s Expenses	 	76
	24	 	Special
    Powers	 	76
	25	 	Trustees’
    Power to Engage Agents	 	77

 

    	 

    	 

    

 

	26	 	Indemnification
    of the Trustee	 	78
	27	 	Notices	 	84
	28	 	Waivers,
    Compromises, and Changes to the Deed of Trust	 	85
	29	 	Register
    of Bondholders	 	87
	30	 	Release	 	87
	31	 	Appointment
    of the Trustee, Roles of the Trustee, Powers of the Trustee and Termination of Trustee’s Office	 	88
	32	 	Bondholders’
    Meetings	 	90
	33	 	Applicable
    Law	 	90
	34	 	Exclusive
    Jurisdiction	 	91
	35	 	General	 	93
	36	 	Trustee’s
    Liability	 	93
	37	 	Addresses	 	93
	38	 	Authorization
    to MAGNA	 	94
	First
    Addendum to the Deed of Trust - Bond Certificate (Series A)	 	95
	The
    Terms Listed on the Overleaf	 	97
	1	 	General	 	97
	2	 	The
    Bonds	 	98
	3	 	Terms
    of Bonds (Series A)	 	98
	4	 	Payments
    of Principal and Interest of the Bonds (Series A)	 	99
	5	 	Postponement
    of Dates	 	100
	6	 	Securing
    the Bonds	 	101
	7	 	Refraining
    from Payment for a Reason Which is not Dependent on the Company	 	101
	8	 	Register
    of Bondholders	 	101
	9	 	Splitting
    Bond Certificates	 	101
	10	 	Transfer
    of Bonds	 	102
	11	 	Early
    Redemption	 	102
	12	 	Purchase
    of Bonds by the Company and/or an Affiliate	 	102
	13	 	Waivers;
    Compromises, and Changes to the Deed of Trust	 	102
	14	 	Bondholders’
    Meetings	 	103
	15	 	Receipt
    from Bondholders	 	103
	16	 	Right
    to Call for Immediate Repayment	 	103
	17	 	Notices	 	103
	18	 	Governing
    Law and Jurisdiction	 	103
	19	 	Order
    of Priorities	 	103
	Second
    Addendum of the Deed of Trust - Bondholders’ Meetings	 	104
	Third
    Addendum to the Deed of Trust - Urgent Representation for Bondholders	 	115
	Appendix
    23 - Trustee’s Fee	 	120

 

    	 

    	 

    

 

Deed
of Trust 

 

Entered
into and executed in Tel Aviv on November 24, 2015

 

Between:

 

Strawberry
Fields REIT, LTD

(Company
Number: 1863501)

A
foreign company in the British Virgin Islands whose registered office in the British Virgin Islands is:

Blenheim
Trust (BV) Limited

P.O.
Box 3483

Road
Town, Tortola

British
Virgin Islands

Whose
address in Israel for the purpose of this Deed and the service of legal process (subject to Section 5.9 of this Deed) is:

c/o
Fischer Behar Chen Well Orien & Co.

3
Daniel Frisch Street, Tel Aviv 6473104

Tel:
03-6944249

Fax:
03-6944157

(hereinafter:
the “Company”)

 

Of
the first part;

 

and
between:

Mishmeret
Trust Services Company Ltd.

48
Menachem Begin Ave., Tel Aviv

Telephone:
03-6374352

Fax:
03-6374344

(hereinafter:
the “Trustee”)

 

Of
the second part;

 

	Whereas:	On
    November 24, 2015, the Company’s board of directors resolved to approve the issuance of Bonds (Series A) under the Prospectus,
    as defined below; and
	 	 
	Whereas:	On
    October 27, 2015, Standard & Poors Maalot (“maalot”) announced that a rating of il A would be provided
    for the issuance of a new series of bonds of the Company, in a total scope of up to NIS 250 million, par value; and On September
    19, 2015, Maalot announced that a preliminary rating of ilA would be provided for the issuance of a new series of bonds of
    the Company, in a total scope of up to NIS 275 million, par value

 

    	3

    	 

    

 

	Whereas:	As
    of the signature of this Deed, the Company meets all of the conditions of the rating company for the purpose of its rating
    of the series of Bonds (Series A) with the rating set forth above; and
	 	 
	Whereas:	The
    Trustee is a private company limited by shares that is incorporated in Israel under the Companies Law, 5759-1999, whose main
    purpose is to engage in trusteeship; and
	 	 
	Whereas:	The
    Trustee has declared that there is no impediment under the Securities Law, 5728-1968 or any other law for its engagement with
    the Company under this Deed of Trust and that it meets the requirements and conditions of eligibility set forth under the
    Securities Law for the Trustee to serve as a trustee for holders of bonds (series A) offered under the prospectus; and
	 	 
	Whereas:	The
    Trustee has no personal interest in the Company and the Company has no material interest in the Trustee; and
	 	 
	Whereas:	The
    Company declares that there is no impediment under any law (whether in Israel or abroad) and/or agreement for the performance
    of an issue of the Bonds and/or its engagement with the Trustee under this Deed of Trust; and
	 	 
	Whereas:	In
    the framework of the Prospectus, the Company intends to issue up to NIS 275 million par value Bonds (Series A) as set forth
    in Section 2 of this Deed of Trust; and
	 	 
	Whereas:	The
    Bonds (Series A) will be listed for trade in the stock exchange, as defined below; and
	 	 
	Whereas:	Subject
    to the success of the issue, the Company will become a reporting corporation as defined below; and
	 	 
	Whereas:	The
    Company has requested that the Trustee serve as a trustee for the Holders of the Bonds (Series A) and the Trustee has agreed
    to sign this Deed of Trust and act as a trustee for the bondholders (as defined above), all subject to and in accordance with
    the terms of this Deed of Trust.

 

    	4

    	 

    

 

Therefore
it is agreed, declared and stipulated between the Parties as follows:

 

	1.	Introduction,
    Definitions and Interpretation

 

	 	1.1	The
    preamble to this Deed of Trust and the appendices attached hereto constitute integral and substantial parts hereof. 
	 	 	 
	 	1.2	The
    division of this Deed of Trust into sections and the titles of the sections are provided for the sake of convenience and orientation
    alone, and should not be used for the purpose of interpretation. 
	 	 	 
	 	1.3	All
    of the provisions of this Deed in the plural form shall imply the singular and vice-versa, and all of the provisions in the
    masculine form shall imply the feminine form and vice-versa, and all of the provisions relating to an individual shall imply
    a corporation as well, all provided that there is no explicit and/or implicit provisions of this Deed to the contrary and/or
    that the content or context of the matter does not require otherwise. 
	 	 	 
	 	1.4	In
    the event of any matter that is omitted from this Deed and in any event of a conflict between the provisions of the law and
    this Deed of Trust, the parties will act in accordance with the provisions of Israeli law alone. In any event of a conflict
    between the provisions set forth in the prospectus in connection with this Deed and/or the bonds, the provisions of this Deed
    will prevail, provided that they do not conflict with the bylaws and guidelines of the Stock Exchange, which may not be conditioned
    upon.
	 	 	 
	 	1.5	In
    this Deed of Trust and in the bonds, the following expressions shall have the meanings set forth beside them:

 

	 	1.5.1	“This
    Deed” or “Deed of Trust” – this Deed of Trust, including the appendices attached hereto and constituting
    an integral part hereof;
	 	 	 
	 	1.5.2	The
    “Tender” – the tender for the annual interest rate determined that the bonds (series A) that are issued
    by the Company in accordance with the prospectus will bear;
	 	 	 
	 	1.5.3	“Bonds
    (Series A)” or the “Bonds” – the Bonds (Series A) that are issued by the Company in accordance with
    the Prospectus;

 

    	5

    	 

    

 

	 	1.5.4	“Series
    of Bonds” – the bonds with a total par value of up to NIS 273 million listed by name, whose terms will be in accordance
    with the certificate of the Bonds (Series A) attached to the prospectus based on which they are issued;
	 	 	 
	 	1.5.5	The
    “Prospectus” - a prospectus for supplementation by the Company, published in November 2015, including a supplementary
    notice published by the Company in accordance with the Securities Regulations (Supplementary Notice and Prospectus Draft),
    5767-2007, which will constitute part of the Prospectus applicable on the date of its publication;
	 	 	 
	 	1.5.6	The
    “Trustee” – Mishmeret - Trust Services Ltd. and/or any party that serves from time to time as a trustee
    of the bondholders under this Deed;
	 	 	 
	 	1.5.7	“Register
    of Bondholders” and/or the “Register” – a register of bondholders, as set forth in Section 29 of this
    Deed;
	 	 	 
	 	1.5.8	“Holder”
    and/or “Bondholder” - as this term is defined in the Securities Law;
	 	 	 
	 	1.5.9	“Bond
    Certificate” - a certificate of the Bonds in the form attached as the First Addendum to this Deed;
	 	 	 
	 	1.5.10	The
    “Law” or the “Securities Law” – the Securities Law, 5728-1968 and the regulations thereunder,
    as they may be from time to time;
	 	 	 
	 	1.5.11	The
    “Companies Law” – the Companies Law, 5759-1999 and the regulations thereunder, as they may be from time
    to time;
	 	 	 
	 	1.5.12	“Business
    Day” or “Bank Business Day” – any day on which the clearing house of the stock exchange and most of
    the banks in Israel are open for the performance of transactions;

 

    	6

    	 

    

 

	 	1.5.13	“Trading
    Day” – a day on which transactions are performed in the stock exchange;
	 	 	 
	 	1.5.14	The
    “Nominee Company” – the Nominee Company of Mizrahi Tfahot of Israel Ltd. or any other nominee company that
    shall replace it;
	 	 	 
	 	1.5.15	“Principal
    Amount” – the par value amount of the Bonds that are not yet paid;
	 	 	 
	 	1.5.16	The
    “Stock Exchange” – the Tel Aviv Stock Exchange Ltd.
	 	 	 
	 	1.5.17	Special
    Resolution” – a resolution passed in a general meeting of Bondholders (Series A), who are present themselves or
    by their counsel whose Bonds represent at least 50% of the balance of the par value of the Bonds (Series A), or in an adjourned
    meeting attended by the Bondholders, themselves or by their counsel, who hold at least 20% of the balance of the par value
    as stated, and which is passed (whether in the original meeting or adjourned meeting) with a majority of at least two thirds
    (2/3) of the balance of the par value of the Bonds (Series A) represented in the vote, excluding abstentions
	 	 	 
	 	1.5.18	“Opposing
    Interest” – shall mean as defined in Section 9.3 of the Second Supplement of this Deed;
	 	 	 
	 	1.5.19	“Rating”
    - a rating by the Rating Company, as defined below.
	 	 	 
	 	1.5.20	In
    this Deed of Trust and the Bonds, the Rating of the Bonds will have the meanings set forth in the table below:

 

	 	“A”	ilA
    rated by Maalot or A2 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).

 

    	7

    	 

    

 

	 	“A
    minus”	ilA-
    rated by Maalot or A3 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB
    Plus”	ilBBB+
    rated by Maalot or Baa1 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB”	ilBBB
    rated by Maalot or Baa2 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BBB
    Minus”	ilBBB-
    rated by Maalot or Baa3 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).
	 	 	 
	 	“BB
    Plus”	ilBB+
    rated by Maalot or Ba1 when rated by Midroog or a rating parallel to the aforesaid ratings that will be determined by another
    rating company that rates or will rate the Bonds (Series A).

 

	 	1.5.21	“Rating
    Company” – Standard & Poor’s Maalot Ltd. (above and hereinafter: “Maalot”), Midroog Ltd.
    (above and hereinafter: “Midroog”) or another rating company that is approved by the Commissioner of the Capital
    Market, Insurance and Savings in the Ministry of Finance.

 

    	8

    	 

    

 

	 	1.5.22	“Reporting
    Corporation”– as defined in the Securities Law or a corporation traded on a stock exchange outside of Israel,
    as set forth in the Second or Third Addendum of the Securities Law.
	 	 	 
	 	1.5.23	“Controlling
                                         Stockholders”: Messrs. Moishe Gubin (together with his spouse,
                                         Tira Gubin) and Michael Blisko, as set forth in Section 3.4 of the Prospectus.

	 	 	 
	 	1.5.24	“Reporting
    Regulations” – the Securities Regulations (Periodic and Immediate Reports), 5730-1970.
	 	 	 
	 	1.5.25	“Financial
    Statements” – annual or quarterly financial statements, audited or reviewed, that the Company is required to publish
    in accordance with the Securities Law and the regulations thereunder.
	 	 	 
	 	1.5.26	“Associated
    Company” and “Joint Control” - as defined in the Securities Regulations (Annual Financial Statements), 5770-2010.
	 	 	 
	 	1.5.27	“HUD”
    - The Department of Housing and Urban Development, USA.

 

	 	1.6	As
    long as the Bonds are listed for trade on the Stock Exchange, in any event in which the rules of the Stock Exchange apply
    or will apply to any operation under this Deed of Trust, the operation date and the manner of performance will be determined
    in accordance with the rules of the Stock Exchange. It is clarified that the performance of actions as stated (including if
    the rules of the Stock Exchange are modified) will not derogate from the agreements of the parties under this Deed.
	 	 	 
	 	1.7	In
    any event of a conflict between the Deed of Trust and the accompanying documents, the provisions of the Deed of Trust will
    govern. 
	 	 	 
	 	1.8	In
    the event of termination of the issuance of the Bonds for any reason, the validity of this Deed of Trust will be concluded.
    

 

    	9

    	 

    

 

	 	1.9	Any
    reference in this Deed to a number of sections in the Law will be adjusted, mutatis mutandis, to changes occurring in the
    Law, if any. 
	 	 	 
	 	1.10	The
    Trustee’s actions are valid even if a defect is discovered in his appointment or eligibility. 
	 	 	 
	 	1.11	In
    any case in which this Deed or its appendices explicitly states that the Company will announce something in an immediate report,
    the report will take place on the date and based on the details required in the Reporting Regulations (whether the Company
    is subject to a reporting obligation under the Reporting Regulations or otherwise). The above will not derogate from the other
    reporting obligations of the Company under any law. 
	 	 	 
	 	1.12	The
    Trustee’s signature on the Trust Deed does not constitute an opinion by the Trustee as to the nature of the offered
    securities or the advisability of investment in these securities.

 

	2.	Issuance
    of Bonds; Terms of Issue; Equal Rank

 

	 	2.1	The
    Company will issue the Bonds (Series A) as described in the preamble of this Deed. The Bonds (Series A) that will be issued
    under the Prospectus (if any are issued) will be listed for trade on the Stock Exchange/
	 	 	 
	 	2.2	The
    terms of the Bonds (Series A) that are issued under the Prospectus will be as follows:

 

Up
to NIS 273 million par value of Bonds (Series A), with a total par value of up to NIS 273, listed by name, payable in 8 (eight)
annual payments (unequal) on July 1 of each of the years 2017 through 2024 (inclusive) such that each of the 4 first payments
on account of the principal will be 15% of the principal of the total par value of the Bonds (Series A) and each of the 4 last
payments on account of the principal will constitute 10% of the total principal par value of the Bonds (Series A). The Bonds (Series
A), bearing annual interest (unlinked) in a fixed rate as set forth in the Tender, which will not exceed the maximum interest
rate as set forth below, and that is paid on July 1, 2016 and on January 1 and July 1 of each of the years 2017 through2024 (inclusive)
(the first interest payment will be made on July1, 2016 and the last interest payment will be made on July 1, 2024, jointly with
payment of the last payment of the principal of the Bonds) for the period of six months ending on the date before the payment
date (hereinafter: the “Interest Period”). The interest rate which will be paid for a particular interest period (other
than the first interest period as defined below) (meaning, the period which begins on the payment day of the prior interest period
and ending on the last day before the payment date immediately after the commencement date) will be calculated as the yearly interest
rate divided by two. The first interest payment will be made on July1, 2016 for the period beginning on the first Trading Day
after the date of the Tender of the Bonds (Series A) and ending on June30, 2016 (above: the “First Interest Period”),
calculated on the basis of 365 days per year, based on the number of days in this period, and the last interest payment will be
made on July 1, 2024. The Bonds (Series A) shall not be linked (principal and interest) to any index or any currency.

 

Subject
to adjustments in the event of a change in the Rating of the Bonds (Series A) and/or non-compliance with financial conditions
as set forth in Sections 5.3 and 5.4 below and/or eligibility for arrears interest (as defined in Section 4(a) of the overleaf
conditions that are in the First Supplement of this Deed), the interest rate that the Bonds (Series A) will bear will not exceed
6.4% or another rate determined in the Supplementary Notice published under the Prospectus (hereinafter: the “Maximum Interest
Rate”).

 

	 	2.3	The
    Company reserves the right to perform early repayment of the Bonds upon the fulfillment of the terms set forth in Section
    7 of this Deed. 

 

    	10

    	 

    

 

	 	2.4	The
    Bonds (Series A) will all have equal rank pari-passu, among themselves, in connection with the Company’s obligations
    under the Bonds, and without priority or preference of one over the other.

 

	3.	Purchase
    of Bonds by the Company and/or an Affiliate and Performing Distributions

 

	 	3.1	The
    Company reserves the right, subject to any law, to acquire the Bonds (Series A) at any time and from time to time, without
    derogating from the obligation to repay the Bonds (Series A) in circulation. In the event of a purchase as stated, the Company
    will issue an immediate report or inform the Trustee thereof in writing. In the event in which the Bonds (Series A) are acquired
    by the Company, the Company will file a request to the clearing house of the Stock Exchange for the withdrawal of the certificates
    acquired as stated.

 

In
the event of a purchase by the Company as stated above, the acquired Bonds (Series A) will expire automatically, will be voided
and will be delisted from trade, and the Company may not reissue them. The provisions above will not harm the Company’s
right to redeem the Bonds (Series A) in advance as stated in Section 7 below. 1.1

 

Notwithstanding Section 3.1 above, the Company
shall not be entitled to purchase bonds, as long as the company is found (if and when it is found) in a state of non-compliance
with some financial covenants set out in section 6.4 (1) to (3) below.

 

	 	3.2	The
    Controlling Stockholder of the Company (directly or indirectly) and/or its relative (as the term is defined in the
    Securities Law) and/or a subsidiary of the Company and/or affiliated company and/or associated company of the Company and/or
    a corporation under the control of any of the above (directly or indirectly) (excluding the Company itself, regarding which
    the provisions of Section 3.1 above shall apply) (hereinafter: an “Affiliated Party”) may acquire and/or sell
    Bonds (Series A) at their discretion (and subject to any law), at any time and from time to time, including by way of the
    Company’s issuance of Bonds (Series A) that are issued under the Deed of Trust. In the event of an acquisition and/or
    sale as stated by a subsidiary of the Company and/or a corporation under its control, the Company will issue an immediate
    report with respect thereto. The Bonds (Series A) that are held as stated by an Affiliated Party will be considered to be
    an asset belonging to the Affiliated Party, and if they are listed for trade, they will not be delisted from trade in the
    Stock Exchange and will be transferrable as are the other Bonds (Series A). The Bonds (Series A) that are owned by an Affiliated
    Party will not grant to the Affiliated Party voting rights in a meeting of the Bondholders (Series A) and will not be counted
    for the purpose of determining a legal quorum required to commence such meetings. A meeting of Holders will take place based
    on the provisions of the Second Addendum of the Deed of Trust. An Affiliated Party will report to the Company, if required
    under law to do so, regarding an acquisition of Bonds (Series A) and the Company will provide the Trustee, at its request,
    with a list of Affiliated Parties and the quantities held thereby on the date requested by the Trustee, based on the reports
    received as stated from Affiliated Parties and that are reported in the MAGNA system by the Company. It is clarified that
    a report on the MAGNA system will be considered to be a report to the Trustee for the purposes of this Section Notwithstanding
    Section 3.2 above, the Company’s subsidiary and / or related company and / or associate of the Company will not be entitled
    to purchase such debentures, as long as the company is found (if and when it is found) in a state of non-compliance with some
    die the financial criteria set out in section 6.4 (1) to (3) below.

 

    	11

    	 

    

 

	 	3.3	The
    provisions of this Section above alone will not obligate the Company, an Affiliated Party or the Bondholders (Series A) to
    purchase and/or sell the Bonds (Series A) in their possession.
	 	 	 
	 	3.4	As
    of the date of the signature of this Deed, the Company is not subject to any limitation with respect to the distribution of
    dividends or a buy-back of its shares, excluding as set forth in Section 6.5 below. 

 

	4.	Issue
    of Additional Bonds

 

	 	4.1	The
    Company may, from time to time, without requiring the consent of the Trustee and/or the Holders existing at the time, issue
    additional Bonds (Series A) (whether in a private placement or in the framework of a prospectus), including to an Affiliated
    Party (as defined in Section 3.2 above), under the terms that it sees fit (the terms of the additional bonds that are issued
    will be identical to the terms of the Bonds (Series A)). However, in such a case, the Trustee will have the right to demand
    the increase of the annual wages in a manner relative to the increase of the series, in a permanent manner until the end of
    the term of the trust, and the Company provides in consent in advance, by engaging in this Deed, to increase the wages of
    the Trustee as stated. The Bonds (Series A) existing on the date of the expansion of the series and the additional Bonds (Series
    A) (from the date of their issue) will constitute one series for all intents and purposes, and the Deed of Trust of the Bonds
    (Series A) will also apply regarding all of the additional bonds from Series A as stated. The Company will refer to the Stock
    Exchange with a request to list for trade the additional Bonds (Series A) as stated, when they are offered. 

 

Notwithstanding
the above, an additional issuance of Bonds (Series A) will be performed subject to all of the terms set forth below being fulfilled:
(a) the additional issuance of the Bonds (Series A) as stated will not be harmed by the Rating of the Bonds (Series A) that are
first issued under this Deed, as the Rating may be at the time (i.e. the Rating before the expansion of the series). For the purpose
of this section, it is clarified in the event in which the Bonds (Series A) are rated by more than one Rating Company, the ratings
test for the purpose of this section will take place, at any time, based on the higher of the ratings; (b) On the additional issue
date, the Company meets the financial criteria set forth in Section 6.4 below. Confirmation as stated, with respect to compliance
with the financial criteria alone, will be provided by the senior officer in the financial department of the Company at least
7 business days before the date on which the series is expanded, and the Trustee will rely on the aforesaid confirmation
and will not be required to perform additional inspections; (c) On the date of the additional issue, in accordance with the most
recent financial statements published before the date of the additional issue, and after retroactively taking into account the
performance of the additional issue, the Company will meet the financial criteria set forth in Section 6.4 below. The Company
will provide the Trustee, before actually performing the issue of the additional issue, written confirmation that is signed by
the senior officer in the financial department of the Company regarding: (1) the fulfillment of the aforesaid conditions; (2)
that the Company is not in breach of all and/or any of its obligations to the Bondholders (Series A) and there are no grounds
for calling for immediate repayment as set forth in Section 8.1 below; and (3) the expansion of the series will not harm the solvency
of the Company as to the Bonds (Series A). In any case of an additional issue as stated, the increase of the series will occur
subject to receipt of prior consent from the Rating Company whereby the increase of the series as stated will not harm the rating
of the Bonds (Series A) as it may be at the time. Confirmation from the Rating Company will be published in an immediate report
before the expansion of the series, and will be attached to the approval of the Company to the Trustee. The Company will inform
the Trustee in writing, and publish in an immediate report, even before the performance of the additional issue, whether the additional
issue meets all of the aforesaid terms, and confirm to the Trustee in writing that the expansion as stated will not harm the Bondholders
(Series A) and that the Company’s board of directors has examined the impact of the expansion of the series as stated, and
its abilities, and determined that the expansion will not harm the ability of the Company to meet its obligation to the Bondholders
(Series A) before the performance of the issuance as stated.

 

    	12

    	 

    

 

This
right of the Company will not exempt the Trustee from examining the issue as stated, if such an obligation applies to the Trustee
under law, and will not derogate from the rights of the Trustee and the Bondholders under this Deed, including their right to
call for immediate repayment of the Bonds as stated in Section 8 below.

 

The
Bonds (Series A) will have equal rank pari-passu, amongst themselves, without a priority or preferential right of one over the
other.

 

In
the event that the discount rate that is determined for the additional Bonds (Series A), if any, is different from the discount
rate of the Bonds (Series A) existing in circulation at the time (including the lack of discount, if relevant), the Company will
contact the Tax Authorities before the increase of the Series of Bonds in order to receive its consent that with regard to withholding
tax at source from the discount fees for the Bonds (Series A), a uniform discount rate will be determined for the Bonds (Series
A) based on a formula that weighs the various discount rates in the series, if any (hereinafter: the “Weighted Discount
Rate”).

 

In
the event of receipt of confirmation as stated, the Company will calculate the Weighted Discount Rate for all of the Bonds (Series
A), and will publish in an immediate report the uniform Weighted Discount Rate for each series, based on the expansion of the
series, and will withhold tax on the payment dates of the Bonds (Series A) based on the Weighted Discount Rate as stated and in
accordance with the provisions of the law. In such a case, all of the other provisions of the law relating to the taxation of
discount fees will apply. In the event that confirmation as stated is not received, the Company will provide notice through an
immediate report shortly before the issuance of the additional Bonds (Series A) as a result of the increase of the aforesaid series
regarding the highest discount rate created for the same series. The Company will withhold tax at source upon the payment of the
Bonds (Series A), in accordance with the discount rate reported as stated.

 

Therefore,
there may be cases in which the Company withholds tax at source for the discount fees in an amount that is higher than the discount
fees determined for a party that holds the Bonds (Series A) before the expansion of the series (hereinafter: the “Surplus
Discount Fees”), which will worsen their position, regardless of whether confirmation is received from the Tax Authority
for the determination of a uniform discount rate for the relevant series. In such a case, a taxpayer that holds Bonds (Series
A) before the increase of the aforesaid series and until the payment of the Bonds (Series A) will be entitled to submit a tax
report to the Tax Authority and receive a tax refund in the amount of the tax withheld from the Surplus Discount Fees, if the
party is entitled to a refund as stated under law.

 

    	13

    	 

    

 

	 	4.2	Without
    derogating from the generality of the above, the Company reserves the right, subject to any law, to issue an additional series
    of bonds at any time and from time to time (whether in a private placement or in the framework of a prospectus) and without
    being required to receive the consent of the Bondholders (Series A) and/or the consent of the Trustee, as applicable, and
    including an Affiliated Party (as defined in Section 3.2 above), as the Company sees fit, excluding bonds whose commercial
    terms (i.e. the rate of the principal that is paid on each payment date, the payment dates of the principal, the interest
    rate and its payment date, and the lack of linkage of the principal and interest) will be equal to the terms of the Bonds
    (Series A) in circulation, and excluding bonds that are preferential over the Bonds (Series A) in terms of the ranking of
    creditors in the event of liquidation alone (meaning, it is possible that series of bonds will be issued that are secured
    with securities).

 

Notwithstanding
the above, the issuance of bonds as stated in this Section 4.2 above (hereinafter in this Section 4.2 alone: the “Additional
Issuance”) will be subject to the fulfillment of all of the terms set forth below: (a) the Additional Issuance as stated
will not harm the Rating of the Bonds (Series A) that are issued for the first time under this Deed, as their Rating may be at
the time (i.e. the Rating before the Additional Issuance). For the purpose of this section, it is clarified in the event in which
the Bonds (Series A) are rated by more than one Rating Company, the ratings test for the purpose of this section will take place,
at any time, based on the higher of the ratings; (b) On the additional issue date, the Company meets the financial criteria set
forth in Section 6.4 above, and the Company is not in breach of any and/or part of the obligations for the Bondholders (Series
A) and no grounds exist for calling for immediate repayment as set forth in Section 8.1 below; and (c) of the date of the additional
issue, in accordance with the most recent financial statements published before the additional issue date, and after retroactively
taking into account performance of the additional issue, the Company will meet the financial criteria as set forth above.

 

    	14

    	 

    

 

Before
the issuance of bonds from an additional series, the Company will provide the Trustee with the following confirmations and perform
advertising as follows:

 

	 	(1)	Written
    confirmation signed by the senior office in the Company’s financial department regarding the fulfillment of the aforesaid
    terms, provided to the Trustee at least 7 business days before performing the additional issue, and confirmation that
    the additional issue is not preferential over the terms of the Bonds (Series A) in liquidation. 
	 	 	 
	 	(2)	Confirmation
    from the Rating Company that the Additional Issue as stated will not harm the Rating of the Bonds (Series A) that are issued
    for the first time under this Deed, as their Rating may be at the time. 
	 	 	 
	 	(3)	Confirmation
    from the auditor of the Company as to the Company’s compliance with the financial conditions (only) set forth in Section
    6.4 of this Deed below, as of the date of the most recent financial statements of the Company published prior provided to
    the Trustee at least 7 business days before performing the additional issue.

 

Without
derogating from the above, the aforesaid rights of the Company, will not prevent the Trustee from examining the implications of
the issue as stated, and will not derogate from the rights of the Trustee and the Bondholders under this Deed, including their
right to call for immediate repayment of the Bonds as stated in Section 8 below.

 

Subject
to the provisions of any law, the Company will inform the Trustee regarding the issuance of the additional bonds as stated before
the performance of the additional issue, and will transfer any report issued in connection with this regard under any law.

 

    	15

    	 

    

 

	5.	Undertakings
    of the Company 

 

	 	5.1	The
    Company hereby undertakes to pay, on the dates prescribed, all of the amounts of principal and interest that will be paid
    under the terms of the Bond (Series A), if any, and comply with all of the other terms and obligations imposed thereon under
    the terms of the Bonds (Series A) and under this Deed. Additionally, subject to Section 7.2 below, the Company undertakes
    to list the Bonds for trade in the Stock Exchange and ensure that the Bonds continue to be listed for trade in the Stock Exchange
    until the date of final payment.
	 	 	 
	 	5.2	Transfer
    of issuance consideration to the Company 

 

	 	5.2.1	The
    Company will contact HUD Soon after the Allotment Date (as defined in Section 2.4.5.3 of the Prospectus) (section 5.2 of this:
    “Allotment Date”), for its approval: (1) for the transfer of the assets for which the HUD has provided guarantees
    to finance (the “HUD Guarantees”); or (2) that no approval as stated is required to transfer the same assets (the
    “HUD Approvals”); The Company will announce receipt of the HUD Approvals in an immediate report near their receipt.
	 	 	 
	 	5.2.2	The
    following provisions will apply to the issuance consideration and its profits, less the early undertaking fee, coordination
    and other fees other expenses and the wages of the consultants, as set forth in the supplementary notice published under section
    6.1 to the Prospectus (in this Section 5.2: the “Net Issuance Consideration”):

 

	 	5.2.2.1	The
    Company will irrevocably instruct the issuance coordinator to transfer the net issuance consideration received to the trust
    account (as defined in Section 5.2.3.4 below), until receipt of the HUD approval in accordance with Section 5.2.1 above. Any
    net issuance consideration will be held by the trustee in trust (according to the trust laws of the State of Israel) in favor
    of the holders of bonds alone, until the fulfillment of the terms for release of the issuance consideration to the Company,
    as set forth in Sections 5.2.3.2 and 5.2.3.3 below.

 

    	16

    	 

    

 

	 	5.2.2.2	Also,
    after 30 days from the date of allocation to the HUD approval, the controlling stockholders will transfer
    (in person or by companies controlled by them) account interest cushion as defined in Section 5.6 below, every month, an amount
    equal to the interest on the principal of the bonds for the month preceding that payment (“special funds”). any
    payment, will be sixth biannual interest payment borne by the bonds as stated in Section 2.2 above. In the case where the
    HUD approval are not obtained as described in Section 5.2.4 below, the special funds will be used for payments at the expense
    of the first interest payment to be paid to the holders of the bonds (Series A) Under the terms of this Deed. If the HUD permits
    were obtained as stated in paragraph 5.2.1 above, the special funds will be transferred to the controlling stockholders (in person or by companies controlled by them).
	 	 	 
	 	5.2.2.3	the
    HUD approvals as stated in Section 5.2.1 above were received, the Company will inform the trustee of the same in writing,
    with confirmation signed by the more senior officer of the Company in the financial field, and attached a letter from an attorney
    licensed to practice law in the United States, confirming that the HUD approvals were received, and additionally, will report
    the same in an immediate report. 
	 	 	 
	 	5.2.2.4	Within
    one business day from the date of receipt of the Company’s notice and publication of the immediate report as stated,
    the trustee will provide the Company with all of the funds deposited as stated in Section 5.2.2 above, in the trust account
    in addition to the profits and less costs of opening the account, managing and closing it, and less the interest cushion amount
    as defined in Section 5.6 below, which will remain in the trust account (which will constitute, as of the same date, an interest
    cushion account as defined in Section 5.6 below), and less the expenses cushion amount as defined in Section 5.7 below, which
    will be transferred to the expenses cushion account opened by the trustee as set forth in Section 5.7 below.

 

    	17

    	 

    

 

	 	5.2.2.5	In
    this Section 5.2 – “the Trust Account”: an account that the Trustee will open in its name and under its
    (of the trustee) sole ownership, in one of the five largest banks in Israel, at its discretion. The signature rights in the
    account will be granted to the trustee exclusively, all of the costs of opening the trust account, its management and closing
    will be borne by the Company. The policy of managing the funds in the trust account and its performance will be determined
    at the exclusive discretion of the Company, provided that the investment is in investments as set forth in Section 17 below.
    The trustee will not be responsible vis-à-vis the holders of Bonds (Series A) and/or vis-à-vis the Company for
    any loss caused due to the investments as stated.
	 	 	 
	 	5.2.2.6	It
    shall be clarified that the rights of the Company (if any) in the Trust Account are not pledged in favor of the trustee and/or
    bondholders. Therefore, a case may arise in which any third party (including a functionary on behalf of a court and the like)
    will claim that the Company has rights in the Trust Account and that the funds deposited therein belong to the Company and/or
    any of its creditors, and not to the holders of the Bonds (Series A) alone. The above will not derogate from the undertakings
    of the Company, controlling stockholders and officers therein as set forth in Section 34 below, which,
    for the avoidance of doubt, will also apply in connection with the Trust Account.

 

    	18

    	 

    

 

	 	5.2.2.7	Without
    derogating from the rights of the Company to receive the net issuance consideration (less the interest cushion amount and
    the expenses cushion amount) thereto subject to the provisions of Section 5.2.3.3 above and/or any other right of the Company
    under law, the deposit of the issuance consideration by the issuance coordination in the Trust Account as stated will be considered,
    for the listing of the Bonds (Series A) for trade in the stock exchange and for that purpose alone, to be receipt of the issuance
    consideration by the Company. Accordingly, the same will not prevent the Company from submitting a request to register the
    Bonds (Series A) for trade in the stock exchange and list for trade the bonds on the stock exchange.
	 	 	 
	 	5.2.2.8	The
    Company undertakes that until conditions for the release of proceeds of the offering to the Company are met, as set out in
    sections 5.2.2.2 and 5.2.2.3 above or, if the conditions are not met, then Until the early redemption as provided in section
    5.2.4 below, it will not take loans from financial institutions.

 

	 	5.2.3	Notwithstanding
    Section 5.2.3 above, if before the issuance of the Bonds, the Company publishes within the supplementary notice published
    under the Prospectus that the HUD approvals have been received, the issuance coordinator will directly transfer to the Company
    the net issuance consideration, less the interest cushion that is transferred directly to the interest cushion account, and
    less the expenses cushion account, and Section 5.2.3 will not apply.
	 	 	 
	 	5.2.4	If
    by the end of a period of 6 months from the date of the allocation, no HUD confirmations are received as stated in Section
    5.2.1above, the Company will act to perform full early repayment and delist from trade the Bonds, in the manner set forth
    in Section 7.2 below, mutatis mutandis; for the purpose of performing the early repayment as stated, use will be made of the
    issuance consideration deposited in the trust account (including the interest cushion and the expenses cushion), which will
    be transferred by the Trustee directly from the Trust Account to the nominee company, and the Company will supplement any
    amount required for the purpose of performing early repayment as stated. Notwithstanding the foregoing, the Company may extend
    the period (6 months) As mentioned above, an additional two months, provided that the approval of the bond holders (Series
    A), by a simple majority.

 

    	19

    	 

    

 

	 	5.3	Adjustment
    of interest rate for a change in the rating of the Bonds (Series A):

 

For
the purpose of this section, it shall be clarified that in the event in which the Bonds (Series A) are rated by more than one
rating company, an examination of the rating for the adjustment of the interest rate to the change in the rating (if any such
change occurs) will take place based on the lower of the ratings.

 

The
interest rate that the Bonds (Series A) will bear will be adjusted for a change in the rating of the Bonds (Series A), as set
forth below in this section:

 

	It
    shall be clarified that if adjustment of interest is required in accordance with the mechanism described in this Section 5.3
    above and below, and based on the mechanism described in Section 5.4 below, in any event, the maximum additional interest
    rate will not exceed 1.5% above the interest rate determined in the tender. Arrears interest, if applicable in accordance
    with Section 4(a) of the terms of the overleaf, will be added to the said rate and will not constitute part thereof.

 

In
this regard:

 

A
rating of A, A-, BBB+, BBB, BBB- and BB+ - are as defined in the table in Section 1.5.20 above.

 

“Base
Rating” – a rating of ilA or a rating parallel thereto.

 

    	20

    	 

    

 

“Additional
Interest Rate” – additional interest provided to the bondholders for the decline in the rating of the Bonds in accordance
with the following: a rate of 0.25% per year for one notch below the Base Rating (i.e., for a decline to a rating of ilA- (ila
minus) plus or a rating parallel thereto) and a rate of 0.25% per year for each additional notch below the Base Rating (i.e.,
as of a decline to a rating of ilBBB (ilBBB plus) or a rating parallel thereto) until a maximum interest addition of 1.25% per
year at most (i.e., up to a rating of ilBB+ (ilBB plus) or a rating parallel thereto and inclusively).

 

	 	A.	If
    the rating of the Bonds (Series A) by the rating company (in the event of the replacement of a rating company, the Company
    will provide the trustee with a comparison of the rating scale of the replaced rating company and the rating scale of the
    new rating company) will be updated during any interest period, such that if the rating that will be determined for the Bonds
    (Series A) will be lower by one or more notch (hereinafter: the “Lowered Rating”) belong the Base Rating, the
    annual interest rate that the unpaid principal of the Bonds (Series A) will bear will be increased by the Additional Interest
    Rate or part thereof (as stated below), in accordance with the levels determined as stated, for the period beginning from
    the publication of the new rating by the rating company and until the complete payment of the unpaid principal of the Bonds
    (Series A) or until the date on which the rating increases in accordance with the provisions of Section 5.3(e) below. If the
    interest rate increases prior thereto for a deviation from the financial criteria as stated in Section 5.4 below, the increase
    of the interest rate for the lowered rating as stated will be limited such that the additional annual interest will not exceed
    1.5% in any event.

 

    	21

    	 

    

 

	 	B.	No
    later than the end of one business day from the receipt of a notice from the rating company regarding the lowering of the
    rating of the Bonds (Series A) to the Lowered Rating as defined in subsection (a) above, the Company will publish an immediate
    report, in which the Company states: (1) that the rating was lowered, the Lowered Rating, the rating report and the date on
    which the Lowered Rating of the Bonds (Series A) comes into effect (hereinafter: the “Date of Lowering the Rating”);
    (2) the compliance / non-compliance with the financial criteria described in Section 5.4 below based on the most recent reviewed
    or audited consolidated financial statements of the Company published before the date of the immediate report, as well as
    whether a change has occurred to the interest for the compliance / non-compliance with the financial criteria as stated; (3)
    the precise interest rate that the balance of the Bonds (Series A) will bear for the period beginning on the current interest
    period and until the Date of Lowering the Rating (the interest rate will be calculated based on 365 days per year) (hereinafter:
    the “Original Interest” and the “Original Interest Period,” respectively); (4) the interest rate that
    the balance of the principal of the Bonds (Series A) will bear as of the Date of Lowering the Rating and until the actual
    next interest payment date, i.e.: the Original Interest in addition to the additional interest rate per year (the interest
    rate is calculated based on 365 days per year) (hereinafter: the “Updated Interest”), if the interest rate is
    not increased prior thereto, if increased for a deviation from the financial criteria as stated in Section 5.4 below, in which
    case the increase of the interest rate for the decrease in the rating as stated will be limited such that the addition of
    the annual interest for the decrease in the rating and non-compliance with the financial conditions will not exceed 1.5% in
    any event; (5) the weighted interest rate paid by the Company to the holders of Bonds (Series A) on the upcoming interest
    payment date, arising from the provisions of subsections (3) and (4) above; (6) the annual interest rate reflected from the
    weighted interest rate; (7) the annual interest rate and the biannual interest rate (the biannual interest will be calculated
    as the annual interest divided by the number of interest payments per year, i.e. divided by two) for the coming periods. 
	 	 	 
	 	C.	If
    the date of the commencement of the rating of the Bonds (Series A) with the Lowered Rating occurs during the days beginning
    four days before the date set forth for payment of any interest and ending on the interest payment date that is closest to
    the date set forth above (hereinafter: the “Deferral Period”), the Company will pay to the holders of the Bonds
    (Series A), on the upcoming interest payment date, the Original Interest, before the change, alone, while if the interest
    rate is not increased prior thereto due to a deviation from the financial criteria as stated in Section 5.4 below, the interest
    rate arising from the additional interest in the rate equal to the rate of the additional annual interest during the Deferral
    Period will be paid on the following interest payment date. The Company will announce, in an immediate report, the precise
    interest rate for payment on the upcoming interest payment date.

 

    	22

    	 

    

 

	 	D.	In
    the event of updating the rating of the Bonds (Series A) by the rating company, in a manner impacting the interest rate that
    the Bonds (Series A) will bear as stated in Section 5.3(a) or 5.3(e) below, the Company will inform the trustee thereof in
    writing within one business day from the publication of the immediate report as stated.
	 	 	 
	 	E.	In
    the event that after the reduction of the rating in a manner that will impact the interest rate that the Bonds (Series A)
    will bear as stated in Section 5.3(a) above, the rating company will update the rating for the Bonds (Series A) to a rating
    that is equal to or higher than the Base Rating (hereinafter: the “High Rating”), and if the interest rate is
    not increased prior thereto for a deviation from the financial criteria as stated in Section 5.4 below, then the interest
    rate that is paid by the Company to the holders of the Bonds (Series A) will be decreased on the relevant payment date of
    the interest, for the period in which the Bonds (Series A) were rated with the High Rating alone, such that the interest rate
    that the unpaid balance of the principal of the Bonds (Series A) will bear will be the interest rate determined in the tender,
    as published by the Company in an immediate report regarding the results of the issuance, without any addition for the reduction
    of the rating as stated in this Section 5.3 (and in any event, the interest rate that the Bonds will bear will not be less
    that the interest rate determined in the tender). In such a case, the Company will act in accordance with the provisions of
    subsections (b) through (d) above, mutatis mutandis, arising from the High Rating instead of the Lowered Rating.

 

    	23

    	 

    

 

It
shall be clarified that the update of the interest rate following a change in the rating or due to non-compliance with financial
criteria will be examined separately without one impacting the other, subject to the aggregate maximum interest for the reduction
in the rating for non-compliance with the financial criteria not exceeding a rate of 1.5% per year. The additional interest for
non-compliance with the financial criteria, if applicable in accordance with Section 5.4 above, will continue to apply in the
case of an increase in the rating. Therefore, accordingly, if there is an interest addition for non-compliance with financial
criteria, the interest rate will be actually updated only after the rating that is given to the bonds of the Company is equal
to the base rating. It shall be further clarified that arrears interest, if applicable, will be added to the interest rates set
forth above.

 

	 	F.	Subject
    to the provisions of subsection (h) below, if the Bonds (Series A) cease to be rated for a reason dependent on the Company
    (for example, but not only, due to non-fulfillment of the Company’s obligations vis-à-vis the rating company,
    including due to failure to provide payments and/or reports that the Company has undertaken to provide towards the rating
    company) for a period exceeding 21 consecutive trading days, before the final payment, provided that the interest rate as
    stated in subsection (a) above is not increased, the cessation of the rating will be considered a Lowered Rating of the Bonds
    (Series A) by three notches below the Base Rating, such that the additional interest rate will amount to 1.25%, even if the
    interest rate was increased prior thereto due to a deviation from the financial criteria as stated in Section 5.4 below, and
    the provisions of subsection (b) through (e) above will apply accordingly, without derogating from the provisions of Section
    8.1.25 below. For the avoidance of doubt, it shall be clarified that if the Bonds (Series A) cease to be rated, before the
    final payment, for a reason independent of the Company, the above will not impact the interest rate as stated in Subsection
    (a) above and the provisions of this Section 5.2 will not apply.

 

    	24

    	 

    

 

	 	G.	In
    the case in which the rating company is replaced or the Bonds (Series A) cease to be rated by the rating company, the Company
    will publish an immediate report, within one trading day from the date of the change, in which the Company will announce the
    circumstances of the replacement of the rating company or the cessation of the rating, as applicable.
	 	 	 
	 	H.	For
    the avoidance of doubt, it is clarified that: (a) a change in the outlook for the rating of the Bonds (Series A) will not
    lead to a change in the interest rate that the Bonds (Series A) will bear as stated in this section above; (2) if the Bonds
    (Series A) are rated by more than one rating company and as long as they are rated by more than one rating company as stated,
    subsection (f) above will not apply, other than in a case in which all of the rating companies together cease to rate the
    Bonds (Series A).
	 	 	 
	 	I.	In
    the case of a reduction of the rating, the Company will act in accordance with Subsection (b) above. If before the Date of
    Lowering the Rating, an increase occurs to the interest rate due to a deviation from one or more of the financial criteria
    based on the mechanism set forth in Section 5.4 below, the change that occurs to the interest for the adjustment mechanism
    set forth in this Section 5.3 above will be limited, such that in any event, the increase of the interest rate (if an increase
    occurs as stated) will not be in the aggregate more than 1.5% of the interest rate set forth in the tender. 

 

	 	5.4	Adjustment
    of the interest rate as a result of non-compliance with financial criteria:

 

The
interest rate that the Bonds (Series A) will bear will be adjusted due to a deviation from the financial criteria set forth below:

 

	 	(1)	If
    the adjusted net financial debt to adjusted EBITDA ratio (as defined below) exceeds 12 (hereinafter: the “Condition
    of the Adjusted Net Financial Debt to Adjusted EBITDA Ratio”).

 

    	25

    	 

    

 

For
the purpose of this subsection (1) alone:

 

“Adjusted
Net Financial Debt” – the total financial debt as it appears in the Company’s financial statements, less cash,
cash equivalents and short-term investments (not pledges, unless they are pledged to secure financial undertakings) in addition
to the Company’s share of the net financial debt in associated companies and companies under joint control, as it appears
in the financial statements of the said companies, less cash, cash equivalents and short-term investments (not pledged, unless
they are pledged to secure financial obligations). The data regarding the adjusted net financial debt will be provided in the
notes of the Company’s financial statements.

 

“Adjusted
EBITDA” – the consolidated operating profit in addition to depreciation and reductions, in addition to the Company’s
share of operating profit; the Adjusted EBITDA will be calculated based on the data of the last four quarters in the aggregate,
and will be listed in the notes of the Company’s financial statements.

 

It
shall be clarified that after the purchase or one or more income-generating assets is expressed in the balance sheet of the Company,
the calculation of the financial criteria as stated will take place while adding to the count of the Adjusted EBITDA the Adjusted
EBITDA that is generated by the same asset, while amending the Adjusted EBITDA of the asset to the terms of a full year.

 

	 	(2)	If
    the consolidated equity of the Company (excluding minority rights) is less than USD 110 million (this amount will not be linked
    to the index) (hereinafter in this Section 5.4: the “Equity Condition”).

 

The
condition of the Adjusted Net Financial Debt to Adjusted EBITDA and the Equity Condition will each be referred to as: a “Financial
Criterion” and in this section: the “Financial Criteria.”

 

	It
    shall be clarified that if adjustment of interest is required in accordance with the mechanism described in this Section 5.4
    above and below, and based on the mechanism described in Section 5.3 above, in any event, the maximum additional interest
    rate will not exceed 1.5% above the interest rate determined in the tender. Arrears interest, if applicable in accordance
    with Section 4(a) of the terms of the overleaf, will be added to the said rate and will not constitute part thereof.

 

    	26

    	 

    

 

In
this regard:

 

The
“Additional Interest Rate” - additional interest at a rate of 0.5% for a deviation from any of Financial Criteria.
The increase of the interest rate will take place only once for each deviation from the Financial Criteria, if such a deviation
occurs, and the interest rate will not be increased again in the event that the deviation from the Financial Criteria continues
(in this regard, it shall be clarified that if the deviation from the Financial Criteria is remedied and thereafter there is an
additional deviation, the provisions above will apply). It shall be emphasized that in the event in which due to a decrease in
the rating of the Bonds, the annual interest rate is increased in accordance with the provisions of Section 5.3 above, in any
event, the additional interest rate under the same section, together with the additional interest rate under this Section 5.4,
for the deviation from the Financial Criteria, will not exceed 1.5%.

 

The
“Deviation Date” – the publication date of the financial statements that indicate the deviation.

 

	 	A.	If
    the Company deviates from the financial criteria under the Company’s reviewed or audited consolidated Financial Statements
    (hereinafter: the “Deviation”), the annual interest rate that the unpaid balance of the Bonds (Series A) will
    bear will be increased by the additional interest rate for the Deviation, above the interest rate as it was at the time, before
    the change, for the period that begins from the Deviation Date and until the full repayment of the unpaid principal balance
    of the Bonds (Series A) or until the date of the publication of the Company’s Financial Statements whereby the Company
    meets all of the financial criteria, whichever is earlier, if the interest rate is not increased prior thereto for the Lowered
    Rating as stated in Section 5.3 above. In the event of an increase in the interest rate prior thereto due to a decrease in
    rating as stated in Section 5.3 above, the increase of the interest rate due to the deviation from the Financial Criteria
    at the subject of this subsection a will be limited such that the additional annual interest for the reduction of the rating
    and non-compliance with the Financial Criteria will not exceed 1.5% in any event.
	 	 	 
	 	B.	In
    the event in which a Deviation from the Financial Criteria occurs as stated, no later than the end of one business day from
    the publication of the Company’s audited or reviewed Financial Statements (as applicable), the Company will publish
    an immediate report in which the Company will state: (a) the non-compliance with the aforesaid undertaking, while specifying
    the financial criteria on the date of the publication of the financial report; (b) the updated rating of the Bonds (Series
    A) based on the most recent rating report published before the date of the immediate report; (c) the precise interest rate
    that the principal of the Bonds (Series A) will bear for the period beginning from the current Interest Period and until the
    Deviation Date (the interest rate will be calculated based on 365 days per year) (hereinafter: the “Original Interest”
    and the “Original Interest Period”, respectively); (d) the interest rate that the balance of the principal of
    the Bonds (Series A) will bear as of the Deviation Date and until the upcoming actual interest payment date, i.e.: the Original
    Interest with the addition of the additional annual interest rate (the interest rate will be calculated based on 365 days
    per year) (hereinafter: the “Updated Interest”), if the interest rate was not increased prior thereto, if increased,
    due to a decrease in the Rating as stated in Section 5.3 above, if it occurs, in which case the increase of the interest rate
    for the Deviation from the financial criteria at the subject of this Subsection will be limited such that the addition of
    the annual interest for the Lowered Rating and/or non-compliance with the Financial Criteria will not exceed 1.5% in any event;
    (e) the Weighted Interest Rate that is paid by the Company to the Bondholders (Series A) on the upcoming interest payment
    date, arising from the provisions of Subsection (b) and (c) above; (f) and the annual interest rate reflected from the Weighted
    Interest Rate; (g) the annual interest rate and the biannual interest rate (the biannual interest will be calculated as the
    annual interest divided by the number of interest payments per year, i.e. divided by two) for the subsequent periods.

 

    	27

    	 

    

 

	 	C.	In
    the event in which the Deferral Date occurs during the days beginning four days before the effective date for the payment
    of any interest and ending on the subsequent interest payment date (hereinafter: the “Deferral Period”), the Company
    will pay the Bondholders (Series A) on the subsequent interest date, the Original Interest alone, while the interest rate
    arising from the addition of the interest in a rate equal to the additional annual interest rate during the Deferral Period
    will be paid on the following interest payment date. The Company will provide notice in an immediate report of the precise
    interest rate for payment on the following interest payment date.
	 	 	 
	 	D.	In
    the event of a deviation from the Financial Criteria in a manner that impacts the interest rate that the Bonds (Series A)
    will bear as stated above in subsection (a) above or subsection (e) below, the Company will inform the Trustee thereof in
    writing within one business day from the date of the publication of the Financial Statements as stated.
	 	 	 
	 	E.	It
    is clarified for the avoidance of doubt that in the event that after the Deviation the Company publishes its audited or reviewed
    Financial Statements (as applicable), based on which the Company meets all of the aforesaid financial criteria, the interest
    rate that will be paid by the Company to the Bondholders (Series A) will be reduced on the relevant payment date of the interest,
    for the period in which the Company met the financial criteria, which shall begin on the date of the publication of the Financial
    Statements that indicate compliance with the financial criteria, such that the interest rate that the unpaid balance of the
    principal of the Bonds (Series A) will bear will be the interest rate determined in the Tender, insofar as the interest rate
    was not increased prior thereto due to a decrease in the rating of the Bonds (Series A) as stated in Section 5.3 above and/or
    for a Deviation in another financial criteria as stated in this Section 5.4 above, as published by the Company in an immediate
    report regarding the results of the issuance (in any event, the interest rate that the Bonds will bear will not be less than
    the interest rate determined in the Tender) or another interest rate determined following a decrease in the Rating of the
    Bonds (Series A) as stated in Section 5.3 above. In such a case, the Company will act in accordance with the provisions of
    Subsection (b) through (d) above, mutatis mutandis, as applicable and with respect to the Company’s compliance with
    the same financial criteria.

 

    	28

    	 

    

 

It
shall be clarified that an update to the interest rate following a change in the rating or following non-compliance with the financial
criteria will be examined separately, without one impacting the other, and subject to the aggregate maximum interest for the Lowered
Rating and for non-compliance with the Financial Criteria not exceeding a rate of 1.5% per year. The additional interest for the
Lowered Rating, if applicable in accordance with Section 5.3 above, will continue to apply in the case in which the Company met
the Financial Criteria as well. Therefore, accordingly, if there is an interest addition a Lowered Rating, the interest rate will
be actually updated only after the rating that is given to the bonds of the Company as stated in Section 5.3 above. It shall be
further clarified that arrears interest, if applicable, will be added to the interest rates set forth above.

 

	 	F.	The
    examination regarding the Company’s compliance with the financial criteria will be performed on the date of the publication
    of the Financial Statements by the Company and as long as the Bonds (Series A) exist in circulation with respect to the annual/quarterly
    Financial Statements that the Company is required to publish until the same date.

 

The
Company will specify within the annual board of director’s report and in the notes to the quarterly financial statements,
as applicable, its compliance or non-compliance with the financial criteria.

 

    	29

    	 

    

 

For
the avoidance of doubt, it shall be clarified that subject to the above, the additional interest payments as a result of the Lowered
Rating as stated in Section 5.3 above and/or as a result of the Company’s non-compliance with the financial criteria as
stated in this Section 5.4 above are aggregated. Therefore, in the event that a Lowered Rating occurs, while in addition the Company
deviates from the financial criteria, the Bondholders (Series A) will be entitled to an increase in the interest rate as stated
above, provided that the additional annual interest for the Lowered Rating or non-compliance with the Financial Criteria does
not exceed 1.5%.

 

The
Company undertakes to act such that, to the extent that it is in its control, the Bonds (Series A) are Rated by a Rating Company
during the entire duration of the Bonds (Series A), and for the same purpose, the Company undertakes to pay the Rating Company
the payments that it has undertaken to pay to the Rating Company, and to provide the Rating Company with the reasonable reports
and information required thereby in the framework of the engagement between the Company and the Rating Company. In this regard,
among other, the non-performance of payments that the Company has undertaken to pay to the Rating Company and the failure to provide
reasonable reports and information required by the Rating Company in the framework of the engagement between the Company and the
Rating Company will be deemed to be reasons and circumstances that are under the Company’s control. In the event in which
the Rating of the Bonds (Series A) ceases or the Rating Company is replaced, the Company will publish an immediate report thereof,
and will state the reasons for the cessation of the rating or replacement of the Rating Company, as applicable. The Company does
not undertake to refrain from replacing the Rating Company or to refrain from terminating the engagement therewith during the
duration of the Bonds (Series A). In the event in which the Company replaces a Rating Company that is the only Rating Company
that rates the Bonds (Series A) at the time of the replacement and/or terminates the work of a Rating Company (in the event in
which it is not the only Rating Company), the Company undertakes to report the same in an immediate report and to inform the Trustee
and the Bondholders thereof, and state the reasons for the change of the Rating Company in its notice, no later than one Trading
Day from the date of the replacement as stated and/or the date of the decision to terminate the work of the Rating Company, whichever
is earlier. It shall be clarified that the provisions above will not derogate from the right of the Company to replace the Rating
Company or terminate the work of the Rating Company at any time (in the event in which it is not the only Rating Company), at
its exclusive discretion and for any reason that it sees fit.

 

    	30

    	 

    

 

	 	5.5	Interested
    party transactions 

 

The Company undertakes that excluding
the exempt transactions as defined below - extraordinary transactions (as defined in the Companies Law) of the Company with a
controlling stockholder thereof, or extraordinary transactions of the Company with another person in which the Controlling
Stockholder has a personal interest, or engagements of the Company with the Controlling Stockholder or his relative,
directly or indirectly, including through a company under his control, including if he is also an officer thereof among other
– regarding the terms of office and employment, and if he is an employee of the Company and is not an officer thereof among
other – regarding his employment with the Company (hereinafter in this Section 5.5: “Special Transactions”),
will be contingent on the consent of holders of the Bonds (Series A) in a resolution with a special majority.

 

The
transactions set forth below (including the renewal and extension of their validity) will be considered “Exempt Transactions”
regarding which no approval of holders will be required as stated in this Section 5.5 above:

 

(1)
The transfer of assets to the Company for no financial consideration; in this regard, an allocation of shares alone will not be
considered financial consideration;

 

(2)
The release of controlling stockholders and/or interested parties from guarantees provided to third parties
in connection with assets owned by the Company provided that after the release of the controlling stockholders
and / or stakeholders, shall not remain guarantee of the Company in connection with those assets.;

 

(4)
the system of agreements set forth in Chapter 9 of the Prospectus, including the Company’s management agreement as set forth
in Section 9.2.2 of the Prospectus, including updates or renewal in the same terms and conditions described in the prospectus;

 

(5)
The lease agreements set forth in Section 9.2.3 of the Prospectus, as well as new lease agreements (including with new lessees)
in accordance with the main terms set forth below: (a) lease fees that will be paid to the Company will reflect annual yield of
at least 12% over the net investment of the Company (equity) for the same asset at the subject of the lease agreement, after servicing
the current debt for its purchase; (b) the term of the lease will be between 10 and 15 years; (c) options to extend the
term of the lease, if any are granted to the lessee, will be for a total period of up to 10 years; (d) payment of the lease fees
will be performed each month on a monthly basis; (e) the lessee will bear the entire liability for the operation of the income-generating
asset, receipt of the licenses and permits for its operation, and the like; and (f) the lease agreements may be Triple Net, or
otherwise; it is clarified that the lease agreements will include additional parallel provisions, as customary in lease agreements.

 

    	31

    	 

    

 

For
details regarding the terms of the aforesaid system of agreements, see Section 9.2 of the Prospectus.

 

(6)
Providing guarantees by the controlling stockholder in favor of financing entities for the Company and/or corporations
under the Company’s control;

 

(7)
Extraordinary Transactions that meet the terms set forth in the Companies Regulations (Leniencies in Transactions with
Interested Parties), 5760-2000;

 

(8)
Engagement in policies to insure assets of the Company and/or subsidiaries and affiliated companies against the customary risks,
within the policies that cover the asset portfolio of the Company jointly with the assets of the controlling stockholder,
if any (while the amounts of the premium are allocated by the insurance company for the various assets in a manner in which the
Company does not bear a premium in excess of its relative share of the assets);

 

(9)
Granting an exemption from liability and officer liability insurance in the Company, including officers from the controlling stockholders; 

 

(10)
Granting letters of indemnity to the controlling stockholders and/or their relatives as set forth in Section
9.3.1 of the Prospectus, as well as new letters of indemnify in the form as updated, if at all, in accordance with the Companies
Law and Regulations thereunder, as they may be from time to time;

 

The
Company will confirm within its periodic report and alternatively will provide the trustee, at the end of March every year, with
confirmation from the senior officer in the Company’s financial department that no special transactions were performed regarding
which consent is required from the bondholders as stated in this Section 5.5 above (which are not exempt transactions as stated
in this Section 5.5), without providing the consent of the Bondholders (Series A) as stated above. Additionally, if the aforesaid
system of agreements within subsections (2) through (4) above were renewed or updated, the Company will state in the confirmation
of the office or detail provided as stated that the update or renewal as stated was performed in accordance with the provisions
of subsections (2) through (4) above; it is clarified that the trustee will rely on the approval of the Company as stated and
will not be required to perform any additional inspection or investigation.

 

    	32

    	 

    

 

	 	5.6	As
    noted in section 9.2.11 of the Prospectus, Mr. Gubin has an interest-side and is Chairman of the Board of Optimum Bank,
    which in it, from time to time, lessee’s deposit the transferred rents. The company is committed to that after the first
    three months from the date of allotment; the volume of monthly rental fees will be deposited in the bank for assets shall
    not exceed 10% of the total monthly rent of the transferred asset.
	 	 	 
	 	5.7	Interest
    Cushion

 

	 	A.	From
    the net issuance consideration deposited in the trust account as stated in Section 5.2.3.1 above, the Trustee will transfer
    to the bank account opened by the Trustee that it owns and in its name in a Bank bound in Israel, in favor of the holders
    of the Bonds (Series A), a total equal to the amount of the closest (to that date) interest payment for the Bonds (hereinafter,
    respectively: the “Interest Cushion Amount” and the “Interest Cushion Account”), while the Interest
    Cushion Amount will be used as a security for holders of the Bonds (Series A), until the full repayment of the Bonds (Series
    A). If HUD confirmations are received before the issuance of the bonds, and Section 5.2.3 above applies, the Company will
    irrevocably instruct the issuance coordinator to transfer the net issuance consideration directly to the Company, less the
    Interest Cushion that is transferred directly to the Interest Cushion Account, as set forth in Section 5.2.4 above. 
	 	 	 
	 	B.	The
    signature rights in the Interest Cushion Account will be granted to the trustee alone. The funds deposited in the Interest
    Cushion Account will be transferred to the trustee and managed by the trustee in accordance with the provisions of Section
    17 of the Trust Deed.

 

    	33

    	 

    

 

	 	C.	If,
    on the morning of the second day of each calendar month after the end of any calendar quarter, and if it is not a business
    day then on the subsequent business day (hereinafter: the “Cushion Supplement Date”), the amount deposited in
    the Interest Cushion Account is less than the closest to that date interest payment amount, including following the Trustee’s
    use of the proceeding amounts under this Deed, the Company will transfer to the Interest Cushion Account on the Cushion Supplement
    Date (if the same date is not business day, hen on the closest business day) an amount equal to the amount required in order
    for the amount deposited in the Interest Cushion Account, on the Cushion Supplement Date, to be equal to the closest interest
    payment amount (hereinafter, together with the amount deposited at the same time in the Cushion Account: the “Current
    Cushion Amount”).
	 	 	 
	 	D.	If
    on the date for the payment of principal and/or interest for the Bonds by the Company, the amount deposited in the Cushion
    Account exceeds the Current Cushion Amount (hereinafter: the “Surplus Amount”), the Company may instruct the trustee
    to make use of the Surplus Amount in order to perform payment of the principal and interest amounts that the Company owes
    to holders of the Bonds (Series A) under this Deed and at the request of the Company, the Trustee will provide the Company
    will records of the performance of a payment on the date on which the payment must be made, up to an amount of the payment
    that is offset under the notices of the Company or up to an amount of the Surplus Amount, whichever is lower. On the final
    and last payment date of the Bonds (Series A), the Company may instruct the Trustee to make use of the Current Cushion Amount
    and the Surplus Amount, as deposited in the Interest Cushion Account for payment for the Bonds.
	 	 	 
	 	E.	It
    is clarified that in the event that a series of bonds is expanded or if an additional interest rate applies as stated in Sections
    5.3 and 5.4 above, the Company will transfer to the Interest Cushion Account the funds that will constitute the interest cushion
    amount for the updated interest rate, within four business days from the date of the publication of an immediate report regarding
    a the performance of the expansion or the change in the interest rate as stated, as applicable.

 

    	34

    	 

    

 

	 	F.	It
    is clarified that the failure to deposit funds in the Interest Cushion Account within five business days from the date of
    the completion of any interest, whether within the issuance at the subject of the Prospectus or following the occurrence of
    the events as set forth in this section, will constitute grounds for calling for the immediate repayment of the balance of
    the Bonds (Series A) in circulation as stated in Section 8.1.35 below.
	 	 	 
	 	G.	For
    the avoidance of doubt, it shall be clarified that the undertaking of the Company to transfer the funds to the Interest Cushion
    Account is not secured by a mechanism that will ensure the performance of this undertaking. In the event in which the Company
    does not meet its obligations to transfer the funds to the Interest Cushion Account, the Trustee will not be able to prevent
    a breach of this obligation, but rather may take the measures available to it under law and under the Trust Deed to force
    the Company to fulfill its obligations retroactively.
	 	 	 
	 	H.	It
    is clarified that the First Cushion Amount and the Current Cushion Amount will be the property of the Bondholders and will
    be held by the Trustee in trust for the Bondholders (Series A). The Company will not have any rights or claims with respect
    to these amounts, excluding a right to provide instructions for the Surplus Amount as stated in subsection d. above, and the
    Company will not be entitled to receive these funds under any circumstances.
	 	 	 
	 	I.	The
    Company undertakes that it will sign any document required in order to execute a decision as stated to perform a distribution
    for holders of the funds in the Interest Cushion Account based on the provisions of this Deed. 

 

    	35

    	 

    

 

	 	5.8	Expenses
    Cushion

 

Without
derogating from the provisions of Sections 5.6 above and 26 below, from the net issuance consideration deposited in the Trust
Account as stated in Section 5.2.3.1 above, a total in the amount of USD 100 thousand (based on the exchange rate of the dollar,
known on the first trading date after the tender date) will be deposited in a special bank account opened by the trustee and in
its name in trust for the bondholders, which will be used for payment of the ongoing expenses and management expenses of the trustee
(including for proceedings to reevaluate assets, if performed by the trustee), in the case in which the Bonds (Series A) are called
for immediate repayment and/or in the case in which the Company breaches the provisions of the Trust Deed (hereinafter respectively:
the “Expenses Cushion Amount” and the “Expenses Cushion Account”). The Expenses Cushion Amount will be
held until the date of the full and final payment of the Bonds (Series A). After receipt of approval from the senior officer in
the financial department at the Company regarding full payment of the Bonds (Series A), any remaining amount, if any, in the Expenses
Cushion Account (in addition to all of the profits accrued) will be transferred to the Company in accordance with the details
provided by the Company. In the case in which the Expenses Cushion Amount is not sufficient to cover the expenses of the Trustee
in connection with call for immediate repayment of the Bonds (Series A) and/or a breach of the provisions of the Trust Deed by
the Company, if any such event occurs, the Trustee will act in accordance with the provisions of Section 26 below. For the purpose
of this Section 5.7, “Proceedings for the Revaluation of Assets” shall mean the appointment of an external and independent
assessor selected by the Trustee to examine the fair values of the Company’s real estate assets.

 

It
should be noted that the signature rights in the account will be granted to the Trustee exclusively; all of the costs of opening
in the Trust Account, its management and closing will be borne by the Company. The policy of managing the funds in the Expenses
Cushion Account and its performance will be determined at the sole discretion of the Company, provided that the investment is
in investments as set forth in Section 17 below. The Trustee will not be liable vis-à-vis the Bondholders (Series A) and/or
vis-à-vis the Company for any loss caused due to the investments as stated;

 

    	36

    	 

    

 

It
shall be clarified that the rights of the Company (if any) in the Expenses Cushion Account are not pledged in favor of the Trustee
and/or the Bondholders. Therefore, a case may arise in which any third party (including a functionary on behalf of the court and
the like) will claim that the Company has rights in the Expenses Cushion Account and that the funds deposited therein belong to
the Company and/or all of its creditors, and not to the Bondholders (Series A) alone. The above will not derogate from the obligations
of the Company, the controlling stockholders and officers therein as set forth in Section 34 below, which,
for the avoidance of doubt, will also apply in connection with the Expenses Cushion Account.

 

	 	5.9	Appointment
    of Representatives to the Company in Israel

 

The
Company undertakes to appoint a representative of the Company in Israel within 90 days from the date of the issuance of the Bonds
(Series A) under the prospectus (hereinafter: the “Company’s Israel Representative”), to which legal process
may be served to the Company and/or an officer thereof. Service to the Company’s Israel Representative will be considered
valid and binding service in connection with any claim and/or demand of the Trustee and/or the Bondholders (Series A) under this
Trust Deed. On the date of the appointment of a representative of the Company in Israel, the Company will report its information
in an immediate report, and provide notice to the Trustee that includes the details of the Company’s Israel Representative.

 

Until
the appointment of the Company’s Israel Representative as stated above, the Law Offices of Fischer Behar Chen Well Orion
& Co. will be the Company’s Israel Representative.

 

	6.	Securing
    the Bonds

 

	 	6.1	Excluding
    the Interest Cushion as stated in Section 5.6 above, the Bonds (Series A) are not secured by any securities or pledges or
    in any other manner. For details regarding the Company’s undertakings regarding the undertaking to avoid the creation
    of pledges, see Section 6.2 below.

