Document:

Exhibit 4.1

 

 

 

 

 

AMENDED AND RESTATED AGENCY AGREEMENT

 

 

 

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.

TOYOTA CREDIT CANADA INC.

TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)

TOYOTA MOTOR CREDIT CORPORATION

as Issuers

 

 

and

 

 

THE BANK OF NEW YORK MELLON,

acting through its London branch,

as Agent

 

 

in respect of a

 

 

€50,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

 

 

 

Dated 18 September 2020

 

     

     

    

Contents

 

 

	Clause	Page
	1.   Definitions And Interpretations	2
	2.   Appointment of agent and Paying Agents	10
	3.   Issue of Temporary Global Notes	11
	4.   Issue of Permanent Global Notes	13
	5.   Issue of Definitive bearer Notes	14
	6.   Exchanges	15
	7.   Terms of Issue	16
	8.   Payments	17
	9.   Determinations and Notifications in Respect of Notes	20
	10.   Notice of Any Withholding or Deduction	21
	11.   Duties of the Agent in Connection with Early Redemption	22
	12.   Publication of Notices	22
	13.   Cancellation, Resale and Reissuance of Notes, Coupons and Talons	22
	14.   Issue of Replacement Notes, Coupons and Talons	24
	15.   Copies of this Agreement and Each Final Terms Available for Inspection	25
	16.   Commissions and Expenses	26
	17.   Indemnity	26
	18.   Repayment by the Agent	26
	19.   Conditions of Appointment	27
	20.   Communication Between the Parties	29
	21.   Changes in Agent and Paying Agents	29
	22.   Merger and Consolidation	31
	23.   Notifications	31
	24.   Change of Specified Office	32
	25.   Notices	32
	26.   Taxes and Stamp Duties	33
	27.   Currency Indemnity	33
	28.   Amendments: Meetings of Holders	34
	29.   Calculation Agency Agreement	36
	30.   Redenomination and Exchange	36
	31.   deed poll	40
	32.   Descriptive Headings	41

     

     

    

 

	33.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	41
	34.   Governing Law	41
	35.   Counterparts	42
	Appendix A TERMS AND CONDITIONS OF THE NOTES	48
	Appendix B FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS	95
	APPENDIX B-1  FORM OF TEMPORARY GLOBAL NOTE	96
	SCHEDULE ONE  INTEREST PAYMENTS	103
	SCHEDULE TWO  SCHEDULE OF EXCHANGES FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS
OR PURCHASES AND CANCELLATIONS	104
	APPENDIX B-2  FORM OF PERMANENT GLOBAL NOTE	105
	SCHEDULE ONE  INTEREST PAYMENTS	112
	SCHEDULE TWO  SCHEDULE OF EXCHANGES OF A TEMPORARY GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES
AND CANCELLATIONS	113
	APPENDIX B-3  FORM OF DEFINITIVE BEARER NOTE	114
	APPENDIX B-4  FORM OF COUPON	117
	APPENDIX B-5  FORM OF TALON	119
	Appendix C FORM OF CALCULATION AGENCY AGREEMENT	121
	Appendix D FORM OF OPERATING and ADMINISTRATIVE PROCEDURES MEMORANDUM	131
	ANNEX A TO APPENDIX D  SETTLEMENT PROCEDURES	134
	ANNEX B TO APPENDIX D	139
	FORM OF FINAL TERMS	139
	ANNEX C TO APPENDIX D  FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER	183
	ANNEX D TO APPENDIX D  FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER	188
	ANNEX E TO APPENDIX D  TRADING DESK INFORMATION	190
	Appendix E FORM OF THE NOTES	191
	Appendix F ADDITIONAL DUTIES OF THE AGENT	197
	Appendix G FORM OF DEED POLL (sUBSTITUTION OF ISSUER)	198

     

     

    

AMENDED AND RESTATED AGENCY AGREEMENT

 

in respect of a

 

€50,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

THIS AMENDED AND RESTATED AGENCY AGREEMENT
is made on 18 September 2020

 

BETWEEN:

 

		(1)	TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. of World Trade Center Amsterdam, Tower H, Level
10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (TMF);

 

		(2)	TOYOTA CREDIT CANADA INC. of 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada
(TCCI);

 

		(3)	TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St
Leonards, NSW 2065, Australia (TFA);

 

		(4)	TOYOTA MOTOR CREDIT CORPORATION of 6565 Headquarters Drive, Mailstop W2–3D, Plano,
Texas 75024–5965, United States (TMCC); and

 

		(5)	THE BANK OF NEW YORK MELLON, acting through its London
branch, One Canada Square, Canary Wharf, London E14 5AL, United Kingdom (the Agent, which expression shall include
any successor agent appointed in accordance with Clause 21, and the Paying Agent, which expression shall include any additional
or successor paying agent appointed in accordance with Clause 21, and Paying Agent shall mean any of the Agent or the Paying
Agents so appointed).

 

WHEREAS:

 

(A)       The
Issuers (as defined below) have determined that a programme agreement dated 30 September 1992 as amended and supplemented or restated
by the First Supplemental Programme Agreement dated 31 January 1994, the Second Supplemental Programme Agreement dated 16 May 1996,
the Third Supplemental Programme Agreement dated 29 May 1998, the Fourth Supplemental Programme Agreement dated 7 July 1999, the
Amended and Restated Programme Agreement dated 31 August 2000, the Amended and Restated Programme Agreement dated 31 August 2001,
the Amended and Restated Programme Agreement dated 27 September 2002, the Amended and Restated Programme Agreement dated 26 September
2003, the Amended and Restated Programme Agreement dated 24 September 2004, the Amended and Restated Programme Agreement dated
30 September 2005, the Amended and Restated Programme Agreement dated 28 September 2006, the Amended and Restated Programme Agreement
dated 28 September 2007, the Amended and Restated Programme Agreement dated 26 September 2008, the Amended and Restated Programme
Agreement dated 18 September 2009, the Amended and Restated Programme Agreement dated 17 September 2010, the Amended and Restated
Programme Agreement dated 16 September 2011, the Amended and Restated Programme Agreement dated 14 September 2012, the Amended
and Restated Programme Agreement dated 13 September 2013, the Amended and Restated Programme Agreement dated 12 September 2014,
the Amended and Restated Programme Agreement dated 11 September 2015, the Amended and

 

     

     

    

Restated Programme Agreement dated 9 September
2016, the Amended and Restated Programme Agreement dated 8 September 2017, the Amended and Restated Programme Agreement dated 14
September 2018 and the Amended and Restated Programme Agreement dated 13 September 2019 entered into with the Dealers named therein
pursuant to which any of the Issuers may issue Euro Medium Term Notes in an aggregate nominal amount of up to €50,000,000,000,
be amended and restated by the Issuers and each of Merrill Lynch International, Australia and New Zealand Banking Group Limited
(ABN 11 005 357 522), Banco Santander, S.A., Bank of Montreal, London Branch, Barclays Bank Ireland PLC, Barclays Bank PLC, Barclays
Capital Asia Limited, BNP Paribas, BofA Securities Europe SA, Canadian Imperial Bank of Commerce, London Branch, CIBC Capital Markets
(Europe) S.A., Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank, Daiwa Capital Markets Europe
Limited, HSBC Bank plc, ING Bank N.V., J.P. Morgan Securities plc, Lloyds Bank Corporate Markets plc, Lloyds Bank Corporate Markets
Wertpapierhandelsbank GmbH, Mizuho International plc, Mizuho Securities Europe GmbH, Morgan Stanley & Co. International plc,
MUFG Securities EMEA plc, Nomura International plc, RBC Europe Limited, SMBC Nikko Capital Markets Europe GmbH, SMBC Nikko Capital
Markets Limited, Société Générale, TD Global Finance unlimited company, The Toronto-Dominion Bank and
UniCredit Bank AG (together, the Programme Dealers).

 

(B)       The
Issuers have entered into an amended and restated programme agreement dated 18 September 2020 with the Programme Dealers.

 

(C)       The
Issuers and the agents named therein entered into an amended and restated agency agreement dated 13 September 2019 (the Agency
Agreement). The parties hereto agree to make certain modifications to the Agency Agreement. This Agreement amends and restates
the Agency Agreement. Any Notes issued under the Programme on or after the date of this Agreement shall be issued with the benefit
of the Agency Agreement as so amended and restated.

 

		1.	Definitions And Interpretations

 

		(1)	The following expressions shall have the following meanings:

 

Agreement Date means,
with respect to any Note, the date on which agreement is reached for the issue of such Note as contemplated in Clause 2 of the
Programme Agreement, which in the case of Notes issued on a syndicated basis shall be the date the applicable Syndicate Purchase
Agreement is signed by all parties;

 

Arranger means Merrill
Lynch International, or any other company appointed to the position of arranger for the Programme; and references in this Agreement
to the Arranger shall be references to all of them;

 

Bearer Note means those
of the Notes in bearer form;

 

CGN means a Temporary
Global Note being in the form or substantially in the form set out in Appendix B-1 hereto or a Permanent Global Note being in the
form or substantially in the form set out in Appendix B-2 hereto and in either case in respect of which the applicable Final Terms
indicate it is not a New Global Note;

 

Clearing System means
Clearstream, Luxembourg and/or Euroclear and/or any other additional system or systems as is specified in the applicable Final
Terms;

 

Clearstream, Luxembourg
means Clearstream Banking S.A.;

 

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Code means the US Internal
Revenue Code of 1986;

 

Conditions means, in respect
of any Series of Notes, the terms and conditions of the Notes of such Series, such terms and conditions being in the form or substantially
in the form set out in Appendix A hereto or in such other form, having regard to the terms of the relevant Series, as may be agreed
between the relevant Issuer, the Agent and the relevant Purchaser or Purchasers from time to time, as amended or supplemented by
the applicable Final Terms;

 

Coupon has the meaning
ascribed thereto in the Conditions;

 

Dealer means each of the
Programme Dealers and any other entities appointed as dealers from time to time pursuant to the Programme Agreement;

 

Definitive Bearer Note
means a Bearer Note in definitive form being in the form or substantially in the form set out in Appendix B-3 hereto (or in such
other form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser or Purchasers) issued or to be issued
by the relevant Issuer pursuant to this Agreement in exchange for the whole or (subject to the terms of the relevant Temporary
Global Note and/or Permanent Global Note) part of a Temporary Global and/or Permanent Global Note;

 

Definitive Note means
a Definitive Bearer Note and/or a Definitive Registered Note, as the context may require;

 

Definitive Registered Note
means a Registered Note in definitive form issued or, as the case may require, to be issued by TCCI pursuant to the TCCI Note Agency
Agreement or TMCC pursuant to the TMCC Note Agency Agreement in exchange for a Registered Global Note, such Note, if issued by
TCCI, being in the form or substantially in the form set out in Schedule 2 to the TCCI Note Agency Agreement (or in such other
form as may be agreed between TCCI, the TCCI Registrar, the TCCI Transfer Agent and the relevant Purchaser(s)) or if issued by
TMCC, being in the form or substantially in the form set out in Schedule 2 to the TMCC Note Agency Agreement (or in such other
form as may be agreed between TMCC, the TMCC Registrar, the TMCC Transfer Agent and the relevant Purchaser(s));

 

Established Rate means
the rate for the conversion of the Specified Currency (including compliance with rules relating to roundings in accordance with
applicable European Union regulations) into euro established by the Council of the European Union pursuant to Article 140 of the
Treaty;

 

EUR, Euro, euro
and € mean the currency introduced at the start of the third stage of European economic and monetary union, and as
defined in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, as amended;

 

Euroclear means Euroclear
Bank SA/NV;

 

Euronext Dublin means
Irish Stock Exchange p.l.c. trading as Euronext Dublin;

 

European Economic Area
means the European Economic Area consisting of the Member States of the European Union and Iceland, Norway and Liechtenstein;

 

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Eurosystem-eligible Note
means a Note which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable Final
Terms;

 

FATCA Withholding Tax
means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code or any withholding
or deduction otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations, agreements or undertakings
thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction
facilitating the implementation thereof (or any law implementing such an intergovernmental agreement);

 

Final Terms means the
final terms issued in relation to each Tranche of Notes (substantially in the form of either Part A or Part B of Annex B to the
Procedures Memorandum) as a supplement to the Prospectus and giving details of that Tranche and, in relation to any particular
Tranche of Notes, applicable Final Terms means the Final Terms applicable to that Tranche;

 

FSMA means the Financial
Services and Markets Act 2000;

 

Global Bearer Note means
a Temporary Global Note or a Permanent Global Note (or such other form of global note in bearer form as may be agreed between the
relevant Issuer, the Agent and the relevant Purchaser(s) as indicated in the applicable Final Terms) representing a certain number
of underlying Notes (the Underlying Notes);

 

Global Note means a Global
Bearer Note or a Registered Global Note (or such other form of global note as may be agreed between the relevant Issuer, the Agent
(in the case of Bearer Notes), the TCCI Registrar (in the case of Registered Notes issued by TCCI), the TMCC Registrar (in the
case of Registered Notes issued by TMCC) and the relevant Purchaser(s) as indicated in the applicable Final Terms) representing
a certain number of Underlying Notes;

 

ISDA Definitions means
the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc., as amended, supplemented or updated
from time to time;

 

Issue Date means, in respect
of any Note, the date of issue and purchase of such Note pursuant to Clause 2 of the Programme Agreement, being in the case of
any Note in the form of a Permanent Global Note or a Definitive Note, the same date as the date of issue of the Temporary Global
Note which initially represented such Note;

 

Issuer means each of TMF,
TCCI, TFA and TMCC in its capacity as issuer of Notes; and references in this Agreement to the relevant Issuer shall, in
relation to any issue of Notes, be references to whichever of TMF, TCCI, TFA or TMCC is the issuer of such Notes; and references
to the Issuers shall be to all of TMF, TCCI, TFA and TMCC;

 

Listing Agent means, in
relation to any Notes which are, or are to be, listed on a Stock Exchange other than the London Stock Exchange, such listing agent
as the relevant Issuer may from time to time appoint for purposes of liaising with such Stock Exchange or other relevant authority;

 

London Stock Exchange
means London Stock Exchange plc or such other body to which its functions have been transferred;

 

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Member State means a member
state of the European Union;

 

New Global Note means
a Temporary Global Note being in the form or substantially in the form set out in Appendix B-1 hereto or a Permanent Global Note
being in the form or substantially in the form set out in Appendix B-2 hereto and in either case in respect of which the applicable
Final Terms indicate it is a New Global Note;

 

Note means a note issued
or to be issued by the relevant Issuer pursuant to the Programme Agreement, other than a Note which will form a single Series with
any Notes issued by any Issuer prior to the date of this Agreement, which Note may be represented by a Global Note or a Definitive
Note;

 

Noteholders means the
several persons who are for the time being holders of outstanding Notes (being in the case of Bearer Notes, the bearers thereof
and, in the case of Registered Notes, the several persons whose names are entered in the register of holders of such Notes as the
holders thereof) save that, in respect of Notes of any Series, for so long as such Notes or any part thereof are represented by
a Global Note, each person who is for the time being shown in the records of Euroclear, Clearstream, Luxembourg or such other applicable
clearing agency as the holder of a particular nominal amount of such Notes (other than a clearing agency (including Clearstream,
Luxembourg and Euroclear) that is itself an account holder of Clearstream, Luxembourg, Euroclear or any other applicable clearing
agency for a Series of Notes) (in which regard any certificate or other document issued by Euroclear, Clearstream, Luxembourg or
such other applicable clearing agency as to the nominal amount of such Notes standing to the account of any person shall be conclusive
and binding for all purposes save in the case of manifest error) shall be treated by the relevant Issuer, the Agent and any other
Paying Agent or (in the case of Registered Notes issued by TCCI) by the TCCI Registrar and the TCCI Transfer Agent or (in the case
of Registered Notes issued by TMCC) by the TMCC Registrar and the TMCC Transfer Agent as a holder of such nominal amount of such
Notes for all purposes other than for the payment of principal (including premium (if any)) or interest on such Notes, the right
to which shall be vested, as against the relevant Issuer, the Agent and any other Paying Agent or (in the case of Registered Notes
issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by TMCC) the TMCC Registrar
and the TMCC Transfer Agent, in the case of Bearer Notes, solely in the bearer of the Global Note and, in the case of Registered
Notes, solely in the person whose name is entered in the register of holders of such Notes as the holder of the Global Note in
accordance with and subject to its terms (and the expressions Noteholder, holder of Notes and related expressions
shall be construed accordingly);

 

outstanding means, in
relation to the Notes of all or any Series, all the Notes (or all the Notes of that or those Series) issued other than (a) those
which have been redeemed in full in accordance with this Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement
or the Conditions, (b) those in respect of which the date for redemption in accordance with the Conditions has occurred and the
redemption moneys therefor (including all interest (if any) accrued thereon to the date for such redemption and any interest (if
any) payable under the Conditions after such date) have been duly paid to the Agent as provided herein or (in the case of Registered
Notes issued by TCCI) to the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered Notes issued by TMCC) to the
TMCC Registrar or the TMCC Transfer Agent (and, where appropriate, notice has been given to the Noteholders in accordance with
Condition 16) and remain available for

 

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payment against presentation
of Notes, (c) those Notes which have become void under Condition 8, (d) those Notes which have been purchased or otherwise acquired
and cancelled as provided in Condition 6 and those which have been purchased or otherwise acquired and are being held by the relevant
Issuer for subsequent resale or reissuance as provided in Condition 6 during the time so held, (e) those mutilated or defaced Notes
which have been surrendered in exchange for replacement Notes pursuant to Condition 10, (f) (for the purposes only of determining
how many Notes are outstanding and without prejudice to their status for any other purpose) those Notes alleged to have been lost,
stolen or destroyed and in respect of which replacement Notes have been issued pursuant to Condition 10 and (g) Temporary Global
Notes to the extent that they shall have been duly exchanged in whole for Permanent Global Notes or Definitive Notes and Permanent
Global Notes or Registered Global Notes to the extent that they shall have been duly exchanged in whole for Definitive Notes, in
each case pursuant to their respective provisions;

 

Permanent Global Note
means a permanent global Bearer Note in the form or substantially in the form set out in Appendix B-2 hereto (or in such other
form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some or all of the Notes
of the same Series, issued or to be issued by the relevant Issuer either in exchange for the whole or part of a Temporary Global
Note issued in respect of the Notes of the same Tranche or initially representing the Notes;

 

Procedures Memorandum
means the non-binding Operating and Administrative Procedures Memorandum set out in Appendix D hereto as amended or varied from
time to time, in respect of any Tranche, by agreement between the relevant Issuer and the Purchaser of such Tranche with the approval
in writing of the Agent;

 

Programme means the Euro
Medium Term Note Programme provided for by the Programme Agreement;

 

Programme Agreement means
the Amended and Restated Programme Agreement dated 18 September 2020 between the Issuers and the Programme Dealers concerning the
purchase of Notes to be issued by any Issuer;

 

Prospectus means the Prospectus
relating to the Programme as revised, supplemented, amended or updated from time to time in accordance with Clause 5.2 of the Programme
Agreement, including any documents which are from time to time incorporated therein by reference but excluding all information
incorporated by reference in any such documents and excluding any information or statement otherwise included in any such documents
which is or might be considered to be forward looking and excluding any excluded information as may be defined in the Prospectus,
including, in relation to each Tranche of Notes, the applicable Final Terms relating to such Tranche;

 

Prospectus Regulation means
Regulation (EU) 2017/1129;

 

Purchaser means any Dealer
or any third party other than a dealer (as defined in Section 2(12) of the Securities Act), who agrees to purchase Notes pursuant
to the Programme Agreement and references to a relevant Purchaser shall, in relation to any Note, be references to the Purchaser
with whom the relevant Issuer has agreed the issue and purchase of such Note;

 

Redenomination Date means
in the case of interest bearing Notes, any date for payment of interest under the Notes or in the case of Zero Coupon Notes, any
date, in

 

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each case specified by the relevant
Issuer in the notice given to Noteholders pursuant to Clause 30 and which falls on or after the start of the third stage of European
economic and monetary union pursuant to the Treaty, or if the country of the Specified Currency is not one of the countries then
participating in such third stage, which falls on or after such later date as it does so participate and which falls before the
date on which the Specified Currency ceases to be a sub-division of the euro;

 

Registered Global Note
means a Global Note, if issued by TCCI, being in the form or substantially in the form set out in Schedule 1 to the TCCI Note Agency
Agreement (or in such other form as may be agreed between TCCI, the TCCI Registrar, the TCCI Transfer Agent and the relevant Purchaser(s)),
or if issued by TMCC, being in the form or substantially in the form set out in Schedule 1 to the TMCC Note Agency Agreement (or
such other form as may be agreed between TMCC, the TMCC Registrar, the TMCC Transfer Agent and the relevant Purchaser(s));

 

Registered Note means
a Note in registered form issued or to be issued by TCCI or TMCC;

 

Relevant Account Holder
means any account holder with the Relevant Clearing System which has Underlying Notes (as defined in the definition of “Global
Bearer Note”) credited to its securities account from time to time;

 

Relevant Clearing System
means one or more Clearing Systems;

 

Relevant Time means the
time at which a Global Note becomes void in the circumstances which are specified in that Global Note;

 

Securities Act means the
Securities Act of 1933 of the United States;

 

Series means each original
issue of Notes together with any further issues expressed to form a single series with the original issue and the terms of which
(save for the Issue Date, the amount and date of the first payment of interest thereon and/or the Issue Price (as indicated in
the applicable Final Terms)) are identical (including Maturity Date, Interest Basis, Redemption/Payment Basis and Interest Payment
Dates (if any) (as indicated in the applicable Final Terms) and whether or not the Notes are admitted to trading); and the expressions
Notes of the relevant Series and related expressions shall be construed accordingly;

 

Specified Currency means
the currency (which expression shall include euro and other currency units) in which Notes are denominated;

 

Stock Exchange means the
London Stock Exchange, Euronext Dublin or any other or further stock exchange(s) on which any Notes may from time to time be listed
or admitted to trading, as the case may be; and references in this Agreement to the relevant Stock Exchange shall, in relation
to any Notes, be references to the Stock Exchange on which such Notes are from time to time, or are intended to be, listed or admitted
to trading;

 

Talon has the meaning
ascribed thereto in the Conditions;

 

TARGET2 system means the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) system or any successor thereto;

 

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Temporary Global Note
means a temporary global Bearer Note being in the form or substantially in the form set out in Appendix B-1 hereto (or in such
other form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some or all of the
Notes of the same Series issued or to be issued by the relevant Issuer pursuant to the Programme Agreement or any other agreement
between the relevant Issuer and the relevant Purchaser(s);

 

TCCI Note Agency Agreement
means the Amended and Restated Note Agency Agreement of 8 September 2017 herewith between TCCI, BNY Trust Company of Canada, The
Bank of New York Mellon SA/NV, Luxembourg Branch and the Agent relating to Registered Notes issued by TCCI;

 

TCCI Registrar means,
in relation to any Series of Registered Notes issued by TCCI, BNY Trust Company of Canada as registrar, paying agent and transfer
agent and in respect of any Series of Registered Notes settled or cleared in Euroclear and/or Clearstream, Luxembourg, The Bank
of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent under the TCCI Note Agency Agreement and any successor
registrar, paying agent and transfer agent appointed by TCCI in accordance with such TCCI Note Agency Agreement;

 

TCCI Transfer Agent means
in relation to any Series of Registered Notes issued by TCCI, the Agent as transfer agent and paying agent under the TCCI Note
Agency Agreement and any successor transfer agent and paying agent appointed by TCCI in accordance with the TCCI Note Agency Agreement;

 

TMCC Note Agency Agreement
means the Amended and Restated Note Agency Agreement of 8 September 2017 herewith between TMCC, The Bank of New York Mellon SA/NV,
Luxembourg Branch and the Agent relating to Registered Notes issued by TMCC;

 

TMCC Registrar means,
in relation to any Series of Registered Notes issued by TMCC, The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar
and transfer agent under the TMCC Note Agency Agreement and any successor registrar and transfer agent appointed by TMCC in accordance
with such TMCC Note Agency Agreement;

 

TMCC Transfer Agent means
in relation to any Series of Registered Notes issued by TMCC, the Agent as transfer agent and paying agent under the TMCC Note
Agency Agreement and any successor transfer agent and paying agent appointed by TMCC in accordance with the TMCC Note Agency Agreement;

 

Tranche means all Notes
of the same Series with the same Issue Date;

 

Treaty means the Treaty
on the Functioning of the European Union, as amended; and

 

U.S.$ and U.S. dollar
mean the lawful currency for the time being of the United States.

