Document:

Exhibit 10.2

 

 

 

$300,000,000

TERM LOAN AGREEMENT

dated as of May 6, 2021

 

by and among

 

HORMEL FOODS CORPORATION,

as Borrower,

 

the Lenders referred to herein,

as Lenders,

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

 

 

    

     

    

 

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I DEFINITIONS	1
	 	 
	SECTION 1.1	Definitions	1
	SECTION 1.2	Other Definitions and Provisions	23
	SECTION 1.3	Accounting Terms	24
	SECTION 1.4	Rounding	24
	SECTION 1.5	References to Agreement and Laws	24
	SECTION 1.6	Times of Day	24
	SECTION 1.9	Divisions	25
	 	 	 
	ARTICLE II TERM LOAN FACILITY	25
	 	 
	SECTION 2.1	Term Loans	25
	SECTION 2.2	Procedure for Advances of Loans	26
	SECTION 2.3	Repayment and Prepayment of Loans	26
	SECTION 2.4	Permanent Reduction of the Commitment	27
	SECTION 2.5	Termination of the Facilities	27
	 	 	 
	ARTICLE III GENERAL LOAN PROVISIONS	27
	 	 
	SECTION 3.1	Interest	27
	SECTION 3.2	Notice and Manner of Conversion or Continuation
    of Loans	29
	SECTION 3.3	Fees	29
	SECTION 3.4	Manner of Payment	30
	SECTION 3.5	Evidence of Indebtedness	30
	SECTION 3.6	Adjustments	30
	SECTION 3.7	Obligations of Lenders	31
	SECTION 3.8	Changed Circumstances	32
	SECTION 3.9	Indemnity	35
	SECTION 3.10	Increased Costs	35
	SECTION 3.11	Taxes	36
	SECTION 3.12	Mitigation Obligations; Replacement of Lenders	39
	SECTION 3.13	Defaulting Lenders	40
	 	 	 
	ARTICLE IV CONDITIONS OF CLOSING AND
    BORROWING	42
	 	 
	SECTION 4.1	Conditions to Closing and Initial Loans	42
	SECTION 4.2	Conditions to All Loans	44
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES
    OF THE BORROWER	44
	 	 
	SECTION 5.1	Organization; Power; Qualification	44
	SECTION 5.2	Authorization Enforceability	44
	SECTION 5.3	Compliance with Laws, Etc.	45
	SECTION 5.4	Compliance with Law; Governmental Approvals	45
	SECTION 5.5	Tax Returns and Payments	45
	SECTION 5.6	Intellectual Property Matters	45

 

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	SECTION 5.7	Environmental Matters	46
	SECTION 5.8	Employee Benefit Matters	46
	SECTION 5.9	Margin Stock	46
	SECTION 5.10	Investment Company	47
	SECTION 5.11	Financial Statements; No Material Adverse Change	47
	SECTION 5.12	Solvency	47
	SECTION 5.13	Titles to Properties	47
	SECTION 5.14	Insurance	47
	SECTION 5.15	Litigation	47
	SECTION 5.16	Absence of Defaults	47
	SECTION 5.17	Anti-Corruption Laws and Sanctions	47
	SECTION 5.18	Material Subsidiaries	48
	SECTION 5.19	Disclosure	48
	 	 	 
	ARTICLE VI AFFIRMATIVE COVENANTS	48
	 	 
	SECTION 6.1	Financial and Other Reporting	49
	SECTION 6.2	Preservation of Corporate Existence and Related
    Matters	51
	SECTION 6.3	Maintenance of Property and Licenses	51
	SECTION 6.4	Insurance	51
	SECTION 6.5	Accounting Methods and Financial Records	52
	SECTION 6.6	Payment of Taxes and Other Obligations	52
	SECTION 6.7	Compliance With Laws and Approvals	52
	SECTION 6.8	Visits and Inspections; Lender Meetings	52
	SECTION 6.9	Use of Proceeds	53
	 	 	 
	ARTICLE VII NEGATIVE COVENANTS	53
	 	 
	SECTION 7.1	Maximum Leverage Ratio	53
	SECTION 7.2	Liens, Etc.	53
	SECTION 7.3	Restrictions on Fundamental Changes	54
	SECTION 7.4	Plan Terminations	55
	 	 	 
	ARTICLE VIII DEFAULT AND REMEDIES	55
	 	 
	SECTION 8.1	Events of Default	55
	SECTION 8.2	Remedies	57
	SECTION 8.3	Rights and Remedies Cumulative; Non-Waiver; etc.	58
	SECTION 8.4	Crediting of Payments and Proceeds	58
	SECTION 8.5	Administrative Agent May File Proofs of Claim	58
	 	 	 
	ARTICLE IX THE ADMINISTRATIVE AGENT	59
	 	 
	SECTION 9.1	Appointment and Authority	59
	SECTION 9.2	Rights as a Lender	59
	SECTION 9.3	Exculpatory Provisions	60
	SECTION 9.4	Reliance by the Administrative Agent	60
	SECTION 9.5	Delegation of Duties	61
	SECTION 9.6	Resignation of Administrative Agent	61

 

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	SECTION 9.7	Non-Reliance on Administrative
    Agent and Other Lenders	62
	SECTION 9.8	Certain ERISA Matters	62
	SECTION 9.9	Erroneous Payments	63
	 	 	 
	ARTICLE X MISCELLANEOUS	64
	 	 
	SECTION 10.1	Notices	64
	SECTION 10.2	Amendments, Waivers and Consents	66
	SECTION 10.3	Expenses; Indemnity	67
	SECTION 10.4	Right of Set Off	69
	SECTION 10.5	Governing Law; Jurisdiction, Etc.	69
	SECTION 10.6	Waiver of Jury Trial	70
	SECTION 10.7	Reversal of Payments	70
	SECTION 10.8	Punitive Damages	71
	SECTION 10.9	Accounting Matters	71
	SECTION 10.10	Successors and Assigns; Participations	71
	SECTION 10.11	Confidentiality	75
	SECTION 10.12	Performance of Duties	76
	SECTION 10.13	All Powers Coupled with Interest	76
	SECTION 10.14	Survival	76
	SECTION 10.15	Titles and Captions	77
	SECTION 10.16	Severability of Provisions	77
	SECTION 10.17	Counterparts; Integration; Effectiveness; Electronic
    Execution	77
	SECTION 10.18	Term of Agreement	77
	SECTION 10.19	USA Patriot Act	78
	SECTION 10.20	Acknowledgement and Consent to Bail-In of Affected
    Financial Institutions	78
	SECTION 10.21	Acknowledgement Regarding Any Supported QFCs	78

 

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EXHIBITS

 

	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Account Designation
	Exhibit D	-	Form of Notice of Prepayment
	Exhibit E	-	Form of Notice of Conversion/Continuation
	Exhibit F	-	Form of Officer’s Compliance Certificate
	Exhibit G	-	Form of Assignment and Assumption

  

SCHEDULES

 

	Schedule 1.1	-	Commitments
	Schedule 5.18	-	Material Subsidiaries

 

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TERM LOAN AGREEMENT, dated
as of May 6, 2021, by and among HORMEL FOODS CORPORATION, a Delaware corporation (the “Borrower”), the lenders
signatory hereto and the lenders who may become a party to this Agreement pursuant to the terms hereof (collectively with the lenders
party hereto, the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative
Agent for the Lenders.

 

STATEMENT OF PURPOSE

 

The Borrower has requested,
and, subject to the terms and conditions hereof, the Administrative Agent and the Lenders have agreed, to extend a term loan facility
to the Borrower on the terms and conditions of this Agreement.

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree
as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1        Definitions.
The following terms when used in this Agreement shall have the meanings assigned to them below:

 

“Act”
means the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as amended.

 

“Administrative
Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant to
Section 9.6.

 

“Administrative
Agent’s Office” means the office of the Administrative Agent specified in or determined in accordance with the provisions
of Section 10.1(c).

 

“Administrative
Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent.

 

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

 

“Affiliate”
means, with respect to any Person, any other Person which directly or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such first Person or any of its Subsidiaries. The term “control” 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 ownership of voting securities, by contract or otherwise. The terms “controlling” and “controlled” have
meanings correlative thereto.

 

“Agreement”
means this Term Loan Agreement, as amended, restated, supplemented or otherwise modified from time to time.

 

    

     

    

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction from time to time concerning or relating to bribery or corruption,
including the United States Foreign Corrupt Practices Act of 1977 and the rules and regulations thereunder and the U.K. Bribery
Act 2010 and the rules and regulations thereunder.

 

“Anti-Money Laundering
Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules related
to terrorism financing, money laundering, any predicate crime to money laundering or any financial record keeping, including any applicable
provision of the Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C.
 §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).

 

“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of courts or Governmental Authorities and all orders and decrees of all courts and arbitrators.

 

“Applicable
Margin” means (a) with respect to LIBOR Rate Loans, 0.525% and (b) with respect to Base Rate Loans, 0.00%.

 

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

 

“Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose
consent is required by Section 10.10), and accepted by the Administrative Agent, in substantially the form attached as Exhibit G
or any other form approved by the Administrative Agent.

 

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

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such
date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest
Period” pursuant to Section 3.8(c)(iv).

 

“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 

 

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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, at any time, the highest of (a) the Prime Rate (b) the Federal Funds Rate plus 0.50% and (c) except during
any period of time during which a notice delivered to the Borrower under Section 3.8 shall remain in effect, LIBOR plus
1.00%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate,
the Federal Funds Rate or LIBOR.

 

“Base Rate Loan”
means any Loan bearing interest at a rate based upon the Base Rate as provided in Section 3.1 (a).

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR 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 3.8(c)(i).

 

“Benchmark Replacement”
means, for any Available Tenor,

 

(a)            with
respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined
by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(i)            the
sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment; provided, that, if the Borrower has provided
a notification to the Administrative Agent in writing on or prior to such Benchmark Replacement Date that the Borrower has a Hedge Agreement
in place with respect to any of the Loans as of the date of such notice (which such notification the Administrative Agent shall be entitled
to rely upon and shall have no duty or obligation to ascertain the correctness or completeness of), then the Administrative Agent, in
its sole discretion, may decide not to determine the Benchmark Replacement pursuant to this clause (a)(i) for such Benchmark
Transition Event or Early Opt-in Election, as applicable;

 

(ii)            the
sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

(iii)          the
sum of: (A) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (1) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (2) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current 

 

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Benchmark for Dollar-denominated
syndicated credit facilities at such time and (B) the related Benchmark Replacement Adjustment; or

 

(b)            with
respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

 

provided
that, (i) in the case of clause (a)(i), if the Administrative Agent decides that Term SOFR is not administratively
feasible for the Administrative Agent, then Term SOFR will be deemed unable to be determined for purposes of this definition and (ii) in
the case of clause (a)(i) or clause (b) of this definition, the applicable Unadjusted Benchmark Replacement is
displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent
in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (a)(i), (a)(ii) or (a)(iii) or
clause (b) of this definition would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for
the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(a)            for
purposes of clauses (a)(i) and (a)(ii) of the definition of “Benchmark Replacement,” the first alternative
set forth in the order below that can be determined by the Administrative Agent:

 

(i)            the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the
Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement;

 

(ii)           the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Available Tenor of such Benchmark;

 

(b)           for
purposes of clause (a)(iii) of the definition of “Benchmark Replacement,” the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the
Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or
method for calculating or determining such spread adjustment, for the replacement of such Available Tenor of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Available Tenor of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated
syndicated credit facilities; and

 

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(c)           for
purposes of clause (b) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of
such Available Tenor of USD LIBOR with a SOFR-based rate;

 

provided
that, (x) in the case of clause (a) above, such adjustment is displayed on a screen or other information
service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable
discretion and (y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable
Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement that will replace such Benchmark in accordance with Section 3.8(c)(i) will
not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment”
shall be deemed to be, with respect to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference
thereto, the Available Tenor that has approximately the same length (disregarding business day adjustments) as such payment period.

 

“Benchmark
Replacement Conforming Changes” means, with respect to 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 “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests
or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical,
administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent
with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists,
in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration
of this Agreement and the other Loan Documents).

 

“Benchmark Replacement Date”
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);

 

(b)           in
the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or
publication of information referenced therein;

 

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(c)            in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the Administrative Agent has provided the Term SOFR
Notice to the Lenders and the Borrower pursuant to Section 3.8(c)(i)(B); or

 

(d)            in
the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to
the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business
Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election
from Lenders comprising the Required Lenders.

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (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 FRB, 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 the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer
representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above

 

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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 pursuant
to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.8(c) 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 3.8(c).

 

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

 

“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.

 

“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.

 

“Borrower”
has the meaning assigned thereto in the introductory paragraph hereto.

 

“Borrower Materials”
has the meaning assigned thereto in Section 6.1.

 

“Business Day”
means (a) for all purposes other than as set forth in clause (b) below, any day which (i) is not a Saturday,
Sunday or legal holiday and (ii) is a day on which banks in New York, New York, are open for the conduct of their commercial banking
business, and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any
LIBOR Rate Loan, or any Base Rate Loan as to which the interest rate is determined by reference to LIBOR, any day that is a Business Day
described in clause (a) and that is also a day for trading by and between banks in Dollar deposits in the London interbank
market.

 

“Capital Lease”
means, as applied to any Person, any lease of any property by such Person as lessee which, in conformity with GAAP, is accounted
for as a finance lease on the balance sheet of such Person.

 

“Capital Stock”
means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership
interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets
of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing.

 

“Change in Control”
means an event or series of events by which (a) any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended, but excluding any employee benefit plan of such
person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any
such plan) other than the Hormel Foundation becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Securities Exchange Act of 1934, as amended, except that a

 

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“person” or “group” shall be deemed to have “beneficial
ownership” of all securities that such “person” or “group” has the right to acquire, whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of more than twenty-five percent (25%) of the Capital
Stock of the Borrower entitled to vote in the election of members of the board of directors (or equivalent governing body) of the Borrower
or (b) a majority of the board of directors (or equivalent governing body) of the Borrower shall not be Continuing Directors.

 

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

 

“Closing Date”
means the date of this Agreement or such later Business Day upon which each condition described in Section 4.1 shall be satisfied
or waived in all respects.

 

“Code”
means the Internal Revenue Code of 1986, and the rules and regulations thereunder, each as amended or modified from time to time.

 

“Commitment”
means, with respect to each Lender, that Lender’s Term Loan Commitment.

 

“Commitment Percentage”
means, as to any Lender at any time, the ratio of (a) the amount of the Term Loan Commitment of such Lender to (b) the amount
of the Term Loan Commitments of all the Lenders or, if the Term Loans have been made, the percentage of the total outstanding principal
balance of the Term Loans represented by the outstanding principal balance of such Lender’s Term Loans.

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated
basis in accordance with applicable principles of consolidation under GAAP.

 

“Consolidated EBITDA”
means for any period, for the Borrower and its consolidated Subsidiaries, the sum of (a) consolidated net income of the Borrower
for such period in accordance with GAAP, plus (b) to the extent deducted in determining such consolidated net income the sum (without
duplication) of (i) consolidated interest expense of the Borrower for such period, (ii) consolidated income tax expense of the
Borrower for such period, (iii) consolidated depreciation and amortization expenses of the Borrower for such period, (iv) any
non-cash expenses or losses of the Borrower for such period classified as extraordinary, unusual or non-recurring, including goodwill
impairment or amortization expense and non-cash losses from the

 

    8

     

    

 

sale, exchange, transfer or other disposition of property or assets of
the Borrower or its consolidated Subsidiaries and the related tax effects for such period, (v) any non-cash stock-based compensation
expenses of the Borrower for such period, and (vi) any non-recurring costs and expenses that are included in the calculation of EBITDA
in the Borrower’s Annual Report on Form 10-K and are reasonably acceptable to the Administrative Agent in its reasonable discretion,
all in accordance with GAAP, minus (c) to the extent included in determining such consolidated net income, the sum (without duplication)
of (i) any extraordinary, unusual or non-recurring gains or income of the Borrower or its consolidated Subsidiaries during such period
and (ii) any gains from the sale, exchange, transfer or other disposition of property or assets or other disposition of property
or assets of the Borrower or its consolidated Subsidiaries (other than inventory sold in the ordinary course of business) during such
period, all in accordance with GAAP.