 

    	37

    	 

    

 

For
the avoidance of doubt, it is clarified that the Trustee is not subject to and will not be subject to an obligation to examine,
and in practice the Trustee has not examined and will not examine, the need to provide securities to secure the payments to the
Bondholders (Series A). The Trustee was not asked to conduct, and the Trustee did not conduct in practice and will not conduct,
a financial, accounting or legal due diligence as to the state of the Company’s business. In its engagement in this Deed
of Trust and the Trustee’s consent to serve as a trustee for the Bondholders (Series A), the Trustee does not express an
opinion, explicitly or implicitly, as to the ability of the Company to meet its obligations vis-à-vis the Bondholders (Series
A). The provisions above will not derogate from the Trustee’s obligations under any law and/or the Deed of Trust, and will
not derogate from the Trustee’s obligation (if such an obligation applies to the Trustee under any law) to examine the impact
of changes in the Company from the date of the prospectus and thereafter, if they may detrimentally impact the Company’s
ability to meet its obligations vis-à-vis the Bondholders (Series A).

 

	 	6.2	Undertaking
    not to create pledges

 

	 	6.2.1	The
    Company undertakes not to pledge all of its assets with a current floating charge, without receiving the prior consent of
    a meeting of Bondholders (Series A) to the same with a regular majority and with the quorum of holders required in order to
    pass a regular resolution. It should be emphasized that the Company may pledge its assets, in whole or in part, with specific
    charges (including a current charge on specific asset/s) and provide guarantees without requiring the consent of the meeting
    of Bondholders to the same; for the avoidance of doubt, it shall be clarified that subsidiaries of the Company may pledge
    their assets, in whole or in part, with any pledge (including a floating charge) and in any manner, without the consent of
    a meeting of the Bondholders (Series A) to the same and without being required to provide any security to the Bondholders
    (Series A) against the creation of the pledge as stated thereby.

 

    	38

    	 

    

 

	 	6.2.2	The
    Company will provide the Trustee with an opinion from an attorney who specializes in the relevant law applicable to the Company,
    whereby there is no legal obligation in the British Virgin Islands to record the undertaking of the Company to avoid creating
    a negative floating pledge as set forth in Section 6.2.1 above (hereinafter: the “Undertaking Not to Create Pledges”)
    in any register held under the laws of the British Virgin Islands. The Company will provide the Trustee, in the framework
    of a quarterly and/or periodic report, as applicable, with confirmation from the senior officer in the Company’s financial
    department that the Company has not created and has not undertaken to create a pledge contrary to the Undertaking Not to Create
    Pledges under Section 6.2.1 above. In addition, the Company will provide the Trustee, on December 31 of each year, with a
    confirmation from an attorney who specializes in the relevant law applicable to the Company, whereby the Company has not recorded
    any pledge in favor of any party in its registers and/or in another register held under the relevant law, contrary to its
    Undertaking not to Create Pledges as stated in Section 6.2.1 above. Reference from the register held in this regard under
    the law applicable to the Company will be attached to the attorney’s confirmation.

 

Subject
to section 6.2 above, the Company may sell, lease, assign, provide or transfer in any manner its property, in whole or in part,
in any manner, in favor of any party that it sees fit, without requiring any consent of the Trustee and/or the Bondholders (Series
A) as applicable. The Company is not required to inform the Trustee of a transfer or sale of any of its assets, unless the sale
or transfer is one that pertains to a “material asset of the Company,” as defined in Section 8.1 below, and is not
required to inform the Trustee of the creation of any pledge on its assets, excluding as set forth in Section 6.2 above.

 

    	39

    	 

    

 

	 	6.3	The
    Company undertakes not to take loans from financial institutions that he is not incorporated in Israel, and not to give pledges
    to financial institutions that not incorporated in Israel, everything - except with respect to credit transactions which could
    be made by US financial institutions for the purpose of hedging transactions on the exchange rate of the shekel against the
    US Dollar “in relation to any bonds issued by the company.
	 	 	 
	 	6.4	Financial
    Undertakings

 

Until
the date of the full, final and precise repayment of the debt under the terms of the Bonds (Series A), and the fulfillment of
the other obligations of the Company vis-à-vis the Bondholders (Series A) under this Deed of Trust and the terms of the
Bonds (Series A), the Company will meet, at all times, the financial conditions set forth below:

 

	 	(1)	The
    Company’s consolidated equity (excluding minority rights) will not be less than USD 100 million (this amount is not
    index-linked) (hereinafter: the “Equity Condition” or the “Minimal Capital”);
	 	 	 
	 	(2)	The
    ratio of the Company’s consolidated equity (including minority rights) to the total balance sheet will not be less than
    28% (hereinafter: the “Capital to Balance Sheet Ratio Condition” or the “Capital to Minimum Balance Sheet
    Ratio”);
	 	 	 
	 	(3)	The
    adjusted net financial debt to adjusted EBITDA ratio will not exceed 13 (hereinafter: the “Debt to EBITDA Ratio Condition”
    or the “Maximum EBITDA to Debt Ratio”).

 

“Adjusted
Net Financial Debt” and “Adjusted EBITDA” – as defined in Section 5.4 above. It shall be clarified that
in the event of the purchase of one or more income-generating asset, the calculation of the financial criteria will be performed
while adding to the adjusted EBITDA of the adjusted EBITDA that is generated by the same asset, while amending the adjusted EBITDA
of the asset to the terms of a full year.

 

The
examination regarding the Company’s compliance with the financial criteria contained in Subsection (1) through (3) above
will be performed on the date of the publication of the Financial Statements by the Company and as long as the Bonds (Series A)
exist in circulation, with respect to the quarterly/annual financial statements that the Company is required to publish by the
same date.

 

    	40

    	 

    

 

The
Company will specify in Directors’ Report or Financial Statements quarterly and annual reports, as applicable whether it
has or has not complied with the financial criteria set forth in subsections (1) through (3) above, and will state in the note
to the financial statement as stated the relevant calculation regarding each of the financial criteria set forth above. In addition,
within five business days from the date of publication of the relevant financial statements, the Company shall transfer to the
Trustee approval of a senior officer in the finance area regarding compliance or non-compliance with financial covenants of the
company as stated, together with the relevant calculation.

 

In
the event that the Company’s equity falls below the minimum equity and/or the Capital to Balance Sheet Ratio falls below
the minimum ratio and/or the Debt to EBITDA Ratio exceeds the Maximum Debt to EBITDA Ratio, the Company will provide written notice
thereof to the Trustee, and will report with an immediate report on MAGNA regarding this data and the implications of the data
in accordance with this Section, no later than the end of one business day after the publication of the Financial Statements (quarterly
and annual). For the purpose of this Section, a report on MAGNA will not be considered to be a report to the Trustee.

 

Non-compliance
with the Equity Condition during two consecutive quarters or non-compliance with the Capital to Balance Sheet Ratio Condition
during two consecutive quarters and/or non-compliance with the Debt to EBITDA Ratio during two consecutive quarters will serve
as grounds to call for the immediate repayment of the entire unpaid balance of the Bonds (Series A), as set forth in Sections
8.1.14 and 8.1.15 below (respectively).

 

	 	6.5	Limitations
    to the Distribution of Dividends

 

The
Company undertakes that it will not perform any distribution (as defined in the Companies Law), including will not declare, pay
or distribute any dividend unless all of the terms set forth below are met:

 

	 	(1)	The
    balance of the profits and funds that are accrued as of June 30 , 2015 will not be distributable and will not be taken
    into account for the purpose of a distribution on the basis thereof;

 

    	41

    	 

    

 

	 	(2)	The
    distribution amount will not exceed 40% of the net profit after tax that is recognized in the most recent consolidated financial
    statements of the Company (quarterly or annual, as applicable), less Gains / losses arising from changes in the accounting
    approach under which the reports were prepared and less net revaluation profits/losses (that have not yet been realized) arising
    from a change in the fair value of the assets with respect to the fair value as of June 30, 2015 or the date on which the
    assets were purchased, whichever is later (hereinafter: “Revaluation Gains/ Losses” and jointly: the “Distributable
    Profits”). It shall be clarified that: (a) in the case of the sale of a revaluated asset (exercised), revaluation profits/losses
    for the same asset will be added/removed (as applicable) from the distributable profits, that are recognized and/or will be
    recognized in the Company’s consolidated financial statements for the periods from July 1, 2015 or previous periods;
    (b) the distributable profits for which no distribution was performed in a certain quarter will be aggregated to the following
    quarters;
	 	 	 
	 	(3)	The
    Company’s equity (excluding minority rights) at the end of the last quarter, before the distribution of dividends, less
    the dividends distributed, will not be less than USD 120 million (this amount will not be linked to the index);
	 	 	 
	 	(4)	The
    equity to balance sheet ratio, as defined in Section 6.4(2) above, will not be less than 30%, as a result of the said distribution;
	 	 	 
	 	(5)	The
    Company will provide the Trustee with confirmation whereby the Company’s board of directors has discussed and determined
    that on the date of the resolution of the board of directors to perform a distribution, there are no “warning signs”
    in the Company as defined in Article 10(b)(15) of the Reporting Regulations, provided that if such warning signs exist as
    stated above, the Company’s board of directors has determined that they will not serve to indicate liquidity problems
    in the Company;

 

    	42

    	 

    

 

	 	(6)	The
    Company meets the financial criteria set forth in Section 6.4 above and the Company has not breached any and/or part of its
    obligations vis-à-vis the Bondholders (Series A).

 

The
above in subsections (1) through (5) will be hereinafter jointly: the “Dividend Limitation.”

 

The
Company will provide the Trustee, within three business days after approval of the distribution by the Company’s board of
directors and before the performance of the distribution, with confirmation of the Company’s auditor regarding the Company’s
compliance with the Dividend Limitation (including the details of the relevant calculation) and confirmation of the Company under
subsection (6) above.

 

The
Company will specify in the framework of the quarterly or annual board of director report and in the notes to the financial statements,
as applicable, the total distributable profits as of the date of the relevant report.

 

	7.	Early
    Redemption

 

	 	7.1	Early
    repayment initiated by the Stock Exchange

 

In
the event that the Stock Exchange decides to delist the Bonds from trade because the value of the Series of Bonds is less than
the amount set forth in the guidelines of the Stock Exchange regarding delisting from trade, the Company will act as follows:

 

	 	a)	Within
    45 days from the date of the decision to delist from trade as stated, the Company will provide notice of an early repayment
    date in which the Bondholder may redeem them.
	 	 	 
	 	b)	The
    early redemption date with respect to the Bonds will occur no earlier than 17 days from the date of the notice’s publication
    and no later than 45 days from the aforesaid date, but shall not apply in a period between the effective date for the payment
    of interest and the actual payment date thereof.

 

    	43

    	 

    

 

	 	c)	On
    the early redemption date, the Company will redeem the Bonds that the holders thereof request to redeem, based on the balance
    of their par value in addition to the interest that has accrued on the principal until the actual redemption date (the calculation
    of the interest will be performed on the basis of 365 days per year).
	 	 	 
	 	d)	Determination
    of the early redemption date as stated above will not harm the redemption rights set forth in the Bonds for any of the Bondholders
    that do not redeem them on the early redemption date as set forth above; however, the Bonds will be delisted from trade in
    the Stock Exchange, and will be subject to the tax implications that arise as a result. 

 

Early
redemption of the Bonds as stated above will not grant any of the Bondholders that redeems them as stated with the right to an
interest payment for the period following the redemption date.

 

The
Company will publish a notice of the early redemption date in an immediate report. The notice as stated will also specify the
early redemption consideration amount.

 

	 	7.2	Early
    repayment initiated by the Stock Exchange

 

The
Company may, at its exclusive discretion, call for the early redemption of the Bonds (Series A), as of 60 days from the listing
for trade in the Stock Exchange, in which case the following provisions will apply – all subject to the instructions of
the Securities Authority and the provisions of the bylaws of the Stock Exchange and the guidelines thereunder, as they may be
at the relevant date:

 

The
frequencies of the early redemptions will not exceed one per quarter.

 

In
the event that early redemption is determined in a quarter in which an interest payment is also scheduled, or a date for payment
of partial redemption or a date for payment of final redemption, the early redemption will take place on the date scheduled for
the payment as stated.

 

    	44

    	 

    

 

In
this regard, a “quarter” shall mean each of the following periods: January-March, April-June, July-September, October-December.

 

The
minimum scope of each early repayment will not be less than NIS 10 million. Notwithstanding the above, the Company may perform
early redemption in a scope of less than NIS 10 million, provided that the scope of the redemptions will not exceed one per year.

 

Any
amount that is paid in early repayment by the Company will be repaid with respect to all of the Bondholders (Series A), pro-rata
based on the par value of the Bonds (Series A) that are held thereby.

 

Upon
the passing of a resolution by the Company’s board of directors regarding the performance of early redemption as stated
above, the Company will publish an immediate report with a copy to the Trustee no less than seventeen (17) days and no more than
forty five (45) days before the early redemption date. The early redemption date will not occur during the period between the
effective date for the payment of interest for the Bonds (Series A) and between the actual date for the payment of the interest.
In the immediate report as stated, the Company will publish the principal amount that will be repaid in the early redemption,
as well as the interest that has accrued for the amount of the principal as stated until the early redemption date, in accordance
with the provisions below.

 

Early
redemption will not occur for part of a series of Bonds (Series A) if the last redemption amount is less than NIS 3.2 million.

 

Should
the Company make partial early redemption, the Company will pay the accrued interest only for the redeemed, nor on any unpaid
balance of the bond (which are not redeemed on the date of the partial early redemption).

 

    	45

    	 

    

 

On
the partial early redemption date, if any, the Company will issue an immediate report about: (1) the partial redemption rate in
terms of the unpaid balance; (2) the partial redemption rate in terms of the original series; (3) the partial redemption interest
rate on the redeemed part; (4) the interest rate that will be paid in the partial redemption, calculated regarding the unpaid
balance; (5) update of the partial redemption rates that remain, in terms of the original series; (6) the effective date for eligibility
to receive the early redemption of the principal of the Bonds that will exist twelve (12) days before the date determined for
the early redemption.

 

The
amount that will be paid to the Bondholders (Series A) in the event of early redemption will be the amount that is the higher
of the following: (1) the market value of the balance of the Bonds (Series A) in circulation which is determined based on the
average closing price of the Bonds (Series A) in thirty (30) trading days before the date on which the board of directors resolves
to perform the early redemption; (2) the undertaking value of the Bonds (Series A) available for early redemption in circulation,
i.e. the principal in addition to interest until the date of the actual early redemption; (3) the balance of the cash flow of
the Bonds (Series A) that are available for early redemption (principal in addition to interest), when discounted based on the
yield of the government bonds (as defined below) with an addition of 2.5% per year. Discount of the Bonds (Series A) available
for early redemption will be calculated as of the early redemption date and until the last payment date determined with respect
to the Bonds (Series A) available for early redemption.

 

In
this regard: “yield of government bonds” shall mean the average yield (gross) for redemption during a period of seven
business days, ending two business days before the date of the notice of the early redemption of three series’ of unlinked
government shekel bonds with fixed interest whose average lifespans are the closest to the average lifespan of the Bonds (Series
A) at the relevant date.

 

The
Company will provide the Trustee, within five trading days from the date of the Board of Director’s resolution, with confirmation
from the auditor of the Company regarding calculation of the payment amount.

 

    	46

    	 

    

 

	8.	Right
    to Call for Immediate Payment

 

	 	8.1	Upon
    the occurrence of one or more of the events listed in this section below, the provisions of Section 8.2 will apply, as applicable:

 

	 	8.1.1	In
    the event that the Company does not pay any amount owed therefrom in connection with the bonds or does not meet any of its
    other material obligations vis-à-vis the holders.
	 	 	 
	 	8.1.2	In
    the event that the Company files a stay of proceedings order or in the event that a stay of proceedings order is given against
    the Company or if the Company files a motion for a settlement or arrangement with creditors of the Company under Section 350
    of the Companies Law, or if the Company proposes a settlement or arrangement to its creditors in another manner as stated,
    all – provided that the Company is unable to meet its obligations on time (excluding for the purpose of a merger with
    another company as stated in Section 8.1.22 below and/or a change to the structure of the Company or a division that is not
    prohibited under the terms of this Deed, excluding making arrangements between the Company and its stockholders
    and/or holders of option warrants (that are exercisable into shares) of the Company, that are not prohibited under the
    terms of this Deed and will not impact the ability to repay the Bonds (Series A)).
	 	 	 
	 	8.1.3	If
    a request is filed under Section 350 of the Companies Law against the Company (without its consent) that is not rejected or
    dismissed within 45 days from the date of its submission.
	 	 	 
	 	8.1.4	In
    the event that the Company passes a liquidation resolution (excluding liquidation for purposes of merging with another company
    as stated in Section 8.1.22 below) or if a fixed and final liquidation order is given by a court and/or a fixed liquidator
    is appointed for it.

 

    	47

    	 

    

 

	 	8.1.5	In
    the event that a temporary liquidation order is given and/or a temporary liquidator is appointed and/or any judicial decision
    of a similar nature is given, and such order or decision as stated is not rejected or dismissed within 45 days from the date
    on which the order is given or the decision made, as applicable. Notwithstanding the above, the Company will not be given
    any remedial period with respect to applications or orders that are filed or given, as applicable, by the Company or with
    its consent.
	 	 	 
	 	8.1.6	In
    the event that an application is filed for receivership or to appoint a receiver (temporary or permanent) for the Company
    or a material asset of the Company (as defined below), or if an order is given to appoint a temporary receiver that is not
    rejected or dismissed within 45 days from the submission or granting, as applicable; or, if an order is given to appoint a
    fixed receiver for the Company or for a material asset of the Company (as defined below). Notwithstanding the above, the Company
    will not be given any remedial period with respect to orders or requests that are given or filed, as applicable by the Company
    or with its consent.
	 	 	 
	 	8.1.7	If
    an attachment is placed on a material asset of the Company (as this term is defined below) or execution actions are performed
    in connection with a material asset of the Company (as this term is defined below) and the attachment is not removed or the
    action is not terminated, as applicable, within 45 days from the date on which it is applied or performed, as applicable.
    Notwithstanding the above, the Company will not be given any remedial period with respect to orders or requests that are given
    or filed, as applicable by the Company or with its consent.

 

    	48

    	 

    

 

	 	8.1.8	If
    the holders of pledges are exercised or the pledges that they have on a material asset of the Company (as this term is defined
    below).
	 	 	 
	 	8.1.9	If
    there is a real concern that the Company will not meet, or the Company has failed to meet its material obligations vis-à-vis
    holders of the Bonds (Series A). It is clarified that the material obligations of the Company include, inter alia, payment
    amounts to holders and their dates.
	 	 	 
	 	8.1.10	If
    the Company has ceased, or provided notice of its intent to cease its payments or ceases or has provided notice of its intent
    to cease to continue its business, as they may be from time to time.
	 	 	 
	 	8.1.11	If
    a material deterioration occurs in the business of the Company compared to its state on the data of the initial issuance of
    the Bonds (Series A) and there is a real concern that the Company will be unable to pay the Bonds (Series A) on time.
	 	 	 
	 	8.1.12	If
                                         the control of the Company is transferred, directly or indirectly, and the transfer of
                                         control as stated is not approved by holders of the Bonds (Series A) with a regular majority.
                                         The controlling stockholders of the Company, on the date of the issuance
                                         of the Bonds (Series A) are Mr. Moishe Gubin (together with his wife, Tira Gubin) and
                                         Michael Blisko. In this regard, it shall be clarified that the transfer of shares between
                                         the controlling stockholders and/or them and their relatives (as the
                                         term “relative” is defined in the Companies Law), directly or indirectly
                                         and/or by inheritance under law, will not be considered a transfer of control.

 

For
the purpose of this Section 8.1.12 – “control transfer” –A change in control of the Company, in manner
that the controlling stockholders and / or their relatives and / or successors shall cease to hold (on an aggregate
holdings), directly and / or indirectly, over 50% of the shares and voting rights.

 

    	49

    	 

    

 

	 	8.1.13	If
    another series of bonds that is issued by the Company and listed for trade on any Stock Exchange (including a series of bonds
    issued in a private placement to institutional investors and / or classified as defined in the Securities Regulations (Offer
    of Securities to the Public), 2007 - 5767, which has been traded on the stock exchange) is called for immediate repayment
    (hereinafter in this section: the “Other Series”) or a material debt of the Company, as defined in this Section
    8 below. In this regard, it shall be stated that, in connection with a debt that the Company owes following giving a guarantee
    by the Company for payment of the same debt, the grounds in this Section 8.1.13 will be established only if the following
    conditions are met: (1) the Company’s guarantee to pay the debt is not limited in amount, or is limited to an amount
    that exceeds the amount of the other debt (as defined above); and (2) the Company is required to pay at least an amount that
    is higher or equal to the amount of the other debt as stated. If the aforesaid terms are met, the grounds set forth will apply,
    as of the same date on which the Company is requested to pay the other debt (subject to the remedy period set forth above)
    and not from the date on which the same debt is called for immediate repayment, if the same dates do not overlap.
	 	 	 
	 	8.1.14	If
    the equity of the Company (excluding minority rights) is less than the minimum capital, as defined in Section 6.4(1) above
    due two consecutive quarters.
	 	 	 
	 	8.1.15	If
    the equity (including minority rights) to consolidated balance sheet ratio is less than the minimum ratio, as defined in Section
    6.4(2) above during two consecutive quarters.
	 	 	 
	 	8.1.16	If
    the debt to EBITDA ratio exceeds the maximum debt to EBITDA ratio, as defined in Section 6.4(3) above during two consecutive
    quarters.

 

    	50

    	 

    

 

	 	8.1.17	If
    the Company has performed a distribution contrary to the dividend limitation provisions, as set forth in Section 6.5 above.
	 	 	 
	 	8.1.18	If
    the rating of the Bonds (Series A) by the rating company is lowered to a rating that is lower than ilBBB (BBB minus)or a rating
    parallel thereto. In the case of replacing the rating company, the Company will provide the trustee with a comparison of the
    rating scales of the replaced rating company and the rating scales of the new rating company.

 

For
the purpose of this section below, it shall be emphasized that in the event that the Bonds (Series A) are rated by more than one
rating company, an examination of the rating based on the grounds for calling for immediate repayment above will take place, throughout,
based on the lower rating among them.

 

	 	8.1.19	If
    the Company sells to another/others all of its assets or its main assets, and the holders of the Bonds (Series A) do not consent
    to the sale in advance with a decision passed with a regular majority. For the purpose of this subsection – “Sale
    to Another” – sale to any third party (including the controlling stockholder of the Company and/or corporations
    under his control), excluding a sale to corporations that are fully held by the Company; “Main Assets of the Company”
    – an asset or a number of assets the value of which and/or the aggregate value of which (as applicable) in the most
    recent consolidated financial statements published before the occurrence of the relevant event exceeds 50% of the scope of
    its assets in the consolidated balance sheet of the Company based on the financial statements as stated.

 

    	51

    	 

    

 

	 	8.1.20	In
    the event that the Company performs a change of its primary activity. In this regard, the primary activity on the date of
    the issuance is the field of income-generating real estate, In the field of medical institutions and / or buildings clinics
    (within the meaning of the terms stated in Section 7 below) which includes, inter alia, the purchase, lease and management
    of income-generating real estate assets in the that area. The Company will include the board of director’s report confirmation
    that the primary activity of the Company has not changed. Additionally, the Company undertakes to notify the trustee of a
    change to the primary activity as stated, if any occurs. Publication of an immediate report on the MAGNA system will not be
    considered notice to the trustee for this purpose.
	 	 	 
	 	8.1.21	In
    the event that a merger was performed with the prior consent of the holders of the Bonds (Series A) with a regular majority,
    unless the Company or the absorbing company declared (as applicable) vis-à-vis the holders of the Bonds (Series A),
    including through the trustee, at least 10 business days before the date of the merger, that there is no reasonable concern
    following the merger that the absorbing company will be unable to uphold its obligations vis-à-vis the holders of the
    Bonds (Series A). The provisions of this section will not derogate from the other grounds for calling immediate repayment
    granted to the holders of the Bonds in accordance with this section 8.1 above and below. Additionally, as of the period of
    30 days before the date of the planned merger and until the merger date, all of the grounds listed in this Section 8.1 above
    and below will apply with respect to the absorbing company, as if it was the Company. With respect to the provisions of this
    Deed that are derived from the financial statements of the Company, an examination will be performed with respect to the financial
    statements of the absorbing company, as it may be after the merger. In this regard, it will be emphasized and clarified that
    the grounds set forth in this section will not apply to a merger between corporations controlled (as defined in the Securities
    Law) of the Company.

 

    	52

    	 

    

 

	 	8.1.22	If
    trade of the Bonds (Series A) in the Stock Exchange is suspended by the Stock Exchange, excluding suspension on grounds of
    the creation of ambiguities as stated in the Fourth Law of the bylaws of the Stock Exchange and 60 days have transpired from
    the suspension date during which it was not removed.
	 	 	 
	 	8.1.23	If
    the Company is dissolved or terminated for any reason.
	 	 	 
	 	8.1.24	If
    the Company breaches the terms of the Bonds (Series A) and/or the terms of the Trust Deed with a fundamental breach, including
    if it is discovered that a material representation or material representations by the Company in the Bonds and/or Trust Deed
    are incorrect and/or incomplete, and the Trustee has notified the Company in writing that it is required to remedy the breach,
    and the Company fails to remedy the breach as stated within 14 days of the date on which the notice was provided.
	 	 	 
	 	8.1.25	If
    the Bonds (Series A) cease to be rated for a period exceeding 60 consecutive days following reasons and/or circumstances that
    are under the Company’s control. In this regard, the non-performance of payments that the Company has undertaken to
    make to the rating company and failure to provide information and reports reasonably required by the rating company in the
    framework of the engagement between the Company and the rating company will be considered reasons and circumstances that are
    under the control of the Company.
	 	 	 
	 	8.1.26	In
    the event that the Company expands a series of Bonds (Series A) or issues an additional series of bonds, contrary to the provisions
    of Section 4 above.

 

    	53

    	 

    

 

	 	8.1.27	If
    the Company ceases to be a reporting corporation as defined in Section 1 of the Securities Law.
	 	 	 
	 	8.1.28	If
    the Company does not publish a financial report that it is required to publish under any law, within 30 days from the deadline
    on which it was required to publish the same.
	 	 	 
	 	8.1.29	If
    the Bonds (Series A) are delisted from trade in the Stock Exchange.
	 	 	 
	 	8.1.30	If
    the Bonds (Series A) are not repaid on time or another material obligation provided in favor of the holders is not fulfilled.
	 	 	 
	 	8.1.31	If
    the Company breaches its obligations to avoid creating pledges as stated in Section 6.2 above.
	 	 	 
	 	8.1.32	Upon
    the occurrence of any other event that constitutes material harm and/or may cause material harm to the rights of the Bondholders.
	 	 	 
	 	8.1.33	If
    a “growing concern” note is recorded in the Company’s financial statements for a period of two consecutive
    quarters.
	 	 	 
	 	8.1.34	If
    the Company breaches it obligations in connection with approval of special material transactions as stated in Section 5.5
    above.
	 	 	 
	 	8.1.35	If
    the Company breaches its obligations to deposit an interest cushion as stated in Section 5.6 above.
	 	 	 
	 	8.1.36	If
    the Company breaches its obligations to deposit an interest cushion as stated in Section 5.7 above.
	 	 	 
	 	8.1.37	If
    the Company has not appointed a representative in Israel in order to serve court order or if she dismissed the representative
    without appointing a replacement within 15 days, or if the representative resigned without appointing a replacement within
    15 days of his notice to the Companying writing of his resignation.

 

    	54

    	 

    

 

For
the purpose of this Section 8, a “Material Asset of the Company” is an asset or assets in the aggregate of the Company
or corporations under the control thereof whose assets are consolidated in the Company’s statements, the value of which,
based on the most recent consolidated financial statements (audited or reviewed) of the Company, on the event date, exceeds 30%
of the scope of the assets in the consolidated balance sheet of the Company based on the financial statements as stated.

 

For
the purpose of this Section 8, a “Material Debt of the Company” shall mean a debt of the Company whose undertaking
value is 10% of the total assets of the Company based on the most recent consolidated financial statements of the Company or USD
31 million, whichever is lower, based on the most recent consolidated financial statements of the Company published (whether audited
or reviewed) (hereinafter: the “Financial Statements”) or a debt of an associated company, when the product of the
rate of holdings (in final concatenation) in the associated company by the value of debt value of the debt constitutes 10% of
the total assets of the Company based on the most recent consolidated financial statements or USD 31 million, whichever is lower.

 

	 	8.2	Upon
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, the following provisions
    will apply, as applicable:

 

	 	8.2.1	Upon
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, the Trustee will be required,
    and each of the holders may, convene a meeting of the holders of Bonds (Series A), that will convene 21 days from the date
    of the invitation (or a shorter time in accordance with the provisions of Section 8.2.4 below), and the agenda of which will
    contain a resolution regarding calling for immediate repayment of the entire unpaid balance of the Bonds (Series A) due to
    the occurrence of any of the events set forth in Sections 8.1.1 through 8.1.35 (inclusive) above, as applicable. The invitation
    will state that in the event that the Company causes the termination and/or conclusion of the relevant event set forth in
    Section 8.1 above, for which the meeting was convened, by the date on which the meeting will convene, the invitation for a
    meeting of the holders of the Bond will be cancelled as stated above.

 

    	55

    	 

    

 

	 	8.2.2	A
    resolution of the holders to call for the immediate repayment of the Bonds (Series A) will be passed in a meeting of holders
    that is attended by holders of at least fifty percent (50%) of the balance of the par value of the Bonds (Series A), with
    a majority of holders of the balance of the pay value of the Bonds represented in the vote or with a majority as stated in
    a deferred meeting of holders that is attended by holders of at least twenty percent (20%) of the balance as stated.
	 	 	 
	 	8.2.3	In
    the event in which by the date of convening the meeting as stated, none of the events set forth in Sections 8.1.1 through
    8.1.35 (inclusive) above are terminated or removed, and the resolution in the meeting of holders of the Bonds (Series A) as
    stated is passed in the manner required as set forth in Section 8.2.2 above, the trustee will be required, within a reasonable
    amount of time, to call for the immediate repayment of the entire unpaid balance of the Bonds (Series A). Provided that he
    gives the company a written warning of 15 days of its intention to do so.
	 	 	 
	 	8.2.4	A
    copy of the invitation notice for the meeting as stated will be sent by the trustee to the Company for publication, and the
    invitation for the meeting will constitute prior written consent to the Company of its intent to act to call for immediate
    repayment of the Bonds as stated.

 

    	56

    	 

    

 

	 	8.2.5	The
    Trustee may, at its discretion, shorten the count of 21 days as stated in Section 8.2.1 above and/or the 15 warning days as
    stated (in Section 8.2.3 above) and/or not provide warning at all, in the case in which the trustee is of the opinion that
    there is a reasonable concern that waiting this period or providing the warning, as applicable, will harm the possibility
    of calling for immediate payment of the Bonds or harm the rights of holders.
	 	 	 
	 	8.2.6	In
    the event that any of the subsections of Section 8.1 above provides a reasonable period in which the Company may perform an
    action or make a decision as a result of which the grounds for calling for immediate repayment are terminated, the trustee
    or holders may call for immediate repayment as stated in this Section 8 only if the period set forth as stated transpires
    and the grounds are not terminated; however, the trustee may shorten the aforesaid period if it feels that the same may materially
    harm the rights of the holders.
	 	 	 
	 	8.2.7	For
    the avoidance of doubt, it shall be clarified that the provisions of this Section 8.2 above will not derogate from the authority
    of the trustee to call for immediate repayment of the Bonds (Series A) at its discretion and subject to any law.
	 	 	 
	 	8.2.8	Notwithstanding
    the provisions of this Section 8.2, in the case in which the Company requests of the trustee in writing to call an urgent
    representation, the provisions set forth in the Third Addendum of the Trust Deed must be followed.
	 	 	 
	 	8.2.9	For
    the avoidance of doubt, it is clarified that calling for immediate repayment will take place based on the balance of the par
    value of the Bonds (Series A) that have not yet been paid, including interest differentials that have accrued on the principal,
    while the interest is calculated for the period beginning after the last day for which interest was paid and until the actual
    date of immediate payment (calculation of the interest for a subpart will take place based on 365 days per year).

 

    	57

    	 

    

 

	 	8.3	For
    the avoidance of doubt, it is clarified that the right to call for immediate repayment as stated above and/or calling for
    immediate repayment will not derogate from or harm any other or additional remedy available to holders of the Bonds (Series
    A) or the trustee under the terms of the Bonds (Series A) and the provisions of this Deed or under law, and calling a debt
    for immediate repayment upon the occurrence of any of the cases set forth in Section 8.1 above will not constitute any waiver
    of the rights of the holders of the Bonds or the trustee as stated.

 

	9.	Claims
    and Proceedings by the Trustee

 

	 	9.1	In
    addition to any provision in this Deed and as a right and personal authority, the Trustee shall be entitled, at any time,
    at its reasonable discretion, and without providing additional notice, to perform any of the proceedings, including legal
    proceedings and motions to receive orders, as it shall see fit and pursuant to any law, for the purpose of realizing and/or
    defending the rights of the Holders of Bonds (Series A) and in order to enforce the Company’s performance of another
    of the Company’s undertakings according to the Deed of Trust. The above shall not damage and/or derogate from the rights
    of the Trustee to begin legal and/or other proceedings even if the Bonds (Series A) were not called for immediate repayment,
    all for the defense of the Bondholders (Series A) and/or for the purpose of granting any order regarding the matters of the
    trusteeship and pursuant to the provisions of any law. Notwithstanding the statements of this Section, it is clarified that
    the right to call for immediate repayment shall only be established in accordance with the provisions of Section 8 above,
    and not on behalf of this Section. 
	 	 	 
	 	9.2	Pursuant
    to the provisions of the Deed of Trust, the Trustee is entitled but not obligated to convene a general assembly of the Bondholders
    (Series A) in order to discuss and/or accept its instruction for any matter relating to the Deed of Trust. 

 

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	 	9.3	Whenever
    the Trustee shall be obligated according to the terms of the Deed of Trust to perform any action, including commencing proceedings
    or filing actions according to the request of the Bondholders (Series A), as stated in this Section, the Trustee shall be
    entitled, at its sole discretion, to delay the performance of any said action until it receives instructions from the general
    assembly of Bondholders (Series A) and/or the instructions of the court how to act, provided that the convening of the assembly
    or the petition to the court shall be performed on the first possible date. For the removal of doubt it shall be clarified
    that the Trustee shall not be entitled to delay the performance of actions or proceedings as stated in the event in which
    the delay may harm the rights of the Bondholders (Series A). 

 

	 	9.4	The
    Trustee shall be entitled, pursuant to any special resolution of the Bondholders (Series B) as stated above, to waive the
    conditions that it shall see fit regarding the existence of the those undertakings, entirely or partially, of the Company.
    

 

	 	9.5	The
    Trustee is entitled, prior to performing any legal proceedings, to convene an assembly of Bondholders (Series A) in order
    for the Holders to determine which proceedings to take for the realization of their rights under this Deed. Similarly, the
    Trustee shall be entitled to again convene the assembly of Bondholders (Series A) for the purpose of receiving instructions
    for any matter relating to the management of the proceedings as stated, provided that the convention of the assembly shall
    be performed on the first possible date under the provisions of the second supplement to the Deed of Trust and the delay of
    the proceedings shall not harm the rights of the Holders.

 

	10.	Trust
    of Proceeds

 

All
of the funds held from time to time by the Trustee, excluding his wages, expenses and the repayment of any debt therefor, in any
manner including but not limited to as a result of calling the Bonds for immediate repayment and/or as a result of the proceedings
that it will conduct, if any, against the Company, will be held thereby in trust and shall remain in its possession for the purposes
and in the priority as follows: First – the clearance of expenses, payments, levies and undertakings incurred by
the Trustee, placed thereon or caused as a result of the actions of managing the trusteeship or in another manner in connection
with the terms of the Deed of Trust, including its salary (and under the condition that the Trustee will not receive its salary
from both the Company the Bondholders). Second – the payment of any other sum according to the ‘indemnification
undertaking’ (as the term is defined in Section 26.1 below); third – the payment to the Series A Bondholders
carried out in installments according to Section 26.4.2 below;

 

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The
balance will serve for the purposes within the following priority: (a) first – in order to pay the Holders the arrears interest
for the Bonds they are owed according to the Bonds (Series A) conditions pari-passu, and in a relative manner to the sum of the
arrears interest which each of them are owed without preference or precedence towards any of them; (b) second – in order
to pay the Holders of Bonds (Series A) the interest sums that they are owed according to the Bonds held thereby, pari-passu, that
the date of their payment has not yet occurred and in a manner that is relative to the sums to which they are owed, without any
preference in connection with the issuance ahead of time of the Bonds (Series A) by the Company or in another manner; (c) third
– in order to pay the Holders of Bonds (Series A) the principle arrears they are owed according to the conditions of the
Bonds pari-passu, and in a manner relative to the sum of the principle in arrears which each of them are owed without any preference
or precedence to any of them; (d) fourth – in order to pay the Holders the principle sums they are owed according to the
Bonds held thereby pari-passu, whether the time came for the removal of the principle sums or not, in a manner relative to the
sums they are owed, without any preference in connection with the issuance ahead of time of Bonds (Series A) by the Company or
in another manner; the balance – if existing, will be paid to the Company by the Trustee or vice versa, as applicable.

 

Withholding
tax will be deducted from the payments to the Bondholders (Series A), as long as there is an obligation to deduct it according
to any law.

 

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It
shall be clarified that if the Company must bear any of the expenses but does not do so, the Trustee will act reasonably to receive
the sums as stated from the Company and in the event that it will succeed in receiving them, they will be held thereby in trust
and will serve in its possession for the purposes and according to priority as detailed in this Section.

 

	11.	Authority
    to Demand Payment to Holders through Trustee

 

The
Trustee is entitled to instruct the Company in writing to transfer to the Trustee’s account (for the Bondholders) part of
the payment (interest and/or principle) which the Company must pay to the Holders, such that the said sum that is designated for
repayment shall be transferred to the account of the Trustee (for the Bondholders) no later than one business day before repayment
date to the Bondholders, for the purpose of financing proceedings and/or expenses and/or the salary of the Trustee under this
Deed. The Company is not entitled to refuse to act in accordance with the notice as stated, and shall consider it as fulfilling
one of its undertakings vis-à-vis the Holders if it shall prove that it transferred the entire requested sum into the account
of the Trustee as stated. The above shall not release the Company from its debt to bear the expense payments and the salary as
stated when it is obligated to bear them according to this Deed or by any law. Similarly, the above shall not derogate from the
obligation of the Trustee to act reasonably to acquire the sums to which the Holders are entitled from the Company, which will
serve to finance the proceedings and/or expenses and/or the salary of the Trustee according to the Deed of Trust.

 

	12.	Powers
    to Delay the Distribution of Funds

 

Notwithstanding
the statements of Section 10 above, if the financial sum, which will be received as a result of performing the proceedings as
stated above and which will be called at any time for a distribution in accordance with Section 10 above, shall be less than NIS
1 million, the Trustee shall not be obligated to distribute it and it shall be entitled to invest the said sum, entirely or partially,
in investments permitted according to the Deed of Trust as set forth in Section 17 below. If these investments and their profits,
together with additional funds that are received by the Trustee for are a sum that is not sufficient to pay the aforesaid amount,
the Trustee shall pay them to the Holders in accordance with the set of priorities as stated in Section 10 above. In the event
in which up to the earlier of: the closest interest/principle payment date or a reasonable time after receiving the said financial
sum, the Trustee shall not be in possession of a sum that is sufficient to pay at least NIS 1 million as stated, the Trustee shall
be entitled to distribute the funds in its possession to the Bondholders.

 

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Notwithstanding
the provisions of this Section 12 above, the Bondholders (Series A) shall be entitled, according to a decision passed thereby,
to instruct the Trustee to pay them the funds received by the Trustee and called for distribution, as stated in Section 10 above,
even if their sums amount to less than NIS 1 million, pursuant to the provisions of the Stock Exchange’s Articles of Association,
as shall be at that time. Notwithstanding the above, the payment of the Trustee’s salary and the Trustee’s expenses
shall be paid from the said funds immediately upon reaching their date (and regarding the expenses already paid by the Trustee,
the sums shall be returned to the Trustee immediately upon the funds arriving in the Trustee’s possession) even if the funds
that the Trustee received are less than NIS 1 million as stated.

 

	13.	Notice
    of Distribution 

 

The
Trustee shall notify the Bondholders (Series A) of the date and place where any payment was performed from among the payments
mentioned in Sections 10-12 above, in an advance notice of 14 days that shall be sent in the manner set forth in Section 27 below.
After the date determined in the notice, the Bondholders (Series A) shall be entitled to interest according to the rate determined
in the Bonds, only for the balance of the principle sum (if existing) after deducting the sum that was paid or called for payment
to them, as stated.

 

	14.	Refraining
    from Payment for a Reason Which is not Dependent on the Company

 

	 	14.1	Any
    sum to which the Bondholders (Series A) are entitled and was not paid in practice on the date set forth for its payment, for
    a reason independent of the Company, while the Company was ready and able to pay it, shall not bear interest from the date
    set forth for its payment and the Bondholders (Series A) shall be only be entitled to those sums to which they were entitled
    on the date set forth for the repayment of the payment at the expense of the principle and / or the interest. Interest rate
    and / or interest on arrears, where relevant.

 

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	 	14.2	The
    Company shall deposit with the Trustee, on the earliest date possible after the date set forth for payment, the sum of the
    payment that was not paid on time, as stated in Section 14.1 above, and shall provide written notice based on the addresses
    found in its possession, if any, to the Bondholders (Series A) of the said deposit, and the said deposit shall be considered
    as removing that payment to the Holder and in the event of removing that is entitled for that Bond, it shall also be considered
    as a deposit of the Bond (Series A) by the Company. The above will not derogate from the obligations of the Company to bear
    the wages of the Trustee and its expenses, all in accordance with the provisions of this Deed. 

 

	 	14.3	Any
    sum held by the Trustee in trust for the Holders shall be deposited by the Trustee in a bank and will be invested thereby,
    in its name or its order, at its discretion in investments permitted to it according to Section 17 below. If the Trustee did
    so, it shall only be obligated to those eligible for those sums for the consideration that it shall receive from the realization
    of the investments, less the expenses connected to the said investment, including for the management of the trust account
    and less its salary and debt payments and it shall pay to those eligible against the evidence that will be requested thereby
    to its full satisfaction. After the Trustee will receive notice from the Holder of the removal of the impediment as stated,
    the Trustee will transfer to the Holder all of the funds accumulated for the deposit and derived from the exercise of their
    investment, less all of the reasonable expenses and trust account management fees and less any tax by law. The payment will
    be performed against the presentation of that evidence, which shall be accepted by the Trustee, regarding the right of the
    Holder to receive it.

 

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	 	14.4	The
    Trustee shall hold these funds and shall invest them according to the provisions of Section 17 below, until the end of one
    year from the final date for the repayment of the Bond (Series A), but the Trustee shall return the accumulated sums in its
    possession (including their profits) less its expenses and less its salary and other expenses which it expended in accordance
    with the provisions of this Deed (such as salaries of service providers, etc.) to the Company and the Company shall hold these
    sums in trust for the Bondholders (Series A) entitled to those sums for a period of up to the end of seven (7) years from
    the final repayment date of the Bonds (Series A), and regarding the funds that will be transferred to it by the Trustee as
    stated above, the provisions of Subsection 14.3 above shall apply to it, mutatis mutandis. Funds that are not demanded from
    the Company by the Bondholders (Series A) at the end of seven (7) years from the final payment date of the Bonds (Series A)
    will be transferred to the Company’s ownership after 30 days from providing notice to the aforesaid holders by the Company,
    in writing, based on the addresses listed in its possession, if any, and it may use the remaining funds for any purpose.

 

	 	14.5	The
    Company shall provide written confirmation to the Trustee of the return of the sums as stated in Section 14.4 above, and regarding
    their receipt in trust for the Bondholders (Series A) and it shall indemnify the Trustee for any action and/or expense and/or
    damage of any kind that will be caused to it due to and for the transfer of the funds as stated, unless the Trustee acted
    with negligence (excluding negligence exempted by law as shall be from time to time), with a lack of good faith or with malice.
    

 

	15.	Receipt
    by Bondholders and Trustee

 

	 	15.1	A
    signed receipt from the Bondholder (Series A) or a reference from a member of the Stock Exchange regarding the execution of
    the transfer or the execution of the transfer via the TASE Clearing House for the principle and interest sums paid thereto
    by the Trustee for the Bonds shall absolutely release the Trustee for all matters related to the essence of executing the
    payment of the sums denominated in the receipt. 

 

	 	15.2	A
    receipt from the Trustee regarding the deposit of the principle and interest sums in its possession for the benefit of the
    Bondholders (Series A) as stated, shall be considered a receipt from the Bondholders (Series A) for the purpose of the statements
    of Section 15.1 above, in relation to the release of the Company for all connected to the execution of the payment of the
    sums denominated in the receipt. 

 

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	 	15.3	The
    sums distributed as stated in Sections 10 and 12 above shall be considered as payment at the expense of the repayment of the
    Bonds (Series A).

 

	16.	Presentation
    of Bonds to the Trustee; Registration in Connection with Partial Payment 

 

	 	16.1	The
    Trustee may demand from the Bondholders (Series A) to present the Trustee, upon any interest payment or partial payment of
    principal and interest, with the Certificate of the Bonds (Series A) for which the payments are made. A Bondholder (Series
    A) will be required to present the Certificate of the Bond as stated, provided that the above will not require the Bondholder
    (Series A) to bear any payment and/or expense and/or impose on the Bondholder (Series A) liability and/or any debt.

 

	 	16.2	The
    Trustee may record on the certificate of the Bonds (Series A) a note regarding the amounts paid as stated above, and the date
    of their payment.

 

	 	16.3	The
    Trustee may, in any special case at its discretion, waive the presentation of the Certificate of Bonds (Series A) after being
    provided by the Bondholder (Series A) a waiver and/or guarantee that is sufficient to its satisfaction for damage that may
    be caused as a result of the non-registration of the note as stated, all as it sees fit.

 

	 	16.4	Notwithstanding
    the above, the Trustee may, at its reasonable discretion, hold records in another manner regarding partial payments as stated.

 

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	17.	Investment
    of Funds

 

All
of the funds that the Trustee may invest under the Deed of Trust will be invested thereby in one of the four largest banks in
Israel, provided that the rating of the bank is not less than AA in its name or for its deposit, in investments as it sees fit,
all subject to the terms of the Deed of Trust, provided that it deposits in bank deposits, treasury funds issued by the Bank of
Israel and/or government bonds issued by the Bank of Israel of the United States Government alone and/or similar securities issued
by the United States Government.

 

In
the event that it does so, it will only owe to those entitled to the same amounts the consideration received from the exercise
of the investments, less its fees and expenses, charges and expenses related to the aforesaid investment and managing the trust
accounts, the fees and less the obligatory payments applicable to the trust account, and the Trustee will act in accordance with
the provisions of Sections 12 and/or 14 above, as applicable, with the balance of the funds as stated.

 

	18.	Company’s
    Undertakings vis-a-vis Trustee 

 

The
Company hereby undertakes vis-à-vis the Trustee and Bondholders, as long as the Series A Bonds have not yet been fully
repaid, as follows:

 

	 	18.1	To
    maintain and manage the Company’s business in an orderly, proper and effective manner.

 

	 	18.2	To
    manage orderly account books in accordance with the GAAP, and to maintain records, including the documents used as references
    therefor (including pledge and mortgage deeds, accounts and receipts) in its offices, and to allow the Trustee and/or any
    authorized representative of the Trustee to review, at a time coordinated with the Company in advance, no later than 5 business
    days from the date of the Trustee’s written request, any record and/or document as stated that the Trustee requests
    to review. In this regard, an authorized representative of the Trustee shall mean a person that the Trustee appoints for the
    purpose of a review as stated, with written notice of the Trustee that is provided to the Company before the review as stated,
    subject to the obligation of confidentiality subject to the provisions of Section 31.12 below. 

 

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	 	18.3	To
    notify the Trustee in writing, as early as reasonably possible and no later than three business days after being made aware
    of any case in which an attachment is placed on a material asset of the Company (as this term is defined in Section 8.1 above)
    and in any event in which a receiver, special manager and/or temporary and/or permanent receiver and/or trustee who is appointed
    in the framework of a request for a stay of proceedings under Section 350 of the Companies Law, against the Company is appointed
    with respect to a material asset of the Company, and to take, at its expense, any reasonable means required in order to remove
    such an attachment or terminate the receivership, liquidation or management, as applicable.

 

	 	18.4	To
    inform the Trustee in writing, immediately upon the Company being made aware and no later than three trading days, of the
    occurrence of one or more of the cases listed in Section 8.1 above and its subsections. The provisions of this Section and
    all of its subsections will be performed by the Company without taking into account the curing and waiting periods listed
    in Section 8.1 above, if any.

 

	 	18.5	To
    provide the Trustee, no later than the end of 30 days from the date of the issuance of the Bonds (Series A) under this Deed
    with a repayment schedule for payment of the Bonds (principal and interest).

 

	 	18.6	To
    provide the Trustee with written notice, signed by a senior officer of the Company, no later than five business days from
    the date of a written request of the Trustee, of the performance of any payment to the Bondholders and of the balance of the
    amounts that the Company owes at the same date to the Bondholders after the performance of the aforesaid payment.

 

	 	18.7	To
    provide the Trustee immediately upon its delivery with any report that it is required to submit to the Securities Authority.
    An immediate report in the MAGNA system of the Securities Authority and any report or information that is published (in full)
    by the Company on the MAGNA system will be considered to have been provided to the Trustee. Notwithstanding the above, at
    the Trustee’s request, the Company will provide the Trustee with a printed copy of the report or information as stated.

 

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	 	18.8	To
    provide the Trustee with copies of notices and invitations provided to the Company, as stated in Section 27 of this Deed.

 

	 	18.9	To
    ensure that the senior financial officer of the Company will provide, within a reasonable time, to the Trustee and/or the
    individuals that it so instructs, with any explanation, document, calculation or information relating to the Company, its
    business and/or assets that are required, at the reasonable discretion of the Trustee, for the purpose of examinations performed
    by the Trustee in order to protect the Bondholders.

 

	 	18.10	To
                                         invite the Trustee to be present at the general meetings (whether in annual general meetings
                                         or special general meetings of the Company’s stockholders) of
                                         the Company’s stockholders (without rights to participate or
                                         vote), held in Israel. Publication of an invitation to a general meeting of the stockholders of the Company in the MAGNA system will be considered to be an invitation
                                         of the Trustee for the purpose of this Section. As long as the Company is a bonds company
                                         (as this term is defined in the Companies Law) – it shall provide the Trustee with
                                         signed minutes of the meetings of stockholders within three business
                                         days from the date on which the said minutes are signed.

 

	 	18.11	As
    long as the Bonds (Series A) are not yet repaid in full, to provide the Trustee with the reports and statements as follows:

 

	 	18.11.1	Annual
    audited financial statements of the Company, no later than the dates set forth under the Securities Law, even in the event
    in which the Company ceases to be a reporting corporation.

 

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	 	18.11.2	If
                                         the Company is a public company (as defined in the Companies Law) – a copy of any
                                         document that the Company transfers to all of its stockholders or
                                         all of the Bondholders, and details of any information that the Company transfers to
                                         them in another manner, including any report submitted under law to the Securities Law
                                         in order to be published publicly (immediate reports), immediately upon their publication.
                                         As long as the Company is a private company that is a bonds company – to provide
                                         the Trustee with a copy of any document that the Company transfers to all of the Bondholders
                                         and the details of all of the information that the Company transfers to them in another
                                         manner, including any report submitted under law to the Securities Authority in order
                                         to be published publicly (immediate reports), immediately upon their publication.

 

	 	18.11.3	To
    provide the Trustee, upon its first written request, with written confirmation, signed by an accountant, stating that all
    of the payments to the Bondholders have been paid on time, and the balance of the par value of the Bonds in circulation.

 

	 	18.11.4	In
    the event that the Company ceases to be a reporting corporation, the Company will provide the Trustee, in addition to the
    provisions of Sections 18.2 -18.11 above, with annual, quarterly and immediate reports, Which will be signed by a senior officer
    in the finance area and by the Comas set forth below: 

 

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	 	(a)	Annual
    reporting including the information set forth in Appendix 5.2.4.8 of Chapter 4 Part 2 (management of investment funds and
    provision of credit) in Part 5 (principles of the management of business), in the consolidated circular of the Ministry of
    Finance - Division of Capital Markets, Insurance and Savings1 (hereinafter: the “Chapter for Management
    of Investment Assets in the Circular by the Ministry of Finance”) or as updated from time to time, no later than 60
    days from the date on which the Company was required to publish the annual reports if it was a reporting corporation;

 

	 	(b)	Quarterly
    reporting including the information set forth in the Chapter for Management of Investment Assets in the Circular by the Ministry
    of Finance, as updated from time to time, no later than 30 days from the date on which the Company was required to publish
    the quarterly reports if it was a reporting corporation;

 

	 	(c)	An
    immediate report in the case that one of the events occurs listed in Appendix 5.2.4.10 of the Chapter for Management of Investment
    Assets in the Circular by the Ministry of Finance, as updated from time to time. The report will be provided on the date on
    which the Company was required to report about the occurrence of the event based on Article 30(b) of the Reporting Regulations.

 

	 	18.12	To
    provide the Trustee, at its written request, within a reasonable time, any affidavit and/or declaration and/or documents and/or
    details and/or additional information regarding the Company (including explanations, documents and calculations regarding
    the Company, its business or assets) and even to order its accountant and legal advisors to do so, at the reasonable written
    request of the Trustee, if the Trustee reasonably believes that the information is required by the Trustee in order to apply
    and use the authorities, powers and authorizations of the Trustee and/or its counsel under the Deed of Trust, including information
    that may be essential and required in order to protect the rights of the Bondholders, provided that the Trustee acts in good
    faith, subject to the undertaking of confidentiality as stated in Section 31.12 below.

 

 

1
http://ozar.mof.gov.il/hon/2001/law/Codex.asp

 

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	 	18.13	To
    provide the Trustee with all of the reports or notices as set forth in Section 35j of the Law.

 

	 	18.14	No
    later than ten business days from publication of the annual or quarterly financial statements of the Company, as applicable,
    the Company will provide the Trustee with detailed written confirmation, signed by the senior officer in the Company’s
    financial department, regarding its compliance or non-compliance with each of the financial conditions set forth in Section
    6.4 of this Deed, in addition to a detail of the calculation relevant to each financial condition. 

 

	 	18.15	No
    later than 10 business days from the publication of the Company’s annual or quarterly financial statements, and as long
    as this Deed is in effect, the Company with provide the Trustee with a written confirmation of the Company, signed by the
    authorized signatories on its behalf as well as the chairman of its board of directors and/or its CEO, that in the period
    from the date of the Deed and/or the date of the previous approval provided to the Trustee, whichever is later, and until
    the date on which the approval is provided, to the best of its knowledge, no breach occurred on the part of the Company of
    this Deed and the terms of the Bonds (Series A), unless stated explicitly therein otherwise. 

 

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	 	18.16	On
    April 10 of each year, for the previous calendar year, and as long as this Deed is in effect, the Company will provide the
    Trustee with confirmation, signed the by Company’s senior officer of the performance of all of the interest payments
    and/or payments on account of the principal, in connection with the Bonds (Series A), that are due to be paid before the date
    of the confirmation, and the payment date, as well as the balance of the par value of the Bonds from this series, which are
    still in circulation as of the date of the confirmation, as well as confirmation from a directors of the Company and its CEO
    that during the year ending on December 31, there was no breach on the Company’s behalf of the terms and limitations
    set forth in the Deed of Trust (including the same limitations and specification conditions in the Deed and the Bonds, with
    respect to which the Trustee requests that the Company refer in the confirmation), unless explicitly stated otherwise in the
    aforesaid confirmation.

 

	 	18.17	To
    notify the Trustee in writing of any change to its name or address.

 

	 	18.18	The
    Trustee may instruct the Company to immediate report on the MAGNA system, on behalf of the Trustee, any report in the form
    as provided in writing by the Trustee to the Company, and the Company shall be required to provide the report as stated.

 

	 	18.19	The
    Trustee will maintain the confidentiality of the information sent to him according to this Section, will not reveal it to
    anyone else and will not make any use of it, unless the discovery or use thereof is required in order to fulfill the Trustee’s
    position by law, according to the Deed of Trust, To protect the rights of bond holders, or according to a court order. 

 

	 	18.20	The
    Company will notify the Trustee of any non-compliance with any foreign covenant at the earliest possible point and no later
    than 3 business days from the date of non-compliance with the foreign covenant or within 5 business days from the date on
    which notice was given by the affiliate company regarding the non-compliance with any foreign covenant, as applicable, as
    well as the expected implications of this non-compliance in accordance with the Company’s agreements with that entity.
    It shall be clarified, that as long as the Company did not fulfill any foreign covenant and it will be given an extension
    in order to fulfill the foreign covenant, the extension shall not be considered, regarding this Section alone, as a fulfillment
    of the covenant the Company will notify the Trustee of the non-compliance of the foreign covenant as stated. 

 

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For
the purpose of this section -

 

“Foreign
covenant” – a material financial condition of the Company and any affiliated company of the Company, in the framework
of the agreement with a financial institution or with another entity which provided the Company with material credit.

 

“Material
financial condition” – a financial condition, for which the non-compliance thereof will constitute grounds for the
immediate repayment of the relevant debt.

“Material
credit” - credit constituting at least 25% of the consolidated equity of the Company (including minority rights). Regarding
an associated company - credit that multiplies the rate of the Company’s holdings (in final concatenation) in the associated
company constituting at least 25% of the consolidated equity of the Company (including minority rights).

 

Notwithstanding
the provisions of Section 27 below, the Company will transfer to the Trustee written notice of the non-compliance with Foreign
Covenant in addition to any immediate report published by the Company in the matter, if published.

 

	19.	Additional
    Liabilities

 

	 	19.1	18.1.
    If the Bonds are called for immediate repayment, as defined in Section 8 above, the Company will perform, from time to time
    and at any time required by the Trustee, all of the reasonable actions in order to enable the operation of all of the powers
    granted to the Trustee, and in particular, the Company will perform the following actions, no later than seven business days
    from the date of the Trustee’s request:

 

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	 	19.1.1	Declare
    the declarations and/or sign all of the documents and/or perform and/or cause the performance of all of the actions required
    or necessary in accordance with the law in order to give effect to the operation of the powers, authorities and authorizations
    of the Trustee and/or its counsel under this Deed of Trust.

 

	 	19.1.2	Provide
    all of the notices, deposits and instructions that the Trustee sees fit and necessary in order to apply the provisions of
    the Deed of Trust.

 

	 	19.2	For
    the purposes of this Section – written notice, signed by the Trustee, that confirms that an action requested thereby,
    in the framework of its authorities, is a reasonable action, constitutes prima-facie evidence thereof.

 

	20.	Counsel

 

	 	20.1	The
    Company hereby irrevocably appoints the Trustee as its counsel to execute and perform in its name and place all of the actions
    that it must perform under the terms included in this Deed, and to act in its name generally with respect to the actions that
    the Company must perform under this Deed and has not performed, or to perform some of the authorities granted thereto, and
    to appoint any other person as the Trustee sees fit, and to perform its position under this Deed, subject to the Company failing
    to perform the actions that it must perform under this Deed within 14 days, as determined by the Trustee from the date of
    the Trustee’s demand, provided that it acted reasonably.

 

	 	20.2	An
    appointment under Section 20.1 above shall not obligate the Trustee to perform any action, and the Company hereby exempts
    the Trustee and its agents in advance in the event in which it does not perform any action, and the Company waives in advance
    any claim vis-à-vis the Trustee and its agents for any damage caused or that may be caused to the Company directly
    or indirectly, for this, on the basis of any action that is not performed by the Trustee and its agents as stated above. 

 

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	21.	Other
    Agreements

 

Subject
to the provisions of the law and the limitations imposed on the Trustee by law, the fulfillment of the Trustee’s position
under this Deed or its position as a trustee will not prevent it from engaging with the Company in other agreements or performing
transactions therewith during the ordinary course of its business, provided that the same does not create a conflict of interests
with serving as a trustee for the Bondholders (Series A).

 

	22.	Reports
    on Matters Relating to Trusteeship

 

	 	22.1	The
    Trustee will be required to submit a report regarding the actions performed in accordance with the provisions of Section 35h1
    of the Securities Law.

 

	 	22.2	The
    Trustee will prepare, by June 30 of each year, for the previous calendar year, an annual report of the Trustee’s affairs
    (hereinafter: the “Annual Report”). 

 

	 	22.3	The
    Annual Report will include a report of extraordinary events in connection with the trusteeship that occurred during the past
    year.

 

	 	22.4	The
    Trustee will publish (itself or through the Company at the request of the Trustee) the Annual Report on the MAGNA system.

 

	 	22.5	In
    the event that the Trustee becomes aware of a material breach of this Deed and/or of the terms of the Bonds (Series A) on
    the part of the Company, based on public publications of the Company or under a notice of the Company to the Trustee under
    Section 18.4 above, it will notify the Bondholders (Series A) of the breach and the measures that it has taken to prevent
    or enforce the fulfillment of the Company’s obligations by the Company, as applicable. This obligation will not apply
    with respect to an event that is published by the Company under law. This obligation of the Trustee is subject to its actual
    knowledge of the breach event as stated. 

 

	 	22.6	The
    Trustee will update the Company of any report filed under this Section 22.

 

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	23.	Wages
    and Coverage of Trustee’s Expenses

 

The
Company will pay the Trustee its fees as set forth in Appendix 23 of this Deed.

 

	24.	Special
    Powers 

 

	 	24.1	The
    Trustee may deposit all of the deeds and documents that indicate, represent and/or set forth its right in connection with
    the trusteeship at the subject of this Deed, including in connection with any asset that it possess at the time, in a safe
    and/or another place determined, with an banker and/or banking company and/or with an attorney. 

 

	 	24.2	23.2.
    The Trustee may, within the performance of the trusteeship under the Deed of Trust, commission any opinion or the counsel
    of any attorney, accountant, appraiser, assessor, broker or other expert (hereinafter: the “Consultants”) and
    act in accordance with their conclusions, whether the opinion or counsel was prepared at the request of the Trustee or the
    request of the Company and the Trustee will not be responsible for any loss or damage caused as a result of any action or
    omission performed thereby on the basis of the counsel or opinion as stated, unless determined in an absolute judgment that
    the Trustee acted negligently (excluding negligence exempt under law as it may be from time to time) and/or in bad faith and/or
    maliciously. The Company will bear all of the expenses of hiring the Consultants appointed as stated, provided that the Trustee
    will provide the Company with notice five days in advance of its intent to receive an expert opinion or counsel as stated,
    provided that the expenses are reasonable.

 

	 	24.3	Any
    counsel and/or opinion as stated may be provided, sent or received by a letter, telegram, facsimile, email and/or other electronic
    means of transferring information, and the Trustee will not be responsible for actions performed on the basis of advice and/or
    an opinion or knowledge transferred via one of the methods mentioned above although it contains errors and/or was not authentic,
    unless the same errors could have been discovered in a reasonable inspection.

 

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	 	24.4	Subject
    to any law, the Trustee will not be required to notify any party of the signature of the Deed of Trust, and will not be permitted
    to intervene in any manner in the management of the Company’s business or affairs, other than based on the authorities
    that will be granted to the Trustee in this Deed or as agreed by the Company and the Bondholders (Series A) and the Trustee.
    The provisions of this Section will not limit the Trustee in actions that it must perform in accordance with the Deed of Trust.

 

	 	24.5	The
    Trustee will use in the trusteeship the powers, authorizations and permissions granted thereto under the Deed of Trust, at
    its absolute discretion and subject to the other provisions of this Deed. In the event that the Trustee does not, it will
    not bear liability for any damage and/or loss and/or expense that is caused to the Company and/or the Bondholders and/or that
    it may bear following any action and/or omission performed by the Trustee, including as a result of mistakes in discretion,
    unless determined in an absolute judgment that the Trustee acted negligently (excluding negligence that is exempt under law
    as it may be from time to time) or in bad faith or maliciously or contrary to the provisions of this Deed, all in accordance
    with and subject to the provisions of the law. 

 

	 	24.6	Unless
    explicitly determined otherwise by Law or the provisions of this Deed, the Trustee is not required to act in a manner which
    is not expressly detailed in this Deed of Trust so that any information, including about the Company and/or in connection
    with the Company’s ability to meet its obligations to bondholders comes to his attention, and this is not his role.

 

	25.	Trustees’
    Power to Engage Agents

 

The
Trustee may, in the framework of managing the trusteeship’s business, appoint agent/s that will act in its place, whether
an attorney or another person, in order to perform or participate in the performance of special actions that must be performed
in connection with the trusteeship and pay reasonable waves to any such agent, and without derogating from the generality of the
above, to take legal proceedings. The Trustee may pay at the expense of the Company the wages of any such agent, including by
way of offsetting from amounts that it owes, and the Company will return to the Trustee immediately upon its first request any
expense as stated, all provided that prior to the appointment of the agent as stated, all provided that the Trustee has provided
the Company with notice in advance regarding the appointment of agents as stated.

 

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It
is clarified that the appointment of an agent as stated will not derogate from the liability of the Trustee for its actions and
those of its agents.

 

	26.	Indemnification
    of the Trustee

 

	 	26.1	The
    Company and the Bondholders (on the relevant effective date as stated in Section 26.6 below, each for its obligations as stated
    in Section 26.4 below) hereby undertakes to indemnify the Trustee and all of its officers, employees, agents or an expert
    that it appoints and/or that are appointed by the Trustee under the provisions of this Deed of Trust and/or under a lawful
    decision that is passed in a meeting of Bondholders (Series A) under the provisions of this Deed of Trust (hereinafter: the
    “Parties Eligible for Indemnification”):

 

	 	26.1.1	Any
    damage and/or loss and/or financial charge under a judgment (for which a stay is not granted) or based on a settlement that
    has ended (if the settlement relates to the Company, and the Company provides its consent to the settlement) the grounds of
    which are related to actions performed by Parties Eligible for Indemnification or that they are required to perform under
    the provisions of this Deed and/or under law and/or an instruction of a competent authority and/or any law and/or at the request
    of the Bondholders (Series A) and/or at the request of the Company; and

 

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	 	26.1.2	For
    the fees of the Parties Eligible for Indemnification and the expenses incurred and/or that will be incurred, and for any damage
    and/or loss that they sustain due to actions performed by the Parties Eligible for Indemnification or that they are required
    to perform under the provisions of this Deed, and/or under law and/or an instruction of the competent authority and/or under
    any law and/or at the request of the Bondholders (Series A) and/or at the request of the Company and/or in connection with
    use of the powers and authorities provided by virtue of this Deed, and in connection with any legal proceedings, opinion of
    an attorney and other experts, negotiations, discussions, expenses, claims and demands with respect to any matter and/or item
    performed and/or that is not performed in any manner with respect to the matter herein.

 

All
provided that:

 

	 	26.1.3	The
    Parties Eligible for Indemnification do not demand indemnification in advance regarding any manner that cannot be delayed
    (without harming their right to retroactive indemnification);

 

	 	26.1.4	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification acted in bad faith and that the
    action was performed other than in the fulfillment of their positions, other than in accordance with the provisions of the
    law and/or other than under this Deed of Trust;

 

	 	26.1.5	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification were negligent with negligence
    that is not exempt under law, as it may be from time to time; 

 

	 	26.1.6	It
    is not determined in a final judicial decision that the Parties Eligible for Indemnification acted maliciously;

 

An
indemnification undertaking under this Section 26.1 will be hereinafter: an “Indemnification Undertaking.”

 

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It
is agreed that in any event in which it is claimed against the Parties Eligible for Indemnification that (1) they acted in bad
faith or other than in the fulfillment of their roles, or not in accordance with the provisions of the law or the Deed of Trust,
and/or (2) they were negligent with negligence that is not exempt under law and/or (3) acted maliciously – they will be
entitled to indemnification immediately upon their request for payment of the Indemnification Undertaking amount; however, if
it is determined in a final judicial decision that they did in fact act as claimed against them as stated above, the Parties Eligible
for Indemnification will return the Indemnification Undertaking amounts paid to them.

 

	 	26.2	Without
    derogating from the rights to compensation provided to the Trustee under law and subject to the provisions of this Deed and/or
    the obligations of the Company under this Deed, the Parties Eligible for Indemnification will be entitled to indemnification
    from the funds received by the Trustee in the proceedings taken regarding the obligations that it has undertaken, with respect
    to reasonable expenses incurred following the performance of the trusteeship or in connection with such actions, which in
    their opinion are required to be performed and/or in connection with use of the powers and authorities provided by virtue
    of this Deed and in connection with all types of legal proceedings, opinions of attorneys and other experts, negotiations,
    discussions, claims and demands regarding any matter and/or action that is performed and/or not performed in any manner with
    respect to this, and the Trustee may delay the funds available thereto and paid from them the amounts required in order to
    pay the indemnification as stated. All of the said amounts will have priority over the rights of the Bondholders (Series A)
    and subject to the provisions of any law, provided that the Trustee acts in good faith and in accordance with the obligations
    imposed thereon under any law and under this Deed. For the purpose of this Section, an action of the Trustee that is approved
    by the Company and/or the Bondholders will be considered an action that is reasonably required.