 

		(2)	Terms and expressions (including the definitions of currencies or composite currencies) defined
in the Conditions or Appendices hereto or used in the applicable Final Terms shall have the same meanings in this Agreement, except
where the context requires otherwise.

 

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		(3)	All references in this Agreement to the provisions of any statute, directive or regulation shall
be deemed to be references to that statute, directive or regulation as from time to time modified, extended, amended or re-enacted.

 

		(4)	Any references to Notes shall, unless the context otherwise requires, include any Temporary Global
Notes, Permanent Global Notes, Registered Global Notes and Definitive Notes.

 

		(5)	All references in this Agreement to an agreement, instrument or other document (including this
Agreement, the Programme Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, any Series of Notes and any
Conditions appertaining thereto) shall be construed as a reference to that agreement, instrument or document as may be amended,
modified, varied, supplemented or novated from time to time.

 

		(6)	Words denoting the singular number only shall include the plural number also and vice versa;
words denoting the masculine gender only shall include the feminine gender also; and words denoting persons only shall include
firms and corporations and vice versa.

 

		(7)	Any references herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so
permits, except in relation to New Global Notes or Registered Notes intended to be held in a manner which would allow Eurosystem
eligibility (being the new safekeeping structure (NSS)), be deemed to include a reference to any additional or alternative clearance
system approved by the relevant Issuer, the relevant Purchaser(s) and either (in the case of Bearer Notes) the Agent or (in the
case of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Noted issued
by TMCC) the TMCC Registrar and the TMCC Transfer Agent.

 

		(8)	All references in this Agreement to a Directive include any relevant implementing measure of each
Member State which has implemented such Directive.

 

		(9)	As used herein, in relation to any Notes which are to have a “listing” or be “listed”
(a) on the London Stock Exchange, listing or listed shall be construed to mean that such Notes have been admitted
to the official list of the Financial Conduct Authority in accordance with the listing rules of the Financial Conduct Authority
and admitted to trading on the London Stock Exchange’s Regulated Market and (b) on the Euronext Dublin, listing or
listed shall be construed to mean that such Notes have been admitted to Euronext Dublin’s official list in accordance
with the listing rules of Euronext Dublin and admitted to trading on the Euronext Dublin and (c) on any other Stock Exchange in
a jurisdiction within the European Economic Area, listing and listed shall be construed to mean that the Notes have
been admitted to trading on a market within that jurisdiction which is a regulated market for the purposes of the Markets in Financial
Instruments Directive (Directive 2014/65/EU).

 

		(10)	Unless the contrary indication appears, a reference to the records of Euroclear and Clearstream,
Luxembourg shall be to the records that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflect the
amount of such customer’s interests in the Notes.

 

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		(11)	In this Agreement, unless the contrary intention appears, a reference to a document is a reference
to that document as amended from time to time.

 

		(12)	For the purposes of this Agreement, the Notes of each Series shall form a separate series of Notes
and accordingly, the provisions of this Agreement shall apply mutatis mutandis separately and independently to the Notes
of each Series and in such provisions the expressions Notes, Noteholders, Coupons, Couponholders, Talons
and Talonholders shall be construed accordingly.

 

		2.	Appointment of agent and Paying Agents

 

		(1)	The Agent is hereby appointed in a several capacity as agent of each of the Issuers, to act as
issuing and principal paying agent, upon the terms and subject to the conditions set out below, for the purposes of, inter alia:

 

		(a)	completing, authenticating and delivering Temporary Global Notes and Permanent Global Notes and
authenticating (if required) and delivering Definitive Bearer Notes;

 

		(b)	giving effectuation instructions in respect of each Global Note which is a Eurosystem-eligible
Note;

 

		(c)	exchanging Temporary Global Notes for Permanent Global Notes or Definitive Bearer Notes, as the
case may be, in accordance with the terms of the Temporary Global Notes and, in respect of any such exchange (i) making all notations
on Global Notes which are CGNs as required by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records in respect of all Global Notes which are New Global Notes;

 

		(d)	exchanging Permanent Global Notes for Definitive Bearer Notes in accordance with the terms of the
Permanent Global Notes and, in respect of any such exchange (i) making all notations on Permanent Global Notes which are CGNs as
required by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in their records
in respect of all Permanent Global Notes which are New Global Notes;

 

		(e)	paying sums due on Temporary Global Notes, Permanent Global Notes and Definitive Bearer Notes and
Coupons in accordance with the terms of such Notes and (i) making all notations on Global Notes which are CGNs as required by their
terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in respect of all
Global Notes which are New Global Notes;

 

		(f)	unless otherwise specified in the applicable Final Terms, determining the interest and/or other
amounts payable in respect of the Notes in accordance with the Conditions;

 

		(g)	arranging on behalf of the relevant Issuer for notices to be communicated to the Noteholders and
the relevant Stock Exchanges;

 

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		(h)	ensuring that all necessary action is taken to comply with the periodic reporting and notification
requirements of the Ministry of Finance of Japan (including any monthly reports or such other reports as may be required) and other
applicable Japanese authorities, or any other competent authority of any relevant currency with respect to the Notes to be issued
under the Programme;

 

		(i)	receiving notice from Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
agency relating to the certificates of non-U.S. beneficial ownership of Bearer Notes;

 

		(j)	determining and certifying to Euroclear, Clearstream, Luxembourg or such other applicable clearing
agency the applicable Exchange Date; and

 

		(k)	performing all other obligations and duties imposed upon it by the Conditions and this Agreement.

 

		(2)	Any of the duties and obligations of the Agent in its capacity of issuing and principal paying
agent set forth in paragraphs (a), (b), (c), (d), (e), (f), (g), (h) and (i) of Subclause 2(1) may, with the consent of the relevant
Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third party’s
performance is subject to the overall supervision and control of the Agent.

 

		(3)	Each Paying Agent is hereby appointed in a several capacity as paying agent of each of the Issuers,
and each Paying Agent agrees to act in a several capacity as paying agent of each of the Issuers, upon the terms and subject to
the conditions set out below, for the purposes of paying sums due on Notes and Coupons and performing all other obligations and
duties imposed upon it by the Conditions and this Agreement.

 

		(4)	In relation to each issue of Eurosystem-eligible Notes, each relevant Issuer hereby authorises
and instructs the Agent to elect Euroclear as common safekeeper. From time to time, each such Issuer and the Agent may agree to
vary this election. Each such Issuer acknowledges that any such election is subject to the right of Euroclear and Clearstream,
Luxembourg to jointly determine that the other shall act as common safekeeper in relation to any such issue and agrees that no
liability shall attach to the Agent in respect of any such election made by it.

 

		(5)	Where the Agent delivers any authenticated Global Note to a common safekeeper for effectuation
using electronic means, it is authorised and instructed to destroy the Global Note retained by it following its receipt of confirmation
from the common safekeeper that the relevant Global Note has been effectuated.

 

		3.	Issue of Temporary Global Notes

 

		(1)	Subject to Subclause 3(2), following receipt of the applicable Final Terms signed by the relevant
Issuer with respect of an issue of Notes in accordance with the provisions of the Procedures Memorandum set out in Appendix D hereto
(as from time to time varied, with the prior approval of the Agent, by the relevant Issuer and the relevant Purchaser or Purchasers
of the Notes of

 

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such issue), the Agent will take
the steps required of the Agent in the Procedures Memorandum. For this purpose the Agent is authorised on behalf of the relevant
Issuer:

 

		(a)	to prepare a Temporary Global Note or Temporary Global Notes containing the relevant Conditions
and to complete, in accordance with such Final Terms, the necessary details on such Temporary Global Note(s) and attach a copy
of the applicable Final Terms to such Temporary Global Note;

 

		(b)	to authenticate such Temporary Global Note(s);

 

		(c)	if the Temporary Global Note(s) is/are a CGN, to deliver such Temporary Global Note(s) (i) to the
specified common depositary of Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency as is specified
in the applicable Final Terms against receipt from such common depositary of confirmation that such common depositary is holding
the Temporary Global Note(s) in safe custody for the account of Euroclear, Clearstream, Luxembourg or such other applicable clearing
agency and to instruct Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency (as the case may be) to
credit the Notes represented by such Temporary Global Notes(s), unless otherwise agreed in writing between the Agent and the relevant
Issuer, to the Agent’s distribution account, or (ii) as otherwise agreed in writing between the relevant Issuer and the Agent;

 

		(d)	if the Temporary Global Note(s) is/are a New Global Note, to deliver such Temporary Global Note(s)
to the specified common safekeeper of Euroclear and Clearstream, Luxembourg against receipt from such common safekeeper of confirmation
that such common safekeeper is holding the Temporary Global Note(s) in safe custody for the account of Euroclear and Clearstream,
Luxembourg and, in the case of a Temporary Global Note which is a Eurosystem-eligible Note, to instruct the common safekeeper to
effectuate the same; and

 

		(e)	if the Temporary Global Note(s) is/are a New Global Note, to instruct Euroclear and Clearstream,
Luxembourg to make the appropriate entries in their records to reflect the initial outstanding aggregate nominal amount of the
relevant Tranche of Notes.

 

		(2)	The Agent shall only be required to perform its obligations under Subclause 3(1) if it holds a
master Temporary Global Note duly executed by a person or persons authorised to execute the same on behalf of the relevant Issuer,
which may be used by the Agent for the purpose of preparing Temporary Global Note(s) in accordance with Subclause 3(1)(a).

 

		(3)	The Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
agency with the notifications, instructions or other information to be given by the Agent to Euroclear, Clearstream, Luxembourg
and/or such other applicable clearing agency.

 

		(4)	Any of the duties and obligations of the Agent set forth in this Clause 3 may, with the consent
of the relevant Issuer, be delegated by the Agent with

 

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respect to a particular Series
of Notes to a third party, provided such third party’s performance is subject to the overall supervision and control of the
Agent.

 

		4.	Issue of Permanent Global Notes

 

		(1)	Subject to Subclause 4(2), upon the occurrence of any event which pursuant to the terms of a Temporary
Global Note requires the issue of a Permanent Global Note, the Agent shall issue a Permanent Global Note in accordance with the
terms of the Temporary Global Note. For this purpose the Agent is authorised on behalf of the relevant Issuer:

 

		(a)	in the case of the first Tranche of any Series of Notes, to prepare a Permanent Global Note containing
the relevant Conditions and to complete, in accordance with the terms of the Temporary Global Note, the necessary details on such
Permanent Global Note and attach a copy of the applicable Final Terms to such Permanent Global Note;

 

		(b)	in the case of the first Tranche of any Series of Notes, to authenticate such Permanent Global
Note;

 

		(c)	in the case of the first Tranche of any Series of Notes (i) where the Temporary Global Note is
a CGN and is being held by a common depositary as aforesaid, to deliver such Permanent Global Note to the specified common depositary
that is holding the Temporary Global Note for the time being on behalf of Euroclear, Clearstream, Luxembourg and/or such other
applicable clearing agency as is specified in the applicable Final Terms in exchange for such Temporary Global Note or, in the
case of a partial exchange, after noting the details of such exchange in the appropriate spaces on both the Temporary Global Note
and the Permanent Global Note, and in either case against receipt from the common depositary of confirmation that such common depositary
is holding the Permanent Global Note in safe custody for the account of Euroclear, Clearstream, Luxembourg and/or such other applicable
clearing agency (as the case may be); or (ii) where the Temporary Global Note is a CGN and is not being held by a common depositary,
as otherwise agreed in writing between the relevant Issuer and the Agent;

 

		(d)	in the case of the first Tranche of any Series of Notes where the Temporary Global Note is a New
Global Note, to deliver such Permanent Global Note to the specified common safekeeper that is holding the Temporary Global Note
representing the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg in exchange for such Temporary
Global Note against receipt from the common safekeeper of confirmation that such common safekeeper is holding the Permanent Global
Note in safe custody for the account of Euroclear and/or Clearstream, Luxembourg, and, in the case of a Permanent Global Note which
is a Eurosystem-eligible Note, to instruct the common safekeeper to effectuate the same and to hold it on behalf of the relevant
Issuer pending its exchange for the Temporary Global Note;

 

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		(e)	in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a CGN,
to attach a copy of the applicable Final Terms to the Permanent Global Note applicable to the relevant Series and to enter details
of any exchange in whole or part as stated above; and

 

		(f)	in the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note is a New
Global Note, to deliver the applicable Final Terms to the specified common safekeeper for attachment to the Permanent Global Note
applicable to the relevant Series.

 

		(2)	The Agent shall only be required to perform its obligations under Subclause 4(l) if it holds a
master Permanent Global Note duly executed by a person or persons authorised to execute the same on behalf of the relevant Issuer,
which may be used by the Agent for the purpose of preparing Permanent Global Notes in accordance with Subclause 4(1)(a).

 

		(3)	The Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
agency with the notifications, instructions or other information to be given by the Agent to Euroclear, Clearstream, Luxembourg
and/or such other applicable clearing agency.

 

		(4)	Any of the duties and obligations of the Agent set forth in this Clause 4 may, with the consent
of the relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such
third party’s performance is subject to the overall supervision and control of the Agent.

 

		5.	Issue of Definitive bearer Notes

 

		(1)	The Agent shall deliver the relevant Definitive Bearer Note(s) in accordance with the terms of
the relevant Temporary Global Note or the relevant Permanent Global Note where such Temporary Global Note or Permanent Global Note
(as the case may be) is to be exchanged for one or more Definitive Bearer Note(s). For this purpose, the Agent is hereby authorised
on behalf of the relevant Issuer:

 

		(a)	to authenticate or arrange for authentication on its behalf (if so instructed by the relevant Issuer)
of such Definitive Bearer Note(s); and

 

		(b)	to deliver such Definitive Bearer Note(s) to or to the order of Euroclear, Clearstream, Luxembourg
and/or such other applicable clearing agency as is specified in the applicable Final Terms either in exchange for such Global Note
or, in the case of a partial exchange, if it is a CGN, on entering details of any partial exchange of the Global Note in the relevant
space in Schedule Two of such Global Note, or, if it is a New Global Note, on Euroclear and Clearstream, Luxembourg making the
appropriate entries in their records to reflect such exchange; provided that the Agent shall only permit a partial exchange of
Notes represented by a Permanent Global Note for Definitive Bearer Notes if the Notes which continue to be represented by such
Permanent Global Note are regarded as fungible by

 

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Euroclear, Clearstream, Luxembourg
and/or such other applicable clearing agency with the Definitive Bearer Notes issued in partial exchange therefor.

 

The Agent shall notify the relevant
Issuer forthwith upon receipt of a request for issue of Definitive Bearer Note(s) in accordance with the provisions of a Global
Note (and the aggregate nominal amount of such Temporary Global Note or Permanent Global Note, as the case may be, to be exchanged
in connection therewith).

 

		(2)	The relevant Issuer undertakes to deliver to the Agent, pursuant to a request for the issue of
Definitive Bearer Notes under the terms of the relevant Global Note, sufficient numbers of executed Definitive Bearer Notes to
enable the Agent to comply with its obligations under this Clause 5.

 

		(3)	Any of the duties and obligations of the Agent set forth in this Clause 5 may, with the consent
of the relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such
third party’s performance is subject to the overall supervision and control of the Agent.

 

		6.	Exchanges

 

Upon any exchange of all or a
portion of an interest in a Temporary Global Note for an interest in a Permanent Global Note or for Definitive Bearer Notes or
upon any exchange of all or a portion of an interest in a Permanent Global Note for Definitive Bearer Notes, the Agent shall (i)
procure that the relevant Global Note shall, if it is a CGN, be endorsed to reflect the reduction of, or increase in (as the case
may be), its nominal amount by the aggregate nominal amount so exchanged and, where applicable, the Permanent Global Note shall
be endorsed by or on behalf of the Agent to reflect the increase in its nominal amount as a result of any exchange for an interest
in the Temporary Global Note or (ii) in the case of any Global Note which is a New Global Note, instruct Euroclear and Clearstream,
Luxembourg to make appropriate entries in their records to reflect such exchange. Until exchanged in full, the holder of an interest
in any Global Note shall in all respects be entitled to the same benefits as the holder of Definitive Bearer Notes and Coupons
authenticated and delivered hereunder, subject as set out in the Conditions and the relevant Global Note. The Agent is hereby authorised
on behalf of the relevant Issuer and instructed (a) in the case of any Global Note which is a CGN, to endorse or to arrange for
the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented thereby by the amount so
exchanged and, if appropriate, to endorse the Permanent Global Note to reflect any increase in the nominal amount represented by
it and, in either case, to sign in the relevant space on the relevant Global Note recording such exchange and reduction or increase;
(b) in the case of any Global Note which is a New Global Note, to instruct Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records to reflect such exchange; and (c) in the case of a total exchange, to cancel or arrange for the cancellation
of the relevant Global Note. Any of the duties and obligations of the Agent set forth in this Clause 6 may, with the consent of
the relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes to a third party, provided such third
party’s performance is subject to the overall supervision and control of the Agent.

 

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		7.	Terms of Issue

 

		(1)	The Agent shall cause all Temporary Global Notes, Permanent Global Notes and Definitive Bearer
Notes delivered to and held by it under this Agreement to be maintained in safe custody and shall ensure that such Notes are issued
only in accordance with the provisions of this Agreement and the relevant Global Note and Conditions.

 

		(2)	Subject to the procedures set out in the Procedures Memorandum, for the purposes of Subclause 7(1)
the Agent is entitled to treat a telephone or facsimile communication from a person purporting to be (and who the Agent, after
making reasonable investigation, believes in good faith to be) the authorised representative of the relevant Issuer named in the
list referred to in, or notified pursuant to, Subclause 19(7) as sufficient instructions and authority of the relevant Issuer for
the Agent to act in accordance with Subclause 7(1).

 

		(3)	In the event that a person who has signed on behalf of any Issuer a master Temporary Global Note,
a master Permanent Global Note or Definitive Bearer Notes not yet issued but held by the Agent in accordance with Subclause 7(1)
ceases to be authorised as described in Subclause 19(7), the Agent shall (unless the relevant Issuer gives notice to the Agent
that Notes signed by that person do not constitute valid and binding obligations of the relevant Issuer or otherwise until replacements
have been provided to the Agent) continue to have authority to issue any such Notes, and the relevant Issuer hereby warrants to
the Agent that such Notes shall, unless notified as aforesaid, be valid and binding obligations of the relevant Issuer. Promptly
upon such person ceasing to be authorised, the relevant Issuer shall provide the Agent with replacement master Temporary Global
Notes, master Permanent Global Notes and (if applicable) Definitive Bearer Notes and the Agent shall cancel and destroy the master
Temporary Global Notes, master Permanent Global Notes and (if applicable) Definitive Bearer Notes held by it which are signed by
such person and shall provide to the relevant Issuer a confirmation of destruction in respect thereof specifying the Notes so cancelled
and destroyed.

 

		(4)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, each Note credited
to the Agent’s distribution account with Euroclear and Clearstream, Luxembourg (or, in the case of Notes in CGN form, such
other applicable clearing agency) following the delivery of a Temporary Global Note or Permanent Global Note, as the case may be,
to a common depositary or, as the case may be, a common safekeeper pursuant to Subclause 3(1)(c), 3(1)(d), 4(1)(c) or 4(1)(d),
respectively, shall be held to the order of the relevant Issuer. The Agent shall procure that the nominal amount of Notes which
the relevant Purchaser has agreed to purchase is:

 

		(a)	debited from the Agent’s distribution account; and

 

		(b)	credited to the securities account of such Purchaser with Euroclear, Clearstream, Luxembourg or,
in the case of Notes in CGN form, such other clearing agency (as specified in the Letter from Lead Manager/Dealer as provided for
in Annex C to the Procedures Memorandum set forth in Appendix D hereto), in each case only upon receipt by the Agent on behalf
of the relevant Issuer of the

 

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purchase price due from the relevant
Purchaser in respect of such Notes.

 

		(5)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, if on the relevant
Issue Date a Purchaser does not pay the full purchase price due from it in respect of any Note (the Defaulted Note) and,
as a result, the Defaulted Note remains in the Agent’s distribution account with Euroclear and/or Clearstream, Luxembourg
(or, in the case of Notes in CGN form, such other applicable clearing agency) after such Issue Date, the Agent will continue to
hold the Defaulted Note to the order of the relevant Issuer. The Agent shall notify the relevant Issuer forthwith of the failure
of the Purchaser to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently, shall notify the
relevant Issuer forthwith upon receipt from the Purchaser of the full purchase price in respect of such Defaulted Note.

 

		(6)	Unless otherwise agreed in writing between the relevant Issuer and the Agent, if the Agent pays
an amount (the Advance) to the relevant Issuer on the basis that a payment (the Payment) will be received from a
Purchaser and if the Payment is not received by the Agent on the date the Agent pays the relevant Issuer, the Agent shall notify
the relevant Issuer by facsimile that the Payment has not been received and the relevant Issuer shall repay to the Agent the Advance
and shall pay interest on the Advance (or the unreimbursed portion thereof) from (and including) the date such Advance is made
to (but excluding) the earlier of repayment of the Advance and receipt by the Agent of the Payment (at a rate quoted at that time
by the Agent as its cost of funding the Advance provided that evidence of the basis of such rate is given to the relevant Issuer).

 

		(7)	In the event of an issue of Notes that are listed on a Stock Exchange, the Agent will promptly,
and in any event prior to the Issue Date in respect of such issue, send the applicable Final Terms to the relevant Stock Exchange.

 

		(8)	Execution in facsimile of any Notes and any photostatic copying or other duplication of the master
Temporary Global Note or the master Permanent Global Note (in unauthenticated form, but executed manually on behalf of the relevant
Issuer as stated above) shall be binding upon the relevant Issuer in the same manner as if such Notes were signed manually by such
signatories.

 

		8.	Payments

 

		(1)	The Agent shall advise the relevant Issuer, no later than ten Business Days (as defined in Subclause
8(2)) immediately preceding the date on which any payment is to be made to the Agent pursuant to this Subclause 8(1), of the payment
amount, value date and payment instructions and the relevant Issuer shall on each date on which any payment in respect of any Bearer
Notes becomes due, transfer to an account specified by the Agent not later than (unless otherwise agreed between the relevant Issuer
and the Agent) the Payment Time such amount in the relevant currency as shall be sufficient for the purposes of such payment in
funds settled through such payment system as the Agent and the relevant Issuer may agree. As used in this Subclause 8(1), the term
Payment Time means (unless otherwise agreed between the relevant Issuer and the Agent) 2:00 p.m. local time in the principal
financial centre of the country of the currency in which the payment falls is to be made

 

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(which in the case of payment of
euro is London). Unless otherwise provided in the applicable Final Terms, the principal financial centre of any country for the
purposes of this Subclause 8(1) shall be as provided in the ISDA Definitions on the Issue Date of such Series of Bearer Notes (except
if the Specified Currency is Australian dollars or New Zealand dollars the principal financial centre shall be Sydney or Auckland,
respectively).