 

“Continuing Directors”
means the directors of the Borrower on the Closing Date and each other director of the Borrower if such other director’s election
or nomination for election to the board of directors (or equivalent governing body) of the Borrower is approved by at least 51% of the
then Continuing Directors.

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered Entity”
means any of the following:

 

(a)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning assigned thereto in Section 10.21.

 

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

 

“Debt Rating”
means, as applicable, (a) the corporate family rating of the Borrower as determined by Moody’s as of the applicable date and
(b) the corporate rating of the Borrower as determined by S&P as of the applicable date.

 

“Default”
means any of the events specified in Section 8.1 which with the passage of time, the giving of notice or any other condition,
would constitute an Event of Default.

 

    9

     

    

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

“Defaulting Lender”
means any Lender that (a) has failed to fund any portion of the Loans required to be funded by it hereunder within one Business Day
of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any other
Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, (c) has notified the Borrower,
the Administrative Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this
Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations
under this Agreement or under other agreements in which it commits or is obligated to extend credit, or (d) has become or is insolvent
or has become the subject of a bankruptcy or insolvency proceeding, has had a receiver, conservator, trustee or custodian appointed for
it, has become the subject of a Bail-In Action, or has taken any action in furtherance of, or indicating its consent to, approval of or
acquiescence in any such proceeding or appointment.

 

“Dispute”
means any dispute, claim or controversy arising out of, connected with or relating to this Agreement or any other Loan Document, between
or among parties hereto and to the other Loan Documents.

 

“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

 

“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBOR, the occurrence of:

 

(a)            a
notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties
hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and
such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(b)            the
joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative
Agent of written notice of such election to the Lenders.

 

“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.

 

    10

     

    

 

“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.

 

“Environmental Claims”
means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations,
notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business
and not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation
of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law,
including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or
other actions or damages, contribution, indemnification cost recovery, compensation or injunctive relief resulting from Hazardous Materials
or arising from alleged injury or threat of injury to human health or the environment.

 

“Environmental Laws”
means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits,
licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of human health or the
environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage,
disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, each as amended or modified
from time to time.

 

“ERISA Affiliate”
means any Person who together with the Borrower or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b),
(c), (m) or (o) of the Code or Section 4001(b) of ERISA.

 

“ERISA Event”
means (a) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, unless the 30-day notice requirement
with respect thereto has been waived by the PBGC; (b) the provision by the administrator of any Pension Plan of a notice of intent
to terminate such Pension Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment
referred to in Section 4041(e) of ERISA); (c) the cessation of operations at a facility by the Borrower or an ERISA Affiliate
in the circumstances described in Section 4062(e) of ERISA; (d) the withdrawal by the Borrower or an ERISA Affiliate from
a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA;
(e) the failure by the Borrower or any ERISA Affiliate to meet the minimum funding standards of Sections 412 or 430 of the Code or
the Borrower or any ERISA Affiliate files for an application for a waiver of minimum funding standards pursuant to Section 412 (c) of
the Code or Section 302(c) of ERISA with respect to any Pension Plan; (f) conditions exist for the imposition of a lien
under Section 303 of ERISA; (g) the adoption of an amendment to a Pension Plan requiring the provision of security to such Pension
Plan, pursuant to Section 436 (f) of the Code; (h) the institution by the PBGC of proceedings to terminate a Pension Plan,
pursuant to Section 4042 of ERISA, or the occurrence of any event or condition which, in the reasonable judgment of the Borrower,
might constitute grounds under Section 4042 of ERISA for

 

    11

     

    

 

the termination of, or the appointment of a trustee to administer, a Pension
Plan; or (i) the failure of a Pension Plan and its trust to meet the requirements of Section 436 of the Code.

 

“Erroneous Payment”
has the meaning assigned thereto in Section 9.9(a).

 

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

 

“Event of Default”
means any of the events specified in Section 8.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation
of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes
imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient
is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower
is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 3.12(b)),
any United States withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a
party hereto (or designates a new Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as
a result of a Change in Law) to comply with Section 3.11(e), except to the extent that such Foreign Lender (or its assignor,
if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from the Borrower
with respect to such withholding tax pursuant to Section 3.11(a), and (d) any U.S. federal withholding Taxes under FATCA.

 

“Existing Credit
Agreement” means that certain Amended and Restated Credit Agreement, as heretofore amended, dated as of June 24, 2015,
among the Borrower, the lenders party thereto and Wells Fargo, as administrative agent.

 

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

 

“FDIC”
means the Federal Deposit Insurance Corporation, or any successor thereto.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members
of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided
that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall be the average of
the quotation for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by the Administrative Agent. Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall
be deemed to be zero for purposes of this Agreement.

 

    12

     

    

 

“Fiscal Year”
means the fiscal year of the Borrower and its Subsidiaries ending on the last Sunday in October of each year.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.

 

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

 

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

 

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

 

“Governmental Approvals”
means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings with, and reports to, all
Governmental Authorities.

 

“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) and any group or body charged with setting financial accounting or regulatory capital rules or
standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel
Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Guaranty Obligation”
means, with respect to the Borrower and its Subsidiaries, without duplication, any obligation, contingent or otherwise, of any such Person
pursuant to which such Person has directly or indirectly guaranteed any Indebtedness or other obligation of any other Person and, without
limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of any such Person (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by
virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement condition or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee
of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or
in part); provided, that the term Guaranty Obligation shall not include endorsements for

 

    13

     

    

 

collection or deposit in the ordinary
course of business. The amount of any Guaranty Obligation made by any guarantor shall be deemed to be the lower of (a) an amount
equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made and (b) the
maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless
(in the case of a primary obligation that is not Indebtedness) such primary obligation and the maximum amount for which such guarantor
may be liable are not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guarantor’s maximum
reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

 

“Hazardous Materials”
means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants,
chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable,
infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to human health or the environment and are or become regulated by
any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common
law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental
Approval, (e) which are deemed to constitute a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring
properties, (f) which consist of underground or aboveground storage tanks, whether empty, filled or partially filled with any substance,
or (g) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons,
petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.

 

“Hedge Agreement”
means any agreement with respect to any Interest Rate Contract, forward rate agreement, commodity swap, forward foreign exchange agreement,
currency swap agreement, cross-currency rate swap agreement, currency option agreement or other agreement or arrangement designed to alter
the risks of any Person arising from fluctuations in interest rates, currency values or commodity prices, all as amended, restated, supplemented
or otherwise modified from time to time.

 

“Hormel Foundation”
means the Minnesota non-profit corporation organized for religious, charitable, scientific, literary or educational purposes. The Hormel
Foundation is a public foundation. The Hormel Foundation is the beneficial owner of 47.47% of common stock of the Borrower as of February 28,
2021.

 

“Hostile Acquisition”
means the acquisition of the Capital Stock of a Person (the “Target”) through a tender offer or similar solicitation of the
owners of such Capital Stock which has not been approved (prior to such acquisition) by resolutions of the board of directors (or equivalent
governing body) of the Target or by similar action if the Target is not a corporation or as to which such approval has been withdrawn.

 

“Indebtedness”
means, with respect to any Person at any date and without duplication, the sum of the following calculated in accordance with GAAP:

 

    14

     

    

 

(a)            all
liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures,
notes or other similar instruments of any such Person;

 

(b)            all
obligations to pay the deferred purchase price of property or services of any such Person (including, without limitation, all obligations
under non-competition or similar agreements), except (i) trade payables arising in the ordinary course of business not more than
sixty (60) days past due or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves
in conformity with GAAP have been provided for on the books of such Person, (ii) earn-out obligations, and (iii) customary post-closing
purchase price adjustments;

 

(c)            the
Attributable Indebtedness of such Person with respect to such Person’s obligations in respect of Capital Leases and Synthetic Leases
(regardless of whether accounted for as indebtedness under GAAP);

 

(d)            all
obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person to
the extent of the value of such property (other than customary reservations or retentions of title under agreements with suppliers entered
into in the ordinary course of business);

 

(e)            all
Indebtedness of any other Person secured by a Lien on any asset owned or being purchased by such Person (including indebtedness arising
under conditional sales or other title retention agreements except trade payables arising in the ordinary course of business), whether
or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(f)            all
obligations, contingent or otherwise, of any such Person relative to (i) the face amount of letters of credit, whether or not drawn,
and (ii) any banker’s acceptances issued for the account of any such Person; and

 

(g)            all
Guaranty Obligations of any such Person with respect to 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. Solely for purposes of Section 8.1(f), and not for any other purpose hereof (and, for the avoidance of doubt,
not for purposes of the definition of Total Debt), the term “Indebtedness” shall also include Net Hedging Obligations.

 

“Indemnified Taxes”
means Taxes and Other Taxes other than Excluded Taxes.

 

“Interest Period”
has the meaning assigned thereto in Section 3.1 (b).

 

“Interest Rate Contract”
means any interest rate swap agreement, interest rate cap agreement, interest rate floor agreement, interest rate collar agreement, interest
rate option or any other agreement regarding the hedging of interest rate risk exposure executed in connection with hedging the interest
rate exposure of any Person and any confirming letter executed pursuant to such agreement, all as amended, restated, supplemented or otherwise
modified from time to time.

 

    15

     

    

 

 

“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.

 

“Lender”
means a financial institution identified on Schedule 1.1 hereto and any other financial institution which becomes a party to this
Agreement pursuant to the terms hereof.

 

“Lending Office”
means, with respect to any Lender, the office of such Lender maintaining such Lender’s Loans.

 

“LIBOR”
means with respect to any Loan, for any Interest Period, the rate per annum equal to the London Interbank Offered Rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for Dollars for a period equal in
length to such Interest Period), as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”)
at or about 11:00 a.m. (London time) two (2) Business Days prior to the commencement of such Interest Period, with a term equivalent
to such Interest Period.

 

“LIBOR Rate”
has the meaning assigned thereto in the definition of “LIBOR”.

 

“LIBOR Rate Loan”
means a Loan bearing interest at a rate based upon the LIBOR Rate as provided in Section 3.1(a).

 

“Lien”
means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance
of any kind in respect of such asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset
which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other
title retention agreement relating to such asset.

 

“Loan”
means a Term Loan.

 

“Loan Documents”
means, collectively, this Agreement, each Note, and each other document, instrument, certificate and agreement executed and delivered
by the Borrower in favor of or provided to the Administrative Agent in connection with this Agreement or otherwise referred to herein
or contemplated hereby (including all amendments to this Agreement), all as may be amended, restated, supplemented or otherwise modified
from time to time.

 

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

 

“Material Acquisition”
means the acquisition by the Borrower or one of its Subsidiaries of the stock or assets of a Person not already a Subsidiary (including
by way of a merger or consolidation) for aggregate cash consideration of $100,000,000 or more.

 

“Material Adverse
Effect” means, a material adverse effect on (a) the properties, business, operations or financial condition of the Borrower
and its Subsidiaries, taken as a whole, (b) the 

 

    16

     

    

 

ability of the Borrower to perform its obligations under the Loan Documents to which
it is a party or (c) the rights or benefits available to the Administrative Agent or the Lenders under the Loan Documents.

 

“Material Subsidiary”
means any Subsidiary of the Borrower having total assets in excess of $40,000,000 or contributing more than 5% of the Consolidated net
sales of the Borrower and its Subsidiaries for the most recent four fiscal quarter period for which financial statements have been delivered
by the Borrower pursuant to Section 6.1 hereof or of the Existing Credit Agreement.

 

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

 

“Multiemployer Plan”
means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate
of the Borrower is making, or is obligated to make, contributions or has Withdrawal Liability.

 

“Multiple Employer
Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, which (a) is maintained for employees
of the Borrower or an ERISA Affiliate and at least one Person other than the Borrower and its ERISA Affiliates or (b) was so maintained
and in respect of which the Borrower or an ERISA Affiliate could have liability under Section 4063, 4064 or 4069 of ERISA in the
event such plan has been or were to be terminated.

 

“Net Hedging Obligations”
means, as of any date, the Termination Value of any Hedge Agreement on such date.

 

“Non-Consenting Lender”
means any Lender that has not consented to any proposed amendment, modification, waiver or termination of any Loan Document which, pursuant
to Section 10.2, requires the consent of all Lenders or all affected Lenders and with respect to which the Required Lenders
shall have granted their consent.

 

“Note”
means a promissory note made by the Borrower in favor of a Lender evidencing the Loans made by such Lender, substantially in a form attached
as Exhibit A, and any amendments, supplements and modifications thereto, any substitutes therefor, and any replacements,
restatements, renewals or extension thereof, in whole or in part.

 

“Notice of Account
Designation” has the meaning assigned thereto in Section 2.2(b).

 

“Notice of Borrowing”
has the meaning assigned thereto in Section 2.2(a).

 

“Notice of Conversion/Continuation”
has the meaning assigned thereto in Section 3.2.

 

“Notice of Prepayment”
has the meaning assigned thereto in Section 2.3(b).

 

“Obligations”
means, in each case whether now in existence or hereafter arising: (a) the principal of and interest on (including interest accruing
after the filing of any bankruptcy or similar petition) the Loans and (b) all other fees and commissions (including attorneys’
fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Borrower to
the Lenders or the Administrative Agent, under any Loan Document.

 

    17

     

    

 

“OFAC”
means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

 

“Officer’s
Compliance Certificate” means a certificate of the chief financial officer or the treasurer of the Borrower substantially in
the form attached as Exhibit F.

 

“Other Taxes”
means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any
payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
this Agreement or any other Loan Document.

 

“Participant”
has the meaning assigned thereto in Section 10.10(d).

 

“Participant Register”
has the meaning assigned thereto in Section 10.10(d)(iii).

 

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

 

“Pension Plan”
means any “employee benefit plan” as defined in Section 3(2)(A) of ERISA, other than a Multiemployer Plan, which
is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained for the employees of
the Borrower or any ERISA Affiliate or (b) has at any time within the preceding six (6) years been maintained for the employees
of the Borrower or any current or former ERISA Affiliates.

 

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

 

“Platform”
has the meaning assigned thereto in Section 6.1.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by Wells Fargo as its prime rate. Each change
in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto
acknowledge that the rate announced publicly by Wells Fargo as its prime rate is an index or base rate and shall not necessarily be its
lowest or best rate charged to its customers or other banks.

 

“Public Lenders”
has the meaning assigned thereto in Section 6.1.

 

“QFC” has the meaning assigned
to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support”
has the meaning assigned thereto in Section 10.21.

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time)
on the day that is two (2) London Banking Days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR,
the time determined by the Administrative Agent in its reasonable discretion.

 

“Register”
has the meaning assigned thereto in Section 10.10(c).

 

    18

     

    

 

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

 

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

 

“Required Lenders”
means, at any date, any combination of Lenders holding more than fifty percent (50%) of the aggregate amount of (a) the Term Loan
Commitments or (b) if the Term Loan Commitments have been terminated, the aggregate outstanding principal amount of the Term Loans;
provided that the Commitments of, and the portion of the Loans, as applicable, held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

 

“Responsible Officer”
means, as to any Person, the chief executive officer, president, chief financial officer, controller, treasurer or assistant treasurer
of such Person or any other officer of such Person designated by the Borrower and reasonably acceptable to the Administrative Agent. Any
document delivered hereunder or under any other Loan Document that is signed by a Responsible Officer of a Person shall be conclusively
presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of
such Person and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Person.