 

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	 	26.3	Without
    derogating from the Indemnification Undertaking in Section 26.1 above, in the event that the Trustee is required, under the
    terms of the Deed of Trust and/or under law and/or an instruction of a competent authority and/or any law and/or at the request
    of the Bondholders (Series A) and/or at the request of the Company to perform any action including but not limited to commencing
    proceedings or filing cases at the request of the Bondholders (Series A) as stated in this Deed, the Trustee will be required
    to refrain from taking any such action until it receives, to its satisfaction, a financial deposit to cover the Indemnification
    Undertaking (hereinafter: the “Financing Cushion”) in the amount required, with first priority from the Company,
    and in the case in which the Company still has not deposited the entire financing deposit on the date required to do so by
    the Trustee, provided that the Parties Eligible for Indemnification have taken the actions reasonable under the circumstances,
    required to collect the aforesaid amounts from the Company, the Trustee will contact the Bondholders (Series A) that hold
    the Bonds (Series A) on the effective date (as stated in Section 25.6 below), with a request that they deposit the Financing
    Cushion amount, each its ‘relative share’ (as this term is defined below). In the event in which the Bondholders
    (Series A) do not actually deposit the entire “Financing Cushion” amount required, the Trustee will not be subject
    to the obligation to take any action or relevant proceedings. The provisions above will not exempt the Trustee from taking
    an urgent action required in order to prevent material detrimental harm to the rights of the Bondholders (Series A).

 

The
Trustee is authorized to determine the “Financing Cushion” amount and may again create an additional cushion as stated
from time to time, in the amount determined thereby. It shall be clarified that the payment by the holders under this Section
will not release the Company from its obligation to bear the aforesaid payment.

 

	 	26.4	The
    indemnity undertaking:

 

	 	26.4.1	Shall
    apply to the Company in any event of: (1) actions performed at the discretion of the Trustee and/or under any law and/or that
    are required to be performed under the terms of the Deed of Trust or in order to protect rights of the Bondholders (including
    due to a demand of a holder that is required for the sake of protection as stated); and (2) actions performed and/or required
    to be performed at the request of the Company, including due to a demand as stated.

 

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	 	26.4.2	Shall
    apply to Holders that hold, on the effective date (as stated in Section 26.6 below) in any event of: (1) actions performed
    and/or that are required to be performed at the demand of the Bondholders (excluding actions which, as stated, are taken at
    the demand of Holders in order to protect the rights of the Bondholders); and (2) non-payment by the Company of the indemnification
    undertaking amount applicable thereto under Section 26.3 above (subject to the provisions of Section 26.6 below) and provided
    that the Parties Entitled to Indemnification have taken the reasonable actions under the circumstances required to collect
    the aforesaid amounts from the Company. It shall be clarified that the payment in accordance with subsection (2) above will
    not derogate from the obligation of the Company to bear the indemnification undertaking in accordance with the provisions
    of Section 26.4.1 above.

 

	 	26.5	In
    any event in which the Company does not pay the entire amount required to cover the Indemnification Undertaking and/or does
    not deposit the entire Financing Cushion amount, as applicable, and/or the Holders are called to deposit the Financing Cushion
    amount under Section 26.3 above, provided that the Parties Entitled to Indemnification have taken the reasonable actions under
    the circumstances required to collect the aforesaid funds from the Company, the following provisions shall apply:

 

	 	26.5.1	The
    funds will be collected in the following manner:

 

	 	26.5.1.1	First
    - the amount will be financed from the interest and/or principal that the Company is required to pay to the Bondholders
    (Series A) after the date of action. It is clarified that in the event that use is made of the same amounts by the Trustee,
    since the Company has not paid all of the amounts required to cover the “indemnification undertakings” and/or
    has not deposited the entire amount of the “financing cushion,” the same amounts will not be considered to have
    been repaid by the Company on account of the Bonds in favor of the Bondholders; 

 

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	 	26.5.1.2	Second
    - if, in the Trustee’s opinion, the amounts deposited in the Financing Cushion are insufficient to cover the “indemnification
    undertaking,” the holders that hold on the Effective Date (as stated in Section 26.3 below) will deposit the missing
    amount, in accordance with the relative share (as this is defined), with the Trustee. 

 

“Relative
Share” shall mean: the relative share of the Bonds (Series A) held by the Holder on the relevant effective date as stated
in Section 26.3 below of the total nominal value in circulation at the time. It is clarified that calculation of the relative
share will remain effective even if after the same date a change occurs to the nominal value of the Bonds held by the Holder.

 

It
shall be clarified that Bondholders that bear liability to cover expenses as stated in this Section above may bear expenses as
stated in this section above in excess of their relative share, and in such a case, the priority will apply to the repayment of
the funds in accordance with the provisions of Section 10 of this Deed.

 

	 	26.6	The
    effective date for the determination of the obligation of a Holder in an Indemnification Undertaking and/or payment of the
    Financing Cushion is as follows:

 

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	 	26.6.1	In
    any event in which the Indemnification Undertaking and/or payment of the Financing Cushion is required due to an urgent resolution
    or action required in order to prevent material detrimental harm to the rights of the Bondholders (Series A), without a prior
    decision of the meeting of Bondholders (Series A) – the effective date for the obligation will occur at the end of the
    trading day of the day on which the action is taken or the decision is made, and if the same day is not a trading day, on
    the previous trading day. 

 

	 	26.6.2	In
    any event in which the Indemnification Undertaking and/or payment of the Financing Cushion is required based on a resolution
    of the meeting of Bondholders (Series A) – the effective date for the obligation will be the effective date for participation
    in the meeting (as this date is determined in the assembly notice).

 

	 	26.7	25.7.
    Payment of any amount imposed on the Company under this Section 26 by the Holders in lieu of the Company will not release
    the Company from its obligation to bear the aforesaid payment. 

 

	 	26.8	With
    regard to the priority of the reimbursement to Holders that bear payments under this Section from the receipts by the Trustee,
    see Section 10 above. The Trustee will act reasonably to return funds as stated that are paid by the Holders in place of the
    Company from the Company.

 

	27.	Notices

 

	 	27.1	Any
    notice on behalf of the Company and/or Trustee to the Bondholders will be provided through a report on the MAGNA system of
    the Securities Authority (the Trustee may instruct the Company and the Company will be required to immediate report on the
    MAGNA system on behalf of the Trustee, regarding any report in the form provided in writing by the Trustee to the Company),
    and in the cases set forth below only also by way of publishing a notice in two daily newspapers with broad distribution,
    which are published in Israel in the Hebrew language: (a) an arrangement or settlement under Section 350 of the Companies
    Law; (b) a merger. Any notice that is published or sent as stated will be considered to have been provided to a Bondholder
    on the date on which it was published as stated (in the MAGNA system or newspapers, as applicable). 

 

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	 	27.2	Any
    notice or demand on behalf of the Trustee to the Company or on behalf of the Company to the Trustee may be provided in a letter
    sent via registered mail based on the address set forth in the Deed of Trust, or based on another address of which one party
    shall inform the other in writing (including an email address) or through dispatch via email or an agent, and any notice or
    demand will be considered to have been received by the Company: (1) in the event of dispatch via registered mail – three
    business days from the day on which it is sent via mail; (2) in the event of dispatch via email (with telephone verification
    of its receipt) – one business day from the date on which it is sent; (3) in the event of delivery by courier –
    upon the delivery by courier to the recipient or its offer for acceptance of the recipient, as applicable.

 

	28.	Waivers,
    Compromises, and Changes to the Deed of Trust

 

Subject
to the provisions of any law, excluding regarding (1) payment dates under the Bonds (but including a technical change to the dates
or effective date for payment), (2) changes in the interest rate, including adjustments of the interest arising from non-compliance
with the financial criteria or a change to the rating, (3) undertakings of the Company in connection with the financial conditions
and their breach (4) undertakings of the Company in connection with the distribution of dividends, (5) the provisions pertaining
to the expansion of a series, (6) provisions related to the law applicable to this Deed, (7) grounds for calling for immediate
repayment (9) negative pledge provisions, (10) restrictions on transactions with controlling stockholders and
(11) reports that the Company is required to provide the Trustee, the Trustee may, from time to time and at any time when, in
its opinion, there will not be harm to the rights of the Bondholders (Series A), waive any breach or non-fulfillment of any of
the terms of the Bonds or the non-fulfillment of any of the terms of the Deed of Trust by the Company.

 

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Subject
to the provisions of any law and with the prior approval of the Bondholders in a special resolution, the Trustee may, whether
before or after the principal of the Bonds (Series A) is called for payment, settle with the Company in connection with any right
or claim of the Bondholders (Series A), waive any right or claim of the Bondholders (Series A) or any of them vis-à-vis
the Company under the Deed of Trust and the Bonds (Series A) and agree with the Company to any arrangement of their rights, including
to waive any right or claim of the Bondholders (Series A) vis-a-vis the Company under this Deed.

 

In
the event that the Trustee settles with the Company, waives any right or claim of the Bondholders (Series A) or agrees with the
Company to any arrangement of rights of the Bondholders (Series A) after receiving the prior consent of the meeting of Bondholders
(Series A) as stated above, the Trustee will be exempt from liability for this action, as approved by the general meeting, provided
that the Trustee does not breach a fiduciary duty and does not act in bad faith or maliciously or with negligence that is not
exempt under law, in the implementation of the resolution of the general meeting.

 

Without
derogating from the provisions above, subject to the provisions of any law, the Company and the Trustee may, whether before or
after the principal of the Bonds is called for payment, change the Deed of Trust and its appendices (including a change to the
terms of the Bonds (Series A)) if one of the following is met:

 

	 	(a)	If
    the Trustee is convinced that the change does not harm the Bondholders (excluding regarding For which the matters listed above
    in paragraphs (1) to (11) in section 28) provided that he has notified the Bondholders (Series A) of the same in writing.

 

	 	(b)	The
    change is approved by the Bondholders (Series A) in a special resolution.

 

The
Company has provided the Bondholders with notice through an immediate report published on the MAGNA of any change as stated above,
before its occurrence.

 

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In
any event of use of the Trustee’s right under this Section, the Trustee may demand from the Bondholders (Series A) that
they provide it or the Company with the Certificates of the Bonds in order to record a note thereon regarding any settlement,
waiver, change or amendment as stated, and at the request of the Trustee, the Company will record such a note. In any event of
use of the Trustee’s right under this Section, it will inform the Bondholders (Series A) thereof in writing within a reasonable
time.

 

	29.	Register
    of Bondholders

 

	 	29.1	The
    Company will keep and manage in its registered offices a register of Bondholders (Series A) in accordance with the Securities
    Law, which is open for the review of any person.

 

	 	29.2	The
    Company will not be required to record in the register of Bondholders (Series A) any notice regarding explicit, implicit or
    estimated trusteeship, or a pledge or lien of any kind or any equitable right, claim or offsetting or any other right, in
    connection with the Bonds (Series A). The Company will solely recognize the ownership of a person in whose name the Bonds
    are recorded, provided that its legal inheritors, estate managers or will executors of the registered owner and any person
    entitled to the Bonds, following a bankruptcy of any registered owner (or in the event of a corporation – following
    its liquidation) is entitled to be registered as a holder after evidence is provided which, in the opinion of the Company’s
    managers, is sufficient in order to prove the right of the person to be registered as the Bondholder.

 

	30.	Release

 

When
it is proved to the satisfaction of the Trustee that all of the Bonds (Series A) are paid, redeemed or when the Company deposits
sufficient amounts of money in trust with the Trustee which will suffice for the full and final redemption, as well
as when it is proved to the satisfaction of the Trustee that all of his wages and all of the expenditures made by the Trustee
and/or his agents in connection with his operation according to the Deed of Trust and according to its provisions are paid to
him in full, and the Trustee is required, at the Company’s first request, to act upon the monies deposited with him in respect
of the Bonds (Series A) whose redemption was not requested, according to the terms stipulated in this Deed.

 

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	31.	Appointment
    of the Trustee, the Trustee’s Roles, the Trustee’s Powers, and the Expiry of the Trustee’s Service

 

	 	31.1	The
    Company hereby appoints the Trustee as a trustee for the Bondholders (Series A) alone under the provisions of Section 35b
    of the Securities Law, including for the parties entitled to payments under the Bonds (Series A) that are not paid after the
    date of payment.

 

	 	31.2	The
    trusteeship for the Bondholders and the roles of the Trustee under the terms of this Deed will enter into force on the date
    of the allocation of the Bonds by the Company. The term of the Trustee’s appointment will be until the date of the convening
    of the holders’ meeting in accordance with the provisions of section 35B(a1) of the Securities Law. 

 

	 	31.3	From
    the date on which this Deed of Trust takes effect, the Trustee’s roles will be according to all laws and this Deed.

 

	 	31.4	The
    Trustee will act in accordance with the provisions of the Securities Law. 

 

	 	31.5	The
    Trustee will represent the bondholders (Series A) in every matter stemming from the Company’s undertaking to them, and
    he will be entitled, for this purpose, to take action to exercise the rights given to the holders according to the Securities
    Law or according to the Deed of Trust.

 

	 	31.6	The
    Trustee is entitled to initiate any proceeding for the purpose of protecting the rights of the holders in accordance with
    all laws and what is detailed in this Deed of Trust. 

 

	 	31.7	The
    Trustee is entitled to appoint agents as detailed in Section 25 above. 

 

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	 	31.8	The
    Trustee’s actions are valid even if a defect is discovered in his appointment or eligibility. 

 

	 	31.9	The
    Trustee’s signature on this Deed does not constitute an opinion on his part regarding the nature of the offered securities
    or desirability of investment therein. 

 

	 	31.10	The
    Trustee will not be required to notify any party of the signing of this Deed. The Trustee will not interfere in any form whatsoever
    in the conducting of the Company’s business or affairs and this is not included amongst his roles. Nothing in this section
    will restrict the Trustee in any action which he must take in accordance with the provisions of this Deed.

 

	 	31.11	Subject
    to the provisions of all laws, the Trustee is not required to act in a manner which is not expressly detailed in this Deed
    of Trust so that any information, including about the Company and/or in connection with the Company’s ability to meet
    its obligations to bondholders comes to his attention, and this is not his role. 

 

	 	31.12	Subject
    to the provisions of all laws and what is stated in this Deed of Trust, the Trustee undertakes, by his signing this Deed,
    to maintain in confidentiality all information provided to him by the Company and will not disclose it to another and will
    not make any use thereof, unless it’s disclosure or use is required for the purpose of fulfilling his role according
    to the Securities Law, according to the Deed of Trust, or according to a court order. Said duty of confidentiality will apply
    as well to any agent of the Trustee (including any consultant, counsel, and so forth). It is clarified that the transfer of
    information to bondholders for the purpose of adopting a resolution relating to their rights according to the bond or for
    the purpose of providing report on the Company’s condition does not constitute a breach of said undertaking of confidentiality.

 

	 	31.13	The
    Trustee is entitled to rely, in the framework of his trust, on any written document including a letter of instruction, notice,
    request, consent or approval, purporting to be signed by or originating from a person or entity which the Trustee believes
    in good faith was signed by or originated from him.

 

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	 	31.14	The
    provisions of the Securities Law will apply to the end of the Trustee’s service.

 

	 	31.15	If
    the Trustee’s service ended, a new trustee will be appointed in his place at a meeting of the holders.

 

	 	31.16	Despite
    the aforesaid, a resolution of the holders on the termination of the trustee’s service and his replacement with another
    trustee will be done, subject to any law, at a meeting at which holders with 50% of the balance of the par value of the bonds
    from the relevant series are present, or at a postponed meeting at which holders with at least 10% of said balance were present,
    with a 75% majority of those present and attending the vote.

 

	 	31.17	Subject
    to the provisions of all laws, the Trustee whose service ended will continue serving in his position until the appointment
    of another trustee. The Trustee will provide the new trustee with all of the documents and amounts accrued by him in connection
    with the trust which is the subject of the Date of Trust for Series A, and will sign any documents required for this purpose.
    Any new trustee will have the same powers, obligations, and authorities, and he will be able to act for all intents and purposes
    as if he was appointed as trustee in the first place.

 

	 	31.18	The
    Company will publish an immediate report in any event of the resignation of the Trustee and/or the appointment of a different
    trustee.

 

	32.	Bondholders’
    Meetings 

 

Meetings
of bondholders (Series A) will be conducted as stated in the Second Supplement to this Deed.

 

	33.	Applicable
    Law

 

The
law which applies to this Date of Trust and its appendices, including the bonds, is Israeli law. In the event of any matter that
is omitted from this Deed and in any event of a conflict between the provisions of the law and this Deed of Trust, the parties
will act in accordance with the provisions of Israeli law.

 

    	90

    	 

    

 

	34.	Exclusive
    Jurisdiction

 

The
exclusive court which will be authorized to adjudicate matters related to this Deed including its appendices and the bond attached
as an appendix here to will be the competent court in Tel Aviv – Jaffa.

 

The
Company, the Controlling Stockholder and the officers in the Company, who serve as will serve in the Company in the future,
will not object to a request by the Trustee and/or the Bondholders (Series A) submitted to a court in Israel for the application
of Israeli law regarding compromise, arrangement, and insolvency, inasmuch as it shall be submitted, will not apply of their own
initiative to courts outside of Israel in order to receive protection from a proceeding initiated by the Trustee and/or the Company’s
Bondholders (Series A) and will not object if a court in Israel will seek to apply Israeli law regarding compromise and arrangement
and insolvency.

 

Similarly,
the Company, the Controlling Stockholder and Officers of the Company irrevocably undertake not to raise claims against
the local authority of the court in Israel in connection with the proceedings submitted by the Trustee and/or the Bondholders
(Series A) of the Company.

 

In
addition to the aforesaid, the Company undertakes to provide the Trustee, upon signing of this Deed, with irrevocable undertakings
in writing by the Controlling Stockholder in the Company as well as the officers serving in the Company at the time of
the signing of this Deed, and immediately after the appointment of additional officers to the Company and/or a change of the Controlling
Stockholder in the Company, as applicable, an irrevocable written undertaking by said officer and/or the controlling stockholder,
as applicable, (hereinafter: “Controlling Stockholder’s and Officers’ Undertakings”), not to
object to the request by the Trustee and/or Bondholders (Series A) which will be submitted to a court in Israel, for the application
of Israeli law regarding compromise and insolvency by the Company, inasmuch as it shall be submitted, and not to apply of their
own initiative to courts outside of Israel in order to receive protection from a proceeding initiated by the Trustee and/or the
Company’s Bondholders (Series A), not to petition a court outside of Israel at their initiative with any proceeding arising
from the Deed of Trust (including in order to receive protection against a proceeding taken in Israel by the Trustee or by the
Bondholders), not to object if a court in Israel will wish to apply Israeli law regarding compromise and arrangement and insolvency
by the Company, and not to raise claims against the local authority of the court in Israel in connection with proceedings filed
by the Trustee and/or the Company’s Bondholders (Series A) (including a class action and derivative action). For the avoidance
of doubt, it shall be clarified that the obligations set forth above will not harm the power of the Company to protect its rights
in other matters that are not included in the obligations of the controlling stockholder and officers as stated above,
including and without limitation, to file claims in a court in Israel in accordance with Israeli law.

 

    	91

    	 

    

 

For
the avoidance of doubt it is clarified and emphasized that the undertakings by the controlling stockholder and officers
shall include, expressly, and irrevocable undertaking as well not to commence, at their initiative, and insolvency proceeding
according to foreign law and in a jurisdiction which is not Israel.

 

In
light of the aforesaid and subject to the fulfillment of the controlling stockholder’s and officers’ undertakings,
it is emphasized and clarified that and insolvency proceeding which is not according to Israeli law and before Israeli courts
can only stem from a lawsuit by a foreign creditor.

 

The
controlling stockholder’s and officers’ undertakings will be attached in the framework of the immediate report
regarding the appointment of the officer which the Company will publish in accordance with the provisions of the law is a part
of the pre-issuance reports and at the time of the appointment of any officer and/or the entry of a new controlling stockholder,
all during the course of the life of the Bonds (Series A).

 

    	92

    	 

    

 

	35.	General

 

Without
derogating from the other provisions of this Deed and of the Bonds (Series A), any waiver, extension, discount, silence, refraining
from taking action (hereinafter: “Waiver”) on the part of the Trustee regarding nonfulfillment or partial fulfillment
or improper fulfillment of any obligation to the Trustee according to this Deed and the bond (Series A) will not be considered
as a Waiver on the part of the Trustee of any right, but rather limited consent to the special opportunity in which it was granted.
Without derogating from the other provisions of this Deed and the bond (Series A), any change in undertakings to the Trustee requires
received of the Trustee’s prior written consent. Any other consent, whether oral or by means of Waiver and refraining from
taking action or in any other way which is not written will not be considered consent of any kind. The Trustee’s rights
according to this Deed of Trust are individual and independent of one another, and are in addition to any right existing and/or
which shall be granted to the Trustee according to law and/or agreement (including this Deed and the bond (Series A)).

 

	36.	Trustee’s
    Liability

 

	 	36.1	Notwithstanding
    what is stated in any law and anywhere in the Deed of Trust, inasmuch as the Trustee acted for the purpose of fulfilling his
    position in good faith and within a reasonable time, as well as ascertained the facts which a reasonable trustee would have
    ascertained under the circumstances, he shall not be liable to the bondholder for harm caused to him as a result of the fact
    that the Trustee utilized his discretion according to the provisions of section 35H(d1) or 35I1 of the Securities Law, unless
    it is determined in a final judgment that the Trustee acted with severe negligence. It is clarified that inasmuch as a contradiction
    shall be discovered between the provisions of this section and other provisions in the Date of Trust, the provisions of this
    section shall prevail.

 

	 	36.2	If
    the Trustee acted in good faith and without negligence in accordance with the provisions of section 35H(d2) or 35H(d3) of
    the Securities Law, he will not be liable for performing said action.

 

	37.	Addresses
    

 

The
Parties’ addresses will be as detailed in the preamble to this Deed, or any other address regarding which appropriate written
notice is given to the other party.

 

    	93

    	 

    

 

	38.	Authorization
    to MAGNA

 

In
accordance with the provisions of the Securities Regulations (Signature and Electronic Reporting), 5763–2003, the Trustee
hereby certifies to the entity authorized for the same on behalf of the Company, to electronically report to the Securities Authority
regarding this Deed of Trust.

 

In
witness whereof the Parties have signed:

 

	 	 	 
	Mishmeret
                                         Trust Services Company Ltd.

        
	 	Strawberry
                                         Fields REIT, LTD

        

 

I
the undersigned, Yoav Hovev, Adv., of the offices of Fischer Behar Well Orien & Co., certify that this Deed of Trust was signed
by Strawberry Fields REIT, Ltd. through Mr. Nahman Eingal, whose signature binds the Company in connection with this Deed of Trust.

 

________________________

Adv.
Yoav Hovev

 

    	94

    	 

    

 

First
Addendum

 

Certificate
of Bonds (Series A)

 

Issuance
of a series of up to NIS 273 million par value of Bonds (Series A), registered by name, bearing fixed annual interest in the rate
determined by the Tender (hereinafter: the “Interest”), payable (principal) in 8 (eight) annual payments (unequal)
on July 1 of each of the years 2017 through 2024 (inclusive) such that each of the 4 first payments on account of the principal
will be 15% of the principal of the total par value of the Bonds (Series A) and each of the 4 last payments on account of the
principal will constitute 10% of the total principal par value of the Bonds (Series A). The interest for the Bonds (Series A)
will be paid in biannual payments on July 1, 2016 and January 1 and July 1 of each of the years 2017 through 2024 (inclusive).

 

Bond
(Series A) Registered by Name

 

Number     1

 

Par
value NIS __________

 

Annual
interest: fixed at a rate determined by the Tender.

 

The
registered owners of the Bonds in this Certificate: Nominee Company of Mizrahi Tfahot Ltd.

 

	1.	This
    certificate indicates that Strawberry Fields REIT Ltd. (the “Company”) will pay any party that is the registered
    owner of this Bond (the “Holder of the Bond (Series A)”) on the effective date for the same payment:
	 	 
	 	On July 1 of each of the years 2017 through 2020
    (inclusive) - 15% of the principal of the par value of the Bonds (Series A) in circulation, and on July 1 of each of the years
    2021 through 2024(inclusive), 10% of the principal of the par value of the Bonds (Series A) in circulation, all subject to
    the provisions on the overleaf and the Deed of Trust, on November 24, 2015, between the Company of the first part and
    Mishmeret Trust Services Ltd. and/or any party that serves from time to time as a trustee of the Bondholders under the Deed
    of Trust (the “Trustee” and the “Deed of Trust,” respectively).
	 	 
	2.	This
    Bond is not linked (principal and interest) to any currency or index.

 

    	95

    	 

    

 

	3.	The
    final payment of principle and the final payment of the interest will be made in exchange for provision of the bond certificates
    (Series A) to the Company on the date of the final payment (meaning July 1,2024) and the Company’s registered office
    or in any other place which the Company shall indicate.

 

	4.	All
    of the Bonds (Series A) shall have an equal security rating between them (Pari Passu) in connection with the Company’s
    liabilities according to the Bonds (Series A) and without a priority right or preference for one over another.

 

	5.	This
    Bond (Series A) is issued subject to the terms detailed on the overleaf, the terms detailed in the Deed of Trust, and the
    prospectus, and are not secured with any pledge.

 

Signed
by the Company on November 24, 2015

 

By:

 

Authorized
Signatory: ____________ Authorized Signatory: _______________

 

I
the undersigned, ____________, Adv., certify that this bond certificate was duly signed by Strawberry Fields REIT, Ltd. according
to its bylaws, by means of Mr. ____________________ and his signature binds the Company for purposes of this bond.

 

__________,
Adv.

 

    	96

    	 

    

 

The
Terms Listed on the Overleaf

 

	1.	General

 

In
this (Series A) bond, the following expressions shall have the following meanings and inasmuch as they are not defined below,
shall have the meaning given them in the Deed of Trust, unless a different meaning is implied by the context:

 

	 	“Business
    Day”	 	 
	 	 	 	 
	 	or
    a “Bank Business Day” 	 	Any
day on which the exchange clearinghouse of most of the banks in Israel are open to carry out transactions.
	 	 	 	 
	 	“Series
    of Bonds” 	 	–
    the bonds with a total par value of up to NIS [____] million listed by name, whose terms will be in accordance with the certificate
    of the Bonds (Series A) attached to the prospectus which is expected to be published in May 2015, based on which they will
    be issued.
	 	 	 	 
	 	“Principal”
    - 	 	The
    unpaid par value of the (Series A) bonds.
	 	 	 	 
	 	“Special
    Resolution” – 	 	a
    resolution passed in a general meeting of Bondholders (Series A), who are present themselves or by their counsel whose Bonds
    represent at least 50% of the balance of the par value of the Bonds (Series A), or in an adjourned meeting attended by the
    Bondholders, themselves or by their counsel, who hold at least 20% of the balance of the par value as stated, and which is
    passed (whether in the original meeting or adjourned meeting) with a majority of at least two thirds (2/3) of the balance
    of the par value of the Bonds (Series A) represented in the vote.
	 	 	 	 
	 	The
    “Nominee Company” – 	 	the
    Nominee Company of Mizrahi Tfahot of Israel Ltd. or a nominee company that shall replace it.
	 	 	 	 
	 	“Trading
    Day” -	 	A
day on which transactions are made in the Tel Aviv Securities Exchange Ltd.
	 	 	 	 
	 	“Clearing
    Housing of the Stock Exchange” - The Securities Authority	 	The
    Tel Aviv Stock Exchange Ltd.

 

    	97

    	 

    

 

	2.	The
    Bonds

 

For
details regarding the Bonds (Series A), see section 2 of the Deed of Trust.

 

	3.	Terms
    of Bonds (Series A) 

 

	 	(a)	The
    Bonds (Series A), registered by name, worth NIS 1 par value each. The Bonds will be payable (principal) in 8 (eight) annual
    payments (unequal) on July 1 of each of the years 2017 through 2024(inclusive) such that each of the 4 first payments on account
    of the principal will be 15% of the principal of the total par value of the Bonds (Series A) and each of the 4 last payments
    on account of the principal will constitute 10% of the total principal par value of the Bonds (Series A).

 

	 	(b)	The
unpaid balance of the principal of the Bonds (Series A) will bear fixed annual interest at the rate determined in the Tender (but
subject to adjustments in the case of a change to the rating of the Bonds (Series A) and/or non-compliance with the financial
criteria set forth in Sections 5.3 and 5.4, respectively, in the Deed of Trust. 2

 

	 	(c)	The
    Bonds (Series A) shall not be linked (principal and interest) to any index or any currency.

 

	 	(d)	The
    interest for the Bonds (Series A) will be paid in biannual payments on January 1 and July 1 of each of the years 2017 through
    2024 (inclusive).

 

 

2
It is clarified that if the Bonds (Series A) are rated by more than one reading company, the ratings test for the purpose
of adjusting the interest rate to a change in rating (if and inasmuch as there shall be such a change) shall be done, at all times,
according to the lower of the ratings.

 

    	98

    	 

    

 

	 	(e)	The
    first payment of principle in respect of the Bonds (Series A) will be on July 1,2017. The first payment of interest on the
    Bonds (Series A) will be paid on July 1, 2016 for the period beginning on the first trading day after the signature closing
    date and will end on the last day before the date of the first interest payment (meaning, June 30, 2016 ) (hereinafter: the
    “First Interest Period”) which shall be calculated according to the number of days during this period on the basis
    of 365 days per year. The interest rate which will be paid for a particular interest period (other than the first interest
    period) (meaning, the period which begins on the payment day of the prior interest period and ending on the last day before
    the payment date immediately after the commencement date) will be calculated as the yearly interest rate divided by two (hereinafter:
    the “Semiannual Interest Rate”). The Company will publicize, in the immediate report on the results of the tender,
    the initial interest rate, the interest rate which shall be determined in said tender, and the Semiannual Interest Rate.

 

	 	(f)	The
    final payment of principle and the final payment of the interest will be made in exchange for provision of the bond certificates
    (Series A) to the Company on the date of the final payment (meaning July 1, 2024) and the Company’s registered office
    or in any other place which the Company shall indicate. Such notice by the Company will be published no later than five (5)
    business days before the date of the final payment.

 

	 	(g)	It
    is clarified that a party that is not registered in the registrar on the Effective Date (as defined in the Deed of Trust)
    will not be entitled to payment of interest for the interest term beginning before the same date.

 

	4.	Payments
    of Principal and Interest of the Bonds (Series A)

 

	 	(a)	Every
    payment on account of the principle and/or interest which shall be paid with a delay exceeding seven (7) days from the date
    stipulated for its payment according to the bond terms, and this for reasons which are dependent on the Company, shall bear
    lateness interest as defined below, beginning on the date stipulated for its payment and until the date of actual payment.
    Regarding this, the rate of lateness interest shall be the interest rate on bonds as stated in section 3(B) above, as applicable,
    plus 5%, and all on a yearly basis (hereinafter: the “Lateness Interest”). The Company shall give notice of the
    rate of Interest which has accrued (inasmuch as it has accrued) as well as the date of payment, in an immediate report and
    this two (2) trading days before the date of actual payment.

 

    	99

    	 

    

 

	 	(b)	Payment
    to those who are so entitled will be done by check or bank transfer and/or by means of the Exchange Clearinghouse in favor
    of the bank account of the bondholders (Series A). If the Company cannot, for any reason whatsoever which is not dependent
    on the Company, pay any amount to those so entitled, the provisions of Section 14 of the Trust Deed will apply.

 

	 	(c)	A
    bondholder (Series A) who so wishes, will notify the Company of the details of the bank account to be credited with payments
    to that same holder according to the Bonds (Series A) as aforesaid, or of a change in the details of said account or his address,
    as applicable, in a notice which will be sent by registered mail to the Company. The Company shall be required to act in accordance
    with the notice from the holder regarding said change after the passing of 15 business days from the date on which the holder’s
    notice reached the Company.

 

	 	(d)	If
    a bondholder registered in the registry of holders did not timely provide the Company with details regarding his bank account
    to be credited with the transfer of payments to the same holder, according to the bond, every such payment will be made by
    check which will be sent by registered mail to his last address registered in the registry of holders. Sending of a check
    to one so entitled by registered mail as aforesaid will be considered for all intents and purposes as payment of the amount
    determined therein on the date of its sending by mail, provided that the check is deposited in the bank and actually paid.

 

	5.	Postponement of
    Dates

 

In
any event in which a date for payment on account of principle and/or interests falls on a day which is not a business day, the
payment date will be postponed to the first business day thereafter, without additional payment and the “Effective Date”
for the purpose of determining entitlement for redemption or interest will not change as a result.

 

    	100

    	 

    

 

	6.	Securing the
    Bonds

 

See
Section 6 of the Deed of Trust.

 

	7.	Refraining from
    Payment for a Reason Which is not Dependent on the Company

 

See
Section 14 of the Deed of Trust.

 

	8.	Register of Bondholders

 

See
Section 29 of the Deed of Trust.

 

	9.	Splitting Bond
    Certificates

 

	 	(a)	In
    respect of the Bonds (Series A) registered in the name of one holder, the holder shall be issued one certificate, or at his
    request, he shall be issued a number of certificates in a reasonable amount (and the certificates mentioned in this section
    shall hereinafter be called: the “Certificates”).

 

	 	(b)	Every
    bond certificate may be split to bond certificates where the sum of all of their par value equals the amount of the par value
    of the certificate whose splitting is requested, provided that said certificates shall not be issued except in reasonable
    amounts. We split will be done in exchange for providing that same bond certificate together with a written request signed
    by the registered holder given to the Company at its registered office for the purpose of carrying out the split. All of the
    costs involved in the split, including taxes and levies, if such shall apply, will fall on the party requesting the split.

 

    	101

    	 

    

 

	10.	Transfer
    of Bonds

 

The
bonds may be transferred and their full par value, as well as in part, provided that it shall be in whole New Israel Shekels.
Every bond transfer shall be done by a letter of transfer in an accepted wording, duly signed by a the registered holder or his
legal representatives and by the recipient of the transfer orders legal representatives, which shall be provided to the Company
at its registered office together with the bond certificates transferred in accordance there with as well as every other proof
required by the Company for the purpose of proving the transferor’s right to transfer them. If tax or any other mandatory
payment shall apply to the letter of transfer of the bonds, proof of their payment shall be provided to the Company which shall
be satisfactory to the Company. The Company’s Articles of Incorporation which apply to the transfer shares which are fully
paid and their assignment will apply, mutatis mutandis, as applicable, on the manner of the transfer of the bonds and their assignment.
In the event of a transfer of only a portion of the amount of the determinate principle in a bond certificate, it is necessary
to first split, according to the provisions of section 9 above, the certificate to a number of certificates as required by the
same, in a manner such that the sum of all of the determinate principle amounts therein will be equal to the amount of the determinate
principle of said bond certificate. After fulfilling all of these conditions, the transfer shall be registered in the registry,
and the Company shall be entitled to require that a notice regarding said transfer be registered on the certificate of the transferred
bond which will be provided to the transfer recipient or that he be issued a new bond certificate in its place, and the transferee
shall be subject to all of the conditions detailed in the transferred bond certificate such that in a place that it states “the
holder” it shall be seen as if it says “the transferee”, and he shall be considered as a “holder”
for purposes of the Deed of Trust.

 

	11.	Early
    Redemption

 

Regarding
early redemption of the Bonds at the initiative of the Stock Exchange and early redemption at the initiative of the Company, see
Section 7 of the Deed of Trust.

 

	12.	Purchase
    of Bonds by the Company and/or an Affiliate 

 

See
Section 3 of the Deed of Trust.

 

	13.	Waivers;
    Compromises, and Changes to the Deed of Trust 

 

See
Section 28 of the Deed of Trust.

 

    	102

    	 

    

 

	14.	Bondholders’
    Meetings 

 

The
general meetings of bondholders (Sears A) shall be convened and shall be conducted in accordance with what is stated in the Second
Supplement of the Deed of Trust.

 

	15.	Receipt
    from Bondholders

 

See
Section 15 of the Deed of Trust.

 

	16.	Right
    to Call for Immediate Repayment

 

See
Section 8 of the Deed of Trust.

 

	17.	Notices

 

See
Section 27 of the Deed of Trust.

 

	18.	Applicable
    Law and Judicial Authority 

 

See
Sections 33 and 34 of the Deed of Trust.

 

	19.	Order
    of Priorities

 

In
the event of a contradiction between this supplement and the Deed of Trust, the Deed of Trust shall prevail.

 

***

 

    	103

    	 

    

 

Second
Addendum

 

Bondholders’
Meetings (Series A)

 

	1.	Entitlement
    to Convening a Meeting

 

	 	1.1.	The
    Trustee will convene a meeting of Holders if it sees that the same is necessary or at the request of one or more Bondholder
    (Series A) who has at least 5% (five percent) of the balance of the par value of the Bonds (Series A). In the event that those
    requesting the calling of the meeting are bondholders, the Trustee will be entitled to require indemnification, including
    in advance, from the requesters for the reasonable expenses involved.

 

	 	1.2.	It
    shall be clarified that the indemnification demand by the Trustee shall not detract from the calling of a meeting which was
    called for the purpose of initiating an action designed to prevent harm to the rights of the bondholders and the indemnification
    demand shall not derogate from the Company’s obligation to bear the expenses involved in calling the meeting.

 

	 	1.3.	The
    Trustee will call a meeting of bondholders within 21 days from the date on which the request that it be convened is submitted
    to him, on a date which shall be stipulated and of the summons, and provided that the date of convening will not be earlier
    than seven days and no later than 21 days from the date of the summons; however the Trustee is entitled to advance the convening
    of the meeting to at least one day after the summons date, if he believes that this is required for the purpose of defending
    the holders’ rights; should he do so, the Trustee will explain the reasons for advancing the convening date in the report
    regarding the meeting summons.

 

	 	1.4.	If
    the Trustee did not call a meeting of holders, according to the holder’s request, within 21 days from the date he was
    requested, the holder is entitled to convened the meeting, and provided that the date of convening will be within 14 days
    of the end of the period in which the Trustee must call the meeting, and the Trustee will bear the expenses incurred by the
    holder in connection with convening the meeting.

 

    	104

    	 

    

 

	 	1.5.	Every
    meeting of bondholders (Series A) will take place in Israel and a place indicated by the Company and/or the Trustee, and the
    Company will bear the reasonable expenses of convening the meeting.

 

	2.	Meeting
    Summons and Meeting Agenda

 

	 	2.1.	A
    summons to a meeting by the Trustee for the purpose of consultation only with the bondholders will be published at least one
    day before the date of its convening (hereinafter: “Consultation Meeting”). An agenda will not be published for,
    and no resolutions will be adopted at a Consultation Meeting.

 

	 	2.2.	A
    summons to a meeting which is not a Consultation Meeting will be published in accordance with the provisions of the Securities
    Law as it shall exist from time to time, at least 7 (seven) days, but no more than 21 days before the convening of the meeting
    (hereinafter: “Summons”).
	 	 	 
	 	2.3.	The
    Trustee will determine the agenda at the bondholders meeting. One or more Bondholder (Series A) who has at least 5% (five
    percent) of the balance of the par value of the Bonds (Series A) is entitled to request that the Trustee include a topic on
    the holders’ meeting which will be convened in the future, provided that the topic is appropriate in the Trustee’s
    opinion for discussion at said meeting;

 

	 	2.4.	The
    Trustee will be entitled to shorten the date of convening to at least one day after the date of the summons if he saw that
    delay in convening the meaning constitutes or is likely to constitute injury to the rights of the bondholders. Should he do
    so, the Trustee will explain the reasons for advanced in the convening of the meeting in the report regarding the meeting
    summons.

 

	 	2.5.	The
    summons shall detail:

 

	 	2.5.1.	Location where the meeting will be convened;

 

	 	2.5.2.	The date and time on which the meeting will be convened;

 

	 	2.5.3.	The legal quorum for commencing the meeting as detailed
in section 3 below;

 

    	105

    	 

    

 

	 	2.5.4.	The effective date for participation in the meeting
which shall occur no less than one day before the convening of the meaning and not more than three days before its convening.

 

	 	2.5.5.	The topics to be discussed at the meeting and proposed
resolutions will be indicated;

 

	 	2.5.6.	Arrangements regarding written voting;

 

	3.	The
    Legal Quorum for Commencing the Meeting and Postponed Meeting

 

	 	3.1.	A
    Consultation Meeting will take place with any number of participants.

 

	 	3.2.	A
    meeting of bondholders so commence after it is proved that the required legal quorum for holding the meeting is present.
	 	 	 
	 	3.3.	Subject
    to the required legal quorum for the meeting which was convened to adopt special resolutions and subject to the provisions
    of the Securities Law, the legal quorum for holding a holders’ meeting is the presence of at least two bondholders who
    have 25% (twenty-five percent) at least of the unpaid balance of the par value of the bonds in circulation and that time,
    within half an hour from the time stipulated for opening the meeting
	 	 	 
	 	3.4.	If
    within half an hour from the time stipulated for the opening of the meeting, a legal quorum is not present, the meeting will
    be postponed to a different date which shall not be earlier than two business days after the date stipulated for holding the
    original meeting or one business day, if the Trustee believes that this is required for the purpose of protecting the rights
    of the bondholders; if the meeting is postponed, the Trustee will explain the reasons for this in the report regarding the
    postponed-meeting summons.
	 	 	 
	 	3.5.	Other
    than in connection with a meeting which was convened to adopt special resolutions and subject to the provisions of the Securities
    Law, if you legal corm is not present at the postponed holders’ meeting within half an hour from the time stipulated
    for its commencement, the quorum shall be legal with any number of participants; if the meeting is convened following a request
    from the holders, as set forth in Sections 1.2 and 1.3 above - the legal quorum of Bondholders will be one or more holding
    at least 5% (five percent) of the balance of the par value of the bonds existing in circulation on the effective date for
    the meeting.

 

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	 	3.6.	Bonds
    held by a related person (as defined in section 3.2 of the Deed) will not be taken into consideration for the purpose of determining
    the legal quorum.

 

	4.	Chairperson

 

At
every holders’ reading, the Trustee or whomever he appoints shall serve as chairperson of that same meeting.

 

	5.	Adjourned
    Meeting

 

	 	5.1.	A
    meeting which has been opened shall be adjourned at the notice of the Trustee or notice of the chairperson of the meeting,
    and it may have one or more sessions.

 

	 	5.2.	In
    a holders’ meeting which has a legal quorum, the meeting chairperson and/or the Trustee are entitled to decide to hold
    an additional session which will take place on a different date and location which will be determined by the Trustee (hereinafter:
    “Adjourned Meeting”).

 

	 	5.3.	The
    Trustee will be responsible for publicizing a notice regarding the date and location on which the Adjourned Meeting will be
    convened, and provided that said notice shall be given 12 hours at least before the convening of the Adjourned Meeting.

 

	 	5.4.	At
    an Adjourned Meeting, only a topic which was on the agenda of the original meeting regarding which no resolution was adopted
    will be discussed.

 

	 	5.5.	A
    holder who was not present at the original meeting will be able to be present for the Adjourned Meeting and vote on the topics
    which have been presented for vote (and for which the vote has not yet been sealed) and will be presented for voting, subject
    to the fact that he proves his ownership of bonds which are the subject of the meeting to the one calling the meeting as of
    the effective date of the meeting is stipulated in summons notice for the meeting.

 

	6.	Provisions
    for Special Meetings

 

In
a meeting of bondholders the agenda of which contains one of the following, the provisions below will apply regarding the legal
quorum in a meeting of holders or an adjourned meeting, and regarding the majority required for passing the resolutions:

 

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	 	6.1.	In
    a meeting the agenda of which contains calling the bonds for immediate repayment - the provisions of Section 8.2.2 of the
    Trust Deed will apply.

 

	 	6.2.	In
    a meeting the agenda of which contains removing the Trustee from his service - the provisions of Section 31 of the Trust Deed
    will apply.

 

	 	6.3.	A
    change and/or amendment and/or addition to the Trust Deed - the provisions of Section 28 of the Deed of Trust will apply.

 

At
a meeting on whose agenda includes a resolution on a topic regarding which it is stipulated in the Trust Deed or the bond that
it is subject to a special resolution, the legal quorum is the presence of bondholders who own fifty percent (50%) at least of
the balance of the bonds’ par value or at a postponed meeting, the presence of bondholders who own twenty percent (20%)
at least of the balance of the bonds’ par value. The required majority for adopting a special resolution (whether at the
original meeting or at a postponed meeting) is a majority of two-thirds (two thirds) of the balance of the bonds’ par value
which is represented at the vote.

 

	7.	Position
    Statements

 

	 	7.1.

         
	The
    Trustee or the bondholder, one or more, who owns at least 5% (five percent) of the balance of the bonds’ par value (Series
    A) is entitled to make a written application to the bondholders in a letter which will be attached to the ballot in order
    to convince them regarding the manner of their vote on one of the topics raised for discussion at that same meeting (in this
    supplement – “Position Statement”).
	 	 	 
	 	7.2.	A
    holder who wishes to make use of this right will give notice of the same to the Trustee during the session in which it is
    resolved to bring that same topic to a vote and will provide the Trustee with the Position Statement within 24 hours of the
    date of that same session.
	 	 	 
	 	7.3.	Any
                                         meeting which was summoned following a request by stockholders or
                                         by the stockholders as detailed in sections 1.2 and 1.3, every holder
                                         will be entitled, by means of the Trustee, to publish a Position Statement in relation
                                         to the topics which are on the agenda for the meeting.

 

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	 	7.4.	The
    Trustee in the Company will be entitled, each one individually, to publish a Position Statement in response to the Position
    Statement which was sent in accordance with sections 7.1 or 7.3 above, or in response to another application to the bondholders.

 

	 	7.5.	Position
    Statements will not be published at a Consultation Meeting.

 

	8.	Votes
    at a Meeting

 

	 	8.1.	The
    vote at a bondholders meeting will take place in relation to the topics which were detailed in the summons only.

 

	 	8.2.	A
    holder will be entitled to vote himself, by means of an agent appointed in accordance with this supplement or by means of
    a ballot.

 

	 	8.3.	The
    meeting chairperson is entitled to determine that votes will be by ballot or by means of vote during the course of the meeting.
    In the event in which the chairperson determined that the vote will be by means of ballot, the trustee will ensure that the
    text of the ballot will be distributed to the holders, and will determine the date on which the vote is closed by which time
    the holders must send the full and duly signed ballot to the Trustee. The Trustees entitled to require that a holder declare,
    in the framework of the ballot, the existence or absence of a conflict of interest (as defined infra) which he has, in accordance
    with the Trustee’s judgment. A holder who does not fill out the ballot in full and/or does not prove his entitlement
    to participate and vote at a meeting according to the provisions of the Second Supplement will be considered as one who has
    not submitted a ballot and accordingly has chosen not to vote on the topic(s) which are on the ballot. A fully filled out
    and duly signed ballot in which the holder indicated his vote which reaches the Trustee by the deadline determined for the
    same will be considered as presence at the meeting for the purpose of breaching the legal quorum at the meeting.

 

	 	8.4.	Unless
    expressly stipulated otherwise in this Deed, the required majority for adopting any resolution by the general meeting is an
    ordinary majority of the number of votes represented in the vote and those voting for or against. Additionally, the Trustee
    is entitled to decide at his discretion in accordance with the circumstances whether adoption of a resolution requires a majority
    which is not ordinary.

 

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	 	8.5.	The
    Trustee will participate in the meeting without the right to vote. The Company may, through its representatives, present matters
    before the discussion and respond to questions from holders, if any. Notwithstanding the above, it shall be clarified that
    the Trustee may, at its sole discretion, resolve that the meetings of holders, in whole or in part, will take place in the
    absence of the Company or a representative on its behalf or a related holder or any other person, without being subject to
    the obligation to provide grounds.
	 	 	 
	 	8.6.	Owners
    of the bonds are entitled to participate and vote in every general meeting on their own or by means of representatives. Every
    voter by bondholders will be conducted according to the number of votes such that every bondholder or his representative will
    be entitled to one vote in respect of every NIS 1 par value from the total specified principle which has not yet been repaid
    of the bonds based on which he is entitled to vote. In the event of joint holders, only the vote by the requested registered
    first between them in the registry, whether himself or by means of an agent.
	 	 	 
	 	8.7.	A
    bondholder or his agent are entitled to vote in respect of a portion of his votes in favor of a particular proposed resolution,
    and against in respect of another portion, and in respect of another portion to abstain, all as he sees fit.

 

	9.	Checking
    for the Existence of a “Conflicted Interest”

 

	 	9.1.	In
    the number of voters, the votes of bondholders who are a related person as defined in section 3.2 of the Trust Deed will not
    be considered and these bonds shall not grant the related person the right to vote at the general meeting of bondholders as
    long as they are held by the related person.
	 	 	 
	 	9.2.	The
    Trustee will examine the existence of conflicts of interests by holders, whether it is a matter stemming from their holding
    of the bonds or whether it is another matter related to them, as determined by the Trustee (in this supplement – “Other
    Matter”); the Trustee is entitled to require that the holder participating in the holders’ meeting notify him
    regarding any Other Matter of his as well as whether he has such a conflict of interests.

 

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	 	9.3.	Without
    derogating from the generality of the aforesaid, each of the following shall be considered a conflicted owner:

 

	 	9.1.1	A
    holder who is a Related Person (as this term is defined in section 3.2 of the Trust Deed);

 

	 	9.1.2	A
    holder who served as an officer in the Company adjacent to the time of the event which is at the basis of the resolution at
    issue at the meeting; 

 

	 	9.1.3	Any
    holder who the Trustee determines possesses a “conflict of interest” according to what is stated, infra, subject
    to all laws and/or instructions by the competent authority including: every holder who declares to the Trustee in writing
    that he has a substantive personal interest which deviates from the interests of all of the bondholders at the bondholders
    meeting (Series A). A holder who fails to provide a written declaration after having been requested to do so by the Trustee
    will be considered as having declared that he has a personal interest as such, and regarding him the Trustee will determine
    that he has a conflict of interest. Without derogating from what is stated in this section 9, the Trustee will examine whether
    the holder is a holder with a “conflict of interest,” taking into account also the holdings of that same holder
    of other securities in the Company and/or securities in any other corporation relevant to the resolution presented for approval
    at the meeting (as shall be detailed in the ballot), in accordance with the declaration of that same holder. 

 

Determination
of a conflict of interest will be done as well on the basis of a general test for conflict of interest which shall be carried
out by the Trustee. Similarly, for the avoidance of doubt is clarified that the provisions regarding the definition of bondholders
with a conflict of interest shall not derogate from the provisions of any law, case law and binding guidelines by the Securities
Authority regarding the definition of bondholders with a conflict of interest, as shall apply at the time of the examination.

 

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	 	9.4.	For
    the purpose of examining a conflict of interests as aforesaid, the Trustee shall be entitled to rely on a legal opinion which
    he shall request, and it shall be subject to the provisions of the Deed of Trust regarding bearing of expenses.

 

	 	9.5.	It
    shall be clarified that the test for a conflict of interests as stated, supra, inasmuch as it is required in the judgment
    of the Trustee, shall be conducted separately in relation to each resolution on the meeting agenda as well as in relation
    to each meeting, separately. It shall be further clarified that the declaration of a holder as having a conflict of interest
    in a resolution or meeting will not, in and of itself, demonstrate a conflict of interests by that same holder for a different
    resolution which is on the meeting agenda or his conflict of interest at different meetings.

 

	 	9.6.	And
    counting the vote tally at a vote which took place at a holders’ meeting, the Trustee will not take into account the
    votes of holders who did not respond to his request as described in section 9.2 above, or that of holders regarding whom he
    found that there is a conflict of interest as stated in that same subsection (in this supplement – “Holders With
    a Conflict of Interest”).

 

	 	9.7.	Notwithstanding
    what is stated in Section 9.6 above, if the total holdings participating in the vote, who do not possess a conflict of interest,
    is a less than a rate of five percent (5%) of the balance of the bonds’ par value (Series A), the Trustee will take
    into account when telling votes, the votes of holders with a conflict of interest as well.

 

	10.	Declaration
    of Adoption of a Resolution

 

The
declaration by chairperson that a resolution at a holders’ meeting was adopted or rejected, whether unanimously or by some
majority, shall be prima facie evidence of what is stated therein.

 

    	112

    	 

    

 

	11.	Letter
    of Appointment

 

	 	11.1.	A
    letter appointment appointing an agent will be in written and will be signed by the a pointer or by his authorized representative,
    in writing as required. If the pointer is a corporation, the appointment will be made in writing, signed with of the corporation’s
    stamp and the signature of the clerk of the corporation or the corporation’s representative who is authorized to do
    so. A letter of appointment of an agent will be drafted in any common form. An agent is not required to be a holder himself.

 

	 	11.2.	A
    letter of appointment and the power of attorney or another certificate based on which the letter of appointment is signed,
    or a certified copy of such a power of attorney, will be deposited in the Company’s office prior to the time of the
    meeting regarding which power of attorney is granted, unless otherwise stipulated in the notice calling the meeting.

 

	 	11.3.	A
    vote cast in accordance with the terms in the document appointing an agent shall be valid even if the grantor passes away
    beforehand or is declared legally incompetent or the letter of appointment is annulled or the bond regarding which the vote
    was cast is transferred, unless prior to the meeting, written notice regarding the death, declaration of incompetence, annulment,
    or transfer, as applicable, is received in the Company’s registered office.

 

	 	11.4.	Every
    corporation which is owns bonds is entitled by written and duly signed authorization, to empower a person as it sees fit to
    act as its representative at every meeting of bond owners, and a person thus authorized is entitled to act in the name of
    the corporation which he represents.

 

	12.	Minutes

 

	 	12.1.	The
    Trustee will prepare minutes of the holders’ meeting and will maintain them in his registered office for a period of
    seven years from the date of the meeting. The Trustee may prepare minutes of a meeting of parts thereof by way of recording.

 

	 	12.2.	Minutes
    signed by the chairperson of the meeting will serve as prima facie evidence of the matters listed therein. A declaration by
    the chairperson of the meeting regarding adoption of a resolution or its rejection and a notation regarding the matter in
    the minutes’ registry shall serve as prima facie evidence of this fact.

 

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	 	12.3.	The
    registry of minutes of holders’ meetings will be maintained in the Trustee’s registered office and will be open
    for examination by bondholders, and a copy thereof will be sent to any bondholder requesting it.
	 	 	 
	 	12.4.	The
    Trustee will be entitled to delay delivery of any minutes, to any entity whatsoever, if in his exclusive discretion, provision
    of the minutes, in whole or in part, may harm or cause result in harm to the rights of bondholders (Series A).

 

	13.	A
    person or persons appointed by the Trustee, the Company Secretary, and any other person or persons so authorized by the Trustee
    will be entitled to be present at the bondholders’ meeting. In a case in which according to the Trustee’s reasonable
    discretion it shall be necessary to engage in discussions during a portion of the meeting outside of the presence of the Company’s
    representatives, then representatives of the Company or anyone on their behalf will not take part in that same portion of
    the meeting.

 

	14.	Everything
    stated in this supplement is subject to the Deed of Trust.

 

***

 

    	114

    	 

    

 

Third
Addendum

 

Urgent
Representation for the Holders of Bonds

 

	1.	In
    relation to the Bonds (Series A), if an urgent representation of the Holders of Bonds (Series A) is appointed, the Company
    undertakes that the urgent representation will be appointed in accordance with the relevant provisions from Appendix 5.2.4.4
    of Chapter 4 in Part 2 (Management of Investment Assets and Provision of Credit) in Division 5 (Principles for Business Management)
    in consolidated circular, and the Company undertakes to act in a reasonable manner in collaboration with the urgent representation
    and the Trustee, as required for the purpose of performing the tests required thereby, and the formulation of a decision of
    the urgent representation, and to provide the urgent representation with all of the data and documents required thereby for
    the Company.3

 

	2.	Appointment;
    Period of Service

 

	 	2.1	The
    Trustee may, or at the request of the Company in writing – will be obligated, to appoint and convene the urgent representation
    from among the Holders of Bonds, as detailed below (hereinafter: the “Urgent Representation”). 

 

	 	2.2	For
    the Urgent Representation the Trustee will appoint three (3) Holders of Bonds, who to the best of the Trustee’s knowledge,
    are holders of a par value higher than all of the Holders of Bonds, and which will declare that they have fulfilled all of
    the conditions detailed below (hereinafter: the “Members of the Urgent Representation”). In a case where any of
    them cannot serve as a Member of the Urgent Representation, as stated, the Trustee will appoint the Holder of Bonds with the
    next highest par value holding, for which all of the conditions have been fulfilled, as detailed below. 

 

And
these are the conditions:

 

 

3
http://ozar.mof.gov.il/hon/2001/law/Codex.asp.

 

    	115

    	 

    

 

	 	2.2.1	The
    Holder of Bonds does not have a conflict of interest due to the existence of any additional material interest that is conflicting
    a matter derived from the office of the Urgent Representation, and from his holding of Bonds. For the avoidance of doubt it
    shall be clarified that a Holder who is a connected party (as the term is defined in Section 3.2 of the Deed of Trust, will
    be considered as having a conflict of interest as stated, and will not serve in the Urgent Representation; 

 

	 	2.2.2	During
    the course of that same calendar year, a bondholder does not serve on similar representations for other bonds whose aggregate
    amount exceeds the amount of the asset portfolio managed by him, which was determined as the maximum amount allowing the service
    on the Urgent Representation according to the Antitrust Commissioner’s orders in relation to establishment of an urgent
    representation;

 

	 	2.3	If
    during his office in the Urgent Representation, one of the circumstances noted in Sections 2.2.1 and 2.2.2 above failed to
    be fulfilled, then the member’s office will expire and the Member of the Representation as stated will notify as such
    in writing to the Trustee and the Trustee will appoint another member in his place, from among the Holders of Bonds, as stated
    in Section 2.2 above. 

 

	 	2.4	Prior
    to the appointment of the Members of the Urgent Representation, the Trustee will receive, from the candidates for serving
    as Members of the Urgent Representation, a declaration regarding the existence of lack of conflicts of interest, as stated
    in Section 2.2.1 above, and regarding serving in additional representations, as stated in Section 2.2.2 above. Similarly,
    the Trustee is entitled to require such a declaration from the members of the Urgent Representation at any time during the
    course of the Urgent Representation’s service. A holder who does not provide said declaration will be considered as
    having a conflict of interests or preclusion from service based on the Antitrust Commissioner’s orders as aforesaid,
    as applicable. In relation to a declaration regarding a conflict of interest, the Trustee will check for the existence of
    conflicting interests and to the extent required, will decide whether the conflicts of interest disqualified that same holder
    from service on the Representation. It should be clarified that the Trustee won’t have to conduct personal test or investigation.
    The Trustee’s determinations in these matters shall be final.

 

    	116

    	 

    

 

	 	2.5	The
    term of office of the Urgent Representation will end on the date where the Company will publish the decisions of the Urgent
    Representation in connection with providing an extension to the Company for the purpose of fulfilling the conditions of the
    Deed of Trust, as detailed in Section 8 of the Deed, but in any event shall not exceed three months from the appointment date.
    

 

	3.	Authority

 

	 	3.1	The
    Urgent Representation shall have the authority to grant a one-time extension to the Company in connection with the dates for
    fulfilling any of the financial standards set forth in the Deed of Trust in a manner that will not apply as the grounds for
    immediate repayment as in Sections 8.1.14 to 8.1.17 of the Deed of Trust, as applicable, for the entire extension term, as
    granted, for a term that is up to the publication date of the financial statements after the publication date of the financial
    statements, from which it arises that the company did not fulfill a financial standard for two consecutive calendar quarters
    or for a term of up to 90 days, whichever is earlier. It shall be clarified that the period of time up until the appointment
    of the Urgent Representation shall be taken into consideration in the framework of the aforesaid extension, and it will not
    constitute cause for granting any additional extension to the Company beyond the aforesaid. It shall be clarified that the
    Urgent Representation’s activities and the collaboration between its members shall be limited to discussion of the possibility
    of granting said extension and no other information which does not relate to the granting of said extension shall be shared
    between the members of the Representation.

 

    	117

    	 

    

 

	 	3.2	If
    an Urgent Representation is not appointed as aforesaid, or if the Urgent Representation decided not to grant the Company and
    extension as stated in section 3.1 above, the Trustee will be required to call a meeting of the bondholders in accordance
    with the provisions of section 8.2 of the Deed.

 

The
above shall not derogate from the authority of the Trustee to convene an assembly of Holders of Bonds, including in relation to
that matter for which the Urgent Representation was convened. If the decision of the assembly of Holders of Bonds was made for
that matter, the decision of the assembly shall prevail over the decision of the Urgent Representation, including vis-à-vis
the Company.

 

	4.	The
    Company’s Obligations in Connection with the Urgent Representation

 

	 	4.1	The
    Company undertakes to provide the Trustee all information in its possession or which it is able to secure in connection with
    the identity of the bondholders and the scope of their holdings. Similarly, the Trustee will act to secure said information
    in accordance with the authorities granted him according to law.

 

	 	4.2	In
    addition, the Company undertakes to fully cooperate with the Urgent Representation and the Trustee, inasmuch as required for
    the purpose of executing the required checks by them and formulating the Urgent Representation’s decision, and to provide
    the Urgent Representation all of the data and documents which are required by it regarding the Company subject to the limitations
    of law. Without derogating from the generality of the aforesaid, the Company shall provide Urgent Representation with the
    relevant information for the purpose of formulating the decision, which shall not include any misleading detail and shall
    not be lacking.

 

	 	4.3	The
    Company shall bear the Urgent Representation’s expenses, including the cost of employing advisors and experts by the
    Urgent Representation or on its behalf and in this regards, the provisions of section 26 of the Deed will apply, mutatis mutandis.

 

    	118

    	 

    

 

	5.	Liability

 

	 	5.1	The
    Urgent Representation shall act and decide on the matters placed before it and its absolute discretion and shall not be liable,
    it or any of its members, officers therein, their employees or advisors, and the Company and the bondholders hereby grant
    them a waiver in relation to any claims, demands and lawsuits against them in respect of the fact that they utilized or abstain
    from utilizing powers, authorities or the discretion granted them according to the Deed of Trust and according to this supplement
    and in connection there with or from any other action which they took their under, unless they did so maliciously and/or
    in bad faith.

 

	 	5.2	The
    indemnification provision stipulated in section 26 of the Date of Trust shall apply to the members of the Urgent Representation
    and anyone acting on their behalf, as if they were the Trustee.

 

	 	5.3	The
    Company shall publish an immediate report immediately upon the appointment of said Urgent Representation, regarding the appointment
    of the Person Representation, the identity of its members, and their powers.

 

	 	5.4	The
    Company will publish an additional immediate report about the Urgent Representation’s decision. Upon the completion
    of the Urgent Representation’s service, the Company will publish all of the information which was provided for the Urgent
    Representation’s examination provided that there is nothing precluding its publication, by law.

 

***

 

    	119

    	 

    

 

Appendix
23

 

Of
the Deed of Trust dated November 24, 2015

 

Trustee
Salary

 

The
Company will pay the Trustee wages for his services, in accordance with this Deed of Trust, as detailed below:

 

	1.	A
    one-time payment in the sum of NIS 5,000 will be paid for the actions performed by the Trustee in connection with the formulation
    of the documents connected to the trusteeship. The said payment will only be collected in the event that the prospectus will
    not be published as a result of termination or rejection (or any reason). 

 

	2.	For
    the entire trust year (or part thereof), commencing on the issuance date of the Bonds, the Trustee will be paid annual wages
    in the sum of NIS 25,000 (the “Annual Wages”).

 

	3.	Additionally,
    the Trustee will be entitled to a return on reasonable expenses from the Company, as defined below: “Reasonable Expenses”
    – sums paid by the Trustee in the framework of fulfilling his position and/or pursuant to the authorities granted thereto
    according to this Deed, including: expenses and costs for the initiation and convening of an assembly of holders of Bonds
    and expenses for the notices, transportation and advertisement publications connected to the convening of the assembly, and
    as required by any law. 

 

	4.	Without
    derogating from the generality of the above, the Trustee will be entitled to wage payments from the Company in the sum of
    NIS for each working hour required therefor for the special operations to be performed in the framework of his position as
    Trustee (all – pursuant to the provisions of the Deed of Trust), including: 

 

	 	4.1	The
    operations derived from a breach or suspicion of a breach to the Deed by the Company;

 

	 	4.2	Operations
    in connection with placing Bonds for immediate repayment and/or operations in connection with the decision of the assembly
    of holders of Bonds to place the Bonds for immediate repayment;

 

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	 	4.3	Special
    operations that were required or will have a need to be performed, for the purpose of fulfilling his position according to
    this Deed in connection with the rights of the holders of Bonds and to defend them, including due to the non-compliance of
    the Company with its undertakings according to this Deed, including the convening of assemblies of holders of Bonds as stated
    in this Deed and including due to the participation in the assemblies of holders of Bonds; 

 

	 	4.4	Special
    works (including, without limitation, works required because of changes in the Company’s structure or work because of
    the Company’s demand) or in respect of the need to take additional actions for the purpose of fulfilling his role as
    a reasonable Trustee, because of changes in laws (including regulations which shall be enacted following amendments 50 and
    51 of the Securities Law) and/or regulations and/or other binding instructions which shall apply in connection with the Trustee’s
    activities and his responsibility according to this Deed of Trust;

 

	 	4.5	Actions
    in connection with the registration, amending registration or voiding of registration of guarantees and the registry (including
    abroad), similarly, review, supervision, control, enforcement, and so forth of obligations (such as: restrictions on the Company’s
    freedom of operation, pledging of assets, and so forth), which the Company undertook or will undertake or which will be undertaken
    by anyone on its behalf or for its in connection with the guaranteeing of other undertakings by the Company or anyone acting
    on its behalf (such as: making payments according to the terms of the bonds) towards bondholders, including regarding the
    substance of the terms of said guarantees provided or that will be provided in favor of the holders under the Deed and undertakings
    and their fulfillment.

 

	 	4.6	In
    the event where the Company will be meant to pay the Trustee a payment for his wage expenses and/or payment for reasonable
    expenses paid thereby and/or for special operations to be performed by him or which were performed by him in the framework
    of fulfilling his position and/or on behalf of the authorities granted thereto according to the Deed of Trust, if any of the
    above is applicable, and the Company failed to do so, the Trustee may pay the full amount of these sums from the receipts
    that were accrued thereby in accordance with the statements of Sections 9 and 10 of the Deed of Trust, provided that he notified
    the Company of his intention to do so in advance and in writing. 

 

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	 	4.7	It
    shall be clarified that in the event that due to a future change to the laws and/or regulations and/or other binding provisions
    applying to the Trustee’s actions additional expenses will be exclusively borne by the Trustee, required thereof for
    the fulfillment of his position as a reasonable Trustee, the Company will indemnify the Trustee for the reasonable expenses
    including his reasonable wages. 

 

	 	4.8	VAT,
    if applicable, will be added to each of the said sums, as applicable, and will be paid by the Company.

 

	 	4.9	All
    of the abovementioned sums will be linked to the index for January 2015, however, in any event, a sum that is lower than the
    sum denominated in this Deed will not be paid. 

 

	 	4.10	In
    the event where the Holders of Bonds will be granted any collateral, the Company and the Trustee will discuss the update of
    the wages, in accordance with the scope of hours required for the Trustee to be dedicated to the trusteeship in the said case.
    

 

	 	4.11	The
    Trustee’s wages will be paid in respect of the period up until the end of the Trust included in this Deed even if a
    receiver is appointed for the Company (or a receiver and a manager), or whether the trust according to this Deed will be managed
    under the supervision of the court, or not.

 

	 	4.12	The
    aforesaid yearly wage will be paid at the end of every trust year.

 

	 	4.13	All
    of the amounts described in this supplement will have preference over monies due to the bondholders.

 

	 	4.14	To
    the extent that the Trustee’s service as described in this Deed of Trust shall come to an end, the Trustee will not
    be entitled to payment of his wages as of the date of the commencement of service of the replacement trustee. To the extent
    that the Trustee’s service ended during the course of the trust year, wages paid in respect of months in which the Trustee
    did not serve as trustee for the bonds shall be refunded, as of the appointment of the replacement trustee. This session will
    not apply regarding the initial trust year.

 

    	122

    	 

    

 

	5.	For
    the Trustee’s participation in the general assemblies of the stockholders, which took place in Israel,
    the Trustee will be entitled to a salary amount of NIS 500.

 

	6.	The
    appointment of a trustee to replace the trustee whose office ended according to Section 35b(a1) or 35(14)(d) of the Securities
    Law, the Holders of Bonds of Series A will bear the difference in the salary of the appointed trustee, as stated, than that
    which was paid to the Trustee who was replaced, if the difference as stated is unreasonable, and the provisions of the relevant
    laws will apply at the time of the replacement as stated. The obligation of the Holders for the difference as stated will
    be performed by offsetting the relative part of the difference from any payment that the Company will make to the Holders
    of Bonds in accordance with the terms of the Deed of Trust and the transfer thereof will be directly from the Company to the
    Trustee.

 

	7.	If
    according to any law there will be an obligation to deposit a guarantee applying to the Company to ensure the Company’s
    obligation for the special expenses of the Trustee, the Company will act in accordance with the provisions as stated. 