 

		(2)	The relevant Issuer shall ensure that, no later than the third Business Day immediately preceding
the date on which any payment is to be made to the Agent pursuant to Subclause 8(1), the Agent shall receive a confirmation from
the relevant Issuer that such payment will be made. For the purposes of this Clause 8, Business Day has the meaning given
to it in Condition 4(b).

 

		(3)	The Agent shall ensure that payments of both principal and interest in respect of Temporary Global
Notes will be made only to the extent that certificates of non-U.S. beneficial ownership as required by U.S. Treasury regulations
have been received from Euroclear and/or Clearstream, Luxembourg in accordance with the terms thereof (and the Agent shall retain
each such certification on behalf of the relevant Issuer for four calendar years following the year in which the certification
is received); provided, however, that no such certification will be required with respect to Notes that, as specified in the applicable
Final Terms (i) have been issued in reliance on United States Treasury regulation Section 1.163-5(c)(2)(i)(C) (“TEFRA
C”) or (ii) have an initial maturity of 183 days or less (taking into consideration unilateral rights to roll or extend),
a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate on the date of issue)
and are intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10).

 

		(4)	The Agent shall pay interest on the Notes only outside the United States and its possessions, within
the meaning of United States Treasury regulation Section 1.163-5(c)(2)(v). No interest on Notes issued by TMCC shall be paid into
an account maintained by the payee in the United States or mailed to an address in the United States unless otherwise permitted
in the Conditions.

 

		(5)	Subject to the Agent being satisfied in its sole discretion that payment will be duly made as provided
in Subclause 8(1), the Agent or the relevant Paying Agent shall pay or cause to be paid all amounts due in respect of the Bearer
Notes on behalf of the relevant Issuer in the manner provided in the Conditions. If any payment provided for in Subclause 8(1)
is made late but otherwise in accordance with the provisions of this Agreement, the Agent and each Paying Agent shall nevertheless
make payments in respect of the Bearer Notes as aforesaid following receipt by it of such payment.

 

		(6)	If for any reason the Agent considers in its sole discretion that the amounts to be received by
the Agent pursuant to Subclause 8(1) will be, or the amounts actually received by it pursuant thereto are, insufficient to satisfy
all claims in respect of all payments then falling due in respect of the Bearer Notes, the Agent shall then forthwith notify the
relevant Issuer of such insufficiency and, until such time as the Agent has received the full amount of all such payments, neither
the Agent nor any Paying Agent shall be obliged to pay any such claims.

 

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		(7)	Without prejudice to Subclauses 8(5) and 8(6), if the Agent pays any amounts to the holders of
Bearer Notes or Coupons or to any Paying Agent at a time when it has not received payment in full in respect of the relevant Bearer
Notes in accordance with Subclause 8(1) (the excess of the amounts so paid over the amounts so received being the Shortfall),
the relevant Issuer shall, in addition to paying amounts due under Subclause 8(1), pay to the Agent on demand interest (at a rate
which represents the Agent’s actual overnight cost of funding the Shortfall as evidenced to the relevant Issuer by the provision
of details of the calculation of the cost of funding) on the Shortfall (or the unreimbursed portion thereof) from (and including)
the date such Shortfall is paid by the Agent to the holders of the Bearer Notes or Coupons or to any Paying Agent to (but excluding)
the date of receipt in full by the Agent of the Shortfall. The Agent shall notify the relevant Issuer by facsimile as soon as practicable,
it being understood that the relevant Issuer shall have the right to make such payment subsequently with good value as of such
Business Day.

 

		(8)	The Agent shall on demand promptly reimburse each Paying Agent for payments in respect of Bearer
Notes properly made by such Paying Agent in accordance with this Agreement and the Conditions unless the Agent has notified the
Paying Agent, prior to the opening of business in the location of the office of the Paying Agent through which payment in respect
of the Bearer Notes can be made on the due date of a payment in respect of the Bearer Notes, that the Agent does not expect to
receive sufficient funds to make payment of all amounts falling due in respect of such Bearer Notes.

 

		(9)	Whilst any Bearer Notes are represented by Temporary Global Notes or Permanent Global Notes, all
payments due in respect of such Notes shall be made to, or to the order of, the holder of the Global Notes, subject to and in accordance
with the provisions of the Global Notes. On the occasion of any such payment, (i) in the case of a CGN, the Paying Agent to which
the Global Note was presented for the purpose of making such payment shall cause the relevant Schedule to the Global Notes to be
annotated so as to evidence the amounts and dates of such payments of principal and/or interest as applicable or (ii) in the case
of any Global Note which is a New Global Note, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records to reflect such payment.

 

		(10)	If the amount of principal and/or interest then due for payment is not paid in full (otherwise
than by reason of (a) FATCA Withholding Tax or (b) any other deduction required by law to be made therefrom), (i) the Paying Agent
to which a Temporary Global Note or Permanent Global Note is presented for the purpose of making such payment shall, unless the
Note is a New Global Note, make a record of such shortfall on the relevant Schedule to the Global Note and such record shall, in
the absence of manifest error, be prima facie evidence that the payment in question has not to that extent been made or (ii) in
the case of any Global Note which is a New Global Note, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make
appropriate entries in their records to reflect such shortfall in payment.

 

		(11)	Each Paying Agent shall be entitled to deduct any applicable FATCA Withholding Tax and shall have
no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such applicable FATCA Withholding
Tax.

 

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		(12)	If the relevant Issuer reasonably determines that it will be required to withhold or deduct any
FATCA Withholding Tax in connection with any payment due on any Notes, then the relevant Issuer will be entitled to re-direct or
reorganise any such payment in any way that it sees fit in order that the payment may be made without FATCA Withholding Tax provided
that any such re-direction or reorganisation of any payment is made through a recognised institution of international standing
and such payment is otherwise made in accordance with this Agreement.

 

		9.	Determinations and Notifications in Respect of Notes

 

		(1)	The Agent shall make all such determinations and calculations (howsoever described) as it is required
to do under the Conditions, all subject to and in accordance with the Conditions provided that certain calculations with respect
to any Series of Notes may be made by an agent (the Calculation Agent) appointed by the relevant Issuer and acceptable to
the Agent. The Agent may decline to act in the capacity described above in relation to a particular Series of Notes if (i) the
Agent does not have the capacity to determine the rate of interest or redemption amount or any other calculation to be made in
relation to such Series of Notes and (ii) such decision to decline is notified to the relevant Issuer by the Agent as soon as reasonably
practicable after receipt by the Agent of the terms of such Series of Notes and, in any event, prior to the issue of such Series
of Notes.

 

		(2)	The Agent shall not be responsible to any Issuer or to any third party (except in the event of
negligence, wilful default or bad faith) as a result of the Agent having acted on any quotation given by any Reference Bank (as
referred to in Condition 4(b)(iv)(E)) which subsequently may be found to be incorrect.

 

		(3)	The Agent shall promptly notify (and confirm in writing to) the relevant Issuer, the other Paying
Agents, (in the case of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent, (in the case of Registered
Notes issued by TMCC) the TMCC Registrar and the TMCC Transfer Agent and (in respect of a Series of Notes listed on a Stock Exchange)
the relevant Stock Exchange (or other relevant authority) of, inter alia, each Rate of Interest, Interest Amount and Interest
Payment Date and all other amounts, rates and dates which it is obliged to determine or calculate under the Conditions as soon
as practicable after the determination thereof (and in any event no later than the tenth Business Day (as defined in Clause 8)
immediately preceding the date on which any payment is to be made to the Agent pursuant to Subclause 8(1)) and of any subsequent
amendment thereto pursuant to the Conditions.

 

		(4)	The Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount and Interest
Payment Date and all other amounts, rates and dates which it is obliged to determine or calculate under the Conditions (or which
is provided to the Agent by any other Calculation Agent appointed by the relevant Issuer as provided in Subclause 9(1)) to be published
as required in accordance with the Conditions as soon as possible after their determination or calculation.

 

		(5)	If the Agent does not at any material time for any reason determine and/or calculate and/or publish
the Rate of Interest, Interest Amount and/or Interest Payment Date in respect of any Interest Period or any other amount, rate
or

 

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date as provided in this Clause
9, it shall forthwith notify the relevant Issuer, the other Paying Agents, (in the case of Registered Notes issued by TCCI) the
TCCI Registrar and the TCCI Transfer Agent and (in the case of Registered Notes issued by TMCC) the TMCC Registrar and the TMCC
Transfer Agent of such fact.

 

		(7)	For purposes of monitoring the aggregate nominal amount of Notes (as “Notes” is defined
in the Programme Agreement) issued and outstanding (as “outstanding” is defined in the Programme Agreement) under the
Programme, the Agent shall determine the euro equivalent of the nominal amount of each issue of Notes (as “Notes” is
defined in the Programme Agreement) denominated in a Specified Currency, other than euros as follows:

 

		(a)	the EUR equivalent of Notes denominated in a Specified Currency other than EUR shall be determined
by the Agent as of 2:30 p.m. London time on the Issue Date for such Notes by reference to the spot rate displayed on a page on
the relevant Reuters service or Dow Jones Markets Limited or such other service as is agreed between the Agent and the relevant
Issuer from time to time;

 

		(b)	the EUR equivalent of Notes that are linked to an index or formula (Index Linked Notes), or where
payment obligations under such Notes are denominated in more than one currency (Dual Currency Notes), shall be determined in the
manner specified above in paragraph (a) by reference to the original nominal amount of such Notes; and

 

		(c)	the EUR equivalent of Zero Coupon Notes and other Notes issued at a discount shall be determined
in the manner specified above in paragraph (a) by reference to the net proceeds received by the relevant Issuer for the particular
issue.

 

The Agent shall promptly notify
the relevant Issuer of each determination made as aforesaid.

 

		(8)	Without prejudice to Subclause 9(7), determinations with regard to Notes linked to an index or
formula or number of currencies shall otherwise be made by the Calculation Agent specified in the applicable Final Terms in the
manner specified in the applicable Final Terms. Unless otherwise agreed between the relevant Issuer and the relevant Purchaser
or Purchasers of such Notes, such determinations shall be made on the basis of a Calculation Agency Agreement substantially in
the form of Appendix C hereto.

 

		10.	Notice of Any Withholding or Deduction

 

If any Issuer is, in respect
of any payments, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments or governmental charges
as specifically contemplated under the Conditions, such Issuer shall give notice thereof to the Agent as soon as it becomes aware
of the requirement to make such withholding or deduction and shall give to the Agent such information as it shall require to enable
it to comply with such requirement.

 

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		11.	Duties of the Agent in Connection with Early Redemption

 

		(1)	If the relevant Issuer decides to redeem any Notes for the time being outstanding prior to their
Maturity Date in accordance with the Conditions, the relevant Issuer shall give notice of such decision to the Agent not less than
five days before the date of the notice required to be given to the holders of the Notes under the Conditions or such shorter period
that is acceptable to the Agent.

 

		(2)	If only some of the Notes of the same Series are to be redeemed on such date the Agent shall make
the required drawing in accordance with the Conditions but shall give the relevant Issuer reasonable notice of the time and place
proposed for such drawing and the relevant Issuer shall be entitled to send representatives to attend such drawing.

 

		(3)	The Agent shall publish the notice required in connection with any such redemption and shall at
the same time also publish a separate list of serial numbers of any Notes previously drawn and not presented for redemption. Such
notice shall specify the date fixed for redemption, the redemption amount, the manner in which redemption will be effected and,
in the case of a partial redemption, the serial numbers of the Notes to be redeemed. Such notice will be published in accordance
with the Conditions.

 

		12.	Publication of Notices

 

On behalf of and at the request
and expense of the relevant Issuer, the Agent shall cause to be published all notices required to be given by the relevant Issuer
in accordance with the Conditions. Forthwith upon the receipt by the Agent of a demand or notice from any Noteholder in accordance
with the Conditions, the Agent shall forward a copy thereof to the relevant Issuer.

 

		13.	Cancellation, Resale and Reissuance of Notes, Coupons and Talons

 

		(1)	All Notes which are redeemed, all Global Notes which are exchanged in full, all Coupons which are
paid and all Talons which are exchanged shall be cancelled by the Agent or Paying Agent by which they are redeemed, paid or exchanged.
In addition, all Notes which are purchased or otherwise acquired pursuant to the Conditions by the relevant Issuer, together (in
the case of Definitive Bearer Notes) with all unmatured Coupons or Talons (if any) attached thereto or purchased therewith, may,
at the option of the relevant Issuer where the Issuer is TMF or TFA, either be (i) resold or reissued, or held by the relevant
Issuer for subsequent resale or reissuance, or (ii) cancelled in which event such Notes and Coupons may not be resold or reissued.
Where the Issuer is TCCI, unless otherwise specified in the applicable Final Terms, such Notes shall be surrendered (in the case
of Bearer Notes) to any Paying Agent or in the case of Registered Notes, the TCCI Registrar or TCCI Transfer Agent for cancellation.
Where the Issuer is TMCC, unless otherwise specified in the applicable Final Terms, such Notes shall be surrendered (in the case
of Bearer Notes) to any Paying Agent or in the case of Registered Notes, the TMCC Registrar or TMCC Transfer Agent for cancellation.
Where any Notes, Coupons or Talons are purchased and cancelled, resold or reissued, or held by the relevant Issuer for subsequent
resale or reissuance, as aforesaid, the relevant Issuer shall procure that all

 

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relevant details are promptly given
to the Agent and that all Notes, Coupons or Talons so cancelled are delivered to the Agent.

 

		(2)	Upon the written request of the relevant Issuer, a certificate stating:

 

		(a)	the aggregate nominal amount of Notes which have been redeemed and the aggregate amount paid in
respect thereof;

 

		(b)	the number of Notes cancelled together (in the case of Definitive Bearer Notes) with details of
all unmatured Coupons or Talons (if any) attached thereto or delivered therewith;

 

		(c)	the aggregate amount paid in respect of interest on the Notes;

 

		(d)	the total number by maturity date of Coupons and Talons so cancelled; and

 

		(e)	in the case of Definitive Bearer Notes, the serial numbers of such Notes,

 

shall be given to the relevant
Issuer by the Agent as soon as reasonably practicable and in any event within 30 days after the date of such repayment or, as the
case may be, payment or exchange.

 

		(3)	Subject to being duly notified in due time, the Agent shall give a certificate to the relevant
Issuer, within three months of the date of purchase and cancellation or purchase and subsequent resale or reissuance of Notes as
aforesaid, stating:

 

		(a)	the nominal amount of Notes so purchased and cancelled, resold or reissued;

 

		(b)	in the case of Definitive Bearer Notes, the serial numbers of such Notes; and

 

		(c)	the total number by maturity date of the Coupons and Talons (if any) appertaining thereto and surrendered
therewith or attached thereto.

 

		(4)	The Agent shall destroy all cancelled Notes, Coupons and Talons (unless otherwise instructed by
the relevant Issuer) and, forthwith upon destruction and following the written request of the relevant Issuer, furnish the relevant
Issuer with a certificate of the serial numbers of the Notes (in the case of Definitive Bearer Notes) and the number by maturity
date of Coupons and Talons so destroyed.

 

		(5)	Without prejudice to the obligations of the Agent pursuant to Subclause 13(2), the Agent shall
keep a full and complete record of all Notes, Coupons and Talons (other than serial numbers of Coupons, except those which have
been replaced pursuant to Condition 10) and of all redeemed, cancelled or replacement Notes, Coupons or Talons (in the case of
Definitive Bearer Notes, with details of all unmatured Coupons or Talons (if any) attached thereto or delivered therewith) including
those issued in substitution for mutilated, defaced, destroyed, lost or stolen Notes, Coupons or Talons and of all Notes, Coupons
or Talons which have been resold or reissued. The Agent

 

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shall at all reasonable times make
such record available to the relevant Issuer and any person authorised by the relevant Issuer for inspection and for the taking
of copies thereof or extracts therefrom.

 

		(6)	All records and certificates made or given pursuant to this Clause 13 and Clause 14 shall make
a distinction between Notes, Coupons and Talons of each Series.

 

		(7)	The Agent is authorised by the relevant Issuer and instructed (a) in the case of any Global Note
which is a CGN, to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal
amount represented by it by the amount so redeemed or purchased and cancelled and (b) in the case of any Global Note which is a
New Global Note, to instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect such
redemption or purchase and cancellation, as the case may be; provided, that, in the case of a purchase or cancellation, the relevant
Issuer has notified the Agent of the same in accordance with Subclause 13(1).

 

		14.	Issue of Replacement Notes, Coupons and Talons

 

		(1)	The Issuers will cause a sufficient quantity of additional forms of Notes, Coupons and Talons to
be available, upon request, to the Agent at its specified office for the purpose of issuing replacement Notes, Coupons and Talons
as provided below.

 

		(2)	The Agent will, subject to and in accordance with the Conditions and the following provisions of
this Clause 14, cause to be delivered any replacement Notes, Coupons and Talons which the relevant Issuer may determine to issue
in place of Notes, Coupons and Talons which have been lost, stolen, mutilated, defaced or destroyed.

 

		(3)	In the case of a mutilated or defaced Note, the Agent shall ensure that (unless otherwise covered
by such indemnity as the relevant Issuer may require) any replacement Note will only have attached to it Coupons and Talons corresponding
to those (if any) attached to the mutilated or defaced Note which is presented for replacement.

 

		(4)	The Agent shall not issue any replacement Note, Coupon or Talon unless and until the applicant
therefor shall have:

 

		(a)	paid such reasonable costs as may be incurred in connection therewith;

 

		(b)	furnished it with such evidence (including evidence as to the serial number of such Note, Coupon
or Talon) and indemnity or other security (which may include a bank guarantee and/or security) or otherwise as the relevant Issuer
and the Agent may reasonably require; and

 

		(c)	in the case of any mutilated or defaced Note, Coupon or Talon, surrendered the same to the Agent.

 

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		(5)	The Agent shall cancel any mutilated or defaced Notes, Coupons and Talons in respect of which replacement
Notes, Coupons and Talons have been issued pursuant to this Clause 14 and shall furnish the relevant Issuer with a certificate
stating the serial numbers of the Notes, Coupons and Talons so cancelled and, unless otherwise instructed by the relevant Issuer
in writing, shall destroy such cancelled Notes, Coupons and Talons and furnish the relevant Issuer with a destruction certificate
containing the information specified in Subclause 13(4).

 

		(6)	The Agent shall, on issuing any replacement Note, Coupon or Talon, forthwith inform the relevant
Issuer and the Paying Agents of the serial number of such replacement Note, Coupon or Talon issued and (if known) of the serial
number of the Note, Coupon or Talon in place of which such replacement Note, Coupon or Talon has been issued. Whenever replacement
Coupons or Talons are issued pursuant to the provisions of this Clause 14, the Agent shall also notify the Paying Agents of the
maturity dates of the lost, stolen, mutilated, defaced or destroyed Coupons or Talons and of the replacement Coupons or Talons
issued.

 

		(7)	The Agent shall keep a full and complete record of all replacement Notes, Coupons and Talons issued
and shall make such record available at all reasonable times to the relevant Issuer and any persons authorised by the relevant
Issuer for inspection and for the taking of copies thereof or extracts therefrom.

 

		(8)	Whenever any Note, Coupon or Talon for which a replacement Note, Coupon or Talon has been issued
and in respect of which the serial number is known is presented to the Agent or any of the Paying Agents for payment, the Agent
or, as the case may be, the relevant Paying Agent shall immediately send notice thereof to the relevant Issuer and the Agent.

 

		(9)	Notwithstanding any of the foregoing in this Clause 14, no issue of replacement Notes, Coupons
and Talons shall be made or delivered in the United States.

 

		15.	Copies of this Agreement and Each Final Terms Available for Inspection

 

For the period of twelve months
following the date of the Prospectus, the Agent will hold copies of the following documents (in physical form), when published,
and be available (free of charge) for inspection during usual business hours on any weekday (except Saturdays, Sundays and public
holidays) at the specified office of the Agent: the Programme Agreement as amended and supplemented, each Final Terms relating
to a Note which is neither admitted to trading on a regulated market in the European Economic Area or the London Stock Exchange’s
Regulated Market nor offered in the European Economic Area or in the United Kingdom in circumstances where a prospectus is required
to be published under the Prospectus Regulation where such Final Terms will only be available for inspection by a holder of such
Note and such holder must produce evidence satisfactory to the Agent as to its holding of Notes and identity and, in the case of
each issue of Notes admitted to trading on the London Stock Exchange’s Regulated Market and/or on Euronext Dublin’s
Regulated Market subscribed pursuant to a syndicate purchase agreement, the syndicate purchase agreement (or equivalent document).
For this purpose, the Issuers shall furnish the Agent with sufficient copies of the documents the Agent is required to hold.

 

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		16.	Commissions and Expenses

 

		(1)	The Issuers severally agree to pay to the Agent such fees and commissions as the Issuers and the
Agent may separately agree in respect of the services of the Agent and the Paying Agents hereunder together with any out-of-pocket
expenses (including legal, printing, postage, tax, cable and advertising expenses required in connection with the Notes issued
hereunder) properly incurred by the Agent and the Paying Agents in connection with their said services.

 

		(2)	The Agent shall make payment of the fees and commissions due hereunder to the Paying Agents and
shall reimburse their expenses promptly after the receipt of the relevant moneys from the Issuers. None of the Issuers shall be
responsible for any such payment or reimbursement by the Agent to the Paying Agents.

 

		17.	Indemnity

 

		(1)	The Issuers shall severally indemnify the Agent and each of the Paying Agents against any direct
losses, liabilities, costs, claims, actions, demands or expenses (including, but not limited to, all reasonable costs, charges
and expenses paid or incurred in disputing or defending any of the foregoing but excluding loss of profits) which it may incur
or which may be made against the Agent or any Paying Agent as a result of or in connection with its appointment by the Issuers
or the exercise of its powers and duties hereunder except such as may result from the Agent’s or any such Paying Agent’s
own wilful default, negligence or bad faith or that of its officers, directors or employees or the breach by it of the terms of
this Agreement. Such indemnity shall survive the termination or expiry of this Agreement.

 

		(2)	The Agent and the Paying Agents shall not be liable for any action taken or omitted hereunder except
for their own wilful default, negligence or bad faith or that of their respective officers, directors or employees or the breach
by any of them of the terms of this Agreement. Neither the Agent nor any Paying Agent shall be liable for any consequential loss
(being loss of business, goodwill, opportunity or profit) suffered by any Issuer.

 

		(3)	Neither the Agent nor any of the Paying Agents shall be responsible for the acts or failure to
act of any other of them and each of the Agent and the Paying Agents shall severally indemnify each Issuer against any loss, liability,
cost, claim, action, demand or expense (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid
or incurred in disputing or defending any of the foregoing) which any Issuer may incur or which may be made against it as a result
of the breach by the Agent or such Paying Agents of the terms of this Agreement or its wilful default, negligence or bad faith
or that of its officers, directors or employees. Such indemnity shall survive the termination or expiry of this Agreement.

 

		18.	Repayment by the Agent

 

The Agent shall, forthwith on
demand, upon the relevant Issuer being discharged from its obligation to make payments in respect of any Notes under the relevant
Conditions, and provided that there is no outstanding, bona fide and proper claim in

 

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respect of any such payments,
pay to the relevant Issuer sums equivalent to any amounts paid to it by the relevant Issuer in respect of such Notes.