 

“S&P”
means S&P Financial Services, LLC and any successor thereto.

 

“Sanctioned Country”
means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement,
Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by OFAC (including OFAC’s Specially Designated Nationals and Blocked Persons List and OFAC’s Consolidated Non-SDN List), the
U.S. Department of State, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any
Person owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, any such Person or Persons
described in clauses (a) or (b), including a Person that is deemed by OFAC to be a Sanctions target based on the ownership
of such legal entity by Sanctioned Person(s) or (d) any Person otherwise a target of Sanctions, including vessels and aircraft,
that are designated under any Sanctions program.

 

“Sanctions”
means any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and restrictions and anti-terrorism
laws, including but not limited to those imposed, administered or enforced from time to time by the U.S. government (including those administered
by OFAC or the U.S. Department of State), the United Nations Security Council, the European Union, any European Union member state, Her
Majesty’s Treasury, or other relevant sanctions authority in any jurisdiction in which (a) the Borrower or any of its Subsidiaries
or Affiliates is located or conducts business, (b) in which any of the proceeds

 

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 of the Extensions of Credit will be used, or (c) from
which repayment of the Extensions of Credit will be derived.

 

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

 

“Single Employer
Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA, which (a) is maintained for employees
of the Borrower or any ERISA Affiliate and no Person other than the Borrower and its ERISA Affiliates or (b) was so maintained and
in respect of which the Borrower or an ERISA Affiliate could have liability under Section 4062 or 4069 of ERISA in the event such
plan has been or were to be terminated.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

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

 

“Subsidiary”
means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%)
of the outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors or other managers of such
corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) or the management
is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Capital Stock of any other class
or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason
of the happening of any contingency). Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries”
herein shall refer to those of the Borrower.

 

“Supported QFC”
has the meaning assigned thereto in Section 10.21.

 

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“Synthetic Lease”
means any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product where
such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with
GAAP.

 

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

 

“Term Lender”
means a Lender with a Term Loan Commitment and/or Term Loan.

 

“Term Loan”
means any term loan made to the Borrower pursuant to Section 2.1 and all such term loans collectively as the context requires.

 

“Term Loan Commitment”
means (a) as to any Lender, the obligation of such Lender to make a single Term Loan in a principal amount not to exceed the amount
set forth opposite such Lender’s name on Schedule 1.1, as such amount may be modified at any time or from time to time pursuant
to the terms hereof and (b) as to all Lenders, the aggregate commitment of all Lenders to make Term Loans, as such amount may be
modified at any time or from time to time pursuant to the terms hereof. The Term Loan Commitment of all the Lenders on the Closing Date
is $300,000,000.

 

“Term Loan Commitment
Termination Date” means the earlier of (a) June 30, 2021 and (b) the date of the draw on the Term Loan Facility
pursuant to Section 2.1.

 

“Term Loan Facility”
means the term loan facility established pursuant to Article II hereof.

 

“Term
Loan Maturity Date” means the earliest to occur of (a) the date which is 364 days after the date upon which the
Term Loans are made, (b) the date of termination of the Term Loan Commitment by the Borrower pursuant to Section 2.5,
or (c) the date of termination of the Term Loan Commitment pursuant to Section 8.2(a).

 

“Term
SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant
Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark
Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.8(c) with a Benchmark Replacement
the Unadjusted Benchmark Replacement component of which is not Term SOFR.

 

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“Termination Event”
means except for any such event or condition that could not reasonably be expected to have a Material Adverse Effect: (a) a “Reportable
Event” described in Section 4043 of ERISA for which the notice requirement has not been waived by the PBGC, or (b) the
withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer”
as defined in Section 4001(a)(2) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to
terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan
assets are not sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the appointment of
a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event or condition which would constitute grounds under
Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the
imposition of a Lien pursuant to Section 412 of the Code or Section 303 of ERISA, or (g) the partial or complete withdrawal
of the Borrower or any ERISA Affiliate from a Multiemployer Plan if Withdrawal Liability is asserted by such plan, or (h) any event
or condition which results in the reorganization or insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, or (i) any
event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC
of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA.

 

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

 

“Threshold Amount”
means $100,000,000.

 

“Ticking Fee”
has the meaning assigned thereto in Section 3.3(a).

 

“Total Debt”
means all Indebtedness of the Borrower and its Subsidiaries, calculated on a consolidated basis in accordance with GAAP, plus,
without duplication, (a) the face amount of all outstanding letters of credit in respect of which the Borrower or any Subsidiary
has any actual or contingent reimbursement obligations, and (b) the principal amount of all Guaranty Obligations of the Borrower
and its Subsidiaries.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from 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.

 

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“Unadjusted
Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“United States”
means the United States of America.

 

“U.S. Special Resolution
Regime” has the meaning assigned thereto in Section 10.21.

 

“USD LIBOR”
means the London interbank offered rate for Dollars.

 

“Wells Fargo”
means Wells Fargo Bank, National Association, a national banking association, and its successors.

 

“Withdrawal Liability”
has the meaning given such term under Part I of Subtitle E of Title IV of ERISA.

 

“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.

 

SECTION 1.2         Other
Definitions and Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in
such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined,
(b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”,
(e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) 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, (g) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any
and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced,
whether in physical or electronic form, (j) in the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and “until” each mean “to
but excluding;” and the word “through” means “to and including” and (k) Section headings herein
and in the other Loan Documents are

 

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included for convenience of reference only and shall not affect the interpretation of this Agreement
or any other Loan Document.

 

SECTION 1.3         Accounting
Terms. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared
in conformity with, GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing
the audited financial statements required by Section 6.1(b), except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, all financial statements delivered hereunder shall be prepared, and all financial covenants contained herein shall be calculated,
without giving effect to any election under the Statement of Financial Accounting Standards No. 159 (or any similar accounting principle)
permitting a Person to value its financial liabilities or Indebtedness at the fair value thereof. All obligations of any Person that are
or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted
for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such
operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with
FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be included on the balance sheet of any Person in the financial statements
and all financial statements delivered to the Administrative Agent hereunder shall contain a schedule showing the modifications necessary
to reconcile the adjustments made pursuant to the foregoing with respect to such financial statements.

 

SECTION 1.4         Rounding.
Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is
expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

SECTION 1.5         References
to Agreement and Laws. Unless otherwise expressly provided herein, (a) references to formation documents, governing documents,
agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements
and other modifications are not prohibited by any Loan Document; and (b) references to any Applicable Law shall include all statutory
and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.

 

SECTION 1.6         Times
of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
as applicable).

 

SECTION 1.7         Rates;
LIBOR Notification. The interest rate on LIBOR Rate Loans and Base Rate Loans (when determined by reference to clause (c) of
the definition of Base Rate) is determined by reference to LIBOR, which is derived from the London interbank offered rate. The London
interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other
in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would
no longer 

 

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persuade or compel contributing
banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
 “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing
in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which
to determine the interest rate on LIBOR Rate Loans or Base Rate Loans (when determined by reference to clause (c) of the
definition of Base Rate). In light of this eventuality, public and private sector industry initiatives have been and continue, as of
the date hereof, to be underway to identify new or alternative reference rates to be used in place of the London interbank offered rate.
In the event that the London interbank offered rate or any other then-current Benchmark is no longer available or in certain other circumstances
set forth in Section 3.8(c), such Section 3.8(c) provides a mechanism for determining an alternative rate
of interest. The Administrative Agent will notify the Borrower in advance, pursuant to Section 3.8(c), of any change to the
reference rate upon which the interest rate on LIBOR Rate Loans and Base Rate Loans (when determined by reference to clause (c) of
the definition of Base Rate) is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall
not have any liability with respect to, (i) the administration of, submission of, calculation of or any other matter related to
the London interbank offered rate or other rates in the definition of “LIBOR” or with respect to any alternative, comparable
or successor rate thereto, or replacement rate thereof (including any then-current Benchmark or any Benchmark Replacement), including
whether the composition or characteristics of any such alternative, successor or replacement reference rate (including any Benchmark
Replacement), as it may or may not be adjusted pursuant to Section 3.8(c), will be similar to, or produce the same value
or economic equivalence of, LIBOR or any other Benchmark, or have the same volume or liquidity as did the London interbank offered rate
or any other Benchmark prior to its discontinuance or unavailability, or (ii) the effect, implementation or composition of any Benchmark
Replacement Conforming Changes.

 

SECTION 1.8         Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent
Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date
of its existence by the holders of its Capital Stock at such time.

 

ARTICLE II

 

TERM LOAN FACILITY

 

SECTION 2.1         Term
Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations
and warranties set forth herein, each Lender severally agrees to make a Term Loan to the Borrower as requested by the Borrower in accordance
with the terms of Section 2.2(a); provided, that (a) all Term Loans shall be available in a single drawing made
on a single Business Day during the period from the Closing Date through and including the Term Loan Commitment Termination Date, (b) the
total amount of Term Loans made shall not exceed the Term Loan Commitment of all of the Lenders and (c) the principal amount of the
Term Loan made by each Lender shall not exceed such Lender’s Term Loan

 

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Commitment. Each Lender’s Term Loan made pursuant to
this Section shall be in a principal amount equal to such Lender’s Commitment Percentage of the aggregate principal amount
of Term Loans requested to be made.

 

SECTION 2.2     Procedure
for Advances of Loans.

 

(a)            Requests
for Borrowing Term Loans. The Borrower shall give the Administrative Agent a Notice of Borrowing not later than 11:00 a.m. (i) at
least one (1) Business Day before a Base Rate Loan and (ii) at least three (3) Business Days before a LIBOR Rate Loan,
in each case, or such lesser time as the Administrative Agent may agree in its sole discretion, of its intention to borrow Term Loans,
specifying (A) the date of such borrowing, which shall be a Business Day during the period from the Closing Date through the Term
Loan Commitment Termination Date, (B) the amount of such borrowing, (C) whether the Term Loans are to be LIBOR Rate Loans or
Base Rate Loans and (D) in the case of a LIBOR Rate Loan, the duration of the Interest Period applicable thereto. A Notice of Borrowing
received after 11:00 a.m. shall be deemed received on the next Business Day. The Administrative Agent shall promptly notify the Lenders
of each Notice of Borrowing.

 

(b)            Disbursement
of Loans. Not later than 1:00 p.m. on the proposed borrowing date, each Lender will make available to the Administrative Agent,
for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent,
such Lender’s Commitment Percentage of the Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the
Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds
by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the
form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the
Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. The Administrative
Agent shall not be obligated to disburse the portion of the proceeds of any Loan requested pursuant to this Section to the extent
that any Lender has not made available to the Administrative Agent its Commitment Percentage of such Loan.

 

SECTION 2.3     Repayment
and Prepayment of Loans.

 

(a)            Repayment
on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of all Term Loans in full on the Term Loan
Maturity Date with all unpaid interest accrued thereon to the date of such repayment.

 

(b)            Optional
Prepayments. The Borrower may at any time and from time to time prepay Loans, in whole or in part, with irrevocable prior written
notice to the Administrative Agent substantially in the form attached as Exhibit D (a “Notice of Prepayment”)
given not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and (ii) at least three (3) Business
Days before each LIBOR Rate Loan, in each case, or such lesser time as the Administrative Agent may agree in its sole discretion, specifying
the date and amount of prepayment and whether the prepayment is of LIBOR Rate Loans, Base Rate Loans or a combination thereof, and, if
of a combination thereof, the amount allocable to each. Upon receipt of such notice, the Administrative Agent shall promptly notify each
Lender. If any such notice is given, the amount specified in such

 

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notice shall be due and payable on the date set forth in such notice.
Partial prepayments shall be in an aggregate amount of $3,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to
Base Rate Loans and $5,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to LIBOR Rate Loans. A Notice of Prepayment
received after 11:00 a.m. shall be deemed received on the next Business Day. Each such repayment shall be accompanied by any amount
required to be paid pursuant to Section 3.9 hereof.

 

(c)            Limitation
on Prepayment of LIBOR Rate Loans. The Borrower may not prepay any LIBOR Rate Loan on any day other than on the last day of the Interest
Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 3.9
hereof.

 

SECTION 2.4     Permanent
Reduction of the Commitment. The Borrower shall have the right at any time and from time to time, upon at least five (5) Business
Days prior written notice to the Administrative Agent, to permanently reduce, without premium or penalty, (i) the entire Term Loan
Commitment at any time or (ii) portions of the Term Loan Commitment, from time to time, in an aggregate principal amount not less
than $10,000,000 or any whole multiple of $5,000,000 in excess thereof. Any reduction of the Term Loan Commitment shall be applied to
the Term Loan Commitment of each Lender according to its Commitment Percentage. All Ticking Fees accrued until the effective date of any
termination of the Term Loan Commitment shall be paid on the effective date of such termination of the Term Loan Commitment.

 

SECTION 2.5     Termination
of the Term Loan Facility. The Term Loan Commitments shall terminate on the earlier of (a) the date of the making of the Term
Loans and (b) the Term Loan Commitment Termination Date, and the Term Loan Facility shall terminate on the Term Loan Maturity Date.

 

ARTICLE III

 

GENERAL LOAN PROVISIONS

 

SECTION 3.1     Interest.

 

(a)            Interest
Rate Options. Subject to the provisions of this Section, at the election of the Borrower, Term Loans shall bear interest on the outstanding
principal amount thereof from the date such Loan is made until the date of the repayment in full thereof at (i) the Base Rate plus
the Applicable Margin or (ii) the LIBOR Rate plus the Applicable Margin (provided that the LIBOR Rate shall not be
available until three (3) Business Days after the Closing Date unless the Borrower has delivered to the Administrative Agent a letter
in form and substance reasonably satisfactory to the Administrative Agent indemnifying the Lenders in the manner set forth in Section 3.9
of this Agreement). The Borrower shall select the rate of interest and Interest Period, if any, applicable to any Loan at the time a Notice
of Borrowing is given or at the time a Notice of Conversion/Continuation is given pursuant to Section 3.2. Any Loan or any
portion thereof as to which the Borrower has not duly specified an interest rate as provided herein shall be deemed a Base Rate Loan.

 

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(b)            Interest
Periods. In connection with each LIBOR Rate Loan, the Borrower, by giving notice at the times described in Section 2.2
or 3.2, as applicable, shall elect an interest period (each, an “Interest Period”) to be applicable to such
Loan, which Interest Period shall be a period of one (1), three (3), or six (6) months, in each case, subject to availability by
each of the Lenders; provided that:

 

(i)            the
Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan and, in the case of immediately successive
Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

 

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

 

(iii)          any
Interest Period with respect to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the
relevant calendar month at the end of such Interest Period;

 

(iv)          no
Interest Period shall extend beyond the Term Loan Maturity Date without payment of any amounts pursuant to Section 3.9; and

 

(v)           there
shall be no more than eight (8) Interest Periods in effect at any time.

 

(c)            Default
Rate. (i) Immediately upon the occurrence and during the continuance of an Event of Default under Section 8.1(a),
(b), (h) or (i), or (ii) at the election of the Required Lenders, upon the occurrence and during the continuance
of any other Event of Default, (A) the Borrower shall no longer have the option to request LIBOR Rate Loans, (B) all outstanding
LIBOR Rate Loans shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin)
then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate per annum equal to two percent
(2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans and (C) all outstanding Base Rate
Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent
(2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder
or under any other Loan Document. Interest shall continue to accrue on the Obligations after the filing by or against the Borrower of
any petition seeking any relief in bankruptcy or under any act or law pertaining to insolvency or debtor relief, whether state, federal
or foreign.

 

(d)            Interest
Payment and Computation. Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar
quarter commencing June 30, 2021; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each

 

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Interest
Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval
during such Interest Period. All computations of interest for Base Rate Loans shall be made on the basis of a year of 365 or 366 days,
as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis
of a 360-day year and actual days elapsed.