 

***

 

    	123Exhibit 101 - ING Capital Loan and Security Agreement

		

			Exhibit 10.1

		

		
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			LOAN AND SECURITY AGREEMENT
		

		
			﻿
		

		
			Dated as of March 25, 2022
		

		
			﻿
		

		
			among
		

		
			﻿
		

		
			GREEN PLAINS INC.,
		

		
			as a Guarantor,
		

		
			﻿
		

		
			GREEN PLAINS FINANCE COMPANY LLC,
GREEN PLAINS GRAIN COMPANY LLC, and
GREEN PLAINS TRADE GROUP LLC
		

		
			as Borrowers,
		

		
			﻿
		

		
			ING CAPITAL LLC,
		

		
			as Agent,  
		

		
			﻿
		

		
			and
		

		
			﻿
		

		
			THE FINANCIAL INSTITUTIONS FROM TIME TO TIME
PARTY HERETO,
		

		
			as Lenders
		

		
			﻿
		

		
			﻿
		

		
			ING CAPITAL LLC,  
as Sole Bookrunner and Sustainability Structuring Agent,
		

		
			﻿
		

		
			ING CAPITAL LLC,  
PNC CAPITAL MARKETS LLC,
FIFTH THIRD BANK, NATIONAL ASSOCIATION,
		

		
			BANK OF AMERICA, N.A. and
		

		
			BMO HARRIS BANK, N.A.,
		

		
			as Joint Lead Arrangers,
		

		
			﻿
		

		
			PNC BANK, NATIONAL ASSOCIATION,
as Syndication Agent,
		

		
			﻿
		

		
			and
		

		
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			FIFTH THIRD BANK, NATIONAL ASSOCIATION,
		

		
			as Documentation Agent
		

		
			﻿
		

		
			 
		

		

		

		 

 

		

			 

		

		﻿
		

		
			TABLE OF CONTENTS
		

			
					
						﻿

					
					
						 

					
					
						 

				
	
					
						Section 1

					
					
						DEFINITIONS AND ACCOUNTING TERMS

					1 
				
	1.1 
					
					
						Certain Defined Terms

					1 
				
	1.2 
					
					
						UCC Defined Terms

					43 
				
	1.3 
					
					
						Accounting Terms

					43 
				
	1.4 
					
					
						Other Definitional Provisions

					43 
				
	1.5 
					
					
						Divisions

					44 
				
	1.6 
					
					
						Rates

					44 
				
	
					
						Section 2

					
					
						LOANS AND COLLATERAL

					44 
				
	2.1 
					
					
						Loans

					44 
				
	2.2 
					
					
						Interest

					52 
				
	2.3 
					
					
						Fees

					54 
				
	2.4 
					
					
						Prepayments

					55 
				
	2.5 
					
					
						Term of this Agreement

					57 
				
	2.6 
					
					
						Termination or Reduction of Commitments

					57 
				
	2.7 
					
					
						Payments Generally

					57 
				
	2.8 
					
					
						Yield Protection

					58 
				
	2.9 
					
					
						Taxes

					59 
				
	2.10 
					
					
						Determining Rates; Illegality

					62 
				
	2.11 
					
					
						Mitigation Obligations; Replacement of Lenders

					63 
				
	2.12 
					
					
						Compensation

					64 
				
	2.13 
					
					
						Benchmark Replacement Setting

					64 
				
	2.14 
					
					
						Margin Adjustment and Unused Commitment Fee Adjustment

					65 
				
	2.15 
					
					
						Uncommitted Accordion

					68 
				
	
					
						Section 3

					
					
						CONDITIONS TO LOANS

					69 
				
	3.1 
					
					
						Conditions to Initial Loans and Lender Letters of Credit

					69 
				
	3.2 
					
					
						Additional Conditions to All Loans and Lender Letters of Credit

					72 
				
	
					
						Section 4

					
					
						REPRESENTATIONS AND WARRANTIES.

					73 
				
	4.1 
					
					
						Organization, Powers, Capitalization

					73 
				
	4.2 
					
					
						Authorization of Borrowing, No Conflict

					73 
				
	4.3 
					
					
						Financial Condition

					73 
				
	4.4 
					
					
						Indebtedness and Liabilities

					74 
				
	4.5 
					
					
						[Reserved]

					74 
				
	4.6 
					
					
						Names and Locations

					74 
				
	4.7 
					
					
						Title to Properties; Liens

					74 
				
	4.8 
					
					
						Litigation; Adverse Facts

					74 
				
	4.9 
					
					
						Payment of Taxes

					74 
				
	4.10 
					
					
						Performance of Agreements

					75 
				
	4.11 
					
					
						ERISA Compliance

					75 
				
	4.12 
					
					
						Broker’s Fees

					76 
				
	4.13 
					
					
						Environmental Compliance

					76 
				
	4.14 
					
					
						Solvency

					76 
				
	4.15 
					
					
						Disclosure

					76 
				
	4.16 
					
					
						Insurance

					76 
				
	4.17 
					
					
						Compliance with Laws; Government Authorizations; Consents

					77 
				
	4.18 
					
					
						Employee Matters

					77 
				
	4.19 
					
					
						Governmental Regulation

					77 
				
	4.20 
					
					
						No Defaults

					77 
				
	4.21 
					
					
						Margin Stock

					77 
				

		
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			4.22 
					
					
						Amendment of Schedules

					78 
				
	4.23 
					
					
						Sanctions; Anti-Corruption Laws

					78 
				
	4.24 
					
					
						Beneficial Ownership Certification

					78 
				
	4.25 
					
					
						Material Contracts

					78 
				
	
					
						Section 5

					
					
						AFFIRMATIVE COVENANTS

					78 
				
	5.1 
					
					
						Financial Statements and Other Reports

					78 
				
	5.2 
					
					
						Maintenance of Properties

					79 
				
	5.3 
					
					
						Further Assurances

					79 
				
	5.4 
					
					
						Maintenance of Insurance

					79 
				
	5.5 
					
					
						Use of Proceeds and Margin Security

					79 
				
	5.6 
					
					
						Maintenance of Records and Books of Account

					79 
				
	5.7 
					
					
						Preservation of Existence

					79 
				
	5.8 
					
					
						Compliance with Laws

					79 
				
	5.9 
					
					
						Tax Certificates

					79 
				
	5.10 
					
					
						[Reserved]

					80 
				
	5.11 
					
					
						Inspection

					80 
				
	5.12 
					
					
						KYC Information; Beneficial Ownership

					80 
				
	5.13 
					
					
						Sanctions; Anti-Corruption Laws

					80 
				
	5.14 
					
					
						Post-Closing Obligations

					80 
				
	
					
						Section 6

					
					
						FINANCIAL COVENANTS

					81 
				
	
					
						Section 7

					
					
						NEGATIVE COVENANTS.

					81 
				
	7.1 
					
					
						Indebtedness and Liabilities

					81 
				
	7.2 
					
					
						Guaranties

					82 
				
	7.3 
					
					
						Transfers, Liens and Related Matters

					82 
				
	7.4 
					
					
						Investments and Loans

					84 
				
	7.5 
					
					
						Restricted Payments

					85 
				
	7.6 
					
					
						Restriction on Fundamental Changes

					85 
				
	7.7 
					
					
						Organizational Documents

					85 
				
	7.8 
					
					
						Transactions with Affiliates

					85 
				
	7.9 
					
					
						Conduct of Business

					86 
				
	7.10 
					
					
						Use of Proceeds

					86 
				
	7.11 
					
					
						Fiscal Year; Accounting Changes

					86 
				
	7.12 
					
					
						Investment Accounts

					86 
				
	7.13 
					
					
						Warehouse Receipts Non-Negotiable

					86 
				
	7.14 
					
					
						Compliance with Anti-Terrorism Laws

					86 
				
	7.15 
					
					
						Repayment of Indebtedness

					87 
				
	7.16 
					
					
						Holdings Activities

					87 
				
	
					
						Section 8

					
					
						DEFAULT, RIGHTS AND REMEDIES

					87 
				
	8.1 
					
					
						Event of Default

					87 
				
	8.2 
					
					
						Equity Cure.

					89 
				
	8.3 
					
					
						Suspension of Commitments

					90 
				
	8.4 
					
					
						Acceleration

					90 
				
	8.5 
					
					
						Remedies

					90 
				
	8.6 
					
					
						Appointment of Attorney-in-Fact

					91 
				
	8.7 
					
					
						Limitation on Duty of Agent and Lenders with Respect to Collateral

					91 
				
	8.8 
					
					
						Application of Proceeds

					92 
				
	8.9 
					
					
						[Reserved]

					92 
				
	8.10 
					
					
						[Reserved].

					92 
				
	8.11 
					
					
						Waivers; Non-Exclusive Remedies

					92 
				
	
					
						Section 9

					
					
						AGENT; LENDER RIGHTS

					92 
				
	9.1 
					
					
						Agent

					92 
				

		
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			9.2 
					
					
						Notice of Default

					96 
				
	9.3 
					
					
						Action by Agent

					96 
				
	9.4 
					
					
						Amendments, Waivers and Consents

					96 
				
	9.5 
					
					
						Assignments and Participations in Loans

					98 
				
	9.6 
					
					
						Settlements, Payments and Information

					101 
				
	9.7 
					
					
						Lead Arranger and Other Titles

					102 
				
	9.8 
					
					
						Non-Receipt of Funds by Agent; Erroneous Payments.

					102 
				
	
					
						Section 10

					
					
						MISCELLANEOUS

					103 
				
	10.1 
					
					
						Expenses and Attorneys’ Fees

					103 
				
	10.2 
					
					
						Indemnity

					104 
				
	10.3 
					
					
						Notices

					105 
				
	10.4 
					
					
						Survival of Representations and Warranties and Certain Agreements

					107 
				
	10.5 
					
					
						Indulgence Not Waiver

					107 
				
	10.6 
					
					
						Marshaling; Payments Set Aside

					107 
				
	10.7 
					
					
						Entire Agreement

					107 
				
	10.8 
					
					
						Severability

					107 
				
	10.9 
					
					
						Lenders’ Obligations Several; Independent Nature of Lenders’ Rights

					108 
				
	10.10 
					
					
						Headings

					108 
				
	10.11 
					
					
						APPLICABLE LAW

					108 
				
	10.12 
					
					
						Successors and Assigns

					108 
				
	10.13 
					
					
						No Fiduciary Relationship; No Duty; Limitation of Liabilities

					108 
				
	10.14 
					
					
						CONSENT TO JURISDICTION

					108 
				
	10.15 
					
					
						WAIVER OF JURY TRIAL

					109 
				
	10.16 
					
					
						Construction

					109 
				
	10.17 
					
					
						Counterparts; Effectiveness

					109 
				
	10.18 
					
					
						Confidentiality

					109 
				
	10.19 
					
					
						Publication

					110 
				
	10.20 
					
					
						Waivers

					110 
				
	10.21 
					
					
						Keepwell

					110 
				
	10.22 
					
					
						USA PATRIOT ACT

					110 
				
	10.23 
					
					
						Certifications From Lenders and Participants; USA PATRIOT ACT

					111 
				
	10.24 
					
					
						Contractual Recognition of Bail-In

					111 
				
	10.25 
					
					
						Acknowledgment Regarding Supported QFCs

					111 
				
	10.26 
					
					
						Certain ERISA Matters

					112 
				
	10.27 
					
					
						Farm Credit Equity

					113 
				
	10.28 
					
					
						Waiver of Borrowers’ Rights Under Farm Credit Law

					114 
				
	
					
						Section 11

					
					
						COLLATERAL AND SECURITY INTEREST; GUARANTY.

					114 
				
	11.1 
					
					
						Grant of Security Interest

					115 
				
	11.2 
					
					
						Collateral Warranties and Covenants

					116 
				
	11.3 
					
					
						Joinder of Borrowers; Guaranty; Nature and Extent of Each Loan Party’s Liability

					121 
				

		
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			iii
		

		

		

		 

		

			 

		

		

			 

		

 

		

			 

		

		EXHIBITS
		

		
			A.Form of Assignment and Acceptance Agreement
		

		
			B.Form of Compliance Certificate
		

		
			C.Form of Borrowing Base Certificate
		

		
			D.Form of Continuation/Conversion Notice
		

		
			E.Form of Notice of Borrowing
		

		
			F.Form of Swingline Loan Notice
		

		
			G.Form of Revolving Note
		

		
			H.Form of Swingline Note
		

		
			I.Form of KPI Compliance Certificate
		

		
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			iv
		

		

		

		 

		

			 

		

		

			 

		

 

		

			 

		

		SCHEDULES
		

		
			1.1Commitments
		

		
			2.14Sustainability Table
		

		
			4.1(b)Capitalization of Restricted Loan Parties
		

		
			4.6  Names; Locations; Jurisdiction of Organization, Organizational Identification Number and Federal Tax Identification Numbers
		

		
			4.11(d)Pension Plans
		

		
			4.11(e)Foreign Plans
		

		
			4.13 Environmental Compliance
		

		
			4.18Employee Matters
		

		
			4.22Transactions with Affiliates
		

		
			7.1Existing Indebtedness
		

		
			7.3Existing Encumbrances
		

		
			7.4Existing Investments
		

		
			7.8Affiliate Transactions
		

		
			7.11Subsidiaries
		

		
			11.2(i)Commercial Tort Claims
		

		
			11.2(j)Investment Accounts
		

		
			11.2(l) Landlords; Bailees
		

		
			11.3Subsidiary Borrowers
		

		
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			RIDERS
		

		
			A.Reporting Rider
		

		
			B.Financial Covenants Rider
		

		
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			v
		

		
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		LOAN AND SECURITY AGREEMENT
		

		
			This LOAN AND SECURITY AGREEMENT, dated as of March 25, 2022, is by and among GREEN PLAINS INC., an Iowa corporation (“Holdings”), GREEN PLAINS FINANCE COMPANY LLC, a Delaware limited liability company (“GP Finco”), GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited liability company (“Green Plains Grain”), GREEN PLAINS TRADE GROUP LLC, a Delaware limited liability company (“Green Plains Trade” and, together with GP Finco, Green Plains Grain and each other Subsidiary of Holdings who joins as a “Borrower” hereunder from time to time in accordance with the terms hereof, collectively, “Borrowers” and each, individually, a “Borrower”), the other Loan Parties from time to time party hereto, the financial institutions and other Persons from time to time party hereto as lenders (each individually a “Lender” and collectively “Lenders”) and ING CAPITAL LLC, a Delaware limited liability company (in its individual capacity, “ING Capital”), for itself as a Lender, as Agent and as Joint Bookrunner and Joint Lead Arranger.
		

		
			﻿
		

		
			WHEREAS, Borrowers desire that Lenders extend a credit facility to (i) refinance certain existing Indebtedness of Borrowers; (ii) pay fees and transaction expenses associated with the consummation of this credit facility; and (iii) to support the ongoing general corporate and working capital needs of Borrowers; and
		

		
			﻿
		

		
			WHEREAS, to secure Borrowers’ obligations under the Loan Documents, Borrowers are willing to grant to Agent, for the benefit of Agent and the Secured Parties, a security interest in and lien upon certain assets of Borrowers as described more fully herein; and
		

		
			﻿
		

		
			WHEREAS, the Guarantors are willing to guaranty all of Borrowers’ obligations to Agent and the Secured Parties under the Loan Documents, the Secured Hedge Agreements and the Secured Bank Products Agreements; 
		

		
			﻿
		

		
			NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, Borrowers, Agent and Lenders agree as follows:
		

		
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				 Section 1
			DEFINITIONS AND ACCOUNTING TERMS

			
	
			
				 1.1
			Certain Defined Terms.  The capitalized terms not otherwise defined in this Agreement shall have the meanings set forth below:

		
			 “Accountants” means, with respect to any Loan Party, the independent certified public accountants selected by such Loan Party and reasonably acceptable to Agent, which selection shall not be modified during the term of this Agreement without Agent’s prior written consent, such consent not to be unreasonably withheld or delayed.
		

		
			“Adjusted Applicable Margin” means, at any time of determination, the Applicable Margin in effect at such time as reduced or increased by the aggregate Sustainability Margin Adjustments in effect at such time (as applicable), in accordance with Section 2.14.
		

		
			“Adjusted Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR chall be deemed to be equal to the Floor.
		

		
			“Advance” shall mean an advance under the Revolving Loan.
		

		
			
		

		 

		

			1

		

		

			 

		

 

		

			 

		

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

		
			“Affiliate” means any Person (other than Agent or any Lender): (a) directly or indirectly controlling, controlled by, or under common control with, any Loan Party; (b) directly or indirectly owning or holding fifteen percent (15%) or more of any equity interest in any Borrower; or (c) fifteen percent (15%) or more of whose stock or other equity interest having ordinary voting power for the election of directors or the power to direct or cause the direction of management, is directly or indirectly owned or held by any Borrower.  For purposes of this definition, “control” (including with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities or other equity interest, or by contract or otherwise.
		

		
			“Agent” means ING Capital in its capacity as administrative agent for the Lenders under the Loan Documents and any successor in such capacity appointed pursuant to Section 9.1(g).
		

		
			“Agent’s Account” means the following Deposit Account of Agent:
		

		
			Bank:JPMorgan Chase Bank, N.A., New York
		

		
			ABA No.:
		

		
			Account No.:
		

		
			Attention:ING Capital LLC/Loans Agency NY
Reference:
Green Plains Finco
		

		
			﻿
		

		
			“Aggregate Revolving Credit Exposure” means, as of any date of determination, the sum of (a) the outstanding principal balance of the Revolving Loan as of such date, plus (b) the outstanding principal balance of all Swingline Loans as of such date, plus (c) the amount of the Letter of Credit Liability as of such date.
		

		
			“Aggregate Revolving Loan Commitment” means, as of any date of determination, the aggregate Revolving Loan Commitments of all Lenders as of such date.  As of the Closing Date, the Aggregate Revolving Loan Commitment is $350,000,000.
		

		
			“Agreement” or “Loan Agreement” means this Loan and Security Agreement as it may be amended, amended and restated, supplemented or otherwise modified from time to time.
		

		
			“Anti-Terrorism Laws” means any law relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the laws comprising or implementing the Bank Secrecy Act, the laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of the foregoing laws may from time to time be amended, renewed, extended, or replaced).
		

		
			“Applicable Margin” means, with respect to Base Rate Loans, SOFR Loans and the Unused Commitment Fee, from the Closing Date until the end of the first full fiscal quarter ending after the Closing Date, the Applicable Margin for each type of Loan and the Unused Commitment Fee shall be equal to the applicable percent per annum set forth under Level 2 below.
		

		
			Thereafter on a quarterly basis, effective as of the first Business Day following the end of each fiscal quarter of GP Finco (each such day, an “Adjustment Date”), the Applicable Margin for each type of Loan shall be adjusted, if necessary, to the applicable percent per annum set forth in the pricing table set forth below corresponding to the applicable Average Daily Availability during the then-most recently completed fiscal quarter (each such period, a “Margin Measurement Period”).
		

		 

		

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						﻿Level

					
					
						Average Daily Availability

					
					
						Base Rate Margin

					
					
						Term SOFR Margin

					
					
						Unused Commitment Fee

				
	
					
						1

					
					
						≥ 70%

					
					
						1.50%

					
					
						2.50%

					
					
						0.375%

				
	
					
						2

					
					
						> 25% and < 70%

					
					
						1.50%

					
					
						2.50%

					
					
						0.325%

				
	
					
						3

					
					
						≤ 25%

					
					
						1.25%

					
					
						2.25%

					
					
						0.275%

				

		
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			If, as of any Adjustment Date, the Restricted Loan Parties shall have failed to timely deliver any Compliance Certificates or other information required under the Reporting Rider necessary, in the reasonable and good faith determination of Agent, to determine Average Daily Availability for the applicable Margin Measurement Period, then the Applicable Margins shall be conclusively presumed to equal the Applicable Margins set forth under Level 1 in the pricing table above for the period commencing on the required delivery date of such Compliance Certificate or other information until the delivery thereof.  If the calculation of the Collateral Formula Amount set forth in any Compliance Certificate delivered hereunder is determined to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin based upon the pricing grid set forth in the table above (the “Accurate Applicable Margin”) for any period that such Compliance Certificate covered, then (i) the Restricted Loan Parties shall promptly upon written request of Agent (and in any event within three (3) Business Days) deliver to Agent a corrected Compliance Certificate for such period (except that, during the pendency of an event as set forth in either of Section 8.1(g) or Section 8.1(h), such request shall be deemed made without further action of Agent), (ii) the Applicable Margin shall be automatically and retroactively adjusted such that after giving effect to the corrected Compliance Certificate, the Applicable Margin shall automatically be reset to the Accurate Applicable Margin based upon the pricing grid set forth in the table above for such period (or failing timely delivery of such corrected Compliance Certificate, Level 3 of the table set forth above) and (iii) the Restricted Loan Parties shall promptly (and in any event within three (3) Business Days) pay to Agent, for the account of Lenders, the accrued additional interest owing as a result of the application of such Accurate Applicable Margin for each applicable Margin Measurement Period, if any.  The provisions of this definition shall not limit the rights of Agent and Lenders with respect to the Default Rate or otherwise and shall survive the termination of this Agreement.
		

		
			“Assignment and Acceptance Agreement” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A.
		

		
			“Attributable Indebtedness” means, on any date, in respect of any Capital Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.
		

		
			“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.13(d).
		

		
			“Average Daily Availability” means, for any period a percentage equal to (a) the sum of, for each day during such period (x) the amount by which the Aggregate Revolving Loan Commitment on 
		

		 

		

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		each such day exceeds the Aggregate Revolving Credit Exposure on each such day divided by (y) the Aggregate Revolving Loan Commitment on each such day divided by (b) the number of days in such period.
		

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

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

		
			“Base Rate” means, for any day, a rate of interest per annum equal to the highest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus one-half of one percent (0.50%), and (c) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00 %.  Any change in the Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or Adjusted Term SOFR shall be effective from and including the effective date of such change in applicable rate.  If the Base Rate as determined in accordance with the foregoing shall ever be less than the Floor, then the Base Rate shall be deemed to be equal to the Floor.
		

		
			“Base Rate Borrowing” means, as to any Borrowing, the Base Rate Loans comprising such Borrowing.
		

		
			“Base Rate Loans” means Loans bearing interest at rates determined by reference to the Base Rate.
		

		
			“Baseline” means, in relation to any Key Performance Indicator, the number set out under the heading “Baseline 2020” in Schedule 2.14.
		

		
			“Benchmark” means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(a).
		

		
			“Benchmark Replacement” means with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by Agent for the applicable Benchmark Replacement Date:
		

		
			(a) Daily Simple SOFR plus 10 basis points (0.10%); or 
		

		
			(b) the sum of: (i) the alternate benchmark rate that has been selected by Agent and the Borrowing Agent giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.
		

		

		

		 

		

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		If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be equal to the Floor for the purposes of this Agreement and the other Loan Documents.
		

		
			“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and the Borrowing Agent giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.
		

		
			“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
		

		
			(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event”, the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or
		

		
			(b)in the case of clause (c) of the definition of “Benchmark Transition Event”, the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.
		

		
			For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
		

		
			“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
		

		
			(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
		

		
			(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the 
		

		 

		

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		Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or
		

		
			(c)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
		

		
			For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
		

		
			“Benchmark Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.13.
		

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

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

		
			“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the IRC 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 IRC) the assets of any such “employee benefit plan” or “plan”.
		

		
			  “Blocked Person” means any Person:  (i) listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (ii) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (iii) with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (iv) that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224; (v) that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list, or (vi) a Person or entity who is affiliated or associated with a Person listed above.
		

		
			“Borrowers” has the meaning assigned to such term in the introductory paragraph of this Agreement.
		

		

		

		 

		

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		“Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of a SOFR Borrowing, having the same Interest Period made by the Lenders.
		

		
			“Borrowing Agent” means GP Finco.
		

		
			“Borrowing Base” means, as of any date of determination, an amount equal the sum of (in each case, as of such date):
		

			
	
			
				 (a)
			90% of Eligible Unrestricted Accounts, plus

			
	
			
				 (b)
			the lesser of (x) 90% of Eligible Foreign Accounts and (y) $50,000,000, plus

			
	
			
				 (c)
			the lesser of (x) 90% of Eligible Unbilled Accounts and (y) $10,000,000, plus

			
	
			
				 (d)
			the lesser of (x) 90% of Eligible Supply Chain Accounts and (y) twenty-five percent (25%) of the sum of clauses (a) through (e) of this definition, plus 

			
	
			
				 (e)
			the lesser of (x) 90% of Eligible Affiliated Accounts and (y) $30,000,000, plus

			
	
			
				 (f)
			the lesser of (x) 90% of Eligible Net Liquidation Value in Commodity Accounts and (y) $50,000,000, plus

			
	
			
				 (g)
			80% of the Market Value of Eligible Inventory constituting ethanol, dried distiller’s grains, corn oil or natural gas, plus

			
	
			
				 (h)
			85% of the Market Value of Eligible Inventory constituting grains or maximized stillage co-products protein, plus

			
	
			
				 (i)
			85% of the Net Positive Equity in Forward Contract Positions, plus

			
	
			
				 (j)
			100% of Eligible Cash and Cash Equivalents, minus

			
	
			
				 (k)
			100% of all payables related to Borrowers’ Inventory constituting grain, minus 

			
	
			
				 (l)
			100% of all Letter of Credit Liability, minus

			
	
			
				 (m)
			100% of all prepayments from any Borrower’s customers, minus

			
	
			
				 (n)
			100% of the Net Negative Equity in Forward Contract Positions, minus

			
	
			
				 (o)
			such reserves as Agent may establish from time to time in its Permitted Discretion in an amount not to exceed $10,000,000.

		
			The value of the Borrowing Base at any time shall be determined by the Agent by reference to the then-most recently delivered Borrowing Base Certificate.  In no event shall any amounts described in categories (a) through (j) above which may fall into more than one of such categories be counted more than once when making the calculation under this definition.  Without duplication of any adjustment already made in calculating the Borrowing Base:
		

			
	
			
				 (i)
			each category of the Borrowing Base shall be calculated taking into account any elimination and reduction related to any potential offset to such asset category;

		 

		

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				 (ii)
			without duplication, the calculation of the value of the assets that are attributable to a single counterparty shall be netted against any contra, offset, counterclaim or obligations of any Borrower with such counterparty including, without limitation, amounts payable and unrealized marked-to-market forward loss owing by any Borrower to such counterparty; 

			
	
			
				 (iii)
			if any Borrowing Base Certificate omits any of the information required to be included therein pursuant to the terms hereof, the property of Borrowers related to such undelivered information shall be excluded from the calculation of the Borrowing Base until the date on which Agent has received a Borrowing Base Certificate containing the undelivered information (provided that the provisions of this clause (iii) shall not constitute a waiver of any Default of Event of Default hereunder); and

			
	
			
				 (iv)
			Agent may, in its Permitted Discretion, and upon not less than five (5) Business Days’ prior written notice to the Borrowing Agent, deem any Inventory, Account or Commodity Account ineligible, or impose additional eligibility criteria, in any case, in its Permitted Discretion, but no such notice shall be required (x) if an Event of Default has occurred or is continuing, or (y) for changes to eligibility criteria or establishment of additional eligibility criteria if a Material Adverse Effect has occurred or Agent has determined it is reasonably likely that a Material Adverse Effect would occur were such eligibility criteria not changed or established prior to the three (3) Business Day period.  During any such applicable three (3) Business Day period, borrowings shall not be permitted if, after giving pro forma effect to the imposition of such change or new eligibility criteria, Revolving Availability would be less than zero.

		
			Notwithstanding anything herein to the contrary, if on any date of determination, the Borrowing Base, as calculated in accordance with the foregoing, would equal more than the product of (A) the sum of Eligible Unrestricted Accounts, plus Eligible Foreign Accounts, plus Eligible Unbilled Accounts, plus Eligible Supply Chain Accounts, plus Eligible Affiliated Accounts, plus Eligible Net Liquidation Value in Commodity Accounts, plus the Market Value of Eligible Inventory, plus Net Positive Equity in Forward Contract Positions, plus Eligible Cash and Cash Equivalents, minus all payables related to Borrowers’ Inventory constituting grain, minus all Letter of Credit Liability, minus all prepayments from any Restricted Loan Party’s customers, minus Net Negative Equity in Forward Contract Positions minus such reserves as Agent shall have established, in each case, as of such date of determination and determined taking into account clauses (i) through (iv) above, times (B) 0.80 (the product of clause (A) times clause (B) as of any date, the “Maximum Borrowing Base”), then, the Borrowing Base as of such date shall be deemed to equal the Maximum Borrowing Base.
		

		
			“Borrowing Base Certificate” means a certificate and schedule duly executed by an officer of Borrowing Agent appropriately completed and in substantially the form of Exhibit C.
		

		
			“Borrowing Base Period” means any period beginning on the date on which a Borrowing Base Trigger Event occurs and continuing until the next date on which Borrowers shall have delivered to Agent (a) the quarterly financial statements of Holdings (which financial statements shall have also been filed with the U.S. Securities and Exchange Commission), (b) a Compliance Certificate and (c) a Borrowing Base Certificate, which collectively demonstrate that (i) Borrowers are in compliance with the Financial Covenants as of the last day of the calendar month then most recently ended, (ii) as of the date of such financial statements and certificates, no Event of Default has occurred and is continuing, and (c) as of the date of such financial statements and certificates, the Collateral Coverage Ratio is not less than the Collateral Coverage Cure Target.
		

		
			“Borrowing Base Trigger Event” means (a) the occurrence of (i) any Default under any of the Financial Covenants or (ii) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider 
		

		 

		

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		and (b) Borrowers’ failure to cure the application Default or Defaults on or before the last day of the applicable Initial Cure Period. 
		

		
			“Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by applicable law to close. 
		

		
			“Capital Lease” means any lease of any property (whether real, personal or mixed) that, in conformity with GAAP, should be accounted for as a capital lease; provided that, no lease that would be classified as an operating lease on the Closing Date but subsequently reclassified as a Capital Lease in accordance with any change in GAAP or other accounting principle shall be deemed to be a Capital Lease under this Agreement.
		

		
			“Cash Equivalents” means: (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within twelve (12) months from the date of acquisition thereof; (b) commercial paper maturing no more than twelve (12) months from the date issued and, at the time of acquisition, having a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s Investors Service, Inc.; (c) certificates of deposit or bankers’ acceptances maturing within six (6) months from the date of issuance thereof issued by, or overnight reverse repurchase agreements from, any commercial bank organized under the laws of the United States of America, or any state thereof or the District of Columbia, having combined capital and surplus of not less than $250,000,000 and not subject to setoff rights in favor of such bank; and (d) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred to above, has net assets of at least $500,000,000 and has the highest rating obtainable from either Moody’s Investors Service, Inc. or Standard & Poor’s Corporation.
		

		
			“Casualty Event” means, with respect to any property of any Person, any loss of or damage to, or any condemnation or other taking of, such property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a condemnation award or other similar compensation.
		

		
			“Certificate of Exemption” has the meaning assigned to that term in Section 2.9(c).
		

		
			“Change of Control” means an event or series of events by which: (a) Holdings shall cease to own, directly or indirectly, of 50.1% or more of the Equity Interests of any other Loan Party entitled to vote for members of the board of directors or equivalent governing body of such other Loan Party on a fully-diluted basis (and taking into account all such securities that any person or group has the right to acquire pursuant to any option right); (b) during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of Holdings cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or (c) Holdings shall cease to own 100% of the outstanding Equity Interests of GP Finco.
		

		
			“Closing Date” means March 25, 2022.
		

		
			“Collateral” has the meaning assigned to that term in Section 11.1(a).
		

		

		

		 

		

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		“Collateral Accounts” means each Deposit Account of Borrowers subject to a Control Agreement and designated in writing to Agent as a Collateral Account.
		

		
			“Collateral Coverage Covenant” means the financial covenant set forth in clause (c) of the Financial Covenant Rider.
		

		
			“Collateral Coverage Cure Target” means a ratio equal to 1.25 to 1.00.
		

		
			“Collateral Coverage Ratio” means, as of any date of determination, the ratio of (a) the Collateral Formula Amount as of such date, to (b) the sum of the outstanding principal balance of the Revolving Loan plus the outstanding principal of all Swingline Loans plus all interest and fees owing by the Restricted Loan Parties with respect to the Revolving Loan Commitments, the Revolving Loan or the Swingline Loans, in each case as of such date.
		

		
			“Collateral Formula Amount” means, as of any date of determination, an amount equal the sum of (in each case, as of such date):
		

			
	
			
				 (a)
			100% of Eligible Unrestricted Accounts, plus

			
	
			
				 (b)
			the lesser of (x) 100% of Eligible Foreign Accounts and (y) $50,000,000, plus

			
	
			
				 (c)
			the lesser of (x) 100% of Eligible Unbilled Accounts and (y) $10,000,000, plus

			
	
			
				 (d)
			the lesser of (x) 100% of Eligible Supply Chain Accounts and (y) twenty-five percent (25%) of the sum of clauses (a) through (e) of this definition, plus 

			
	
			
				 (e)
			the lesser of (x) 100% of Eligible Affiliated Accounts and (y) $30,000,000, plus

			
	
			
				 (f)
			the lesser of (x) 100% of Eligible Net Liquidation Value in Commodity Accounts and (y) $50,000,000, plus

			
	
			
				 (g)
			100% of the Market Value of Eligible Inventory, plus

			
	
			
				 (h)
			100% of the Net Positive Equity in Forward Contract Positions, plus

			
	
			
				 (i)
			100% of Eligible Cash and Cash Equivalents, minus

			
	
			
				 (j)
			100% of all payables related to Borrowers’ Inventory constituting grain, minus 

			
	
			
				 (k)
			100% of Letter of Credit Liability, minus

			
	
			
				 (l)
			100% of all prepayments from any Borrower’s customers, minus

			
	
			
				 (m)
			100% of the Net Negative Equity in Forward Contract Positions, minus

			
	
			
				 (a)
			such reserves as Agent may establish from time to time in its Permitted Discretion in an amount not to exceed $10,000,000.

		
			The value of the Collateral Formula Amount at any time shall be the value of such Collateral Formula Amount as determined by the Agent as of the date of the most recently delivered Working Capital Schedule.  In no event shall any amounts described in categories (a) through (i) above 
		

		 

		

			10

		

		

			 

		

 

		

			 

		

		which may fall into more than one of such categories be counted more than once when making the calculation under this definition.  Without duplication of any adjustment already made in calculating the Collateral Formula Amount:
		

			
	
			
				 (i)
			each category of the Collateral Formula Amount shall be calculated taking into account any elimination and reduction related to any potential offset to such asset category;

			
	
			
				 (ii)
			without duplication, the calculation of the value of the assets that are attributable to a single counterparty shall be netted against any contra, offset, counterclaim or obligations of Borrowers with such counterparty including, without limitation, amounts payable and unrealized marked-to-market forward loss owing by any Borrower to such counterparty; 

			
	
			
				 (iii)
			if any Compliance Certificate or any Working Capital Schedule omits any of the information required to be included therein pursuant to Exhibit B or Schedule II  to Exhibit B, as applicable, the property of any Borrower related to such undelivered information shall be excluded from the calculation of the Collateral Formula Amount until the date on which Agent has received a Compliance Certificate containing the undelivered information (provided that the provisions of this clause (c) shall not constitute a waiver of any Default of Event of Default hereunder); and

			
	
			
				 (iv)
			Agent may, in its Permitted Discretion, and upon not less than three (3) Business Days’ prior written notice to the Borrowing Agent, deem any Inventory, Account or Commodity Account ineligible, or impose additional eligibility criteria, in any case, in its Permitted Discretion, but no such notice shall be required (x) if an Event of Default has occurred or is continuing, or (y) for changes to eligibility criteria or establishment of additional eligibility criteria if a Material Adverse Effect has occurred or Agent has determined it is reasonably likely that a Material Adverse Effect would occur were such eligibility criteria not changed or established prior to the three (3) Business Day period.  During any such applicable three (3) Business Day period, borrowings shall not be permitted if, after giving pro forma effect to the imposition of such change or new eligibility criteria, Revolving Availability would be less than zero.

		
			“Commodity” means any commodity or inventory, including, without limitation, wheat, corn, and soybeans and/or products related to each of the foregoing and any commodity or inventory which replaces, substitutes for or is exchanged for any such commodity or inventory under the applicable Commodity Repurchase Agreement.
		

		
			“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.) and any successor statute, and any rule, regulation, or order promulgated thereunder, in each case as amended from time to time.
		

		
			“Commodity Repurchase Agreement” means any commodity repurchase agreement, commodity reverse repurchase agreement or commodity spot and/or forward agreement with an embedded right of either party or both parties to require the sale or repurchase, or similar agreement, with respect to any Commodity entered into between any Restricted Loan Party and an Eligible Repurchase Counterparty.  
		

		
			“Commodity Repurchase Agreement Indebtedness” means, at any time, any amounts owing by any Restricted Loan Party under Commodity Repurchase Agreements.
		

		
			“Commodity Repurchase Agreement Property” means an Eligible Repurchase Counterparty’s right, title, and interest in (a) all Commodities purchased or sold, or purported to be purchased or sold, pursuant to a Commodity Repurchase Agreement, (b) all Commodities substituted for such Commodities in accordance with any Commodity Repurchase Agreement, (c) negotiable warehouse receipts or other negotiable documents issued in the name, or to the order, of the Eligible Repurchase 
		

		 

		

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		Counterparty in connection with such Commodity, to the extent of the Commodity purchased or sold pursuant to the applicable Commodity Repurchase Agreements, and (d) all products and proceeds of the foregoing (including, without limitation, any Accounts and Payment Intangibles arising from the sale of such Commodities).
		

		
			“Commodity Repurchase Agreement Sublimit” means $100,000,000.  
		

		
			“Compliance Certificate” means a certificate duly executed by the chief executive officer, chief financial officer, chief accounting officer or treasurer of Borrowing Agent appropriately completed and in substantially the form of Exhibit C.
		

		
			“Conforming Changes”  means, with respect to the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept 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 Section 2.12 and other technical, administrative or operational matters) that Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).
		

		
			“Consigned Inventory” shall mean Inventory of any Borrower that is in the possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory.
		

		
			“Continuation/Conversion Notice” means a notice duly executed by an authorized representative of GP Finco appropriately completed and in the form of Exhibit D.
		

		
			“Control” means “control” as defined in the UCC with respect to a particular item of Collateral.
		

		
			“Control Agreement” means a control agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by the applicable Restricted Loan Party, Agent, and the applicable financial institution, Securities Intermediary or Commodity Intermediary, which agreement is sufficient to give Agent Control over any Investment Account of such Restricted Loan Party.
		

		
			“Covered Party” has the meaning assigned to that term in Section 10.25(a).
		

		
			“Cure Event” means any of (a) the occurrence of any Default under any of the Financial Covenants or (b) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider. 
		

		
			“Cure Fund Payment” means a cash capital contribution received by a Borrower or Holdings, as applicable, or the cash proceeds received by a Borrower or Holdings, as applicable, from the issuance by Holdings of Permitted Cure Securities, which is used exclusively to cure an Event of Default in accordance with Section 8.2.  
		

		
			
		

		 

		

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		“Cure Notice” has the meaning assigned to that term in Section 8.2.
		

		
			“Cure Period” means, with respect to any Financial Covenant Default, the Initial Cure Period with respect to such Default plus, solely if Agent in its sole discretion elects to grant a Discretionary Cure Period with respect to such Default and so notifies Borrowing Agent in writing of such election on or before the last day of such Initial Cure Period, the Discretionary Cure Period with respect to such Default.
		

		
			“Current Ratio” means, as of any date of any date of determination, the ratio of the aggregate amount of the Borrowers’ consolidated current assets to the aggregate amount of the Borrowers’ consolidated current liabilities, in each case determined in accordance with GAAP.
		

		
			“Current Ratio Covenant” means the financial covenant set forth in clause (a) of the Financial Covenant Rider.
		

		
			“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided that if Agent decides that any such convention is not administratively feasible for Agent, then Agent may establish another convention in its reasonable discretion.
		

		
			“Debt to Capitalization Covenant” means the financial covenant set forth in clause (b) of the Financial Covenant Rider.
		

		
			“Debt to Capitalization Ratio” means, as of any date of determination, the ratio of (x) Total Funded Debt minus the sum of the outstanding principal balance of the Revolving Loan as of such date, to (y) the sum of (1) Net Worth and (2) Total Funded Debt minus the sum of the outstanding principal balance of the Revolving Loan, in each case, of Holdings and its Subsidiaries on a consolidated basis as of such date; provided that solely for the purpose of determining Borrowers’ satisfaction of the requirement set forth in Section 7.5(i)(B), “Debt to Capitalization Ratio” shall mean, as of any date of determination, the ratio of (x) Total Funded Debt as of such date, to (y) the sum of (1) Net Worth and (2) Total Funded Debt, in each case, of Holdings and its Subsidiaries on a consolidated basis as of such date.
		

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

		
			“Default” means a condition, act or event that, after notice or lapse of time or both, would constitute an Event of Default if that condition, act or event were not cured or removed within any applicable grace or cure period.
		

		
			“Default Rate” has the meaning assigned to that term in Section 2.2(a).  
		

		
			“Defaulted Amount” means, with respect to any Lender at any time, any amount required to be paid hereunder or under any other Loan Document by such Lender to the Agent or any other Lender which has not been so paid. 
		

		
			“Defaulting Lender” mean, subject to Section 2.1(h)(vi), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Agent and Borrowing Agent in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which 
		

		 

		

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		conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to Agent, any Issuing Lender, any Swingline Lender, or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Lender Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified Borrowers, Agent, any Issuing Lender or any Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by Agent or Borrowers, to confirm in writing to Agent and Borrowing Agent that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and Borrower), or (d) has, or has a direct or indirect parent company that has, other than via an Undisclosed Administration, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a Bail-In Action;  provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.1(h)(vi)) upon delivery of written notice of such determination to Borrowers, each Issuing Lender, each Swingline Lender and each Lender.
		

		
			“Designated Supply Chain Accounts” means Accounts owing from any account debtor designated in writing by a Borrower to Agent which are proposed to be subject to an automatic or selective discounting supply chain finance program.
		

		
			“Director” means, with respect to any Person, (a) if such Person is a corporation, a member of the board of directors of such Person, (b) if such Person is a limited liability company, a governor, manager or managing member of such Person and (c) if such Person is a partnership, a general partner of such Person.
		

		
			“Discretionary Cure Period” means, with respect to a Default under the Current Ratio Covenant or the Debt to Capitalization Covenant, the period beginning on the first Business Day following the last day of the Initial Cure Period with respect to such Default and ending of the fifth (5th) Business Day thereafter. 
		

		
			“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property or asset by any Person.
		

		
			“Disqualified Stock” shall mean any Equity Interests which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, (a) matures or is mandatorily redeemable (other than upon a change of control), pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than upon a change of control), in whole or in part, on or prior to the date that is ninety-one (91) days following the Scheduled 
		

		 

		

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		Termination Date, (b) is convertible into or exchangeable for (i) debt securities or (ii) any Equity Interest referred to in (a) above, in each case at any time on or prior to the date that ninety-one (91) days following the Scheduled Termination Date, (c) is entitled to receive a dividend or distribution (other than for taxes attributable to the operations of the business) prior to the time that the Termination Date occurs, (d) has the benefit of any covenants or agreements that restrict the payment of any of the Obligations or that are EBITDA or debt-multiple based (i.e., financial covenants) or (e) has the benefit of any covenants or agreements that are EBITDA or debt-multiple based (i.e., financial covenants) the breach of which results in a mandatory redemption.
		

		
			“Division” has the meaning assigned to that term in Section 1.5.  
		

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

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

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

		
			“Eligible Accounts” means, as at any date of determination, all Accounts of Borrowers, except the following excluded Accounts:
		

			
	
			
				 (a)
			Accounts which do not consist of accounts receivable and contract receivables, each owed to and owned by a Borrower arising or resulting from the sale of goods or the rendering of services by such Borrower in the ordinary course of business;

			
	
			
				 (b)
			Accounts which are otherwise eligible with respect to which the Person obligated on such Account is owed a credit by a Borrower, but only to the extent of such credit;

			
	
			
				 (c)
			Accounts due from a Person whose principal place of business is located outside the United States of America or Canada; 

			
	
			
				 (d)
			Accounts with respect to which the Account Debtor or the Person obligated with respect thereto is the United States of America, any state or any municipality, or any department, agency or instrumentality thereof, unless the applicable Borrower has, with respect to such Account, complied with the Federal Assignment of Claims Act of 1940 as amended (31 U.S.C. Section 3727 et seq.) or any applicable statute or municipal ordinance of similar purpose and effect;

			
	
			
				 (e)
			Accounts with respect to which the Person obligated (i) is an Affiliate of a Loan Party or a director, officer, agent, stockholder, member or employee of a Loan Party or any of their respective Affiliates, (ii) did not purchase the goods giving rise to the relevant Account in an arm’s length bona fide transaction conducted in the ordinary course of business in compliance with all applicable laws, (iii) is determined by Agent (in its Permitted Discretion) to be uncreditworthy, provided, that Agent shall deliver written notice to Borrowers promptly upon the determination that any Account is ineligible pursuant to this clause (iii) or (iv) is in contractual default in respect of such Accounts or any other Indebtedness or 
		

		 

		

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			obligation to any Borrower or any of its Subsidiaries, and Borrowers do not reasonably anticipate that any such other Indebtedness or other obligation or newly arising Indebtedness or other obligation of such Account Debtor, will not be paid when due;

			
	
			
				 (f)
			Accounts for which an invoice has not been delivered to the applicable Account Debtor;

			
	
			
				 (g)
			Accounts which have remained unpaid for more than ten (10) days after due date or thirty-five (35) days after the invoice date;

			
	
			
				 (h)
			Accounts due from a Person if more than twenty-five percent (25%) of the aggregate amount of Accounts of such Person are ineligible pursuant to the foregoing clause (g); 

			
	
			
				 (i)
			[Reserved]; 

			
	
			
				 (j)
			Accounts evidenced by an Instrument or Chattel Paper not in the possession of Agent, for the benefit of itself and the Secured Parties;

			
	
			
				 (k)
			Accounts with respect to which Agent, on behalf of itself and Lenders, does not have a valid, first priority and fully perfected security interest;

			
	
			
				 (l)
			Accounts subject to any Lien (other than Liens for taxes arising by operation of law) except those in favor of Agent, for the benefit of itself and Lenders;

			
	
			
				 (m)
			Accounts with respect to which the Account Debtor or the Person obligated on the Account (i) is the subject of any bankruptcy or other insolvency proceeding, (ii) has had possession of all or a material part of its property taken by any receiver, custodian, trustee or liquidator, or (iii) has admitted in writing its inability, or is generally unable to, pay its debts as they become due;

			
	
			
				 (n)
			Accounts due from a Person and its Affiliates to the extent that such Accounts exceed in the aggregate an amount equal to twenty-five percent (25%) of the aggregate of all Eligible Accounts at said date;

			
	
			
				 (o)
			Accounts with respect to which the obligation to pay is conditional or subject to a repurchase obligation or right to return or with respect to which the goods or services giving rise to such Accounts have not been delivered (or performed, as applicable) and accepted by the Account Debtor or the Person obligated on such Account, including progress billings, bill and hold sales, guarantied sales, sale or return transactions, sales on approval or consignments;

			
	
			
				 (p)
			Accounts with respect to which the Account Debtor or the Person obligated on the Account is located in New Jersey, or any other state denying out of state creditors access to its courts in the absence of a Notice of Business Activities Report or other similar filing, unless the applicable Borrower has either qualified as a foreign entity authorized to transact business in such state or has filed a Notice of Business Activities Report or similar filing with the applicable state agency for the then current year; 

			
	
			
				 (q)
			Accounts subject to any offset, deduction, defense, dispute or counterclaim asserted in writing by the applicable Account Debtor (but only to the extent of the amount of such offset, deduction, defense, dispute or counterclaim); 

			
	
			
				 (r)
			Accounts subject to or part of a Permitted Supply Chain Financing of Designated Supply Chain Accounts; and

		 

		

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				 (s)
			Accounts with respect to which the Account Debtor or the Person obligated on Account is a creditor of any Borrower; provided,  however, that any such Account shall only be ineligible as to that portion of such Account which is less than or equal to the amount owed by any Borrower to such Person.

		
			“Eligible Affiliated Accounts” means all Accounts of the Restricted Loan Parties that (a) would constitute “Eligible Accounts” but for the requirement set forth in clause (e)(i) of the definition thereof; and (b) have not remained unpaid for more than seven (7) days after due date or three (3) days after the invoice date.
		

		
			“Eligible Assignee” shall mean (a) a commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus of at least $100,000,000 (or $250,000,000 in the case of an assignment of a Revolving Loan Commitment); (b) a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000 (or $250,000,000 in the case of an assignment of a Revolving Loan Commitment), provided that such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD; (c) any nationally recognized financial institution or any other entity which is an “accredited investor” (as defined in Regulation D under the Securities Act) which extends credit or buys loans as one of its businesses, including but not limited to, commercial finance companies, insurance companies, mutual funds and lease financing companies, (d) a Related Fund (as such term is defined in Section 9.5(d)), and (e) a Person that is primarily engaged in the business of lending that is (i) a Subsidiary of a Lender (other than a Defaulting Lender), (ii) a Subsidiary of a Person of which a Lender (other than a Defaulting Lender) is a Subsidiary, or (iii) a Person of which a Lender (other than a Defaulting Lender) is a Subsidiary; provided, however, that no Affiliate of a Borrower shall be an Eligible Assignee.
		

		
			“Eligible Cash and Cash Equivalents” means, as of any date of determination, the aggregate value of the cash and Cash Equivalents of any Borrower which is maintained in an account subject to a Control Agreement and otherwise subject to a Prior Security Interest.
		

		
			“Eligible Foreign Accounts” means, collectively, each Account of the Restricted Loan Parties that: 
		

		
			(a) would constitute an “Eligible Account” but for the requirement set forth in clause (c) of the definition thereof; 
		

		
			(b)(i) the amount due thereunder is fully insured pursuant to an insurance policy issued by an insurer acceptable to Agent and on terms reasonably acceptable to Agent, (ii) the amount due thereunder is backed by a letter of credit reasonably acceptable to Agent, (iii) the Account Debtor with respect to such Account, at any applicable time of determination, has a corporate credit rating of BBB- or higher by S&P Global Ratings or Baa3 or higher by Moody’s Investor Services, Inc., or (iv) the Account Debtor with respect to such Account is located in a country that has signed the Convention on the Organization for Economic Co-Operation and Development; and 
		

		
			(c)have not remained unpaid for more than ten (10) days after due date or forty-five (45) days after the invoice date.
		

		
			“Eligible Inventory” means all Inventory owned by any Restricted Loan Party that (x) either (i) consists of ethanol, grain, dried distiller’s grains, maximized stillage co-products protein, corn oil, 
		

		 

		

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		natural gas or (ii) is in another form approved by Agent in its sole discretion and (y) is located in the United States of America, except the following excluded Inventory: 
		

			
	
			
				 (a)
			Inventory which does not substantially conform to the represented specifications and other quality standards of the applicable Restricted Loan Party or is not in compliance in all material respects with all standards imposed by any Governmental Authority having regulatory authority with respect thereto; 

			
	
			
				 (b)
			Inventory which Agent determines in its Permitted Discretion, is unacceptable for purposes of determining the Collateral Formula Amount due to age, quality, type, category and/or quantity; 

			
	
			
				 (c)
			shipping materials or supplies consumed in the applicable Restricted Loan Party’s business; 

			
	
			
				 (d)
			Inventory with respect to which Agent, on behalf of itself and Lenders, does not have a valid, first priority and fully perfected security interest; 

			
	
			
				 (e)
			Inventory with respect to which there exists any Lien in favor of any Person other than Agent, on behalf of itself and Lenders, other than Permitted Encumbrances; 

			
	
			
				 (f)
			Inventory produced in violation of the Fair Labor Standards Act and subject to the so-called “hot goods” provisions contained in Title 29 U.S.C. 215(a)(i) or any replacement statute; 

			
	
			
				 (g)
			Inventory not (i) located at a location described in Schedule 4.6 and owned by a Restricted Loan Party, (ii) held by a warehouseman, bailee, processor or similar third party that has executed and delivered to Agent a waiver of interest and access agreement in favor of Agent and in form and substance reasonably satisfactory to Agent or (iii) located at a location leased by a Restricted Loan Party and listed on Schedule 4.6 and with respect to which Agent has received a waiver of interest and access agreement in favor of Agent and in form and substance satisfactory to Agent; 

			
	
			
				 (h)
			Inventory which has been sold, transferred, assigned or disposed of pursuant to or in connection with a Commodity Repurchase Agreement; 

			
	
			
				 (i)
			Inventory that constitutes Consigned Inventory; and

			
	
			
				 (j)
			Inventory with respect to which the applicable Restricted Loan Party does not have absolute, legal, and valid title.

		
			“Eligible Forward Contract” means, as of any date of determination, any contract pursuant to which (i) a customer of any Borrower has agreed to purchase corn from such Borrower or (ii) a Borrower has a right to purchase corn from a farmer, in each case, at a future date (or on an unspecified date during a future period), which contract satisfies each of the following requirements as of such date:
		

			
	
			
				 (a)
			such contract conforms to the applicable Borrower’s risk management policy;

			
	
			
				 (b)
			such contract must be evidenced by a written agreement or a binding and enforceable trade confirmation; 

			
	
			
				 (c)
			such contract shall be subject to a valid and perfected first priority security interest in favor of Agent for the benefit of the Secured Parties, which security interest does not result in the violation by the applicable Borrower of such contract; 

		 

		

			18

		

		

			 

		

 

		

			 

		

			
	
			
				 (d)
			such contract has not been terminated and is not subject to termination by reason of any existing known default or termination event thereunder; 

			
	
			
				 (e)
			to the extent the counterparty to such contract is formed in, or conducts a substantial portion of its business outside of, the United States, then such counterparty is either a member country of the Organisation for Economic Co-operation and Development or is otherwise approved by Agent; 

			
	
			
				 (f)
			if the applicable counterparty has become the subject of a proceeding under any Debtor Relief Laws, the applicable contract was entered into after the date on which such counterparty became the subject of such proceeding or such forward contract has been assumed by such counterparty in the applicable proceedings under such Debtor Relief Laws; 

			
	
			
				 (g)
			the applicable counterparty is not otherwise in default under any contract or other agreement with any Loan Party (other than a good faith dispute under such contract or other agreement or with respect to any counterparty which is the subject of a proceeding under any Debtor Relief Laws, a payment default which occurred prior to the commencement of such proceeding); 

			
	
			
				 (h)
			except for a forward contract described in clause (f) above, the applicable counterparty is not the subject of a proceeding under any Debtor Relief Laws; 

			
	
			
				 (i)
			the law governing the applicable forward contract is the law of a state within the United States or any other jurisdiction agreed to by Agent; 

			
	
			
				 (j)
			such contract is denominated in either Dollars or another currency approved by Agent; 

			
	
			
				 (k)
			the jurisdiction for disputes under such forward contract is any state within the United States of America or any other jurisdiction agreed to by Agent; 

			
	
			
				 (l)
			the delivery date and payment date for the corn to be sold or purchased pursuant to such contract is not more than twelve (12) months after the date of determination; and

			
	
			
				 (m)
			the applicable counterparty is not a Governmental Authority unless the assignment of rights to payment under such contract is permitted by applicable law.

		
			  “Eligible Net Liquidation Value in Commodity Accounts” means, as of any date of determination, with respect to all commodities accounts of any Borrower which are subject to a perfected, first priority Lien or security interest in favor of Agent, for the ratable benefit of the Secured Parties, subject only to the rights of the broker under such account and free and clear of any Liens or encumbrances in favor of any other third party, and with respect to which Control Agreements are in effect, the aggregate value of the “net liquidating value” or “net equity” (however designated) or other amount that would be available for withdrawal upon closing each such account and liquidation of all open positions at current market values, as reported in the account statements for such account.
		

		
			“Eligible Repurchase Counterparty” means, with respect to any Commodity Repurchase Agreement, a Person that is a Lender or an Affiliate of any Lender who, in the ordinary course of its business, purchases, sells or hedges the Commodity that is the subject of the applicable Commodity Repurchase Agreement, and who, with respect to any exchange for swap transaction, qualifies as an “eligible contract participant” as defined in the Commodity Exchange Act.
		

		

		

		 

		

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		“Eligible Supply Chain Accounts” means all Accounts of the Borrowers that:
		

		
			(a) are owing from a certain specific single customer of Green Plains Trade, separately identified to Agent and the Lenders and acceptable to Agent in its Permitted Discretion, which are the subject of that certain (i) supplier agreement between Citibank, N.A. and Green Plains Trade, dated as of March 8, 2018 and (ii) lien release and assignment of proceeds agreement by and among Citibank, N.A., Green Plains Trade and Agent dated as of June 7, 2018 (as amended from time to time); 
		

		
			(b) would constitute “Eligible Accounts” but for the requirement set forth in clause (r) of the definition thereof; and 
		

		
			(c) have not remained unpaid for more than ten (10) days after due date or fifteen (15) days after the invoice date.
		

		
			“Eligible Unbilled Accounts” means all Accounts of the Restricted Loan Parties that (a) would constitute “Eligible Accounts” but for the requirement set forth in clause (f) of the definition thereof; and (b) have not remained unpaid for more than ten (10) days after due date or thirty-five (35) days after the invoice date.
		

		
			“Eligible Unrestricted Accounts” means all Eligible Accounts of the Restricted Loan Parties that (a) do not constitute Eligible Foreign Accounts, Eligible Unbilled Accounts, Eligible Supply Chain Accounts or Eligible Affiliated Accounts; and (b) have not remained unpaid for more than ten (10) days after due date or thirty-five (35) days after the invoice date.
		

		
			  “Employee Benefit Plan” means any “employee benefit plan” within the meaning of Section 3(3) of ERISA which is maintained by any Loan Party for its employees.
		

		
			“Environmental Claims” means claims, liabilities, investigations, litigation, administrative proceedings, judgments or orders arising from any actual or alleged violation of Environmental Laws relating to Hazardous Materials.
		

		
			“Environmental Laws” means any federal, state or local law, rule, regulation or order relating to pollution, waste, disposal or the protection of human health or safety, natural resources or the environment from exposure to Hazardous Materials. 
		

		
			“Equity Interests” of any Person shall mean any and all shares, rights to purchase, options, warrants, general, limited or limited liability partnership interests, member interests, participation or other equivalents of or interest in (regardless of how designated) equity of such Person, whether voting or nonvoting, including common stock, preferred stock, convertible securities or any other “equity security” (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended).
		

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

		
			“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Holdings within the meaning of Section 414(b) or (c) of the IRC (and Sections 414(m) and (o) of the IRC for purposes of provisions relating to Section 412 of the IRC or Section 302 of ERISA).
		

		

		

		 

		

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		“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the failure by a Borrower or any ERISA Affiliate to meet all applicable requirements under the Pension Funding Rules or the filing of an application for the waiver of the minimum funding standards under the Pension Funding Rules; (c) the incurrence by Holdings or any ERISA Affiliate of any liability pursuant to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete or partial withdrawal by Holdings or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a Pension Plan under, or the treatment of a Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution by the PBGC of proceedings to terminate a Pension Plan; (g) any event or condition that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (h) the determination that any Pension Plan is in at-risk status (within the meaning of Section 430 of the IRC or Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 432 of the IRC or Section 305 of ERISA); (i) the imposition or incurrence of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon Holdings or any ERISA Affiliate; (j) the engagement by Holdings or any ERISA Affiliate in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon Holdings pursuant to Section 430(k) of the IRC or Section 303(k) of ERISA; or (l) the making of an amendment to a Pension Plan that could result in the posting of bond or security under Section 436(f)(1) of the IRC.
		

		
			  “EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from time to time. 
		

		
			“Event of Default” has the meaning assigned to that term in Section 8.1.
		

		
			“Excess Interest” has the meaning assigned to that term in Section 2.2(c).
		

		
			“Excluded Accounts” has the meaning assigned to that term in Section 11.2(j).
		

		
			“Excluded Swap Obligation” means, with respect to any Restricted Loan Party, any Swap Obligation if, and to the extent that, all or a portion of the Loan Documents to which such Restricted Loan Party is party with respect to, or the grant by such Restricted Loan Party of a security interest to secure, such Swap Obligation (or any guaranty thereof) is or becomes illegal or unlawful under the Commodity Exchange Act, any rule, regulation or order promulgated thereunder (or the application or official interpretation of any provision thereof) by virtue of such Restricted Loan Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time any such Loan Document with respect to such related Swap Obligation, or any grant by such Restricted Loan Party of a security interest to secure such Swap Obligation (or any guaranty thereof), would otherwise have become effective with respect to such related Swap Obligation but for such Restricted Loan Party’s failure to constitute an “eligible contract participant” at such time.
		

		
			“Excluded Taxes” means any of the following Tax Liabilities imposed on or with respect to Agent or any Lender or required to be withheld or deducted from a payment to Agent or any Lender, (a) Tax Liabilities imposed on or measured by net income (however denominated), franchise Tax Liabilities, and branch profits Tax Liabilities, in each case, (i) imposed as a result of Agent or any Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax Liabilities (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, withholding Tax Liabilities imposed on 
		

		 

		

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		amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or other Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or other Obligations or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.9, amounts with respect to such Tax Liabilities were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Tax Liabilities attributable to Lender’s failure to comply with Section 2.9(c) and (d) any withholding Tax Liabilities imposed under FATCA.
		

		
			“Farm Credit Bank” means a lending institution organized and existing pursuant to the provisions of the Farm Credit Act of 1971 and under the regulation of the Farm Credit Administration, as the same may be amended or supplemented from time to time.  When used in this Agreement in reference to the Farm Credit Equities, “Farm Credit Bank” shall also include the affiliate of such Farm Credit Bank in which such Farm Credit Equities are purchased or acquired, as applicable.  For the avoidance of doubt, the term “Farm Credit Bank” shall in any event exclude the Federal Agricultural Mortgage Corporation.
		

		
			“Farm Credit Equities” has the meaning assigned to that term in Section 10.27(a).
		

		
			“FATCA” means Sections 1471 through 1474 of the IRC (as of the date hereof) and any regulations or official interpretations thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the Internal Revenue Service thereunder as a precondition to relief or exemption from taxes under such provisions), any agreements entered into pursuant to Section 1471(b)(1) of the IRC and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing; provided, however, FATCA shall also include any amendments to Section 1471 through 1474 of the.
		

		
			“FCPA” has the meaning assigned to that term in Section 4.23(b).
		

		
			“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the immediately following Business Day by the Board of Governors of the Federal Reserve System as the Federal Funds Rate or Federal Reserve Statistical Release H.15(519) entitled “Selected Interest Rates” or any successor publication of the Federal Reserve System reporting the Federal Funds Effective Rate or its equivalent or, if such rate is not published for any Business Day, the average of the quotations for the day of the requested Loan received by Agent from three Federal funds brokers of recognized standing selected by Agent.
		

		
			“Fee Letter” has the meaning assigned to that term in Section 2.3(d).
		

		
			“Financial Covenants” means, collectively, the Current Ratio Covenant, the Debt to Capitalization Covenant and the Collateral Coverage Covenant.
		

		
			“Financial Covenants Rider” means Rider B attached to this Agreement and made a part hereof.
		

		
			“Fiscal Year” means the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year.
		

		
			“Flood Laws” means the National Flood Insurance Reform Act of 1994 and related legislation (including the regulations of the Board of Governors of the Federal Reserve System).
		

		

		

		 

		

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		“Floor” means a rate of interest equal to 0%.
		

		
			“Foreign Lender” has the meaning assigned to that term in Section 2.9(c).
		

		
			“Foreign Plan” means any employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by any Loan Party with respect to employees employed outside the United States (other than any governmental arrangement). 
		

		
			“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to any Issuing Lender, such Defaulting Lender’s Pro Rata Share of the outstanding Letter of Credit Reserve with respect to Lender Letters of Credit issued by such Issuing Lender other than any portion of such Letter of Credit Reserve as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Pro Rata Share of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.
		

		
			“Funding Date” means the date of each funding of a Loan (including the funding of a Swingline Loan and the funding of participations in a Swingline Loan, as applicable) or issuance of a Lender Letter of Credit.
		

		
			“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board that are applicable to the circumstances as of the date of determination.
		

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

		
			“Group” means, collectively, Holdings and its consolidated Subsidiaries.
		

		
			“Guarantee” means as to any Person (the “guaranteeing Person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness, leases, dividends, distributions or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,  however, that the term Guarantee shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee of any guaranteeing Person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect 
		

		 

		

			23

		

		

			 

		

 

		

			 

		

		of which such Guarantee is made and (b) the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary obligation and the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guaranteeing Person’s maximum reasonably anticipated liability in respect thereof as determined by Borrowers in good faith.
		

		
			“Guarantor Security Agreement” shall mean any Security Agreement executed by a Guarantor in favor of Agent securing the Guaranty of such Guarantor, in form and substance satisfactory to Agent.
		

		
			“Guarantors” means, collectively, Holdings and the Subsidiary Guarantors. 
		

		
			“Guaranty” shall mean any guaranty of the obligations of Borrowers executed by a Guarantor in favor of Agent for its benefit and for the ratable benefit of the Lenders and the other Secured Parties, in form and substance satisfactory to Agent.
		

		
			“Hazardous Material” means all or any of the following: (a) substances that are defined or listed in, or otherwise classified pursuant to, any Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define, list or classify substances by reason of deleterious and characteristic properties such as ignitability, corrosivity, reactivity, or toxicity; (b) except in the case of commercially reasonable quantities for use as a product, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any explosives or radioactive materials; and (d) asbestos in any form or electrical equipment that contains any oil or dielectric fluid containing polychlorinated biphenyls.
		

		
			“Hedge Agreement” means (a) any and all interest 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, (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules and annexes, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.
		

		
			“Hedged”, with respect to Eligible Inventory, means Eligible Inventory the sale price of which has been effectively hedged in a manner reasonably acceptable to Agent through one or a combination of commodity contracts or futures contracts entered into or held in by the applicable Borrower; provided that that applicable Borrower’s rights under such commodity contracts or futures contracts and all amounts due or to become due to the applicable Borrower under or in respect of such commodity contracts or futures contracts are subject to a perfected Lien and Prior Security Interest in favor of Agent.
		

		
			“Holdings” has the meaning assigned to that term in the introductory paragraph of this Agreement.
		

		

		

		 

		

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

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

		
			(b)all direct or contingent obligations of such Person arising under (i) letters of credit (including standby and commercial), bankers’ acceptances and bank guaranties and (ii) surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person;
		

		
			(c)net obligations of such Person under any Hedge Agreement;
		

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

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

		
			(f)all indebtedness  in respect of any Capital Lease of such Person, to the extent of the capitalized amount thereof that would appear on a balance sheet of such Person prepared at such time in accordance with GAAP;
		

		
			(g)all obligations of such Person in respect of Disqualified Stock; 
		

		
			(h)all Commodity Repurchase Agreement Indebtedness of such Person; and
		

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

		
			For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. 
		

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

		
			“Indemnitees” has the meaning assigned to that term in Section 10.2.
		

		
			“ING Capital” has the meaning assigned to that term in the introductory paragraph of this Agreement.
		

		
			“Initial Cure Period” means, (a) with respect to a Default under the Current Ratio Covenant or the Debt to Capitalization Covenant, the period beginning on the date on which the Compliance Certificate identifying such Default is delivered to Agent and ending on the fifth (5th) Business Day thereafter, and (b) with respect to a Default under the Collateral Coverage Covenant, the period beginning on the date Agent receives notice from Borrowers under clause (f)(x) of the Reporting Rider or the date on 
		

		 

		

			25

		

		

			 

		

 

		

			 

		

		which the Compliance Certificate identifying such Default is delivered to Agent, as applicable, and ending one (1) Business Day thereafter.
		

		
			“Initial KPI Metrics Report” means the report dated November 18, 2021 and titled Independent Limited Assurance Statement (as supplemented by the report dated January 11, 2022 and titled Independent Limited Assurance Statement), audited by the KPI Metrics Auditor, with a statement of limited assurance on the Baseline in connection with each and every Key Performance Indicator, pertaining to calendar year ending December 31, 2020.
		

		
			“Interest Period” means, as to any SOFR Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one (1), three (3) or six (6) months thereafter (in each case, subject to the availability thereof), as specified in the applicable Notice of Borrowing or Interest Election Request; provided that 
		

		
			(i) If any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, 
		

		
			(ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, 
		

		
			(iii) no Interest Period shall extend beyond the Scheduled Termination Date, 
		

		
			(iv) no tenor that has been removed from this definition pursuant to Section 2.13(d) shall be available for specification in such Notice of Borrowing, and 
		

		
			(v)there shall be no more than ten (10) Interest Periods relating to SOFR Loans outstanding at any time.
		

		
			For purposes hereof, the date of a Loan or Borrowing initially shall be the date on which such Loan or Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or Borrowing.
		

		
			“Interest Rate” has the meaning assigned to that term in Section 2.2(a).
		

		
			“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor incurs Indebtedness of the type referred to in clause (h) of the definition of “Indebtedness” in respect of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person.  For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment of principal actually received in cash by such Person with respect thereto.
		

		
			
		

		 

		

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		“Investment Account” means any Deposit Account, Securities Account or Commodity Account.
		

		
			“IRC” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute and all rules and regulations promulgated thereunder.
		

		
			“IRS” means the United States Internal Revenue Service.
		

		
			“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
		

		
			“Issuing Lender” means, individually and collectively, ING Capital, in its capacity as an issuer of Lender Letters of Credit hereunder, and any other Lender from time to time designated by the Borrowing Agent as an Issuing Lender, with the consent of such Lender and Agent, and their respective successors in such capacity.
		

		
			“Knowledge” means the actual knowledge of any Responsible Officer of a Loan Party or Restricted Loan Party, as applicable.
		

		
			“KPI Compliance Certificate” means a certificate substantially in the form set out in Exhibit I signed by two Responsible Officer(s) of Holdings attaching (a) true and correct copies of each KPI Metrics Report for the immediately preceding calendar year and setting forth the Sustainability Margin Adjustment for the period covered thereby and for the KPI Metrics disclosed therein, and computations in reasonable detail in respect thereof and (b) if any KPI Metrics Report was audited or reviewed by the KPI Metrics Auditor, a review report of the KPI Metrics Auditor containing its customary limited assurances with respect to the computations in such KPI Metrics Report.
		