 

		19.	Conditions of Appointment

 

		(1)	The Agent shall be entitled to deal with money paid to it by any Issuer for the purpose of this
Agreement in the same manner as other money paid to a banker by its customers except:

 

		(a)	that it shall not exercise any right of set-off, lien or similar claim in respect thereof;

 

		(b)	as provided in Subclause 19(2) below; and

 

		(c)	that it shall not be liable to account to any Issuer for any interest thereon except as otherwise
agreed between the relevant Issuer and the Agent.

 

		(2)	In acting hereunder and in connection with the Notes, the Agent and the Paying Agents shall act
solely as agents of the Issuers and will not thereby assume any obligations towards or relationship of agency or trust for or with
any of the owners or holders of the Notes, Coupons or Talons. Moneys paid by any Issuer to the Agent for the payment of principal
or interest on Notes remaining unclaimed at the end of five years after such principal or interest shall become due and payable
shall be repaid to the relevant Issuer as provided and in the manner set forth in the Notes whereupon all liability of the Agent
with respect thereto shall cease. All funds held by the Agent or the Paying Agents need not be segregated from other funds, except
as required by law.

 

		(3)	The Agent and the Paying Agents hereby undertake to the Issuers to perform such obligations and
duties, and shall be obliged to perform such duties and only such duties, as are herein (including Appendix F hereto in the case
of the Agent), in the Conditions and in the Procedures Memorandum specifically set forth, or are otherwise agreed to in writing
by the relevant Issuer, the Agent and the Paying Agents as applicable, and no implied duties or obligations shall be read into
this Agreement or the Notes against the Agent and the Paying Agents other than the duty to act honestly and in good faith and to
exercise the diligence of a reasonably prudent agent in comparable circumstances. Each of the Paying Agents (other than the Agent)
agrees that if any information that is required by the Agent to perform the duties set out in Appendix F hereto becomes known to
it, it will promptly provide such information to the Agent.

 

		(4)	The Agent may consult with legal and other professional advisers and the opinion of such advisers
shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and in accordance
with the opinion of such advisers.

 

		(5)	Each of the Agent and the Paying Agents shall be protected and shall incur no liability for or
in respect of any action taken, omitted or suffered in reliance upon any instruction, request or order from any of the Issuers
or any notice, resolution, direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably
believes to be genuine and to

 

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have been delivered, signed or
sent by the proper party or parties or upon written instructions from any of the Issuers.

 

		(6)	Any of the Agent and the Paying Agents and their officers, directors and employees may become the
owner of, or acquire any interest in, any Notes, Coupons or Talons with the same rights that it, he or she would have if the Agent
or the relevant Paying Agent, as the case may be, concerned were not appointed hereunder, and may engage or be interested in any
financial or other transaction with any of the Issuers and may act on, or as depositary, trustee or agent for, any committee or
body of holders of Notes or Coupons or in connection with any other obligations of the Issuers as freely as if the Agent or the
relevant Paying Agent, as the case may be, were not appointed hereunder.

 

		(7)	Each Issuer shall provide the Agent with a certified copy of the list of persons authorised to
execute documents and take action on its behalf in connection with this Agreement and shall notify the Agent promptly in writing
if any of such persons ceases to be so authorised or if any additional person becomes so authorised together, in the case of an
additional authorised person, with evidence satisfactory to the Agent that such person has been so authorised.

 

		(8)	The amount of the Programme may be increased by the Issuers in accordance with the procedure set
out in the Programme Agreement. Upon any increase being effected, all references in this Agreement to the amount of the Programme
shall be deemed to be references to the increased amount.

 

		(9)	The Agent and each Paying Agent shall be a person payments to whom are free from FATCA Withholding
Tax at the time of such Agent’s or Paying Agent’s appointment.

 

		(10)	Payments made by TMCC are from U.S. source for U.S. federal tax purposes and are “withholdable
payments” within the meaning of Section 1473(1) of the Code. Each of TMF, TCCI and TFA is an “NFFE” within the
meaning of Treasury Regulation Section 1.1471-1(b)(80), and each of TMF, TCCI and TFA will advise the Agent if its status as an
NFFE were to change, in which event, the relevant Issuer will provide the Agent with sufficient information to determine if and
the amount of any payment to be made by such Issuer pursuant to this Agreement and the Conditions, if any, that constitutes a “passthru
payment” within the meaning of Treasury Regulation Section 1.1471-1(b)(95) so as to enable the Agent to determine whether
and in what amount the Agent or any other Paying Agent is obliged to make any withholding or deduction of applicable FATCA Withholding
Tax. In the event that any Notes that were not subject to FATCA Withholding Tax by reason of being “grandfathered”
lose such grandfathered status as a result of undergoing a “significant modification” within the meaning of Treasury
Regulation Section 1.1001-3(e), the relevant Issuer will inform the Agent and any other Paying Agent of any such loss of grandfathered
status prior to the date on which any payments on such Notes would become subject to FATCA Withholding Tax.

 

		(11)	The Agent and any Paying Agent that is for the purposes of receiving payments under this Agreement
not a “foreign person” within the meaning of U.S. Treasury Regulations Section 1.1441-1(c)(2): (i) represents
that it is a financial institution within the meaning of U.S. Treasury Regulations Section

 

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1.1441-1(c)(5), (ii) confirms that
it will comply with all withholding requirements imposed on payments with respect to the Notes under Sections 1441, 1442, and the
Foreign Account Tax Compliance Act and (iii) agrees that upon its appointment it will provide the Issuers with a properly
completed, signed and valid IRS Form W-9.

 

		(12)	The Agent and any Paying Agent that is for the purposes of receiving payments under this Agreement
a “foreign person” within the meaning of U.S. Treasury Regulations Section 1.1441-1(c)(2): (i) represents that
it is a “qualified intermediary” within the meaning of U.S. Treasury Regulations Section 1.1441-1(e)(5)(ii), will remain
so, and will assume primary chapter 3 and chapter 4 withholding and 1099 reporting and (ii) agrees that upon its appointment it
will provide the Issuers with a properly completed, signed and valid IRS Form W-8IMY, with its Global Intermediary Identification
Number included thereon and identifying itself as a qualified intermediary that has undertaken primary responsibility for chapter
3 and chapter 4 withholding and 1099 reporting.

 

		20.	Communication Between the Parties

 

A copy of all communications
relating to the subject matter of this Agreement between any Issuer and any holders of Notes or Coupons and any of the Paying Agents
shall be sent to the Agent by the relevant Paying Agent and the Agent shall forthwith promptly deliver a copy of any such communication
to the relevant Issuer.

 

		21.	Changes in Agent and Paying Agents

 

		(1)	Each Issuer agrees that, until no Note is outstanding or until moneys for the payment of all amounts
in respect of all outstanding Notes have been made available to the Agent and have been returned to the relevant Issuer as provided
herein (whichever is the later):

 

		(a)	so long as any Notes are admitted to trading or listed on any Stock Exchange or other relevant
authority, there will at all times be a Paying Agent with a specified office in such place as may be required by the rules and
regulations of the relevant Stock Exchange or other relevant authority; and

 

		(b)	there will at all times be an Agent.

 

In addition, the Issuers shall
appoint a Paying Agent having a specified office in the United States only in the circumstances described in the final paragraph
of Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency,
when it shall be of immediate effect) after not less than 30 nor more than 45 days prior notice thereof shall have been given to
the Noteholders in accordance with Condition 16.

 

		(2)	The Agent may (subject as provided in Subclause 21(4)) at any time resign as Agent by giving written
notice to the Issuers of such intention on its part, specifying the date on which its desired resignation shall become effective;
provided that such date shall never be less than three months after the receipt of such notice by the Issuers unless the Issuers
agree to accept less notice.

 

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		(3)	The Agent may (subject as provided in Subclause 21(4)) be removed at any time by the filing with
it of an instrument in writing signed on behalf of the Issuers specifying such removal and the date when it shall become effective.

 

		(4)	Any resignation under Subclause 21(2) or removal under Subclause 21(3) shall only take effect upon
the appointment by the Issuers of a successor Agent and (other than in cases of insolvency of the Agent) on the expiry of the notice
to be given under Clause 23. If, by the day falling 10 days before the expiry of any notice under Subclause 21(2), the Issuers
have not appointed a successor Agent, then the Agent shall be entitled, on behalf of the Issuers, to appoint as a successor Agent
in its place such reputable financial institution of good standing as it may reasonably determine to be capable of performing the
duties of the Agent hereunder.

 

		(5)	In case at any time the Agent and/or any Paying Agent resigns, or is removed, or becomes incapable
of action or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit
of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or a
substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or all or a substantial
part of its property is appointed, or it admits in writing its inability to pay or meet its debts as they become due, or if an
order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or
insolvency law or if any officer takes charge or control of it or of its property or affairs for the purpose of rehabilitation,
administration or liquidation, a successor Agent and/or Paying Agent may be appointed by the Issuers by an instrument in writing
filed with the successor Agent and/or Paying Agent. Upon the appointment as aforesaid of a successor Agent and/or Paying Agent
and acceptance by the latter of such appointment and (other than in the case of insolvency of the Agent and/or Paying Agent when
it shall be of immediate effect) upon expiry of the notice to be given under Clause 23, the Agent and/or Paying Agent so superseded
shall cease to be an Agent and/or a Paying Agent hereunder.

 

		(6)	Subject to Subclause 21(1), the Issuers may, after prior consultation with the Agent, terminate
the appointment of any of the other Paying Agents at any time and/or appoint one or more further Paying Agents located outside
the United States (either for all Notes issued under the Programme or with respect to a particular Series of Notes) by giving to
the Agent, and to the relevant Paying Agent, at least 45 days’ notice in writing to that effect, or such lesser notice as
is agreed to by the Agent, the Issuers and the relevant Paying Agent; and any Issuer may, in respect of a particular Series of
Notes only, appoint one or more further Paying Agents which appointment shall take effect on the date of such appointment.

 

		(7)	Subject to Subclause 21(1), all or any of the Paying Agents (other than the Agent) may resign their
respective appointments hereunder at any time by giving the Issuers and the Agent at least 45 days’ written notice to that
effect.

 

		(8)	Upon its resignation or removal becoming effective, the Agent or the relevant Paying Agent:

 

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		(a)	shall, in the case of the Agent, forthwith transfer all moneys held by it hereunder and the records
referred to in Subclauses 13(5) and 14(7) to the successor Agent hereunder; and

 

		(b)	shall be entitled to the payment by the Issuers of its commissions and fees for the services theretofore
rendered hereunder in accordance with the terms of Clause 16 and to the reimbursement of all reasonable out-of-pocket expenses
(including legal fees and together with any applicable value added tax or similar tax thereon) incurred in connection therewith.

 

		(9)	Upon its appointment becoming effective, a successor Agent and any new Paying Agent shall, without
further act, deed or conveyance, become vested with all the authority, rights, powers, trust, immunities, duties and obligations
of such predecessor with like effect as if originally named as Agent or (as the case may be) a Paying Agent hereunder.

 

		(10)	In the case of any Series of Notes to be issued by TCCI in registered form TCCI has appointed a
registrar, transfer agent and paying agent pursuant to the TCCI Note Agency Agreement.

 

		(11)	In the case of any Series of Notes to be issued by TMCC in registered form TMCC has appointed a
registrar, transfer agent and paying agent pursuant to the TMCC Note Agency Agreement.

 

		(12)	Not less than 60 days prior to the date of any affected payment, the Agent and each Paying Agent
agrees that it shall notify TMCC in writing if any of Subclause 19(9) and Subclause 19(11) or 19(12), as applicable to such Agent
or Paying Agent, cease to be true, or if the Agent or any Paying Agent believes that it will no longer be able to comply with such
Subclauses. Any such notice shall constitute notice of resignation by such Paying Agent under this Agreement with respect to Notes
issued by TMCC.

 

		22.	Merger and Consolidation

 

Any corporation into which the
Agent or any Paying Agent may be merged, or any corporation with which the Agent or any of the Paying Agents may be consolidated,
or any corporation resulting from any merger or consolidation to which the Agent or any of the Paying Agents shall be a party,
or any corporation to which the Agent or any of the Paying Agents shall sell or otherwise transfer all or substantially all the
assets of the Agent or any Paying Agent shall, on the date when such merger, consolidation or transfer becomes effective and to
the extent permitted by any applicable laws, become the successor Agent or, as the case may be, Paying Agent under this Agreement
without the execution or filing of any paper or any further act on the part of the parties hereto, unless otherwise required by
the Issuers, and after the said effective date all references in this Agreement to the Agent or, as the case may be, such Paying
Agent shall be deemed to be references to such corporation. Written notice of any such merger, consolidation or transfer shall
forthwith be given to the Issuers by the relevant Agent or Paying Agent.

 

		23.	Notifications

 

Following receipt of notice of
resignation from the Agent or any Paying Agent and forthwith upon appointing a successor Agent or, as the case may be, further
or other

 

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Paying Agents for any Series
of Notes outstanding prior to the date of such appointment or on giving notice to terminate the appointment of any Agent or, as
the case may be, Paying Agent, the relevant Issuer shall give or cause to be given not more than 45 days’ nor less than 30
days’ notice thereof to any Noteholders affected by such termination or appointment in accordance with the Conditions.

 

		24.	Change of Specified Office

 

The specified office of the Agent
shall be One Canada Square, Canary Wharf, London E14 5AL, United Kingdom. If the Agent or any Paying Agent determines to change
its specified office, it shall give to the Issuers and (if applicable) the Agent written notice of such determination giving the
address of the new specified office which shall be in the same city and stating the date on which such change is to take effect,
which shall not be less than 45 days thereafter. The Agent (on behalf of the Issuers) shall within 15 days of receipt of such notice
(unless the appointment of the Agent or the relevant Paying Agent, as the case may be, is to terminate pursuant to Clause 21 on
or prior to the date of such change) give or cause to be given not more than 45 days’ nor less than 30 days’ notice
thereof to the Noteholders in accordance with the Conditions; provided, however, that if a Paying Agent acts as Paying Agent for
only some of the Series of Notes under the Programme, notice need be given only to holders of the Notes of those Series in relation
to which the Paying Agent acts as Paying Agent.

 

		25.	Notices

 

		(1)	Any notice or communication given hereunder shall be sufficiently given or served:

 

		(a)	if delivered in person to the relevant address specified on the signature pages hereof (or to such
other address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so delivered, shall be
deemed to have been delivered at time of receipt;

 

		(b)	if sent by facsimile to the relevant number specified on the signature pages hereof (or to such
other facsimile number as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall
be deemed to have been delivered upon transmission provided such transmission is confirmed when an acknowledgment of receipt is
received; or

 

		(c)	if sent by email to the relevant email address specified on the signature pages hereof (or to such
other address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed
to have been delivered at the time of confirmation by telephone.

 

		(2)	A copy of any notice served in accordance with Subclause 25(1) shall be given to the Parent and
TFS at:

 

Toyota Motor Corporation

Nagoya Office

7-1, Meieki 4-chome

Nakamura-ku

 

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Nagoya City

Aichi Prefecture 450-8711

Japan

 

[**]

 

Toyota Financial Services Corporation

Nagoya Lucent Tower

6-1, Ushijima-cho

Nishi-ku

Nagoya City

Aichi Prefecture 451-6015

Japan

 

[**]

 

		26.	Taxes and Stamp Duties

 

The Issuers agree to pay any
and all stamp and other documentary taxes or duties (other than any interest or penalties arising as a result of a failure by any
other person to account promptly to the relevant authorities for any such duties or taxes after such person shall have received
from the relevant Issuer the full amount payable in respect thereof) which may be payable in connection with the execution, delivery,
performance and enforcement of this Agreement.

 

		27.	Currency Indemnity

 

If, under any applicable law
and whether pursuant to a judgment being made or registered against any Issuer or in the liquidation, insolvency or analogous process
of any Issuer or for any other reason, any payment under or in connection with this Agreement is made or is to be satisfied in
a currency (the other currency) other than that in which the relevant payment is expressed to be due (the required currency)
under this Agreement, then, to the extent that the payment (when converted into the required currency at the rate of exchange on
the date of payment or, if it is not practicable for the Agent or the relevant Paying Agent to purchase the required currency with
the other currency on the date of payment, at the rate of exchange as soon thereafter as it is practicable for it to do so or,
in the case of a liquidation, insolvency or analogous process at the rate of exchange on the latest date permitted by applicable
law for the determination of liabilities in such liquidation, insolvency or analogous process) actually received by the Agent or
the relevant Paying Agent falls short of the amount due under the terms of this Agreement, such Issuer undertakes that it shall,
as a separate and independent obligation, indemnify and hold harmless the Agent and the relevant Paying Agent against the amount
of such shortfall. For the purpose of this Clause 27, rate of exchange means the rate at which the Agent or the relevant
Paying Agent is able on the London foreign exchange market on the relevant date to purchase the required currency with the other
currency and shall take into account any premium and other costs of exchange.

 

		28.	Amendments: Meetings of Holders

 

		(1)	Provisions for meetings of holders of Registered Notes issued by TCCI and amendment of the TCCI
Note Agency Agreement are set out in the TCCI Note Agency Agreement. Provisions for meetings of holders of Registered Notes issued
by TMCC and amendment of the TMCC Note Agency

 

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Agreement are set out in the TMCC
Note Agency Agreement. This Clause 28 applies to Bearer Notes and any reference in this Clause 28 to “Notes” is to
Bearer Notes.

 

		(2)	This Agreement, the Notes and any Coupons attached to the Notes may be amended by the Issuers or
the relevant Issuer, as the case may be, and the Agent, without the consent of the holder of any Note or Coupon (a) for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein, or to evidence
the succession of another corporation to the relevant Issuer as provided in Condition 13 or provide for substitution of the relevant
Issuer as provided in Condition 14, (b) to make any further modifications of the terms of this Agreement necessary or desirable
to allow for the issuance of any additional Notes (which modifications shall not be materially adverse to holders of outstanding
Notes), or (c) in any manner which the Issuers or the relevant Issuer, as the case may be, and the Agent may deem necessary or
desirable and which shall not materially adversely affect the interests of the holders of the Notes and Coupons. In addition, with
the written consent of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by
resolution adopted by the holders of a majority in aggregate nominal amount of Notes then outstanding present or represented at
a meeting of the holders of the Notes affected thereby at which a quorum is present (provided that such resolution shall be approved
by the holders of not less than 25 per cent. of the aggregate nominal amount of Notes then outstanding affected thereby), this
Agreement or the terms and conditions of the Notes and Coupons may be modified or amended by the parties hereto or thereto, and
future compliance and past defaults waived, in each case as provided in Conditions 9 and 15 and subject to the limitations therein
provided (including that no such agreement shall, without the consent or the affirmative vote of the holder of each Note affected
thereby, (i) change the stated maturity of the principal of or any interest on any Note, (ii) reduce the nominal amount
of or interest on any Note, (iii) change the obligation of the Issuer to pay Additional Amounts as provided in Condition 7,
(iv) reduce the percentage in nominal amount of outstanding Notes the consent of the holders of which is necessary to modify
or amend this Agreement or the terms and conditions of the Notes or to waive any future compliance or past default, or (v) reduce
the percentage in nominal amount of outstanding Notes the consent of the holders of which is required at any meeting of holders
of Notes at which a resolution is adopted).

 

		(3)	A meeting of holders of Notes may be called by the holders of at least 10 per cent. in nominal
amount of the outstanding Notes of the relevant Series at any time and from time to time to make, give or take any request, demand,
authorisation, direction, notice, consent, waiver or other action provided by this Agreement or the Notes to be made, given or
taken by holders of Notes.

 

		(4)	The Agent may at any time call a meeting of holders of Notes of any Series for any purpose specified
in Subclause 28(2) to be held at such time and at such place in the City of New York or in London, as the Agent and the relevant
Issuer shall determine. Notice of every meeting of holders of Notes, setting forth the time and the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given by the Agent to the relevant Issuer and to the holders
of the Notes, in the same manner as

 

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provided in Condition 16, not less
than 21 nor more than 180 days prior to the date fixed for the meeting. In the case at any time the relevant Issuer or the holders
of at least 10 per cent. in nominal amount of the outstanding Notes shall have requested the Agent to call a meeting of the holders
to take any action authorised in Subclause 28(2), by written request setting forth in reasonable detail the action proposed to
be taken at the meeting, and the Agent shall not have given notice of such meeting within 21 days after receipt of such request
or shall not thereafter proceed to cause the meeting to be held as provided herein, then the relevant Issuer, or the holders of
Notes in the amount above-specified, as the case may be, may determine the time and the place in the City of New York or London
for such meeting and may call such meeting by giving notice thereof as provided in this Subclause 28(4).

 

		(5)	To be entitled to vote at any meeting of holders of Notes, a person shall be a holder of outstanding
Notes at the time of such meeting, or a person appointed by an instrument in writing as proxy for such holder.

 

		(6)	The quorum at any meeting called to adopt a resolution will be persons holding or representing
a majority in aggregate nominal amount of the Notes then outstanding affected thereby. In the absence of a quorum, within 30 minutes
of the time appointed for any such meeting, the meeting may be adjourned for a period of not less than 10 days as determined by
the chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting,
such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided
in Subclause 28(4) except that such notice need be given not less than five days prior to the date on which the meeting is scheduled
to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage of the nominal amount
of the outstanding Notes which shall constitute a quorum.

 

The quorum at any adjourned meeting
will be one or more persons holding or representing 25 per cent. in aggregate nominal amount of such Notes then outstanding
affected thereby. Any meeting of holders of Notes at which a quorum is present may be adjourned from time to time by vote of a
majority in nominal amount of the outstanding Notes represented at the meeting, and the meeting may be held as so adjourned without
further notice. At a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid, any resolution
and all matters shall be effectively passed and decided if passed or decided by the persons entitled to vote a majority in nominal
amount of the outstanding Notes represented and voting at such meeting, provided that such amount approving such resolution shall
be not less than 25 per cent. in nominal amount of the outstanding Notes.

 

		(7)	Any modifications, amendments or waivers under this Clause 28 to this Agreement or to the terms
and conditions of the Notes and Coupons will be conclusive and binding on all holders of Notes and Coupons, whether or not they
have given such consent or were present at any meeting, and whether or not notation of such modifications, amendments or waivers
is made upon the Notes and Coupons. It shall not be necessary for the consent of the holders of Notes under Condition 15 to approve
the particular form of any proposed

 

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amendment, but it shall be sufficient
if such consent shall approve the substance thereof.

 

		(8)	Notes authenticated and delivered after the execution of any amendment under this Clause 28 to
this Agreement, the Notes or Coupons may bear a notation in form approved by the Agent as to any matter provided for in such amendment
to this Agreement. New Notes so modified as to conform, in the opinion of the Agent and the relevant Issuer, to any modification
contained in any such amendment may be prepared by the relevant Issuer, authenticated by the Agent and delivered in exchange for
the Notes then outstanding affected thereby.

 

		(9)	The Agent may make such reasonable regulations as it may deem advisable for any meeting of holders
of Notes in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall deem appropriate. The Agent shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the relevant Issuer or holders of Notes
as provided above, in which case the relevant Issuer or the holders of Notes calling the meeting, as the case may be, shall in
like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote
of the persons entitled to vote a majority in nominal amount of the outstanding Notes represented at the meeting. The chairman
of the meeting shall have no right to vote, except as a holder of Notes or proxy. A record, at least in triplicate, of the proceedings
of each meeting of holders of Notes shall be prepared, and one such copy shall be delivered to the relevant Issuer and another
to the Agent to be preserved by the Agent.

 

		29.	Calculation Agency Agreement

 

A form of calculation agency
agreement is set out in Appendix C hereto. Where the Conditions require functions to be carried out by a Calculation Agent other
than the Agent, the relevant Issuer may execute such an agreement or an agreement in such other form as such Issuer and the Calculation
Agent may agree.