 

(e)            Maximum
Rate. In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected
pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received
interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum
rate permitted by Applicable Law and the Lenders shall at the Administrative Agent’s option (i) promptly refund to the Borrower
any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the
Obligations on a pro rata basis. It is the intent hereof that the Borrower not pay or contract to pay, and that neither the Administrative
Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which
may be paid by the Borrower under Applicable Law.

 

SECTION 3.2     Notice
and Manner of Conversion or Continuation of Loans. Provided that no Default or Event of Default has occurred and is then continuing,
the Borrower shall have the option to (a) convert at any time following the third Business Day after the Closing Date all or any
portion of any outstanding Base Rate Loans in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof
into one or more LIBOR Rate Loans and (b) upon the expiration of any Interest Period, (i) convert all or any part of its outstanding
LIBOR Rate Loans in a principal amount equal to $3,000,000 or a whole multiple of $1,000,000 in excess thereof into Base Rate Loans or
(ii) continue such LIBOR Rate Loans as LIBOR Rate Loans. Whenever the Borrower desires to convert or continue Loans as provided above,
the Borrower shall give the Administrative Agent irrevocable prior written notice in the form attached as Exhibit E
(a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) Business Days before the day
on which a proposed conversion or continuation of such Loan is to be effective specifying (A) the Loans to be converted or continued,
and, in the case of any LIBOR Rate Loan to be converted or continued, the last day of the Interest Period therefor, (B) the effective
date of such conversion or continuation (which shall be a Business Day), (C) the principal amount of such Loans to be converted or
continued, and (D) the Interest Period to be applicable to such converted or continued LIBOR Rate Loan. The Administrative Agent
shall promptly notify the affected Lenders of such Notice of Conversion/Continuation.

 

SECTION 3.3     Fees.

 

(a)            Ticking
Fee. The Borrower shall pay to the Administrative Agent for the account of each Term Lender a commitment fee (the “Ticking
Fee”), which shall accrue at the rate of 0.05% per annum on the average daily amount of the unused Term Loan Commitment of
such Lender during the period from June 8, 2021 until the Term Loan Commitment Termination Date. Accrued Ticking Fees shall be payable
in arrears on the last Business Day of each calendar quarter

 

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of each year, commencing on the first such date to occur after the date of
commencement of accrual of the Ticking Fee, and on the date on which the Term Loan Commitments terminate.

 

(b)            Other
Fees. The Borrower shall pay to the Administrative Agent and/or the Lenders for their own respective accounts such fees relating to
the Term Loan Facility as shall have been separately agreed upon by them in writing in the amounts and at the times so agreed.

 

SECTION 3.4     Manner
of Payment.

 

(a)            Sharing
of Payments. Each payment by the Borrower on account of the principal of or interest on the Loans or of any fee, commission or other
amounts payable to the Lenders under this Agreement (or any of them) shall be made not later than 1:00 p.m. on the date specified
for payment under this Agreement to the Administrative Agent at the Administrative Agent’s Office for the account of the Lenders
entitled to such payment in Dollars, in immediately available funds and shall be made without any set off, counterclaim or deduction whatsoever.
Any payment received after such time shall be deemed to have been made on the next succeeding Business Day for all purposes. Upon receipt
by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each such Lender at its address for notices
set forth herein its pro rata share of such payment in accordance with the amounts then due and payable to such Lenders (except as specified
below) and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent of Administrative Agent’s
fees or expenses shall be made for the account of the Administrative Agent and any amount payable to any Lender under Sections 3.9,
3.10, 3.11 or 10.3 shall be paid to the Administrative Agent for the account of the applicable Lender. Subject to
Section 3.1(b)(ii), if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day,
it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing
any interest if payable along with such payment.

 

SECTION 3.5     Evidence
of Indebtedness.

 

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

 

SECTION 3.6     Adjustments.
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

 

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Loans or other obligations
hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest
thereon or other such obligations (other than pursuant to Sections 3.9, 3.10, 3.11 or 10.3) greater than
its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative
Agent of such fact, and (b) purchase (for cash at face value) participations in the 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 other amounts owing
them; provided that

 

(i)            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

 

(ii)           the
provisions of this paragraph shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance
with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which
the provisions of this paragraph shall apply).

 

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

 

SECTION 3.7     Obligations
of Lenders.

 

(a)            Funding
by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to
the proposed date of any borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of
such borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Sections
2.2(b) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a
Lender has not in fact made its share of the applicable borrowing available to the Administrative Agent, then the applicable Lender and
the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of a payment to be made by such Lender, the greater of the daily average Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (ii) in the
case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall
pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to
the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable borrowing
to the Administrative Agent, then the amount so paid shall constitute such Lender’s

 

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Loan included in such borrowing. Any payment by the Borrower shall
be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative
Agent.

 

(b)            Nature
of Obligations of Lenders Regarding Loans. The obligations of the Lenders under this Agreement to make the Loans are several and are
not joint or joint and several. The failure of any Lender to make available its Commitment Percentage of any Loan requested by the Borrower
shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Loan available
on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such
Loan available on the borrowing date.

 

SECTION 3.8     Changed
Circumstances.

 

(a)            Circumstances
Affecting LIBOR Rate Availability. Subject to clause (c) below, in connection with any request for a LIBOR Rate Loan or
a conversion to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination
shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank eurodollar
market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination
shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR
Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination
shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders
of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the
Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of
the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall
be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount
of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 3.1(d)), on the last day of the then
current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR
Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

 

(b)            Laws
Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change
in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain
any LIBOR Rate Loan, such Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly
give notice to the Borrower and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances
no longer exist, (i) the obligations of the Lenders to make LIBOR Rate Loans, and the right of the Borrower to convert any Loan
to a LIBOR Rate Loan or

 

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continue any Loan as a LIBOR Rate Loan shall be suspended and thereafter the Borrower may select only Base Rate Loans
and (ii) if any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to the end of the then current Interest Period
applicable thereto, the applicable Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.

 

(c)            Benchmark
Replacement Setting.

 

(i)     (A)     Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document (and any Hedge Agreement shall be deemed
not to be a “Loan Document” for purposes of this Section 3.8(c)) if a Benchmark Transition Event or an Early Opt-in
Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting
of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a)(i) or
(a)(ii) 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 (a)(iii) 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 Lenders without any amendment to, or further action
or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such
time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

(B)       Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Term SOFR Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document; provided that this clause (B) shall not be effective unless the Administrative Agent has delivered to
the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required to deliver
a Term SOFR Notice after a Term SOFR Transition Event and may elect or not elect to do so in its sole discretion.

 

(ii)           Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have
the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in
any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will 

 

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become effective without any further
action or consent of any other party to this Agreement or any other Loan Document.

 

(iii)          Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any
occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming
Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 3.8(c)(iv) below and (E) the
commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.8(c), 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 3.8(c).

 

(iv)          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), (A) if the then-current Benchmark is a term rate (including Term SOFR or USD
LIBOR) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such
rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for
the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark
is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any
Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (B) if a tenor that was removed
pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark
(including a Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative
for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period”
for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(v)           Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during
any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for
a borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current
Benchmark is not an Available Tenor, the component of 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.

 

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SECTION 3.9     Indemnity.
The Borrower hereby indemnifies each of the Lenders against any loss or expense which may arise or be attributable to each Lender’s
obtaining, liquidating or employing deposits or other funds acquired to effect, fund or maintain any Loan (a) as a consequence of
any failure by the Borrower to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Loan, (b) due
to any failure of the Borrower to borrow, continue or convert a LIBOR Rate Loan on a date specified therefor in a Notice of Borrowing
or Notice of Conversion/Continuation or (c) due to any payment, prepayment or conversion of any LIBOR Rate Loan on a date other than
the last day of the Interest Period therefor. The amount of such loss or expense shall be determined, in the applicable Lender’s
reasonable discretion, based upon the assumption that such Lender funded its Commitment Percentage of the LIBOR Rate Loans in the London
interbank market and using any reasonable attribution or averaging methods which such Lender deems appropriate and practical. A certificate
of such Lender setting forth the reasonable basis for determining such amount or amounts necessary to compensate such Lender shall be
forwarded to the Borrower through the Administrative Agent and shall be conclusively presumed to be correct save for manifest error.

 

SECTION 3.10   Increased
Costs.

 

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

 

(i)            impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or advances, loans or other credit extended or participated in by, any Lender;

 

(ii)            subject
the Administrative Agent or any Lender to any Taxes on its loans, loan principal, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto (except for Indemnified Taxes or Other Taxes covered by Section 3.11
and the imposition of, or any change in the rate of any Excluded Tax payable by such Lender); or

 

(iii)            impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans made by
such Lender;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making, converting into or maintaining any LIBOR Rate Loan (or of maintaining its obligation
to make any such Loan), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest
or any other amount) then, upon written request of such Lender, the Borrower shall pay to any such Lender such additional amount or amounts
as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)            Capital
Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender’s
holding company, if any, regarding capital requirements or liquidity requirements has or would have the effect of reducing the rate of
return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by

 

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such Lender to a level below that which such Lender or such Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy or liquidity), then from time to time upon written request of such Lender
the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding
company for any such reduction suffered.

 

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

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than ninety (90) days prior to the
date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the ninety (90) day period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)            Additional
Reserve Requirements. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required to maintain reserves
with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional interest on the unpaid principal amount of each LIBOR Rate Loan equal to the actual costs of such reserves
allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and (ii) as
long as such Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking
or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the LIBOR Rate Loans, such
additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five (5) decimal places)
equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by such Lender in good faith, which determination
shall be conclusive), which in each case shall be due and payable on each date on which interest is payable on such Loan, provided,
that, the Borrower shall have received at least ten (10) days’ prior notice (with a copy to the Administrative Agent)
of such additional interest or costs from such Lender. If a Lender fails to give notice ten (10) days prior to the relevant Interest
Payment Date, such additional interest or costs shall be due and payable ten (10) days from receipt of such notice.

 

SECTION 3.11         Taxes.

 

(a)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if

 

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Applicable Law shall require the deduction or withholding of any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) the Administrative Agent or the applicable Lender receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the
Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with Applicable Law.

 

(b)            Payment
of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any
Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

 

(c)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent and each Lender within ten (10) days after demand therefor,
for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable
to amounts payable under this Section) paid by (or required to be withheld or deducted on payments to) the Administrative Agent or such
Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided that the Borrower
shall not be obligated to indemnify the Administrative Agent or any Lender for any amount in respect of any such penalties, interest or
reasonable expenses if written demand therefor was not made by the Administrative Agent or such Lender within ninety (90) days from the
date on which such party makes payment for such penalties, interest or expenses; provided further that the foregoing limitation
shall not apply to any such penalties, interest or reasonable expenses arising out of the retroactive application of any such Indemnified
Tax or Other Tax. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest
error.

 

(d)            Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

 

(e)            Status
of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder
or under any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed
by Applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of
the foregoing, each Foreign Lender shall deliver

 

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

 

(i)               duly
completed copies of Internal Revenue Service Form W-8BEN or W 8BEN-E claiming eligibility for benefits of an income tax treaty to
which the United States is a party,

 

(ii)              duly
completed copies of Internal Revenue Service Form W-8ECI,

 

(iii)             in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of the Code,
or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, or

 

(iv)            any
other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax
duly completed together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower to determine
the withholding or deduction required to be made.

 

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

 

(f)            Treatment
of Certain Refunds. If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made,
or additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses of the Administrative Agent or such Lender and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund); provided that the Borrower, upon the request of the Administrative
Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required
to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any
Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower
or any other Person.

 

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(g)            Survival.
Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the parties contained
in this Section shall survive the payment in full of the Obligations and the termination of the Commitment.

 

(h)            FATCA.
If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 3.11(h), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement.

 

(i)            Lender
Indemnity of Agent. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 10.10(d)(iii) relating to the maintenance of
a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such
Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (i).

 

(j)            For
purposes of determining withholding Taxes imposed under FATCA, from and after the Closing Date, the Borrower and the Administrative Agent
shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered
obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

SECTION 3.12         Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 3.10, or requires the Borrower to pay
any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.11,
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 judgment of such Lender, such
designation or assignment (i) would eliminate

 

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or reduce amounts
payable pursuant to Section 3.10 or Section 3.11, 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. The Borrower hereby agrees
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 3.10, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.11, or if any Lender
is a Non-Consenting Lender or a Defaulting Lender hereunder, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 10.10), all of its interests, rights and obligations under this
Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that:

 

(i)               the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section 10.10;

 

(ii)              such
Lender shall have received payment of an amount equal to the outstanding principal of its Loans, unpaid interest accrued thereon to the
date of such assignment, unpaid fees accrued thereon to the date of such assignment and all other amounts payable to it hereunder and
under the other Loan Documents (including any amounts under Section 3.9) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

(iii)             in
the case of any such assignment resulting from a claim for compensation under Section 3.10 or payments required to be made
pursuant to Section 3.11, such assignment will result in a reduction in such compensation or payments thereafter; and

 

(iv)            such
assignment does not conflict with Applicable Law.

 

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

 

SECTION 3.13         Defaulting
Lenders.

 

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

 

(i)               Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this
Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 10.2.

 

(ii)              Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of
such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)

 

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or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 10.4 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect
of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro
rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement;
fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained
by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement;
fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by
a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans in
respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made at a time when
the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of
all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until
such time as all Loans are held by the Lenders pro rata in accordance with their applicable Commitment Percentage. 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
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(b)            Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative
Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans to be held pro rata by the Lenders
in accordance with their Commitment Percentage, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder
from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that
Lender’s having been a Defaulting Lender.

 

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ARTICLE IV

 

CONDITIONS OF CLOSING AND BORROWING

 

SECTION 4.1           Conditions
to Closing and Initial Loans. The effectiveness hereof and the obligation of the Lenders to close this Agreement and to make the initial
Loans is subject to the satisfaction of each of the following conditions on or prior to May 6, 2021:

 

(a)            Executed
Loan Documents. This Agreement, a Note or Notes in favor of each Lender requesting a Note or Notes, together with any other applicable
Loan Documents, shall have been duly authorized, executed and delivered to the Administrative Agent by the parties thereto and shall be
(but for satisfaction of the conditions set forth in this Section 4.1) in full force and effect.

 

(b)            Closing
Certificates; Etc. The Administrative Agent shall have received each of the following in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)               Officer’s
Certificate. A certificate from a Responsible Officer of the Borrower to the effect that all representations and warranties of such
Person contained in Article V are true and correct in all material respects (or, if any such representation or warranty is qualified
by materiality or Material Adverse Effect, is true and correct in all respects) on and as of the Closing Date, except to the extent any
such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty was true
and correct in all material respects (or, if any such representation or warranty is qualified by materiality or Material Adverse Effect,
was true and correct in all respects) on and as of such earlier date; that the Borrower is not in violation of any of the covenants contained
in this Agreement and the other Loan Documents as of the Closing Date; that, after giving effect to any Loans to be made on the Closing
Date, no Default or Event of Default has occurred and is continuing as of the Closing Date; and that no event has occurred or condition
arisen since October 25, 2020 that has had a Material Adverse Effect.

 

(ii)              Borrower’s
Certificate of Secretary. A certificate of the corporate secretary of the Borrower certifying as to the incumbency and genuineness
of the signature of each officer of the Borrower executing Loan Documents to which it is a party and certifying that attached thereto
is a true, correct and complete copy of (A) the articles or certificate of incorporation or formation of the Borrower and all amendments
thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation or formation, (B) the
bylaws or other governing document of the Borrower as in effect on the Closing Date and (C) resolutions duly adopted by the board
of directors (or other governing body) of the Borrower authorizing the transactions contemplated hereunder and the execution, delivery
and performance of this Agreement and the other Loan Documents to which it is a party.