		
			“KPI Metrics” means the four (4) selected key performance indicators (each, a “Key Performance Indicator”) reflecting the consolidated performance of the Group, which Key Performance Indicators shall have the meanings set forth below:
		

			
	
			
				 (a)
			“Green House Gas (GHG)” means, reduction of GHG emissions intensity measured as MT of CO2e/Raw Material MT as reported in the applicable KPI Metrics Report

			
	
			
				 (n)
			“Renewable Corn Oil Production” means, increase in renewable corn oil yield (total amount of renewable corn oil per bushel of corn used) as reported in the applicable KPI Metrics Report

			
	
			
				 (o)
			“Sustainable Technology” means, increase in total number of plants converted to sustainable ultra-high protein technologies, such as Maximized Stillage Co-Products (MSC), or Clean Sugar Technology (CST) as reported in the applicable KPI Metrics Report

			
	
			
				 (p)
			“Total Recordable Incident Rate” means, reduction in Total Recordable Incident Rate (TRIR), which is the number of incidents per 200,000 workhours (Department of Labor – Occupational Safety and Health Administration) as reported in the applicable KPI Metrics Report

		
			“KPI Metrics Auditor” means APEX Environmental Services, Apex Companies, LLC, or any other qualified independent auditor, as appointed by or on behalf of the Group, approved by the Sustainability Structuring Agent, from time to time, who provides a statement of limited assurance 
		

		 

		

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		concerning any KPI Metrics Report, being Apex Companies, LLC as at the Closing Date (and with respect to the Initial KPI Metrics Report).
		

		
			“KPI Metrics Report” means, with respect to any calendar year, a report that may take the form of any nonfinancial disclosure of the Group’s performance of one or more KPI Metrics prepared by or on behalf of the Group for one or more KPI Metrics for a specific calendar year. Such KPI Metrics Report shall be audited by the KPI Metrics Auditor with a statement of limited assurance.
		

		
			“Lender” or “Lenders” has the meaning assigned to that term in the introductory paragraph of this Agreement.  Unless the context requires otherwise, the term “Lenders” includes the Swingline Lenders.
		

		
			“Lender Letter of Credit” has the meaning assigned to that term in Section 2.1(e).
		

		
			“Letter of Credit Liability” means, all reimbursement and other liabilities of any Borrower with respect to a Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.
		

		
			“Letter of Credit Reserve” means, at any time, an amount equal to (a) the aggregate amount of Letter of Credit Liability with respect to all Lender Letters of Credit outstanding at such time plus, without duplication, (b) the aggregate amount theretofore paid by Agent or any Lender under Lender Letters of Credit and not debited to the Revolving Loan pursuant to Section 2.1(e)(2) or otherwise reimbursed by Borrower.
		

		
			“Letter of Non-Exemption” has the meaning assigned to that term in Section 2.9(c). 
		

		
			“Lien” means any lien (statutory or otherwise), mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind, whether voluntary or involuntary (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest).
		

		
			“Loan” or “Loans” means a Revolving Advance or a Swingline Loan.
		

		
			“Loan Documents” means this Agreement, the Notes (if any), any Guaranty, any Guarantor Security Agreement, the Fee Letter and all other agreements executed by or on behalf of any Loan Party and delivered concurrently herewith or at any time hereafter to or for Agent or any Lender in connection with the Loans, any Lender Letter of Credit, all as amended, restated, supplemented or modified from time to time, and including any such amendment, restatement, supplement or modification.
		

		
			“Loan Party” means each Borrower and each Guarantor.
		

		
			“Macquarie Repurchase Intercreditor Agreement”:  means that certain letter agreement to be executed after the Closing Date, by and among Agent and Macquarie Bank Limited or an Affiliate thereof, on terms and conditions acceptable to Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.
		

		
			“Margin Stock” means margin stock within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System.
		

		

		

		 

		

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		“Market Value” means, as of any date of determination, with respect to any Eligible Inventory, the price at which such Eligible Inventory could be acquired on such date by Borrowers in one or more arms-length transactions, as determined in good faith by Borrowers.
		

		
			“Material Adverse Effect” means a material adverse effect upon (a) the business, operations, liabilities (actual or contingent), properties, assets or financial condition of Borrowers taken as a whole, (b) the ability of Borrowers, taken as a whole, to perform their obligations under any Loan Document to which they are party or of Agent or the Lenders taken as a whole, to enforce or collect any of the Obligations or (c) the enforceability or priority (excluding the effect of Permitted Encumbrances) of the Agent’s Liens with respect to the Collateral. 
		

		
			“Material Contract” shall mean any contract, agreement, instrument, permit, lease or license, written or oral, of any Borrower, (i) which the failure to comply with could reasonably be expected to result in a Material Adverse Effect or (ii) that is deemed to be a material contract under any securities laws applicable to such Person, including the Securities Act of 1933.
		

		
			“Maximum Rate” has the meaning assigned to that term in Section 2.2(c).
		

		
			“Maximum Revolving Loan Amount” means, as of any date of determination, the lesser of (a) the Aggregate Revolving Loan Commitment as of such date, and (b) (i) during a Borrowing Base Period, the Borrowing Base as of such date, or (ii) at all other times, an amount equal to the Collateral Formula Amount as of such date divided by 1.20.
		

		
			“Moody’s” shall mean Moody’s Investors Services, Inc. and its successors. 
		

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

		
			“Multiple Employer Plan” means a Plan with respect to which Holdings or any ERISA Affiliate is a contributing sponsor, and that has two or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.
		

		
			“Net Negative Equity in Forward Contract Positions” means, as of any date of determination, the amount by which the Net Unrealized Forward Contract Position is less than $0.
		

		
			“Net Positive Equity in Forward Contract Positions” means, as of any date of determination, the amount by which the Net Unrealized Forward Contract Position exceeds $0.
		

		
			“Net Worth” of any Person means the consolidated stockholders’ equity of such Person, determined on a consolidated basis in accordance with GAAP.
		

		
			“Net Unrealized Forward Contract Position” means, as of any date of determination, the aggregate amount equal to (a) the Unrealized Profits on Forward Contract Positions on such date minus (b) the Unrealized Losses on Forward Contract Positions on such date.
		

		
			“Note” or “Notes” means the Revolving Notes.
		

		
			“Notice of Borrowing” means a notice in the form of Exhibit E.
		

		

		

		 

		

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		“Obligations” means all obligations, liabilities and indebtedness of every nature of each Loan Party from time to time owed to the Secured Parties or their respective Affiliates under the Loan Documents, any Secured Hedge Agreements, Commodity Repurchase Agreements, and/or Secured Bank Products Agreements (whether incurred before or after the Termination Date) including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest and all fees, costs and expenses, whether primary, secondary, direct, indirect, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable including, without limitation, all interest, fees, costs and expenses accrued or incurred after the filing of any petition under any bankruptcy or insolvency law (regardless of whether allowed or allowable in whole or in part as a claim therein); provided that the definition of “Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan Party to support, as applicable) any Excluded Swap Obligations of such Loan Party.
		

		
			“OECD” has the meaning provided in the definition of “Eligible Assignee.”
		

		
			“OFAC” has the meaning assigned to that term in Section 4.23(a).
		

		
			“Organizational Documents” means with respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization, limited liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate of formation, voting trust agreement, or similar agreement or instrument governing the formation or operation of such Person.
		

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

		
			“Other Taxes” has the meaning set forth in Section 2.9(d).
		

		
			“Participant Register” has the meaning set forth in Section 9.5(b).
		

		
			“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.
		

		
			“Pension Funding Rules” means the rules of the IRC and ERISA regarding minimum funding standards and minimum required contributions (including any installment payment thereof) to Pension Plans and Multiemployer Plans and set forth in Sections 412, 430, 431, 432 and 436 of the IRC and Sections 302, 303, 304 and 305 of ERISA.
		

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

		
			“Periodic Term SOFR Determination Day” has the meaning specified in the definition of “Term SOFR”.
		

		
			“Permitted Cure Securities” means Equity Interest issued (other than Disqualified Stock) by a Borrower or Holdings to their direct or indirect parent as consideration for a Cure Fund Payment.
		

		

		

		 

		

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		“Permitted Discretion” means a determination made in good faith and in the exercise of reasonable (from the perspective of a secured asset-based lender) business judgment.
		

		
			“Permitted Encumbrances” means the following types of Liens: 
		

			
	
			
				 (i)
			Liens in favor of Agent securing the Obligations; 

			
	
			
				 (ii)
			Liens (other than Liens relating to Environmental Claims or ERISA) for taxes, assessments, or similar charges, incurred in the ordinary course of business and which are not yet due and payable; or which are being contested in good faith with adequate reserved maintained with respect thereto;

			
	
			
				 (iii)
			Pledges or deposits (other than any Lien imposed by ERISA) made in the ordinary course of business to secure payment of worker’s compensation, or to participate in any fund in connection with worker’s compensation, unemployment insurance, old-age pensions or other social security programs;

			
	
			
				 (iv)
			Liens of mechanics, materialmen, warehousemen, carriers, or other like Liens, securing obligations incurred in the ordinary course of business that are not overdue by more than thirty (30) days; 

			
	
			
				 (v)
			Liens of landlords or sublandlords securing obligations to pay lease payments that are not yet due and payable or in default;

			
	
			
				 (vi)
			Good-faith pledges or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required in the ordinary course of business;

			
	
			
				 (vii)
			Encumbrances consisting of zoning restrictions, easements or other restrictions on the use of real property, none of which materially impairs the use of such property or the value thereof, and none of which is violated in any material respect by existing or proposed structures or land use;

			
	
			
				 (viii)
			Liens and security interests securing Specified Indebtedness so long as, and only to the extent that, such Specified Indebtedness is subject to a Specified Indebtedness Intercreditor Agreement;

			
	
			
				 (ix)
			Liens securing Indebtedness permitted under Section 7.1(d);

			
	
			
				 (x)
			Liens encumbering any Commodity Repurchase Agreement Property (but no other property of any Borrower) and securing Commodity Repurchase Agreement Indebtedness permitted hereunder so long as the Macquarie Repurchase Intercreditor Agreement is in effect.

			
	
			
				 (xi)
			Rights of set-off of financial institutions and other Persons in the ordinary course of banking and trading arrangements;

			
	
			
				 (xii)
			Liens on proceeds of specified insurance policies to secure any portion of the unpaid amount of premiums payable by any Borrower in respect of such policies;

			
	
			
				 (xiii)
			The following, (A) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and continue to be stayed or (B) if a final judgment is entered and such judgment is discharged 
		

		 

		

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			within thirty (30) days of entry, and, in any case, they do not in the aggregate materially impair the ability of the Restricted Loan Parties to perform their obligations hereunder or under the other Loan Documents:

		
			(1)Claims or Liens for taxes, assessments or charges due and payable and subject to interest or penalty, provided that the applicable Loan Party maintains such reserves or other appropriate provisions as shall be required by GAAP and pays all such taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien;
		

		
			(2)Claims, Liens or encumbrances upon, and defects of title to, real or personal property other than the Collateral, including any attachment of personal or real property or other legal process prior to adjudication of a dispute on the merits;
		

		
			(3)Claims or Liens of mechanics, materialmen, warehousemen, carriers, or other statutory nonconsensual Liens; 
		

		
			(xiv)Judgment Liens in such amounts as would not constitute an Event of Default; 
		

		
			(xv)Liens shown on Schedule 7.3 and Liens securing any Permitted Refinancing thereof; 
		

		
			(xvi)other Liens on assets not included in the Borrowing Base or the Collateral Formula Amount and not otherwise permitted under this Section 7.3 as to which the aggregate amount of the obligations secured thereby does not at any time exceed $250,000;
		

		
			(xvii)leases, licenses, cross-licenses, subleases or sublicenses granted to others in the ordinary course of business which (A) do not interfere in any material respect with the business of any Borrower, and (B) do not secure any Indebtedness; and
		

		
			(xviii)Statutory liens of each applicable Farm Credit Bank in the Farm Credit Equities.
		

		
			“Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal, restructuring, replacement or extension of any Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, restructured, refunded, renewed, replaced or extended except by an amount equal to unpaid accrued interest and premium thereon plus other amounts owing or paid related to such Indebtedness, and fees and expenses incurred, in connection with such modification, refinancing, refunding, renewal, restructuring, replacement or extension plus an amount equal to any existing commitments unutilized thereunder, (b) such modification, refinancing, refunding, renewal, replacement or extension has a final maturity date equal to or later than the final maturity date of, and has a weighted average life to maturity equal to or greater than the weighted average life to maturity of, the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended, (c) at the time thereof, no Event of Default shall have occurred and be continuing, (d) if such Indebtedness being modified, refinanced, refunded, renewed, replaced or extended is subordinated in right of payment to the Obligations, such modification, refinancing, refunding, renewal, replacement or extension is subordinated in right of payment to the Obligations on terms (x) at least as favorable (taken as a whole) to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced, refunded, renewed, replaced or extended or (y) is otherwise reasonably acceptable to Agent, (e) if such Indebtedness being modified, refinanced, replaced, refunded, renewed or extended is Indebtedness secured by Liens that are subordinated to the Liens securing the Obligations, (i) such modification, refinancing, replacement, refunding, renewal or extension is unsecured or secured by Liens that are subordinated to the Liens securing the Obligations on terms (x) at least as favorable (taken as a whole) to 
		

		 

		

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		the Lenders as those contained in the documentation (including any intercreditor or similar agreements) governing the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended or (y) otherwise reasonably acceptable to Agent and (ii) such modification, refinancing, refunding, renewal, replacement or extension is incurred by only a Person who is an obligor of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended and (f) if the Indebtedness being modified, refinanced, restructured, refunded, renewed, replaced or extended is secured by Liens on any of the Restricted Loan Parties’ property, such modification, refinancing, refunding, renewal, replacement or extension shall be secured only by such property (provided that if the Indebtedness being modified, refinanced, restructured, refunded, renewed, replaced or extended is secured by Liens that are not permitted hereunder, such modification, refinancing, refunding, renewal, replacement or extension shall only be secured by Liens otherwise permitted hereunder).
		

		
			“Permitted Supply Chain Financing” means a supply chain finance transaction or transactions whereby a Borrower sells (i) Designated Supply Chain Accounts consisting of a portion of its Accounts at the request of a customer of such Borrower or a related Borrower (and for the avoidance of doubt, not with respect to Accounts of any Borrower or Borrowers generally) or (ii) drafts or bills of exchange which reflect such Borrower’s right to payment from a customer of such Borrower or a related Borrower for goods or services provided, and:
		

			
	
			
				 (a)
			such Borrower, prior to entering into such transaction, shall have provided Agent with copies of all documentation regarding such proposed Permitted Supply Chain Financing arrangements;

			
	
			
				 (q)
			such Borrower shall have obtained the prior written consent of Agent before entering into such transaction;

			
	
			
				 (r)
			all or substantially all of the cash proceeds of such transaction are applied to repay the principal balance of the Revolving Loan;

			
	
			
				 (s)
			such transaction shall be without recourse to any Borrower other than customary recourse terms provided for in the applicable documentation (in connection with the customary representations made with respect to the applicable Account or drafts/bills of exchange);

			
	
			
				 (t)
			any discount rate applicable to such transaction shall be reasonable and customary based on market terms at such time; and

			
	
			
				 (u)
			prior to, or after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing and the Restricted Loan Parties shall be in compliance with Section 6, determined on a pro forma basis.

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

		
			“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA, maintained for employees of Borrowers or any Subsidiary, or any such plan to which Borrowers or any Subsidiary are required to contribute on behalf of any of their employees or with respect to which any Borrower has any liability.
		

		
			“Platform” means Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar electronic transmission system.
		

		

		

		 

		

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		“Prime Rate” means the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by Agent) or any similar release by the Federal Reserve Board (as determined by Agent).  Any change in the Prime Rate shall take effect at the opening of business on the day such change is publicly announced or quoted as being effective.
		

		
			“Prior Security Interest” means a valid and enforceable perfected first-priority security interest in the Collateral which is subject only to Liens for taxes not yet due and payable to the extent such prospective tax payments are given priority by statute.
		

		
			“Pro Rata Share” means, as of any date of determination, for any Lender (a) at any time prior to the termination of the Revolving Loan Commitments, the percentage (carried out to the ninth decimal place) obtained by dividing (i) the Revolving Loan Commitment of such Lender at such time by (ii) the Revolving Loan Commitments of all Lenders at such time and (b) at any time after the termination of the Revolving Loan Commitments, the percentage (carried out to the ninth decimal place) obtained by dividing (i) the outstanding principal balance of the Revolving Advances of such Lender at such time by (ii) the outstanding principal balance of the Revolving Loan at such time.
		

		
			The initial Pro Rata Share of each Lender is set forth opposite the name of such Lender on Schedule 1.1.
		

		
			“Projections” means Borrowers’ forecasted consolidated: (a) balance sheets, (b) profit and loss statements, and (c) cash flow statements, all prepared on a division by division and Subsidiary by Subsidiary basis consistent with Borrowers’ historical financial statements and based upon good faith estimates and assumptions by Borrowers believed to be reasonable at the time made, together with appropriate supporting details and a statement of underlying assumptions.
		

		
			“Protective Advance” has the meaning assigned to that term in Section 2.1(i).
		

		
			“Purchase Money Security Interest” means Liens (including, without limitation, capitalized leases under GAAP) upon tangible personal property (including the proceeds thereof) securing loans to the Restricted Loan Parties or deferred payments (including, without limitation, capitalized lease obligations under GAAP) by the Restricted Loan Parties for the purchase or capital lease of such tangible personal property, provided that such security interest does not encumber any asset except the assets purchased (and the proceeds thereof), and provided further that such security interest does not secure obligations in excess of such purchase price or deferred payments. 
		

		
			“QFC Credit Support” has the meaning assigned to that term in Section 10.25.
		

		
			“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other Person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.
		

		
			“Realized Score” means, in relation to any Key Performance Indicator and any KPI Metrics Report, the value or percentage assigned to that Key Performance Indicator as extracted from that KPI Metrics Report.
		

		

		

		 

		

			34

		

		

			 

		

 

		

			 

		

		“Register” has the meaning assigned to that term in Section 9.5(e).
		

		
			“Related Fund” has the meaning assigned to that term in Section 9.5(d).
		

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

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

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

		
			“Reporting Rider” means Rider A attached to this Agreement and made a part hereof. 
		

		
			“Requisite Lenders” means, at any time of determination, Lenders (other than a Defaulting Lender) holding or being responsible for more than fifty percent (50%) of the sum of the (a) outstanding Loans, (b) Letter of Credit Reserve, and (c) unutilized Revolving Loan Commitments of all Lenders which are not Defaulting Lenders.
		

		
			“Reserves” means any and all reserves which the Agent determines, in its Permitted Discretion, as being appropriate (a) to reflect the impediments to the Agent’s ability to realize upon the Collateral or the amount that the Agent would likely receive upon the liquidation of the Collateral, (b) to reflect claims and liabilities that the Agent determines in its Permitted Discretion will need to be satisfied in connection with the realization upon the Collateral, (c) to reflect criteria, events, conditions, contingencies or risks which adversely affect any component of any portion of the Collateral Formula Amount, (d) to reflect any other circumstances which would likely adversely affect the value of the Collateral, (e) to reflect any circumstances which adversely affect the enforceability or priority of the Agent’s Liens on the Collateral, or (f) to reflect that an Event of Default exists.  Reserves may only be established by the Agent, acting in its Permitted Discretion, upon at least three (3) Business Days’ prior written notice to the Borrowing Agent (which notice shall include a reasonably detailed description of such reserve being established or modified and the basis for such reserve or modification), except that no such notice shall be required (x) if an Event of Default has occurred or is continuing, (y) for changes to any reserves resulting solely by virtue of mathematical calculations of the amount of the reserve in accordance with the methodology of calculation previously utilized (such as, but not limited to, rent and customer credit liabilities), or (z) for changes to reserves or establishment of additional reserves if a Material Adverse Effect has occurred or it would be reasonably likely that a Material Adverse Effect would occur were such reserve not changed or established prior to the three (3) Business Day period; provided that during such three (3) Business Day period, borrowings shall not be permitted if, after giving pro forma effect to the imposition of such proposed reserves, Revolving Availability would be less than zero.  During any such applicable three (3) Business Day period, the Agent shall, if requested, discuss any such reserve or change with the Borrowers, and Borrowers may take such action (but, in any event, without prejudice to Agent’s right to implement any Reserves permitted hereunder) as may be required so that the event, condition or matter that is the basis for such reserve or change no longer exists or exists in a manner that would result in the establishment of a lower reserve or result in a lesser change, in each case, in a manner and to the extent reasonably satisfactory to the Agent.
		

		

		

		 

		

			35

		

		

			 

		

 

		

			 

		

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

		
			“Responsible Officer” means the chief executive officer, the president, any vice president, the controller, the chief financial officer, the treasurer, managing director or any other officer having substantially the same authority and responsibility or having been duly authorized by the board of directors (or similar managing entity) of the applicable Person, with respect to compliance with financial covenants or delivery of financial information, the chief financial officer or the treasurer of Borrowers or any other officer having substantially the same authority and responsibility or having been duly authorized by the board of directors (or similar managing entity) of the applicable Person.
		

		
			“Restricted Loan Parties” means, collectively, the Borrowers and the Subsidiary Guarantors.
		

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

		
			“Revolving Advance” means each advance made by the Lenders under the Revolving Loan Commitments.
		

		
			“Revolving Availability” means, as of any date of determination, the amount by which the Maximum Revolving Loan Amount as of such date exceeds the Aggregate Revolving Credit Exposure as of such date. 
		

		
			“Revolving Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving Advances, plus its Pro Rata Share of the Letter of Credit Reserve, plus its participation in Swingline Loans at such time.
		

		
			“Revolving Loan” means the outstanding balance of all Revolving Advances and any amounts added to the principal balance of the Revolving Loan pursuant to this Agreement (including, for the avoidance of doubt, the principal balance of any Protective Advances).
		

		
			“Revolving Loan Commitment” means, as to any Lender, the commitment of such Lender to make Revolving Advances pursuant to Section 2.1(a), and to purchase participations in (x) Lender Letters of Credit pursuant to Section 2.1(e) and (y) Swingline Loans pursuant to Section 2.1(g) in the aggregate amount set forth opposite such Lender’s name on Schedule 1.1 or in the most recent Assignment and Acceptance Agreement, if any, executed by such Lender, as such commitment may be reduced or increased from time to time in accordance with the terms of this Agreement.
		

		
			“Revolving Note” means each promissory note of Borrowers in substantially the form of Exhibit G, issued to evidence the Revolving Loan Commitment of any Lender.
		

		
			“Sanctions” has the meaning assigned to that term in Section 4.23(a).
		

		
			“Scheduled Termination Date” means March 25, 2027.
		

		
			“Secured Bank Products Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other 
		

		 

		

			36

		

		

			 

		

 

		

			 

		

		cash management or depositary arrangements entered into between any Restricted Loan Party and a Lender or an Affiliate of a Lender, in its separate capacity as a provider of such cash management services, a copy of which has been provided to Agent. The obligations of the Restricted Loan Parties to Agent, any Lender or any Affiliate of Agent or any Lender, as applicable, under any Secured Bank Products Agreement shall be “Obligations” hereunder and otherwise treated as Obligations for purposes of each of the other Loan Documents, and shall be entitled to the benefit and security of the Collateral, the Loan Documents and all other collateral security for the Obligations, on a pari passu basis with all other Obligations under this Agreement and the other Loan Documents.
		

		
			“Secured Hedge Agreement” means a Hedge Agreement that: (a) is provided to a Restricted Loan Party by Agent, any Lender or any Affiliate of Agent or any Lender; (b) is entered into by the applicable Restricted Loan Party in compliance with Section 7.1(f); and (c) with respect to which Agent has received satisfactory evidence that such Hedge Agreement (i) is documented in a standard International Swaps and Derivatives Association Agreement, (ii) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner, and (iii) is entered into for hedging (rather than speculative) purposes (it being understood and agreed that Agent shall have no obligation to ascertain whether any such agreement is entered into for speculative purposes).  The obligations of the Restricted Loan Parties to Agent, any Lender or any Affiliate of Agent or any Lender, as applicable, under any Secured Hedge Agreement shall be “Obligations” hereunder and otherwise treated as Obligations for purposes of each of the other Loan Documents, and shall be entitled to the benefit and security of the Collateral, the Loan Documents and all other collateral security for the Obligations, on a pari passu basis with all other Obligations under this Agreement and the other Loan Documents.   
		

		
			“Secured Parties” means, collectively, Agent, the Lenders, any provider of Secured Hedge Agreements (but excluding all Excluded Swap Obligations), any provider of services under a Secured Bank Products Agreement, the Indemnitees, and the successors and assigns of each of the foregoing.
		

		
			“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. 
		

		
			“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).
		

		
			“SOFR Borrowing” means, as to any Borrowing, the SOFR Loans comprising such Borrowing.
		

		
			“SOFR Loan” means a Loan that bears interest at a rate based on Adjusted Term SOFR, other than pursuant to clause (c) of the definition of “Base Rate”. 
		

		
			  “Solvent” means, with respect to any Person as of any date of determination, that, as of such date, (a) the “fair value” of the assets of such Person (taken as a whole and on a going concern basis) exceeds the sum of all debts of such Person as such quoted term is determined in accordance with applicable federal, state and provincial laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the property of such Person and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) such Person is able to meet its obligations as they generally become due, and (d) such Person does not have unreasonably small capital in relation to its business contemplated as of such date.  In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed 
		

		 

		

			37

		

		

			 

		

 

		

			 

		

		at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
		

		
			“Specified Indebtedness” means Indebtedness of a Subsidiary of Holdings outstanding at the time such Subsidiary becomes a Borrower hereunder (excluding any such Indebtedness incurred in contemplation of the joinder of such Subsidiary as a Borrower).
		

		
			“Specified Indebtedness Intercreditor Agreement” means an intercreditor agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by the lenders or agent with respect to any Specified Indebtedness.
		

		
			“Standard & Poor’s” shall mean Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc.
		

		
			“Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which more than fifty percent (50%) of the total voting power of shares of stock (or equivalent ownership or controlling interest) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other subsidiaries of that Person or a combination thereof.   
		

		
			“Subsidiary Borrower Conditions” means, with respect to any Borrower or proposed Borrower, each of the following:
		

			
	
			
				 (v)
			such Borrower either (i) is party hereto as a “Borrower” on the Closing Date or (ii) shall have executed and delivered to Agent a joinder agreement, in form and substance reasonably satisfactory to Agent, pursuant to which such Borrower shall have agreed to become a “Borrower” for all purposed under this Agreement and the other Loan Documents;

			
	
			
				 (w)
			subject to the time period set forth in Section 5.14(e), (i) such Borrower shall have entered into a Subsidiary Loan Agreement, in form and substance satisfactory to Agent in its reasonable discretion, a copy of which shall have been furnished to Agent, (ii) such Subsidiary Loan Agreement shall remain in full force and effect and shall have not been amended, waived or otherwise modified without the prior written consent of Agent and (iii) GP Finco shall have taken all actions reasonably requested by Agent to grant Agent, for the benefit of the Secured Parties, a perfected, first priority security interest in such Subsidiary Loan Agreement and all related Subsidiary Loan Documents;

			
	
			
				 (x)
			such Borrower shall have taken such other actions as Agent shall have reasonably required to grant to Agent, for the benefit of itself and the Secured Parties, a perfected first priority security interest in all of the Collateral of such Borrower; 

			
	
			
				 (y)
			such Borrower shall have delivered to Agent a secretary’s certificate or officer’s certificate satisfying the requirements set forth in Section 3.1(c);

			
	
			
				 (z)
			each of the Lenders shall have received, at least five (5) Business Days before the joinder of such Borrower, all documentation and other information reasonably requested it to satisfy its obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act; and

			
	
			
				 (aa)
			and if requested by Agent, such Borrower shall have delivered to Agent customary legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to Agent.

		

		

		 

		

			38

		

		

			 

		

 

		

			 

		

		“Subsidiary Borrowers” means, collectively, all of the Borrowers, other than each of the Borrowers that is a party to this Agreement on the Closing Date.
		

		
			“Subsidiary Guarantor” means each Subsidiary of Holdings that now or hereafter executes a Guaranty or becomes a party hereto as a “Guarantor”.
		

		
			“Subsidiary Loan Agreement” means, with respect to a given Borrower (other than GP Finco), the loan and security agreement (or similar agreement), entered into by such Subsidiary Borrower and GP Finco, as the same may be amended from time to time.  “Subsidiary Loan Agreements” means, collectively, all of the Subsidiary Loan Agreements entered into by GP Finco and the Subsidiary Borrowers from and after the Closing Date.
		

		
			“Subsidiary Loan Documents” means, collectively, the Subsidiary Loan Agreements and each other agreement, document, instrument, note,  collateral access agreement (or similar) or other writing executed and/or delivered by GP Finco and/or a Subsidiary Borrower in connection with any Subsidiary Loan Agreement.  
		

		
			“Supported QFC” has the meaning assigned to that term in Section 10.25.
		

		
			“Sustainability Documents” means the KPI Metrics Report and the KPI Compliance Certificate.
		

		
			“Sustainability Margin Adjustment” means the adjustment of the Applicable Margin for any KPI Metric as referred to in Section 2.14.
		

		
			“Sustainability Structuring Agent” means ING Capital LLC.
		

		
			“Sustainability Table” means the Sustainability Table set forth in Schedule 2.14.
		

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

		
			“Swingline Borrowing” means a borrowing of a Swingline Loan.
		

		
			“Swingline Lender” means ING Capital LLC, in its capacity as lender of Swingline Loans hereunder, or such other Lender as Borrowers may from time to time select as the Swingline Lender hereunder upon the approval of Agent and such other Lender.
		

		
			“Swingline Loan” means a loan made by a Swingline Lender to any Borrower pursuant to Section 2.1(g).
		

		
			“Swingline Loan Notice” means a notice in the form of Exhibit F.
		

		
			“Swingline Note” mean a promissory note of Borrowers in substantially the form of Exhibit H, issued to evidence the Swingline Loans made by the Swingline Lender.
		

		
			“Swingline Sublimit” means an amount equal to the lesser of $25,000,000.  The Swingline Sublimit is part of, and not in addition to, the Revolving Loan Commitments.
		

		
			“Target Score”, with respect to any calendar year, means, in relation to any Key Performance    Indicator, the value or percentage set out opposite that Key Performance Indicator under the 
		

		 

		

			39

		

		

			 

		

 

		

			 

		

		heading “Target Score” in Schedule 2.14 with respect to that calendar year, or such values as may be supplemented in accordance with Section 2.14.
		

		
			“Tax Liabilities” has the meaning assigned to that term in Section 2.9(a).
		

		
			“Term SOFR” means, 
		

		
			(a)for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and
		

		
			(b)for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day.
		

		
			“Term SOFR Adjustment” means, for any calculation with respect to a Base Rate Loan or a SOFR Loan, a percentage per annum as set forth below for the applicable Type of such Loan and (if applicable) Interest Period therefor:
		

		
			Base Rate Loans:
		

			
					
						﻿

				
	
					
						0.10%

				

		
			SOFR Loans:
		

			
					
						Interest Period

					
					
						Percentage

				
	
					
						One month

					
					
						0.10%

				
	
					
						Three months

					
					
						0.15%

				
	
					
						Six months

					
					
						0.25%

				

		
			provided that Agent may from time to time reduce any of the percentages set forth above to a percentage not less than zero with the written consent of all Lenders at such time (which consent may be given via 
		

		 

		

			40

		

		

			 

		

 

		

			 

		

		electronic mail or in any other manner contemplated for notices under this Agreement).  Any such reduction shall become effective on the first Business Day after the date on which Agent provides Borrowers notice of such reduction.
		

		
			  “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Agent in its reasonable discretion).
		

		
			“Term SOFR Reference Rate” means  the forward-looking term rate based on SOFR.
		

		
			  “Termination Date” means the earlier of (a) the Scheduled Termination Date and (b) the acceleration of all Obligations pursuant to Section 8.3.
		

		
			“Total Funded Debt” as of any date, shall mean, with respect to any Person and its Subsidiaries determined on a consolidated basis in accordance with GAAP (without duplication): (a) all Indebtedness (i) for borrowed money (including all Obligations hereunder and all Specified Indebtedness), (ii) for the deferred purchase price of property or services as of such date, (iii) in the form of obligations in respect of Capital Leases or (iv) which is evidenced by a note, bond, debenture or similar instrument but excluding, for the avoidance of doubt, any unfunded Lender Letters of Credit, bankers acceptances or similar instrument (including, in the case of each of clauses (i) through (iv) any Guarantees in respect of the types of Indebtedness described therein).  
		

		
			“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to Adjusted Term SOFR or the Base Rate.
		

		
			“U.S. Special Resolution Regimes” has the meaning assigned to that term in Section 10.25.
		

		
			“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided,  however, to the extent the law of any other state or other jurisdiction applies to the attachment, perfection, priority or enforcement of any Lien granted to Agent in any of the Collateral, “UCC” means the Uniform Commercial Code as in effect in such other state or jurisdiction for purposes of the provisions hereof relating to such attachment, perfection, priority or enforcement of a Lien in such Collateral.  To the extent this Agreement defines the term “Collateral” by reference to terms used in the UCC, each of such terms shall have the broadest meaning given to such terms under the UCC as in effect in any state or other jurisdiction.
		

		
			“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person 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.
		

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

		
			“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
		

		
			“Undisclosed Administration” means, in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, 
		

		 

		

			41

		

		

			 

		

 

		

			 

		

		custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction, if applicable law requires that such appointment not be disclosed.
		

		
			“Unrealized Losses on Forward Contract Positions” means, as of any date of determination, the sum of (a) the aggregate amount by which (1) the aggregate fair market value (net of storage and transportation costs) on such date of corn subject to Eligible Forward Contracts for sale by any Borrower exceeds (2) the amount which such Borrower’s customers have contractually agreed to pay to such Borrower pursuant to Eligible Forward Contracts in consideration of future deliveries of corn (net of any set-off rights of the counterparties to such Eligible Forward Contracts) plus (b) the aggregate amount by which (1) the amount which any Borrower has contractually agreed to pay farmers pursuant to Eligible Forward Contracts in consideration of future deliveries of corn (net of any set-off rights of the counterparties to such Eligible Forward Contracts) exceeds (2) the aggregate fair market value (net of storage and transportation costs) on such date of corn. 
		

		
			“Unrealized Profits on Forward Contract Positions” means, as of any date of determination, the sum of (a) the aggregate amount by which (1) the amount which any Borrower’s customers have contractually agreed to pay to such Borrower pursuant to Eligible Forward Contracts in consideration of future deliveries of corn (net of any set-off rights of the counterparties to such Eligible Forward Contracts), exceeds (2) the aggregate fair market value (net of storage and transportation costs) on such date of corn plus (b) the aggregate amount by which (1) the aggregate fair market value (net of storage and transportation costs) on such date of corn subject to Eligible Forward Contracts for purchase by any Borrower exceeds (2) the amount which such Borrower has contractually agreed to pay farmers pursuant to Eligible Forward Contracts in consideration of future deliveries of corn (net of any set-off rights of the counterparties to such Eligible Forward Contracts).
		

		
			“Unsuccessful Completion” means, at any time of determination with respect to any calendar year, that:
		

			
	
			
				 (a)
			The Group has failed to deliver the Sustainability Documents with respect to that calendar year in accordance with paragraph (p) of the Reporting Rider, or

			
	
			
				 (bb)
			The methodology for the determination of the Realized Score for one or more Key Performance Indicators has been altered in a material way compared to the methodology applied for the determination of the Baseline as published in the Initial KPI Metrics Report without the consent of the Requisite Lenders.

		
			“Unused Commitment Fee” means the fee described in Section 2.3(a).
		

		
			“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.
		

		
			“U.S. Dollars” and the sign “$” shall mean lawful money of the United States of America.
		

		
			“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.
		

		

		

		 

		

			42

		

		

			 

		

 

		

			 

		

		“Working Capital Schedule” means the written calculation of the Collateral Formula Amount in substantially the form of Schedule II to Exhibit B to this Agreement.
		

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

			
	
			
				 1.2
			UCC Defined Terms.  The following terms used in this Agreement shall have the respective meanings provided for in the UCC: “Accounts”, “Account Debtor”, “Buyer in Ordinary Course of Business”, “Chattel Paper”, “Commercial Tort Claim”, “Commodity Account”, “Commodity Contract”, “Commodity Intermediary”, “Deposit Account”, “Documents”, “Electronic Chattel Paper”, “Equipment”, “Farm Products”, “Fixtures”, “General Intangibles”, “Goods”, “Instruments”, “Inventory”, “Investment Property”, “Letter of Credit”, “Letter-of-Credit Rights”, “Licensee in Ordinary Course of Business”, “Payment Intangibles”, “Proceeds”, “Record”, “Securities Account”, “Securities Intermediary”, “Software”, “Supporting Obligations” and “Tangible Chattel Paper”.

			
	
			
				 1.3
			Accounting Terms.  For purposes of this Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP.  Financial statements and other information furnished to Agent or any Lender pursuant to Section 5.1 shall be prepared in accordance with GAAP (as in effect at the time of such preparation) on a consistent basis.  In the event any “Accounting Changes” (as defined below) shall occur and such changes affect financial covenants, standards or terms in this Agreement, then Borrowers and the Lenders agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the financial condition of Borrowers shall be the same after such Accounting Changes as if such Accounting Changes had not been made, and until such time as such an amendment shall have been executed and delivered by Borrowers and the Requisite Lenders, (A) all financial covenants, standards and terms in this Agreement shall be calculated and/or construed as if such Accounting Changes had not been made, and (B) Borrowers shall prepare footnotes to each Compliance Certificate and the financial statements required to be delivered hereunder that show the differences between the financial statements delivered (which reflect such Accounting Changes) and the basis for calculating financial covenant compliance (without reflecting such Accounting Changes). “Accounting Changes” means: (a) changes in accounting principles required by GAAP and implemented by Borrower; and (b) changes in accounting principles recommended by Borrower’s Accountants. All such adjustments resulting from expenditures made subsequent to the Closing Date (including, but not limited to, capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made.  Notwithstanding the foregoing, for purposes of determining compliance with any financial covenant contained herein, the effects of FASB Accounting Standards Update 2016-02 (Topic 842) shall be disregarded.

			
	
			
				 1.4
			Other Definitional Provisions.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  The word “or” is not exclusive. The word “year” shall refer (i) in the case of a leap year, to a year of three hundred sixty-six (366) days, and (ii) otherwise, 
		

		 

		

			43

		

		

			 

		

 

		

			 

		

			to a year of three hundred sixty-five (365) days.  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein or in any other Loan Document to Articles, Sections, Exhibits, Riders and Schedules shall be construed to refer to Articles and Sections of, and Exhibits, Riders and Schedules to, this Agreement or such other Loan Document, as applicable, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (f) 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, and (g) the words “renew”, “renewal” and variations thereof as used herein with respect to a Lender Letter of Credit means to extend the term of such Letter of Credit or to reinstate an amount drawn under such Lender Letter of Credit or both.

			
	
			
				 1.5
			Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws) (each, a “Division”): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.  In no event shall any Loan Party be permitted to effectuate a Division and if any Subsidiary shall consummate a Division, such Subsidiary shall be required, promptly after the effectiveness of such Division, to comply with the requirements set forth in Section 5.12 to the extent applicable.

			
	
			
				 1.6
			Rates.  Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Base Rate, the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes.  Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrowers.  Agent may select information sources or services in its reasonable discretion to ascertain the Base Rate, the Term SOFR Reference Rate, Term SOFR, Adjusted Term SOFR or any other Benchmark, in each case pursuant to the terms of this Agreement, and, except as otherwise provided in this Agreement, shall have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

			
	
			
				 Section 2
			LOANS AND COLLATERAL

			
	
			
				 2.1
			Loans.

		 

		

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				 (a)
			Revolving Loans.  Subject to the terms and conditions herein set forth, each Lender with a Revolving Loan Commitment severally agrees to make loans to Borrowers  from time to time in an aggregate principal amount that will not result in (i) such Lender’s Revolving Credit Exposure exceeding its Revolving Loan Commitment.  Amounts borrowed under this Section 2.1(a) may be repaid and reborrowed at any time prior to the earlier of (x) the termination of the Revolving Loan Commitment pursuant to Section 8.3 or (y) the Termination Date.   Except as otherwise provided herein, no Lender shall have any obligation to make a Revolving Advance if such Revolving Advance would cause the Aggregate Revolving Credit Exposure (after giving effect to any immediate application of the proceeds thereof) to exceed the Maximum Revolving Loan Amount.

			
	
			
				 (b)
			[Reserved].  

			
	
			
				 (c)
			Borrowing Mechanics.  

			
	
			
				 (i)
			Base Rate Loans made on any Funding Date shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of such amount.  SOFR Loans made on any Funding Date shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of such amount. 

			
	
			
				 (ii)
			On any day when any Borrower desires a Revolving Advance, such Borrower, through Borrowing Agent, shall give Agent written or telephonic notice of the proposed borrowing by 2:00 p.m. (New York City time) on the Funding Date of a Base Rate Loan or three (3) Business Days in advance of the Funding Date of a SOFR Loan, which notice shall specify the proposed Funding Date (which shall be a Business Day), the amount of Loan requested, whether such borrowing shall consist of Base Rate Loans or SOFR Loans, and, for SOFR Loans, the Interest Period applicable thereto.  Neither Agent nor any Lender shall incur any liability to any Borrower for acting upon any telephonic notice or a Notice of Borrowing which Agent believes in good faith to have been given by a duly authorized officer or other person authorized to borrow on behalf of such Borrower or for otherwise acting in good faith under this Section 2.1(c).  Neither Agent nor any Lender will be required to make any advance pursuant to any telephonic or written notice or a Notice of Borrowing, unless all of the applicable terms and conditions set forth in Section 3 have been satisfied and Agent has received the most recent Compliance Certificate and all other documents required under Section 5 and the Reporting Rider by 2:00 p.m. (New York City time) on the date of such funding request.  

			
	
			
				 (iii)
			Each Revolving Advance shall be deposited by wire transfer in immediately available funds in such account as Borrowing Agent may from time to time designate to Agent in writing.  Borrowers’ failure to pay when due any amount required to be paid under this Agreement or any of the other Loan Documents as principal, Lender Letter of Credit reimbursement obligation, accrued interest, fees, compensation or any other amounts shall be deemed irrevocably to be an automatic request by Borrowers for a Revolving Advance, which shall be a Base Rate Loan, on the due date of, and in the amount required to pay (as set forth on Agent’s books and records), such principal, Lender Letter of Credit reimbursement obligation, accrued interest, fees, compensation or any other amounts.  Agent shall notify the Borrowers in writing promptly following the funding of any such Revolving Advance described in the immediately preceding sentence.

			
	
			
				 (d)
			Notes.  If so requested by any Lender by written notice to Agent at least two (2) Business Days prior to the Closing Date, or at any time thereafter, Borrowers shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 9.5) on the Closing Date (or, if such notice is delivered after the Closing Date, promptly after Borrower’s receipt of such notice) a Revolving Note to evidence such Lender’s Revolving Advances.

		 

		

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				 (e)
			Letters of Credit.  The Revolving Loan Commitments may be utilized, upon the request of the Borrowing Agent, for the issuance of letters of credit by Agent, or with the consent of Borrowers, Agent and the applicable Lender, any Lender (each a “Lender Letter of Credit”); provided that in no event shall any Lender Letter of Credit be issued to the extent that the issuance of such Lender Letter of Credit would cause the Aggregate Revolving Credit Exposure to exceed the Maximum Revolving Loan Amount.

			
	
			
				 (i)
			Maximum Amount.  The aggregate amount of Letter of Credit Liability with respect to all Lender Letters of Credit outstanding at any time shall not exceed $35,000,000.  

			
	
			
				 (ii)
			Reimbursement.  Borrowers shall be irrevocably and unconditionally obligated forthwith without presentment, demand, protest or other formalities of any kind, to reimburse Agent or the issuer for any amounts paid with respect to a Lender Letter of Credit, including all fees, costs and expenses, on the date such amounts are so paid.  Borrowers hereby authorize and direct Agent, at Agent’s option, to debit Borrowers’ account (by increasing the Revolving Loan) in the amount of any payment made with respect to any Lender Letter of Credit.  In the event that Agent elects not to debit Borrowers’ account and Borrowers fail to reimburse Agent in full on the date of any payment under a Lender Letter of Credit, Agent shall promptly notify each Lender of the unreimbursed amount of such payment together with accrued interest thereon and each Lender, on the next Business Day, shall deliver to Agent an amount equal to its respective participation in same day funds.  The obligation of each Lender to deliver to Agent an amount equal to its respective participation pursuant to the foregoing sentence shall be absolute and unconditional and such remittance shall be made notwithstanding the occurrence or continuation of an Event of Default or Default or the failure to satisfy any condition set forth in Section 3.  In the event any Lender fails to make available to Agent the amount of such Lender’s participation in such Lender Letter of Credit, Agent shall be entitled to recover such amount on demand from such Lender together with interest on such amount calculated at the Federal Funds Effective Rate.

			
	
			
				 (iii)
			Request for Letters of Credit.  Borrowers shall give Agent at least five (5) Business Days prior notice specifying the date a Lender Letter of Credit is to be issued, identifying the beneficiary and describing the nature of the transactions proposed to be supported thereby.  The notice shall be accompanied by the form of the Letter of Credit being requested.  Any Letter of Credit which any Borrower requests must be in such form, be for such amount, contain such terms and support such transactions as are reasonably satisfactory to the Issuing Bank.  Within three (3) Business Days following receipt of such notice from Borrowers, the Issuing Bank shall notify Borrowers if any terms of such requested Letter of Credit are not reasonably satisfactory to the Issuing Bank.  The expiration date of each Lender Letter of Credit shall be on a date which is at least five (5) Business Days prior to the Scheduled Termination Date unless otherwise agreed to by Agent (provided such expiration date shall not extend beyond the Scheduled Termination Date).  Notwithstanding the foregoing, a Lender Letter of Credit (1) shall be a standby letter of credit and (2) may include “evergreen” or automatic extension provisions; provided that (x) any such letter of credit shall permit the Issuing Lender to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such letter of credit) by giving prior notice to Borrowing Agent and the beneficiary thereof and (y) no such letter of credit shall extend or be permitted to extend beyond the Scheduled Termination Date. 

			
	
			
				 (iv)
			Lender Participation. Each Lender shall be deemed to have purchased a participation in each Lender Letter of Credit issued on behalf of any Borrower, immediately and automatically upon such issuance, in an amount equal to its Pro Rata Share of the Aggregate Revolving Loan Commitment.  

			
	
			
				 (f)
			Other Letter of Credit Provisions.

		 

		

			46

		

		

			 

		

 

		

			 

		

			
	
			
				 (i)
			Obligations Absolute.  The obligation of Borrowers to reimburse Agent or any Lender for payments made under, and other amounts payable in connection with, any Lender Letter of Credit shall be unconditional and irrevocable and shall be paid under all circumstances strictly in accordance with the terms of this Agreement including, without limitation, the following circumstances:

			
	
			
				 (A)
			any lack of validity or enforceability of any Lender Letter of Credit, or any other agreement;

			
	
			
				 (B)
			the existence of any claim, set-off, defense or other right which any Borrower, any of its Subsidiaries or Affiliates or any other Person may at any time have against any beneficiary or transferee of any Lender Letter of Credit (or any Persons for whom any such transferee may be acting), Agent, any Lender, or any other Person, whether in connection with this Agreement, any other Loan Document, or any other related or unrelated agreements or transactions;

			
	
			
				 (C)
			any draft, demand, certificate or any other document presented under any Lender 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; 

			
	
			
				 (D)
			any adverse change in the business, operations, properties, assets, condition (financial or otherwise) or prospects of Loan Parties or any of their Subsidiaries;

			
	
			
				 (E)
			any breach of this Agreement or any other Loan Document by any party thereto;

			
	
			
				 (F)
			[reserved];

			
	
			
				 (G)
			the fact that a Default or an Event of Default shall have occurred and be continuing; or

			
	
			
				 (H)
			payment under any Lender Letter of Credit against presentation of a demand, draft or certificate or other document which does not comply with the terms of such Lender Letter of Credit; provided that, in the case of any payment by Agent or a Lender under any Lender Letter of Credit, Agent or such Lender has not acted with gross negligence or willful misconduct (as determined by a final non-appealable order by a court of competent jurisdiction) in determining that the demand for payment under such Lender Letter of Credit complies on its face with any applicable requirements for a demand for payment under such Lender Letter of Credit.

			
	
			
				 (ii)
			Nature of Lender’s Duties.  None of Agent, the Lenders nor any Issuing Lender, shall be responsible: (A) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document by any party in connection with the application for and issuance of any Lender Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (B) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Lender 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; (C) for failure of the beneficiary of any Lender Letter of Credit to comply fully with conditions required in order to demand payment thereunder; provided that, in the case of any payment under any such Lender Letter of Credit, any Issuing Lender has not acted with gross negligence or willful misconduct (as determined by a final non-appealable order by a court of competent jurisdiction) in determining that the demand for payment under any such Lender Letter of Credit complies on its face with any applicable requirements for a demand for 
		

		 

		

			47

		

		

			 

		

 

		

			 

		

			payment thereunder; (D) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (E) for errors in interpretation of technical terms; (F) for any loss or delay in the transmission or otherwise of any document required in order to make a payment under any such Lender Letter of Credit; (G) for the credit of the proceeds of any drawing under any such Lender Letter of Credit; and (H) for any consequences arising from causes beyond the control of Agent or any Lender as the case may be.

			
	
			
				 (iii)
			Liability.  In furtherance and extension of and not in limitation of, the specific provisions herein above set forth, any action taken or omitted by Agent or any Lender under or in connection with any Lender Letter of Credit, if taken or omitted in good faith, shall not put Agent or any Lender under any resulting liability to Borrowers or any other Lender; provided that nothing in this Agreement shall relieve Agent or any Lender issuing a Lender Letter of Credit from liability for Agent’s or such Lender’s gross negligence or willful misconduct or breach in bad faith of its obligations under this Agreement (as determined by a court of competent jurisdiction in a final, non-appealable judgment) including in connection with actions or omissions described in this Section.  

			
	
			
				 (g)
			Swingline Loans.

			
	
			
				 (i)
			Swingline Loans.  Subject to the terms and conditions set forth herein, each Swingline Lender, in reliance on the agreements of the Lenders set forth in this Section, agrees to make Swingline Loans to Borrowers from time to time on any Business Day before the Termination Date, in an aggregate principal amount that will not result in (x) the Revolving Credit Exposure of any Lender exceeding its Revolving Loan Commitment, (y) the Aggregate Revolving Credit Exposure exceeding the Maximum Revolving Loan Amount or (z) the aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Sublimit; provided,  further, that no Swingline Lender shall be required to make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to the terms and conditions set forth herein, Borrowers may borrow, prepay and reborrow Swingline Loans.

			
	
			
				 (ii)
			Borrowing Procedures for Swingline Loans.  Each Swingline Borrowing shall be made upon Borrower’s notice to the applicable Swingline Lender and Agent.  Each such notice shall be in the form of a Swingline Loan Notice, appropriately completed and signed by a duly authorized officer of Borrowing Agent, or may be given by telephone (if promptly confirmed in writing by delivery of such a Swingline Loan Notice consistent with such telephonic notice) and must be received by such applicable Swingline Lender and Agent not later than 2:00 p.m. (New York City time) on the date (which shall be a Business Day) of the requested Swingline Borrowing, and such notice shall specify (i) the amount to be borrowed, which shall be in a minimum of $100,000 or a larger multiple of $100,000, and (ii) the date of such Swingline Borrowing (which shall be a Business Day).  Subject to the terms and conditions set forth herein, such Swingline Lender shall make each Swingline Loan available to Borrowers by credit to Borrowers’ account with such Swingline Lender or by wire transfer in accordance with instructions provided to (and reasonably acceptable to) such Swingline Lender, not later than 4:30 p.m. (New York City time) on the requested date of such Swingline Loan.

			
	
			
				 (iii)
			Participations by the Lenders in Swingline Loans.

		
			(A)Immediately upon the making of a Swingline Loan by a Swingline Lender, and without any further action on the part of such Swingline Lender or the Lenders, such Swingline Lender hereby grants to each Lender, and each Lender hereby acquires from such Swingline Lender, a participation in such Swingline Loan equal to such Lender’s Pro Rata Share (determined by reference to the Revolving Loan Commitments of the Lenders) of the amount of such Swingline Loan.  Each Swingline Lender may, by written notice given to Agent not later than 3:00 p.m., New York City time, on any Business Day, 
		

		 

		

			48

		

		

			 

		

 

		

			 

		

		require the Lenders to fund participations on such Business Day in all or a portion of its Swingline Loans outstanding.  Such notice shall specify the aggregate amount of Swingline Loans in which the Lenders will fund such participations.  Promptly upon receipt of such notice, Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Pro Rata Share of such Swingline Loan or Loans.  Each Lender hereby absolutely, unconditionally and irrevocably agrees, upon receipt of notice as provided above in this paragraph, to pay to Agent, for account of the Swingline Lender, such Lender’s Pro Rata Share of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its obligation to acquire and fund participations in Swingline Loans pursuant to this paragraph is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Revolving Loan Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds to Agent’s Account, and Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders.
		

		
			(B)Agent shall notify Borrowers of any participations in any Swingline Loan funded pursuant to the preceding paragraph, and thereafter payments in respect of such Swingline Loan shall be made to Agent and not to the applicable Swingline Lender.  Any amounts received by a Swingline Lender from Borrowers (or other party on behalf of Borrowers) in respect of a Swingline Loan made by such Swingline Lender after receipt by such Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to Agent.  Any such amounts received by Agent shall be promptly remitted by Agent to the Lenders that shall have made their payments pursuant to the preceding paragraph and to such Swingline Lender, as their interests may appear, provided that any such payment so remitted shall be repaid to such Swingline Lender or to Agent, as applicable, if and to the extent such payment is required to be refunded to Borrowers for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve Borrowers of any default in the payment thereof.
		

		
			(C)Subject to the provisions of Section 2.2(a), during such periods as a Swingline Loan shall remain outstanding, such Swingline Loan shall bear interest at a per annum rate equal to the Base Rate plus the Adjusted Applicable Margin. Interest on Swingline Loans shall be payable in quarterly in arrears and on the Termination Date.
		

		
			(D)Swingline Loans shall, upon the request of the Swingline Lender, be evidenced by a Swingline Note.
		

			
	
			
				 (iv)
			Resignation of Swingline Lender.  Any Swingline Lender may resign at any time by giving 30 days’ prior notice to Agent, the Lenders and Borrower.  After the resignation of a Swingline Lender hereunder, the retiring Swingline Lender shall remain a party hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement and the other Loan Documents with respect to Swingline Loans made by it prior to such resignation, but shall not be required to make any additional Swingline Loans.

			
	
			
				 (h)
			Availability of a Lender’s Pro Rata Share.

		 

		

			49

		

		

			 

		

 

		

			 

		

			
	
			
				 (i)
			Lender’s Amounts Available on a Funding Date.  Unless Agent receives written notice from a Lender on or prior to any Funding Date that such Lender will not make available to Agent as and when required such Lender’s Pro Rata Share of any requested Loan or participation in a Swingline Loan, Agent may assume that each Lender will make such amount available to Agent in immediately available funds on the Funding Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. 

			
	
			
				 (ii)
			Lender’s Failure to Fund.  A Defaulting Lender shall pay interest to Agent at the Federal Funds Effective Rate on the Defaulted Amount from the Business Day following the applicable Funding Date of such Defaulted Amount until the date such Defaulted Amount is paid to Agent.  A notice of Agent submitted to any Lender with respect to amounts owing under this subsection shall be conclusive, absent manifest error. If such amount is not paid when due to Agent, Agent, at its option, may notify Borrowers of such failure to fund and, upon demand by Agent, Borrowers shall pay the unpaid amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loan made by the other Lenders on such Funding Date.  The failure of any Lender to make available any portion of its Revolving Loan Commitments on any Funding Date or to fund its participation in a Lender Letter of Credit shall not relieve any other Lender of any obligation hereunder to fund such Lender’s Revolving Loan Commitment on such Funding Date or to fund any such participation, but no Lender shall be responsible for the failure of any other Lender to honor its Revolving Loan Commitment on any Funding Date or to fund any participation to be funded by any other Lender.

			
	
			
				 (iii)
			Payments to a Defaulting Lender.  Any payment of principal, interest, fees or other amounts received by Agent for the account of a Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.3 or otherwise) or received by Agent from a Defaulting Lender pursuant to Section 9.6 shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder; third, to deposit with Agent for the benefit of any Issuing Lender cash collateral in an amount equal to such Defaulting Lender’s Pro Rata Share of the aggregate amount of Letter of Credit Liability with respect to Lender Letters of Credit issued by such Issuing Lender; fourth, as Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and Borrowers, 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) to cash collateralize for the benefit of any Issuing Lender, such Defaulting Lender’s Pro Rata Share of future Letter of Credit Liability with respect to future Lender Letters of Credit issued by such Issuing Lender; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, Swingline Lender or Issuing Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to Borrowers as a result of any judgment of a court of competent jurisdiction obtained by Borrowers against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or a payment under any Lender Letters of Credit in respect of which such Defaulting Lender has not fully funded its Pro Rata Share, and (y) such Loans were made or the related Lender Letters of Credit were issued at a time when the conditions set forth in Section 3.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Lender Letters of Credit owed to, all non-defaulting Lenders based on their respective Pro Rata Share prior to being applied to the payment of any Loans of, or Lender Letters of Credit owed to, such 
		

		 

		

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			Defaulting Lender until such time as all Loans and funded and unfunded participations in Lender Letters of Credit or Swingline Loans are held by the Lenders pro rata in accordance with the Revolving Loan Commitments, as applicable.  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 2.1(h)(iii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

			
	
			
				 (iv)
			Defaulting Lender’s Right to Vote.  No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver, consent or any other action the Lenders or the Requisite Lenders have taken or may take hereunder (including any consent to any amendment or waiver pursuant to Section 9.4); provided that any waiver, amendment, consent or modification that (A) extends or increases the Loans or Revolving Loan Commitments of such Defaulting Lender, (B)  reduces, forgives or waives any payments of outstanding interest and principal of any Loans made by such Defaulting Lender, or applicable interest thereon (other than default interest) or (C) otherwise affects such Defaulting Lender in a manner that is disproportionately adverse relative to the non-Defaulting Lenders shall require the consent of such Defaulting Lender.

			
	
			
				 (v)
			Reallocation of Participations to Reduce Fronting Exposure.  All or any part of such Defaulting Lender’s participation in Lender Letters of Credit and Swingline Loans shall be reallocated among the non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender’s Revolving Loan Commitment) but only to the extent that such reallocation does not cause the Revolving Credit Exposure of any non-Defaulting Lender to exceed such non-Defaulting Lender’s Revolving Loan Commitment.  Subject to Section 10.24, 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.  If the reallocation described above cannot, or can only partially, be effected, Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, cash collateralize the Issuing Lenders’ Fronting Exposure in an amount equal to the amount set forth in Section 8.3(b).

			
	
			
				 (vi)
			Defaulting Lender Cure.  If Borrowers, Agent, each Issuing Lender and each Swingline Lender agree in writing that a Lender is no longer a Defaulting Lender, 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 such Defaulting Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Lender Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Revolving Loan Commitments, 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 Borrowers while that Lender was a Defaulting Lender; and provided,  further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

			
	
			
				 (i)
			Protective Advances.  

			
	
			
				 (i)
			Subject to the limitations set forth below, Agent is authorized by Borrowers and the Lenders, from time to time in Agent’s sole discretion (but shall have absolutely no obligation to), to make Revolving Advances to Borrowers, on behalf of all Lenders, which Agent, in its Permitted Discretion, deems necessary or desirable (i) to preserve or protect the Collateral or any portion 
		

		 

		

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			thereof, (ii) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations or (iii) to pay when due any other amount chargeable to or required to be paid by Borrowers pursuant to the terms of this Agreement, including payments of principal, interest, fees, premiums, reimbursable expenses (including costs, fees and expenses as described in Section 10.1) and other sums payable under the Loan Documents (any of such Revolving Advances are herein referred to as “Protective Advances”); provided that no Protective Advance shall cause the Aggregate Revolving Credit Exposure (after giving effect to any such Protective Advance or the application thereof) to exceed the Aggregate Revolving Loan Commitment then in effect.  Agent shall notify Borrowers promptly following any Revolving Advance made pursuant to the immediately preceding sentence.  The Protective Advances shall be secured by the Liens in favor of Agent in and to the Collateral and shall constitute Obligations hereunder. All Protective Advances shall be Base Rate Borrowings. Agent’s authorization to make Protective Advances may be revoked at any time by the Requisite Lenders. Any such revocation must be in writing and shall become effective prospectively upon Agent’s receipt thereof. At any time that the Aggregate Revolving Credit Exposure does not exceed the Aggregate Revolving Loan Commitment then in effect, Agent may request the Lenders to make Revolving Advances to repay a Protective Advance. At any other time Agent may require the Lenders to fund their risk participations described in clause (b) below.  Notwithstanding anything in this Section 2.1(i) to the contrary, Agent shall not make a Protective Advance if the making of such Protective Advance would cause the aggregate outstanding principal balance of the Protective Advances (including Protective Advances transferred to the Lenders pursuant to clause (ii) below, to the extent such Protective Advances have not been repaid by Borrowers) to exceed $25,000,000.

			
	
			
				 (ii)
			Upon the making of a Protective Advance by Agent (whether before or after the occurrence of a Default or an Event of Default), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from Agent without recourse or warranty, an undivided interest and participation in such Protective Advance in proportion to its Pro Rata Share of the aggregate Revolving Loan Commitments. Each Lender shall transfer (a “Transfer”) the amount of such Lender’s Pro Rata Share of the outstanding principal amount of the applicable Protective Advance with respect to such purchased interest and participation promptly when requested to Agent, to such account of Agent as Agent may designate, but in any case not later than 3:00 p.m., New York City time, on the Business Day notified (if notice is provided by Agent prior to 12:00 p.m. New York City time, and otherwise on the immediately following Business Day (the “Transfer Date”)). Transfers may occur during the existence of a Default or an Event of Default and whether or not the applicable conditions precedent set forth in Section 3.2 have then been satisfied. Such amounts transferred to Agent shall be applied against the amount of the Protective Advance and, together with Lender’s Pro Rata Share of such Protective Advance, shall constitute Revolving Advances of such Lenders, respectively. If any such amount is not transferred to Agent by any Lender on such Transfer Date, Agent shall be entitled to recover such amount on demand from such Lender together with interest thereon. From and after the date, if any, on which any Lender is required to fund, and funds, its participation in any Protective Advance purchased hereunder, Agent shall promptly distribute to such Lender, such Lender’s Pro Rata Share of all payments of principal and interest and all proceeds of Collateral received by Agent in respect of such Protective Advance.

			
	
			
				 2.2
			Interest.

			
	
			
				 (a)
			Rate of Interest.  The Loans and all other Obligations shall bear interest from the date such Loans are made or such other Obligations become due to the date paid at a rate per annum equal to (i) in the case of Base Rate Loans and Obligations for which no interest rate basis is specified, the Base Rate plus the Adjusted Applicable Margin and (ii) in the case of SOFR Loans, Adjusted Term SOFR plus the Adjusted Applicable Margin (collectively the “Interest Rate”).  Such Interest Rate designation by the Borrowing Agent may be changed from time to time pursuant to Section 2.2(d).   After the occurrence and during the continuance of an Event of Default (i) the Loans and all other outstanding Obligations shall, at the election of Agent, bear interest at a rate per annum equal to two percent (2%) plus the applicable Interest 
		

		 

		

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			Rate (the “Default Rate”) (provided, the Loans and all other Obligations shall immediately bear interest at the Default Rate upon the occurrence of any Event of Default under in Sections 8.1(a),  (g), or (h)), (ii) each SOFR Loan shall automatically convert to a Base Rate Loan at the end of the Interest Period applicable to such SOFR Loan and (iii) no Loans may be made as or converted to SOFR Loans.  

			
	
			
				 (b)
			Computation and Payment of Interest.  Except as expressly set forth herein, interest on the Loans and all other Obligations shall be computed on the daily principal balance thereof on the basis of, (x) with respect to SOFR Loans and Obligations bearing interest at rates determined by reference to SOFR, a three hundred sixty (360) day year for the actual number of days elapsed, and (y) with respect to all other Loans (including Swingline Loans) and Obligations, a three hundred sixty-five (365) or three hundred sixty-six (366) day year, as applicable, for the actual number of days elapsed.  In computing interest on any Loan, the date of funding of the Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted from a SOFR Loan, the date of conversion of such SOFR Loan to such Base Rate Loan, shall be included; and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan, or with respect to a Base Rate Loan being converted to a SOFR Loan, the date of conversion of such Base Rate Loan to such SOFR Loan, shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.  Interest on Base Rate Loans and all other Obligations other than SOFR Loans shall be payable to Agent for the benefit of the Lenders quarterly in arrears on the first day of each quarter, on the date of any prepayment of Loans, and at maturity, whether by acceleration or otherwise.  Interest on SOFR Loans shall be payable to Agent for the benefit of the Lenders on the last day of the applicable Interest Period for such Loan, on the date of any prepayment of the Loans, and at maturity, whether by acceleration or otherwise.  In addition, interest on each SOFR Loan having an Interest Period longer than three (3) months, interest accrued on such Loan shall also be payable on the last day of each three (3) month interval during such Interest Period. 

			
	
			
				 (c)
			Interest Laws.  Notwithstanding any provision to the contrary contained in this Agreement or any other Loan Document, Borrowers shall not be required to pay, and neither Agent nor any Lender shall be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law (“Excess Interest”).  If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Agreement or in any other Loan Document, then in such event:  (i) the provisions of this subsection shall govern and control; (ii) no Borrower nor any other Restricted Loan Party shall be obligated to pay any Excess Interest; (iii) any Excess Interest that Agent or any Lender may have received hereunder shall be, at such Lender’s option, (A) applied as a credit against the outstanding principal balance of the Obligations or accrued and unpaid interest (not to exceed the maximum amount permitted by law), (B) refunded to the payor thereof, or (C) any combination of the foregoing; (iv) the interest rate(s) provided for herein shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the “Maximum Rate”), and this Agreement and the other Loan Documents shall be deemed to have been and shall be, reformed and modified to reflect such reduction; and (v) no Borrower nor any Restricted Loan Party shall have any action against Agent or any Lender for any damages arising out of the payment or collection of any Excess Interest.  Notwithstanding the foregoing, if for any period of time interest on any Obligations is calculated at the Maximum Rate rather than the applicable rate under this Agreement, and thereafter such applicable rate becomes less than the Maximum Rate, the rate of interest payable on such Obligations shall remain at the Maximum Rate until each Lender shall have received the amount of interest which such Lender would have received during such period on such Obligations had the rate of interest not been limited to the Maximum Rate during such period. 

			
	
			
				 (d)
			Conversion or Continuation.  Subject to the other provisions of this Agreement, including, without limitation, satisfying the conditions set forth in Section 2.2, Borrowers shall have the option to (i) convert at any time all or any part of outstanding Loans equal to $500,000 and integral multiples 
		

		 

		

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			of $100,000 in excess of that amount from Base Rate Loans to SOFR Loans or (ii) upon the expiration of any Interest Period applicable to a SOFR Loan, to (A) continue all or any portion of such SOFR Loan equal to $500,000 and integral multiples of $100,000 in excess of that amount as a SOFR Loan or (B) convert all or any portion of such SOFR Loan to a Base Rate Loan.  The succeeding Interest Period(s) of such continued or converted Loan commence on the last day of the Interest Period of the Loan to be continued or converted; provided that no outstanding Loan may be continued as, or be converted into, a SOFR Loan, when any Event of Default or Default has occurred and is continuing.

		
			The Borrowing Agent shall deliver a Continuation/Conversion Notice with respect to any such conversion/continuation to Agent no later than 2:00 p.m. (New York City time) at least three (3) Business Days in advance of the proposed conversion/continuation date.  The Continuation/Conversion Notice with respect to such conversion/continuation shall certify:  (i) the proposed conversion/continuation date (which shall be a Business Day); (ii) the amount of the Loan to be converted/continued; (iii) the nature of the proposed conversion/continuation; (iv) in the case of  conversion to, or a continuation of, a SOFR Loan, the requested Interest Period; (v) that no Default or Event of Default has occurred and is continuing or would result from the proposed conversion/continuation; and (vi) that all conditions to make Loans as set forth in Section 3.2 have been satisfied.
		

		
			In lieu of delivering a Continuation/Conversion Notice with respect to any such conversion or continuation, the Borrowing Agent may give Agent telephonic notice by the required time of any proposed conversion/continuation under this Section 3.2(d) (in such telephonic notice the Borrowing Agent shall certify to the items set forth above with respect to the Continuation/Conversion Notice); provided that such telephonic notice shall be promptly confirmed in writing by delivery of a Continuation/Conversion Notice (in form and substance described herein) with respect to such conversion/continuation to Agent on or before the proposed conversion/continuation date.  Once given, the Borrowing Agent shall be bound by such telephonic notice.  Upon the expiration of an Interest Period for a SOFR Loan, in the absence of a new Continuation/Conversion Notice or a telephonic notice submitted to Agent not less than three (3) Business Days prior to the end of such Interest Period, the applicable SOFR Loan shall be automatically converted to a Base Rate Loan.
		

		
			Neither Agent nor any Lender shall incur any liability to any Borrower or any other Loan Party in acting upon any telephonic notice or a Continuation/Conversion Notice referred to above that Agent believes in good faith to have been given by an officer or other person authorized to act on behalf of any Borrower or for otherwise acting in good faith under this Section 2.2(d).  
		

		
			This Section 2.2(d) shall not apply to Swingline Loans, which may not be converted or continued.
		

			
	
			
				 2.3
			Fees.

			
	
			
				 (a)
			Unused Commitment Fee.  Borrowers shall pay to Agent, quarterly in arrears on the first day of each fiscal quarter beginning after the Closing Date, for the benefit of the Lenders, a fee in an amount equal to (i) (x) the sum of, for each day during the applicable fiscal quarter (A) the Aggregate Revolving Loan Commitment as of such day minus (B) the outstanding principal balance of the Revolving Loan as of such day, plus (C) the face amount of the Letter of Credit Reserve as of such day, divided by (y) the number of days in such fiscal quarter, multiplied by (ii) the Adjusted Applicable Margin for the Unused Commitment Fee in effect during such fiscal quarter.  Such fee shall be calculated on the basis of a three hundred sixty-five (365) or three hundred sixty-six (366) day year, as applicable, for the actual number of days elapsed.