 

		30.	Redenomination and Exchange

 

		(1)	Redenomination

 

Where redenomination (Redenomination)
is specified in the applicable Final Terms as being applicable, and unless otherwise specified in the applicable Final Terms, the
relevant Issuer may, without the consent of any Noteholder or Couponholder, on giving prior notice to Euroclear, Clearstream, Luxembourg
and the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case
of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent and at least 30 days’ prior notice to
Noteholders as provided in Condition 16, designate a Redenomination Date. With effect from the Redenomination Date, notwithstanding
the other provisions of the Conditions:

 

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		(a)	the Notes shall (unless already so provided by mandatory provisions of applicable law) be deemed
to be redenominated in euro in the denomination of euro 0.01 with a nominal amount for each Note equal to the nominal amount of
the Note in the original Specified Currency, converted into euro at the Established Rate, and the Specified Currency shall be deemed
to be Euro; provided that, if the relevant Issuer determines, after consultation with the Agent or, in the case of Registered Notes
issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
and the TMCC Transfer Agent, that the then market practice in respect of the redenomination into euro of internationally offered
securities is different from the provisions specified above in this Subclause 30(1)(a) or in the applicable Final Terms, such provisions
shall be deemed to be amended so as to comply with such market practice and the relevant Issuer shall promptly notify the Noteholders,
the stock exchange (if any) on which the Notes may be listed and the Agent and Paying Agent(s) or, in the case of Registered Notes
issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
and the TMCC Transfer Agent of such deemed amendments;

 

		(b)	if Definitive Notes are required to be issued after the Redenomination Date, they shall be issued
at the expense of the relevant Issuer in the denominations of euro 1,000, euro 10,000 and euro 100,000 and (but only to the extent
of any remaining amounts less than euro 1,000 or such smaller denominations as the Agent or, in the case of Registered Notes issued
by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
and the TMCC Transfer Agent may approve) euro 0.01 and such other denominations as the relevant Issuer, after consultation with
the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of
Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent, shall determine and notify to Noteholders;

 

		(c)	if Definitive Notes have been issued, all unmatured Coupons denominated in the original Specified
Currency (whether or not attached to the Notes) will become void and no payments will be made in respect of them with effect from
the date on which the relevant Issuer gives notice (the Exchange Notice) that Euro-denominated Notes and Coupons are available
for exchange (provided that such securities are so available). New certificates in respect of Euro-denominated Notes and Coupons
will be issued in exchange for Notes and Coupons in the original Specified Currency in such manner as the relevant Issuer, after
consultation with the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TMCC Transfer Agent
or, in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent, may specify and shall be notified
to Noteholders in the Exchange Notice. No Exchange Notice may be given less than

 

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15 days prior to any date for
payment of principal or interest on the Notes;

 

		(d)	after the Redenomination Date, all payments in respect of the Notes and the Coupons (other than,
unless the Redenomination Date is on or after such date as the original Specified Currency ceases to be a subdivision of the euro,
payments of interest in respect of periods commencing before the Redenomination Date) will be made solely in euro as though references
in the Notes and the Coupons to the Specified Currency were to euro. Such payments will be made in euro by credit or transfer to
a euro account (or any other account to which euro may be credited or transferred) specified by the payee or by cheque; provided,
however, that a cheque may not be delivered to an address in, and an amount may not be transferred to an account at a bank located
in, the United States of America or its possessions except as provided in Condition 5(d);

 

		(e)	after the Redenomination Date, Business Day in relation to any sum payable in euro shall
mean a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including
dealings in foreign exchange and foreign currency deposits) in London and a day on which the TARGET2 system is open. After the
Redenomination Date, Payment Day shall mean (A) a Business Day as defined herein and (B) a day on which commercial
banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the relevant place
of presentation;

 

		(f)	if Definitive Notes have been issued, after the Redenomination Date, the amount of interest due
in respect of Notes will be calculated by reference to the aggregate nominal amount of Notes presented (or, as the case may be,
in respect of which Coupons are presented) for payment by the relevant holder and the amount of such payment shall be rounded down
to the nearest euro 0.01. If the Notes are in global form, after the Redenomination Date, the amount of interest due in respect
of Notes represented by the Global Note will be calculated by reference to the aggregate nominal amount of such Notes and the amount
of such payment shall be rounded down to the nearest euro 0.01; and

 

		(g)	the applicable Final Terms will specify any relevant changes to the provisions relating to interest,
including without limitation, any change to the applicable Day Count Fraction and Business Day Convention.

 

		(2)	Exchange

 

Where exchange (Exchange)
is specified in the applicable Final Terms as being applicable, and unless otherwise specified in the applicable Final Terms, the
relevant Issuer may, without the consent of any Noteholder or Couponholder, on giving prior notice to Euroclear, Clearstream, Luxembourg
and the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case
of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent and at

 

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least 30 days’ prior notice
to the Noteholders as provided in Condition 16, elect that, with effect from the Redenomination Date specified in the notice, the
Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such arrangements as the relevant
Issuer may decide, after consultation with the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and
the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent, and
as may be specified in the notice, including arrangements under which Coupons (which expression shall for this purpose include
Coupons to be issued on an exchange of matured Talons) unmatured at the date so specified become void.

 

		(3)	Amendments and Modifications

 

The applicable Final Terms in relation
to any Notes may specify other terms and conditions which shall, to the extent so specified or to the extent inconsistent with
the provisions herein, replace or modify the provisions for the purpose of such Notes. In addition, the relevant Issuer and the
Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TMCC Transfer Agent or, in the case of Registered
Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent may make any changes, without the consent of, but with notification
to (in accordance with Condition 16 and this Clause 30), any Noteholder or Couponholder, to this Agreement necessary to implement
the provisions of Condition 18 and this Clause 30.

 

Notwithstanding anything to the
contrary contained in this Clause 30, if the relevant Issuer determines, after consultation with the Agent or, in the case of Registered
Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC
Registrar and the TMCC Transfer Agent, that the then market practice in respect of the redenomination into euro of internationally
offered securities or euro-denominated internationally offered securities is different from that specified in this Clause 30, the
relevant Issuer may (but shall not be required to) amend the provisions of this Clause 30 and any provision of the Conditions,
as applicable, so as to comply with such market practice, and the relevant Issuer shall promptly notify Noteholders, the stock
exchange (if any) on which the Notes may be listed, the Paying Agents and the Agent or, in the case of Registered Notes issued
by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
and the TMCC Transfer Agent of such deemed amendments. Such changes will not take effect until after they have been notified to
Noteholders in accordance with Condition 16 and this Clause 30.

 

		31.	deed poll

 

		(1)	If any Global Bearer Note becomes void in accordance with its terms, the relevant Issuer covenants
with each Relevant Account Holder (other than any Relevant Account Holder which is an account holder of any other Relevant Clearing
System) that each Relevant Account Holder shall automatically acquire at the Relevant Time, without the need for any further action
on behalf of any person, against the relevant Issuer all those rights which the Relevant Account Holder would have had if at the
Relevant Time it held and beneficially owned executed and authenticated Definitive Bearer Notes in respect of each Underlying Note
(as defined in the definition of “Global

 

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Bearer Note”) represented
by the Global Bearer Note which the Relevant Account Holder has credited to its securities account with the Relevant Clearing System
at the Relevant Time. The relevant Issuer’s obligation under this Clause 31 shall be a separate and independent obligation
by reference to each Underlying Note which a Relevant Account Holder has credited to its securities account with the Relevant Clearing
System and the relevant Issuer agrees that a Relevant Account Holder may assign its rights under this Clause 31 in whole or in
part.

 

		(2)	The records of the Relevant Clearing System shall be conclusive evidence of the identity of the
Relevant Account Holders and the number of Underlying Notes credited to the securities account of each Relevant Account Holder.
For these purposes a statement issued by the Relevant Clearing System stating:

 

		(a)	the name of the Relevant Account Holder to which the statement is issued; and

 

		(b)	the aggregate nominal amount of Underlying Notes credited to the securities account of the Relevant
Account Holder as at the opening of business on the first day following the Relevant Time on which the Relevant Clearing System
is open for business,

 

shall be conclusive evidence of
the records of the Relevant Clearing System at the Relevant Time.

 

		(3)	In the event of a dispute, the determination of the Relevant Time by the Relevant Clearing System
shall (in the absence of manifest error) be final and conclusive for all purposes in connection with the Relevant Account Holders
with securities accounts with the Relevant Clearing System.

 

		(4)	The relevant Issuer undertakes in favour of each Relevant Account Holder that, in relation to any
payment to be made by it under this Clause 31, it will comply with the provisions of Condition 7 to the extent that they apply
to any payments in respect of Underlying Notes as if those provisions had been set out in full in this Clause 31.

 

		(5)	The relevant Issuer will pay any stamp and other duties and taxes, including interest and penalties,
payable on or in connection with the execution of this Agreement and any action taken by any Relevant Account Holder to enforce
the provisions of this Clause 31.

 

		(6)	This Clause 31 and Clause 34 shall take effect as a Deed Poll for the benefit of the Relevant Account
Holders from time to time. This Agreement shall be deposited with and held by the common depositary or common safekeeper, as the
case may be, for Euroclear and Clearstream, Luxembourg (being at that date of this Agreement the Agent) until all the obligations
of each Issuer under this Clause 31 have been discharged in full.

 

		(7)	Each Issuer acknowledges the right of every Relevant Account Holder to the production of, and the
right of every Relevant Account Holder to obtain (upon payment of a reasonable charge) a copy of, this Agreement, and further acknowledges
and covenants that the obligations binding upon it contained in this Clause 31 are owed to, and shall be for the account of, each
and every

 

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Relevant Account Holder, and that
each Relevant Account Holder shall be entitled severally to enforce those obligations against the relevant Issuer.

 

		32.	Descriptive Headings

 

The descriptive headings in this
Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

 

		33.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

Save for Clause 31, this Agreement
confers no right on a person who is not a party to this Agreement by virtue of the Contracts (Rights of Third Parties) Act 1999
to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available
apart from that Act.

 

		34.	Governing Law

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement
shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	Each Issuer hereby irrevocably agrees for the exclusive benefit of the Agent, the Paying Agents
and the Relevant Account Holders that the courts of England are to have jurisdiction to settle any disputes which may arise out
of or in connection with this Agreement (including a dispute relating to any non-contractual obligations arising out of or in connection
with this Agreement) and that accordingly any suit, action or proceedings (together referred to as Proceedings) arising
out of or in connection with this Agreement (including any Proceedings relating to any non-contractual obligations arising out
of or in connection with this Agreement) may be brought in such courts. Each Issuer hereby irrevocably waives any objection which
it may have to the laying of the venue of any Proceedings in any such courts and any claim that any such Proceedings have been
brought in an inconvenient forum and hereby further irrevocably agrees that a judgment in any Proceedings brought in the English
courts shall be conclusive and binding upon each Issuer and may be enforced in the courts of any other jurisdiction. Nothing contained
herein shall limit any right to take Proceedings against any Issuer in any other court of competent jurisdiction, nor shall the
taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently
or not. Each Issuer hereby appoints Toyota Financial Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ as its
agent for service of process and agrees that, in the event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing to
be registered in England, it will appoint another person as its agent for service of process in England in respect of any Proceedings.

 

		(3)	If TMF is represented by an attorney or attorneys in connection with the signing and/or execution
and/or delivery of this Agreement or any agreement, deed or document referred to herein or made pursuant hereto and the relevant
power or powers of attorney is or are expressed to be governed by the laws of the Netherlands, it is hereby expressly acknowledged
and accepted by the other parties hereto that such laws shall govern the existence and extent of such attorney's or attorneys'
authority and the effects of the exercise thereof.

 

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		35.	Counterparts

 

This Agreement may be executed
in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts
shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy
shall be an effective mode of delivery.

 

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IN WITNESS WHEREOF,
TMF, TCCI, TFA and TMCC have executed this Agreement as a deed, and the Agent has executed this Agreement, as of the date first
above written.

 

The Issuers

 

	SIGNED, SEALED AND DELIVERED 	)	 
	by Hiroyasu Ito	)	HIROYASU ITO
	being a duly authorised attorney of	)	 
	TOYOTA MOTOR FINANCE	)	 
	(NETHERLANDS) B.V. with the 	)	 
	intention that this instrument takes effect	)	 
	as TMF’s deed in the presence of:	)	 
	 	 	 

JORRIT VAN ELK

 

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

[**]

 

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	SIGNED, SEALED AND DELIVERED 	)	 
	by Richard Nelson	)	RICHARD NELSON
	being a duly authorised attorney of	)	 
	TOYOTA CREDIT CANADA INC.	)	 
	with the intention that this instrument takes	)	 
	effect as TCCI’s deed in the presence of:	)	 
	 	 	 

MICHAEL NELSON

 

TOYOTA CREDIT CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

[**]

 

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	SIGNED, SEALED AND DELIVERED 	)	 
	by Richard Nelson	)	RICHARD NELSON
	being a duly authorised attorney of	)	 
	TOYOTA FINANCE AUSTRALIA	)	 
	LIMITED with the intention that this	)	 
	instrument takes effect as TFA’s deed	)	 
	in the presence of:	)	 
	 	 	 

MICHAEL
NELSON

 

Signed
under Power of Attorney

dated 18 September 2020

 

TOYOTA FINANCE AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards NSW 2065

Australia

 

[**]

 

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	SIGNED, SEALED AND DELIVERED 	)
	by the undersigned being duly	)
	authorised on behalf of	)
	TOYOTA MOTOR CREDIT	)
	CORPORATION with the intention that	)
	this instrument takes effect as TMCC’s	)
	deed	)
	 	 
	 	 

	By: 	CINDY WANG	 
	 	 	 
	Name:	Cindy Wang	 
	Title:	Group Vice President - Treasury	 
	 	 	 
	 	 	 

TOYOTA MOTOR CREDIT CORPORATION

6565 Headquarters Drive, Mailstop W2–3D 

Plano

Texas 75024–5965 

United States

[**]

 

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The Agent

 

THE BANK OF NEW YORK MELLON

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

[**]

 

 

	By:	ANTHONY EDET	 
	 	 	 
	Name:	Anthony Edet	 
	Title:	Authorised Signatory	 

    Page 47

     

    

Appendix A

TERMS AND CONDITIONS OF THE NOTES

 

This Note is one of a Series (as defined
below) of Notes issued subject to, and with the benefit of, an amended and restated agency agreement dated 18 September 2020
(the “Agency Agreement”) and made between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,
Toyota Finance Australia Limited and Toyota Motor Credit Corporation as Issuers and The Bank of New York Mellon, acting through
its London branch, as the issuing agent and (unless specified otherwise in the applicable Final Terms) principal paying agent and
(unless specified otherwise in the applicable Final Terms) as calculation agent (the “Agent”, which expression
shall include any successor agent or other Calculation Agent specified in the applicable Final Terms and the “Paying Agent”,
which expression shall include any additional or successor paying agents). Notes in registered form (“Registered Notes”)
issued by Toyota Credit Canada Inc. are also issued subject to, and with the benefit of, an amended and restated note agency agreement
dated 8 September 2017 (the “TCCI Note Agency Agreement”) and made between Toyota Credit Canada Inc. as
Issuer, BNY Trust Company of Canada as registrar, paying agent and transfer agent and, in respect of Registered Notes settled or
cleared in Euroclear and/or Clearstream, Luxembourg (each as defined below), The Bank of New York Mellon SA/NV, Luxembourg Branch
as registrar and transfer agent (each a “TCCI Registrar”, which expression shall include any successor registrar,
paying agent and transfer agent) and The Bank of New York Mellon, acting through its London branch, as transfer agent and paying
agent (the “TCCI Transfer Agent”, which expression shall include any additional or successor transfer agent
or paying agent appointed for Registered Notes issued by Toyota Credit Canada Inc.). Registered Notes issued by Toyota Motor Credit
Corporation are also issued subject to, and with the benefit of, an amended and restated note agency agreement dated 8 September
2017 (the “TMCC Note Agency Agreement”) and made between Toyota Motor Credit Corporation as Issuer, The Bank
of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (the “TMCC Registrar”, which expression
shall include any successor registrar and transfer agent) and The Bank of New York Mellon, acting through its London branch, as
transfer agent and paying agent (the “TMCC Transfer Agent”, which expression shall include any additional or
successor transfer agent or paying agent appointed for Registered Notes issued by Toyota Motor Credit Corporation).

 

References in these Terms and Conditions
of the Notes (“Terms and Conditions”) to the “Issuer” shall be references to the party specified
in the applicable Final Terms (as defined below). References herein to the “Notes” shall be references to the
Notes of this Series (as defined below) and shall mean (i) in relation to any Notes represented by a global Note, units of the
lowest Specified Denomination (as defined below) in the Specified Currency (as defined below) of the relevant Notes, (ii) definitive
Notes issued in exchange (or part exchange) for a temporary global Note, a permanent global Note or a global Registered Note and
(iii) any global Note.

 

Interest bearing definitive Notes in bearer
form will (unless otherwise indicated in the applicable Final Terms) have interest coupons (“Coupons”) and,
if indicated in the applicable Final Terms, talons for further Coupons (“Talons”) attached on issue. Any reference
herein to Coupons or coupons shall, unless the context otherwise requires, be deemed to include a reference to Talons. Global Notes
do not have Coupons or Talons attached on issue.

 

The Notes and the Coupons have the benefit
of certain Credit Support Agreements governed by Japanese law, one between Toyota Motor Corporation (the “Parent”)
and Toyota Financial Services Corporation (“TFS”) dated 14 July 2000 as supplemented by a Supplemental Credit
Support Agreement dated 14 July 2000 and a Supplemental Credit Support Agreement No. 2 dated 2 October 2000 (collectively, the
“TMC Credit Support Agreement”) and others between TFS and each of Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc. and Toyota Finance Australia Limited dated 7 August 2000 and Toyota Motor Credit Corporation dated 1
October 2000 (each a “Credit Support Agreement” and together with the TMC Credit Support Agreement, the “Credit
Support Agreements”). The Credit Support Agreements do not constitute a direct or

 

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indirect guarantee by the Parent or TFS
of the Notes. The Parent’s obligations under its Credit Support Agreement and the obligations of TFS under its Credit Support
Agreements, rank pari passu with its direct, unconditional, unsubordinated and unsecured debt obligations.

 

The Final Terms applicable to the Notes
are attached to or endorsed on the Notes and supplement these Terms and Conditions. References herein to the “applicable
Final Terms” shall mean the Final Terms attached to or endorsed on the Notes.

 

As used herein, “Series”
means each original issue of Notes together with any further issues expressed to form a single series with the original issue and
the terms of which (save for the Issue Date, the amount and the date of the first payment of interest thereon and/or the Issue
Price (as indicated in the applicable Final Terms)) are identical (including the Maturity Date, Interest Basis, Redemption/Payment
Basis and Interest Payment Dates (if any) and whether or not the Notes are admitted to trading) and expressions “Notes
of the relevant Series” and related expressions shall be construed accordingly. As used herein, “Tranche”
means all Notes of the same Series with the same Issue Date and Interest Commencement Date (if applicable).

 

Copies of the Agency Agreement (which contains
the form of the Final Terms), the Credit Support Agreements and (if the Notes are offered to the public in a Member State of the
European Economic Area or in the United Kingdom or admitted to trading on a regulated market within the meaning of the Prospectus
Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”) the Final Terms applicable to the Notes
are available free of charge and available for inspection at the specified offices of the Agent. If the Notes are to be admitted
to trading on the regulated market of the London Stock Exchange plc, the regulated market of the Irish Stock Exchange p.l.c. trading
as Euronext Dublin (“Euronext Dublin”) or offered to the public in a Member State of the European Economic Area
or in the United Kingdom in circumstances not within an exemption from the requirement to publish a prospectus under the Prospectus
Regulation, the applicable Final Terms will be published on the website of the London Stock Exchange plc through a regulatory news
service or, as the case may be, the website of the Euronext Dublin through a regulatory news service. Copies of the TCCI Note Agency
Agreement (if the Notes are Registered Notes issued by Toyota Credit Canada Inc.) are available free of charge and available for
inspection by the holders of Registered Notes issued by Toyota Credit Canada Inc. at the specified offices of the TCCI Registrar
and the TCCI Transfer Agent. Copies of the TMCC Note Agency Agreement (if the Notes are Registered Notes issued by Toyota Motor
Credit Corporation) are available free of charge and available for inspection by the holders of Registered Notes issued by Toyota
Motor Credit Corporation at the specified offices of the TMCC Registrar and the TMCC Transfer Agent. The holders of the Notes (the
“Noteholders”), which expression shall, in relation to any Notes represented by a global Note, be construed
as provided in Condition 1, and the holders of the Coupons (the “Couponholders”) are deemed to have notice of
the Agency Agreement and the applicable Final Terms, which are binding on them. The holders of Registered Notes issued by Toyota
Credit Canada Inc. are deemed to have notice of the TCCI Note Agency Agreement, which is binding on them and the holders of Registered
Notes issued by Toyota Motor Credit Corporation are deemed to have notice of the TMCC Note Agency Agreement, which is binding on
them.

 

Words and expressions
defined in the Agency Agreement or (if the Note is a Registered Note issued by Toyota Credit Canada Inc.) in the TCCI Note Agency
Agreement or (if the Note is a Registered Note issued by Toyota Motor Credit Corporation) in the TMCC Note Agency Agreement or
used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the context otherwise
requires or unless otherwise stated. In the event of inconsistency between the Agency Agreement, (if the Note is a Registered Note
issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (if the Note is a Registered Note issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement or the applicable Final Terms, the applicable Final Terms will prevail.

 

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		1.	Form, Denomination and Title 

 

The Notes may be issued in bearer form
(“Bearer Notes”) or, in respect of Notes issued by Toyota Credit Canada Inc. or Toyota Motor Credit Corporation,
in bearer or registered form as set out in the applicable Final Terms and, in the case of definitive Bearer Notes, serially numbered,
in the currency (“Specified Currency”) and in the denominations (“Specified Denomination(s)”),
as specified in the applicable Final Terms.

 

Bearer Notes may not be exchanged for Registered
Notes and vice versa.

 

The Note may be a Note bearing interest
on a fixed rate basis (“Fixed Rate Note”), a Note bearing interest on a floating rate basis (“Floating
Rate Note”), a Note issued on a non-interest bearing basis (“Zero Coupon Note”) or any combination
of the foregoing, depending upon the interest basis specified in the applicable Final Terms.

 

Bearer Notes in definitive form are issued
with Coupons attached, unless they are Zero Coupon Notes in which case references to interest (other than interest due after the
Maturity Date), Coupons and Couponholders in these Terms and Conditions are not applicable.

 

Subject as set out below, title to Bearer
Notes and Coupons will pass by delivery. The holder of each Coupon whether or not such Coupon is attached to a Note, in his capacity
as such, shall be subject to and bound by all the provisions contained in the relevant Note. Subject as set out below, the Issuer
and any Paying Agent may deem and treat the bearer of any Bearer Note or Coupon as the absolute owner thereof (whether or not overdue
and notwithstanding any notice to the contrary, including any notice of ownership or writing thereon or notice of any previous
loss or theft thereof) for all purposes but, in the case of any global Bearer Note, without prejudice to the provisions set out
in the next succeeding paragraph.