 

(iii)             Certificates
of Good Standing. Certificates as of a recent date of the good standing of the Borrower under the laws of its jurisdiction of organization
and of Minnesota.

 

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(iv)            Opinions
of Counsel. Favorable opinions of internal counsel of the Borrower and of Faegre Drinker Biddle & Reath LLP, special outside
counsel to the Borrower, each addressed to the Administrative Agent and the Lenders who are parties hereto on the Closing Date with respect
to the Borrower, the Loan Documents and such other matters as the Administrative Agent shall reasonably request, which opinion shall
permit reliance (subject to customary conditions) by permitted successors of the Administrative Agent and permitted assignees of the
Lenders.

 

(c)            Financial
Matters.

 

(i)               Payment
at Closing. The Borrower shall have paid (A) to the Administrative Agent and the Lenders the fees set forth or referenced in
Section 3.3 and any other accrued and unpaid fees or commissions due hereunder and (B) to the extent invoiced at least
one Business Day prior to the Closing Date, all reasonable fees, charges and disbursements of counsel to the Administrative Agent (directly
to such counsel if requested by the Administrative Agent) to the extent accrued and unpaid prior to or on the Closing Date, plus such
additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements
incurred or to be incurred by it through the closing proceedings. Such estimated fees, charges and disbursements shall be reconciled to
the actual amount of such fees, charges and disbursements post-closing, and an adjustment paid by the Borrower to the Administrative Agent
or by the Administrative Agent to the Borrower, as appropriate, so that after such adjustment payment the Borrower has paid the actual
reasonable fees, charges and disbursements.

 

(d)            Miscellaneous.

 

(i)               Notice
of Borrowing. If a borrowing is requested to be made on the Closing Date, the Administrative Agent shall have received a Notice of
Borrowing from the Borrower in accordance with Section 2.2, and a Notice of Account Designation specifying the account or
accounts to which the proceeds of any Loans made on or after the Closing Date are to be disbursed.

 

(ii)              Patriot
Act, etc. The Borrower shall have provided to the Administrative Agent and the Lenders the documentation and other information
requested by the Administrative Agent in order to comply with requirements by regulatory authorities under applicable “know your
customer” and Anti-Money Laundering Laws, including, without limitation, the Act.

 

(iii)             Borrower
Authorizations. All authorizations (if any) of the board of directors and stockholders of the Borrower required by the Delaware General
Corporation Law or the certificate of incorporation or bylaws by the Borrower to approve the transactions effected pursuant to the Loan
Documents shall have been obtained and shall be in full force and effect.

 

(iv)            Material
Adverse Effect. No event has occurred or condition arisen since October 25, 2020 which has had a Material Adverse Effect.

 

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(v)            Other
Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions contemplated by
this Agreement shall be reasonably satisfactory in form and substance to the Administrative Agent. The Administrative Agent shall have
received copies of all other documents, certificates and instruments reasonably requested thereby, with respect to the transactions contemplated
by this Agreement.

 

SECTION 4.2           Conditions
to All Loans. The obligations of the Lenders to make any Loan are subject to the satisfaction of the following conditions precedent
on the relevant borrowing date:

 

(a)            Representations
and Warranties. The representations and warranties contained in Article V shall be true and correct in all material respects
(or, if any such representation or warranty is qualified by materiality or Material Adverse Effect, shall be true and correct in all respects)
on and as of such borrowing date with the same effect as if made on and as of such date, except to the extent any such representation
and warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall remain true and correct
in all material respects (or, if any such representation or warranty is qualified by materiality or Material Adverse Effect, shall remain
true and correct in all respects) as of such earlier date.

 

(b)            No
Existing Default. No Default or Event of Default shall have occurred and be continuing on the borrowing date with respect to such
Loan or after giving effect to the Loans to be made on such date.

 

(c)            Notices.
The Administrative Agent shall have received a Notice of Borrowing from the Borrower in accordance with Section 2.2.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES OF THE BORROWER

 

To induce the Administrative
Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans, the Borrower hereby represents and warrants
to the Administrative Agent and the Lenders both before and after giving effect to the transactions contemplated hereunder, which representations
and warranties shall be deemed made on the Closing Date and as otherwise set forth in Section 4.2, that:

 

SECTION 5.1           Organization;
Power; Qualification. The Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
of its incorporation. Each Subsidiary is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization except to the extent that failure to be so duly organized, validly existing and in good standing would not have a
Material Adverse Effect. The Borrower and each of its Subsidiaries are qualified to do business in and are in good standing under the
laws of each jurisdiction in which failure to be so qualified would have a Material Adverse Effect. Neither the Borrower nor any Subsidiary
thereof is an Affected Financial Institution.

 

SECTION 5.2           Authorization
Enforceability. The Borrower has the corporate power and authority and has taken all necessary corporate action to authorize the
execution, delivery and

 

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performance of
this Agreement and each of the other Loan Documents to which it is a party in accordance with their respective terms. This Agreement
and each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of the Borrower, and each
such document constitutes the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with
its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal
debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability
of equitable remedies.

 

SECTION 5.3           Compliance
with Laws, Etc. The execution, delivery and performance by the Borrower of the Loan Documents in accordance with their respective
terms, the Loans hereunder and the transactions contemplated hereby do not and will not, by the passage of time, the giving of notice
or otherwise, (a) violate any Applicable Law, (b) conflict with, result in a breach of or constitute a default under the articles
of incorporation, bylaws or other organizational documents of the Borrower or any of its Subsidiaries, (c) conflict with, result
in a breach of or constitute a default under any material indenture, agreement or other instrument binding upon the Borrower or any of
its Subsidiaries or any Governmental Approval relating to any such Person, (d) result in or require the creation or imposition of
any Lien upon or with respect to any property now owned or hereafter acquired by any such Person or (e) require any consent or authorization
of, filing with, or other act in respect of, an arbitrator or Governmental Authority.

 

SECTION 5.4           Compliance
with Law; Governmental Approvals. The Borrower and each of its Subsidiaries is in compliance with all Applicable Laws relating to
it or any of its respective properties except where the failure to comply could not reasonably be expected to have a Material Adverse
Effect.

 

SECTION 5.5           Tax
Returns and Payments. All federal and all other material tax returns and reports of the Borrower and its Subsidiaries required to
be filed by any of them have been timely filed, and all taxes shown on such tax returns to be due and payable and all material assessments,
fees and other governmental charges upon the Borrower and its Subsidiaries and upon their respective properties, assets, income, businesses
and franchises that are due and payable have been paid when due and payable, excluding any such tax, assessment, charge or claim being
contested in good faith by appropriate proceedings, so long as (a) such reserve or other appropriate provision, if any, as shall
be required in conformity with GAAP shall have been made therefor and (b) in the case of a tax, assessment, charge or claim which
has or may become a Lien against any of the properties or assets of the Borrower or its Subsidiaries, the Lien is not being enforced
by foreclosure or sale of any portion of such properties or assets to satisfy such charge or claim or is otherwise permitted by this
Agreement.

 

SECTION 5.6           Intellectual
Property Matters. The Borrower and each of its Subsidiaries owns or possesses rights to use all material franchises, licenses,
copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service
mark, service mark
rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which are reasonably necessary to conduct
its business. No event has occurred which permits, or after notice or lapse of time or both would permit, the revocation or termination
of any such rights, and, to the knowledge of any Responsible Officer of the Borrower, neither the Borrower nor any of its Subsidiaries
is liable to any Person for infringement under Applicable Law

 

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 with respect to any such rights as a result of its business operations except
as could not, in either case, reasonably be expected to have a Material Adverse Effect.

 

SECTION 5.7         Environmental
Matters. There has been no “release or threatened release of a hazardous substance” (as defined by the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. § 9601 et seq.) or any other release, emission or discharge
into the environment of any hazardous or toxic substance, pollutant or other materials from the Borrower’s or its Subsidiaries’
property other than as permitted under applicable Environmental Law and other than those which would not have a Material Adverse Effect.
Other than disposals (a) for which the Borrower has been indemnified in full or (b) which would not have a Material Adverse
Effect, all “hazardous waste” (as defined by the Resource Conservation and Recovery Act, 42 U.S.C. §6901 et seq. (1976)
and the regulations thereunder, 40 CFR Part 261 (“RCRA”)) generated at the Borrower’s or any Subsidiaries’
properties have in the past been and shall continue to be disposed of at sites which maintain valid permits under RCRA and any applicable
state or local Environmental Law.

 

SECTION 5.8         Employee
Benefit Matters.

 

(a)           No
ERISA Event which might result in liability of the Borrower or any of its ERISA Affiliates in excess of $10,000,000 (or, in the case of
an event described in clause (v) of the definition of ERISA Event, $750,000) (other than for premiums payable under Title IV of ERISA)
has occurred or is reasonably expected to occur with respect to any Pension Plan.

 

(b)           Schedule
B (Actuarial Information) to the most recently completed annual report prior to the Effective Date (Form 5500 Series) for each Pension
Plan, which report has been filed with the Internal Revenue Service by the Borrower or an ERISA Affiliate, is complete and, to the best
knowledge of the Borrower, accurate, and since the date of such Schedule B there has been no material adverse change in the funding status
of any such Pension Plan.

 

(c)           Neither
the Borrower nor any ERISA Affiliate has incurred, or, to the best knowledge of the Borrower, is reasonably expected to incur, any Withdrawal
Liability to any Multiemployer Plan which has not been satisfied and which is or might be in excess of $20,000,000.

 

(d)           Neither
the Borrower nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization
or has been terminated, within the meaning of Title IV of ERISA, and, to the best knowledge of the Borrower, no Multiemployer Plan is
reasonably expected to be in reorganization or to be terminated within the meaning of Title IV of ERISA.

 

SECTION 5.9         Margin
Stock. Neither the Borrower nor any of its Subsidiaries is engaged principally or as one of its activities in the business of extending
credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined
or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System). No part of the proceeds of
any of the Loans will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent
with, the provisions of Regulation T, U or X of such Board of Governors.

 

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SECTION 5.10       Investment
Company. Neither the Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled”
by an “investment company” (as each such term is defined or used in the Investment Company Act of 1940, as amended).

 

SECTION 5.11       Financial
Statements; No Material Adverse Change. The audited and unaudited Consolidated financial statements of the Borrower for the Fiscal
Year ended October 25, 2020 and for the fiscal quarter ended January 24, 2021 fairly present in all material respects the Consolidated
financial position of the Borrower and its Subsidiaries as at the dates thereof, and the Consolidated results of the operations and cash
flows of the Borrower and its Subsidiaries for the periods then ended (other than customary year-end adjustments for unaudited financial
statements). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP
(except for the absence of footnotes in unaudited financial statements). Since October 25, 2020, there has been no material adverse
change in the properties, business, operations, or condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a
whole, and no event has occurred or condition arisen, either individually or in the aggregate, that could reasonably be expected to have
a Material Adverse Effect.

 

SECTION 5.12       Solvency.
The Borrower is Solvent.

 

SECTION 5.13       Titles
to Properties. The Borrower and each of its Subsidiaries has such title to the real property owned or leased by it as is necessary
or desirable to the conduct of its business and valid and legal title to all of the personal property and assets reflected as owned by
it in the most recent Consolidated financial statements of the Borrower provided to the Administrative Agent pursuant to Section 6.1
hereof or of the Existing Credit Agreement, except those which have been disposed of by the Borrower and its Subsidiaries subsequent to
the date of such financial statements in a transaction not prohibited hereunder or under the Existing Credit Agreement.

 

SECTION 5.14       Insurance.
The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not Affiliates
of the Borrower and its Subsidiaries (except as contemplated by Section 6.4), in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar businesses and owning similar properties in locations where the
Borrower and its Subsidiaries operate.

 

SECTION 5.15       Litigation.
There are no actions, suits or proceedings pending nor, to the knowledge of any Responsible Officer of the Borrower, threatened against
or in any other way relating adversely to or affecting the Borrower or any of its Subsidiaries or any of their respective properties in
any court or before any arbitrator of any kind or before or by any Governmental Authority that (a) has had or could reasonably be
expected to have a Material Adverse Effect, or (b) materially adversely affects any transaction contemplated hereby.

 

SECTION 5.16       Absence
of Defaults. No Default or an Event of Default has occurred and is continuing.

 

SECTION 5.17       Anti-Corruption
Laws and Sanctions.

 

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(a)           None
of (i) the Borrower, any Subsidiary or, to the knowledge of the Borrower or such Subsidiary, any of their respective directors, officers,
employees or Affiliates, or (ii) to the knowledge of the Borrower, any agent or representative of the Borrower or any Subsidiary
that will act in any capacity in connection with or benefit from the Term Loan Facility, (A) is a Sanctioned Person or currently
the subject or target of any Sanctions, (B) has its assets located in a Sanctioned Country, (C) is under administrative, civil
or criminal investigation for an alleged violation of, or received notice from or made a voluntary disclosure to any governmental entity
regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces
Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (D) directly or indirectly derives revenues from investments
in, or transactions with, Sanctioned Persons.

 

(b)           Each
of the Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance by
the Borrower and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption
Laws, Anti-Money Laundering Laws and applicable Sanctions.

 

(c)           Each
of the Borrower and its Subsidiaries, and to the knowledge of the Borrower, each director, officer, employee, agent and Affiliate of the
Borrower and each such Subsidiary, is in compliance with all Anti-Corruption Laws and all Anti-Money Laundering Laws in all material respects
and applicable Sanctions.

 

(d)           No
proceeds of any Loan have been used, directly or indirectly, by the Borrower, any of its Subsidiaries or any of its or their respective
directors, officers, employees and agents in violation of Section 6.9.

 

SECTION 5.18       Material
Subsidiaries. Each Material Subsidiary in existence on the date hereof is listed on Schedule 5.18.

 

SECTION 5.19       Disclosure.
No financial statement, report, certificate or other information furnished in writing by or on behalf of the Borrower or any of its Subsidiaries
to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder (as modified or supplemented by other information so furnished), taken together as a whole with all other such
financial statements, reports, certificates and other information so furnished, contains any untrue statement of a material fact or omits
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. All of the information included in any Beneficial Ownership Certification is true and correct.

 

ARTICLE VI

 

AFFIRMATIVE COVENANTS

 

Until all the Obligations
(other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash and the Commitments terminated.