		 

		

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				 (b)
			Letter of Credit Fees.  Borrowers shall pay to Agent a fee with respect to the Lender Letters of Credit (i) on the first day of each fiscal quarter beginning after the Closing Date, for the benefit of all Lenders with a Revolving Loan Commitment (based on their respective Pro Rata Share of the Aggregate Revolving Loan Commitment), in an amount equal to the average daily amount of Letter of Credit Liability outstanding during the fiscal quarter then most recently ended multiplied by the Adjusted Applicable Margin for SOFR Loans as in effect on the date on which the fee is payable and (ii) for the account of Agent or such Lender issuing such Lender Letter of Credit, a fronting fee accruing at a rate per annum equal to 0.125% on the maximum undrawn face amount of such Lender Letter of Credit upon issuance and upon any extension thereof, together with such issuer’s standard documentary and processing charges in connection with the issuance, amendment, cancellation, negotiation, drawing under or transfer of the Lender Letter of Credit.  Such fees will be calculated on the basis of a three hundred sixty (360) day year for the actual number of days elapsed and will be payable quarterly in arrears on the first day of each quarter.

			
	
			
				 (c)
			Other Fees and Expenses.  Borrowers shall pay to Agent, for its own account, all charges for returned items and all other bank charges incurred by Agent, as well as Agent’s standard wire transfer charges for each wire transfer made under this Agreement.

			
	
			
				 (d)
			Fee Letter.  Borrowers shall pay to ING Capital the fees specified in that certain letter agreement dated as of the Closing Date between Borrowers and ING Capital (the “Fee Letter”).

			
	
			
				 2.4
			Prepayments.

			
	
			
				 (a)
			Mandatory Prepayments.

			
	
			
				 (i)
			Over Formula Advance.  At any time that the Aggregate Revolving Credit Exposure exceeds the Maximum Revolving Loan Amount (an “Over Formula Advance”), Borrowers shall immediately repay the Revolving Loan to the extent necessary to eliminate the Over Formula Advance.  

			
	
			
				 (ii)
			Dispositions.  Within five (5) Business Days of receipt by any Borrower of the net cash proceeds (net of taxes, costs and expenses paid in connection therewith, and indebtedness required to be repaid in connection therewith) of any Disposition of any Collateral, to the extent that, so long as no Event of Default has occurred in is continuing, such net proceeds of such Dispositions exceed $5,000,000 in the aggregate in any fiscal year, Borrowers shall prepay the Obligations in an amount equal to such proceeds.  All such prepayments shall be applied to the Loans in accordance with Section 2.4(d).  Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing, the prepayment described in this Section 2.4(a)(ii) shall not be required to the extent a Borrower reinvests the net proceeds of such Disposition in productive assets of a kind then used or usable in the business of such Borrower within one hundred eighty (180) days after the date of such Disposition (or enters into a binding commitment therefor within such one hundred eighty (180) day period and subsequently makes such reinvestment within ninety (90) days of the end of such one hundred eighty (180) day period); provided that (A) Borrowers remit such net proceeds to a Deposit Account that is subject to a Control Agreement on the date the applicable Borrower receives such net proceeds and (B) Borrowers notify Agent in writing of (x) their intent to reinvest such net proceeds at the time such net proceeds are received and (y) the completion of such reinvestment when such reinvestment occurs.    

			
	
			
				 (iii)
			Prepayments from Proceeds of Casualty Events.  Not later than three (3) Business Days following the receipt by any Restricted Loan Party of the proceeds of insurance, condemnation award, or other compensation in respect of any Casualty Event or series of related Casualty Events affecting any Collateral, Borrowers shall prepay the Obligations in an aggregate amount equal to 100% of the net cash proceeds of such Casualty Event(s) to the extent the aggregate amount of such net 
		

		 

		

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			cash proceeds exceed $5,000,000 during any fiscal year.  Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing, such prepayment shall not be required to the extent a Borrower reinvests the net proceeds of such Casualty Event in productive assets of a kind then used or usable in the business of such Restricted Loan Party, within one hundred eighty (180) days after the date of such Casualty Event (or enters into a binding commitment thereof within said one hundred eighty (180) day period and subsequently makes such reinvestment within ninety (90) days of the end of the initial one hundred eighty (180) day period); provided that (A) Borrowers remit such net cash proceeds to a Deposit Account that is subject to a Control Agreement on the date the applicable Borrower receives such net cash proceeds and (B) Borrowers notify Agent in writing of (x) their intent to reinvest at the time such proceeds are received and (y) the completion of such reinvestment and when such reinvestment occurs.

			
	
			
				 (iv)
			Prepayments from Indebtedness.  Immediately upon the receipt by any Restricted Loan Party of any cash proceeds from the incurrence of any Indebtedness (other than Indebtedness permitted under Section 7.1 hereof), Borrowers shall prepay the Loans in an amount equal to such cash proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, in each case, paid to non-Affiliates, including reasonable legal fees and expenses.  All such prepayments shall be applied to the Loans in accordance with Section 2.4(d). The foregoing shall not be deemed to be implied consent to any such issuance or incurrence of Indebtedness or Equity Interests prohibited by the terms and conditions hereof.

			
	
			
				 (v)
			Prepayments from Equity Interests.  Immediately upon the receipt by any Restricted Loan Party of any cash proceeds from a capital contribution to, or the issuance of any Equity Interests of, any Restricted Loan Party (other than Equity Interests issued pursuant to any employee stock or stock option compensation plan), Borrowers shall prepay the Loans in an amount equal to such cash proceeds, net of underwriting discounts and commissions and other reasonable costs and expenses associated therewith, in each case, paid to non-Affiliates, including reasonable legal fees and expenses.  All such prepayments shall be applied to the Loans in accordance with Section 2.4(d). The foregoing shall not be deemed to be implied consent to any such issuance of Equity Interests prohibited by the terms and conditions hereof.

			
	
			
				 (b)
			Voluntary Prepayments and Repayments.  Borrowers may, at any time upon not less than three (3) Business Days prior notice to Agent, prepay the Revolving Loan in an aggregate minimum amount of $100,000 and integral multiples of $50,000.  Any prepayment of the Obligations permitted in this Section 2.4(b) shall be subject to the payment of all fees set forth in Section 2.3, including, without limitation, the payment of any amounts owing pursuant to Section 2.12 resulting from such prepayment.  In the event any Lender Letters of Credit are outstanding at the time that any Borrower prepays the Obligations and desires to terminate the Revolving Loan Commitment, Borrowers shall cause Agent and each Lender to be released from all liability under any Lender Letters of Credit or, at Agent’s option, Borrowers shall (i) deposit with Agent for the benefit of all Lenders with a Revolving Loan Commitment cash in an amount equal to one hundred and three percent (103%) of the aggregate outstanding Letter of Credit Reserve to be available to Agent to reimburse payments of drafts drawn under such Lender Letters of Credit and pay any fees and expenses related thereto and (ii) prepay the fees payable under Section 2.3(b) with respect to such Lender Letters of Credit for the full remaining terms of such Lender Letters of Credit.  Upon termination of any such Lender Letter of Credit, the unearned portion of such prepaid fee attributable to such Lender Letter of Credit shall be refunded to Borrower.

		
			Borrowers shall repay to the applicable Swingline Lender each Swingline Loan made by such Swingline Lender on the earlier to occur of (i) the date  that is five Business Days after such Swingline Loan is made and (ii) the Termination Date; provided that on each date that a Revolving Advance is made, Borrowers shall repay all Swingline Loans then outstanding and the proceeds of any such borrowing shall be applied by Agent to repay any Swingline Loans outstanding.  At any time that there shall exist a 
		

		 

		

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		Defaulting Lender, immediately upon the request of the applicable Swingline Lender, Borrowers shall repay the outstanding Swingline Loans made by such Swingline Lender in an amount sufficient to eliminate such Defaulting Lender’s Pro Rata Share of outstanding Swingline Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders.
		

			
	
			
				 (c)
			Payments on Business Days.  Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the payment may be made on the next succeeding Business Day and such extension of time shall be included in the computation of the amount of interest or fees due hereunder.

			
	
			
				 (d)
			Application of Prepayment Proceeds.  With respect to the prepayments described in Sections 2.4(b), such prepayments shall be applied to payment of principal in respect of the Revolving Loan until all Obligations in respect of the Revolving Loan have been repaid in full.    

			
	
			
				 2.5
			Term of this Agreement.  This Agreement shall be effective until the date on which the Obligations (including any then due and owing indemnity obligations under this Agreement) have been indefeasibly paid in full in cash (or cash collateralized on reasonably satisfactory terms), and the Revolving Loan Commitments have been terminated (all of which shall occur in accordance with the terms of the Loan Documents).  The Revolving Loan Commitments shall automatically terminate (unless earlier terminated pursuant to the terms hereunder) on the Termination Date, and all Obligations shall become immediately due and payable without notice or demand on such date.  Notwithstanding any termination, until all Obligations have been fully paid and satisfied, Agent, on behalf of itself and the Lenders, shall be entitled to retain security interests in and liens upon all Collateral, and even after payment of all Obligations hereunder, Borrowers’ obligation to indemnify Agent and each Lender in accordance with the terms hereof shall continue.

			
	
			
				 2.6
			Termination or Reduction of Commitments.

			
	
			
				 (a)
			Optional.  Borrowers may, upon notice to Agent, terminate the unused portion of the Revolving Loan Commitments, or from time to time reduce the unused Revolving Loan Commitments; provided that (i) each such notice shall be in writing and must be received by Agent at least three (3) Business Days prior to the effective date of such termination or reduction, and shall be irrevocable, (ii) any such partial reduction shall be in an aggregate amount of $1,000,000 or a larger multiple of $500,000 and (c)  Borrowers shall not terminate or reduce the Revolving Loan Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Aggregate Revolving Credit Exposure exceeding the Maximum Revolving Loan Amount.

			
	
			
				 (b)
			Application of Commitment Reductions.  Agent will promptly notify the Lenders of any termination or reduction of the Revolving Loan Commitments pursuant to this Section.  Upon any reduction of unused Revolving Loan Commitments, the Revolving Loan Commitment of each Lender shall be reduced by such Lender’s ratable share of the amount of such reduction.  

			
	
			
				 2.7
			Payments Generally.

			
	
			
				 (a)
			All payments made by Borrowers with respect to the Obligations shall be made without deduction, defense, setoff or counterclaim.  All payments to Agent hereunder shall be made in U.S. Dollars, and unless otherwise directed by Agent, to Agent’s Account.  All payments remitted to Agent’s Account shall be distributed to each Lender based on its Pro Rata Share in respect of the relevant Loan (or other applicable share as provided herein) in like funds as received by wire transfer to such Lender.  All payments remitted to Agent’s Account in respect of the Obligations shall be credited to the Obligations on 
		

		 

		

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			the same Business Day as such payments are received by Agent in immediately available funds; provided, however, that payments  received by Agent after 3:00 p.m. (New York City time) shall be deemed received on the next Business Day.  Borrowers shall notify Agent by Noon (EST) if they intend to make any voluntary payment or repayment of the Obligations to the Agent’s Account.  Agent shall promptly distribute to each Lender its ratable share (or other applicable share as provided herein) of each payment received by Agent from Borrowers in respect of the Obligations in like funds as received by wire transfer to such Lender’s applicable lending office (or otherwise distribute such payment in like funds as received to the Person or Persons entitled thereto as provided herein).

			
	
			
				 (b)
			In its sole discretion, Agent may elect to honor the automatic requests by Borrowers for Revolving Advances for all principal, Lender Letter of Credit and Swingline Loan reimbursement obligations, interest, fees, compensation and any other amounts due hereunder or under any of the other Loan Documents on their applicable due dates pursuant to Section 2.1(c), and the proceeds of each such Revolving Advance, if made, shall be applied as a direct payment of the relevant Obligation.  To the extent such amounts exceed the Maximum Revolving Loan Amount of all Lenders, or if Agent elects to bill Borrowers for any amount due hereunder or under any of the other Loan Documents, such amount shall be immediately due and payable with interest thereon accruing from the applicable due date.  

			
	
			
				 2.8
			Yield Protection.

			
	
			
				 (a)
			Capital Adequacy, Liquidity and Other Adjustments.  In the event any Lender shall have determined that the adoption after the date hereof of any law, treaty, governmental (or quasi-governmental) rule, regulation, guideline or order regarding capital adequacy, liquidity, reserve requirements or similar requirements or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy, liquidity, reserve requirements or similar requirements (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) from any central bank or governmental agency or body having jurisdiction does or shall have the effect of increasing the amount of capital, reserves or other funds required to be maintained by such Lender or any corporation controlling such Lender and thereby reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder, then Borrowers shall within thirty (30) days after notice and demand from such Lender (together with the certificate referred to in Section 2.8(c) and with a copy to Agent) pay to Agent, for the account of such Lender, additional amounts sufficient to compensate such Lender for such reduction.  

Increased Costs.  If, after the date hereof, the introduction of, change in or interpretation of any law, rule, regulation, treaty or directive would (i) impose or increase reserve, special deposit, compulsory loan, insurance charge or similar requirements against the assets of, deposits with or for the account of, or credit extended or participated in by, any Lender, or (ii) impose on any Lender or any Issuing Lender any other condition, cost or expense (other than Tax Liabilities) affecting this Agreement or Loans made by such Lender or any Lender Letter of Credit or participation therein; and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender or such Issuing Lender of participating in, issuing or maintaining any Lender Letter of Credit or Swingline Loan (or of maintaining its obligation to participate in or to issue any Lender Letter of Credit or Swingline Loan), or to reduce the amount of any sum received or receivable by such Lender or Issuing Lender hereunder, then Borrowers shall from time to time within fifteen (15) days after notice and demand from such affected Lenders (together with the certificate referred to in Section 2.8(c) and with a copy to Agent) pay to Agent, for the account of such affected Lenders, additional amounts sufficient to compensate such Lenders for such increased cost or reduction suffered.    
		
			Notwithstanding anything herein to the contrary, (i) 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 (ii) all requests, rules, 
		

		 

		

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		guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a change in law occurring after the date hereof for purposes of this Agreement (including without limitation for purposes of this Section 2.8 and for purposes of Section 2.10, regardless of the date enacted, adopted or issued).
		

			
	
			
				 (b)
			Certificate for Reimbursement.  A certificate of a Lender or Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section (including a description of the events triggering such additional costs) and delivered to Borrowers, shall be conclusive absent manifest error.  

			
	
			
				 (c)
			Delay in Requests.  Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this Section 2.8 shall not constitute a waiver of such Lender’s or Issuing Lender’s right to demand such compensation; provided that Borrowers shall not be required to compensate a Lender or Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender or Issuing Lender, as the case may be, notifies Borrowers of the event giving rise to such increased costs or reductions, and of such Lender’s or Issuing Lender’s intention to claim compensation therefor (except that, if the event giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

			
	
			
				 2.9
			Taxes.

			
	
			
				 (a)
			No Deductions.  Any and all payments or reimbursements made hereunder shall be made free and clear of and without deduction for any and all taxes, levies, imposts, deductions, charges or withholdings imposed by a Governmental Authority, and all interest, penalties and other liabilities with respect thereto (all such taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto referred to herein as “Tax Liabilities”), except as required by law.  If Borrowers shall be required by law to deduct or withhold any such Tax Liabilities from or in respect of any sum payable hereunder to Agent or any Lender, Borrowers shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax Liability is an Indemnified Tax, then the sum payable hereunder shall be increased as may be necessary so that, after making all required deductions or withholdings, Agent or such Lender receives an amount equal to the sum it would have received had no such deductions been made.

			
	
			
				 (b)
			Changes in Tax Laws.  In the event that, subsequent to the Closing Date, (1) any changes in any existing law, regulation, treaty or directive or in the interpretation or application thereof or (2) any new law, regulation, treaty or directive enacted or any interpretation or application thereof would subject Agent, Issuing Lender or any other Lender to any Tax Liabilities (other than Indemnified Taxes and Excluded Taxes) with respect to this Agreement, the other Loan Documents or any Loans made or Lender Letters of Credit issued hereunder, and the result of any of the foregoing is to increase the cost to Agent or such Lender of issuing any Lender Letter of Credit or making or continuing any Loan hereunder, as the case may be, or to reduce any amount receivable hereunder; then, in any such case, Borrowers shall promptly pay to Agent or such Lender, upon its notice and demand, any additional amounts necessary to compensate Agent or such Lender, on an after-tax basis, for such additional cost or reduced amount receivable, as determined by Agent or such Lender with respect to this Agreement or the other Loan Documents; provided that Borrowers shall not be required to compensate Agent or any Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that Agent or such Lender, as the case may be, notifies Borrowers of the event giving rise to such increased costs or reductions, and of Agent’s or such Lender’s intention to claim compensation therefor 
		

		 

		

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			(except that, if the event giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).  If Agent or any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify Borrowers of the event by reason of which Agent or such Lender has become so entitled (with any such Lender concurrently notifying Agent).  A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Agent or any Lender to Borrower, setting forth in reasonable detail the basis for the calculation thereof, shall, absent manifest error, be final, conclusive and binding for all purposes.

			
	
			
				 (c)
			Status of Lenders.  Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrowers, at the time or times reasonably requested by Borrowers or Agent, such properly completed and executed documentation reasonably requested by Borrowers or Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by Borrowers or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrowers or Agent as will enable Borrowers or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, any Lender that is a United States person (as defined in Section 7701(a)(30) of the IRC) shall deliver to Borrowers and Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrowers or Agent), executed copies of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax.  Each Lender organized under the laws of a jurisdiction outside the United States (a “Foreign Lender”) as to which payments to be made under this Agreement are exempt from United States withholding tax or are subject to United States withholding tax at a reduced rate under an applicable statute or tax treaty shall provide to Borrowers and Agent (1) a properly completed and executed Internal Revenue Service Form W-8BEN, Form W-8BEN-E, IRS Form W-8IMY,  Form W-8ECI, W-9, certification to the effect that such Foreign Lender is entitled to the benefits of the exemption for portfolio interest under Section 881(c) of the IRC, and/or other applicable form, certificate or document prescribed by the Internal Revenue Service of the United States of America or reasonably requested by Borrowers or Agent certifying as to such Foreign Lender’s entitlement to such exemption or reduced rate of withholding with respect to payments to be made to such Foreign Lender under this Agreement (a “Certificate of Exemption”), or (2) a letter from any such Foreign Lender stating that it is not entitled to any such exemption or reduced rate of withholding (a “Letter of Non-Exemption”).  Prior to becoming a Lender under this Agreement and within fifteen (15) days after a reasonable written request of Borrowers or Agent from time to time thereafter, each Foreign Lender that becomes a Lender under this Agreement shall provide a Certificate of Exemption or a Letter of Non-Exemption to Borrowers and Agent.  If a Foreign Lender is entitled to an exemption with respect to payments to be made to such Foreign Lender under this Agreement (or to a reduced rate of withholding) and does not provide a Certificate of Exemption to Borrowers and Agent within the time periods set forth in the preceding paragraph, Borrowers or Agent shall withhold taxes from payments to such Foreign Lender at the applicable statutory rates and Borrowers shall not be required to pay any additional amounts as a result of such withholding; provided, however, that all such withholding shall cease upon delivery by such Foreign Lender of a properly completed and executed Certificate of Exemption to Borrowers and Agent.

		
			Without limiting the foregoing, if any payment made hereunder or under any other Loan Document would be subject to United States withholding tax imposed pursuant to FATCA if the recipient of such payment were to fail to comply with applicable reporting and other requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the IRC, as applicable), such recipient shall deliver to Borrowers and Agent, at the time or times prescribed by applicable law or as reasonably requested by Borrowers or Agent, (1) two accurate, complete and signed certifications prescribed by applicable law and/or reasonably satisfactory to Borrowers and Agent that establish that such payment is exempt from 
		

		 

		

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		United States withholding tax imposed pursuant to FATCA and (2) any other documentation reasonably requested by Borrowers or Agent sufficient for Borrowers and Agent to comply with their obligations under FATCA and to determine that such recipient has complied with such applicable reporting and other requirements of FATCA or to determine the amount to setoff, 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. Such recipient shall indemnify the Agent for any taxes attributable to such recipient that are paid or payable by the Agent.  Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Agent to such Lender from any other source against any amount due to Agent under this Section 2.9(c).  The terms of this Section 2.9(c) shall survive the termination of this Agreement.
		

			
	
			
				 (d)
			Stamp Taxes & Other Taxes.  The Loan Parties shall pay any present or future stamp or documentary taxes or any other excise or property taxes, charges, or similar levies which arise from any payment made hereunder or from the execution, delivery, or registration of, or otherwise with respect to, this Agreement or any Note, except any such taxes that are Other Connection Taxes imposed with respect to an assignment (collectively referred to herein as “Other Taxes”).  Without duplication of the foregoing or Section 2.9(a), Borrowers and each of the other Loan Parties shall indemnify Agent and each Lender for the full amount of Indemnified Taxes (including, without limitation, any Indemnified Taxes imposed by any jurisdiction on amounts payable under this Section 2.9(d)) paid by Agent or such Lender and any liability (including penalties, interest, and reasonable, out-of-pocket expenses, except those arising from the gross negligence or willful misconduct of such Lender or Agent) arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally asserted. A certificate as to the amount of such payment or liability delivered to the Borrowers by Lender, setting forth in reasonable detail the basis for the calculation thereof, shall be final, conclusive and binding for all purposes absent manifest error. This indemnification shall be made within thirty (30) days from the date Agent or any Lender makes written demand therefor.  

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

			
	
			
				 (f)
			Mitigation. If any Lender requires Borrowers to pay any Indemnified Taxes or additional amounts to Lender or any Governmental Authority for the account of Lender pursuant to this Section 2.9, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) 
		

		 

		

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			would eliminate or reduce amounts payable pursuant to this Section 2.9 in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  Borrowers hereby agree to pay all reasonable, out-of-pocket costs and expenses incurred by such Lender in connection with any such designation or assignment.

			
	
			
				 2.10
			Determining Rates; Illegality.    

			
	
			
				 (a)
			Inability to Determine Rates.  Subject to Section 2.13, if, on or prior to the first day of any Interest Period for any SOFR Loan: 

			
	
			
				 (i)
			Agent determines (which determination shall be conclusive and binding absent manifest error) that “Adjusted Term SOFR” cannot be determined pursuant to the definition thereof, or

			
	
			
				 (ii)
			the Requisite Lenders determine that for any reason in connection with any request for a SOFR Loan or a conversion thereto or a continuation thereof that Adjusted Term SOFR for any requested Interest Period with respect to a proposed SOFR Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, and the Requisite Lenders have provided notice of such determination to Agent,

		
			Agent will promptly so notify the Borrowing Agent and each Lender.  
		

		
			Upon notice thereof by Agent to the Borrowing Agent, any obligation of the Lenders to make SOFR Loans, and any right of Borrowers to continue SOFR Loans or to convert Base Rate Loans to SOFR Loans, shall be suspended (to the extent of the affected SOFR Loans or affected Interest Periods) until Agent (with respect to clause (ii), at the instruction of the Requisite Lenders) revokes such notice.  Upon receipt of such notice, (x) the Borrowing Agent may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or affected Interest Periods) or, failing that, Borrowers will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans in the amount specified therein and (y) any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period.  Upon any such conversion, Borrowers shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 2.12. Subject to Section 2.13, if Agent determines (which determination shall be conclusive and binding absent manifest error) that “Adjusted Term SOFR” cannot be determined pursuant to the definition thereof on any given day, the interest rate on Base Rate Loans shall be determined by Agent without reference to clause (c) of the definition of “Base Rate” until Agent revokes such determination.
		

			
	
			
				 (b)
			Illegality.  Notwithstanding anything to the contrary herein or in any other Loan Document, if any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or to determine or charge interest rates based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, then, upon notice thereof by such Lender to the Borrowing Agent (through Agent), (i) any obligation of the Lenders to make SOFR Loans, and any right of Borrowers to continue SOFR Loans or to convert Base Rate Loans to SOFR Loans, shall be suspended, and (ii) the interest rate on which Base Rate Loans shall, if necessary to avoid such illegality, be determined by Agent without reference to clause (c) of the definition of “Base Rate”, in each case until such Lender notifies Agent and the Borrowing Agent that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (A) Borrowers shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to Agent), prepay or, if applicable, convert all SOFR 
		

		 

		

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			Loans to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by Agent without reference to clause (c) of the definition of “Base Rate”), on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such SOFR Loans to such day, or immediately, if any Lender may not lawfully continue to maintain such SOFR Loans to such day, and (B) if necessary to avoid such illegality, Agent shall during the period of such suspension compute the Base Rate without reference to clause (c) of the definition of “Base Rate,” in each case until Agent is advised in writing by each affected Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR.  Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.12.

			
	
			
				 2.11
			Mitigation Obligations; Replacement of Lenders.    

			
	
			
				 (a)
			Designation of a Different Lending Office.  If any Lender requests compensation under Section 2.12, or requires Borrowers to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.9, then such Lender shall (at the request of the Borrowing Agent) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.8 or 2.9, as the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.  Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment

			
	
			
				 (b)
			Replacement of Lenders.  If any Lender requests compensation under Section 2.8, or if Borrowers are required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.9 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (a) of this Section, then Borrowers may, at their sole expense and effort, upon notice to such Lender and Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.5), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.8,  Section 2.9 or Section 2.12) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that:

			
	
			
				 (i)
			Borrowers shall have paid to Agent the assignment fee (if any) specified in Section 9.05;

			
	
			
				 (ii)
			such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 2.12) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrowers (in the case of all other amounts);

			
	
			
				 (iii)
			in the case of any such assignment resulting from a claim for compensation under Section 2.8 or payments required to be made pursuant to Section 2.9, such assignment will result in a reduction in such compensation or payments thereafter; and

			
	
			
				 (iv)
			such assignment does not conflict with applicable law.

		

		

		 

		

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		A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrowers to require such assignment and delegation cease to apply.  Notwithstanding anything in this Section to the contrary, the Lender that acts as Agent may not be replaced hereunder except in accordance with the terms of Section 9.1(g).
		

			
	
			
				 2.12
			Compensation.    In the event of (a)  the payment of any principal of any SOFR Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any SOFR Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (c) the failure to borrow, convert, continue or prepay any SOFR Loan on the date specified in any notice delivered pursuant hereto, or (d)  the assignment of any SOFR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrowers pursuant to Section 2.11(b), then, in any such event, Borrowers shall compensate each Lender for any loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds.  A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section (including a description of the events triggering such additional costs) shall be delivered to the Borrowing Agent and shall be conclusive absent manifest error.  Borrowers shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

			
	
			
				 2.13
			Benchmark Replacement Setting. 

			
	
			
				 (a)
			Benchmark Replacement.   Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of 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 Borrowing Agent and the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Requisite Lenders.

			
	
			
				 (b)
			Benchmark Replacement Conforming Changes.   In connection with the use, administration, adoption or implementation of a Benchmark Replacement, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

			
	
			
				 (c)
			Notices; Standards for Decisions and Determinations.  Agent will promptly notify the Borrowing Agent and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  Agent will promptly notify the Borrowing Agent of the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.13(d).  Any determination, decision or election that may be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant 
		

		 

		

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			to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.13.

			
	
			
				 (d)
			Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Agent in its reasonable discretion or (B) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

			
	
			
				 (e)
			Benchmark Unavailability Period.  Upon the Borrowing Agent’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrowing Agent may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowing Agent will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans.  During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

			
	
			
				 2.14
			Margin Adjustment and Unused Commitment Fee Adjustment.

			
	
			
				 (a)
			Each of the Applicable Margin and the Unused Commitment Fee will be adjusted based on the information set forth in the KPI Compliance Certificate most recently furnished to Agent and the Sustainability Structuring Agent pursuant to the Reporting Rider as set forth below and at the times specified in paragraph (b) below:

			
	
			
				 (i)
			With respect to Green House Gas for any calendar year, the Applicable Margin with respect to Loans shall be increased or reduced by 2.5 basis points (0.025%) or remain unadjusted, and the Unused Commitment Fee shall be increased or reduced by 0.5 basis points (0.005%) or remain unadjusted, in each case as set forth in the Sustainability Table;

			
	
			
				 (ii)
			With respect to Renewable Corn Oil Production for any calendar year, the Applicable Margin with respect to Loans shall be increased or reduced by 2.5 basis points (0.025%) or remain unadjusted, and the Applicable Margin with respect to the Unused Commitment Fee shall be 
		

		 

		

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			increased or reduced by 0.5 basis points (0.005%) or remain unadjusted, in each case as set forth in the Sustainability Table;

			
	
			
				 (iii)
			With respect to Sustainable Technology for any calendar year, the Applicable Margin with respect to Loans shall be increased or reduced by 2.5 basis points (0.025%) or remain unadjusted, and the Applicable Margin with respect to the Unused Commitment Fee shall be increased or reduced by 0.5 basis points (0.005%) or remain unadjusted, in each case as set forth in the Sustainability Table;

			
	
			
				 (iv)
			With respect to Total Recordable Injury Rate for any calendar year, the Applicable Margin with respect to Loans shall be increased or reduced by 2.5 basis points (0.025%) or remain unadjusted, and the Applicable Margin with respect to the Unused Commitment Fee shall be increased or reduced by 0.5 basis points (0.005%) or remain unadjusted, in each case as set forth in the Sustainability Table; and

			
	
			
				 (v)
			With respect to any calendar year in which Unsuccessful Completion has occurred, the Sustainability Margin Adjustment with respect to Loans and the Sustainability Margin Adjustment with respect to the Unused Commitment Fee shall be zero.

			
	
			
				 (vi)
			Notwithstanding anything in this Agreement to the contrary, if (x) the Loan Parties fail to deliver the Sustainability Documents by the deadline set forth in paragraph (p) of the Reporting Rider for two (2) consecutive Fiscal Years or (y) if an Unsuccessful Completion occurs in two (2) consecutive Fiscal Years, then (A) the provisions of this Section 2.14 shall thereafter cease to be effective, (B) the Loan Parties will no longer be required to comply with paragraph (p) of the Reporting Rider and (C) this Loan Agreement and the credit facility provided for herein shall no longer be deemed to be a sustainability-linked loan for any purposes.

			
	
			
				 (b)
			In determining the Adjusted Applicable Margin:

			
	
			
				 (i)
			any applicable Sustainability Margin Adjustment determined by reference to a particular calendar year applies from the date which falls three (3) Business Days after receipt by Agent and the Sustainability Structuring Agent of the Sustainability Documents in accordance with paragraph (p) of the Reporting Rider relating to that calendar year until the date which falls three (3) Business Days after the earlier of (x) the receipt by Agent and the Sustainability Structuring Agent of the Sustainability Documents in accordance with paragraph (p) of the Reporting Rider for the immediately succeeding calendar year and (y) the date by which such Sustainability Documents are required to be furnished to Agent;

			
	
			
				 (ii)
			in the event no Sustainability Documents are received by Agent and the Sustainability Structuring Agent for a particular calendar year in accordance with paragraph (p) of the Reporting Rider, an Unsuccessful Completion shall be deemed to have occurred.

			
	
			
				 (iii)
			subject to clause (a)(v) above, any applicable Sustainability Margin Adjustment shall apply until the delivery of the subsequent KPI Compliance Certificate pursuant to the Reporting Rider; and

			
	
			
				 (iv)
			 (A) only one KPI Compliance Certificate may be delivered in respect of any calendar year, and (B) any Sustainability Margin Adjustment shall be iterative and shall not be cumulative year-over-year, such that at no point will the aggregate Sustainability Margin Adjustment for Loans in any calendar year for Loans exceed 2.5 basis points (0.025%) per annum and at no point will the aggregate Sustainability Margin Adjustment in any calendar year for the Unused Commitment Fee exceed 
		

		 

		

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			0.5 basis points (0.005%) per annum, and accordingly, the Applicable Margin for Loans will never be reduced or increased, in the aggregate, by more than 10 basis points (0.10%), and the Applicable Margin for the Unused Commitment Fee will never be reduced or increased, in the aggregate, by more than 2 basis points (0.02%).

			
	
			
				 (c)
			Borrowers, the Sustainability Structuring Agent and Agent (acting on the instructions of the Requisite Lenders) may from time to time, following consultation in good faith on the basis of a written explanation provided by Borrowers or Holdings setting out in detail the relevant events or circumstances, agree in respect of any calendar year of any adjustment to:

			
	
			
				 (i)
			the method of calculation of any Key Performance Indicator or the third-party provider therefore or the provider of data for the purposes of determining such Key Performance Indicator; or

			
	
			
				 (ii)
			any Target Score,

		
			in each case as required to take into account changes in the methodology, availability of any Key Performance Indicator or Target Score.
		

			
	
			
				 (d)
			If (i) (A) any Borrower, any Guarantor or any Lender becomes aware of any material inaccuracy in the Sustainability Margin Adjustment or the KPI Metrics as reported on the applicable KPI Compliance Certificate (a “KPI Compliance Certificate Inaccuracy”) and, not later than thirty (30) Business Days after obtaining knowledge thereof delivers a written notice to Agent describing such KPI Compliance Certificate Inaccuracy in reasonable detail (who shall furnish a copy to each of the Lenders and Borrowers) or (B) Borrowers and the Lenders agree that there was a KPI Compliance Certificate Inaccuracy at the time of delivery of the relevant KPI Compliance Certificate and (ii) a proper calculation of the Sustainability Margin Adjustment or the KPI Metrics would have resulted in an increase in the Adjusted Applicable Margin for such period, then Borrowers shall be obligated to pay to Agent for the account of the Lenders, promptly on demand by Agent (acting at the direction of the Requisite Lenders) (or, after the occurrence of an actual or deemed entry of an order for relief with respect to Borrowers under any Debtor Relief Law, automatically and without further action by Agent or any Lender), but in no event less than ten (10) Business Days after any Borrower has received written notice of, or has agreed in writing that there was, a KPI Compliance Certificate Inaccuracy, an amount equal to: (x) the excess of the amount of interest and fees that should have been paid for such period over (y) the amount of interest and fees actually paid for such period.  If any Borrower or any Guarantor becomes aware of any KPI Compliance Certificate Inaccuracy and, in connection therewith, if a proper calculation of the Sustainability Margin Adjustment or the KPI Metrics would have resulted in a decrease in the Adjusted Applicable Margin for such period, then, upon receipt by Agent of notice from such Borrower of such KPI Compliance Certificate Inaccuracy (which notice shall include corrections to the calculations of the Sustainability Margin Adjustment or the KPI Metrics, as applicable), commencing on the Business Day following receipt by Agent of such notice, the Adjusted Applicable Margin shall be adjusted to reflect the corrected calculations of the Sustainability Margin Adjustment or the KPI Metrics, as applicable.

			
	
			
				 (e)
			To the extent any event occurs (which would include, without limitation, a material disposal or material acquisition) which, in the opinion of Borrowers and the Sustainability Structuring Agent, acting reasonably and in good faith, means that one or more of the KPI Metrics is no longer appropriate, then Borrowers and the Sustainability Structuring Agent in consultation with Agent will propose adjustments to the baseline(s) and target(s) as necessary and will be subject to approval from the Requisite Lenders. In such a scenario, the Adjusted Applicable Margin each shall be adjusted to reflect the corrected calculations of such KPI Metrics.

		 

		

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				 (f)
			It is understood and agreed that any KPI Compliance Certificate Inaccuracy shall not constitute a Default or Event of Default, provided that Borrowers comply with the terms of this Section 2.14 with respect to such KPI Compliance Certificate Inaccuracy.  Notwithstanding anything to the contrary herein, unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under any Debtor Relief Law, (i) any additional amounts required to be paid pursuant to clause (d) above shall not be due and payable until a written demand is made for such payment by Agent in accordance with clause (d) above, (ii) any nonpayment of such additional amounts prior to such demand for payment by Agent shall not constitute a Default (whether retroactively or otherwise), and (iii) none of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the Default Rate prior to such a demand.

			
	
			
				 (g)
			Agent and the Sustainability Structuring Agent shall not have any responsibility for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by Borrowers or any Guarantor of any Sustainability Margin Adjustment (or for the KPI Metrics or any of the other data or computations that are part of or related to any such calculation) set forth in any KPI Compliance Certificate, or for evaluating or determining any KPI Compliance Certificate Inaccuracy (and Agent may rely conclusively, and shall not incur any liability in so relying, on any such certificate or related notice, without further inquiry).

			
	
			
				 2.15
			Uncommitted Accordion.    

			
	
			
				 (a)
			At any time after the Closing Date, on the written request of Borrowers (but subject to the conditions set forth in this Section 2.15), the Aggregate Revolving Loan Commitment may be increased by an amount in the aggregate for all such increases of the Aggregate Revolving Loan Commitment not to exceed $100,000,000 (each such increase, an “Increase”).  Any Increase shall be in an amount of at least $5,000,000 and integral multiples of $500,000 in excess thereof (provided that any such Increase may be in an amount equal to, in its entirety, the outstanding balance of available Increases) and at an interest rate equal to the interest margins applicable to Revolving Advances set forth in this Agreement.

			
	
			
				 (b)
			Following receipt of any written request under Section 2.15(a), Agent shall promptly notify the Lenders of the requested Increase, and, within ten (10) Business Days after such notification, each Lender shall notify Agent if and to what extent such Lender commits to increase its Revolving Loan Commitment in connection with such Increase.  Any Lender not responding within such period shall be deemed to have declined to participate in the requested Increase.  If the Lenders, in the aggregate, fail to, or elect not to, commit to the full requested Increase, Eligible Assignees selected by Borrowers may issue additional Revolving Loan Commitments and become Lenders hereunder in order to provide the full requested Increase.  Agent may allocate, with the consent of Borrowers (such consent not to be unreasonably withheld, conditioned or delayed), the increased Revolving Loan Commitments among committing Lenders and, if necessary, Eligible Assignees at its discretion.  Provided the conditions set forth in clause (d) below are satisfied, the Aggregate Revolving Loan Commitment shall be increased by the requested amount (or such lesser amount committed by Lenders and Eligible Assignees) on a date agreed upon by Agent and Borrowers.  Agent, Loan Parties, and new and existing Lenders shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of Revolving Loan Commitments.

			
	
			
				 (c)
			All Revolving Loan Commitments, and all Revolving Advances thereunder, established pursuant to this Section 2.15 shall be on the same terms (as amended from time to time) (including interest rate margin and maturity date, but excluding arrangement, structuring and underwriting fees with respect to such Revolving Loan Commitments and Revolving Advances) as, and pursuant to documentation applicable to, the initial Revolving Loan Commitments and Revolving Advances.  Unless 
		

		 

		

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			otherwise specifically provided herein, all references in this Agreement and any other Loan Document to Revolving Loans shall be deemed, unless the context otherwise requires, to include Revolving Loans made pursuant to the increased Revolving Loan Commitments pursuant to this Section 2.15.  The Revolving Loan Commitments, and all Revolving Advances thereunder, established pursuant to this Section 2.15 shall constitute Revolving Loan Commitments and Revolving Advances, as applicable, under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from any guarantees and the security interests created by the Loan Documents.  Concurrently with any Increase, Borrowers, Agent and the Lenders providing such increase may, at their option, jointly agree to amend Schedule 1.1;  provided that no such amendment may result in an increase in the Revolving Loan Commitments or funding obligations of any Lender not participating in such Increase.  Borrowers shall take any actions reasonably required by Agent to ensure and demonstrate that the Liens and security interests granted by the Loan Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any such new Revolving Loan Commitments.  In no event shall the provisions of this Section 2.15 or any other provision of this Agreement or any other Loan Document be deemed to create any obligation on the part of any Lender to agree to any increase in the Revolving Loan Commitments, and Borrowers agree that any election with respect to any such increase shall be at the sole option of each Lender.

			
	
			
				 (d)
			No Increase shall be effective unless:

			
	
			
				 (i)
			Agent has obtained the commitment of Lenders (or Persons committing to become Lenders concurrently with the incurrence of the Increase) to provide the applicable Increase, it being agreed that no Lender shall have any obligation to commit to provide any Increase and that Agent shall have no liability for the failure to obtain such commitments;

			
	
			
				 (ii)
			immediately before and after such Increase (determined on a pro forma basis) (x) no Default or Event of Default shall have occurred and be continuing and (y) the Loan Parties shall be in compliance with Section 6 hereof;

			
	
			
				 (iii)
			the representations and warranties of each Loan Party contained in the Loan Documents shall be true and correct in all material respects (without duplication of any materiality or knowledge qualifier contained therein) on and as of the date of such Increase, except to the extent that any such representation or warranty relates to a specific date in which case such representation or warranty shall be true and correct in all material respects (without duplication of any materiality or knowledge qualifier contained therein) as of such specific date; and

			
	
			
				 (iv)
			the Loan Parties shall have delivered such other documents, instruments. legal opinions and agreements as Agent may reasonably require in connection with the applicable Increase.

			
	
			
				 Section 3
			CONDITIONS TO LOANS

			
	
			
				 3.1
			Conditions to Initial Loans and Lender Letters of Credit.  The obligations of Agent and each Lender to make the initial Loans (including any Swingline Loan being made on the Closing Date) and/or the obligation of Agent or any Lender to issue (or cause the issuance of) the initial Lender Letters of Credit on the Closing Date are subject to satisfaction of all of the terms and conditions set forth below and the accuracy of all the representations and warranties of Borrowers and the other Loan Parties set forth herein and in the other Loan Documents:

			
	
			
				 (a)
			Closing Deliveries.  Agent’s receipt of the following, each of which shall be originals or telecopies or in electronic format (i.e., “pdf” or “tif”) (followed promptly by originals) unless otherwise specified, each properly executed by a duly authorized officer of the signing parties, each dated 
		

		 

		

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			the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date): 

			
	
			
				 (i)
			this Agreement, duly executed and delivered by Holdings and Borrowers in form and substance reasonably satisfactory to Agent and each of the Lenders; 

			
	
			
				 (ii)
			for the account of each Lender that has requested a Revolving Note at least two (2) Business Days prior to the Closing Date, a Revolving Note, as the case may be, each conforming to the requirements hereof and duly executed and delivered by a duly authorized officer of each Borrower; 

			
	
			
				 (iii)
			a perfection certificate, in form and substance reasonably satisfactory to Agent, duly executed and delivered by each Borrower;

			
	
			
				 (iv)
			the Fee Letter, duly executed and delivered by each Borrower;  

			
	
			
				 (v)
			a Working Capital Schedule, duly executed and delivered by the Borrowers;

			
	
			
				 (vi)
			a copy of the Initial KPI Metrics Report; and

			
	
			
				 (vii)
			all other documents, instruments, agreements, notes, certificates, orders, authorizations, financing statements, and other documents, each in form and substance satisfactory to Agent, which Agent may reasonably request in advance of the Closing Date.

			
	
			
				 (b)
			Security Interests.  Agent shall have received satisfactory evidence that all security interests and liens granted to Agent, for the benefit of the Secured Parties, pursuant to this Agreement or the other Loan Documents have been duly perfected and constitute a Prior Security Interest in the Collateral, subject only to Permitted Encumbrances.

			
	
			
				 (c)
			Secretary’s Certificates.  Agent shall have received a certificate of a duly authorized officer of each Loan Party certifying and acknowledging (1) that attached copies of such Loan Party’s Organizational Documents are true and complete, and in full force and effect, without amendment except as shown, (2) that an attached copy of resolutions authorizing the execution, delivery and performance of the Loan Documents by such Loan Party is true and complete, and that such resolutions are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with respect to this credit facility, (3) the names of the officers of each Loan Party authorized to sign this Agreement and each of the other Loan Documents to which any Loan Party is or is to be a party hereunder (including the certificates contemplated herein) together with specimen signatures of such officers, and (4) certificates of good standing, status, compliance or similar certificates dated not more than ten (10) days prior to the Closing Date for each of the Loan Parties issued by their respective jurisdictions of organization and each jurisdiction where they are qualified to operate as a foreign or extra-provincial corporation, or its equivalent.

			
	
			
				 (d)
			Fees and Expenses.  Borrowers shall have paid all fees, costs and expenses due and payable under this Agreement and the other Loan Documents.

			
	
			
				 (e)
			Performance of Agreements.  Each Loan Party shall have performed in all material respects all agreements and satisfied all conditions which any Loan Document provides shall be performed by it on or before the Closing Date.

		 

		

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				 (f)
			No Prohibition.  No order, judgment or decree of any court, arbitrator or Governmental Authority shall purport to enjoin or restrain Agent or any Lender from making any Loans or issuing any Lender Letters of Credit.

			
	
			
				 (g)
			No Litigation.  There shall not be pending or, to the Knowledge of Borrowers, threatened, any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration by, against or affecting any Loan Party or any property of any Loan Party that has not been disclosed to Agent by the Loan Parties in writing, and there shall have occurred no development in any such action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration that, in the opinion of Agent, would reasonably be expected to have a Material Adverse Effect.

			
	
			
				 (h)
			No Material Adverse Effect.  There shall have not occurred any Material Adverse Effect since December 31, 2021.  

			
	
			
				 (i)
			Corporate Structure.  The documentation reflecting the ownership, capital, corporate, tax, organizational and legal structure of the Loan Parties shall be acceptable to Agent.

			
	
			
				 (j)
			Regulatory Approvals and other Third-Party Approvals.  The Loan Parties shall have received (i) any and all regulatory approvals necessary to consummate the transactions contemplated by the Loan Documents, which approvals are final and non-appealable and (ii) any and all corporate and other third party approvals necessary to consummate the transactions contemplated by the Loan Documents.

			
	
			
				 (k)
			Insurance Policies.  Agent shall have received certificates evidencing the Restricted Loan Parties’ property and casualty, liability, workers compensation, business interruption, and other insurance, in each case, satisfying the requirements Section 4.16 hereof, with, subject to Section 5.14, appropriate endorsements naming Agent as loss payee and additional insured, as applicable.  

			
	
			
				 (l)
			Projections.  Agent shall have received satisfactory Projections, including an annual projected operating budget and cash flow on a consolidated basis, for the following Fiscal Years: 2023, 2024, 2025 and 2026, each year by year, including a balance sheet and cash flow statement as at the last day of each Fiscal Year and the relevant assumptions used to make such calculations.

			
	
			
				 (m)
			Due Diligence.  Agent shall have completed due diligence on the Loan Parties to its reasonable satisfaction, including, but not limited to, review of Employee Benefit Plans, employment agreements with key personnel, union labor contracts, any actual or potential Environmental Claims, and the business, operations, prospects, customer relations, and contracts of the Loan Parties, which review is satisfactory to Agent in all respects.

			
	
			
				 (n)
			PATRIOT Act; Beneficial Ownership Certification.  To the extent requested at least five (5) days prior to the Closing Date, the Lenders shall have received, sufficiently in advance of closing, all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.   At least five (5) days prior to the Closing Date, Borrowers shall deliver to Agent a Beneficial Ownership Certification in relation to Borrower. 

			
	
			
				 (o)
			Existing Indebtedness. The Indebtedness of each of the Borrowers outstanding immediately prior to the Closing Date (other than Indebtedness permitted under Section 7.1) shall have been (or concurrently with the initial borrowing will be) paid in full.  Agent shall have received payoff letters from the existing lenders or holders of such Indebtedness in connection with the existing Indebtedness to be paid off, each in form and substance reasonably satisfactory to Agent, together with UCC termination statements, releases or assignment (as mutually agreed between the Borrowers and Agent) 
		

		 

		

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			of mortgage Liens, and other instruments, documents and/or agreements necessary or appropriate to terminate any Liens, commitments and guaranties in connection with such existing Indebtedness, which is to be indefeasibly paid in full on or prior to the Closing Date, as Agent may reasonably request, duly executed and in recordable form, if applicable, and otherwise in form and substance reasonably satisfactory to Agent. 

			
	
			
				 (p)
			Solvency.  Agent shall have received a certificate from Borrowers certifying that, after giving effect to the transactions contemplated by this Agreement, Borrowers, taken as a whole, are Solvent.

			
	
			
				 (q)
			Closing Certificate. Agent shall have received a closing certificate signed by the Chief Financial Officer of each Borrower dated as of the date hereof, stating that (i) all representations and warranties set forth in this Agreement are true and correct on and as of such date, (ii) Borrowers are on such date in compliance with all the terms and provisions set forth in this Agreement and the other Loan Documents and (iii) on such date no Default or Event of Default has occurred or is continuing.

			
	
			
				 (r)
			Legal Opinion.  Agent shall have received opinions of Husch Blackwell LLP counsel to the Loan Parties, dated as of the Closing Date addressed to Agent and the Lenders and covering such matters as the Agent or the Lenders may reasonably request.

		
			Without limiting the generality of Section 9.1(c), for purposes of determining satisfaction of the conditions specified in this Section 3.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to such Lender unless Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.    
		

			
	
			
				 3.2
			Additional Conditions to All Loans and Lender Letters of Credit.  The obligations of Agent and each Lender to make Loans (including any Swingline Loan) and the obligation of Agent or any Lender to issue (or cause the issuance of) Lender Letters of Credit on each Funding Date (including the Closing Date) shall be subject to the further conditions precedent that (i) on or prior to the date of such Loan or issuance, Agent (and the applicable Swingline Lender to Issuing Lender, as applicable) shall have received all notices required in accordance with the terms of this Agreement and (ii) on the date of such Loan or the date of such issuance, the following statements shall be true and correct (and each of the giving of any applicable Notice of Borrowing, and the acceptance by Borrowers (or any of them) of the proceeds of each Borrowing, and each Lender Letter of Credit issued, increased or extended on behalf of Borrowers, shall constitute a representation and warranty by Borrowers, that on the date of such borrowing such statements are true and correct):

			
	
			
				 (a)
			Representations and Warranties.  The representations and warranties of Borrowers contained in this Agreement are true and correct in all material respects (except that (i) for those representations and warranties already qualified by concepts of materiality or knowledge, those representations and warranties shall be true and correct in all respects and (ii) for those representations and warranties that relate solely to an earlier date, those representations and warranties shall be true and correct in all material respects as of such earlier date), before and after giving effect to such Loan or issuance, and to the application of the proceeds therefrom; 

			
	
			
				 (b)
			Availability.  Aggregate Revolving Credit Exposure shall not exceed the Maximum Revolving Loan Amount; and

		 

		

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				 (c)
			No Default.  No Default or Event of Default shall have occurred and be continuing or would result from such Loan or issuance.

			
	
			
				 Section 4
			REPRESENTATIONS AND WARRANTIES.

		
			Each Borrower and each other Loan Party represents, warrants and covenants to Agent, the Issuing Lender and each Lender that:
		

		
			﻿
		

			
	
			
				 4.1
			Organization, Powers, Capitalization.

			
	
			
				 (a)
			Organization and Powers.  Each of the Loan Parties is an entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and qualified to do business in all states and other jurisdictions where such qualification is required, in each case (other than the existence of Holdings and Borrowers) except where failure to be so qualified would not reasonably be expected to have a Material Adverse Effect.  Each of the Loan Parties has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and proposed to be conducted, except where such failure would not reasonably be expected to have a Material Adverse Effect, and to enter into each Loan Document.  The name of (within the meaning of Section 9-503 of the UCC) and jurisdiction of organization of each Loan Party is set forth on Schedule 4.6.  As of the Closing Date the chief executive office of each Loan Party is located at the address indicated on Schedule 4.6.  As of the Closing Date each Loan Party’s organizational identification numbers, if any, are identified on Schedule 4.6.

			
	
			
				 (b)
			Capitalization.  The authorized Equity Interests of each of the Restricted Loan Parties and its respective Subsidiaries as of the Closing Date is as set forth on Schedule 4.1(b), including all preemptive or other outstanding rights, options, warrants, conversion rights or similar agreements or understandings for the purchase or acquisition from any Restricted Loan Party of any shares of capital stock or other securities or Equity Interests of any such entity.  All issued and outstanding shares of capital stock or other Equity Interests of each of the Restricted Loan Parties are duly authorized and validly issued, and, if applicable, fully paid, free and clear of all Liens other than those in favor of Agent for the benefit of Agent and the Lenders, and such shares or Equity Interests were issued in compliance with all applicable state and federal laws concerning the issuance of securities.  

			
	
			
				 4.2
			Authorization of Borrowing, No Conflict.  Each Loan Party has the power and authority to incur the Obligations and, if applicable, to grant security interests in the Collateral.  On the Closing Date, the execution, delivery and performance of the Loan Documents by each Loan Party signatory thereto will have been duly authorized by all necessary corporate and shareholder action.  The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party and the consummation of the transactions contemplated by the Loan Documents by each Loan Party do not contravene any applicable law, the Organizational Documents of any Loan Party or any agreement or order by which any Loan Party or any Loan Party’s property is bound the effect of which contravention would reasonably be expected to result in a Material Adverse Effect.  The Loan Documents are the legally valid and binding obligations of the applicable Loan Parties respectively, each enforceable against the Loan Parties, as applicable, in accordance with their respective terms subject to equitable principles and to bankruptcy, insolvency and other laws affecting creditors generally. 

			
	
			
				 4.3
			Financial Condition.  All financial statements concerning the Loan Parties furnished by or on behalf of the Loan Parties (or any of them) to Agent or any Lender pursuant to or in connection with this Agreement have been prepared in accordance with GAAP consistently applied throughout the periods involved (except as disclosed therein) and present fairly the financial condition of the Persons covered thereby as at the dates thereof and the results of their operations for the periods then ended.  The Projections delivered by the Borrowers have been and will hereafter be prepared in light of the past operations of the 
		

		 

		

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			business of the Borrowers and their Subsidiaries, and such Projections will represent the good faith estimate of each Borrower and its senior management concerning the most probable course of its business as of the date such Projections are delivered, it being understood that no assurance can be given that such Projections will be realized.

			
	
			
				 4.4
			Indebtedness and Liabilities.  As of the Closing Date, no Restricted Loan Party has (a) any Indebtedness except (i) any Indebtedness listed on Schedule 7.1 and (ii) Indebtedness otherwise permitted to be incurred hereunder; or (b) any liabilities other than as reflected on the most recent financial statements delivered to Agent and the Lenders or as incurred in the ordinary course of business following the date of the most recent financial statements delivered to Agent and the Lenders.   

			
	
			
				 4.5
			[Reserved].

			
	
			
				 4.6
			Names and Locations.  As of the Closing Date, Schedule 4.6 sets forth (a) all legal names and all other names (including trade names, fictitious names and business names) under which each Restricted Loan Party currently conducts business, or has at any time during the past five (5) years conducted business, (b) the name of any entity which any Restricted Loan Party has acquired in whole or in part or from whom such Restricted Loan Party has acquired substantially all of assets within the past five years, (c) the location of each Restricted Loan Party’s principal place of business, (d) the state or other jurisdiction of organization for each Restricted Loan Party and sets forth each Restricted Loan Party’s organizational identification number or specifically designates that one does not exist, (e) the location of each Restricted Loan Party’s books and records, (f) the location of all other offices of each Restricted Loan Party material to the business of such Restricted Loan Party, (g) all locations (designating Inventory and Equipment locations and indicating between owned, leased, warehouse, storage, and processor locations) where Collateral with an aggregate value of more than $1,000,000 is located; and (h) each Restricted Loan Party’s federal tax identification number.  As of the Closing Date, the locations designated on Schedule 4.6 are each Restricted Loan Party’s sole material locations for their respective businesses and the material portion of the Collateral.  

			
	
			
				 4.7
			Title to Properties; Liens.  Each Restricted Loan Party has good and marketable title to all of the Collateral and will have good, sufficient and legal title to all after-acquired Collateral, in each case, free and clear of all Liens except for the Permitted Encumbrances.  Agent has valid, perfected and Prior Security Interest in the Collateral (subject to Permitted Encumbrances), securing the payment of the Obligations, and such Liens are entitled to all of the rights, priorities and benefits afforded by the UCC or other applicable laws enacted in any relevant jurisdiction which relates to perfected Liens.

			
	
			
				 4.8
			Litigation; Adverse Facts.  There are no judgments outstanding against any Loan Party or affecting any property of any Loan Party nor is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or, to the Knowledge of any Loan Party after due inquiry, threatened in writing against or affecting any Loan Party or any property of any Loan Party which would reasonably be expected to result in any Material Adverse Effect.  

			
	
			
				 4.9
			Payment of Taxes.    All material tax returns of the Loan Parties required to be filed by any of them have been timely filed and are complete and accurate in all material respects, except where failure to file would not reasonably be expected to result in a Material Adverse Effect.  All material taxes, assessments, fees and other governmental charges which are due and payable by the Loan Parties have been paid when due; provided that no such tax need be paid if such Loan Party is contesting same in good faith by appropriate proceedings promptly instituted and diligently conducted and if such Loan Party has established appropriate reserves as shall be required in conformity with GAAP.  As of the Closing Date, none of the income tax returns of any Loan Party is under audit.  No tax liens have been filed against any Loan Party (other than liens for taxes that are not yet due or payable or are being contested in good faith by 
		

		 

		

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			appropriate proceedings diligently conducted and for which appropriate reserves are maintained on the books of the applicable Loan Party in accordance with GAAP).  

			
	
			
				 4.10
			Performance of Agreements.    None of the Loan Parties and no Subsidiaries of any Restricted Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any material contractual obligation of any such Person, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default in each case except where such default would not reasonably be expected to result in a Material Adverse Effect.  

			
	
			
				 4.11
			ERISA Compliance.

			
	
			
				 (a)
			Except as could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect, (i) each Plan is in compliance with the applicable provisions of ERISA, the IRC and other federal or state Laws and (ii) each Plan that is intended to be a qualified plan under Section 401(a) of the IRC has received a favorable determination letter, or the pre-approved plan sponsor has received an opinion letter on which Borrower may rely, from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the IRC, or an application for such a letter is currently being processed by the IRS, and, to the Knowledge of the Borrowers, nothing has occurred that would prevent or cause the loss of such tax-qualified status.

			
	
			
				 (b)
			There are no pending or, to the Knowledge of the Borrowers, threatened or contemplated claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that, either individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

			
	
			
				 (c)
			No ERISA Event has occurred, and neither the Borrowers nor any ERISA Affiliate is aware of any fact, event or circumstance that, either individually or in the aggregate, would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that, either individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

			
	
			
				 (d)
			Except as disclosed in Schedule 4.11(d), the present value of all accrued benefits under each Pension Plan (based on those assumptions used to fund such Pension Plan) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Pension Plan allocable to such accrued benefits by a material amount.  As of the most recent valuation date for each Multiemployer Plan, the potential liability of the Borrowers or any ERISA Affiliate for a complete withdrawal from such Multiemployer Plan (within the meaning of Section 4203 or Section 4205 of ERISA), when aggregated with such potential liability for a complete withdrawal from all Multiemployer Plans, is zero.

			
	
			
				 (e)
			To the extent applicable, each Foreign Plan has been maintained in compliance with its terms and with the requirements of any and all applicable requirements of Law and has been maintained, where required, in good standing with applicable regulatory authorities, except to the extent that the failure so to comply could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect.  Neither the Borrowers nor any Subsidiary of any Borrower has incurred any material obligation in connection with the termination of or withdrawal from any Foreign Plan that has not been reflected on the financial statements of the applicable Borrower or Subsidiary.  Except as disclosed in Schedule 4.11(e), the present value of the accrued benefit liabilities (whether or not vested) under each Foreign Plan that is funded, determined as of the end of the most recently ended fiscal year of the Borrowers 
		

		 

		

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			or Subsidiary of the Borrowers, as applicable, on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the property of such Foreign Plan by a material amount, and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are properly accrued.

			
	
			
				 4.12
			Broker’s Fees. As of the Closing Date no broker’s or finder’s fee or commission will be payable with respect to any of the transactions contemplated hereby.

			
	
			
				 4.13
			Environmental Compliance.    Each Loan Party is and shall continue to remain in compliance with all applicable Environmental Laws except where failure to be in compliance would not reasonably be expected to have a Material Adverse Effect.  Except as identified on Schedule 4.13, there are no pending, or, to the Knowledge of the Borrowers, claims, liabilities, Liens, investigations, litigation, administrative proceedings, or judgments or orders relating to any Hazardous Materials asserted or threatened in writing against any Restricted Loan Party or relating to any releases of Hazardous Materials from or any material real property currently or, to the Knowledge of the Borrowers formerly owned, leased or operated by any Restricted Loan Party.

			
	
			
				 4.14
			Solvency.  As of the Closing Date, each of the Restricted Loan Parties is Solvent.

			
	
			
				 4.15
			Disclosure.  No representation or warranty of any Loan Party contained in this Agreement, the financial statements, the other Loan Documents, or any other document, certificate or written statement furnished to Agent or any Lender by or on behalf of any such Person for use in connection with the Loan Documents (whether before, after or concurrently with the execution thereof) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein not materially misleading in light of the circumstances in which the same were made.   There is no material fact known to any Loan Party that has had or would reasonably be expected to have a Material Adverse Effect and that has not been disclosed herein or in such other documents, certificates and statements furnished to Agent or any Lender for use in connection with the transactions contemplated hereby.

			
	
			
				 4.16
			Insurance. 

		
			(a)Each Loan Party shall insure its properties and assets against loss or damage by fire and such other insurable hazards as such assets are commonly insured (including fire, extended coverage, property damage, workers’ compensation, public liability and business interruption insurance) and against other risks (including errors and omissions) in such amounts as similar properties and assets are insured by prudent companies in similar circumstances carrying on similar businesses, and with reputable and financially sound insurers, including self-insurance to the extent customary.  Such insurance policies (other than any such policy not covering any Restricted Loan Party or any property of any Restricted Loan Party) shall contain additional insured and lender’s loss payable special endorsements in form and substance reasonably satisfactory to Agent naming Agent as additional insured and lender’s loss payable, as applicable, and providing Agent with notice of cancellation reasonably acceptable to Agent.
		

		
			(b)Each Restricted Loan Party shall, to the extent required under applicable Flood Laws, obtain and maintain flood insurance for such structures and contents constituting Collateral located in a flood hazard zone, in such amounts as similar structures and contents are insured by prudent companies in similar circumstances carrying on similar businesses and otherwise satisfactory to Agent and the Lenders.
		

		
			(c)In the event any Restricted Loan Party fails to provide Agent with evidence of the insurance coverage required by this Agreement, Agent may, but is not required to, purchase insurance at Borrowers’ expense to protect Agent’s and the Lender’s interests in the Collateral. This insurance may, but need not, protect Borrowers’ interests. Such coverage purchased by Agent may not pay any claim made by Borrowers 
		

		 

		

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		or any claim that is made against Borrowers in connection with the Collateral. Borrowers may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that Borrowers has obtained insurance as required by this Agreement. Agent agrees to cooperate in any such cancellation. If Agent purchases insurance for the Collateral, Borrowers will be responsible for the reasonable costs of that insurance, including interest thereon and other charges imposed on Agent in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance, and such costs may be added to the Obligations. The costs of the insurance may be more than the cost of insurance Borrowers is able to obtain on their own.
		

			
	
			
				 4.17
			Compliance with Laws; Government Authorizations; Consents.    

			
	
			
				 (a)
			No Loan Party is in violation of any law, ordinance, rule, regulation, order, policy, guideline or other requirement of (i) any Governmental Authority in all jurisdictions in which such Loan Party is now doing business, and (ii) any government authority otherwise having jurisdiction over the conduct of such Loan Party or any of its respective businesses, or the ownership of any of its respective properties, which violation in either such case would subject such Loan Party, or any of their respective officers to criminal liability or would reasonably be expected to have a Material Adverse Effect and to the Loan Parties’ Knowledge no such violation has been alleged in writing. 

			
	
			
				 (b)
			No authorization, approval or other action by, and no notice to or filing with, any domestic or foreign Governmental Authority or regulatory body or consent of any other Person is required for (i) the grant by the Restricted Loan Parties of the Liens granted hereby or for the execution, delivery or performance of this Agreement or the other Loan Documents by any Loan Party; (ii) the perfection of the Liens granted hereby and pursuant to any other Loan Documents (except for the filing of UCC financing statements with the applicable filing offices in the applicable jurisdictions); or (iii) the exercise by Agent of its rights and remedies hereunder.

			
	
			
				 4.18
			Employee Matters.  As of the Closing Date, except as set forth on Schedule 4.18, (a) no Loan Party nor any of such Loan Party’s employees is subject to any collective bargaining agreement, (b) no petition for certification or union election is pending with respect to the employees of any Loan Party and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of any Loan Party and (c) there are no strikes, slowdowns, work stoppages or controversies pending or, to the Knowledge of the Loan Parties after due inquiry, threatened in writing between any Loan Party and its respective employees, other than employee grievances arising in the ordinary course of business, in each case, which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

			
	
			
				 4.19
			Governmental Regulation.  None of the Restricted Loan Parties is subject to regulation under the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money.

			
	
			
				 4.20
			No Defaults.  No event or circumstance has occurred or exists that constitutes an Event of Default.

			
	
			
				 4.21
			Margin Stock.  No Loan Party is engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.  No Loan proceeds or Lender Letters of Credit will be used by any Borrower or any other Loan Party to purchase or carry, or to reduce or refinance any Indebtedness incurred to purchase or carry, any Margin Stock or for any related purpose governed by Regulations T, U or X of the Board of Governors of the Federal Reserve System.

		 

		

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				 4.22
			Amendment of Schedules.  With the consent of Agent (which consent is not to be unreasonably withheld, conditioned or delayed), the Loan Parties may amend any one or more of the Schedules referred in this Section 4 (subject to prior notice to Agent, as applicable) and any representation, warranty, or covenant contained herein which refers to any such Schedule shall from and after the date of any such amendment refer to such Schedule as so amended; provided however, that in no event shall the amendment of any such Schedule constitute a waiver by Agent and the Lenders of any Default or Event of Default that exists notwithstanding the amendment of such Schedule.

			
	
			
				 4.23
			Sanctions; Anti-Corruption Laws.  

			
	
			
				 (a)
			No Loan Party nor any of their respective Subsidiaries or, to the Knowledge of the Loan Parties, any director, officer, employee, agent, or affiliate of any Loan Party or any of its Subsidiaries is an individual or entity (“person”) that is, or is owned or controlled by persons that are: (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of State, or other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions. 

			
	
			
				 (b)
			The Loan Parties, their respective Subsidiaries and their respective directors, officers and employees and, to the Knowledge of the Loan Parties, the agents of the Loan Parties and their respective Subsidiaries, are (i) in compliance in with all applicable Sanctions and (ii) in compliance in all material respects with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”) and any other applicable anti-corruption law.  The Loan Parties and their respective Subsidiaries have instituted and maintain policies and procedures designed to promote and achieve continued compliance with applicable Sanctions, the FCPA and any other applicable anti-corruption laws.

			
	
			
				 4.24
			Beneficial Ownership Certification.  As of the Closing Date, the information included in any Beneficial Ownership Certification delivered to Agent or any Lender prior to the Closing Date is true and correct in all material respects. 

			
	
			
				 4.25
			Material Contracts. (a) All Material Contracts are in full force and effect and no material defaults currently exist thereunder, and (b) no Borrower has (i) received any notice of termination or non-renewal of any Material Contract, or (ii) exercised any option to terminate or not to renew any Material Contract, in any case, except where such failure to remain in full force and effect, such termination or such non-renewal would not, in the reasonable business judgment of Borrowers, be expected to have a Material Adverse Effect.

			
	
			
				 Section 5
			AFFIRMATIVE COVENANTS

		
			Each Loan Party covenants and agrees that, so long as any of the Revolving Loan Commitments hereunder shall be in effect, and until payment in full, in cash, of all Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Lender Letters of Credit (or other arrangement acceptable to the issuer thereof in writing), each Loan Party shall perform all covenants in this Section 5.
		

		
			﻿
		

			
	
			
				 5.1
			Financial Statements and Other Reports.  Borrowers will deliver to Agent and each Lender (unless specified to be delivered solely to Agent) the financial statements and other reports, notices and other information contained in the Reporting Rider attached hereto. 

		 

		

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				 5.2
			Maintenance of Properties.  Each Restricted Loan Party will maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all material properties used in the business of such Restricted Loan Party and its Subsidiaries and will make or cause to be made all appropriate repairs, renewals and replacements thereof except where the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect.

			
	
			
				 5.3
			Further Assurances.  Each Restricted Loan Party shall from time to time, execute such guaranties, financing or continuation statements, documents, security agreements, reports and other documents or deliver to Agent such instruments, certificates of title or other documents or take such other action, in each case, as Agent at any time may reasonably request to evidence, perfect, give priority to or otherwise implement the guaranties and security for repayment of the Obligations provided for in the Loan Documents.

			
	
			
				 5.4
			Maintenance of Insurance.  Each Loan Party shall at all times maintain insurance complying with the requirements of Section 4.16.

			
	
			
				 5.5
			Use of Proceeds and Margin Security.  

			
	
			
				 (a)
			Borrowers shall use the proceeds of the Revolving Advances, Swingline Loans and the Lender Letters of Credit for proper business purposes as described in the recitals to this Agreement.  

			
	
			
				 (b)
			Borrowers shall use the proceeds of the Loans consistent with all applicable laws, statutes, rules and regulations, and no portion of the proceeds of any Loan shall be used for the purpose of purchasing or carrying margin stock within the meaning of Regulation U, or in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T or Regulation X or any other regulation of the Board of Governors of the Federal Reserve System or to violate the Securities Exchange Act of 1934.

			
	
			
				 5.6
			Maintenance of Records and Books of Account.  Each Loan Party shall, and shall cause each Subsidiary of such Loan Party to, maintain and keep proper books of record and account which enable the Loan Party and its Subsidiaries to issue financial statements in accordance with GAAP and as otherwise required by applicable law, and in which full, true and correct entries shall be made in all material respects of all its dealings and business and financial affairs. 

			
	
			
				 5.7
			Preservation of Existence. Each Loan Party will, and will cause each Restricted Loan Party to, (a) preserve, renew and maintain in full force and effect its legal existence and good standing under the laws of the jurisdiction of its organization except in a transaction otherwise expressly permitted hereunder; (b) take all reasonable action to maintain all rights, licenses, permits, privileges and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which would reasonably be expected to have a Material Adverse Effect.