 

For so long as any of the Notes is represented
by a global Note, each person who is for the time being shown in the records of Euroclear Bank SA/NV (“Euroclear”)
or of Clearstream Banking S.A. (“Clearstream, Luxembourg”) or any other agreed clearing system as the holder
of a particular nominal amount of such Notes (other than a clearing agency (including Euroclear and Clearstream, Luxembourg) that
is itself an account holder of Euroclear or Clearstream, Luxembourg or any other agreed clearing system (in which regard any certificate
or other document issued by Euroclear or Clearstream, Luxembourg or any other agreed clearing system as to the nominal amount of
Notes standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error
or proven error)) shall be treated by the Issuer, the Agent and any other Paying Agent or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent as the holder of such nominal amount of such Notes for
all purposes other than with respect to the payment of principal (including premium (if any)) or interest on the Notes, for which
purpose the bearer of the relevant global Bearer Note or registered holder of the global Registered Note shall be treated by the
Issuer, the Agent and any other Paying Agent as the holder of such Notes in accordance with and subject to the terms of the relevant
global Note (and the expressions “Noteholder” and “holder of Notes” and related expressions
shall be construed accordingly). Notes which are represented by a global Note will be transferable only in accordance with the
rules and procedures for the time being of Euroclear or of Clearstream, Luxembourg, as the case may be.

 

Title to Registered Notes issued by Toyota
Credit Canada Inc. passes on due endorsement in the central register (“TCCI Register”) which Toyota Credit Canada
Inc. shall procure to be kept by the BNY Trust Company of Canada. Toyota Credit Canada Inc. shall procure a branch register to
be kept by The Bank of New York Mellon SA/NV, Luxembourg Branch in respect of Registered Notes settled or cleared in Euroclear
or Clearstream, Luxembourg. Title to Registered Notes issued by Toyota Motor Credit Corporation passes on due endorsement in the
relevant register

 

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(“TMCC Register”) which
Toyota Motor Credit Corporation shall procure to be kept by the TMCC Registrar. Subject as set out above, except as ordered by
a court of competent jurisdiction or as required by law, the registered holder of any Registered Note shall be deemed to be and
may be treated as the absolute owner of such Registered Note for all purposes, whether or not such Registered Note shall be overdue
and notwithstanding any notice of ownership, theft or loss thereof or any writing thereon made by anyone and no person shall be
liable for so treating such registered holder (and the expressions “Noteholder” and “holder of Notes”
and related expressions shall be construed accordingly).

 

Provisions relating to the transfer of
Registered Notes issued by Toyota Credit Canada Inc. are set out in the relevant Registered Note and the TCCI Note Agency Agreement.
Provisions relating to the transfer of Registered Notes issued by Toyota Motor Credit Corporation are set out in the relevant Registered
Note and the TMCC Note Agency Agreement.

 

Any reference herein to Euroclear and/or
Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Bearer Notes in new global note (“NGN”)
form or Registered Notes intended to be held in a manner which would allow Eurosystem eligibility (being the new safekeeping structure
(“NSS”) and hereinafter referred to as “held under the NSS”), be deemed to include a reference
to any additional or alternative clearing system specified in Part B of the applicable Final Terms.

 

If the Specified Currency of the Note is
a currency of one of the Member States of the European Union which has not adopted the euro, and if specified in the applicable
Final Terms, the Note shall permit redenomination and exchange (as referred to in Condition 18 below or in such other manner as
set forth in the applicable Final Terms) at the option of the Issuer.

 

		2.	Status of the Notes and the Credit Support Agreements 

 

The Notes and any relative Coupons are
direct, unconditional, unsubordinated and (subject to the provisions of Condition 3) unsecured obligations of the Issuer and rank
pari passu and rateably without any preference among themselves and (save for certain obligations required to be preferred
by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of the Issuer from time to time
outstanding. The Notes and the Coupons have the benefit of the Credit Support Agreements.

 

		3.	Negative Pledge 

 

The Notes will be subject to this Condition
3 only if this Condition 3 is specified to be applicable in the applicable Final Terms. So long as
any of the Notes remains outstanding (as defined in Condition 15) the Issuer will not create or permit to be outstanding any mortgage,
pledge, lien, security interest or other charge (each a “Security Interest”) (other than a Permitted Security
Interest (as defined below)) for the benefit of the holders of any Relevant Indebtedness (as defined below) on the whole or any
part of its property or assets, present or future, to secure any Relevant Indebtedness issued or expressly guaranteed by the Issuer
or in respect of which the Issuer has given any indemnity without in any such case at the same time according to the Notes the
same security as is granted or is outstanding in respect of such Relevant Indebtedness or such guarantee or indemnity or such other
security as shall be approved by the written consent of holders of a majority in aggregate nominal amount of the Notes then
outstanding affected thereby, or by resolution adopted by the holders of a majority in aggregate nominal amount of the Notes then
outstanding present or represented at a meeting of the holders of the Notes affected thereby at which a quorum is present, as provided
in the Agency Agreement; provided, however, that such covenant will not apply to Security Interests
securing outstanding Relevant Indebtedness which does not in the aggregate at any one time exceed 20 per cent. of Consolidated
Net Tangible Assets (as defined below) of the Issuer and its consolidated subsidiaries (if any). For the purposes of this Condition
3: 

 

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“Consolidated Net Tangible Assets”
means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom all
goodwill, trade names, trademarks, patents, unamortised debt discount and expense and other like intangibles of the Issuer and
its consolidated subsidiaries (or, where the Issuer has no consolidated subsidiaries, of the Issuer), all as set forth on the most
recent balance sheet of the Issuer and its consolidated subsidiaries (or, where the Issuer has no consolidated subsidiaries, the
most recent balance sheet of the Issuer) prepared in accordance with generally accepted accounting principles as practised in the
jurisdiction of the Issuer’s incorporation;

 

“Relevant Indebtedness”
shall mean any indebtedness in the form of or represented by bonds, notes, debentures or other securities which have a final maturity
of more than a year from the date of their creation and which are admitted to trading on one or more stock exchanges;

 

“Permitted Security Interest”
shall mean:

 

(i)       any
Security Interest arising by operation of law or any right of set-off;

 

		(ii)	any Security Interest granted by the Parent in favour of a TMC subsidiary (as defined below) (while
such beneficiary remains a TMC subsidiary) or by one TMC subsidiary in favour of another TMC subsidiary (while such beneficiary
remains a TMC subsidiary);

 

		(iii)	any Security Interest created in connection with, or pursuant to, a limited-recourse financing,
securitisation or other like arrangement where the payment obligations in respect of the indebtedness secured by the relevant Security
Interest are to be discharged from the revenues generated by assets over which such Security Interest is created (including, without
limitation, receivables),

 

and (in addition to (i), (ii) and (iii)
above) where the Issuer is Toyota Finance Australia Limited, any Security Interest provided
for by one of the following transactions if the transaction does not secure payment or performance of an obligation:

 

		(A)	a transfer of an account or chattel paper;

 

		(B)	a commercial consignment; or

 

		(C)	a PPS lease,

 

where “account”, “chattel
paper”, “commercial consignment” and “PPS lease” have the same meanings given to
them in the Personal Property Securities Act 2009 of Australia; and

 

“TMC subsidiary”
means any of the Parent’s subsidiaries consolidated in accordance with generally accepted accounting principles in the United
States.

 

		4.	Interest

 

		(a)	Interest on Fixed Rate Notes and Business Day Convention for Notes other than Floating Rate
Notes 

 

Each Fixed Rate Note bears interest from
(and including) the Interest Commencement Date which is specified in the applicable Final Terms (or the Issue Date, if no Interest
Commencement Date is separately specified) to (but excluding) the Maturity Date specified in the applicable Final Terms at the
rate(s) per annum equal to the Fixed Rate(s) of Interest so specified payable in arrear on the Interest Payment Date(s) in each
year and on the Maturity Date so specified if it does not fall on an Interest Payment Date.

 

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If the Notes are in definitive form, except
as provided in the applicable Final Terms, or if the applicable Final Terms specify that a Fixed Coupon Amount or Broken Amount(s)
shall apply in the case of Notes represented by a global Note, the amount of interest payable on each Interest Payment Date in
respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed Coupon Amount as specified in
the applicable Final Terms. Payments of interest on any Interest Payment Date will, if so specified in the applicable Final Terms,
amount to the Broken Amount(s) so specified.

 

As used in these Terms and Conditions,
“Fixed Interest Period” means the period from (and including) an Interest Payment Date (or the Interest Commencement
Date or the Issue Date, as the case may be) to (but excluding) the next (or first) Interest Payment Date or Maturity Date.

 

Unless specified otherwise in the applicable
Final Terms, the “Following Business Day Convention” will apply to the payment of all Fixed Rate Notes, meaning
that if the Interest Payment Date or Maturity Date would otherwise fall on a day which is not a Business Day (as defined in Condition
4(b)(i) below), the related payment of principal or interest will be made on the next succeeding Business Day as if made on
the date such payment was due. If the “Modified Following Business Day Convention” is specified in the applicable
Final Terms for any Fixed Rate Note, it shall mean that if the Interest Payment Date or Maturity Date would otherwise fall on a
day which is not a Business Day (as defined in Condition 4(b)(i) below), the related payment of principal or interest will be made
on the next succeeding Business Day as if made on the date such payment was due unless it would thereby fall into the next calendar
month in which event the full amount of payment shall be made on the immediately preceding Business Day as if made on the day such
payment was due. Unless specified otherwise in the applicable Final Terms, the amount of interest due shall not be changed if payment
is made on a day other than an Interest Payment Date or the Maturity Date as a result of the application of a Business Day Convention
specified above or other Business Day Convention specified in the applicable Final Terms.

 

Except in the case of (i) Notes in definitive
form where a Fixed Coupon Amount or a Broken Amount is specified in the applicable Final Terms or (ii) Notes represented by a global
Note where the applicable Final Terms specify that a Fixed Coupon Amount or Broken Amount(s) shall apply, interest shall be calculated
in respect of any period (including any period ending other than on an Interest Payment Date (which for this purpose shall not
include a period where a payment is made on a day other than an Interest Payment Date or the Maturity Date as a result of the application
of a Business Day Convention as provided in the immediately preceding paragraph, unless specified otherwise in the applicable Final
Terms)) by applying the Fixed Rate of Interest to:

 

		(A)	in the case of Fixed Rate Notes which are represented by a global Note, the aggregate outstanding
nominal amount of the Fixed Rate Notes represented by such global Note; or

 

		(B)	in the case of Fixed Rate Notes in definitive form, the Calculation Amount,

 

and, in each case, multiplying such sum
by the applicable Fixed Day Count Fraction or Day Count Fraction as specified in the applicable Final Terms, and rounding the resultant
figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise
in accordance with applicable market convention. Where the Specified Denomination of a Fixed Rate Note in definitive form is a
multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall be the product of the
amount (determined in the manner provided above) for the Calculation Amount and the amount by which the Calculation Amount is multiplied
to reach the Specified Denomination, without any further rounding.

 

In these Terms and Conditions, “Fixed
Day Count Fraction” means:

 

		(i)	if “Actual/Actual (ICMA)” is specified in the applicable Final Terms:

 

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		(A)	in the case of Notes where the number of days in the relevant period from (and including) the most
recent Interest Payment Date (or, if none, the Interest Commencement Date or Issue Date, as applicable) to (but excluding) the
relevant payment date (the “Accrual Period”) is equal to or shorter than the Determination Period (as defined
below) during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of (1) the number
of days in such Determination Period and (2) the number of Determination Dates (as specified in the applicable Final Terms) that
would occur in one calendar year assuming interest was to be payable in respect of the whole of that year; or

 

		(B)	in the case of Notes where the Accrual Period is longer than the Determination
Period during which the Accrual Period ends, the sum of:

 

		(1)	the number of days in such Accrual Period falling in the Determination
Period in which the Accrual Period begins divided by the product of (x) the number of days
in such Determination Period and (y) the number of Determination Dates (as specified in the applicable Final Terms) that would
occur in one calendar year assuming interest was to be payable in respect of the whole of that year; and 

 

		(2)	the number of days in such Accrual Period falling in the next Determination Period divided by the
product of (x) the number of days in such Determination Period and (y) the number of Determination Dates (as specified in the applicable
Final Terms) that would occur in one calendar year assuming interest was to be payable in respect of the whole of that year;

 

		(ii)	if “Actual/Actual (ISDA)” is specified in the applicable Final Terms, the actual
number of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement
Date or Issue Date, as applicable) to (but excluding) the next scheduled Interest Payment Date divided by 365 (or, if any portion
of that period falls in a leap year, the sum of (x) the actual number of days in that portion of the period falling in a leap
year divided by 366; and (y) the actual number of days in that portion of the period falling in a non-leap year divided by
365);

 

		(iii)	if “30/360” is specified in the applicable Final
Terms, the number of days in the relevant period from (and including) the most recent Interest
Payment Date (or, if none, the Interest Commencement Date or Issue Date, as applicable) to (but excluding) the next scheduled Interest
Payment Date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months) divided by 360 and,
in the case of an incomplete month, the number of days elapsed; 

 

		(iv)	if “Actual/360” is specified in the applicable Final Terms, the actual number
of days in the relevant period from (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement
Date or Issue Date, as applicable) to (but excluding) the next scheduled Interest Payment Date divided by 360;

 

		(v)	if “Actual/Actual Canadian Compound Method” is specified in the applicable Final
Terms, whenever it is necessary to compute any amount of accrued interest in respect of the Notes for a period of less than one
full year, other than in respect of any Fixed Coupon Amount or Broken Amount, such interest will be calculated on the basis of
the actual number of days in the period and a year of 365 days; and

 

		(vi)	if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual
number of days in the Fixed Interest Period divided by 365.

 

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In these Terms and Conditions:

 

“Determination Period”
means the period from (and including) a Determination Date (as specified in the applicable Final Terms) to (but excluding) the
next Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date is not a Determination
Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date falling after,
such date); and

 

“sub-unit” means, with
respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of
such currency and, with respect to euro, means one cent.

 

		(b)	Interest on Floating Rate Notes 

 

(i)       Interest
Payment Dates

 

Each Floating Rate Note bears interest
from (and including) the Interest Commencement Date specified in the applicable Final Terms (or the Issue Date, if no Interest
Commencement Date is separately specified) and, unless specified otherwise in the applicable Final Terms, at the rate equal to
the Rate of Interest payable in arrear on the Maturity Date and on either: (1) the Specified Interest Payment Date(s) (each, together
with the Maturity Date, an “Interest Payment Date”) in each year specified in the applicable Final Terms; or
(2) if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each such date, together
with the Maturity Date, an “Interest Payment Date”) which falls the number of months or other period specified
as the Specified Period in the applicable Final Terms after the preceding Interest Payment Date or, in the case of the first Interest
Payment Date, after the Interest Commencement Date or Issue Date, as applicable. Such interest will be payable in respect of each
Interest Period. As used in these Terms and Conditions, “Interest Period” means the period from (and including)
an Interest Payment Date (or the Interest Commencement Date or Issue Date, as applicable) to (but excluding) the next (or first)
Interest Payment Date.

 

If a Business Day Convention is specified
in the applicable Final Terms and (x) if there is no numerically corresponding day in the calendar month in which an Interest Payment
Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is not a Business Day (as defined below),
then, if the Business Day Convention specified is:

 

		(A)	in any case where Specified Periods are specified in accordance with Condition 4(b)(i)(2) above,
the Floating Rate Convention, such Interest Payment Date (i) in the case of (x) above, shall be the last day that is a Business
Day in the relevant month and the provisions of (2) below in this sub-paragraph (A) shall apply mutatis mutandis or (ii)
in the case of (y) above, shall be postponed to the next day which is a Business Day unless it would thereby fall into the next
calendar month, in which event (1) such Interest Payment Date shall be brought forward to the immediately preceding Business Day
and (2) each subsequent Interest Payment Date shall be the last Business Day in the month which falls in the Specified Period after
the preceding applicable Interest Payment Date occurred; or

 

		(B)	the Following Business Day Convention, such Interest Payment Date shall be postponed to the next
day which is a Business Day; or

 

		(C)	the Modified Following Business Day Convention, such Interest Payment
Date shall be postponed to the next day which is a Business Day unless it would thereby fall
into the next calendar month, in which event such Interest Payment Date shall be brought forward to the immediately preceding Business
Day; or 

 

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		(D)	the Preceding Business Day Convention, such Interest Payment Date
shall be brought forward to the immediately preceding Business Day. 

 

In these Terms and Conditions,
“Business Day” means (unless otherwise stated in the applicable Final Terms) a day which is both:

 

		(1)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London and any other Additional Business Centre
specified in the applicable Final Terms; and

 

		(2)	(i) in relation to any sum payable in a Specified Currency other than euro and Renminbi, a day
on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in
foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency
(which, if the Specified Currency is Australian dollars or New Zealand dollars, shall be Sydney or Auckland, respectively), (ii)
in relation to any sum payable in euro, a day on which the TARGET2 System is open or (iii) in relation to any sum payable in Renminbi,
a day on which commercial banks and foreign exchange markets are open for business and settlement of Renminbi payments in Hong
Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms. Unless otherwise provided in the applicable
Final Terms, the principal financial centre of any country for the purpose of these Terms and Conditions shall be as provided in
the 2006 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc.) as supplemented, amended
and updated as of the first Issue Date of the Notes of the relevant Series (the “ISDA Definitions”) (except
if the Specified Currency is Australian dollars or New Zealand dollars the principal financial centre shall be Sydney or Auckland,
respectively). In these Terms and Conditions, “TARGET2 System” means the Trans-European Automated Real-Time
Gross Settlement Express Transfer (TARGET2) System or any successor thereto.

 

(ii)       Rate
of Interest 

 

The Rate of Interest payable from time
to time in respect of the Floating Rate Notes will be determined in the manner specified in the applicable Final Terms.

 

Unless otherwise stated in the applicable
Final Terms, the Minimum Rate of Interest shall be deemed to be zero.

 

(iii)       ISDA
Determination

 

(A)       Where
ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined,
the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final
Terms) the Margin (if any) as determined by the Agent (or such other Calculation Agent specified in the applicable Final Terms).
For the purposes of this Condition 4(b)(iii) unless specified otherwise in the applicable Final Terms, “ISDA Rate plus
or minus (as indicated in the applicable Final Terms) the Margin (if any)” for an Interest Period means a rate equal
to the Floating Rate that would be determined under an interest rate swap transaction under the terms of an agreement (regardless
of any event of default or termination event thereunder) incorporating the ISDA Definitions with the holder of the relevant Note
and under which:

 

		(1)	the manner in which the Rate of Interest is to be determined is the “Floating Rate Option”
as specified in the applicable Final Terms;

 

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		(2)	the Issuer is the “Floating
Rate Payer”;

 

		(3)	the Agent or other person specified
in the applicable Final Terms is the “Calculation Agent”;

 

		(4)	the Interest Commencement Date
is the “Effective Date”;

 

		(5)	the Aggregate Nominal Amount of
Notes is the “Notional Amount”;

 

		(6)	the relevant Interest Period is
the “Designated Maturity” as specified in the applicable Final Terms; 

 

		(7)	the Interest Payment Dates are
the “Floating Rate Payer Payment Dates”;

 

		(8)	the Margin is the “Spread”;
and

 

		(9)	the relevant Reset Date is the day specified in the applicable Final Terms.

 

(B)       When
Condition 4(b)(iii)(A) applies, unless specified otherwise in the applicable Final Terms with respect to each relevant Interest
Payment Date:

 

		(1)	the amount of interest determined
for such Interest Payment Date shall be the Interest Amount for the relevant Interest Period for the purposes of these Terms and
Conditions as though calculated under Condition 4(b)(vi) below; and

 

		(2)	(i) “Floating Rate”, “Floating Rate
Option”, “Floating Rate Payer”, “Effective Date”, “Notional Amount”,
“Floating Rate Payer Payment Dates”, “Spread”, “Calculation Agent”, “Designated
Maturity” and “Reset Date” have the meanings given to those terms in the ISDA Definitions; and (ii)
“Euro-zone” means the region comprised of Member States of the European
Union that adopt the single currency in accordance with the Treaty on the Functioning of the European Union, as amended.

 

		(iv)	Screen Rate Determination 

 

Where Screen Rate Determination is specified
in the applicable Final Terms as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest
Period will, subject as provided below and subject to Condition 4(c), be either:

 

		(x)	the rate or offered quotation (if there is only one rate or
offered quotation on the Relevant Screen Page); or

 

		(y)	the arithmetic mean (rounded, if necessary, to the fifth decimal
place with 0.000005 being rounded upwards) of the rates or offered quotations,

 

(expressed as a percentage rate per annum),
for the Reference Rate (as specified in the applicable Final Terms) for deposits in the Specified Currency for that Interest Period
which appears or appear, as the case may be, on the Relevant Screen Page (or such replacement page on that service which displays
the information) (as specified in the applicable Final Terms) as at the Specified Time (as specified in the applicable Final Terms)
on the Interest Determination Date (as defined below) in question plus or minus (as specified in the applicable Final Terms) the
Margin (if any), all as determined by the Agent (or such other Calculation Agent specified in the applicable Final Terms). Unless
specified otherwise in the applicable Final Terms, if, in the case of (y) above, five or more of such rates or offered quotations
are available on the Relevant Screen Page, the highest (or, if there is more than one such highest rate or offered quotation, one
only of such rates or offered quotations) and the lowest (or, if there is more than one such lowest rate or offered quotation,
one only of such rates or offered quotations) shall be disregarded by the Agent (or such

 

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other Calculation Agent specified in the
applicable Final Terms) for the purpose of determining the arithmetic mean (rounded as provided above) of such rates or offered
quotations. In addition:

 

(A)       if,
in the case of (x) above, no such rate or offered quotation appears or, in the case of (y) above, fewer than two of such
rates or offered quotations appear at such time or if the offered rate or rates which appears or appear, as the case may be, as
at such time do not apply to a period of a duration equal to the relevant Interest Period, the Rate of Interest for such Interest
Period shall, subject as provided below and except as otherwise indicated in the applicable Final Terms, be the arithmetic mean
(rounded, if necessary, to the fifth decimal place with 0.000005 being rounded upwards) of the bid rates or offered quotations
(expressed as a percentage rate per annum), of which the Agent (or such other Calculation Agent specified in the applicable Final
Terms) is advised by or as is accepted by all Reference Banks (as defined below) as at the Specified Time on the Interest Determination
Date for a period of the Interest Period and in an amount that is representative for a single transaction in the relevant market
at the relevant time, if applicable, plus or minus (as specified in the applicable Final Terms) the Margin (if any), all as determined
by the Agent (or such other Calculation Agent specified in the applicable Final Terms);

 

(B)       if
on any Interest Determination Date to which Condition 4(b)(iv)(A) applies two or three only of the Reference Banks advise the Agent
(or such other Calculation Agent specified in the applicable Final Terms) of such bid rates or offered quotations, the Rate of
Interest for the next Interest Period shall, subject as provided below, be determined as in Condition 4(b)(iv)(A) on the basis
of the rates or offered quotations of those Reference Banks advising or accepting such bid rates or offered quotations;

 

(C)       if
on any Interest Determination Date to which Condition 4(b)(iv)(A) applies one only or none of the Reference Banks advises the Agent
(or such other Calculation Agent specified in the applicable Final Terms) of such rates or offered quotations, the Rate of Interest
for the next Interest Period shall, subject as provided below and except as otherwise indicated in the applicable Final Terms,
be whichever is the higher of:

 

		(1)	the Rate of Interest in effect for the last preceding Interest
Period to which Condition 4(b)(iv)(A) shall have applied (plus or minus (as specified in the applicable Final Terms), where
a different Margin is to be applied to the next Interest Period than that which applied to the last preceding Interest Period,
the Margin relating to the next Interest Period in place of the Margin relating to the last preceding Interest Period); or

 

		(2)	the reserve interest rate (the “Reserve Interest Rate”)
which shall be the rate per annum which the Agent (or such other Calculation Agent specified in the applicable Final Terms) determines
to be either:

 

		(x)	the arithmetic mean (rounded, if necessary, to the fifth decimal place with 0.000005 being rounded
upwards) of the lending rates for the Specified Currency which banks selected by the Agent (or such other Calculation Agent specified
in the applicable Final Terms) in the principal financial centre of the country of the Specified Currency (which, if Australian
dollars, shall be Sydney, if New Zealand dollars, shall be Auckland and if euro, shall be London, unless specified otherwise in
the applicable Final Terms) are quoting on the relevant Interest Determination Date for the next Interest Period to the Reference
Banks or those of them (being at least two in number) to which such quotations are, in the opinion of the Agent (or such other
Calculation Agent specified in the applicable Final Terms), being so made plus or minus (as specified in the applicable Final Terms)
the Margin (if any); or

 

		(y)	in the event that the Agent (or such other Calculation Agent specified in the applicable Final
Terms) can determine no such arithmetic mean (in accordance

 

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with (x) above), the lowest
lending rate for the Specified Currency which banks selected by the Agent (or such other Calculation Agent specified in the applicable
Final Terms) in the principal financial centre of the country of the Specified Currency (which, if Australian dollars, shall be
Sydney, if New Zealand dollars, shall be Auckland and if euro, shall be London, unless specified otherwise in the applicable Final
Terms) are quoting on such Interest Determination Date to leading European banks for the next Interest Period plus or minus (as
specified in the applicable Final Terms) the Margin (if any), provided that if the banks selected as aforesaid by the Agent (or
such other Calculation Agent specified in the applicable Final Terms) are not quoting as mentioned above, the Rate of Interest
shall be the Rate of Interest specified in (1) above;

 

(D)       the
expression “Reference Rate” means LIBOR, EURIBOR or CAD-BA-CDOR as specified in the Final Terms and the expression
“Relevant Screen Page” means such page, whatever its designation, on which the Reference Rate that is for the
time being displayed on the Reuters Monitor Money Rates Service or Dow Jones Market Limited or other such service, as specified
in the applicable Final Terms;

 

(E)       “Reference
Banks” means, in the case where the Reference Rate is LIBOR, the principal London office of four major banks in the London
inter-bank market; in the case where the Reference Rate is EURIBOR, the principal Euro-zone office of four major banks in the Euro-zone
inter-bank market; and in the case where the Reference Rate is CAD-BA-CDOR, the principal Toronto office of four major Canadian
chartered banks listed in Schedule I to the Bank Act (Canada);

 

(F)       the
expression “Interest Determination Date” means, unless otherwise specified in the applicable Final Terms, (x) other
than in the case of Condition 4(b)(iv)(A), with respect to Notes denominated in any Specified Currency other than Sterling,
Canadian dollars or euro, the second Banking Day in London prior to the commencement of the relevant Interest Period and, in the
case of Condition 4(b)(iv)(A), the second Banking Day in the principal financial centre of the country of the Specified Currency
(which, if Australian dollars, shall be Sydney, if New Zealand dollars, shall be Auckland and if euro, shall be London) prior to
the commencement of the relevant Interest Period; (y) with respect to Notes denominated in Sterling or Canadian dollars the
first Banking Day in the principal financial centre of the country of the Specified Currency of the relevant Interest Period; and
(z) with respect to Notes denominated in euro, the second day on which the TARGET2 system is open prior to the commencement
of the relevant Interest Period; and

 

(G)       the
expression “Banking Day” means, in respect of any place, any day on which commercial banks are open for general
business (including dealings in foreign exchange and foreign currency deposits) in that place or, as the case may be, as indicated
in the applicable Final Terms.