 

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SECTION 6.1         Financial
and Other Reporting. The Borrower will furnish or cause to be furnished to the Administrative Agent at the Administrative Agent’s
Office at the address set forth in Section 10.1:

 

(a)           As
soon as practicable and in any event within forty-five (45) days (or, if earlier, on the date of any required public filing thereof) after
the end of the first three fiscal quarters of each Fiscal Year (commencing with the fiscal quarter ended July 25, 2021), an unaudited
Consolidated statement of financial position of the Borrower and its Subsidiaries as of the close of such fiscal quarter and unaudited
Consolidated statements of operations, changes in shareholders’ investment and cash flows and a report containing management’s
discussion and analysis of such financial statements for the fiscal quarter then ended and that portion of the Fiscal Year then ended,
including the notes thereto, all prepared by the Borrower in accordance with GAAP and certified by the chief financial officer of the
Borrower to present fairly in all material respects the Consolidated financial condition of the Borrower and its Subsidiaries as of their
respective dates and the Consolidated results of operations of the Borrower and its Subsidiaries for the respective periods then ended,
subject to normal year end adjustments and the absence of footnotes;

 

(b)           As
soon as practicable and in any event within seventy (70) days (or, if earlier, on the date of any required public filing thereof) after
the end of each Fiscal Year (commencing with the fiscal year ended October 31, 2021), an audited Consolidated statement of financial
position of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of operations, changes
in shareholders’ investment and cash flows and a report containing management’s discussion and analysis of such financial
statements for the Fiscal Year then ended, including the notes thereto, all prepared in accordance with GAAP. Such annual financial statements
shall be audited by Ernst & Young LLP or other independent certified public accounting firm of recognized national standing and
accompanied by a report thereon by such certified public accountants that is not qualified with respect to scope limitations imposed by
the Borrower or any of its Subsidiaries or with respect to accounting principles followed by the Borrower or any of its Subsidiaries not
in accordance with GAAP;

 

(c)           At
each time financial statements are delivered pursuant to Sections 6.1(a) or (b) and at such other times as the
Administrative Agent shall reasonably request, an Officer’s Compliance Certificate;

 

(d)           Promptly
upon the request of the Administrative Agent, copies of any material reports submitted to the Borrower or any of its Subsidiaries or any
of their respective boards of directors (or committees thereof) by their respective independent public accountants in connection with
their auditing function;

 

(e)            Promptly
upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable “know
your customer” regulations and Anti-Money Laundering Laws or Anti-Corruption Laws (including, without limitation, the Act), as from
time to time reasonably requested by the Administrative Agent or any Lender;

 

(f)            Promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the
stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the

 

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Borrower
may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise
required to be delivered to the Administrative Agent pursuant hereto;

 

(g)           Promptly
after any Responsible Officer of the Borrower becoming aware thereof, any announcement by Moody’s or S&P of any change in a
Debt Rating;

 

(h)           Promptly
after any Responsible Officer of the Borrower becoming aware of the occurrence thereof, written notice of:

 

(i)            the
commencement of any proceeding or investigation by or before any Governmental Authority or any action or proceeding in any court or before
any arbitrator against or involving the Borrower or any of its Subsidiaries or any of their respective properties, assets or businesses
that could reasonably be expected to have a Material Adverse Effect;

 

(ii)           (A) any
Default or Event of Default or (B) any other event or development which could reasonably be expected to have a Material Adverse Effect;
and

 

(iii)          any
ERISA Event with respect to any Pension Plan which, alone or together with other ERISA Events which have occurred, might result in liability
of the Borrower or any of its ERISA Affiliates in excess of $10,000,000 (or, in the case of events described in clause (v) of the
definition of ERISA Event, $750,000) (other than for premiums payable under Title IV of ERISA).

 

(i)            Promptly
after such request, such other information regarding the operations, business affairs and financial condition of the Borrower or any of
its Subsidiaries as the Administrative Agent or any Lender may reasonably request.

 

Documents
required to be delivered pursuant to this Section 6.1 may be delivered electronically and if so delivered, shall be deemed
to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at www.hormelfoods.com; or (ii) on which such documents are posted on the Borrower’s
behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial,
third-party website or whether sponsored by the Administrative Agent); provided that: (i) the Borrower shall deliver paper
copies of such documents to the Administrative Agent or any Lender that requests the Borrower to deliver such paper copies until a written
request to cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify
the Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein,
in every instance the Borrower shall be required to provide paper copies of the Officer’s Compliance Certificates required by Section 6.1(c) to
the Administrative Agent. Except for such Officer’s Compliance Certificates, the Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such

 

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request for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (a) the
Administrative Agent will make available to the Lenders materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower Materials on SyndTrak Online or another similar electronic
system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e.,
Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public
Lender”). The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower
Materials that may be distributed to the Public Lenders and that (v) all such Borrower Materials shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof;
(w) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent
and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and
proprietary) with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section 10.11);
(x) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated
 “Public Investor;” (y) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked
 “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Investor;” and
(z) all Borrower Materials publicly filed with the SEC shall be deemed marked “PUBLIC” and permitted to be made available
through a portion of the Platform designated “Public Investor.”

 

SECTION 6.2         Preservation
of Corporate Existence and Related Matters. The Borrower will, and will cause each of its Subsidiaries to, (a) except as permitted
by Section 7.3, preserve and maintain the separate corporate existence of the Borrower and (except where failure to do so
could not reasonably be expected to have a Material Adverse Effect) all rights, franchises, licenses and privileges necessary to the conduct
of the business of the Borrower and its Subsidiaries, and (b) qualify and remain qualified as a foreign corporation or other entity
and authorized to do business in each jurisdiction, in each case in which the failure to so qualify could reasonably be expected to have
a Material Adverse Effect.

 

SECTION 6.3         Maintenance
of Property and Licenses. The Borrower will, and will cause each of its Subsidiaries to, protect and preserve all Properties necessary
in and material to its business, maintain, in full force and effect in all material respects, each material license, permit, certification,
qualification, approval or franchise issued by any Governmental Authority (each a “License”) required for each of
them to conduct their respective businesses as presently conducted, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

 

SECTION 6.4         Insurance.
The Borrower will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies
against at least such risks and in at least such amounts as are customarily maintained by similar businesses and as may be required by
Applicable Law (including, without limitation, hazard and business interruption insurance). Such insurance may be provided by captive
insurance Subsidiaries,

 

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provided that (a) the
terms of such insurance, including the risks covered by such insurance, are customary for companies of similar size engaged in similar
businesses and (b) each captive insurance Subsidiary maintains insurance reserves sufficient to satisfy all applicable regulatory
requirements; provided that if no regulatory requirements relating to reserves apply to a captive insurance Subsidiary, such captive
insurance Subsidiary shall maintain adequate insurance reserves in accordance with prudent industry practice in connection with the risks
covered by such captive insurance Subsidiary.

 

SECTION 6.5         Accounting
Methods and Financial Records. The Borrower will, and will cause each of its Subsidiaries to, maintain a system of accounting, and
keep proper books, records and accounts (which shall be true and complete in all material respects) as may be required or as may be necessary
to permit the preparation of financial statements in accordance with GAAP and in compliance with the regulations of any Governmental Authority
having jurisdiction over it or any of its properties.

 

SECTION 6.6         Payment
of Taxes and Other Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay and perform all taxes, assessments
and other governmental charges that may be levied or assessed upon it or any of its property, except where the failure to pay or perform
such items could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 6.7         Compliance
With Laws and Approvals. The Borrower will, and will cause each of its Subsidiaries to, observe and remain in compliance with all
Applicable Laws (including Environmental Laws and the applicable provisions of ERISA and the regulations and published interpretations
thereunder) and maintain in full force and effect all Governmental Approvals,
in each case applicable to the conduct of its business except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower,
its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. The
Borrower will notify the Administrative Agent and each Lender that has previously received a Beneficial Ownership Certification of any
change in the information provided in such Beneficial Ownership Certification that would result in a change to the list of beneficial
owners identified therein (or, if applicable, the Borrower ceasing to fall within an express exclusion to the definition of “legal
entity customer” under the Beneficial Ownership Regulation) and, promptly upon the reasonable request of the Administrative Agent
or any Lender, provide the Administrative Agent or directly to such Lender, as the case may be, any information or documentation requested
by it for purposes of complying with the Beneficial Ownership Regulation.

 

SECTION 6.8         Visits
and Inspections; Lender Meetings. The Borrower will, and will cause each of its Subsidiaries to, permit representatives of the Administrative
Agent or any Lender, from time to time upon prior reasonable notice and at such times during normal business hours, at the Administrative
Agent’s or such Lender’s expense, to visit and inspect its properties; inspect, audit and make extracts from its non-privileged
books, records and files; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities,
financial condition, results of operations and business prospects. 

 

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SECTION 6.9         Use
of Proceeds. The Borrower will, and will cause each of its Subsidiaries to, use the proceeds of the Loans, for working capital and for other general corporate purposes of the Borrower and its
Subsidiaries, including the financing of any acquisitions that are not Hostile Acquisitions. The Borrower will not request any Loan, and
the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents
shall not use (on behalf of the Borrower or any of its Subsidiaries), the proceeds of any Loan (A) in furtherance of an offer, payment,
promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws or Anti-Money Laundering Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction
of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited
by Sanctions if conducted by a corporation incorporated in the United States or in a European Union member state, or (C) in any manner
that would result in the violation of any Sanctions applicable to any party hereto.

 

ARTICLE VII

 

NEGATIVE COVENANTS

 

Until all of the Obligations
(other than contingent, indemnification obligations not then due) have been paid and satisfied in full in cash and the Commitments terminated:

 

SECTION 7.1         Maximum
Leverage Ratio. The Borrower will not permit the ratio (the “Leverage Ratio”) of (a) Total Debt as of any
fiscal quarter end to (b) Consolidated EBITDA for the period of four fiscal quarters then ended to exceed 3.00 to 1.00; provided
that after any Material Acquisition designated by the Borrower in writing to the Administrative Agent within five Business Days after
the consummation of such acquisition (a “Designated Acquisition”), such ratio shall instead not exceed as of any fiscal
quarter end (a) for the fiscal quarter in which such acquisition occurs and the following two fiscal quarters, 3.50 to 1.00, (b) for
the fiscal quarters which are the third and fourth full fiscal quarters following the fiscal quarter in which such acquisition occurs,
3.25 to 1.00 or (c) 3.00 to 1.00 for any fiscal quarter thereafter (it being understood that, subject to the following proviso, the
Borrower may make such a designation with respect to more than one Material Acquisition over the term of this Agreement, with each such
designation restarting the change in ratio described above); and further provided that no increase in the maximum permitted Leverage Ratio
pursuant to the preceding proviso shall occur with respect to any Material Acquisition (other than the first Designated Acquisition),
unless the maximum Leverage Ratio was 3.00 to 1.00 throughout the two fiscal quarters immediately preceding the fiscal quarter in which
such Material Acquisition occurs.

 

SECTION 7.2         Liens,
Etc. The Borrower will not create or suffer to exist, or permit any of its Subsidiaries to create or suffer to exist, any Lien, upon
or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries to assign,
any right to receive income, in each case to secure or provide for the payment of any Indebtedness of any Person, unless the Borrower’s
obligations hereunder shall be secured equally and ratably with, or prior to, any such Indebtedness; provided however that the
foregoing restriction shall not apply to the following Liens which are permitted:

 

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(a)            Liens
on assets of any Subsidiary of the Borrower existing at the time such Person becomes a Subsidiary (other than any such Lien created in
contemplation of becoming a Subsidiary);

 

(b)            purchase
money Liens upon or in any property acquired or held by the Borrower or any Subsidiary in the ordinary course of business to secure the
purchase price of such property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such property
(provided that the amount of Indebtedness secured by such Lien does not exceed 100% of the purchase price of such property and transaction
costs relating to such acquisition); and Liens on any property acquired by the Borrower or any Subsidiary existing on such property at
the time of its acquisition (other than any such Lien created in contemplation of such acquisition); and the interest of the lessor thereof
in any property that is subject to a Capital Lease;

 

(c)            any
Lien securing Indebtedness that was incurred prior to or during construction or improvement of property for the purpose of financing all
or part of the cost of such construction or improvement, provided that the amount of Indebtedness secured by such Lien does not exceed
100% of the fair market value of such property after giving effect to such construction or improvement;

 

(d)            any
Lien securing Indebtedness of a Subsidiary owing to the Borrower;

 

(e)            Liens
resulting from any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any
Indebtedness secured by any Lien referred to in clauses (a), (b) and (c) above so long as (i) the aggregate principal amount
of such Indebtedness shall not increase as a result of such extension, renewal or replacement and (ii) Liens resulting from any such
extension, renewal or replacement shall cover only such property which secured the Indebtedness that is being extended, renewed or replaced;

 

(f)             Liens
on accounts receivable resulting from the sale of such accounts receivable by the Borrower or a Subsidiary of the Borrower, so long as,
at any time, the aggregate outstanding amount of such accounts receivable does not, together with the amount of Indebtedness secured by
Liens permitted by clause (g), exceed 10% of the Consolidated stockholder’s equity of the Borrower and its Subsidiaries; and

 

(g)            Liens
other than Liens described in clauses (a) through (f) hereof, whether now existing or hereafter arising, securing Indebtedness
in an aggregate amount that does not, together with the amount of accounts receivable subject to Liens permitted by clause (f), exceed
10% of the Consolidated stockholder’s equity of the Borrower and its Subsidiaries.

 

SECTION 7.3         Restrictions
on Fundamental Changes. The Borrower will not, and will not permit any of its Material Subsidiaries to, merge or consolidate with
or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or a substantial
portion of the Consolidated assets of the Borrower and its Subsidiaries (whether now owned or hereafter acquired) to, any Person, or enter
into any partnership, joint venture, syndicate, pool or other combination, unless no Event of Default or Default has occurred and is continuing
or would result therefrom and, in the case of a merger or consolidation of the Borrower, (i) the

 

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Borrower is the surviving
entity or (ii) the surviving entity assumes all of the Borrower’s obligations under this Agreement in a manner satisfactory
to the Required Lenders.

 

SECTION 7.4         Plan
Terminations. The Borrower will not, and will not permit any ERISA Affiliate to, terminate any Pension Plan so as to result in liability
of the Borrower or any ERISA Affiliate to the PBGC in excess of $25,000,000, or permit to exist any occurrence of an event or condition
which reasonably presents a material risk of a termination by the PBGC of any Pension Plan with respect to which the Borrower or any ERISA
Affiliate would, in the event of such termination, incur liability to the PBGC in excess of $25,000,000.

 

ARTICLE VIII

 

DEFAULT AND REMEDIES

 

SECTION 8.1         Events
of Default. Each of the following shall constitute an Event of Default:

 

(a)            Default
in Payment of Principal of Loans. The Borrower shall default in any payment of principal of any Loan when and as due (whether at maturity,
by reason of acceleration or otherwise).

 

(b)            Other
Payment Default. The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise)
of interest on any Loan or the payment of any other Obligation, and such default shall continue for a period of three (3) Business
Days.

 

(c)            Misrepresentation.
Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any of its Subsidiaries
in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject to materiality
or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in this Agreement,
any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject to materiality or Material
Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed made.

 

(d)            Default
in Performance of Certain Covenants. The Borrower shall default in the performance or observance of any covenant or agreement contained
in Sections 6.1(h)(ii)(A), 6.2 (as to the corporate existence of the Borrower), 6.6 or 6.8 or Article VII.

 

(e)            Default
in Performance of Other Covenants and Conditions. The Borrower shall default in the performance or observance of any term, covenant,
condition or agreement contained in this Agreement (other than as specifically provided for in this Section) or any other Loan Document
and such default shall continue for a period of thirty (30) days after the earlier of (i) the Administrative Agent’s delivery
of written notice thereof to the Borrower and (ii) a Responsible Officer of the Borrower having obtained knowledge thereof.

 

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(f)             Indebtedness
Cross-Default. The Borrower or any of its Subsidiaries shall (i) default in the payment of any Indebtedness (other than the Loans)
the aggregate outstanding amount of which Indebtedness is in excess of the Threshold Amount beyond the period of grace if any, provided
in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any
other agreement or condition relating to any Indebtedness (other than the Loans) the aggregate outstanding amount of which Indebtedness
is in excess of the Threshold Amount or contained in any instrument or agreement evidencing, securing or relating thereto or any other
event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or
holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse
of time, if required, any such Indebtedness to become due prior to its stated maturity (any applicable grace period having expired).

 

(g)            Change
in Control. Any Change in Control shall occur.

 

(h)            Voluntary
Bankruptcy Proceeding. The Borrower or any of its Material Subsidiaries shall (i) commence a voluntary case under the federal
bankruptcy laws (as now or hereafter in effect), (ii) file a petition seeking to take advantage of any other laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of debts, (iii) consent to or fail to
contest in a timely and appropriate manner any petition filed against it in an involuntary case under such bankruptcy laws or other laws,
(iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession
by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (v) admit
in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take
any corporate action for the purpose of authorizing any of the foregoing.