			
	
			
				 5.8
			Compliance with Laws.  Each Loan Party will, and will cause each Restricted Loan Party to, comply with the requirements of all laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

			
	
			
				 5.9
			Tax Certificates.  Upon the request of Agent or any other affected Lender, within thirty (30) days after the receipt of such request, the Loan Parties shall furnish to Agent and any other affected Lender, at its address referred to herein, the original or a certified copy of a receipt evidencing payment of 
		

		 

		

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			Other Taxes if a receipt is available or can be obtained.  If no such Other Taxes are payable, the Loan Parties shall, if so requested by Agent or the affected Lender, provide a certificate of an officer of the Loan Parties to that effect.

			
	
			
				 5.10
			[Reserved].  

			
	
			
				 5.11
			Inspection.  Upon not less than three (3) Business Days’ request by Agent, the Loan Parties shall permit representatives and independent contractors of the Agent to visit and inspect any of the properties of the Loan Parties, to examine their corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their affairs, finances and accounts with their directors, officers, and the Loan Parties’ Accountants, all at the expense of Borrowers and at such reasonable times during normal business hours and no more than one (1) time in each calendar quarter; provided, however, so long as no Default or Event of Default has occurred and is continuing, Borrowers shall be liable for the costs and expenses relating to no more than one (1) such visit and inspection during any Fiscal Year.

			
	
			
				 5.12
			KYC Information; Beneficial Ownership.  Upon the reasonable request of any Lender (or Agent on behalf of any Lender), the Loan Parties shall promptly provide to such Lender (or Agent on behalf of such Lender) (a) all documentation and other information so requested in connection with applicable “know your customer” laws and Anti-Terrorism Laws and (b) to the extent any Borrower qualifies at such time as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification with respect to such Borrower.

			
	
			
				 5.13
			Sanctions; Anti-Corruption Laws.  The Loan Parties will maintain in effect policies and procedures designed to promote compliance by the Loan Parties, their respective Subsidiaries, and their respective directors, officers, employees, and agents with applicable Sanctions and with the FCPA and any other applicable anti-corruption laws.

			
	
			
				 5.14
			Post-Closing Obligations.  

			
	
			
				 (a)
			No later than three (3) Business Days after the Closing Date (or such later date as agreed by Agent at its sole option), the Loan Parties shall have delivered to Agent a Control Agreement, in form and substance reasonably satisfactory to Agent and duly executed by Green Plains Trade and Bank of America, N.A., with respect to one or more Deposit Accounts maintained by Green Plains Trade with Bank of America, N.A.

			
	
			
				 (b)
			No later than thirty (30) days after the Closing Date (or such later date as agreed by Agent at its sole option), the Loan Parties shall have delivered to Agent (i) a collateral assignment of Borrowers’ gas storage contracts with DTE Gas Company, duly executed by each Borrower party to any such gas storage contract, and (ii) a duly executed acknowledgment of DTE Gas Company with respect to such collateral assignment, all of which shall be in form and substance reasonably satisfactory to Agent.

			
	
			
				 (c)
			No later than thirty (30) days after the Closing Date (or such later date as agreed by Agent at its sole option), the Loan Parties shall have used commercially reasonable efforts to deliver collateral access agreements, landlord waivers or similar agreements, in any case, in form and substance reasonably satisfactory to Agent, duly executed by each of Kinder Morgan Seven Oaks LLC and Kinder Morgan Liquids Terminals LLC.

			
	
			
				 (d)
			No later than thirty (30) days after the Closing Date (or such later date as agreed by Agent at its sole option), the Loan Parties shall deliver or cause to be delivered to Agent copies of lender loss payable endorsements, additional insured endorsements and endorsements providing for thirty (30) 
		

		 

		

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			days’ prior written notice of cancellation for the Loan Parties’ insurance policies as required under Section 4.16, in each case, all in form and substance reasonably satisfactory to the Agent.

			
	
			
				 (e)
			No later than sixty (60) days after the Closing Date (or such later date as agreed by Agent at its sole option), the Loan Parties shall deliver to Agent Subsidiary Loan Agreements between GP Finco and each other Borrower, together which such other Subsidiary Loan Documents as Agent shall have reasonably requested in connection therewith.

			
	
			
				 Section 6
			FINANCIAL COVENANTS.

		
			The Loan Parties covenant and agree that so long as any of the Revolving Loan Commitments remain in effect and until payment in full, in cash, of all Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Lender Letters of Credit (or other arrangement acceptable to the issuer thereof in writing), the Loan Parties shall comply with all covenants contained in the Financial Covenants Rider tested as of such periods specified therein.
		

		
			﻿
		

			
	
			
				 Section 7
			NEGATIVE COVENANTS.

		
			Each Restricted Loan Party covenants and agrees that so long as any of the Revolving Loan Commitments remain in effect and until payment in full, in cash, of all Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Lender Letters of Credit (or other arrangement acceptable to the issuer thereof in writing), the Restricted Loan Parties shall not, and with respect only to Section 7.16, Holdings shall not:
		

		
			﻿
		

			
	
			
				 7.1
			Indebtedness and Liabilities.  Directly or indirectly create, incur, assume, guaranty, or otherwise become or remain directly or indirectly liable, on a fixed or contingent basis, with respect to any Indebtedness, except: 

			
	
			
				 (a)
			the Obligations; 

			
	
			
				 (b)
			Commodity Repurchase Agreement Indebtedness, so long as the aggregate purchase price paid to Borrowers (or any of them) by Eligible Repurchase Counterparties under Commodity Repurchase Agreements outstanding at any time shall not at any time exceed the Commodity Repurchase Agreement Sublimit; 

			
	
			
				 (c)
			Specified Indebtedness with respect to which a Specified Indebtedness Intercreditor Agreement is in full force and effect;

			
	
			
				 (d)
			Indebtedness of any Borrower owing to GP Finco under a Subsidiary Loan Agreement so long as the Subsidiary Borrower Conditions are satisfied with respect to such Subsidiary Borrower; 

			
	
			
				 (e)
			Attributable Indebtedness and other Indebtedness (including obligations in respect of Capital Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by a Restricted Loan Party prior to or within ninety (90) days after the acquisition, construction, repair, replacement, lease or improvement of the applicable asset in an aggregate amount not to exceed at any time outstanding $10,000,000 and any Permitted Refinancing thereof; 

			
	
			
				 (f)
			Indebtedness relating to Hedging Agreements entered into for non-speculative purposes; 

		 

		

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				 (g)
			Indebtedness incurred pursuant to tenders, statutory obligations, bids, leases, governmental contracts, trade contracts, surety, stay, customs, appeal, performance and/or return of money bonds or other similar obligations, in each case incurred in the ordinary course of business, not to exceed $10,000,000; 

			
	
			
				 (h)
			Indebtedness incurred in respect of workers compensation claims, unemployment insurance (including premiums related thereto), other types of social security, pension obligations, vacation pay, health, disability or other employee benefits, in each case incurred in the ordinary course of business; 

			
	
			
				 (i)
			Indebtedness in respect of cash management services incurred in the ordinary course of business;

			
	
			
				 (j)
			Indebtedness representing deferred compensation, bonuses accrued or earned, and due and owing, in each case in the ordinary course of business, to current or former directors, officers, employees, and members of management of any Restricted Loan Party (to the extent incurred by such Restricted Loan Party);

			
	
			
				 (k)
			Indebtedness existing on the Closing Date and identified on Schedule 7.1 and any Permitted Refinancing thereof;

			
	
			
				 (l)
			Indebtedness consisting of the financing of insurance premiums not to exceed twelve (12) months of premiums;

			
	
			
				 (m)
			Indebtedness in respect of letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business; and 

			
	
			
				 (n)
			other Indebtedness of Borrowers so long as, immediately before and immediately after (determined on a pro forma basis) giving effect to the incurrence of such Indebtedness and the consummation of any related transactions occurring substantially simultaneously therewith, (i) no Event of Default shall have occurred and be continuing, (ii) Borrowers shall be in compliance with Section 6 and (iii) the Aggregate Revolving Credit Exposure shall not exceed the Maximum Revolving Loan Amount, and Agent shall have received a subordination agreement or intercreditor agreement, in form and substance reasonably satisfactory to Agent and duly executed by the provider or holder of such Indebtedness so long as such Indebtedness does not exceed fifty-five percent (55%) of the “as-built” appraised value of any fixed assets of the Borrowers that secures such Indebtedness.

			
	
			
				 7.2
			Guaranties.  Except for Guaranties of Indebtedness permitted in this Agreement and the guaranties provided by any Restricted Loan Party under the Loan Documents with respect to the Obligations, the Restricted Loan Parties will not guaranty, endorse, or otherwise in any way become or be responsible for any obligations of any other Person, whether directly or indirectly by agreement to purchase the indebtedness of any other Person or through the purchase of goods, supplies or services, or maintenance of working capital or other balance sheet covenants or conditions, or by way of stock purchase, capital contribution, advance or loan for the purpose of paying or discharging any indebtedness or obligation of such other Person or otherwise.

			
	
			
				 7.3
			Transfers, Liens and Related Matters.

			
	
			
				 (a)
			Dispositions.  Sell, assign (by operation of law or otherwise) or otherwise Dispose of (including, in each case, in connection with a Division), or grant any option with respect to, or discount any of the Collateral of any Restricted Loan Party, except that the Restricted Loan Parties may:

		 

		

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				 (i)
			sell Inventory, goods held for sale and immaterial assets in the ordinary course of business; 

			
	
			
				 (ii)
			in the ordinary course of business, sell transfer or lease assets that are obsolete, worn out, surplus or no longer necessary, required used or useful in the conduct of such Restricted Loan Party’s business; 

			
	
			
				 (iii)
			Dispositions and destruction of assets by reason of a Casualty Event;

			
	
			
				 (iv)
			make other Dispositions if all of the following conditions are met: (A) the consideration received is at least equal to the fair market value of such assets; (B) the sole consideration received is paid at least 75% in cash; (C) the net proceeds of such Disposition are repaid and applied if and to the extent required by Section 2.4; (D) no Event of Default shall then exist or result from such sale or other Disposition and (E) the fair market value of the Collateral Disposed of pursuant to this clause (iv) shall not exceed $10,000,000 in any fiscal year;

			
	
			
				 (v)
			(i) leases, subleases, licenses, cross-licenses or sublicenses, in each case in the ordinary course of business and which do not materially interfere with the business of the Restricted Loan Parties or any of their Subsidiaries and (ii) Dispositions of intellectual property that are no longer used or material to the business of any Restricted Loan Party;

			
	
			
				 (vi)
			Dispositions pursuant to, and in accordance with, a Permitted Supply Chain Financing;

			
	
			
				 (vii)
			other discounts of accounts receivable in connection with the compromise or collection thereof in the ordinary course of business and not otherwise prohibited hereunder;

			
	
			
				 (viii)
			the unwinding of any Hedging Agreement; and

			
	
			
				 (ix)
			the lapse or abandonment in the ordinary course of business of any registrations or applications for registration of any intellectual property rights where the cost of maintaining such rights is not justified given the value of such rights in the applicable Restricted Loan Party’s reasonable business judgment.

			
	
			
				 (b)
			Liens.  Except for Permitted Encumbrances, directly or indirectly create, incur, assume or permit to exist any Lien on or with respect to any of the Collateral or the assets of such Person or any proceeds, income or profits therefrom.

			
	
			
				 (c)
			No Negative Pledges.  Enter into or assume any agreement (other than the Loan Documents and the Subsidiary Loan Documents) prohibiting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, provided that this provision shall not prevent (i) provisions in documents evidencing permitted Purchase Money Security Interests or Capital Leases preventing Liens on the financed property or such lease and the proceeds thereof, (ii) consent rights of members, managers, partners or board members of the applicable Restricted Loan Parties with respect to the granting of liens, provided that such rights do not prohibit the Liens in favor of the Agent and the Lenders under the Loan Documents, or (iii) customary “anti-assignment” provisions in leases and other contracts prohibiting assignments of such specific contracts to the extent such leases and other contracts are entered into in the ordinary course and otherwise not prohibited hereunder. 

			
	
			
				 (d)
			Sales and Leaseback Arrangements.  Enter into any arrangement with any Person providing for the leasing by any Restricted Loan Party of real or tangible personal property that has been 
		

		 

		

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			or is to be sold or transferred by such Restricted Loan Party to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of any Restricted Loan Party other than such arrangements with respect real or tangible personal property with an aggregate (for all such arrangements consummated during the term of this Agreement) fair market value not exceeding $10,000,000.

			
	
			
				 7.4
			Investments and Loans.  Make or permit to exist any Investments, except:  

			
	
			
				 (a)
			Investments in cash and Cash Equivalents; 

			
	
			
				 (b)
			Investments in the form of trade credit extended on usual and customary terms in the ordinary course of business; 

			
	
			
				 (c)
			Investments by a Restricted Loan Party in another Restricted Loan Party;

			
	
			
				 (d)
			[reserved]; 

			
	
			
				 (e)
			Investments listed on Schedule 7.4 hereto as of the Closing Date; provided that the amount or type of such Investment existing on the Closing Date shall not be increased other than due to increases in valuation in accordance with GAAP; 

			
	
			
				 (f)
			Investments in the Farm Credit Equities and any other equity interests of, or investments in, any Farm Credit Bank or their investment services or programs;

			
	
			
				 (g)
			notes issued by any account debtors payable to any Restricted Loan Party, or equity interests issued by account debtors to any Restricted Loan Party, in each case, in good faith settlement of delinquent obligations pursuant to any plan of reorganization or similar proceedings upon the bankruptcy or insolvency of any such account debtor;

			
	
			
				 (h)
			Investments received as the non-cash portion of consideration received in connection with Dispositions permitted hereunder to the extent not exceeding the limits specified therein for non-cash consideration;

			
	
			
				 (i)
			Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business;

			
	
			
				 (j)
			endorsement of instruments for collection in the ordinary course of business; 

			
	
			
				 (k)
			Investments of any Person existing at the time such Person becomes a Restricted Loan Party or consolidates, merges or amalgamates with a Restricted Loan Party (including in connection with a permitted Investment) so long as such Investments were not made in contemplation of such Person becoming a Restricted Loan Party, or of such consolidation, merger or amalgamation and so long as the amount or type of such Investment existing at such time shall not be increased other than due to increases in valuation in accordance with GAAP; and

			
	
			
				 (l)
			other Investments in an aggregate principal amount not to exceed $10,000,000.

		
			The amount of any Investment, as determined for the purposes of this Section 7.4, shall include, without limitation, the amount of any deferred compensation or similar arrangements incurred by the applicable Restricted Loan Party in connection with such Investment.
		

		 

		

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				 7.5
			Restricted Payments.    Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would result therefrom, any Borrower may declare or make cash dividends or distributions to Holdings so long as (i) immediately before and after (determined on a pro forma basis) giving effect thereto (A) Revolving Availability shall be not less than $10,000,000 and (B) Borrowers shall be in pro forma compliance with the Financial Covenants, and (ii) Borrowers shall have delivered to Agent a pro forma Compliance Certificate certifying to and demonstrating Borrowers’ satisfaction of the requirements set forth in this Section 7.5.

			
	
			
				 7.6
			Restriction on Fundamental Changes.  (a) Enter into any transaction of merger or consolidation; (b) liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution); (c) convey, sell, lease, sublease, transfer or otherwise dispose of (including a disposition in connection with a sale-leaseback transaction or division), in one transaction or a series of transactions, all or any substantial part of its business or assets, whether now owned or hereafter acquired; (d) acquire by purchase or otherwise all or any part of the business or assets of (other than asset acquisitions in the ordinary course of business), or stock or other beneficial ownership of, any Person except as permitted by Section 7.4; provided that, notwithstanding anything in this Section 7.6 to the contrary: 

		
			(i) any Restricted Loan Party may merge, amalgamate or consolidate with (A) a Borrower; provided that such Borrower shall be the continuing or surviving Person immediately upon the consummation of such merger, amalgamation or consolidation or (B) one or more other Restricted Loan Parties (other than a Borrower); provided that the continuing or surviving Person shall be a Restricted Loan Party immediately upon the consummation of such merger, amalgamation or consolidation; and
		

		
			(ii) any Restricted Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to (x) if such Restricted Loan Party is a Borrower, another Borrower or (y) if such Restricted Loan Party is a Subsidiary Guarantor, a Borrower or another Subsidiary Guarantor.
		

			
	
			
				 7.7
			Organizational Documents.  Amend, modify or otherwise change in any material respect any of its or their Organizational Documents as in effect on the Closing Date, or change its form of incorporation or organization, operating names, or the names under which it executes contracts and conducts business without providing at least thirty (30) calendar days’ prior written notice to the Agent and, in the event such change would be adverse to the Lenders as determined by Agent in its sole reasonable discretion, obtaining the prior written consent of the Requisite Lenders.

			
	
			
				 7.8
			Transactions with Affiliates.  Directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale or exchange of property or the rendering of any service) with any Affiliate or with any officer, director or employee of any Restricted Loan Party, except for transactions not prohibited by this Agreement or transactions in the ordinary course of such Restricted Loan Party’s business and upon fair and reasonable terms which are no less favorable to such Restricted Loan Party than it would obtain in a comparable arm’s length transaction with an unaffiliated Person; provided that nothing contained in this Section 7.8 shall prohibit (a) the payment of salary and bonus in the ordinary course of business to officers and employees of the Loan Parties, (b) transactions amongst Restricted Loan Parties which transactions are otherwise permitted under this Agreement, (c) employment, consulting, severance and other compensatory, service or benefit related arrangements between a Restricted Loan Party and its partners, officers, employees, third party consultants, directors and members of management in the ordinary course of business and transactions pursuant to plans or agreements governing Equity Interests, phantom equity and other employee benefit or compensatory plans and arrangements in the ordinary course of business and not otherwise prohibited under this Agreement, (d) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, officers, employees and consultants of the Restricted Loan Parties in the ordinary course of business to the extent attributable to the 
		

		 

		

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			operation of the applicable Restricted Loan Party and to the extent otherwise expressly permitted under this Agreement, (e) transactions pursuant to agreements, instruments or arrangements in existence on the Closing Date and set forth in Schedule 7.8 or any amendment thereto to the extent such an amendment is not adverse to Agent or the Lenders in any material respect, (f) the entering into by any Restricted Loan Party of any tax sharing agreements with any direct or indirect parent of such Restricted Loan Party to the extent attributable to the ownership or operation of the Restricted Loan Parties, but only to the extent payments thereunder are permitted by Section 7.5, and (g) transactions in which the Restricted Loan Parties party thereto deliver to the Agent a letter from an independent financial advisor stating that such transaction is financially fair and reasonably to such Restricted Loan Parties and is otherwise subject to terms that are no less favorable to such Restricted Loan Parties than they would obtain in a comparable arm’s length transaction with an unaffiliated Person, so long as, with respect to any transaction made in reliance on this clause (g), immediately before and immediately after (determined on a pro forma basis) giving effect to such transaction and the consummation of any related transactions occurring substantially simultaneously therewith, (i) no Event of Default shall have occurred and be continuing, (ii) the Restricted Loan Parties shall be in pro forma compliance with the Financial Covenants, and (iii) Aggregate Revolving Credit Exposure shall not exceed the Maximum Revolving Loan Amount.   

			
	
			
				 7.9
			Conduct of Business.  From and after the Closing Date, engage in any business other than businesses of the type engaged in by such Restricted Loan Party on the Closing Date or substantially related or incidental thereto.

			
	
			
				 7.10
			Use of Proceeds.  Directly or, to any Restricted Loan Party’s Knowledge, indirectly, use the proceeds of the Loans or Lender Letters of Credit, or lend, contribute or otherwise make available such proceeds to any Person, (a) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (b) in any other manner that would result in a violation of Sanctions or any applicable anti-corruption laws or anti-terrorism laws by any Person (including any Person participating in the Loans or Lender Letters of Credit, whether as Agent, an arranger, Issuing Lender, Lender, underwriter, advisor, investor, or otherwise).  

			
	
			
				 7.11
			Fiscal Year; Accounting Changes.  Change its Fiscal Year; or make any material change in accounting treatment or reporting practices, except as required by GAAP and in accordance with Section 1.3.

			
	
			
				 7.12
			Investment Accounts.  Establish any Investment Account with any financial institution, Securities Intermediary or Commodity Intermediary, as applicable, unless, subject to Section 5.14 and except with respect to Excluded Accounts, Agent, the applicable Restricted Loan Party and such financial institution, Securities Intermediary or Commodity Intermediary, as applicable, shall have entered into a Control Agreement with regard to such Investment Account.

			
	
			
				 7.13
			Warehouse Receipts Non-Negotiable.  If any warehouse receipts or receipts in the nature of a warehouse receipt are issued with respect to any of Restricted Loan Parties’ Inventory, permit more than an aggregate outstanding amount of $1,000,000 of such warehouse receipts or receipts in the nature thereof to be “negotiable” (as such term is used in Section 7-104 (or any successor provision thereto) of the UCC as in effect from time to time in any relevant jurisdiction or under other relevant law) at any time.

			
	
			
				 7.14
			Compliance with Anti-Terrorism Laws.  Directly or indirectly, knowingly enter into any material agreements with any Blocked Person, or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law, or (iii) engage in or 
		

		 

		

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			conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

			
	
			
				 7.15
			Repayment of Indebtedness.  At any time, directly or indirectly, pay or prepay any Indebtedness other than (a) payments of the Obligations, (b) the payment of ordinary trade payables, (c) the making of scheduled payments of principal and interest with respect to any Indebtedness permitted under Section 7.1(m) to the extent permitted under the applicable subordination agreement or intercreditor agreement, (d) payments of regularly scheduled principal and interest with respect to any Specified Indebtedness in accordance with the applicable Specified Indebtedness Intercreditor Agreement, (e) Permitted Refinancings of any of the Indebtedness permitted hereunder, (f) the conversion or exchange of any junior Indebtedness to Equity Interests (other than Disqualified Stock) of Holdings or any of its direct or indirect parents, and (g) the prepayment of Indebtedness of any Borrower or other Restricted Loan Party to any other Borrower or any other Loan Party, subject to the subordination provisions applicable to such Indebtedness.

			
	
			
				 7.16
			Holdings Activities.  With respect to Holdings, engage in any transactions or activities which by their terms would have any recourse to any Borrower or any other Restricted Loan Parties unless such activity or transaction is otherwise expressly permitted under the terms of this Agreement.

			
	
			
				 Section 8
			DEFAULT, RIGHTS AND REMEDIES

			
	
			
				 8.1
			Event of Default.  “Event of Default” shall mean the occurrence or existence of any one or more of the following (for each of the clauses set forth below, a grace or cure period may be specified; if no grace or cure period is expressly specified, such occurrence or existence shall constitute an immediate Event of Default):  

			
	
			
				 (a)
			Payment.  

			
	
			
				 (i)
			Borrowers shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any Lender Letter of Credit when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; or 

			
	
			
				 (ii)
			Borrowers shall fail to pay any interest on any Loan or other Obligation (other than the Obligations described in clause (i) above), or any fee or any other amount (other than an amount referred to in clause (i) above) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) or more Business Days; or

			
	
			
				 (b)
			Cross-Default.  (i) Any Restricted Loan Party shall fail to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness under the Loan Documents) having an aggregate principal amount of more than $20,000,000, in each case beyond the applicable grace period with respect thereto, if any; (ii) any Restricted Loan Party shall fail to observe or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause 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 (b)(ii) shall not apply to 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 and such Indebtedness is repaid when 
		

		 

		

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			required under the documents providing for such Indebtedness; or (iii) any “default” or “event of default” shall occur under any of the Subsidiary Loan Documents; or

			
	
			
				 (c)
			Breach of Certain Provisions.  Any Loan Party shall fail to perform or comply with any term or condition contained in (i) Section 5.5,  Section 6 (including, for the avoidance of doubt, any term or condition of the Financial Covenants Rider) to the extent not cured in accordance with Section 8.2, or Section 7 (other than with respect to Sections 7.1,  7.2,  7.8,  7.12 and 7.13), or (ii) any of Section 5.1 (with respect to paragraphs (a) through (c) of the Reporting Rider), Section 7.1,  Section 7.2,  Section 7.8,  Section 7.12 or Section 7.13, and such failure to perform or comply is not remedied in a manner satisfactory to Agent in its Permitted Discretion within ten (10) days of such failure; or

			
	
			
				 (d)
			Other Defaults Under Loan Documents.  Any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement or any other Loan Document (other than those specified in clause (a), (b) or (c) of this Section) and such failure shall continue unremedied for a period of thirty (30) or more days; provided that failure to deliver the KPI Metrics Report and related KPI Compliance Certificate as required under paragraph (p) of the Reporting Rider within the applicable grace period after the date required shall not trigger an Event of Default but will, for the avoidance of doubt, result in a margin adjustment and an unused commitment fee adjustment under Section 2.14; or

			
	
			
				 (e)
			Breach of Warranty.  Any representation or warranty made or deemed made by or on behalf of any Loan Party in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or any waiver hereunder or thereunder, shall prove to have been incorrect in any material respect (or, in the case of any such representation or warranty under this Agreement or any other Loan Document already qualified by materiality, such representation or warranty shall prove to have been incorrect) when made or deemed made; or

			
	
			
				 (f)
			Change of Control.  A Change of Control shall occur or exist; or

			
	
			
				 (g)
			Involuntary Bankruptcy; Appointment of Receiver, etc.  An involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Holdings or any Restricted Loan Party or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings or any of its Subsidiaries or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of sixty (60) or more days or an order or decree approving or ordering any of the foregoing shall be entered; or

			
	
			
				 (h)
			Voluntary Bankruptcy; Appointment of Receiver, etc.  Holdings or any Restricted Loan Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (g) of this Section, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Holdings or any Restricted Loan Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; or

		 

		

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				 (i)
			Judgment and Attachments.  There is entered against the any Restricted Loan Party (i) a final judgment or order for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $10,000,000 (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied or failed to acknowledge coverage), or (ii) a non-monetary final judgment or order that, either individually or in the aggregate, has or would reasonably be expected to have a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

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

			
	
			
				 (k)
			Failure of Security.  Agent, on behalf of itself and the Lenders, shall not have or shall cease to have a valid and perfected Prior Security Interest in the Collateral (subject to Permitted Encumbrances), in each case, for any reason other than the failure of Agent or any Lender to take any action within its control; or

			
	
			
				 (l)
			Subordination, Intercreditor Effectiveness.  The subordination or intercreditor  provisions (whether lien subordination provisions, payment subordination provisions, or both) of any agreement, document or instrument governing any Specified Indebtedness or any other Indebtedness permitted hereunder shall for any reason (except in accordance with its terms) be revoked or invalidated, or otherwise cease to be in full force and effect, or any Loan Party shall contest in any manner the validity or enforceability thereof, or the Obligations (or any Lien securing the Obligations) for any reason shall not have the priority contemplated by this Agreement, such subordination or intercreditor provisions or the other Loan Documents.

			
	
			
				 (m)
			Employee Benefit Plans.  An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or would reasonably be expected to result in liability of the Borrowers under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $10,000,000.

			
	
			
				 8.2
			Equity Cure.

		
			If a Cure Event occurs, any Cure Fund Payments received by (x) Borrowers, in the case of the Current Ratio or Collateral Coverage Ratio, or (y) Holdings, in the case of the Debt to Capitalization Ratio, in either case, during the applicable Cure Period will, at the request of Borrowers, be included (i) as cash in the calculation of the Collateral Formula Amount (in the event of a Default with respect to the Collateral Coverage Covenant), (ii) Net Worth of Holdings (in the event of a Default with respect to the Debt to Capitalization Covenant) or (iii) as cash in the determination of GP Finco’s current assets (in the event of a Default with respect to the Current Ratio Covenant) solely for the purposes of determining compliance with such Financial Covenants at the end of such test period and any subsequent test period that includes such test; provided that (a) the amount of any Cure Fund Payment will be (x) with respect to a Default under the Collateral Coverage Covenant, an amount greater than or equal to the amount required to cause the Collateral Coverage Ratio, determined on a pro forma basis, to equal the Collateral Coverage Cure Target, and (y) with respect to all other Financial Covenant Defaults, an amount greater than or equal to the least amount required to cause the Loan Parties to be in compliance with Financial Covenants, (b) 
		

		 

		

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		notwithstanding anything in this Agreement to the contrary, all Cure Fund Payments will be disregarded for all other purposes, including calculating basket levels, pricing and other items governed by reference to the Financial Covenants, liquidity or availability and may not be used for any other purpose hereunder, (c) all Cure Fund Payments shall be promptly used by Borrowers to prepay Loans and other Obligations in the manner prescribed by Section 2.4(d), and (d) for the avoidance of doubt, any Loans prepaid with any Cure Fund Payments shall be deemed outstanding for purposes of determining compliance with such financial covenants for the test period in respect of which Cure Fund Payment was received. So long as Borrowers are otherwise entitled to exercise its rights under this Section 8.2, (i) from the effective date of delivery of an irrevocable written notice from Borrowers to Agent of Borrowers’ intent to exercise their rights hereunder (a “Cure Notice”) until the earlier to occur of the end of the applicable Cure Period and the date on which Agent is notified that the Cure Fund Payment will not be made, neither Agent nor any Lender shall exercise any enforcement remedy against any Loan Party or any Subsidiary of any Restricted Loan Party or any of their respective properties solely on the basis of the failure to comply with the applicable Financial Covenant in respect of which the Cure Notice was delivered, and (ii) until the earlier to occur of the last day of the applicable Cure Period and the date on which Agent is notified that the Cure Fund Payment will not be made, neither Agent nor any Lender shall impose default interest, terminate the Revolving Loan Commitments or accelerate the Obligations solely on the basis of the failure to comply with the applicable Financial Covenant. Upon timely receipt by Borrowers in cash of the appropriate Cure Fund Payment, if and to the extent after giving effect this Section 8.2 all applicable Events of Default pursuant to Section 6 would no longer exist on a pro forma basis, such Events of Default shall be deemed cured.
		

			
	
			
				 8.3
			Suspension of Commitments.  Upon the occurrence of any Event of Default, Agent may or upon demand by Requisite Lenders shall, without notice or demand, immediately cease making additional Loans and the Revolving Loan Commitments shall be terminated.

			
	
			
				 8.4
			Acceleration.  Upon the occurrence of any Event of Default described in the foregoing Sections 8.1(g) or 8.1(h), all of the Revolving Loan Commitments shall automatically and immediately terminate, all Obligations under the Loan Documents shall automatically become immediately due and payable, and Borrowers shall be required immediately to deposit cash collateral for the Letter of Credit Reserve as set forth in clause (b) of the next sentence, in each case, without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by Borrowers, and the Revolving Loan Commitments shall thereupon terminate.  Upon the occurrence and during the continuance of any other Event of Default, Agent may, and upon demand by Requisite Lenders shall, by written notice to Borrowers, (a) declare all or any portion of the Obligations under the Loan Documents to be, and the same shall forthwith become, immediately due and payable and the Revolving Loan Commitments shall thereupon terminate, and (b) demand that Borrowers immediately deposit with Agent an amount equal to one hundred three percent (103%) of the Letter of Credit Reserve and deposit the prepayment of fees payable under Section 2.3(b) with respect to such Lender Letters of Credit for the full remaining terms of such Lender Letters of Credit; provided, however, if any of such Lender Letters of Credit are terminated, the unearned portion of such prepaid fee attributable to such Lender Letter of Credit shall be refunded to Borrowers.

			
	
			
				 8.5
			Remedies.  If any Event of Default shall have occurred and be continuing, in addition to and not in limitation of any other rights or remedies available to Agent and the Lenders at law or in equity, Agent may, and shall upon the request of Requisite Lenders, exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral) or other applicable law, and may also (a) require the Restricted Loan Parties to, and the Restricted Loan Parties hereby agree that they will, at their expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at a place to be designated by Agent 
		

		 

		

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			which is reasonably convenient to both parties; (b) withdraw all cash in the Investment Accounts subject to Control Agreements (or otherwise distribute value on account of Commodity Contracts) and apply such monies in payment of the Obligations in the manner provided in Section 8.8; and (c) without notice or demand or legal process, enter upon any premises of any Restricted Loan Party and take possession of the Collateral.  The Restricted Loan Parties agree that, to the extent notice of sale of the Collateral or any part thereof shall be required by law, at least ten (10) days’ notice to any affected Restricted Loan Party of the time and place of any public disposition or the time after which any private disposition (which notice shall include any other information required by law) is to be made shall constitute reasonable notification.  At any disposition of the Collateral (whether public or private), if permitted by law, Agent or any Lender may bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness) for the purchase, lease, or licensing of the Collateral or any portion thereof for the account of Agent or such Lender.  Agent shall not be obligated to make any disposition of Collateral regardless of notice of disposition having been given.  The Restricted Loan Parties shall remain liable for any deficiency.  Agent may adjourn any public or private disposition from time to time by announcement at the time and place fixed therefor, and such disposition may, without further notice, be made at the time and place to which it was so adjourned.  Agent is not obligated to make any representations or warranties in connection with any disposition of the Collateral.  To the extent permitted by law, the Restricted Loan Parties hereby specifically waive all rights of redemption, stay or appraisal, which it has or may have under any law now existing or hereafter, enacted.  Agent shall not be required to proceed against any Collateral but may proceed against the Restricted Loan Parties directly. 

			
	
			
				 8.6
			Appointment of Attorney-in-Fact.    Each of the Restricted Loan Parties hereby constitutes and appoints Agent as such Person’s attorney-in-fact with full authority in the place and stead of such Person and in the name of such Person, Agent or otherwise, from time to time in Agent’s discretion while an Event of Default is continuing to take any action and to execute any instrument that Agent may deem necessary or advisable to accomplish the purposes of this Agreement or the other Loan Documents, including: (a) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; (b) to enforce the obligations of any Account Debtor or other Person obligated on the Collateral and enforce the rights of any Restricted Loan Party with respect to such obligations and to any property that secures such obligations; (c) to file any claims or take any action or institute any proceedings that Agent may deem necessary or desirable for the collection of or to preserve the value of any of the Collateral or otherwise to enforce the rights of Agent and the Lenders with respect to any of the Collateral; (d) to sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, assignments, verifications and notices in connection with Accounts, Chattel Paper or General Intangibles and other Documents relating to the Collateral; and (e) generally to take any act required of any Restricted Loan Party under Section 4 or Section 5 of this Agreement, and to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though Agent were the absolute owner thereof for all purposes, and to do, at Agent’s option and Borrowers’ expense, at any time or from time to time, all acts and things that Agent deems necessary to protect, preserve or realize upon the Collateral.  The Restricted Loan Parties hereby ratify and approve all acts of Agent made or taken pursuant to this Section 8.6.  The appointment of Agent as the Restricted Loan Parties’ attorney-in-fact and Agent’s rights and powers are coupled with an interest and are irrevocable, so long as any of the Revolving Loan Commitments hereunder shall be in effect and until payment in full, in cash, of all Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Lender Letters of Credit (or other arrangement acceptable to the issuer thereof in writing).

			
	
			
				 8.7
			Limitation on Duty of Agent and Lenders with Respect to Collateral.  Beyond the safe custody thereof, Agent and each Lender shall have no duty with respect to any Collateral in its possession (or in the possession of any agent or bailee) or with respect to any income thereon or the preservation of rights against prior parties or any other rights pertaining thereto.  Agent shall be deemed to have exercised 
		

		 

		

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			reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which Agent accords its own property.  Neither Agent nor any Lender shall be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the act or omission of any warehouse, carrier, forwarding agency, consignee, broker or other agent or bailee selected by any Restricted Loan Party or selected by Agent in good faith.

			
	
			
				 8.8
			Application of Proceeds.  Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, (a) the Restricted Loan Parties irrevocably waive the right to direct the application of any and all payments at any time or times thereafter received by Agent from or on behalf of any of the Restricted Loan Parties, and (b) any and all payments received at any time or times after the occurrence and during the continuance of an Event of Default, and the proceeds of any sale of, or other realization upon, all or any part of the Collateral shall be applied: first, to that portion of the Obligations constituting fees, costs and expenses incurred by or owing to Agent; second, to that portion of the Obligations constituting fees, costs and expenses incurred by or owing to the Lenders and the Issuing Lenders, pro rata based their Pro Rata Share thereof; third, to accrued and unpaid interest on the Obligations (including any interest which but for the provisions of any bankruptcy or insolvency law would have accrued on such amounts), pro rata based on each Lender’s Pro Rata Share thereof; fourth, pro rata to (i) the principal amounts of the Obligations outstanding (including Obligations owed to any Lender or their Affiliates under a Secured Hedge Agreement or Secured Bank Products Agreement), pro rata based on each Lender’s Pro Rata Share thereof and (ii) provide cash collateralization of the Letter of Credit Reserve in accordance with Section 8.4; and fifth, to any other Obligations or other obligations or indebtedness of Borrowers owing to Agent, any Lender or any Issuing Lender under the Loan Documents, any Secured Hedge Agreement or any Secured Bank Products Agreement, ratably based on their proportionate share thereof.  Any balance remaining shall be delivered to GP Finco or to whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.  This Section 8.8 shall not apply to any action taken by any Farm Credit Bank with respect to any Farm Credit Equities held by Borrowers.

			
	
			
				 8.9
			[Reserved].  

			
	
			
				 8.10
			[Reserved].    

			
	
			
				 8.11
			Waivers; Non-Exclusive Remedies.    No failure on the part of Agent or any Lender to exercise, and no delay in exercising and no course of dealing with respect to, any right under this Agreement or the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise by Agent or any Lender of any right under this Agreement or any other Loan Document preclude any other or further exercise thereof or the exercise of any other right.  The rights in this Agreement and the other Loan Documents are cumulative and shall in no way limit any other remedies provided by law.

			
	
			
				 Section 9
			AGENT; LENDER RIGHTS

			
	
			
				 9.1
			Agent.

			
	
			
				 (a)
			Appointment.  Each Lender, each other Secured Party and, upon obtaining an interest in any Loan, any participant, transferee or other assignee of any Lender irrevocably appoints, designates and authorizes ING Capital as Agent to take such actions or refrain from taking such action as its agent on its behalf and to exercise such powers hereunder and under the other Loan Documents as are delegated by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.  Neither the Agent nor any of its directors, officers, employees or agents shall be liable for any action so taken.  The provisions of this Section 9.1 are solely for the benefit of Agent and the Lenders and neither 
		

		 

		

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			Borrowers nor any other Loan Party shall have any rights as a third party beneficiary of any of the provisions hereof.  In performing its functions and duties under this Agreement and the other Loan Documents, Agent shall act solely as agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower or any other Loan Party.  Agent may perform any of its duties hereunder, or under the Loan Documents, by or through its affiliates, agents or employees.

			
	
			
				 (b)
			Nature of Duties.  Agent shall have no duties, obligations or responsibilities except those expressly set forth in this Agreement or in the Loan Documents.  The duties of Agent shall be mechanical and administrative in nature.  Agent shall not have by reason of this Agreement a fiduciary, trust or agency relationship with or in respect of any Lender, Borrowers or any other Loan Party.  Nothing in this Agreement or any of the Loan Documents, express or implied, is intended to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any of the Loan Documents except as expressly set forth herein or therein.  Each Lender shall make its own appraisal of the credit worthiness of Borrowers, and shall have independently taken whatever steps it considers necessary to evaluate the financial condition and affairs of Borrowers, and Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit or other information with respect thereto (other than as expressly required herein), whether coming into its possession before the Closing Date or at any time or times thereafter.  If Agent seeks the consent or approval of any Lenders to the taking or refraining from taking any action hereunder, then Agent shall send notice thereof to each Lender.  Agent shall promptly notify each Lender any time that the Requisite Lenders have instructed Agent to act or refrain from acting pursuant hereto.

			
	
			
				 (c)
			Rights, Exculpation, Etc.  Neither Agent nor any of its officers, directors, employees or agents shall be liable to any Lender for any action taken or omitted by them hereunder or under any of the Loan Documents, or in connection herewith or therewith, except that Agent shall be liable to the extent of its own gross negligence or willful misconduct as determined by final, non-appealable order from a court of competent jurisdiction.  Agent shall not be liable for any apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to whom payment was due but not made, shall be to recover from other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them).  Neither Agent nor any of its agents or representatives shall be responsible to any Lender for any recitals, statements, representations or warranties herein or for the execution, effectiveness, genuineness, validity, enforceability, collectability, or sufficiency of this Agreement or any of the Loan Documents or the transactions contemplated thereby, or for the financial condition of any Loan Party.  Agent shall not be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any of the Loan Documents or the financial condition of any Loan Party, or the existence or possible existence of any Default or Event of Default.  Agent may at any time request instructions from the Lenders with respect to any actions or approvals which by the terms of this Agreement or of any of the Loan Documents Agent is permitted or required to take or to grant, and if such instructions are promptly requested, Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action or withholding any approval under any of the Loan Documents until it shall have received such instructions from Requisite Lenders or all or such other portion of the Lenders as shall be prescribed by this Agreement.  Without limiting the foregoing, no Lender shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting under this Agreement or any of the other Loan Documents in accordance with the instructions of Requisite Lenders in the absence of an express requirement for a greater percentage of Lender approval hereunder for such action.

		 

		

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				 (d)
			Reliance.  Agent shall be under no duty to examine, inquire into, or pass upon the validity, effectiveness or genuineness of this Agreement, any other Loan Document, or any instrument, document or communication furnished pursuant hereto or in connection herewith.   Agent shall be entitled to rely, and shall be fully protected in relying, upon any written or oral notices, statements, certificates, orders or other documents or any telephone message or other communication (including any writing, fax, telecopy or telegram) believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or any of the Loan Documents and its duties hereunder or thereunder.  Agent shall be entitled to rely upon the advice of legal counsel, independent accountants, and other experts selected by Agent in its sole discretion.

			
	
			
				 (e)
			Indemnification.  The Lenders will reimburse and indemnify Agent for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, attorneys’ fees and expenses), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against Agent in any way relating to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted by Agent under this Agreement or any of the Loan Documents, in proportion to each Lender’s Pro Rata Share, but only to the extent that any of the foregoing is not promptly reimbursed by the Restricted Loan Parties; provided,  however, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances or disbursements resulting from Agent’s gross negligence or willful misconduct as determined by a final non-appealable judgment by a court of competent jurisdiction.  If any indemnity furnished to Agent for any purpose shall, in the opinion of Agent, be insufficient or become impaired, Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against, even if so directed by the Lenders or Requisite Lenders, until such additional indemnity is furnished.  The obligations of the Lenders under this Section 9.1(e) shall survive the payment in full of the Obligations and the termination of this Agreement.

			
	
			
				 (f)
			ING Capital Individually.  With respect to its Revolving Loan Commitments and the Loans made by it, ING Capital shall have and may exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth herein for any other Lender.  The terms “Lenders” or “Requisite Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include ING Capital in its individual capacity as a Lender or one of the Requisite Lenders.  ING Capital, either directly or through strategic affiliations, may lend money to, acquire equity or other ownership interests in, provide advisory services to and generally engage in any kind of banking, trust or other business with any Loan Party as if it were not acting as Agent pursuant hereto and without any duty to account therefor to the Lenders.  ING Capital, either directly or through strategic affiliations, may accept fees and other consideration from any Loan Party for services in connection with this Agreement or otherwise without having to account for the same to the Lenders.

			
	
			
				 (g)
			Successor Agent.

			
	
			
				 (i)
			Resignation.  Agent may resign from the performance of all its agency functions and duties hereunder at any time by giving at least thirty (30) Business Days’ prior written notice to Borrowers and the Lenders.  Such resignation shall take effect upon the acceptance by a successor Agent of appointment as provided below.

			
	
			
				 (ii)
			Appointment of Successor.  Upon any such notice of resignation pursuant to Section 9.1(g)(i) above, Requisite Lenders shall appoint a successor Agent which, unless an Event of Default has occurred and is continuing, shall be reasonably acceptable to Borrowers.  If a successor Agent shall not have been so appointed within said thirty (30) Business Day period, the retiring Agent, upon notice to Borrowers and so long as no Event of Default has occurred and is continuing, with Borrowers’ reasonable 
		

		 

		

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			approval, shall then appoint a successor Agent who shall serve as Agent until such time, if any, as Requisite Lenders appoint a successor Agent as provided above.

			
	
			
				 (iii)
			Successor Agent.  Upon the acceptance of any appointment as Agent under the Loan Documents by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the Loan Documents.  After any retiring Agent’s resignation as Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent.

			
	
			
				 (h)
			Collateral Matters.

			
	
			
				 (i)
			Release of Collateral.  The Lenders hereby irrevocably authorize Agent, at its option and in its discretion, to release any Lien granted to or held by Agent upon any Collateral (A) upon termination of the Revolving Loan Commitments and upon payment and satisfaction of all Obligations (other than contingent indemnification obligations to the extent no claims giving rise thereto have been asserted); (B) constituting property being sold or disposed of if Borrowers certify to Agent that the sale or disposition thereof is made in compliance with the provisions of this Agreement (and Agent may rely in good faith conclusively on any such certificate, without further inquiry) or (C) constituting Commodity Repurchase Agreement Property.    

			
	
			
				 (ii)
			Confirmation of Authority; Execution of Releases.  Without in any manner limiting Agent’s authority to act without any specific or further authorization or consent by the Lenders (as set forth in Section 9.1(h)(i) above), each Lender agrees to confirm in writing, upon request by Agent or Borrowers, the authority to release any Collateral conferred upon Agent under clauses (A) and (B) of Section 9.1(h)(i).  To the extent Agent agrees to release any Lien granted to or held by Agent as authorized under Section 9.1(h)(i), (A) Agent is hereby irrevocably authorized by the Lenders to, execute such documents as may be necessary to evidence the release of the Liens granted to Agent, for the benefit of Agent and the Lenders, upon such Collateral; provided,  however, that Agent shall not be required to execute any such document on terms which, in Agent’s opinion, would expose Agent to liability or create upon Agent any obligation or entail any consequence other than the release of such Liens without recourse or warranty, and (B) Borrowers shall provide at least ten (10) Business Days prior written notice of any request for any document evidencing such release of the Liens and Borrowers agree that any such release shall not in any manner discharge, affect or impair the Obligations or any Liens granted to Agent on behalf of Agent and the Lenders upon (or obligations of any Loan Party, in respect of) all interests retained by any Loan Party, including, without limitation, the proceeds of any sale, all of which shall continue to constitute part of the property covered by this Agreement or the Loan Documents.

			
	
			
				 (iii)
			Absence of Duty.  Agent shall have no obligation whatsoever to any Lender or any other Person to assure that the property covered by this Agreement or the Loan Documents exists or is owned by any Loan Party or is cared for, protected or insured or has been encumbered or that the Liens granted to Agent on behalf of Agent and the Lenders herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to Agent in this Agreement or in any of the Loan Documents, it being understood and agreed that in respect of the property covered by this Agreement or the Loan Documents or any act, omission or event related thereto, Agent may act in any manner it may deem appropriate, in its discretion, given Agent’s own interest in property covered by this Agreement or the Loan Documents as one of the Lenders and that Agent shall have no duty or liability whatsoever to any of the other Lenders; provided,  however, that Agent shall exercise the same care which it would in dealing with loans for its own account.  

		 

		

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				 (iv)
			Secured Party Acknowledgment.  In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Secured Bank Product Agreements or Secured Hedge Agreements will create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the Collateral, each Secured Party that is a party to any such Secured Bank Product Agreement or Secured Hedge Agreement, as applicable, shall be deemed to have appointed Agent to serve as administrative agent and collateral agent under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this paragraph.

			
	
			
				 (i)
			Agency for Perfection.  Agent and each Lender hereby appoint each other Lender as agent for the purpose of perfecting Agent’s security interest in assets which, in accordance with the Uniform Commercial Code in any applicable jurisdiction, can be perfected by possession or Control.  Should any Lender (other than Agent) obtain possession of any such assets, such Lender shall notify Agent thereof, and, promptly upon Agent’s request therefor, shall deliver such assets to Agent or in accordance with Agent’s instructions.  The Agent may file such proofs of claim or documents as may be necessary or advisable in order to have the claims of the Agent and the Lenders (including any claim for the reasonable compensation, expenses, disbursements and advances of the Agent and the Lenders, their respective agents, financial advisors and counsel), allowed in any judicial proceedings relative to the Restricted Loan Parties, or any of their respective creditors or property, and shall be entitled and empowered to collect, receive and distribute any monies, securities or other property payable or deliverable on any such claims.  Any custodian in any judicial proceedings relative to the Restricted Loan Parties is hereby authorized by each Lender to make payments to the Agent and, in the event that the Agent shall consent to the making of such payments directly to the Lenders, to pay to the Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agent, its agents, financial advisors and counsel, and any other amounts due the Agent.  Nothing contained in this Agreement or the other Loan Documents shall be deemed to authorize the Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Loans, or the rights of any holder thereof, or to authorize the Agent to vote in respect of the claim of any Lender in any such proceeding, except as specifically permitted herein.

			
	
			
				 (j)
			Exercise of Remedies.  Each Lender agrees that it will not have any right individually to enforce or seek to enforce this Agreement or any Loan Document or to realize upon any collateral security for the Obligations, unless instructed to do so by Agent, it being understood and agreed that such rights and remedies may be exercised only by Agent.

			
	
			
				 9.2
			Notice of Default.  Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless Agent shall have received written notice from a Lender or Loan Party referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”.  Agent will notify each Lender of its receipt of any such notice. 

			
	
			
				 9.3
			Action by Agent.  Agent shall take such action with respect to any Default or Event of Default as may be requested by Requisite Lenders in accordance with Section 8.  Unless and until Agent has received any such request, Agent may (but shall not be obligated to), subject to Section 9.4(a), take such action, or refrain from taking such action, with respect to any Default or Event of Default as it shall deem advisable or in the best interests of the Lenders. 

			
	
			
				 9.4
			Amendments, Waivers and Consents.

		 

		

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				 (a)
			Percentage of Lenders Required.  Except as otherwise provided herein or in any of the other Loan Documents (and in any event, subject to Section 2.13(b)), no amendment, modification, termination or waiver of any provision of this Agreement or any other Loan Document, or consent to any departure by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed by Requisite Lenders (or by Agent with the consent of the Requisite Lenders) and the applicable Loan Party; provided,  however:  

		
			(1) no amendment, modification, termination, waiver or consent shall be effective, unless in writing and signed by all Lenders, to do any of the following: 
		

		
			(A) waive the conditions set forth in Section 3.1, the satisfaction of which is required in connection with the making of any Loans on the Closing Date; 
		

		
			(B) amend (i) the definition of the term “Requisite Lenders” or “Pro Rata Share”, or (ii) the percentage of Lenders which shall be required to take any action hereunder; 
		

		
			(C) amend or waive this Section 9.4 or the definitions of the terms used in this Section 9.4 insofar as such definitions affect the substance of this Section 9.4;  
		

		
			(D) release all or substantially all of the Collateral (except in connection with a sale, disposition or release expressly permitted hereunder or under any other Loan Document), subordinate the Liens in favor of Agent and Lenders in all or substantially all of the Collateral or subordinate any of the Obligations in right of payment or otherwise adversely affect the priority of payment of any of such Obligations, in any case, except as otherwise expressly permitted hereunder; 
		

		
			(E) release (i) any Borrower from its obligations under this Agreement or (ii) any Guarantor from any Guaranty, in either case, except as expressly provided in or permitted by the Loan Documents; 
		

		
			(F) change Section 2.7(a),  Section 8.8 or Section 9.5(f) in a manner that would affect order or priorities thereunder or ratable sharing of setoffs or payments required thereby or alter in any way the treatment of Lenders in accordance with their Pro Rata Share; and
		

		
			(G) consent to the assignment, delegation or other transfer by any Loan Party of any of its rights and obligations under any Loan Document; and 
		

		
			(2) no amendment, modification, termination, waiver or consent shall be effective, unless in writing and signed by each Lender that would be affected thereby, to do any of the following (x) increase any of the Revolving Loan Commitments; (y) reduce or waive the principal of or the rate of interest on any Loan, reduce or waive the fees payable with respect to any Loan or Lender Letter of Credit or otherwise reduce or waive any other amounts due to any Lender under the Loan Documents; or (z) extend the Termination Date or the scheduled due date for all or any portion of principal of the Loans or any interest or fees due hereunder; provided,  further, that no amendment, modification, termination, waiver or consent affecting the rights or duties of Agent under this Section 9 or under any Loan Document shall in any event be effective, unless in writing and signed by Agent, in addition to the Lenders required to take such action.  Any amendment, modification, termination, waiver or consent effected in accordance with this Section 9 shall be binding upon each Lender or future Lender and, if signed by a Loan Party, on such Loan Party.
		

		

		

		 

		

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		In addition, notwithstanding anything in this Section to the contrary, if Agent and Borrowers shall have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then Agent and Borrowers shall be permitted to amend such provision, and, in each case, such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Requisite Lenders to Agent within five (5) Business Days following receipt of notice thereof.
		

			
	
			
				 (b)
			Specific Purpose or Intent.  Each amendment, modification, termination, waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.  No amendment, modification, termination, waiver or consent shall be required for Agent to take an interest in additional Collateral.

			
	
			
				 (c)
			Failure to Give Consent; Replacement of Lender.  If, in connection with any proposed amendment, modification, termination or waiver of any of the provisions of this Agreement requiring the consent or approval of any Lender, the consent of Requisite Lenders is obtained but the consent of one or more other Lenders whose consent is required is not obtained, then Borrowers shall have the right to replace the non‐consenting Lenders with one or more replacement Lenders pursuant to the terms and requirements of Section 2.11(b), as if such Lender were seeking compensation thereunder, but only so long as each such replacement Lender consents to the proposed amendment, modification, termination or waiver.  Notwithstanding anything in this Section 9.4, Agent and Borrowers, without the consent of either Requisite Lenders or all Lenders, may execute amendments to this Agreement and the Loan Documents, which consist solely of the making of typographical corrections.

			
	
			
				 9.5
			Assignments and Participations in Loans.

			
	
			
				 (a)
			Assignments.  Each Lender may assign its rights and delegate its obligations under this Agreement to an Eligible Assignee; provided,  however, (i) such Lender shall (unless the assignment is to another Lender or an Affiliate of the assigning Lender) first obtain the written consent of Agent (which consent shall not be unreasonably withheld or delayed) and, so long as no Event of Default has occurred and is continuing at such time, Borrowers, which consent shall not be unreasonably withheld or delayed (provided that, in any event, Borrowers shall be deemed to have consented to any such assignment unless they shall object thereto by written notice to Agent within five (5) Business Days after having received notice thereof), (ii) the amount of Revolving Loan Commitments and Loans of the assigning Lender being assigned shall in no event be less than the lesser of (A) $1,000,000 or (A) the entire amount of the Revolving Loan Commitments and Loans of such assigning Lender and (iii) the parties to such assignment shall execute and deliver to Agent for acceptance and recording an Assignment and Acceptance Agreement together with (x) a processing and recording fee of $3,500 payable by the assigning Lender to Agent and (y) each of the Notes originally delivered to the assigning Lender (if any).  The administrative fee referred to in clause (iii) of the preceding sentence shall not apply to an assignment of a security interest in all or any portion of a Lender’s rights under this Agreement or the other Loan Documents, as described in clause (i) of Section 9.5(d) below. Upon receipt of all of the foregoing, Agent shall notify Borrowers of such assignment and Borrowers shall comply with its obligations under Section 2.1(d).  In the case of an assignment authorized under this Section 9.5, the assignee shall be considered to be a “Lender” hereunder and Loan Parties hereby acknowledge and agree that any assignment will give rise to a direct obligation of Loan Parties to the assignee.  The assigning Lender shall be relieved of its obligations to make Loans hereunder with respect to the assigned portion of its Revolving Loan Commitments.  

			
	
			
				 (b)
			Participations.  Any Lender may at any time, without the consent of, or notice to, Borrowers or Agent, sell participations to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, or Borrowers or any of Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such 
		

		 

		

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			Lender’s rights and/or obligations under this Agreement (including all or a portion of its Revolving Loan Commitments and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) Borrowers, Agent, the Issuing Lenders, the Swingline Lenders and the 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, each Lender shall be responsible for the indemnity under Section 10.2(a) with respect to any payments made by such Lender to its Participant(s).  Borrowers agree that each Participant shall be entitled to the benefits of Section 2.9 (subject to the requirements and limitations therein, including the requirements under Section 2. 9(c) (it being understood that the documentation required under Section 2.9(c) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (a) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Section 9.4(c) as if it were an assignee under paragraph (a) of this Section; and (B) shall not be entitled to receive any greater payment under Section 2.9, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the Participant acquired the applicable participation.  Each Lender that sells a participation agrees, at the Borrowers’ request and expense, to use reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 9.4(c) with respect to any Participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

			
	
			
				 (c)
			No Relief of Obligations; Cooperation.  Except as otherwise provided in Section 9.5(a) no Lender shall, as between Borrowers and that Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of participation in, all or any part of the Loans or other Obligations owed to such Lender.  Each Lender may furnish any information concerning Borrowers and the other Loan Parties in the possession of that Lender from time to time to Eligible Assignees and participants (including prospective assignees and participants).  Borrowers agree that they will use their best efforts to assist and cooperate with Agent and any Lender in any manner reasonably requested by Agent or such Lender to effect the sale of a participation or an assignment described above, including without limitation assistance in the preparation of appropriate disclosure documents or placement memoranda.  

			
	
			
				 (d)
			Security Interests; Assignment to Affiliates.  Notwithstanding any other provision set forth in this Agreement, any Lender may (i) pledge the Obligations held by it or create a security interest in all or any portion of its rights under this Agreement or the other Loan Documents in favor of any Person (including any Federal Reserve Bank or other central bank); provided,  however (A) no such pledge or grant of security interest to any Person shall release such Lender from its obligations hereunder or under any other Loan Document and (B) the acquisition of title to such Lender’s Obligations pursuant to any foreclosure or other exercise of remedies by such Person shall be subject to the provisions of this Agreement and the other Loan Documents in all respects including, without limitation, any consent required by Section 
		

		 

		

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			9.5; and (ii) at any time following written notice to Agent and subject to complying with the provisions of Section 9.5(a), assign its rights and delegate its obligations under this Agreement to an Eligible Assignee which is a Subsidiary of such Lender or its parent company, to one or more other Lenders, or to a Related Fund.  For purposes of this paragraph, a “Related Fund” shall mean, with respect to any Lender, a fund or other investment vehicle that invests in commercial loans and is managed by such Lender or by the same investment advisor that manages such Lender or by an Affiliate of such investment advisor.

			
	
			
				 (e)
			Recording of Assignments.  Agent shall maintain at its office in New York, New York a copy of each Assignment and Acceptance Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the commitments of, and principal amount (and stated interest) of the Loans owing to each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be presumptive evidence of the amounts due and owing to Lender in the absence of manifest error.  Borrowers, Agent and each Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by Borrowers and any Lender, at any reasonable time upon reasonable prior notice.

			
	
			
				 (f)
			Set Off and Sharing of Payments.    

			
	
			
				 (i)
			If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) (except for deposits in trust, payroll, tax withholding, employee benefit and other accounts relating to insurance premiums and payments of claims which are required by applicable law or contract to be segregated from the Borrowers’ other funds) at any time owing, by such Lender, such Issuing Lender or any such Affiliate, to or for the credit or the account of Borrowers against any and all of the obligations of Borrowers now or hereafter existing under this Agreement or any other Loan Document to such Lender or such Issuing Lender or their respective Affiliates, irrespective of whether or not such Lender, Issuing Lender or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of Borrowers may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Lender different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to Agent for further application in accordance with the provisions of Section 2.1(h)(iii) and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Agent, the Issuing Lenders and the Lenders, and (y) the Defaulting Lender shall provide promptly to Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.  The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Lender or their respective Affiliates may have.  Each Lender and Issuing Lender agrees to notify Borrowers and Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

			
	
			
				 (ii)
			If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Loans or participations in Lender Letters of Credit (or disbursements in respect thereof) or Swingline Loans or other obligations hereunder resulting in such Lender receiving payment of a proportion of the aggregate amount of its Loans or participations in Lender Letters of Credit (or disbursements in respect thereof) or Swingline Loans and accrued interest thereon or other such obligations greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Agent of such fact, and (b) purchase (for 
		

		 

		

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			cash at face value) participations in the Loans and participations in Lender Letters of Credit (or disbursements in respect thereof) or Swingline Loans and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and participations in Lender Letters of Credit (or disbursements in respect thereof) or Swingline Loans and other amounts owing them; provided that:

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

			
	
			
				 (B)
			the provisions of this paragraph shall not be construed to apply to (x) any payment made by Borrowers pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender), (y) the application of cash collateral provided for hereunder, or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Lender Letters of Credit (or disbursements in respect thereof) to any assignee or participant, other than to Borrowers (as to which the provisions of this paragraph shall apply).

			
	
			
				 (C)
			Borrowers consent to the foregoing and agree, to the extent they may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against any Borrowers rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.

			
	
			
				 (g)
			Disbursement of Funds.  Unless Agent shall have received notice from a Lender (x) in the case of Base Rate Loans, prior to 3:00 p.m. (New York City time) on the proposed Funding Date of such Loan and (y) otherwise, prior to the proposed Funding Date of such Loan, that such Lender will not make available to Agent such Lender’s share of any proposed Loan, Agent may, on behalf of the Lenders, disburse funds to Borrowers for Loans requested.  Each Lender shall reimburse Agent on demand for all funds disbursed on its behalf by Agent, or if Agent so requests, each Lender will remit to Agent its Pro Rata Share of any Loan or Advance before Agent disburses same to Borrower.  If Agent elects to require that each Lender make funds available to Agent prior to a disbursement by Agent to Borrowers, Agent shall advise each Lender by telephone, telex, fax or telecopy of the amount of such Lender’s Pro Rata Share of the Loan requested by Borrowing Agent no later than 3:00 p.m. (New York City time) on the Funding Date applicable thereto, and each such Lender shall pay Agent such Lender’s Pro Rata Share of such requested Loan, in same day funds, by wire transfer to Agent’s account on such Funding Date.  

			
	
			
				 9.6
			Settlements, Payments and Information.

			
	
			
				 (a)
			Principal and Interest Payments.  Provided that such Lender has made all payments required to be made by it under this Agreement, payments of principal, interest and fees on the Loans will be settled on the date of receipt.

			
	
			
				 (b)
			Return of Payments.

			
	
			
				 (i)
			Recovery after Non-Receipt of Expected Payment.  If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received by Agent from Borrowers and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender without set-off, counterclaim or deduction of any 
		

		 

		

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			kind together with interest thereon, for each day from and including the date such amount is made available by Agent to such Lender to but excluding the date of repayment to Agent, at the greater of the Federal Funds Effective Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation.

			
	
			
				 (ii)
			Recovery of Returned Payment.  If Agent determines at any time that any amount received by Agent under this Agreement must be returned to Borrowers or paid to any other Person pursuant to any requirement of law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement, Agent will not be required to distribute any portion thereof to any Lender.  In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to Borrowers or such other Person, without set-off, counterclaim or deduction of any kind.

			
	
			
				 9.7
			Lead Arranger and Other Titles.  Any Lender identified on the facing page or signature page of this Agreement or in any amendment hereto or as designated with consent of the Agent in any assignment agreement as Lead Arranger, Documentation Agent, Bookrunner, Syndication Agent or any similar titles, shall not have any right, power, obligation, liability, responsibility or duty under this Agreement as a result of such title other than those applicable to all Lenders as such.  Without limiting the foregoing, the Lenders so identified shall not have or be deemed to have any fiduciary relationship with any Lender as a result of such title.  Each Lender acknowledges that it has not relied, and will not rely, on the Lender so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

			
	
			
				 9.8
			Non-Receipt of Funds by Agent; Erroneous Payments.

			
	
			
				 (a)
			Unless Agent shall have received notice from a Lender or a Borrower (either one as appropriate being the “Payor”) prior to the date on which such Lender is to make payment hereunder to Agent of the proceeds of an Advance or Borrowers are to make payment to Agent, as the case may be (either such payment being a “Required Payment”), which notice shall be effective upon receipt, that the Payor will not make the Required Payment in full to Agent, Agent may assume that the Required Payment has been made in full to Agent on such date, and Agent in its sole discretion may, but shall not be obligated to, in reliance upon such assumption, make the amount thereof available to the intended recipient on such date. If and to the extent the Payor shall not have in fact so made the Required Payment in full to Agent, the recipient of such payment shall repay to Agent forthwith on demand such amount made available to it together with interest thereon, for each day from the date such amount was so made available by Agent until the date Agent recovers such amount, at the greater of the Federal Funds Effective Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

			
	
			
				 (b)
			(i)  Each Lender hereby agrees that (x) if Agent notifies such Lender that Agent has determined in its sole discretion that any funds received by such Lender from Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to Agent at the greater of the Federal Funds Effective Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by Agent for the return of any Payments received, including without 
		

		 

		

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			limitation any defense based on “discharge for value” or any similar doctrine.  A notice of Agent to any Lender under this Section 9.8(b) shall be conclusive, absent manifest error.

		
			(ii) Each Lender hereby further agrees that if it receives a Payment from 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 Agent (or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify Agent of such occurrence and, upon demand from Agent, it shall promptly, but in no event later than one Business Day thereafter, return to Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to Agent at the greater of the Federal Funds Effective Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation from time to time in effect.
		

		
			(iii) Borrowers hereby agree that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by Borrowers, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by Agent from Borrowers for the purpose of making such erroneous Payment.
		

		
			(iv) Each party’s obligations under this Section 9.8 shall survive the resignation or replacement of Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Revolving Loan Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.
		

			
	
			
				 Section 10
			MISCELLANEOUS

			
	
			
				 10.1
			Expenses and Attorneys’ Fees.  Whether or not the transactions contemplated hereby shall be consummated, Borrowers agree to promptly pay all reasonable and documented out-of-pocket fees, costs and expenses incurred in connection with any matters contemplated by or arising out of this Agreement or the other Loan Documents including the following, and all such fees, costs and expenses shall be part of the Obligations, payable on demand and secured by the Collateral: (a) out-of-pocket fees, costs and expenses incurred by Agent, the Sustainability Structuring Agent and the Lead Arranger (including reasonable external attorneys’ fees and expenses and fees of environmental consultants, accountants and other professionals retained by Agent, the Sustainability Structuring Agent or Lead Arranger) incurred in connection with the examination, review, due diligence investigation, documentation and closing of the financing arrangements evidenced by the Loan Documents; (b) out-of-pocket fees, costs and expenses incurred by Agent, the Sustainability Structuring Agent or the Lead Arranger (including reasonable external attorneys’ fees and expenses, and fees of environmental consultants, accountants and other professionals retained by Agent or Lead Arranger) incurred in connection with the review, negotiation, preparation, documentation, execution, syndication and administration of the Loan Documents, the Loans, and any amendments, waivers, consents, forbearances and other modifications relating thereto or any subordination or intercreditor agreements, including reasonable documentation charges assessed by Agent for 
		

		 

		

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			amendments, waivers, consents and any other documentation prepared by Agent’s internal legal staff; (c) out-of-pocket fees, costs and expenses (including reasonable external attorneys’ fees) incurred by Agent in creating, perfecting and maintaining perfection of Liens in favor of Agent, on behalf of Agent and the Lenders; (d) out-of-pocket fees, costs and expenses incurred by Agent in connection with forwarding to Borrowers the proceeds of Loans including Agent’s or any Lenders’ standard wire transfer fee; (e) out-of-pocket fees, costs, expenses and bank charges, including bank charges for returned checks, incurred by Agent or any Lender in establishing, maintaining and handling lock box accounts, blocked accounts or other accounts for collection of the Collateral; (f) out-of-pocket fees, costs, and expenses incurred in defending or prosecuting any actions by or against any Loan Party arising out of or relating to the Loan Documents, and (g) out-of-pocket fees, costs, expenses of Agent and the Lenders (including costs of settlement) enforcing or protecting the rights of Agent and the Lenders, taken as a whole, under the Loan Documents or to collect any payments due from Borrowers or any other Loan Party under this Agreement or any other Loan Document or incurred in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement, whether in the nature of a “workout” or in connection with any insolvency or bankruptcy proceedings or otherwise, provided, that, in respect of legal costs contemplated by this clause (g), each Lender and Agent shall only be entitled to the reasonable and documented or invoiced out-of-pocket fees, charges and disbursements of one firm of counsel for all such parties taken as a whole (and solely in the case of an actual or perceived  conflict of interest, one additional counsel to all such affected Persons, taken as a whole), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions). This Section 10.1 shall not apply with respect to Tax Liabilities other than any Tax Liabilities that represent costs and expenses arising from any non-tax claim.

			
	
			
				 10.2
			Indemnity.    

			
	
			
				 (a)
			Borrower Indemnification.  In addition to the payment of expenses pursuant to Section 10.1, whether or not the transactions contemplated hereby shall be consummated, Borrowers agree to indemnify, pay and hold each of Agent, the Sustainability Structuring Agent, the Lead Arranger and each Lender, their permitted successors and assigns, and the officers, directors, employees, agents, consultants, auditors, persons engaged by Agent, the Sustainability Structuring Agent, the Lead Arranger or any Lender, to evaluate or monitor the Collateral, Affiliates and attorneys of each of Agent, the Sustainability Structuring Agent, Lead Arranger, and each Lender and such holders (collectively called the “Indemnitees”) harmless from and against any and all actual losses, claims, damages, liabilities and related out-of-pocket expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including Borrower) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Lender Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand for payment under a Lender Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any release of Hazardous Materials on or from any property owned or operated by Borrowers or any of its Subsidiaries, or any Environmental Claim asserted against Borrowers or any of its Subsidiaries, or (iv) any actual or threatened claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrowers, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from a claim brought by any 
		

		 

		

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			Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction or (z) result from a claim not involving an act or omission of any Borrower and that is brought by an Indemnitee against another Indemnitee (other than against any arranger or Agent in their capacities as such).  This Section 10.2(a) shall not apply with respect to Tax Liabilities other than any Tax Liabilities that represent losses, claims, damages, etc. arising from any non-tax claim.