 

		(v)	Minimum Rate of Interest and/or Maximum Rate of Interest 

 

If the applicable Final Terms specifies
a Minimum Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest Amount
for such Interest Period be less than such Minimum Rate of Interest/Interest Amount. If the applicable Final Terms specifies a
Maximum Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest Amount for
such Interest Period be greater than such Maximum Rate of Interest/Interest Amount.

 

		(vi)	Determination of Rate of Interest and Calculation of Interest Amounts 

 

The Agent (or, if the Agent is not the
Calculation Agent, the Calculation Agent specified in the applicable Final Terms) will, on or as soon as practicable after each
time at which the Rate of Interest is to be determined, determine the Rate of Interest (subject to any Minimum or Maximum Rate
of Interest/Interest Amount specified in the applicable Final Terms) and calculate the amount

 

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of interest (the “Interest Amount”)
payable on the Floating Rate Notes for the relevant Interest Period, by applying the Rate of Interest to:

 

		(A)	subject to paragraph (C) below, in the case of Floating Rate Notes which are represented by a global
Note, the aggregate outstanding nominal amount of the Notes represented by such global Note;

 

		(B)	in the case of Floating Rate Notes in definitive form, the Calculation Amount; or

 

		(C)	in the case of Floating Rate Notes which are represented by a global Note and the applicable Final
Terms indicates that the Rate of Interest shall be applied to the Calculation Amount, the Calculation Amount,

 

and, in each case, multiplying such sum
by the applicable Day Count Fraction, as specified in the applicable Final Terms, and rounding the resultant figure to the nearest
sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable
market convention or as specified in the applicable Final Terms. Where the Specified Denomination of a Floating Rate Note in the
case of paragraph (B) or (C) above is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Floating
Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount
by which the Calculation Amount is multiplied to reach the Specified Denomination, without further rounding.

 

“Day Count Fraction”
means in respect of the calculation of an amount of interest for any Interest Period:

 

		(A)	if “Actual/Actual (ISDA)” or “Actual/Actual”
is specified in the applicable Final Terms, the actual number of days in the Interest Period divided by 365 (or, if any portion
of that Interest Period falls in a leap year, the sum of (A) the actual number of days in that
portion of the Interest Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Interest
Period falling in a non-leap year divided by 365); 

 

		(B)	if “Actual/365 (Fixed)” is specified in the applicable Final Terms, the actual
number of days in the Interest Period divided by 365;

 

		(C)	if “Actual/360” is specified in the applicable Final Terms, the actual number
of days in the Interest Period divided by 360;

 

		(D)	if “30/360”, “360/360” or “Bond Basis” is specified
in the applicable Final Terms, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

	Day Count Fraction = 	
	 	 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

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“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number is 31, in which case D1
will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number
would be 31 and D1 is greater than 29, in which case D2 will be 30;

 

		(E)	if “30E/360” or “Eurobond Basis” is specified in the applicable
Final Terms, the number of days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

	Day Count Fraction =	 
	 	 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1
will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number
would be 31, in which case D2 will be 30;

 

		(F)	if “30E/360 (ISDA)” is specified in the applicable Final Terms, the number of
days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

	Day Count Fraction =	 
	 	 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

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“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless (i) that day is the last day of February or (ii)
such number would be 31, in which case D1 will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (i) that
day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be
30; and

 

		(G)	if “Actual/365 (Sterling)” is specified in the applicable Final Terms, the number
of days in the Interest Period divided by 365 or, in the case of an Interest Payment Date falling in a leap year, 366.

 

		(vii)	Linear Interpolation

 

Where Linear Interpolation is specified
as applicable in respect of an Interest Period or Specified Period in the applicable Final Terms, the Rate of Interest for such
Interest Period or Specified Period shall be calculated by the Agent (or if the Agent is not the Calculation Agent, the Calculation
Agent specified in the applicable Final Terms) by straight line linear interpolation by reference to two rates based on the relevant
Reference Rate (where Screen Rate Determination is specified as applicable in the applicable Final Terms) or the relevant Floating
Rate Option (where ISDA Determination is specified as applicable in the applicable Final Terms), one of which shall be determined
as if the Designated Maturity (as defined below) were the period of time for which rates are available next shorter than the length
of the relevant Interest Period or Specified Period and the other of which shall be determined as if the Designated Maturity were
the period of time for which rates are available next longer than the length of the relevant Interest Period or Specified Period,
provided however, that if there is no rate available for a period of time next shorter or, as the case may be, next longer, then
the Agent (or if the Agent is not the Calculation Agent, the Calculation Agent specified in the applicable Final Terms) shall determine
such rate at such time and by reference to such sources as the Issuer shall determine as appropriate for such purposes. For the
purposes of this Condition 4(b)(vii), the expression “Designated Maturity” means, in relation to Screen Rate
Determination, the period of time designated in the Reference Rate.

 

		(viii)	Notification of Rate of Interest and Interest Amount

 

The Agent will cause the Rate of Interest
and each Interest Amount for each Interest Period or Specified Period and the relevant Interest Payment Date to be notified to
the Issuer, the TCCI Registrar and the TCCI Transfer Agent (in the case of Registered Notes issued by Toyota Credit Canada Inc.),
the TMCC Registrar and the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota Motor Credit Corporation) and
any stock exchange or other relevant authority on which the relevant Floating Rate Notes are for the time being admitted to trading
and listed and will cause notice of the same to be published or given in accordance with Condition 16 as soon as possible after
their determination but in no event later than the fourth London Business Day after their determination. Each Interest Amount and
Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment)
without publication as aforesaid or prior notice in the event of an extension or shortening of the Interest Period or Specified
Period in accordance with the provisions hereof. Any such

 

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amendment will promptly be notified to
each stock exchange or other relevant authority on which the relevant Floating Rate Notes are for the time being admitted to trading
and listed. For the purposes of this Condition 4(b)(viii), the expression “London Business Day” means a day
(other than a Saturday or Sunday) on which banks and foreign exchange markets are open for general business in London.

 

		(ix)	Certificates to be Final 

 

All certificates, communications, opinions,
determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of
this Condition 4(b), whether by the Agent or other Calculation Agent, shall (in the absence of wilful default, bad faith, manifest
error or proven error) be binding on the Issuer, the Agent, the Calculation Agent, any other Paying Agent and all Noteholders and
Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and TCCI Transfer Agent
and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and TMCC Transfer Agent and
(in the absence of wilful default or bad faith) no liability to the Issuer, the Noteholders or the Couponholders shall attach to
the Agent or the Calculation Agent in connection with the exercise or non-exercise by either of them of their powers, duties and
discretions pursuant to such provisions.

 

		(c)	Benchmark Discontinuation

 

Notwithstanding the provisions in Condition
4(b) above, if the Issuer determines that a Benchmark Event has occurred in relation to an Original Reference Rate when any Rate
of Interest (or any component part thereof) remains to be determined by reference to that Original Reference Rate, then the following
provisions of this Condition 4(c) shall apply.

 

		(i)	Successor Rate or Alternative Rate

 

If there is a Successor Rate, then the
Issuer shall promptly notify the Agent (or such other Calculation Agent specified in the applicable Final Terms) and, in accordance
with Condition 16, the Noteholders of such Successor Rate and that Successor Rate shall (subject to adjustment as provided in Condition
4(c)(ii)) subsequently be used by the Agent (or such other Calculation Agent specified in the applicable Final Terms) in place
of the Original Reference Rate to determine the relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all
relevant future payments of interest on the Notes (subject to the further operation of this Condition 4(c)).

 

If there is
no Successor Rate but the Issuer, acting in good faith, in a commercially reasonable manner and by reference
to such sources as it deems appropriate, which may include consultation with an Independent Adviser, determines that there is an
Alternative Rate, then the Issuer shall promptly notify the Agent (or such other Calculation Agent specified in the applicable
Final Terms) and, in accordance with Condition 16, the Noteholders of such Alternative Rate and that Alternative Rate shall (subject
to adjustment as provided in Condition 4(c)(ii)) subsequently be used in place of the Original Reference Rate to determine the
relevant Rate(s) of Interest (or the relevant component part(s) thereof) for all relevant future payments of interest on the Notes
(subject to the further operation of this Condition 4(c)).

 

		(ii)	Adjustment Spread

 

If, in the case of a Successor Rate, an
Adjustment Spread is formally recommended or proposed in relation to the replacement of the Original Reference Rate with the Successor
Rate by any Relevant Nominating Body, then the Issuer shall promptly notify the Agent (or such other Calculation Agent specified
in the applicable Final Terms) and, in accordance with Condition 16, the Noteholders of such Adjustment Spread and the Agent (or
such other Calculation Agent specified in the applicable Final Terms) shall apply such Adjustment Spread to the Successor Rate
for each subsequent determination of a relevant Rate of Interest (or a component part thereof) by reference to such Successor Rate.

 

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If, in the case of a Successor
Rate where no such Adjustment Spread is formally recommended or proposed by any Relevant Nominating Body, or in the case of an
Alternative Rate, the Issuer, acting in good faith, in a commercially reasonable manner and by reference to such sources as it
deems appropriate, which may include consultation with an Independent Adviser, determines that there is an Adjustment Spread in
customary market usage in the international debt capital markets for transactions which reference the Original Reference Rate,
where such rate has been replaced by the Successor Rate or the Alternative Rate (as the case may be), then the Issuer shall promptly
notify the Agent (or such other Calculation Agent specified in the applicable Final Terms) and, in accordance with Condition 16,
the Noteholders of such Adjustment Spread and the Agent (or such other Calculation Agent specified in the applicable Final Terms)
shall apply such Adjustment Spread to the Successor Rate and the Alternative Rate (as the case may be) for each subsequent determination
of a relevant Rate of Interest (or a component part thereof) by reference to such Successor Rate or Alternative Rate (as applicable).

 

If no such
recommendation or option has been made (or made available) by any Relevant Nominating Body, or the Issuer so determines that there
is no such Adjustment Spread in customary market usage in the international debt capital markets and the Issuer further
determines, acting in good faith, in a commercially reasonable manner and following consultation with
an Independent Adviser, that an Adjustment Spread is required to be applied to the Successor Rate or the Alternative Rate (as the
case may be), then the Adjustment Spread shall be:

 

		(A)	the Adjustment Spread determined by the Issuer, acting in good faith, in a commercially reasonable
manner and following consultation with an Independent Adviser, as being the Adjustment Spread recognised or acknowledged as being
the industry standard for over-the-counter derivative transactions which reference the Original Reference Rate, where such rate
has been replaced by the Successor Rate or the Alternative Rate (as the case may be); or

 

		(B)	if there is no such industry standard recognised or acknowledged, such Adjustment Spread as the
Issuer, acting in good faith, in a commercially reasonable manner and following consultation with an Independent Adviser, determines
to be appropriate, having regard to the objective, so far as is reasonably practicable in the circumstances, of reducing or eliminating
any economic prejudice or benefit (as the case may be) to Noteholders as a result of the replacement of the Original Reference
Rate with the Successor Rate or the Alternative Rate (as the case may be).

 

Following
any such determination of the Adjustment Spread, the Issuer shall promptly notify the Agent (or such other Calculation Agent specified
in the applicable Final Terms) and, in accordance with Condition 16, the Noteholders of such Adjustment Spread and
the Agent (or such other Calculation Agent specified in the applicable Final Terms) shall apply such Adjustment Spread to the Successor
Rate or the Alternative Rate (as the case may be) for each subsequent determination of a relevant Rate of Interest (or a component
part thereof) by reference to such Successor Rate or Alternative Rate (as applicable).

 

		(iii)	Benchmark Amendments

 

If any Successor Rate, Alternative Rate
or Adjustment Spread is determined in accordance with this Condition 4(c) and the Issuer, acting in good faith, in a commercially
reasonable manner and by reference to such sources as it deems appropriate, which may include consultation with an Independent
Adviser, determines in its discretion (A) that amendments to these Terms and Conditions and/or the Agency Agreement are necessary
to ensure the proper operation of such Successor Rate, Alternative Rate and/or Adjustment Spread (such amendments, the “Benchmark
Amendments”) and (B) the terms of the Benchmark Amendments, then the Issuer shall, subject to the Issuer having to give
notice thereof to the Noteholders in accordance with Condition 16, without any requirement for the consent or approval of Noteholders,
modify these Terms and Conditions and/or the Agency Agreement to give effect to such Benchmark Amendments with effect from the
date specified in such notice.

 

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In connection
with any such modifications in accordance with this Condition 4(c)(iii), the Issuer shall comply
with the rules of any stock exchange on which the Notes are for the time being listed or admitted to trading.

 

Any Benchmark
Amendments determined under this Condition 4(c)(iii) shall be notified promptly by the Issuer
to the Agent (or such other Calculation Agent specified in the applicable Final Terms) and, in accordance with Condition 16, the
Noteholders. Such notice shall be irrevocable and shall specify the effective date of such Benchmark Amendments.

 

		(iv)	Independent Adviser

 

In the event the Issuer is to consult with
an Independent Adviser in connection with any determination to be made by the Issuer pursuant to this Condition 4(c), the Issuer
shall use its reasonable endeavours to appoint an Independent Adviser, as soon as reasonably practicable, for the purposes of any
such consultation.

 

An Independent
Adviser appointed pursuant to this Condition 4(c) shall act in good faith, in a commercially reasonable manner
and (in the absence of fraud or wilful default) shall have no liability whatsoever to the Issuer or the Noteholders for any determination
made by it or for any advice given to the Issuer in connection with any determination made by the Issuer pursuant to this Condition
4(c) or otherwise in connection with the Notes.

 

If the Issuer
consults with an Independent Adviser as to whether there is an Alternative Rate and/or any Adjustment Spread is required to be
applied and/or in relation to the quantum of, or any formula or methodology for determining such
Adjustment Spread and/or whether any Benchmark Amendments are necessary and/or in relation to the terms of any such Benchmark Amendments,
a written determination of that Independent Adviser in respect thereof shall be conclusive and binding on all parties, save in
the case of manifest error, and (in the absence of fraud or wilful default) the Issuer shall have no liability whatsoever to the
Noteholders in respect of anything done, or omitted to be done, in relation to that matter in accordance with any such written
determination.

 

No Independent
Adviser appointed in connection with the Notes (acting in such capacity), shall have any relationship
of agency or trust with the Noteholders.

 

		(v)	Survival of Original Reference Rate Provisions

 

Without prejudice to the obligations of
the Issuer under this Condition 4(c), the Original Reference Rate and the fallback provisions provided for in Conditions 4(b),
the Agency Agreement and the applicable Final Terms will continue to apply unless and until the Issuer has determined the Successor
Rate or the Alternative Rate (as the case may be), and any Adjustment Spread and Benchmark Amendments, in accordance with the relevant
provisions of this Condition 4(c).

 

		(vi)	Definitions

 

In this Condition 4(c):

 

“Adjustment Spread”
means either a spread, or the formula or methodology for calculating a spread and the spread resulting from such calculation, which
spread may in either case be positive or negative and is to be applied to the Successor Rate or the Alternative Rate (as the case
may be) where the Original Reference Rate is replaced with the Successor Rate or the Alternative Rate (as the case may be);

 

“Alternative
Rate” means an alternative benchmark or screen rate which the Issuer determines in accordance with this Condition
4(c) is used in place of the Original Reference Rate in customary market usage in the international
debt capital markets for the purposes of determining rates of interest (or the relevant component part thereof) for a commensurate
interest period and in the same Specified Currency as the Notes;

 

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“Benchmark
Event” means:

 

		(A)	the Original Reference Rate ceasing to be published for at least five Business Days or ceasing
to exist or be administered;

 

		(B)	the later of (i) the making of a public statement by the administrator of the Original Reference
Rate that it will, by a specified date, cease publishing the Original Reference Rate permanently or indefinitely (in circumstances
where no successor administrator has been appointed that will continue publication of the Original Reference Rate) and (ii) the
date falling six months prior to such specified date;

 

		(C)	the making of a public statement by the supervisor of the administrator of the Original Reference
Rate that the Original Reference Rate has been permanently or indefinitely discontinued or is prohibited from being used or is
no longer representative or will no longer be representative, or that its use is subject to restrictions or adverse consequences
or, where such discontinuation, prohibition, restrictions or adverse consequences are to apply from a specified date after the
making of any public statement to such effect, the later of the date of the making of such public statement and the date falling
six months prior to such specified date; or

 

		(D)	it has or will prior to the next Interest Determination Date become unlawful for the Agent, any
Calculation Agent, any Paying Agent or the Issuer to determine any Rate of Interest and/or calculate any Interest Amount using
the Original Reference Rate (including, without limitation, under Regulation (EU) No. 2016/1011, if applicable);

 

“Independent
Adviser” means an independent financial institution of international repute or other independent adviser of recognised
standing with appropriate expertise appointed by the Issuer at its own expense;

 

“Original Reference
Rate” means the benchmark or screen rate (as applicable) originally specified in the applicable Final Terms for the purposes
of determining the relevant Rate of Interest (or a component part thereof) in respect of the Notes (provided that if, following
one or more Benchmark Events, such originally specified Reference Rate (or any Successor Rate or Alternative Rate which has replaced
it) has been replaced by a (or a further) Successor Rate or Alternative Rate and a Benchmark Event subsequently occurs in respect
of such Successor Rate or Alternative Rate, the term “Original Reference Rate” shall include any such Successor
Rate or Alternative Rate);

 

“Relevant Nominating
Body” means, in respect of a benchmark or screen rate (as applicable):

 

		(A)	the central bank for the currency to which the benchmark or screen rate (as applicable) relates,
or any central bank or other supervisory authority which is responsible for supervising the administrator of the benchmark or screen
rate (as applicable); or

 

		(B)	any working group or committee sponsored by, chaired or co-chaired by or constituted at the request
of (A) the central bank for the currency to which the benchmark or screen rate (as applicable) relates, (B) any central bank or
other supervisory authority which is responsible for supervising the administrator of the benchmark or screen rate (as applicable),
(C) a group of the aforementioned central banks or other supervisory authorities, or (D) the Financial Stability Board or any part
thereof; and

 

“Successor
Rate” means a successor to or replacement of the Original Reference Rate which is formally recommended by any Relevant
Nominating Body.

 

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		(d)	Zero Coupon Notes 

 

When a Zero Coupon Note becomes due and
repayable prior to the Maturity Date and is not paid when due, the amount due and repayable shall be the Amortised Face Amount
of such Note as determined in accordance with Condition 6(i)(iii). As from the Maturity Date, any overdue principal of such Note
shall bear interest at a rate per annum equal to the Accrual Yield set forth in the applicable Final Terms.

 

		(e)	Accrual of Interest 

 

Each Note (or in the case of the redemption
of part only of a Note, that part only of such Note to be redeemed) will cease to bear interest (if any) from the date of its redemption
unless payment of principal is improperly withheld or refused. In such event, interest will continue to accrue at the rate of interest
then applicable or at such other rate as may be specified in the applicable Final Terms until whichever is the earlier of (i) the
day on which all sums due in respect of such Note up to that day are received by or on behalf of the holder of such Note; and (ii) the
day on which the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or the TCCI
Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or the TMCC Transfer
Agent has notified the holder thereof (either in accordance with Condition 16 or individually) of receipt of all sums due in respect
thereof up to that date.

 

		5.	Payments 

 

		(a)	Method of Payment 

 

Subject as provided below:

 

		(i)	payments in a Specified Currency other than euro, U.S. dollars or Renminbi, will be made by credit
or transfer to an account in the relevant Specified Currency (which, in the case of a payment in Japanese Yen to a non-resident
of Japan, shall be a non-resident account) maintained by the payee with, or at the option of the payee by a cheque in such Specified
Currency drawn on, a bank in the principal financial centre of the country of such Specified Currency (which, if the Specified
Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively), unless specified otherwise in
the applicable Final Terms;

 

		(ii)	payments in euro will be made by credit or transfer to a euro account (or any other account to
which euro may be credited or transferred) specified by the payee or, at the option of the payee, by a euro cheque;

 

		(iii)	payments in U.S. dollars, except as provided by Condition 5(d), shall be made by credit or transfer
to a U.S. dollar account outside the United States specified by the payee; and

 

		(iv)	payments in Renminbi shall be made by credit or transfer to a Renminbi account maintained by or
on behalf of the payee with a bank in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms
in accordance with applicable laws, rules, regulations and guidelines issued from time to time (including all applicable laws and
regulations with respect to settlement in Renminbi in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable
Final Terms).