 

(i)             Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against the Borrower or any of its Material Subsidiaries in any
court of competent jurisdiction seeking (i) relief under the federal bankruptcy laws (as now or hereafter in effect) or under any
other laws, domestic or foreign, relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or (ii) the
appointment of a trustee, receiver, custodian, liquidator or the like for the Borrower or any of its Material Subsidiaries or for all
or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal
or stay for a period of sixty (60) consecutive days, or an order granting the relief requested in such case or proceeding (including,
but not limited to, an order for relief under such federal bankruptcy laws) shall be entered.

 

(j)             Failure
of Agreements. Any provision of this Agreement or any provision of any other Loan Document shall for any reason cease to be valid
and binding on the Borrower or the Borrower shall so state in writing.

 

(k)            Termination
Event. The occurrence of any of the following events: (i) the Borrower or any ERISA Affiliate fails to make full payment when
due of all amounts which, under the provisions of any Pension Plan or Sections 412 or 430 of the Code, the Borrower or any ERISA Affiliate
is required to pay as contributions thereto to the extent such amounts exceed the Threshold Amount, (ii) the accumulated benefit
obligation of the Pension Plan exceeds the fair

 

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market
value of the assets of the Pension Plan by more than the Threshold Amount and such underfunded status in excess of the Threshold Amount
is not remedied within ninety (90) days after the Borrower has knowledge thereof (iii) a Termination Event or (iv) the Borrower
or any ERISA Affiliate as employers under one or more Multiemployer Plans make a complete or partial withdrawal from any such Multiemployer
Plan, the plan sponsor of such Multiemployer Plans notifies such withdrawing employer that such employer has incurred a Withdrawal Liability
requiring payments in an amount exceeding the Threshold Amount and such Withdrawal Liability in excess of the Threshold Amount is not
remedied within ninety (90) days after the Borrower has knowledge of such notice.

 

(l)             Judgment.
A judgment or order for the payment of money which causes the aggregate amount of all such judgments or orders (to the extent not paid
or covered by independent third-party insurance as to which the insurer is rated at least “A” by A.M. Best Company, has
been notified of such judgment and has not denied or failed to acknowledge coverage thereof) to exceed the Threshold Amount shall be entered
against the Borrower or any of its Material Subsidiaries by any court and such judgment or order shall continue without having been discharged,
vacated or stayed for a period of thirty (30) consecutive days after the entry thereof.

 

SECTION 8.2     Remedies.
Upon the occurrence and during the continuance of an Event of Default, with the consent of the Required Lenders, the Administrative Agent
may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower:

 

(a)            Acceleration;
Termination of Commitment.

 

(i)            Terminate
the Commitments under Section 2.6 and declare the principal of and interest on the Loans at the time outstanding, and all
other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other
Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand,
protest or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or the other Loan Documents
to the contrary notwithstanding, and terminate the Term Loan Facility and any right of the Borrower to request borrowings thereunder;
provided, that upon the occurrence of an Event of Default specified in Section 8.1(h) or (i), the Term Loan Facility
shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest
or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or in any other Loan Document
to the contrary notwithstanding; and

 

(ii)            exercise
on behalf of the Lenders all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order
to satisfy all of the Obligations.

 

(b)            Rights
of Collection. Exercise on behalf of the Lenders all of its other rights and remedies under this Agreement, the other Loan Documents
and Applicable Law, in order to satisfy all of the Obligations.

 

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SECTION 8.3     Rights
and Remedies Cumulative; Non-Waiver; etc. The enumeration of the rights and remedies of the Administrative Agent and the Lenders set
forth in this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent and the Lenders of any right or
remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to
any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or
by suit or otherwise. No delay or failure to take action on the part of the Administrative Agent or any Lender in exercising any right,
power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude
any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any
Event of Default. No course of dealing between the Borrower, the Administrative Agent and the Lenders or their respective agents or employees
shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute
a waiver of any Event of Default.

 

SECTION 8.4     Crediting
of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 8.2 or the Administrative
Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received by the Lenders
upon the Obligations and all net proceeds from the enforcement of the Obligations shall be applied:

 

First,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable
to the Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable
to the Lenders under the Loan Documents, including attorney fees (ratably among the Lenders in proportion to the respective amounts described
in this clause Second payable to them);

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans (ratably among the Lenders in proportion
to the respective amounts described in this clause Third payable to them);

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans in proportion to the respective amounts described
in this clause Fourth held by them); and

 

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

 

SECTION 8.5     Administrative
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of
whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

 

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(a)            to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
arising under the Loan Document that are owing and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders
and the Administrative Agent under Sections 3.3 and 10.3) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments
to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the
Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the
Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under Sections 3.3 and
10.3.

 

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

 

ARTICLE IX

 

THE ADMINISTRATIVE AGENT

 

SECTION 9.1     Appointment
and Authority. Each of the Lenders hereby irrevocably designates and appoints Wells Fargo to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. Except as provided in Section 9.6, the provisions of this Article are solely for the benefit
of the Administrative Agent and the Lenders, and neither the Borrower nor any Subsidiary thereof shall have rights as a third party beneficiary
of any of such provisions.

 

SECTION 9.2     Rights
as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

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SECTION 9.3     Exculpatory
Provisions. The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other
Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:

 

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

 

(b)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the
Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or Applicable Law; and

 

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

 

The Administrative Agent shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary,
under the circumstances as provided in Section 10.2 and Section 8.2) or (ii) in the absence of its own gross
negligence or willful misconduct as determined by a court of competent jurisdiction by final nonappealable judgment. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative
Agent by the Borrower or a Lender.

 

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

 

SECTION 9.4     Reliance
by the Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying
upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet
or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to

 

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have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must
be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender
unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

SECTION 9.5     Delegation
of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any
other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such
sub agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The
exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent and
any such sub agent, and shall apply to their respective activities in connection with the syndication of the Term Loan Facility as well
as activities as Administrative Agent.

 

SECTION 9.6     Resignation
of Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint
a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty
(30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf
of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless
become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as
the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its
duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph).
The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 10.3 shall continue in effect for the benefit of such retiring
Administrative Agent, its sub-agents and their respective Related Parties

 

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in respect of any actions taken or omitted to
be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

 

SECTION 9.7     Non-Reliance
on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative
Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

SECTION 9.8     Certain
ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, 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 Letters
of Credit or the Commitments or this Agreement;

 

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

 

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

 

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

 

(b)            In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower,
that none of the Administrative Agent and its Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
(including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related hereto or thereto).

 

SECTION 9.9     Erroneous
Payments.

 

(a)            Each
Lender hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent
manifest error) such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such
Lender from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly
received by, such Lender (whether or not known to such Lender) or (ii) it receives any payment from the Administrative Agent
(or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment
sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, (y) that was not preceded or accompanied
by a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment or (z) that such
Lender otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) then, in each case an error
in payment has been made (any such amounts specified in clauses (i) or (ii) of this Section 9.9(a),
whether received as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an “Erroneous
Payment”) and the Lender is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment and
to the extent permitted by applicable law, such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives,
any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative
Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge
for value” or any similar doctrine.

 

(b)            Without
limiting the immediately preceding clause (a), each Lender agrees that, in the case of clause (a)(ii) above, it shall
promptly (and, in all events, within one Business Day of its knowledge (or deemed knowledge) of such error) notify the Administrative
Agent in writing of such occurrence and, in the case of either clause (a)(i) or (a)(ii) above upon demand from
the Administrative Agent, it shall promptly, but in all events no later than one Business Day thereafter, return to the Administrative
Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds (in the currency
so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment

 

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(or portion thereof)
was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation
from time to time in effect.

 

(c)            The
Borrower hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender that has
received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of
such Lender with respect to such amount, (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any
Obligations owed by the Borrower except to the extent such Erroneous Payment was comprised of funds actually received by the Administrative
Agent from the Borrower in connection with this Agreement for application to such Obligations and (z) to the extent that an Erroneous
Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof
that were so credited, and all rights of the applicable Lender or Administrative Agent, as the case may be, shall be reinstated and continue
in full force and effect as if such payment or satisfaction had never been received.

 

(d)            Each
party’s obligations under this Section 9.9 shall survive the resignation or replacement of the Administrative Agent
or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

ARTICLE X

 

MISCELLANEOUS

 

SECTION 10.1     Notices.

 

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

 

	If to the Borrower:	Hormel Foods Corporation
	 	One Hormel Place
	 	Austin, MN 55912
	 	Attention of:	Gary L. Jamison, Vice President and
	 	 	Treasurer
	 	Telephone No.: (507) 437-5922
	 	E-mail: gljamison@hormel.com

 

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	With copies to:	Hormel Foods Corporation
	 	One Hormel Place
	 	Austin, MN 55912
	 	Attention of:	Brian D. Johnson, Vice President and
	 		Corporate Secretary
	 	Telephone No.: (507) 437-5457
	 	E-mail: bdjohnson@hormel.com
	 	 
	If to Wells Fargo as 	Wells Fargo Bank, National Association
	Administrative Agent:	90 S. 7th Street, 15th Floor
	 	Minneapolis, MN 55402
	 	MAC N9305-077
	 	Attention: Peter R. Kiedrowski
	 	Telephone: (612) 667-9904
	 	Email: Peter.R.Kiedrowski@wellsfargo.com
	 	 
	If to any Lender:	To the address set forth on the Register

 

Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed
to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next business day for the recipient). Notices delivered through electronic communications, including
electronic mail, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). Any
party hereto may change its address or electronic mail address for notices and other communications hereunder by notice to the other parties
hereto.

 

(b)            Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that
the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the Borrower
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 the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient,
such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient,
and (ii) notices or communications posted to an Internet or intranet website shall be deemed received

 

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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.

 

(c)            Administrative
Agent’s Office. The Administrative Agent hereby designates its office located at the address set forth above, or any subsequent
office which shall have been specified for such purpose by written notice to the Borrower and Lenders, as the Administrative Agent’s
Office referred to herein, to which payments due are to be made and at which Loans will be disbursed.

 

SECTION 10.2     Amendments,
Waivers and Consents. Except as set forth below or as specifically provided in any Loan Document, any term, covenant, agreement or
condition of this Agreement or any of the other Loan Documents may be amended or waived by the Lenders, and any consent given by the Lenders,
if, but only if, such amendment, waiver or consent is in writing signed by the Required Lenders (or by the Administrative Agent with the
consent of the Required Lenders) and delivered to the Administrative Agent and, in the case of an amendment, signed by the Borrower; provided,
that no amendment, waiver or consent shall:

 

(a)            increase
any Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.2) or the amount of Loans of any
Lender, in any case, without the written consent of such Lender;

 

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

 

(c)            reduce
the principal of, or the rate of interest specified herein on, any Loan or any fees or other amounts payable hereunder or under any other
Loan Document without the written consent of each Lender directly and adversely affected thereby; provided that only the consent
of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the rate set forth in Section 3.1(c) during
the continuance of an Event of Default;

 

(d)            change
Section 3.6 or Section 8.4 in a manner that would alter the pro rata sharing of payments required thereby
without the written consent of each Lender directly and adversely affected thereby;

 

(e)            change
any provision of this Section or reduce the percentages specified in the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make
any determination or grant any consent hereunder, without the written consent of each Lender directly affected thereby;

 

(f)            consent
to the assignment or transfer by the Borrower of the Borrower’s rights and obligations under any Loan Document to which it is a
party (except as permitted pursuant to Section 7.3), in each case, without the written consent of each Lender;

 

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provided
further, that (i)  no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in
addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document or modify Article IX hereof; (ii)  the Administrative Agent and the Borrower shall be permitted to amend any
provision of the Loan Documents (and such amendment shall become effective without any further action or consent of any other party to
any Loan Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error, ambiguity,
defect or inconsistency or omission of a technical or immaterial nature in any such provision and (iii) the Administrative Agent
(and, if applicable, the Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or
any of the other Loan Documents or to enter into additional Loan Documents in order to implement any Benchmark Replacement or any Benchmark
Replacement Conforming Changes or otherwise effectuate the terms of Section 3.8(c) in accordance with the terms of Section 3.8(c).
Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder, except that (A) the Commitment of such Lender may not be increased or extended without the consent of such
Lender, and (B) any amendment, waiver, or consent hereunder which requires the consent of all Lenders or each affected Lender that
by its terms disproportionately and adversely affects any such Defaulting Lender relative to other affected Lenders shall require the
consent of such Defaulting Lender.

 

Notwithstanding the foregoing, no amendment or
amendment and restatement of this Agreement which is in all other respects approved by the Lenders in accordance with this Section 10.2
shall require the consent or approval of any Lender (i) which immediately after giving effect to such amendment or amendment and
restatement, shall have no Commitment or other obligation to maintain or extend credit under this Agreement (as so amended or amended
and restated), and (ii) which, substantially contemporaneously with the effectiveness of such amendment or amendment and restatement,
shall have been paid in full all amounts owing to it hereunder (including, without limitation principal, interest and fees). From and
after the effectiveness of any such amendment or amendment and restatement, any such Lender shall be deemed to no longer be a “Lender”
hereunder or a party hereto; provided, that any such Lender shall retain the benefit of indemnification and other provisions hereof which,
by the terms hereof would survive a termination of this Agreement.

 

SECTION 10.3     Expenses;
Indemnity.

 

(a)            Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out of pocket expenses incurred by the
Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the
Administrative Agent), in connection with the syndication of the credit facility provided for herein, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of
the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and
(ii) all out of pocket expenses incurred by the Administrative Agent or any Lender (including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent,
any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
Documents, including its rights under this Section, or (B) in

 

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connection with the Loans made
hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

 

(b)            Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless
from, and shall pay or reimburse any such Indemnitee for, any and all losses, claims (including, without limitation, any Environmental
Claims or civil penalties or fines assessed by OFAC), damages, liabilities and reasonable out-of-pocket costs and expenses (including
the reasonable fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any
Indemnitee by any third party or by the 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 the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Claim related in
any way to the Borrower or any of its Subsidiaries, (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or the Borrower
or any of its Subsidiaries, and regardless of whether any Indemnitee is a party thereto, or (v) any claim, investigation, litigation
or other proceeding (whether or not the Administrative Agent or any Lender is a party thereto) and the prosecution and defense thereof,
arising out of or in any way connected with the Loans, this Agreement, any other Loan Document, or any documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby, including without limitation, reasonable attorneys and consultant’s
fees, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities, costs or expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
solely from (x) the gross negligence or willful misconduct of such Indemnitee, (y) a claim brought by the Borrower or any of
its Subsidiaries against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan
Document, or (z) a proceeding that does not involve or arise from an act or omission by the Borrower or any of the Borrower’s
Affiliates and arises out of disputes solely among Indemnitees (other than any claims against the Administrative Agent, in its capacity
or in fulfilling its role as such, in each case, if such Borrower or such Subsidiary has obtained a final and nonappealable judgment in
its favor on such claim as determined by a court of competent jurisdiction.

 

(c)            Reimbursement
by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under clause (a) or
(b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party thereof, each
Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), or such Related Party, as the case may be, such Lender’s
Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount, 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 the Administrative Agent (or any

 

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such
sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or any
such sub-agent) in connection with such capacity.

 

(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, none of the Borrower, the Administrative Agent,
any other agent hereunder, any Lender, any other party hereto, or any Indemnitee shall assert, and each such Person hereby waives, any
claim against any other such Person, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds
thereof; provided that the foregoing shall in no event limit the Borrower’s indemnification obligations under clause (b) above
to the extent such special, indirect, consequential or punitive damages are included in any third-party claim in connection with which
such Indemnitee is otherwise entitled to indemnification hereunder. No Indemnitee referred to in clause (b) above shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

 

(e)            Payments.
All amounts due under this Section shall be payable promptly after demand therefor.