			
	
			
				 (b)
			Reimbursement by the Lenders.  To the extent that Borrowers for any reason fail to indefeasibly pay any amount required under Section 10.1 or Section 10.2(a) to be paid by it to Agent (or any sub-agent thereof), any Issuing Lender, any Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to Agent (or any such sub-agent), such Issuing Lender, such Swingline Lender or such Related Party, as the case may be, such Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s Pro Rata Share at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender); provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Agent (or any such sub-agent), such Issuing Lender or such Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for Agent (or any such sub-agent), such Issuing Lender or such Swingline Lender in connection with such capacity.  

			
	
			
				 10.3
			Notices.    

			
	
			
				 (a)
			Notices Generally.  Unless otherwise specifically provided herein, all notices shall be in writing addressed to the respective party as set forth below and may be personally served, faxed, telecopied or sent by overnight courier service or United States mail and shall be deemed to have been given: (a) if delivered in person, when delivered; (b) if delivered by fax or telecopy, on the date of transmission if transmitted on a Business Day before 4:00 p.m. (New York City time) or, if not, on the next succeeding Business Day; (c) if delivered by overnight courier, two (2) days after delivery to such courier properly addressed; or (d) if by U.S. Mail, four (4) Business Days after depositing in the United States mail, with postage prepaid and properly addressed. If to 

		
			﻿
		

		
			Any Loan Party or Restricted 
		

		
			Loan Party:Green Plains Inc.
		

		
			1811 Ak-Sar-Ben Dr.
		

		
			Omaha, Nebraska 68106
		

		
			Attention: Will Joekel
		

		
			﻿
		

		
			With a copy to:Green Plains Inc.
		

		
			1811 Ak-Sar-Ben Dr.
		

		
			Omaha, Nebraska 68106
		

		
			Attention: Michelle Mapes, Chief Legal & Administration Officer
		

		
			﻿
		

		
			If to Agent or to ING 
		

		
			Capital:ING Capital LLC
		

		
			1133 Avenue of the Americas
		

		
			New York, New York 10036
		

		
			Attn: Chief Credit Officer
		

		
			Fax No.:  (646) 424-6390
		

		

		

		 

		

			105

		

		

			 

		

 

		

			 

		

		﻿
		

		
			With a copy to:ING Capital LLC
		

		
			Three Lincoln Centre
		

		
			5430 LBJ Freeway, Suite 1010
		

		
			Dallas, Texas 75240
		

		
			Attn: Daniel Lamprecht
		

		
			﻿
		

		
			With a copy to:Holland & Knight LLP
		

		
			200 Crescent Court, Suite 1600
		

		
			Dallas, Texas 75201
		

		
			Attn:  Scott C. Wallace
		

		
			﻿
		

		
			If to the Sustainability
		

		
			Structuring Agent:ING Capital LLC
		

		
			1133 Avenue of the Americas
		

		
			New York, NY 10036 
		

		
			Attention: Ana Carolina Oliveira
		

		
			﻿
		

		
			If to any Lender:  Its address indicated on the signature page hereto, in an Assignment and Acceptance Agreement or in a notice to Agent and GP Finco or to such other address as the party addressed shall have previously designated by written notice to the serving party, given in accordance with this Section 10.3.
		

			
	
			
				 (b)
			Electronic Communications. Notwithstanding the foregoing, notices and other communications from Agent to the Lenders and the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e‐mail, and Internet or intranet websites) pursuant to procedures approved by Agent; provided that the foregoing shall not apply to notices to any Lender or Issuing Lender pursuant to Section 2.1 if such Lender or Issuing Lender, as applicable, has notified Agent that it is incapable of receiving notices under such Section by electronic communication.  Agent or any Loan Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

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

			
	
			
				 (c)
			Platform.

			
	
			
				 (i)
			The Loan Parties agree that Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Issuing Lenders and the other Lenders by posting the Communications on the Platform.  

		 

		

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				 (ii)
			The Platform is provided “as is” and “as available.”  The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications.  No warranty of any kind, express, implied or statutory, including 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 Communications or the Platform.  In no event shall Agent or any of its Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of Agent and of Agent’s Affiliates (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of Agent’s transmission of communications through the Platform.  “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Loan Parties (or any of them) pursuant to any Loan Document or the transactions contemplated therein that is distributed to Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through the Platform

			
	
			
				 10.4
			Survival of Representations and Warranties and Certain Agreements.  All agreements, representations and warranties made herein shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.  Notwithstanding anything in this Agreement or implied by law to the contrary, the agreements of the Loan Parties, Agent, and the Lenders set forth in Sections 2.8, 2.9, 2.12, 9.1(e), 10.1, 10.2, 10.6, 10.11, 10.14, and 10.15 shall survive the repayment of the Loans and the termination of this Agreement.

			
	
			
				 10.5
			Indulgence Not Waiver.  No failure or delay on the part of Agent, any Lender or any holder of any Note in the exercise of any power, right or privilege hereunder or under any Note shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

			
	
			
				 10.6
			Marshaling; Payments Set Aside.  Neither Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Loan Party or any other party or against or in payment of any or all of the Obligations.  To the extent that any Loan Party makes a payment or payments to Agent and/or any Lender or Agent and/or any Lender enforces its security interests or exercises its rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such recovery, the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

			
	
			
				 10.7
			Entire Agreement.  This Agreement and the other Loan Documents embody the entire agreement among the parties hereto and supersede all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof, and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto.

			
	
			
				 10.8
			Severability.  The invalidity, illegality or unenforceability in any jurisdiction of any provision in or obligation under this Agreement or the other Loan Documents shall not affect or impair the validity, legality or enforceability of the remaining provisions or obligations under this Agreement, or the other Loan Documents.

		 

		

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				 10.9
			Lenders’ Obligations Several; Independent Nature of Lenders’ Rights.  The obligation of each Lender hereunder is several and not joint, and neither Agent nor any Lender shall be responsible for the obligation or Revolving Loan Commitments of any other Lender hereunder.  The failure of any Lender to make any Loan or, as applicable, to fund any such participation or to make any such payment on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its applicable Loan, to purchase its participations, as applicable, or to make payments under Section 10.2.

			
	
			
				 10.10
			Headings.  Section and subsection headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

			
	
			
				 10.11
			APPLICABLE LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (BUT INCLUDING AND GIVING EFFECT TO SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), EXCEPT TO THE EXTENT ANY SUCH OTHER LOAN DOCUMENT EXPRESSLY SELECTS THE LAW OF ANOTHER JURISDICTION AS GOVERNING LAW THEREOF, IN WHICH CASE THE LAW OF SUCH OTHER JURISDICTION SHALL GOVERN.

			
	
			
				 10.12
			Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, no Loan Party may assign its rights or obligations hereunder without the written consent of all of the Lenders. 

			
	
			
				 10.13
			No Fiduciary Relationship; No Duty; Limitation of Liabilities.

			
	
			
				 (a)
			No Fiduciary Relationship.  No provision in this Agreement or in any of the other Loan Documents and no course of dealing between the parties shall be deemed to create any fiduciary duty by Agent or any Lender to any Loan Party.

			
	
			
				 (b)
			No Duty.  All attorneys, accountants, appraisers, and other professional Persons and consultants retained by Agent or any Lender shall have the right to act exclusively in the interest of Agent or such Lender and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to the Loan Parties or any of the Loan Parties’ shareholders or any other Person.

			
	
			
				 (c)
			Limitation of Liabilities.  Neither Agent nor any Lender, nor any affiliate, officer, director, shareholder, employee, attorney, or agent of Agent or any Lender shall have any liability with respect to, and each Loan Party hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by any Loan Party in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents.  The Loan Parties hereby waive, release, and agrees not to sue Agent or any Lender or any of Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the transactions contemplated hereby.

			
	
			
				 10.14
			CONSENT TO JURISDICTION.  THE LOAN PARTIES HEREBY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE BOROUGH OF 
		

		 

		

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			MANHATTAN, CITY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREE THAT, SUBJECT TO AGENT’S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS.  THE LOAN PARTIES EXPRESSLY SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE OF FORUM NON CONVENIENS.  THE LOAN PARTIES HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREE THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON THE LOAN PARTIES BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO THE LOAN PARTIES, AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.  

			
	
			
				 10.15
			WAIVER OF JURY TRIAL.  THE LOAN PARTIES, AGENT AND EACH LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.  THE LOAN PARTIES, AGENT AND EACH LENDER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.  THE LOAN PARTIES, AGENT AND EACH LENDER WARRANT AND REPRESENT THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

			
	
			
				 10.16
			Construction.  The Loan Parties, Agent and each Lender each acknowledge that it has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel.  This Agreement and the other Loan Documents shall be construed as if jointly drafted by the Loan Parties, Agent and each Lender.

			
	
			
				 10.17
			Counterparts; Effectiveness.  This Agreement and any amendments, waivers, consents, or supplements may be executed via e-mail or facsimile transmission in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute one and the same instrument. This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto.

			
	
			
				 10.18
			Confidentiality.  Agent and each Lender agree to keep confidential any non-public information delivered pursuant to the Loan Documents or with respect to the Holdings and its Subsidiaries in furtherance thereof and not to disclose such information to Persons other than to: (a) its respective affiliates, officers, directors or employees and its assignees, participants, potential assignees or participants provided that each such recipient agrees to maintain confidentiality to the same extent as provided herein; (b) Persons employed by or engaged by Agent, a Lender or a Lender’s assignees or participants including, without limitation, attorneys, auditors, professional consultants, rating agencies, portfolio management services provided that such recipients agree to maintain confidentiality to the same extent as provided herein; (c) on a confidential basis to insurers and credit risk support providers; and (d) on a confidential basis to administration, settlement and similar service providers; provided, however, that Agent and each Lender may disclose such information to such other Persons approved in writing by GP Finco.  The confidentiality provisions contained in this subsection shall not apply to disclosures (x) required to be made by Agent or any Lender to any regulatory or governmental agency (including, without limitation, the Board of Governors of the Federal Reserve System), or pursuant to legal process, (y) required to be made in connection with any pledge under Section 9.5(d) or (z) consisting of general portfolio information that does 
		

		 

		

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			not identify any Loan Party.  The obligations of Agent and Lenders under this Section 10.18 shall supersede and replace the obligations of Agent and Lenders under any confidentiality agreement in respect of this financing executed and delivered by Agent or any Lender prior to the date hereof.  In no event shall Agent or any Lender be obligated or required to return any materials furnished by any Loan Party. Any Person required to maintain the confidentiality of information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord to its own confidential information.

		
			Notwithstanding the foregoing, and notwithstanding any other express or implied agreement or understanding to the contrary, each of the parties hereto and their respective employees, representatives, and other agents are authorized to disclose the tax treatment and tax structure of these transactions to any and all persons, without limitation of any kind.  Each of the parties hereto may disclose all materials of any kind (including opinions or other tax analyses) insofar as they relate to the tax treatment and tax structure of the transactions contemplated by the Loan Documents.  This authorization does not extend to disclosure of any other information including (without limitation) (a) the identities of participants or potential participants in the transactions (b) the existence or status of any negotiations, (c) any pricing other financial information or (d) any other term or detail not related to the tax treatment and tax structure of the transactions contemplated by the Loan Documents.  
		

			
	
			
				 10.19
			Publication.  The Loan Parties hereby consents to the publication by Agent of a tombstone or similar advertising material relating to the financing transactions contemplated by this Agreement; provided, however, Agent shall provide a draft of any such tombstone or similar advertising material to Borrowers for review prior to the publication thereof.  Agent and Lenders reserve the right to provide industry trade organizations information necessary and customary for inclusion in league table measurements.

			
	
			
				 10.20
			Waivers.  Each of the Loan Parties hereby waives any defense to or limitation on its obligations under this Agreement arising out of any and all defenses it may now or hereafter have based on principles of suretyship, impairment of collateral, or the like. Each of the Loan Parties subordinates, and hereby agrees not to enforce (until all Obligations (except contingent indemnification obligations for which no claim has been asserted) have been paid in full in cash, the Revolving Loan Commitments are terminated and no Letters of Credit remain outstanding), any contribution or subrogation rights (if any) between them which might arise with respect to the payment by one Loan Party of any applicable Obligations.

			
	
			
				 10.21
			Keepwell.  Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Agreement in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.21 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.21, or otherwise under this Agreement, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of each Qualified ECP Guarantor under this Section 10.21 shall remain in full force and effect until the termination of the Revolving Loan Commitments and the payment in full of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted).  Each Qualified ECP Guarantor intends that this Section 10.21 constitute, and this Section 10.21 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

			
	
			
				 10.22
			USA PATRIOT ACT.  To the extent applicable to Agent and Lenders, each Lender and Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that 
		

		 

		

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			identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or Agent, as applicable, to identify the Loan Parties in accordance with the USA PATRIOT Act.

			
	
			
				 10.23
			Certifications From Lenders and Participants; USA PATRIOT ACT.  Each Foreign Lender that is not excepted from the certification requirement contained in Section 313 of the USA PATRIOT Act and the applicable regulations because it is both (i) an affiliate of a depository institution or foreign bank that maintains a physical presence in the United States or foreign country, and (ii) subject to supervision by a banking authority regulating such affiliated depository institution or foreign bank shall deliver to the Agent the certification, or, if applicable, recertification, certifying that such Lender is not a “shell” and certifying to other matters as required by Section 313 of the USA PATRIOT Act and the applicable regulations: (1) within 10 days after the Closing Date, and (2) as such other times as are required under the USA PATRIOT Act.

			
	
			
				 10.24
			Contractual Recognition of Bail-In. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

			
	
			
				 (a)
			the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

			
	
			
				 (b)
			the effects of any Bail-In Action on any such liability, including, if applicable:

			
	
			
				 (i)
			a reduction in full or in part or cancellation of any such liability;

			
	
			
				 (ii)
			a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected  Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

			
	
			
				 (iii)
			the variation of the terms of such liability  in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority. 

			
	
			
				 10.25
			Acknowledgment Regarding Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

			
	
			
				 (a)
			In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such 
		

		 

		

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			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 (as defined below) under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.

			
	
			
				 (b)
			As used in this Section 10.25, the following terms have the following meanings:

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

			
	
			
				 (ii)
			“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with 12 C.F.R § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

			
	
			
				 10.26
			Certain ERISA Matters.

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

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

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

		 

		

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

			
	
			
				 (iv)
			such other representation, warranty and covenant as may be agreed in writing between Agent, Borrowers (such agreement not to be unreasonably withheld, conditioned or delayed) and such Lender.

			
	
			
				 (b)
			In addition, unless either (1) paragraph (i) in the immediately preceding Section 10.26(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with paragraph (iv) in Section 10.26(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, Agent and not, for the avoidance of doubt, to or for the benefit of Borrowers or any other Loan Party, that 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 Revolving Loan Commitments and this Agreement (including in connection with the reservation or exercise of any rights by Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

			
	
			
				 10.27
			Farm Credit Equity.  

			
	
			
				 (a)
			So long as a Farm Credit Bank is a Lender or voting Participant hereunder, Borrowers agree to (i) maintain its status as an entity eligible to borrow from such Farm Credit Bank and (ii) purchase Equity Interests in such Farm Credit Bank in such amounts and at such times as such Farm Credit Bank may require in accordance with such Farm Credit Bank’s bylaws and capital plan or similar documents (as each may be amended from time to time) (such Equity Interests, including any additional Equity Interests granted to Borrowers as patronage refunds or other distributions, “Farm Credit Equities”).

			
	
			
				 (b)
			Each party hereto acknowledges that (i) each Farm Credit Bank’s bylaws, capital plan and similar documents (as each may be amended from time to time) shall govern (x) the rights and obligations of the parties with respect to the Farm Credit Equities and any patronage refunds or other distributions made on account thereof or on account of Borrower’s patronage with such Farm Credit Bank, (y) Borrowers’ eligibility for patronage distributions from such Farm Credit Bank (in the form of Farm Credit Equities and cash) and (z) patronage distributions, if any, in the event of a sale of a participation interest, and (ii) such patronage refunds or distributions shall be payable directly for the account of Borrower.  Each Farm Credit Bank reserves the right to assign or sell participations in all or any part of its outstanding Loans hereunder in accordance with Section 9.5 to one or more assignees or purchasers that would not be expected to make patronage distributions to Borrowers on a going forward basis that are consistent with (or better than) those that Borrowers could reasonably have expected to have received from such transferring Farm Credit Bank; provided that if Borrowers’ consent to such assignment by such Farm Credit Bank is required pursuant to Section 9.5, the parties hereto agree that, solely with respect to Borrowers’ ability to reasonably withhold such consent because of an expected reduction in patronage distributions to Borrowers (it being understood and agreed that Borrowers may have another basis for reasonably withholding consent to such transfer), (A) if the transferring Farm Credit Bank has not delivered a Farm Credit Bank Transfer Certificate (as defined below) to Borrowers, then Borrowers may withhold 
		

		 

		

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			their consent to such assignment or sale in its sole discretion (and in such case, Borrowers shall be deemed to have acted reasonably), and (B) if the transferring Farm Credit Bank has delivered a Farm Credit Bank Transfer Certificate to Borrowers, then Borrowers may not withhold their consent to such assignment or sale (and any such withholding of consent shall be deemed unreasonable). For purposes hereof, “Farm Credit Bank Transfer Certificate” means a certificate executed by an officer of the transferring Farm Credit Bank and certifying to Borrowers that such transferring Farm Credit Bank has used commercially reasonable efforts to consummate the relevant assignment or sale of a participation with another Person that would be expected to make patronage distributions to Borrowers on a going forward basis that are consistent with (or better than) those that Borrowers could reasonably have expected to have received from such transferring Farm Credit Bank.

		
			Each party hereto acknowledges that each Farm Credit Bank has a statutory first-priority Lien pursuant to the Farm Credit Act of 1971 (as amended from time to time) on all Farm Credit Equities of such Farm Credit Bank that Borrowers may now own or hereafter acquire, which statutory Lien shall be for such Farm Credit Bank’s sole and exclusive benefit. The Farm Credit Equities of a particular Farm Credit Bank shall not constitute security for the Obligations due to any other Lender. To the extent that any of the Loan Documents create a Lien on the Farm Credit Equities of a Farm Credit Bank or on patronage accrued (but not yet paid) by such Farm Credit Bank for the account of Borrowers, such Lien shall be for such Farm Credit Bank’s sole and exclusive benefit and shall not be subject to pro rata sharing hereunder. Neither the Farm Credit Equities nor any accrued patronage shall be offset against the Obligations except that, in the event of an Event of Default, a Farm Credit Bank may elect, solely at its discretion, to apply the cash portion of any patronage distribution or retirement of equity to amounts due under this Agreement. Borrowers acknowledge that any corresponding tax liability associated with such application is the sole responsibility of Borrowers. No Farm Credit Bank shall have an obligation to retire the Farm Credit Equities of such Farm Credit Bank upon any Event of Default, Default or any other default by Borrowers or any other Loan Party, or at any other time, either for application to the Obligations or otherwise.
		

			
	
			
				 10.28
			Waiver of Borrowers’ Rights Under Farm Credit Law. Borrowers acknowledge and agree that, to the extent the provisions of the Agricultural Credit Act of 1987, including, without limitation, 12 U.S.C. §§2199 through 2202e, and the implementing Farm Credit Administration regulations, 12 C.F.R. §617.7000, et seq. (collectively, the “Farm Credit Law”) apply to Borrowers or to the transactions contemplated by this Agreement, Borrowers, to the extent permitted by law, hereby irrevocably waives all statutory or regulatory rights of a borrower under the Farm Credit Law including without limitation, all rights to disclosure of effective interest rates, differential interest rates, review of credit decisions, distressed loan restructuring, and rights of first refusal (together with all other rights under the Farm Credit Law, “Borrower Rights”). Borrowers acknowledge and agree that the waiver of Borrower Rights provided by this Section is knowingly and voluntarily made after Borrowers have consulted with legal counsel of their choice and have been represented by counsel of their choice in connection with the negotiation of this Agreement and the waiver of Borrower Rights set forth in this Section. Borrowers acknowledge that their waiver of Borrower Rights set forth in this Section is based on their recognition that such waiver is material to induce commercial banks and other non-Farm Credit System institutions (as defined under Farm Credit Law) to participate in the extensions of credit contemplated by this Agreement and to provide extensions of credit to Borrowers. Nothing contained in this Section, nor the delivery to Borrowers of any summary of any rights under, or any notice pursuant to, the Farm Credit Law shall be deemed to be, or be construed to indicate, the determination or agreement by Borrowers, Agent, or any Lender that the Farm Credit Law, or any rights thereunder, are or will be applicable to Borrowers or to the transactions contemplated by this Agreement. It is the intent of Borrowers that the waiver of Borrower Rights contained in this Section complies with and meets all of the requirements of 12 C.F.R. §617.7010(c).

			
	
			
				 Section 11
			COLLATERAL AND SECURITY INTEREST; GUARANTY.

		 

		

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				 11.1
			Grant of Security Interest.

			
	
			
				 (a)
			Grant of Lien in the Collateral.  To secure the payment and performance of the Obligations, including all renewals, extensions, restructurings and refinancings of any or all of the Obligations, each Restricted Loan Party hereby grants to Agent, for the benefit of the Secured Parties, a security interest in and pledges and assigns to Agent, for the benefit of the Secured Parties the following properties, assets, and rights of such Restricted Loan Party, wherever located, whether such Restricted Loan Party now has or hereafter acquires an ownership or other interest or power to transfer (all being collectively referred to as the “Collateral”): 

			
	
			
				 (i)
			all: 

			
	
			
				 (A)
			Accounts; 

			
	
			
				 (B)
			Inventory;

			
	
			
				 (C)
			Commercial Tort Claims, including those specified on Schedule 11.1(a), as such Schedule may be updated from time to time;  

			
	
			
				 (D)
			Investment Accounts and cash and other monies and property of any Loan Party;

			
	
			
				 (E)
			Documents; 

			
	
			
				 (F)
			Equipment;  

			
	
			
				 (G)
			General Intangibles;

			
	
			
				 (H)
			Goods; 

			
	
			
				 (I)
			Instruments;

			
	
			
				 (J)
			Chattel Paper; 

			
	
			
				 (K)
			Investment Property (excluding any Equity Interests issued by any Loan Party or any Loan Party’s Subsidiaries);  

			
	
			
				 (L)
			Letter-of-Credit Rights and Supporting Obligations; 

			
	
			
				 (M)
			Subsidiary Loan Agreements and Subsidiary Loan Documents, all payments thereon or with respect thereto, and all rights and remedies of GP Finco with respect thereto;

			
	
			
				 (ii)
			all books, records, ledger cards, files, correspondence, computer programs, tapes, disks and related data processing software that at any time evidence or contain information relating to any of the property described above or are otherwise necessary or helpful in the collection thereof or realization thereon; 

			
	
			
				 (iii)
			all insurance policies covering any or all of the foregoing (regardless of whether Agent is the loss payee, lender’s loss payee or otherwise thereof); and 

		 

		

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				 (iv)
			to the extent not otherwise included, all Proceeds, products, accessions, rents and profits of any and all of the foregoing and all collateral security, supporting obligations and guarantees given by any Person with respect to any of the foregoing;

			
	
			
				 (b)
			Borrowers Remain Liable.  Anything herein to the contrary notwithstanding: (i) Borrowers shall remain liable under the contracts and agreements included in the Collateral to the extent set forth therein to perform all of their duties and obligations thereunder to the same extent as if this Agreement or the other Loan Documents had not been executed; (ii) the exercise by Agent of any of the rights under this Agreement or the other Loan Documents shall not release any Borrowers from any of its duties or obligations to the parties under the contracts and agreements included in the Collateral; (iii) neither Agent nor any Lender shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or the other Loan Documents, nor shall Agent nor any Lender be obligated to perform any of the obligations or duties of any Borrower thereunder or to take any action to collect or enforce any claim for payment assigned under this Agreement or the other Loan Documents; and (iv) neither Agent nor any Lender shall have any liability in contract or tort for any Borrower’s acts or omissions.

			
	
			
				 (c)
			Endorsement; Insurance Claims.  Each Borrower hereby constitutes and appoints Agent and all Persons designated by Agent for that purpose as such Borrower’s true and lawful attorney-in-fact, with power in the place and stead of such Borrower and in the name of such Borrower (a) to endorse such Borrower’s name to any of proceeds of Collateral that come into Agent’s possession or under Agent’s control, including without limitation, with respect to any drafts, Instruments, Documents and Chattel Paper, and (b) to obtain, adjust and settle insurance claims, which are required to be paid to Agent.  Each Borrower hereby ratifies and approves all acts of Agent made or taken pursuant to this Section.  Both the appointment of Agent as each Borrower’s attorney and Agent’s rights and powers are coupled with an interest and are irrevocable, so long as any of the Revolving Loan Commitments hereunder shall be in effect and until payment in full, in cash, of all Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and termination of all Lender Letters of Credit (or other arrangement acceptable to the issuer thereof in writing).

			
	
			
				 11.2
			Collateral Warranties and Covenants.

			
	
			
				 (a)
			Accounts Warranties and Covenants.  

			
	
			
				 (i)
			With respect to each Restricted Loan Party’s Accounts (in each case, except as otherwise disclosed to Agent in writing): (i) at the time of its creation, to the knowledge of such Restricted Loan Party, such Account is a valid, bona fide obligation, representing an undisputed indebtedness incurred by the Account Debtor (and any other Person obligated on such Account) for property actually sold and delivered or for services completely rendered; (ii) to the knowledge of such Restricted Loan Party there are no defenses, setoffs, offsets, claims, or counterclaims, genuine or otherwise, against such Account (other than those arising in the ordinary course of business or otherwise being contested by a Loan Party); (iii) such Account does not represent a sale to a Subsidiary, or a consignment, sale or return or a bill and hold transaction; (iv) the amount represented by any Loan Party to Agent as owing by each Account Debtor (and by each of the other Persons obligated on such Account) is, or will be, the correct amount actually and unconditionally owing, and no agreement exists permitting any other deduction or discount; (v) the applicable Restricted Loan Party is the lawful owner of such Account and has the right to assign the same to Agent, for the benefit of Agent and the Secured Parties; (vi) such Account is free of all Liens, other than those in favor of Agent, for the benefit of itself and the other Secured Parties, and other Permitted Encumbrances; and (vii) to the Knowledge of such Restricted Loan Party such Account constitutes, the legally valid and binding obligation of the applicable Account Debtor (and any other Person obligated on such Account) and is due and payable in accordance with its terms.

		 

		

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				 (ii)
			Each Restricted Loan Party shall use its reasonable efforts consistent with past business practices to assure prompt payment of all amounts due or to become due under Accounts.  During the continuation of an Event of Default and upon written notice from Agent to GP Finco: (i) no Restricted Loan Party shall, without the prior consent of Agent, adjust, settle or compromise the amount or payment of any Account if such adjustment would be greater than $100,000, or release wholly or partly any Account Debtor (or any other Person obligated on such Account), or allow any credit or discount thereon in an amount greater than $100,000, and (ii) with respect to each Account of the Restricted Loan Parties, Agent shall have the right from time to time at Agent’s discretion (A) to exercise the rights of the applicable Restricted Loan Party with respect to the obligations of any Account Debtor or any other Persons obligated on any such Account to make payment or otherwise render performance to the applicable Restricted Loan Party, and with respect to any property that secures the obligations of any such Account Debtor or any such other Person obligated on such Account; and (B) to adjust, settle or compromise the amount or payment of any such Account or release wholly or partly any Account Debtor or obligor thereunder or allow any credit or discount thereon.

			
	
			
				 (iii)
			At any time following the occurrence of an Event of Default, Agent shall have the right to send notice of the assignment of, and Agent’s security interest in and Lien on, the Restricted Loan Parties’ Accounts to any and all customers or any third party holding or otherwise concerned with any of the Collateral. Thereafter, Agent shall have the sole right to collect such Accounts, take possession of the Collateral, or both. Agent’s actual collection expenses shall be included as part of the Obligations. 

			
	
			
				 (iv)
			Agent shall have the right to receive, endorse, assign and/or deliver in the name of Agent or any Borrower any and all checks, drafts and other instruments for the payment of money relating to the Restricted Loan Parties’ Accounts, and each Borrower hereby waives notice of presentment, protest and non-payment of any instrument so endorsed. Each Borrower hereby constitutes Agent or Agent’s designee as such Borrower’s attorney with power (x) at any time: (A) to endorse such Borrower’s name upon any notes, acceptances, checks, drafts, money orders or other evidences of payment or Collateral; (B) to sign such Borrower’s name on any invoice, bill of lading or customs documentation relating to any of the Restricted Loan Parties’ Accounts or Inventory, drafts against customers, assignments and verifications of the Restricted Loan Parties’ Accounts; (C) to send verifications of the Restricted Loan Parties’ Accounts to any customer; (D) to sign such Borrower’s name on all financing statements or any other documents or instruments deemed necessary or appropriate by Agent to preserve, protect, or perfect Agent’s interest in the Collateral and to file same; and (y) at any time following the occurrence of a Default or Event of Default: (A) to demand payment of the Restricted Loan Parties’ Accounts; (B) to enforce payment of the Restricted Loan Parties’ Accounts by legal proceedings or otherwise; (C) to exercise all of such Borrower’s rights and remedies with respect to the collection of the Restricted Loan Parties’ Accounts and any other Collateral; (D) to settle, adjust, compromise, extend or renew the Restricted Loan Parties’ Accounts; (E) to settle, adjust or compromise any legal proceedings brought to collect the Restricted Loan Parties’ Accounts; (F) to prepare, file and sign such Borrower’s name on a proof of claim in bankruptcy or similar document against any customer; (G) to prepare, file and sign such Borrower’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Restricted Loan Parties’ Accounts; and (H) to do all other acts and things necessary to carry out this Agreement. All acts of said attorney or designee are hereby ratified and approved, and said attorney or designee shall not be liable for any acts of omission or commission nor for any error of judgment or mistake of fact or of law, unless done maliciously or with gross (not mere) negligence (as determined by a court of competent jurisdiction in a final non-appealable judgment); this power being coupled with an interest is irrevocable while any of the Obligations remain unpaid. Agent shall have the right at any time following the occurrence of an Event of Default or Default, to change the address for delivery of mail addressed to any Borrower to such address as Agent may designate and to receive, open and dispose of all mail addressed to any Borrower. 

		 

		

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				 (v)
			Neither Agent nor any other Secured Party shall, under any circumstances or in any event whatsoever, have any liability for any error or omission or delay of any kind occurring in the settlement, collection or payment of any of the Restricted Loan Parties’ Accounts or any instrument received in payment thereof, or for any damage resulting therefrom. Following the occurrence of an Event of Default or Default Agent may, without notice or consent from any Borrower, sue upon or otherwise collect, extend the time of payment of, compromise or settle for cash, credit or upon any terms any of the Restricted Loan Parties’ Accounts or any other securities, instruments or insurance applicable thereto and/or release any obligor thereof. Agent is authorized and empowered to accept following the occurrence of an Event of Default or Default the return of the goods represented by any of the Restricted Loan Parties’ Accounts, without notice to or consent by any Borrower, all without discharging or in any way affecting any Borrowers’ liability hereunder.

			
	
			
				 (b)
			Inventory Warranties and Covenants.  

			
	
			
				 (i)
			Except as otherwise disclosed to Agent in writing, all of the Restricted Loan Parties’ Inventory that is included in the determination of the Collateral Formula Amount at any time is of good and merchantable quality, free from any material defects.  All such Inventory shall at all such times be segregated from the inventory and goods of Persons who are not Restricted Loan Parties and shall be separately and conspicuously identified as Inventory of the Restricted Loan Parties.

			
	
			
				 (ii)
			In the event that any Inventory with a value in excess of $1,000,000 in the aggregate becomes the subject of a negotiable or nonnegotiable warehouse receipt, said warehouse receipt shall be promptly delivered by the applicable Restricted Loan Party to Agent with such endorsements and assignments as are reasonably necessary or desirable to vest title and possession in the Agent.  Provided that an Event of Default does not then exist and would not be created thereby, Agent shall return such warehouse receipts to the applicable Borrower within two (2) Business Days of the applicable Restricted Loan Party’s request therefor, but only for purposes of negotiation, delivery or exchange in the ordinary course of the Restricted Loan Parties’ business.

			
	
			
				 (c)
			Equipment Warranties and Covenants.  Each Restricted Loan Party has maintained all of the Equipment that is material to the Restricted Loan Party’s operations, and shall cause all such Equipment to be maintained, in good operating condition, repair and working order, ordinary wear and tear and casualty excepted, and shall promptly make or cause to be made all repairs, replacements, and other improvements in connection therewith that are necessary, in each case except where such failure would not reasonably be expected to result in a Material Adverse Effect.  None of the Restricted Loan Parties’ Equipment (other than motor vehicles having an aggregate market value of less than $5,000,000, which have no Lien reflected on the titles related thereto) is covered by any certificate of title, and the Restricted Loan Parties shall promptly notify Agent to the extent any Restricted Loan Party obtains any Equipment (other than motor vehicles having a market value of less than $5,000,000 in the aggregate, which have no Lien reflected on the titles related thereto) covered by any certificate of title.

			
	
			
				 (d)
			Chattel Paper Warranties and Covenants.  To the extent any Restricted Loan Party holds or obtains any Chattel Paper with a face value in excess of  $2,000,000, or the Restricted Loan Parties in hold or obtain Chattel Paper with an aggregate face value in excess of $5,000,000, the Restricted Loan Parties will promptly (i) deliver to Agent all Tangible Chattel Paper duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Agent and (ii) provide Agent with Control of all Electronic Chattel Paper, by having Agent identified as the assignee of the Records pertaining to the single authoritative copy thereof and otherwise complying with the applicable elements of Control set forth in the UCC.  Each Restricted Loan Party will also deliver to Agent all security agreements securing any such Chattel Paper and execute UCC financing statement amendments assigning to Agent any UCC financing statements filed by such Restricted Loan Party in connection with such 
		

		 

		

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			security agreements.  Each Restricted Loan Party will mark conspicuously all such Chattel Paper with a legend, in form and substance reasonably satisfactory to Agent, indicating that such Chattel Paper is subject to the Lien of Agent.

			
	
			
				 (e)
			Instruments Warranties and Covenants.  The Restricted Loan Parties will deliver to Agent all Instruments with a face value in excess of $20,000,000, with respect to Instruments comprised solely of letters of credit, or $500,000 with respect to other Instruments, they hold or obtain duly, in each case, endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Agent.  The Restricted Loan Parties will also deliver to Agent all security agreements securing any such Instruments and authorize the filing by Agent of UCC financing statement amendments assigning to Agent any UCC financing statements filed by any Restricted Loan Party in connection with such security agreements.  If, at any time, the Restricted Loan Parties hold or obtain Instruments with a face value in the aggregate in excess of $2,000,000 (excluding letters of credit), the Restricted Loan Parties will deliver to Agent Instruments duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Agent such that the aggregate face value of the Instruments held by the Restricted Loan Parties and not so delivered shall be less than or equal to $2,000,000 (excluding letters of credit).

			
	
			
				 (f)
			Investment Property Warranties and Covenants.  The  Restricted Loan Parties will take any and all actions reasonably requested by Agent from time to time, to (i) cause Agent to obtain exclusive Control of any Investment Property (excluding any Equity Interests issued by any Loan Party or any Loan Party’s Subsidiaries) with a value in excess of $2,000,000, in a manner reasonably acceptable to Agent and (ii) obtain from any issuers of such Investment Property and such other Persons, for the benefit of Agent, written confirmation of Agent’s Control over such Investment Property upon terms and conditions reasonably acceptable to Agent.

			
	
			
				 (g)
			Letters of Credit Warranties and Covenants.  The Restricted Loan Parties will deliver to Agent, duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Agent, (i) any Letter of Credit which the Borrowers are relying on to meet the eligibility requirements for any Account included in the Borrowing Base or the Collateral Formula Amount and (ii) any other individual Letter of Credit with a face amount of more than $15,000,000 (or such greater amount as agreed to by the Agent in its sole discretion) under which any of the Restricted Loan Parties is the beneficiary or is otherwise entitled to draw thereunder.  The Restricted Loan Parties will also deliver to Agent all security agreements securing any such Letters of Credit and execute UCC financing statement amendments assigning to Agent any UCC financing statements filed by any Restricted Loan Party in connection with such security agreements.  The Restricted Loan Parties will take any and all actions necessary (or reasonably required or requested by Agent), from time to time, to cause Agent to obtain exclusive Control of any Letter-of-Credit Rights owned by the Restricted Loan Parties (or any of them) in a manner reasonably acceptable to Agent.

			
	
			
				 (h)
			[Reserved].  

			
	
			
				 (i)
			Commercial Tort Claims Warranties and Covenants.  Except for matters disclosed on Schedule 11.2(i), no Restricted Loan Party owns any Commercial Tort Claims (other than any Commercial Tort Claim with a value of less than $2,000,000 as reasonably determined by the Restricted Loan Parties in good faith).  The Restricted Loan Parties shall advise Agent promptly upon any Restricted Loan Party becoming aware that it owns any additional Commercial Tort Claims (other than a Commercial Tort Claim with a value of less than $2,000,000 as reasonably determined by such Restricted Loan Party in good faith).  With respect to any such new Commercial Tort Claim, the applicable Restricted Loan Party will execute and deliver such documents, and authorize the filling of such UCC financing statements, as 
		

		 

		

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			Agent deems necessary or advisable to create, perfect and protect Agent’s security interest in such Commercial Tort Claim.

			
	
			
				 (j)
			Investment Accounts; Bank Accounts Warranties and Covenants.  As of the Closing Date, Schedule 11.2(j) sets forth the account numbers and locations of all Investment Accounts or other bank accounts of each Restricted Loan Party and the nature of such accounts.  Subject to Section 5.14, all Investment Accounts of the Restricted Loan Parties (other than (i) any Deposit Account used solely to make payroll, tax, or employee benefits payments, (ii) Deposit Accounts with an aggregate daily balance (determined at the close of business on each day) not in excess of $1,000,000, (iii) any zero balance accounts and (iv) any trust accounts (the Investment Accounts described in clauses (i) through (iv), the “Excluded Accounts”)) are subject to Control Agreements, in each case, in form and substance reasonably satisfactory to Agent in its good faith credit judgment, executed by and among Agent, the applicable Restricted Loan Parties and financial institutions, Securities Intermediaries, or Commodity Intermediaries with respect to such Investment Accounts.  

			
	
			
				 (k)
			Subsidiary Loan Documents Warranties and Covenants.  Subject to the time period set forth in Section 5.14(e):

			
	
			
				 (i)
			The Restricted Loan Parties have delivered to Agent, for each Borrower (other than GP Finco) party hereto, true and correct copies of the Subsidiary Loan Agreement and the related Subsidiary Loan Documents between such Borrower and GP Finco.  Such Subsidiary Loan Documents have not been amended or modified, and no provisions thereof have been waived, except as consented to by Agent in writing.  

			
	
			
				 (ii)
			The Restricted Loan Parties shall take such actions as Agent may reasonably request from time to time to (x) ensure that the Obligations are secured by a perfected security interest in all of the Subsidiary Loan Documents and (y) during the continuation of an Event of Default, assist with or otherwise facilitate Agent’s exercise of any rights or remedies with respect to the Subsidiary Loan Documents.  Each Borrower hereby acknowledges Agent’s security interest in all of GP Finco’s rights and remedies under its respective Subsidiary Loan Documents and acknowledges and agrees that Agent may, during the continuation of an Event of Default, exercise such remedies with respect to such Subsidiary Loan Documents as are provided for hereunder, under any other Loan Document  or by applicable law.  

			
	
			
				 (l)
			Landlords; Bailees.  Except as disclosed on Schedule 11.2(l), none of the Collateral is in the possession of any landlord, consignee, bailee, warehouseman, agent or processor.  Subject to Section 5.14, each Restricted Loan Party shall (x) deliver to Agent collateral access agreements, in form and substance reasonably satisfactory to Agent, executed by each landlord, consignee, bailee, warehouseman, agent or processor in possession, in each case, that is an Affiliate of Holdings, of any of Collateral and (y) use commercially reasonable efforts to deliver to Agent collateral access agreements, in form and substance reasonably satisfactory to Agent, executed by each other landlord, consignee, bailee, warehouseman, agent or processor in possession of any of Collateral with a value in excess of $2,000,000.  In addition, and without limiting the foregoing, the Restricted Loan Parties shall use commercially reasonably efforts to deliver such collateral access agreements as shall be necessary for the aggregate value of all Collateral held by landlords, consignees, bailees, warehousemen, agents or processors not party to such a collateral access agreement does not exceed $5,000,000.  

			
	
			
				 (m)
			Cash Management.  

			
	
			
				 (i)
			All proceeds of the Collateral shall be deposited by Borrowers into a Collateral Account; and

		 

		

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				 (ii)
			During any Borrowing Base Period, except as otherwise agreed by the Requisite Lenders, (A) Agent shall have full and exclusive dominion and control over all of Borrowers’ Deposit Accounts (other than Excluded Accounts), and (B) on each Business Day during such Borrowing Base Period, all funds credited to any Collateral Account on the immediately preceding Business Day shall be applied to prepay any Obligations outstanding at such time. 

			
	
			
				 (n)
			Collateral Description; Use of Collateral.  The Restricted Loan Parties will furnish to Agent, from time to time upon Agent’s reasonable request, schedules further identifying, updating, and describing the Collateral and such other information, reports and evidence concerning the Collateral, as Agent may reasonably request, all in reasonable detail.  No Restricted Loan Party will use or permit any Collateral to be used unlawfully or in violation of any provision of applicable law, or any policy of insurance covering any of the Collateral except where such use would not reasonably be expected to result in a Material Adverse Effect.

			
	
			
				 (o)
			Collateral Records.  The Restricted Loan Parties shall keep full and accurate books and records relating to the Collateral and shall stamp or otherwise mark such books and records in such manner as Agent may reasonably request to indicate Agent’s Liens on the Collateral, for the benefit of Agent and the Secured Parties.

			
	
			
				 (p)
			Federal Claims.  None of the Collateral constitutes a claim against the United States of America, or any State or municipal government or any department, instrumentality or agency thereof, the assignment of which claim is restricted by law.  The Restricted Loan Parties shall notify Agent of any Collateral which constitutes a claim against the United States of America, or any State or municipal government or any department, instrumentality or agency thereof, the assignment of which claim is restricted by law.  Upon the request of Agent, Restricted Loan Parties shall take such steps as may be necessary to comply with any applicable federal assignment of claims laws and other comparable laws. 

			
	
			
				 (q)
			Agent Authorized.  Each Restricted Loan Party hereby authorizes Agent to file such financing or continuation statements, and amendments thereto (or similar documents required by any laws of any applicable jurisdiction), relating to all or any part of the Collateral as Agent deems reasonably advisable, in each case without the signature of any Restricted Loan Party, and hereby specifically ratifies all such actions previously taken by Agent.

			
	
			
				 11.3
			Joinder of Borrowers; Guaranty; Nature and Extent of Each Loan Party’s Liability

			
	
			
				 (a)
			Subsidiary Borrower Joinder.  At the request of GP Finco from time to time after the Closing Date, one or more Subsidiaries of Holdings, including those Subsidiaries set forth in Schedule 11.3, may, subject to the terms hereof, become a “Borrower” under this Agreement and the other Loan Documents.  Any such Subsidiary shall immediately and automatically become a “Borrower” hereunder and under the other Loan Documents upon Agent’s determination that such Subsidiary and GP Finco have satisfied the Subsidiary Borrower Conditions with respect to such Subsidiary.

			
	
			
				 (b)
			Guaranty; Joint and Several Liability of Loan Parties.  Each Loan Party agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to Agent and the Lenders the prompt payment and performance of, all Obligations.  Each Loan Party agrees that its guaranty obligations as a Guarantor hereunder constitute a continuing guaranty of payment and not of collection, that such obligations shall not be discharged until the payment in full in cash of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted), and that such obligations are absolute and unconditional, irrespective of (i) the genuineness, validity, regularity, enforceability, subordination or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which any Loan Party is or may become a 
		

		 

		

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			party or be bound; (ii) the absence of any action to enforce this Agreement (including this Section 11.3) or any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto; (iii) the existence, value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for any Obligations or any action, or the absence of any action, by Agent or any Lender in respect thereof (including the release of any security or guaranty); (iv) the insolvency of any Loan Party; (v) any election by Agent or any Lender in a bankruptcy or other insolvency proceeding for the application of Section 1111(b)(2) of the Bankruptcy Code of the United States (or the equivalent under any other Debtor Relief Laws); (vi) any borrowing or grant of a Lien by any other Loan Party, as debtor-in-possession under Section 364 of the Bankruptcy Code (or the equivalent under any other Debtor Relief Laws) or otherwise; (vii) the disallowance of any claims of Agent or any Lender against any Loan Party for the repayment of any Obligations under Section 502 of the Bankruptcy Code of the United States (or the equivalent under any other Debtor Relief Laws) or otherwise; or (viii) any other action or circumstances that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, except the payment in full in cash of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted).

			
	
			
				 (c)
			Waivers by Loan Parties.  

			
	
			
				 (i)
			Each Loan Party hereby expressly waives all rights that it may have now or in the future under any statute, at common law, in equity or otherwise, to compel Agent or the Lenders to marshal assets or to proceed against any Loan Party, other Person or security for the payment or performance of any Obligations before, or as a condition to, proceeding against such Loan Party.  Each Loan Party waives all defenses available to a surety, guarantor or accommodation co-obligor other than the payment in full in cash of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and waives, to the maximum extent permitted by law, any right to revoke any guaranty of Obligations as long as it is a Loan Party.  It is agreed among each Loan Party, Agent and the Lenders that the provisions of this Section 11.3 are of the essence of the transaction contemplated by the Loan Documents and that, but for such provisions, Agent and Lenders would decline to make Loans.  Each Loan Party acknowledges that its guaranty pursuant to this Section 11.3 is necessary to the conduct and promotion of its business, and can be expected to benefit such business.

			
	
			
				 (ii)
			Agent and the Lenders may, in their discretion, pursue such rights and remedies as they deem appropriate, including realization upon all or any portion of the Collateral by judicial foreclosure or non-judicial sale or enforcement, without affecting any rights and remedies under this Section 11.3.  If, in taking any action in connection with the exercise of any rights or remedies, Agent or any Lender shall forfeit any other rights or remedies, including the right to enter a deficiency judgment against any Loan Party or other Person, whether because of any applicable laws pertaining to “election of remedies” or otherwise, each Loan Party consents to such action and waives any claim based upon it, even if the action may result in loss of any rights of subrogation that any Loan Party might otherwise have had.  Any election of remedies that results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Loan Party shall not impair any Loan Party’s obligation to pay the full amount of the Obligations.  Each Loan Party waives all rights and defenses arising out of an election of remedies, such as non-judicial foreclosure (where applicable) with respect to any security for Obligations, even though that election of remedies may destroy such Loan Party’s rights of subrogation against any other Person.  Agent may bid Obligations, in whole or part, at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Agent but shall be credited against the Obligations.  The amount of the successful bid at any such sale, whether Agent or any other Person is the successful bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section 11.3, notwithstanding that any present or future law or court 
		

		 

		

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			decision may have the effect of reducing the amount of any deficiency claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.

			
	
			
				 (d)
			Extent of Liability of Loan Parties; Contribution.

			
	
			
				 (i)
			Notwithstanding anything herein to the contrary, each Loan Party’s liability under this Section 11.3 shall not exceed the greater of (i) all amounts for which such Loan Party is primarily liable, as described below, and (ii) such Loan Party’s Allocable Amount.

			
	
			
				 (iii)
			If any Loan Party makes a payment under this Section 11.3 of any Obligations (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently made by any other Loan Party, exceeds the amount that such Loan Party would otherwise have paid if each other Loan Party had paid the aggregate Obligations satisfied by such Guarantor Payments in the same proportion that such Loan Party’s Allocable Amount bore to the total Allocable Amounts of all Loan Parties, then such Loan Party shall be entitled to receive contribution and indemnification payments from, and to be reimbursed by, each other Loan Party for the amount of such excess, ratably based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.  The “Allocable Amount” for any Loan Party shall be the maximum amount that could then be recovered from such Loan Party under this Section 11.3 or any other Guaranty without rendering such payment voidable under Section 548 of the Bankruptcy Code or under any other applicable Debtor Relief Law or similar common law.

			
	
			
				 (iv)
			Section 11.3(c) shall not limit the liability of any Loan Party to pay or guarantee Loans made directly or indirectly to it (including Loans advanced hereunder to any other Person and then re-loaned or otherwise transferred to, or for the benefit of, such Loan Party) and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Loan Party shall be primarily liable for all purposes hereunder.  Agent and Lenders shall have the right, at any time in their reasonable discretion, to condition Loans upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and use of Loans to a Borrower based on that calculation.

			
	
			
				 (e)
			Release of Guarantors. Notwithstanding anything in Section 9.4 to the contrary, any Subsidiary Guarantor shall automatically be released from its obligations hereunder (a) upon the consummation of any permitted transaction or series of related transactions if as a result thereof such Subsidiary Guarantor ceases to be a Subsidiary of a Borrower and/or (b) upon the payment in full in cash of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted).  In connection with any such release, Agent shall promptly execute and deliver to the Borrowers or the relevant Guarantor all documents that may be reasonably requested to evidence termination or release.  Any execution and delivery of documents pursuant to the preceding sentence of this Section 11.3(e) shall be without recourse to or warranty by Agent (other than as to Agent’s authority to execute and deliver such documents).

			
	
			
				 (f)
			Joint Enterprise.  Each Loan Party has requested that Agent and Lenders make this credit facility available to Borrowers on a combined basis, in order to finance the Loan Parties’ business most efficiently and economically.  The Loan Parties’ business is a mutual and collective enterprise, and the successful operation of each Loan Party is dependent upon the successful performance of the integrated group.  Loan Parties believe that consolidation of their credit facility will enhance the borrowing power of each Loan Party and ease administration of the facility, all to their mutual advantage.  The Loan Parties acknowledge that Agent’s and the Lenders’ willingness to extend credit and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to the Loan Parties and at the Loan Parties’ request.

		 

		

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				 (g)
			Subordination.  Each Loan Party hereby expressly and irrevocably subordinates any claims, including any rights at law or in equity to payment, subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Loan Party, howsoever arising, to the payment in full in cash of the Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted).  Each Loan Party acknowledges and agrees that this subordination is intended to benefit Agent and Lenders and shall not limit or otherwise affect such Loan Party’s liability hereunder or the enforceability of this Section 11.3, and that Agent, Lenders and their respective successors and assigns are intended third-party beneficiaries of the waivers and agreements set forth in this Section 11.3.

		
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		Witness the due execution hereof by the respective duly authorized officers of the undersigned as of the date first written above.
		

		
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			GREEN PLAINS INC., an Iowa corporation
		

		
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			By:      /s/ Will Joekel
		

		
			Name: Will Joekel
		

		
			Title:   Vice President and Treasurer
		

		
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			GREEN PLAINS FINANCE COMPANY LLC, a Delaware limited liability company 
		

		
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			By:      /s/ Will Joekel
		

		
			Name: Will Joekel
		

		
			Title:   Vice President and Treasurer
		

		
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			GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited liability company 
		

		
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			By:      /s/ Will Joekel
		

		
			Name: Will Joekel
		

		
			Title:   Vice President and Treasurer
		

		
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			GREEN PLAINS TRADE GROUP LLC, a Delaware limited liability company 
		

		
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			By:      /s/ Will Joekel
		

		
			Name: Will Joekel
		

		
			Title:   Vice President and Treasurer
		

		
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		ING CAPITAL LLC, 
		

		
			as Agent, Sole Lead Arranger, Sole Bookrunner and a Lender
		

		
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			By:      /s/ Daniel W. Lamprecht
		

		
			Name: Daniel W. Lamprecht
		

		
			Title:   Managing Director
		

		
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			By:      /s/ Renata Medeiros
		

		
			Name: Renata Medeiros
		

		
			Title:   Director
		

		
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			PNC BANK, NATIONAL ASSOCIATION,
		

		
			as a Lender
		

		
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			By:      /s/ James C. Simpson
		

		
			Name: James C. Simpson
		

		
			Title:   Senior Vice President
		

		
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			Address for notice:
		

		
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			PNC Bank, National Association
		

		
			One North Franklin, Suite 2500
		

		
			Chicago, Illinois 60606
		

		
			Attn: James Simpson
		

		
			Email: j.simpson@pnc.com
		

		
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			FIFTH THIRD BANK, NATIONAL ASSOCIATION,
		

		
			as a Lender, as a Joint Lead Arranger, and as Documentation Agent
		

		
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			By:      /s/ Brian J.  Moeller
		

		
			Name: Brian J.  Moeller
		

		
			Title:   Executive Director
		

		
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			Address for notice:
		

		
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			Fifth Third Bank, National Association
		

		
			1225 17th Street, Suite 2850
		

		
			Denver,  CO 80202
		

		
			Attn: Brian J. Moeller
		

		
			Fax: (866) 359-5353
		

		
			Email: brian.moeller@53.com
		

		
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			BANK OF AMERICA, N.A.,
		

		
			as a Lender
		

		
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			By:      /s/ Alok Jain
		

		
			Name: Alok Jain
		

		
			Title:   Senior Vice President
		

		
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			Address for notice:
		

		
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			Bank Of America
		

		
			One Kansas City Place Office
		

		
			1200 Main St., 12th Floor
		

		
			Denver, CO 80202
		

		
			Mail Code: MO8-060-12-02
		

		
			Kansas City, MO, 64105-2100
		

		
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			BMO Harris Bank, N.A.,
		

		
			as a Lender
		

		
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			By:      /s/ Gary Sloan
		

		
			Name: Gary Sloan
		

		
			Title:   Senior Vice President
		

		
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			Address for notice:
		

		
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			50 South Sixth Street, Suite 1000
		

		
			Minneapolis, MN 55402
		

		
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			FIRST HORIZON BANK,
		

		
			as a Lender
		

		
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			By:      /s/ Michael Shipman
		

		
			Name: Michael Shipman
		

		
			Title:   Senior Vice President
		

		
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			Address for notice:
		

		
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			First Horizon Bank
		

		
			165 Madison Ave, 10th Floor
		

		
			Memphis, TN 38103
		

		
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			CoBank, ACB,
		

		
			as a Lender
		

		
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			By:      /s/ Matt Hellwig
		

		
			Name: Matt Hellwig
		

		
			Title:   Vice President
		

		
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			Address for notice:
		

		
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			CoBank, ACB
		

		
			13810 FNB Parkway
		

		
			Omaha, NE 68154
		

		
			Attn: Matt Hellwig
		

		
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			Farm Credit Services of America, PCA
		

		
			as a Lender
		

		
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			By:      /s/ Brian Frevert
		

		
			Name: Brian Frevert
		

		
			Title:   Vice President, AgriBusiness Capital
		

		
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			Address for notice:
		

		
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			5015 S. 118th St.
		

		
			Omaha, NE 68137
		

		
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			Macquarie Bank Limited
		

		
			as a Lender
		

		
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			By:      /s/ Lynette Ladhams
		

		
			Name: Lynette Ladhams
		

		
			Title:   Division Director, CGM Legal
		

		
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			Address for notice:
		

		
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			50 Martin Place
		

		
			Sydney NSW 2000
		

		
			Australia
		

		
			Attention: Executive Director, Legal, Commodities and
		

		
			Global Markets
		

		
			Facsimile: +612 8232 4540
		

		
			Email: cgm.isda.notices@macquarie.com
		

		
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			With a copy to:
		

		
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			Macquarie Bank Limited, New York Representative Office
		

		
			125 West 55th Street
		

		
			New York, NY 10019
		

		
			Attention: Executive Director, Legal, Commodities and
		

		
			Global Markets
		

		
			 
		

		
			
		

		 

		

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		Rider A
		

		
			REPORTING RIDER
		

		
			This Reporting Rider is attached to and made a part of that certain Loan and Security Agreement, dated as of March 25, 2022 (the “Loan Agreement”), by and among Green Plains Inc., an Iowa corporation, Green Plains Finance Company LLC, a Delaware limited liability company, Green Plains Grain Company LLC, a Delaware limited liability company, Green Plains Trade Group LLC, a Delaware limited liability company, the other Loan Parties from time to time party thereto, the financial institutions from time to time party thereto as “Lenders” and ING Capital LLC, as agent. Capitalized terms used but not defined in this Reporting Rider shall have the meanings assigned to them in the Loan Agreement.
		

		
			The Loans Parties covenant and agree that, until the Obligations shall have been paid in full in cash and the Revolving Loan Commitments shall have been irrevocably terminated, the Loan Parties shall perform, and shall cause each Subsidiary of a Restricted Loan Party to:
		

			
	
			
				 (a)
			Annual Financial Statements.  Furnish Agent within one hundred twenty (120) days after the end of each Fiscal Year of Holdings, (i) audited financial statements of Holdings and its Subsidiaries on a consolidated basis, including, but not limited to, statements of income and stockholders’ equity and cash flow from the beginning of the current Fiscal Year to the end of such Fiscal Year and the balance sheet as at the end of such Fiscal Year, and (ii) financial statements of Borrowers on a consolidating basis including, but not limited to, statements of income and stockholders’ equity and cash flow from the beginning of the current Fiscal Year to the end of such Fiscal Year and the balance sheet as at the end of such Fiscal Year all prepared in accordance with GAAP applied on a basis consistent with prior practices, and in reasonable detail and reported upon without qualification (other than with respect to any impending maturity date of Indebtedness for borrowed money or any actual or potential violation of a financial covenant with respect to any Indebtedness) by Holdings’ Accountants.  

			
	
			
				 (b)
			Monthly Financial Statements.  Furnish Agent within thirty (30) days (or forty-five days with respect to the third month in any fiscal quarter) after the end of each of each month, an unaudited balance sheet of Borrowers and unaudited statements of income and cash flow for Holdings and its Subsidiaries, in each case, reflecting results of operations from the beginning of the Fiscal Year to the end of such month and for such month, prepared on a basis consistent with prior practices and complete and correct in all material respects, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material to the business of Loan Parties.  Each such balance sheet, statement of income and statement of cash flow shall: (i) be certified (subject to normal year-end audit adjustments) by a Responsible Officer of Holdings as having been prepared in accordance with GAAP (except for the absence of footnotes and normal year-end adjustments), consistently applied (except for those changes in GAAP that may be subsequently recommended by Borrowers’ independent public accountants); and (ii) commencing with March 31, 2023, set forth a comparison of the figures for (w) the current fiscal period and (x) the current year-to-date with the figures for (y) the same fiscal period and year-to-date period of the immediately preceding Fiscal Year.

			
	
			
				 (c)
			Compliance Certificate.  Together with delivery of each set of financial statements referenced in paragraphs (a) and (b) above, as applicable, deliver to Agent a Compliance Certificate, together with copies of the calculations and work-up employed to determine the Loan Parties’ compliance or noncompliance with the financial covenants set forth in the Financial Covenants Rider.

			
	
			
				 (d)
			Collateral Reports.  

		 

		

			Rider A - 1

		

		

			 

		

 

		

			 

		

			
	
			
				 (i)
			Deliver to Agent, within  twenty (20)  days after the end of each month, as and for the prior month (i) a listing of accounts receivable counterparties, (ii) accounts receivable agings, and (iii) accounts payable agings.

			
	
			
				 (ii)
			Deliver to Agent at such intervals as Agent may reasonably require: (i) copies of customer’s invoices and (ii) such further schedules, documents and/or information regarding the Collateral as Agent may reasonably require including, without limitation, trial balances and test verifications.  All such reports and other items required under this clause (d) shall be in form and substance satisfactory to Agent in its Permitted Discretion, and delivered to Agent from time to time solely for Agent’s convenience in maintaining records of the Collateral, and any Loan Party’s failure to deliver any of such items to Agent shall not affect, terminate, modify or otherwise limit Agent’s Lien with respect to the Collateral.

			
	
			
				 (iii)
			Not later than two (2) Business Days after any Borrowing Base Trigger Event, and thereafter, concurrently with the delivery of each set of financial statements referenced in paragraphs (a) and (b) above during a Borrowing Base Period, deliver to Agent a Borrowing Base Certificate.

			
	
			
				 (e)
			Government Accounts.  Notify Agent promptly if any of its Accounts arise out of contracts between any Loan Party and the United States, any state, or any department, agency or instrumentality of any of them.

			
	
			
				 (f)
			Material Occurrences.  Promptly notify Agent in writing upon (x) during any time other than a Borrowing Base Period, any Loan Party obtaining knowledge that, as of any date of determination the Aggregate Revolving Credit Exposure on such date exceeds the Collateral Formula Amount if the Collateral Formula Amount were determined on any such date, or (y) the occurrence of (i) any Event of Default; (ii) any event, development or circumstance whereby any financial statements or other reports furnished to Agent fail in any material respect to present fairly, in accordance with GAAP consistently applied, the financial condition or operating results of any Loan Party as of the date of such statements and any Loan Party has Knowledge thereof; (iii) any accumulated retirement plan funding deficiency which, if such deficiency continued for two plan years and was not corrected as provided in Section 4971 of the IRC, could subject any Loan Party to a tax imposed by Section 4971 of the IRC; and (iv) any other development in the business or affairs of any Loan Party which would reasonably be expected to have a Material Adverse Effect; in each case describing the nature thereof and the action Loan Parties propose to take with respect thereto.

			
	
			
				 (g)
			Litigation.  Promptly notify Agent in writing of: (i) any litigation, suit or administrative proceeding affecting any Loan Party, whether or not the claim is covered by insurance, and of any suit or administrative proceeding, which in any such case involves claims in excess of $5,000,000 or would reasonably be expected to have a Material Adverse Effect; and (ii) any material orders or judgments entered in any such proceedings so identified.

			
	
			
				 (h)
			SEC Filings.  Furnish Agent copies of all quarterly and annual reports filed with the Securities Exchange Commission promptly after the filing of the same.

			
	
			
				 (i)
			Other Reports.  Furnish Agent as and when reasonably requested by Agent any reports including management letters submitted to Borrowers or any other Loan Party by independent accountants in connection with any annual, interim or special audit. 

			
	
			
				 (j)
			Additional Information.  Furnish Agent with such additional information as Agent shall reasonably request in order to enable Agent to determine whether the terms, covenants, provisions and 
		

		 

		

			Rider A - 2

		

		

			 

		

 

		

			 

		

			conditions of the Loan Documents have been complied with by Loan Parties including, without limitation and without the necessity of any request by Agent: (i) copies of all environmental audits and reviews, in which conditions, compliance matters or Environmental Claims have a reasonable possibility of resulting in a Material Adverse Effect; (ii) at least thirty (30) days prior written notice of any material amendment to the organizational documents of any Loan Party; (iii) concurrently with the delivery of quarterly or annual financial statements as required hereunder, a certificate listing any registered intellectual property rights acquired by any Loan Party, and any Deposit Accounts opened by any Loan Party; (iv) within fifteen (15) Business Days after request by the Agent, to the extent applicable, true and correct copies of any filing made by any Loan Party with the Internal Revenue Service relating to its liability for income taxes or any annual tax and capital information (including on Form K-1) delivered to any equity owner of such Loan Party; and (v) promptly upon any Loan Party’s learning thereof, notice of any labor dispute to which any Loan Party may become a party, any strikes or walkouts relating to any of its plants or other facilities, and the expiration of any labor contract to which any Loan Party is a party or by which any Loan Party is bound, in each case to the extent such matter would reasonably be expected to have a Material Adverse Effect.

			
	
			
				 (k)
			Projected Operating Budget.  Furnish Agent, concurrently with the delivery of the financial statements required under paragraph (a) above, Projections, including month-by-month projected operating budget, income statement, balance sheet and cash flow statement for Holdings and its Subsidiaries on a consolidated basis, for the Fiscal Year following the Fiscal Year then-most recently ended, such Projections to be accompanied by a certificate signed by a Responsible Officer of Borrowers to the effect that such Projections have been prepared on the basis of sound financial planning practice consistent with past budgets and financial statements and that such officer has no reason to question the reasonableness of any material assumptions on which such projections were prepared.

			
	
			
				 (l)
			[Reserved].  

			
	
			
				 (m)
			Governmental Notices, Adverse Events.  Furnish Agent with prompt notice of (i) any lapse or other termination of any consent, permit or license issued to any Loan Party by any Governmental Authority or any other Person that is necessary to the operation of any Loan Party’s business, (ii) any refusal by any Governmental Authority or any other Person to renew or extend any such consent, permit or license; and (iii) copies of any periodic or special reports filed by any Loan Party with any Governmental Authority or Person, if such reports indicate any material change in the business, operations, affairs or condition of any Loan Party, or if copies thereof are requested by Agent or any Lender, and (iv) copies of any material notices and other communications from any Governmental Authority or Person which specifically relate to any Loan Party or the business of any Loan Party.

			
	
			
				 (n)
			ERISA Notices and Requests.  Promptly upon becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event that would reasonably be expected to result in a liability to any Loan Party in excess of $1,000,000 or to have a Material Adverse Effect, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the IRS, the Department of Labor or the PBGC with respect thereto.

			
	
			
				 (o)
			Environmental Reports.  Furnish Agent, concurrently with the delivery of the financial statements referred to in paragraphs (a) and (b) hereof, with a certificate signed by Responsible Officer of each Loan Party stating, to the best of his knowledge, that each Loan Party is in compliance in all material respects with all federal, state and local laws relating to environmental protection and control and occupational safety and health.  To the extent any Loan Party is not in compliance with the foregoing laws in all material respects, the certificate shall set forth with specificity all areas of such non-compliance and the proposed action Loan Party will implement in order to achieve full compliance.

		 

		

			Rider A - 3

		

		

			 

		

 

		

			 

		

			
	
			
				 (p)
			Delivery of Sustainability Documents.  Furnish Agent, in sufficient copies for all the Lenders, and the Sustainability Structuring Agent as soon as the same is available (and in any event within one hundred fifty (150) days of the end of each calendar year (or such later date as the Sustainability Structuring Agent may agree in its sole discretion)) the KPI Metrics Report for that calendar year which shall, amongst other things, set out in reasonable detail information relating to compliance with each Key Performance Indicator (as applicable) and shall be signed by two Responsible Officer(s) of Holdings.

			
	
			
				 (q)
			Indebtedness.  Promptly deliver copies of all written notices given or received by such Loan Party with respect to noncompliance in any material respect with any term or condition related to any Indebtedness in excess of $10,000,000, and shall promptly notify Agent of any “event of default” (or similar) that occurs with respect to any Indebtedness.

			
	
			
				 (r)
			Fundamental Changes.  Give Agent at least thirty (30) days advance written notice of any: (a) change of name of any Restricted Loan Party, (b) change of principal place of business of any Restricted Loan Party (c) change in the location of any Restricted Loan Party’s books and records or the material portion of the Collateral, (d) new location for any Restricted Loan Party’s books and records or the material  portion of the Collateral, or (e) change in any Restricted Loan Party’s state or other jurisdiction of organization or its organizational identification number.

			
	
			
				 (s)
			Proceedings.  Promptly upon any Borrower obtaining Knowledge of (a) the institution of any action, suit, proceeding, governmental investigation or arbitration against or affecting any Restricted Loan Party or any property of any Restricted Loan Party not previously disclosed by such Restricted Loan Party to Agent or (b) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting any Restricted Loan Party or any property of any Restricted Loan Party which, in either such case, would reasonably be expected to result in a Material Adverse Effect, Borrowers will promptly give notice thereof to Agent (and Agent will promptly provide notice thereof to the Lenders) and provide such other information as may be reasonably available to enable Agent and its counsel to evaluate such matter.

			
	
			
				 (t)
			Contractual Obligations.  The Restricted Loan Parties shall promptly notify Agent (and Agent will promptly provide notice thereof to the Lenders) of (a) the occurrence of any material default or breach under any material contractual obligation of any Restricted Loan Party, (b) the termination of any material contractual obligation of any Restricted Loan Party, or (c) the amendment or modification of any material contractual obligation of any Restricted Loan Party which may be adverse to the Lenders, in each case where such default, termination or amendment would result in a Material Adverse Effect.

			
	
			
				 (u)
			Additional Documents.  Execute and deliver to Agent, upon request, such documents and agreements, including any documents or agreements regarding the financial condition and operations of the Loan Parties, as Agent may, from time to time, reasonably request.

		
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			Rider A - 4

		

		

			 

		

 

		

			 

		

		Rider B
		

		
			FINANCIAL COVENANTS RIDER
		

		
			This Financial Covenants Rider is attached to and made a part of that certain Loan and Security Agreement, dated as of March 25, 2022 (the “Loan Agreement”), by and among Green Plains Inc., an Iowa corporation, Green Plains Finance Company LLC, a Delaware limited liability company, Green Plains Grain Company LLC, a Delaware limited liability company, Green Plains Trade Group LLC, a Delaware limited liability company, the other Loan Parties from time to time party thereto, the financial institutions from time to time party thereto as “Lenders” and ING Capital LLC, as agent.  Capitalized terms used but not defined in this Financial Covenant Rider shall have the meanings assigned to them in the Loan Agreement.
		

		
			The Loan Parties covenant and agree that, until the Obligations shall have been paid in full in cash and the Revolving Loan Commitments shall have been irrevocably terminated:
		

			
	
			
				 (a)
			Current Ratio.  The Loan Parties shall not permit the Current Ratio as of last day of each calendar month, beginning with the month ending April 30, 2022, to be less than 1.00 to 1.00.

			
	
			
				 (b)
			Debt to Capitalization Ratio.  The Loan Parties shall not permit the Debt to Capitalization Ratio, as of last day of each calendar month, beginning with the month ending April 30, 2022, to be greater than 0.60 to 1.00.

			
	
			
				 (c)
			Collateral Coverage Ratio.  The Loan Parties shall not permit the Collateral Coverage Ratio as of last day of each calendar month, beginning with the month ending April 30, 2022, to be less than 1.20 to 1.00.

		
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			Rider B - 1

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