 

SECTION 10.4     Right
of Set Off. If an Event of Default shall have occurred and be continuing, each 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)
at any time owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the
obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender irrespective of whether
or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower
may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit
or obligated on such indebtedness. The rights of each Lender Lender and their respective Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender or its Affiliates may have. Each Lender agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such
notice shall not affect the validity of such setoff and application.

 

SECTION 10.5     Governing
Law; Jurisdiction, Etc.

 

(a)            Governing
Law. This Agreement and the other Loan Documents, unless expressly set forth therein, shall be governed by, construed and enforced
in accordance with, the law of the State of New York, without reference to the conflicts or choice of law principles thereof.

 

(b)            Submission
to Jurisdiction. The Borrower irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the courts of the Supreme

 

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Court of the State of New
York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition
or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by Applicable
Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or in any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction.

 

(c)            Waiver
of Venue. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that
it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other
Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(d)            Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1.
Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

 

SECTION 10.6     Waiver
of Jury Trial.

 

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

 

SECTION 10.7     Reversal
of Payments. To the extent the Borrower makes a payment or payments to the Administrative Agent for the ratable benefit of the Lenders
or the Administrative Agent receives any payment or proceeds of the Collateral which payments or proceeds 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 payment or proceeds repaid,
the Obligations or part thereof intended to be satisfied shall be revived and continued in

 

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full force and effect as if such
payment or proceeds had not been received by the Administrative Agent.

 

SECTION 10.8     Punitive
Damages. The Administrative Agent, the Lenders and the Borrower hereby agree that no such Person shall have a remedy of punitive or
exemplary damages against any other party to a Loan Document and each such Person hereby waives any right or claim to punitive or exemplary
damages that they may now have or may arise in the future in connection with any Dispute, whether such Dispute is resolved through arbitration
or judicially.

 

SECTION 10.9     Accounting
Matters. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject
to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent
and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth
a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

 

SECTION 10.10     Successors
and Assigns; Participations.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Borrower shall not assign or otherwise transfer any of its rights
or obligations hereunder (except as permitted pursuant to Section 7.3) without the prior written consent of the Administrative Agent
and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee
in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the
provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject
to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of
this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)            Assignments
by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans at the time owing to it); provided that any such assignment shall
be subject to the following conditions:

 

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(i)            Minimum
Amounts.

 

(A)            in
the case of an assignment of the entire remaining amount of the assigning Lender’s Commitments and the Loans at the time owing to
it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 

(B)            in
any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitments (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the
Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has
occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided
that the Borrower shall be deemed to have given its consent five (5) Business Days after the date written notice thereof has been
delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Borrower prior to
such fifth (5th) Business Day;

 

(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement with respect to the Term Loan Facility;

 

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

 

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

 

(B)            the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect
of the Term Loan Facility if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an
Approved Fund with respect to such Lender.

 

(iv)            Assignment
and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 for each assignment (provided, that only one such fee will be payable
in connection with simultaneous assignments to two or more Approved

 

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Funds by a Lender), and the assignee, if it is not a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)            No
Assignment to Certain Persons. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or Subsidiaries.

 

(vi)            No
Assignment to Natural Persons. No such assignment shall be made to a natural person.

 

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

 

Subject to acceptance and recording thereof by
the Administrative Agent pursuant to paragraph (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of
an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall
cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.8, 3.9, 3.10, 3.11
and 10.3 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer
by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this
Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section.

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in San Francisco,
California, a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts of (and stated interest on) the Loans owing to, each Lender pursuant to the
terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower,
the Administrative

 

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Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by the Borrower and any Lender (but only to the extent of entries in the Register that are applicable to such Lender), at any reasonable
time and from time to time upon reasonable prior notice.

 

(d)            Participations.
(i) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitments
and/or the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, and the other Lenders shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement.

 

(ii)            Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver or modification described in Section 10.2 that directly affects such Participant and could not be affected by a
vote of the Required Lenders. Subject to paragraph (e) of this Section, the Borrower agrees that each Participant shall be entitled
to the benefits of Sections 3.8, 3.9, 3.10 and 3.11 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 10.4 as though it were a Lender, provided such Participant agrees to be subject
to Section 3.6 as though it were a Lender.

 

(iii)            Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other Obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have
any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Loans, 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 or other Obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(e)            Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 3.10 and 3.11 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale
of the participation to such Participant is made with the Borrower’s prior written consent. No Participant shall be entitled to
the benefits of Section 3.11 unless the Borrower is notified of the participation sold to such Participant and such Participant
agrees, for the benefit of the Borrower, to comply with Section 3.11(e) as though it were a Lender.

 

(f)            Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve
Bank or Farm Credit Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

 

SECTION 10.11     Confidentiality.
Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except
that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by, or required to be disclosed to, any rating agency, or regulatory or similar authority purporting to have jurisdiction over it (including
any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by Applicable
Laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise
of any remedies under this Agreement or under any other Loan Document or any action or proceeding relating to this Agreement or any other
Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement, Participant or proposed Participant, or (ii) any actual or prospective counterparty
(or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (iii) to an investor or prospective
investor in an Approved Fund that also agrees that Information shall be used solely for the purpose of evaluating an investment in such
Approved Fund, (iv) to a trustee, collateral manager, servicer, backup servicer, noteholder or secured party in an Approved Fund
in connection with the administration, servicing and reporting on the assets serving as collateral for an Approved Fund, or (v) to
a nationally recognized rating agency that requires access to information regarding the Borrower and its Subsidiaries, the Loans and Loan
Documents in connection with ratings issued with respect to an Approved Fund, (g) with the consent of the Borrower, (h) to Gold
Sheets and other similar bank trade publications, such information to consist of deal terms and other information customarily found in
such publications, or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of
this Section or (y) becomes available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential
basis from a source other than the Borrower or (j) to governmental regulatory authorities in connection with any regulatory examination
of the Administrative Agent or any Lender or in accordance with the Administrative Agent’s or any Lender’s regulatory compliance
policy if the Administrative Agent or such Lender deems necessary for the mitigation of claims by

 

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those authorities against the Administrative
Agent or such Lender or any of its subsidiaries or affiliates. For purposes of this Section, “Information” means all
information received from any the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their
respective businesses, other than any such information that is available to the Administrative Agent, any Lender on a nonconfidential
basis prior to disclosure by the Borrower or any of its Subsidiaries and other than information pertaining to this Agreement routinely
provided by arrangers to data service providers, including league table providers, that serve the lending industry. 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 any provision of this Agreement to the contrary, the obligations of the Administrative
Agent and the Lenders under this Section 10.11 shall survive termination of this Agreement for a period of one year thereafter
and shall continue to bind any former Administrative Agent or Lender who ceases to be a party to this Agreement for a period of one year
thereafter.

 

SECTION 10.12     Performance
of Duties. The Borrower’s obligations under this Agreement and each of the other Loan Documents shall be performed by the Borrower
at its sole cost and expense.

 

SECTION 10.13     All
Powers Coupled with Interest. All powers of attorney and other authorizations granted to the Lenders, the Administrative Agent and
any Persons designated by the Administrative Agent or any Lender pursuant to any provisions of this Agreement or any of the other Loan
Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied
(other than contingent indemnification obligations not then due), any of the Commitments remain in effect or the Term Loan Facility has
not been terminated.

 

SECTION 10.14     Survival.

 

(a)            All
representations and warranties set forth in Article V and all representations and warranties contained in any certificate,
or any of the Loan Documents (including, but not limited to, any such representation or warranty made in or in connection with any amendment
thereto) shall constitute representations and warranties made under this Agreement. All representations and warranties made under this
Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date),
shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on
behalf of the Lenders or any borrowing hereunder.

 

(b)            Notwithstanding
any termination of this Agreement, the indemnities to which the Administrative Agent and the Lenders are entitled under the provisions
of this Article X and any other provision of this Agreement and the other Loan Documents shall continue in full force and
effect and shall protect the Administrative Agent and the Lenders against events arising after such termination as well as before.

 

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SECTION 10.15     Titles
and Captions. Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for convenience
only, and neither limit nor amplify the provisions of this Agreement.

 

SECTION 10.16     Severability
of Provisions. Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder
of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of such provision in any other
jurisdiction.

 

SECTION 10.17     Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)            Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterparty hereof.
This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to the Administrative Agent,
constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. In the event of any conflict between the provisions of this Agreement
and those of any other Loan Document, the provisions of this Agreement shall control; provided that the inclusion of supplemental
rights or remedies in favor of the Administrative Agent or the Lenders in any other Loan Document shall not be deemed a conflict with
this Agreement. Each Loan Document was drafted with the joint participation of the respective parties thereto and shall be construed neither
against nor in favor of any party, but rather in accordance with the fair meaning thereof. Except as provided in Section 4.1,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.

 

(b)            Electronic
Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import
in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

SECTION 10.18     Term
of Agreement. This Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations
(other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been paid
and satisfied in full and the Commitments have been terminated. No termination of this Agreement shall affect the rights and obligations
of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.

 

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SECTION 10.19     USA
Patriot Act. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the Act or
any other Anti-Money Laundering Laws, it is required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance
with the Act or such Anti-Money Laundering Laws.

 

SECTION 10.20     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. 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.

 

SECTION 10.21     Acknowledgement
Regarding Any 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 FDIC under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the
laws of the State of New York and/or of the United States or any other state of the United States). In the event a Covered Entity that
is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such
Covered Party will be effective to the same extent as the

 

    78

     

    

 

transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the
United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported
QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than
such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed
by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that
rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.

 

[Signature
pages to follow]

 

    79

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by their duly authorized officers, all as of the day and year first written above.

 

	 	HORMEL FOODS CORPORATION,
 as Borrower
	 	 
	 	By:	 /s/ Gary L. Jamison
	 	Name:	Gary L. Jamison
	 	Title:	Vice President and Treasurer

 

    

     

    

 

	 	AGENT AND LENDER:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	as Administrative Agent and a Lender
	 	 
	 	By:	/s/ Peter Kiedrowski
	 	Name:	Peter Kiedrowski
	 	Title:	Managing Director

 

    

     

    

 

Schedule 1.1

 

Commitments

 

	Lender	 	Term Loan Commitments	 	 	Commitment Percentage	 
	Wells Fargo Bank, National Association	 	$	300,000,000.00	 	 	 	100.000000000	%
	TOTAL	 	$	300,000,000.00	 	 	 	100.000000000	%

 

    

     

    

 

Schedule 5.18

 

Material Subsidiaries

 

		1.	Applegate Investment Corporation – a Delaware corporation

		2.	Beijing Hormel Business Management Co., Ltd. – a Chinese limited company

		3.	Burke Manufacturing Corporation – an Iowa corporation

		4.	Columbus Manufacturing, Inc. – a Delaware corporation

		5.	Dan’s Prize, Inc. – a Minnesota corporation

		6.	Hormel Financial Services Corporation – a Minnesota corporation

		7.	Hormel Foods Corporate Services, LLC – a Delaware limited liability company

		8.	Hormel Foods International Corporation – a Delaware corporation

		9.	Hormel Foods Sales, LLC – a Delaware limited liability company

		10.	Jennie-O Turkey Store, Inc. – a Minnesota corporation

		11.	Jennie-O Turkey Store Sales, LLC – a Delaware limited liability company

		12.	Jiaxing Hormel Foods Co., Ltd. – a Chinese limited company

		13.	Omamori Indústria de Alimentos Ltda. – a Brazilian limited liability companyExhibit 4.1

   

  	NUMBER	UNITS
	U-	 

   

  SEE REVERSE FOR CERTAIN DEFINITIONS

   

  CUSIP 

   

  ION ACQUISITION CORP 1 LTD.

   

  UNITS CONSISTING OF ONE CLASS A ORDINARY
      SHARE AND ONE-FIFTH OF ONE REDEEMABLE WARRANT,

  EACH WHOLE WARRANT ENTITLING THE HOLDER
      TO PURCHASE ONE CLASS A ORDINARY SHARE

   

  THIS CERTIFIES THAT            is
    the owner of               Units of ION Acquisition Corp
    1 Ltd., a Cayman Islands exempted company (the “Company”), transferrable on the books of the Company
    in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

   

  Each Unit (“Unit”)
    consists of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Share”), of the Company
    and one-fifth of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the
    holder to purchase one Ordinary Share (subject to adjustment) for $11.50 per share (subject to adjustment). Each Warrant will become
    exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange, asset acquisition,
    share purchase, reorganization or other similar business combination with one or more businesses (each a “Business
        Combination”), or (ii) twelve (12) months from the closing of the Company’s initial public offering, and will
    expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company
    completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”).
    The Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to            ,
    2020, unless Cowen and Company, LLC elects to allow separate trading earlier, subject to the Company’s filing of a Current
    Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting the Company’s
    receipt of the gross proceeds of the Company’s initial public offering and issuing a press release announcing when separate
    trading will begin. No fractional Warrants will be issued upon separation of the Units. The terms of the Warrants are governed
    by a Warrant Agreement, dated as of            , 2020 (the “Warrant
        Agreement”), between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject
    to the terms and provisions contained therein, all of which terms and provisions the holder of this certificate consents to by
    acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 1 State Street, 30th Floor,
    New York, New York 10004, and are available to any Warrant holder on written request and without cost.

   

  This certificate is not valid
    unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

   

  This certificate shall be governed
    by and construed in accordance with the internal laws of the State of New York.

   

  Witness the facsimile
    signature of a duly authorized signatory of the Company.

   

  	 	 
	 	Authorized Signatory

   

  	 	 
	 	Transfer Agent

   

  
  
     

  

  
     

  

  
   

  ION Acquisition Corp
      1 Ltd. 

   

  The Company will furnish
    without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
    optional or other special rights of each class of equity or series thereof of the Company and the qualifications, limitations,
    or restrictions of such preferences and/or rights.

   

  The following abbreviations,
    when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
    to applicable laws or regulations:

   

  	TEN COM	—   	as tenants in common	 	UNIF GIFT MIN ACT	—   	___________ Custodian ___________
	 	 	 	 	 	 	      (Cust)                               (Minor)
	TEN ENT	—  	as tenants by the entireties	 	 	 	 
	 	 	 	 	 	 	Under Uniform Gifts to Minors Act
	JT TEN	—  	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
          _____________________________

          (State)

        

   

  Additional abbreviations may also be used
    though not in the above list.

   

  For value received,             
    hereby sell, assign and transfer unto

   

  (PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER OF ASSIGNEE)

   

  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
    INCLUDING ZIP CODE, OF ASSIGNEE)

   

  Units represented
      by the within certificate, and do hereby irrevocably constitute and appoint         
      Attorney to transfer the said Units on the books of the within named Company with full power of substitution in the
      premises.

   

  Dated 

   

  	 	 	 
	 	Notice:   	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

   

  	Signature(s) Guaranteed:	 
	 	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
            GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).	 

   

  As more fully described
    in, and subject to the terms and conditions described in, the Company’s final prospectus for its initial public offering
    dated             the holder(s) of this certificate shall be entitled to
    receive a pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial
    public offering in the event that (i) the Company redeems the Ordinary Shares sold in its initial public offering and liquidates
    because it does not consummate an initial Business Combination within the time period set forth in the Company’s Amended
    and Restated Memorandum and Articles of Association, as the same may be amended from time to time, or (ii) if the holder(s) properly
    redeem for cash his, her or its respective Ordinary Shares included in the Units represented by this certificate in connection
    with (x) a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial
    Business Combination) setting forth the details of a proposed initial Business Combination or (y) a shareholder vote to amend the
    Company’s Amended and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s
    obligation to allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Ordinary
    Shares if it does not consummate an initial Business Combination within the time set forth in the Company’s Amended and Restated
    Memorandum and Articles of Association or (B) with respect to any other material provisions relating to shareholders’ rights
    or pre-initial Business Combination activity, as the same may be amended from time to time. In no other circumstances shall the
    holder(s) have any right or interest of any kind in or to the trust account.

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