 

A cheque may not be delivered to an address
in, and an amount may not be transferred to an account at a bank located in, the United States of America or its possessions by
any office or agency of the Issuer, the Agent or any Paying Agent or (in the case of Registered Notes issued by

 

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Toyota Credit Canada Inc.) the TCCI Registrar
or TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or TMCC
Transfer Agent except as provided in Condition 5(d). Payments will be subject in all cases to any fiscal or other laws and regulations
applicable thereto in the place of payment and the administrative practices and procedures of fiscal and other authorities in relation
to tax, anti-money laundering and other requirements which may apply to payments of amounts due (whether principal, redemption
amount, interest or otherwise) in respect of Notes, but (unless otherwise specified in the applicable Final Terms) without prejudice
to the provisions of Condition 7. However, if any withholding is required under Sections 1471 through to 1474 of the U.S. Internal
Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official interpretations thereof
(including under an agreement described under Section 1471(b)), or under any intergovernmental agreement implementing an alternative
approach thereto or any implementing law in relation thereto the Issuer will not be required to pay any additional amount under
Condition 7 on account of such withholding.

 

		(b)	Presentation of Notes and Coupons – Bearer Notes 

 

This Condition 5(b) applies to Bearer Notes.

 

Payments of principal in respect of definitive
Notes will (subject as provided below) be made in the Specified Currency in the manner provided in Condition 5(a) against presentation
and surrender (or, in the case of part payment of a sum due only, endorsement) of definitive Notes and payments of interest in
respect of the definitive Notes will (subject as provided below) be made in the Specified Currency in the manner provided in Condition
5(a) against presentation and surrender (or, in the case of part payment of a sum due only, endorsement) of Coupons, in each case
at the specified office of any Paying Agent outside the United States which expression, used herein, means the United States of
America (including the States and the District of Columbia and its possessions).

 

Upon the date on which any Fixed Rate Notes
in definitive form become due and repayable, such Notes should be presented for payment together with all unmatured Coupons appertaining
thereto (which expression shall for this purpose include Coupons falling to be issued on exchange of matured Talons), failing which
the amount of any missing unmatured Coupon (or, in the case of payment not being made in full, the same proportion of the aggregate
amount of such missing unmatured Coupon as the sum so paid bears to the sum due) will be deducted from the sum due for payment.
Unless otherwise specified in the applicable Final Terms, each amount of principal so deducted will be paid in the manner mentioned
above against surrender of the relative missing Coupon at any time before the expiry of five years after the Relevant Date (as
defined in Condition 8) in respect of such principal (whether or not such Coupon would otherwise have become void under Condition
8) or, if later, five years from the date on which such Coupon would otherwise have become due. Upon any Fixed Rate Note in definitive
form becoming due and repayable prior to its Maturity Date, all unmatured Talons (if any) appertaining thereto will become void
and no further Coupons will be issued in respect thereof.

 

Upon the date on which any Floating Rate
Note in definitive form becomes due and repayable, unmatured Coupons and Talons (if any) relating thereto (whether or not attached)
shall become void and no payment or, as the case may be, exchange for further Coupons shall be made in respect thereof.

 

If the due date for redemption of any definitive
Note is not an Interest Payment Date, interest (if any) accrued but unpaid in respect of such Note from (and including) the preceding
Interest Payment Date or, as the case may be, the Interest Commencement Date or Issue Date (as applicable) shall be payable only
against surrender of the relevant definitive Note.

 

Payments of principal and interest (if
any) in respect of Notes represented by any global Note will (subject as provided below) be made in the manner specified above
in relation to definitive Notes

 

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or otherwise in the manner specified in
the relevant global Note, where applicable against presentation or surrender, as the case may be, of such global Note, if the global
Note is not issued in NGN form or held under the NSS, at the specified office of any Paying Agent located outside the United States
except as provided below. A record of each payment made, distinguishing between any payment of principal and any payment of interest,
will be made on such global Note either by the Paying Agent to which it was presented or in the records of Euroclear and Clearstream,
Luxembourg, as applicable.

 

		(c)	Presentation and Surrender of Notes – Registered Notes 

 

Provisions in relation to payments of principal
and interest in respect of Registered Notes will be set out in the relevant global Registered Note or definitive Registered Note
and as otherwise set out in these Terms and Conditions. Interest on Registered Notes shall be paid to the person shown on the relevant
TCCI Register with respect to Registered Notes issued by Toyota Credit Canada Inc., or the relevant TMCC Register with respect
to Registered Notes issued by Toyota Motor Credit Corporation, on the Record Date, and “Record Date” means,
in the case of global Registered Notes, at the close of business on the relevant clearing system business day before the due date
for payment thereof, or in the case of Registered Notes in definitive form, at close of business on the fifteenth day before the
due date for payment thereof.

 

		(d)	Global Notes 

 

The holder of a global Note shall be the
only person entitled to receive payments in respect of Notes represented by such global Note and the Issuer will be discharged
by payment to, or to the order of, the holder of such global Note in respect of each amount so paid. Each of the persons shown
in the records of Euroclear or Clearstream, Luxembourg as the holder of a particular nominal amount of Notes represented by such
global Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for the holder’s share of each
payment so made by the Issuer to, or to the order of, the holder of such global Note. No person other than the holder of such global
Note shall have any claim against the Issuer in respect of any payments due on the global Note.

 

Interest on the Notes is payable only outside
the United States and its possessions, within the meaning of United States Treasury regulation Section 1.163-5(c)(1)(ii)(A). No
interest on the Notes shall be paid into an account maintained by the payee in the United States or mailed to an address in the
United States unless the payee is described in United States Treasury regulation Sections 1.163-5(c)(2)(v)(B)(1) or (2).

 

Notwithstanding the foregoing, payments
of principal and interest in respect of global Notes will be made at the specified office of a Paying Agent in the United States
(which expression, as used herein, means the United States of America (including the States and the District of Columbia, its territories,
its possessions and other areas subject to its jurisdiction)) if:

 

		(i)	the Issuer has appointed Paying Agents with specified offices outside the United States with the
reasonable expectation that such Paying Agents would be able to make payments at such specified offices outside the United States
of the full amount owing in respect of the Notes in the manner provided above when due;

 

		(ii)	payment of the full amount owing in respect of the Notes at such specified offices outside the
United States is illegal or effectively precluded by the imposition of exchange controls or other similar restrictions on the full
payment or receipt of interest; and

 

		(iii)	such payment is then permitted under United States law without involving, in the opinion of the
Issuer, adverse tax consequences to the Issuer.

 

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		(e)	Payment Day 

 

Unless specified otherwise in the applicable
Final Terms, if the due date for payment of any amount in respect of any Note or Coupon is not a Payment Day, the holder thereof
shall not be entitled to payment until the next following Payment Day in the relevant place and shall not be entitled to further
interest or other payment in respect of such delay. For these purposes, unless otherwise specified in the applicable Final Terms,
“Payment Day” means any day which (subject to Condition 8) is both:

 

		(i)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in:

 

		(A)	the relevant place of presentation (if presentation is
required); and

 

		(B)	any Additional Financial Centre specified in the applicable Final Terms and London; and

 

		(ii)	(1) in relation to any sum payable in a Specified Currency other than
euro or Renminbi, a day on which commercial banks and foreign exchange markets settle payments
and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial
centre of the country of the relevant Specified Currency (which if the Specified Currency is Australian dollars or New Zealand
dollars shall be Sydney or Auckland, respectively); (2) in relation to any sum payable in euro, a day on which the TARGET2 System
is open; or (3) in relation to any sum payable in Renminbi, a day on which banks and foreign exchange markets are open for business
and settlement of Renminbi payments in Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms.

 

		(f)	Conversion into euro 

 

Unless specified otherwise in the applicable
Final Terms, if the Issuer is due to make a payment in a currency (the “original currency”) other than euro
in respect of any Note or Coupon and the original currency is not available on the foreign exchange markets due to the imposition
of exchange controls, the original currency’s replacement or disuse or other circumstances beyond the Issuer’s control,
the Issuer will be entitled to satisfy its obligations in respect of such payment by making payment in euro on the basis of the
spot exchange rate (the “Euro FX Rate”) at which the original currency is offered in exchange for euro in the
London foreign exchange market (or, at the option of the Issuer or its designated Calculation Agent, in the foreign exchange market
of any other financial centre which is then open for business) at noon, London time, two Business Days prior to the date on which
payment is due or, if the Euro FX Rate is not available on that date, on the basis of a substitute exchange rate determined by
the Issuer or by its designated Calculation Agent acting in its absolute discretion from such source(s) and at such time as it
may select. For the avoidance of doubt, the Euro FX Rate or substitute exchange rate as aforesaid may be such that the resulting
euro amount is zero and in such event no amount of euro or the original currency will be payable. Any payment made in euro or non-payment
in accordance with this Condition 5(f) will not constitute an Event of Default under Condition 9.

 

(g)       Interpretation
of Principal and Interest 

 

Any reference in these Terms and Conditions
to principal in respect of the Notes shall be deemed to include, as applicable:

 

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		(i)	any additional amounts which may be payable with respect to principal under Condition 7 or pursuant
to any undertakings given in addition thereto or in substitution therefor under Condition 14;

 

		(ii)	the Final Redemption Amount of the Notes;

 

		(iii)	the Early Redemption Amount of the Notes;

 

		(iv)	the Optional Redemption Amount(s) (if any) of the Notes;

 

		(v)	in relation to Zero Coupon Notes, the Amortised Face Amount (as defined in Condition 6(i)(iii));
and

 

		(vi)	any premium and any other amounts (other than interest) which may be payable by the Issuer under
or in respect of the Notes.

 

Any reference in these Terms and Conditions
to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts which may be payable with
respect to interest under Condition 7 or pursuant to any undertakings given in addition thereto or in substitution therefor under
Condition 14, except as provided in sub-paragraph (i) above.

 

(h)       Payment
of Reference Currency Equivalent

 

Notwithstanding any other provisions in
these Terms and Conditions, if by reason of Inconvertibility (as defined below), Non-transferability (as defined below) or Illiquidity
(as defined below), the Issuer determines in good faith and in a commercially reasonable manner that it is not able, or it would
be impracticable for it, to satisfy payments due under the Notes or Coupons in Renminbi in Hong Kong or such RMB
Settlement Centre(s) as may be specified in the applicable Final Terms, the Issuer shall, unless specified otherwise in
the applicable Final Terms, settle any such payment in U.S. dollars on the due date for payment at the Reference Currency Equivalent
of any such Renminbi denominated amount and give notice thereof (including details thereof) as soon as practicable to the Noteholders
in accordance with Condition 16.

 

In such event, payments of the Reference
Currency Equivalent of the relevant amounts due under the Notes or Coupons shall be made in accordance with Condition 5(a).

 

In this Condition 5(h), unless specified
otherwise in the applicable Final Terms:

 

“Governmental Authority”
means any de facto or de jure government (or any agency or instrumentality thereof), court, tribunal, administrative or other governmental
authority or any other entity (private or public) charged with the regulation of the financial markets (including the central bank)
of Hong Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms;

 

“Illiquidity” means
the general Renminbi exchange market in Hong Kong or such RMB Settlement Centre(s) as may be
specified in the applicable Final Terms becomes illiquid as a result of which the Issuer cannot obtain sufficient Renminbi in order
to satisfy its obligation to make a payment under the Notes or Coupons;

 

“Inconvertibility” means
the occurrence of any event that makes it impossible for the Issuer to convert into Renminbi any amount due in respect of the Notes
or Coupons into Renminbi on any payment date in the general Renminbi exchange market in Hong Kong or such RMB
Settlement Centre(s) as may be specified in the applicable Final Terms, other than where such impossibility is due solely
to the failure of the Issuer to comply with any law, rule or regulation enacted by any Governmental Authority (unless such law,
rule or regulation is enacted after the Issue Date of the

 

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first Tranche of the relevant Series and
it is impossible for the Issuer due to an event beyond its control, to comply with such law, rule or regulation);

 

“Non-transferability”
means the occurrence of any event that makes it impossible for the Issuer to deliver Renminbi between accounts inside Hong Kong
(or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) or from
an account inside Hong Kong (or such RMB Settlement Centre(s) as may be specified in the applicable
Final Terms) to an account outside Hong Kong (or such RMB Settlement Centre(s) as may be specified
in the applicable Final Terms) (including where the Renminbi clearing and settlement system for participating banks in Hong Kong
(or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) is disrupted
or suspended), other than where such impossibility is due solely to the failure of the Issuer to comply with any law, rule or regulation
enacted by any Governmental Authority (unless such law, rule or regulation is enacted after the Issue Date of the first Tranche
of the relevant Series and it is impossible for the Issuer due to an event beyond its control, to comply with such law, rule or
regulation);

 

“Rate Determination Business Day”
means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign
exchange) in Hong Kong, London, New York City or such other financial centre(s) as may be specified in the applicable Final Terms;

 

“Rate Determination Date”
means the day which is two Rate Determination Business Days before the due date of the relevant amount under the Notes;

 

“Reference Currency Equivalent”
means unless specified otherwise in the applicable Final Terms, the relevant Renminbi amount converted into U.S. dollars using
the Spot Rate for the relevant Rate Determination Date; and

 

“Spot Rate” means, unless
specified otherwise in the applicable Final Terms, the spot CNY/U.S.$ exchange rate for the purchase of U.S. dollars with Renminbi
in the over-the-counter Renminbi exchange market in Hong Kong (or such RMB Settlement Centre(s)
as may be specified in the applicable Final Terms) for settlement in two Rate Determination Business Days, as determined by the
Calculation Agent at or around 11.00 a.m. (local time in Hong Kong or such RMB Settlement Centre(s)
as may be specified in the applicable Final Terms) on the Rate Determination Date, on a deliverable basis by reference to Reuters
Screen Page TRADCNY3, or if no such rate is available, on a non-deliverable basis by reference to Reuters Screen Page TRADNDF.
If neither rate is available, the Calculation Agent shall determine the rate taking into consideration all available information
which the Calculation Agent deems relevant, including pricing information obtained from the Renminbi non-deliverable exchange market
in Hong Kong or elsewhere and the CNY/U.S.$ exchange rate in the PRC domestic foreign exchange market.

 

All certificates, communications, opinions,
determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of
this Condition 5(h), whether by the Agent or other Calculation Agent, shall (in the absence of negligence, wilful default, bad
faith or manifest error) be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other Paying Agents and all
Noteholders and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and
the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the
TMCC Transfer Agent and (in the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach
to the Agent or the Calculation Agent (if applicable) in connection with the exercise or non-exercise by it of its powers, duties
and discretions pursuant to the provisions of this Condition 5(h).

 

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		6.	Redemption and Purchase 

 

		(a)	At Maturity 

 

Unless otherwise indicated in the applicable
Final Terms and unless previously redeemed or purchased and cancelled as specified below, each Note will be redeemed by the Issuer
at its Final Redemption Amount specified in the applicable Final Terms in the relevant Specified Currency on the Maturity Date
specified in the applicable Final Terms.

 

		(b)	Redemption for Tax Reasons 

 

The Issuer may redeem the Notes in whole,
but not in part, at any time at their Early Redemption Amount, together, if appropriate, with accrued but unpaid interest to (but
excluding) the date fixed for redemption under this Condition 6(b), if the Issuer shall determine that as a result of any change
in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the jurisdiction in which the Issuer is
incorporated or any political subdivision or any authority thereof or therein having power to tax, or any change in the application
or official interpretation of such laws, regulations or rulings, which change or amendment becomes effective on or after the Issue
Date of the Notes, the Issuer would be required to pay Additional Amounts, as provided in Condition 7, on the occasion of the next
payment due in respect of the Notes.

 

Notice of intention to redeem Notes will
be given at least once in accordance with Condition 16 not less than 30 days nor more than 60 days prior to the date fixed for
redemption under this Condition 6(b), provided that no such notice of redemption shall be given earlier than 90 days prior to the
effective date of such change or amendment and that at the time notice of such redemption is given, such obligation to pay such
Additional Amounts remains in effect. From and after any redemption date, if moneys for redemption of Notes shall have been made
available for redemption on such redemption date, such Notes shall cease to bear interest, if applicable, and the only right of
the holders of such Notes and any Coupons appertaining thereto shall be to receive payment of the Early Redemption Amount and,
if appropriate, all unpaid interest accrued to (but excluding) such redemption date.

 

		(c)	Final Terms 

 

The
Final Terms applicable to the Notes shall indicate either:

 

		(i)	that the Notes cannot be redeemed prior to their Maturity Date (except as otherwise provided in
Condition 6(b) and in Condition 9); or

 

		(ii)	that such Notes will be redeemable at the option of the Issuer and/or the holders of the Notes
prior to such Maturity Date in accordance with the provisions of Conditions 6(d), 6(e), 6(f) and/or 6(h) on the date or dates and
at the amount or amounts indicated in the applicable Final Terms.

 

		(d)	Redemption at the Option of the Issuer (“Issuer Call Option”) 

 

If the Issuer Call Option is specified
as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
with Condition 16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other
notice period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered
Notes issued by Toyota Credit

 

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Canada Inc.)
the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Registrar and the TMCC Transfer Agent;

 

(which notices shall be irrevocable), redeem
all or some only of the Notes then outstanding on the Optional Redemption Date(s) and at the Optional Redemption Amount(s) specified
in the applicable Final Terms together (if appropriate) with interest accrued but unpaid to (but excluding) the Optional Redemption
Date(s). If the applicable Final Terms specify the Notes are redeemable in part, such redemption must be of a nominal amount not
less than the Minimum Redemption Amount or not more than the Maximum Redemption Amount, both as indicated in the applicable Final
Terms.

 

(e)       Redemption
at the Option of the Issuer (“Issuer Maturity Par Call Option”)

 

If the Issuer Maturity Par Call Option
is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
with Condition 16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other
notice period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued
by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices shall be irrevocable and
shall specify the date fixed for redemption), redeem the Notes in whole, but not in part, at any time during the period commencing
on (and including) the day that is 90 days prior to the Maturity Date to (but excluding) the Maturity Date, at the Final Redemption
Amount specified in the applicable Final Terms, together (if appropriate) with interest accrued but unpaid to (but excluding) the
date fixed for redemption.

 

(f)       Redemption
at the Option of the Issuer (“Issuer Make-Whole Call Option”)

 

If the Issuer Make-Whole Call Option is
specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
with Condition 16, or such other notice period as is specified in the applicable Final Terms; and

 

		(ii)	not less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such other
notice period as is specified in the applicable Final Terms) is to be given, notice to the Agent or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued
by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices shall be irrevocable and
shall specify the date fixed for redemption), redeem all or some only of the Notes then outstanding on any Optional Redemption
Date (that is, if the Issuer Maturity Par Call Option is specified to be applicable in the applicable Final Terms, more than 90
days prior to the Maturity Date) and at the Optional Redemption Amount(s) specified in the applicable Final Terms together (if
appropriate) with interest accrued but unpaid to (but excluding) the relevant Optional Redemption Date. If the applicable Final
Terms specify the Notes are redeemable in part, such redemption must be of a nominal amount not less than the Minimum Redemption
Amount or not more than the Maximum Redemption Amount, both as indicated in the applicable Final Terms.

 

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If the Special Redemption Amount is specified
in the applicable Final Terms as the Optional Redemption Amount, the Optional Redemption Amount with respect to the Notes shall
be equal to the higher of:

 

		(a)	100 per cent. of the nominal amount of the Notes being redeemed; or

 

		(b)	the price (as reported to the Issuer and the Calculation Agent by the Financial Adviser and expressed
as a percentage) that provides for a Gross Redemption Yield on such Notes on the Reference Date equal (after adjusting for any
difference in compounding frequency) to the Gross Redemption Yield provided by the Reference Bonds based on the Reference Bond
Rate at the Specified Time on the Reference Date plus the Redemption Margin (if any).

 

Where:

 

“Financial Adviser”
means a financial adviser selected by the Calculation Agent after consultation with the Issuer.

 

“Gross Redemption Yield”
means a yield expressed as a percentage and calculated by the Financial Adviser in accordance with generally accepted market practice.

 

“Redemption Margin”
shall be as set out in the applicable Final Terms.

 

“Reference Bonds” means,
as at the Reference Date, the then current on-the-run government securities that would be utilised in pricing new issues of corporate
debt securities denominated in the same currency as the Notes, as determined by the Financial Adviser.

 

“Reference Bond Rate”
means the actual or, where there is more than one Reference Bond, interpolated rate per annum calculated by the Financial Adviser
in accordance with generally accepted market practice by reference to the arithmetic mean of the middle market prices provided
by three Reference Dealers for the Reference Bond(s) having an actual or interpolated maturity equal to the remaining term of the
Notes (if the Notes were to remain outstanding to the Maturity Date).

 

“Reference Date” means
the fifth London Business Day prior to the Optional Redemption Date.

 

“Reference Dealer” means
a bank selected by the Issuer or its affiliates in consultation with the Financial Adviser which is (A) a primary government securities
dealer, or (B) a market maker in pricing corporate bond issues.

 

“Specified Time” shall
be as set out in the applicable Final Terms.

 

All certificates, communications, opinions,
determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of
this Condition 6(f), by the Financial Adviser, shall (in the absence of negligence, wilful default, bad faith or manifest error)
be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other Paying Agents and all Noteholders and Couponholders
and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent and (in
the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Financial Adviser
in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to the provisions of this
Condition 6(f).

 

		(g)	Partial Redemption 

 

In the event of redemption of some only
of the Notes under Condition 6(d) or Condition 6(f), the Notes to be redeemed (“Redeemed Notes”) will be selected individually
by lot, in the case of Redeemed Notes represented by definitive Notes, and in accordance with the rules of Euroclear and/or Clearstream,
Luxembourg (to be reflected in the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction in nominal
amount, at their discretion), in the case of Redeemed Notes represented by a global Note, not more than 60 days prior to the date

 

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fixed for redemption (such date of selection
being hereinafter called the “Selection Date”). In the case of Redeemed Notes represented by definitive Notes, a list
of such Redeemed Notes will be published or notified in accordance with Condition 16 not less than 30 days prior to the date fixed
for redemption, or such other period as is specified in the applicable Final Terms. No exchange of the relevant global Note will
be permitted during the period from and including the Selection Date to and including the date fixed for redemption pursuant to
this Condition 6(g) and notice to that effect shall be given by the Issuer to the Noteholders in accordance with Condition 16 at
least 10 days prior to the Selection Date. If an Optional Redemption Date would otherwise fall on a day which is not a Business
Day (as defined in Condition 4(b)(i)), it shall be subject to adjustment in accordance with the Business Day Convention applicable
to the Notes or such other Business Day Convention specified in the applicable Final Terms.

 

		(h)	Redemption at the Option of the Noteholders (“Investor Put Option”) 

 

Unless otherwise specified in the applicable
Final Terms, the Notes will not be subject to repayment at the option of Noteholders. If the Investor Put Option is specified as
being applicable in the applicable Final Terms, upon the holder of any Note giving to the Issuer in accordance with Condition 16
not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable) the Issuer will, upon the expiry of such
notice, redeem, in whole (but not in part), such Note on the Optional Redemption Date and at the Optional Redemption Amount specified
in the applicable Final Terms together, if appropriate, with interest accrued but unpaid to (but excluding) the Optional Redemption
Date.

 

If a Note is in definitive form and held
outside Euroclear and Clearstream, Luxembourg, to exercise the right to require redemption of the Note the holder of the Note must
deliver such Note at the specified office of any Paying Agent (other than the TCCI Transfer Agent or the TMCC Transfer Agent),
in the case of Bearer Notes, or the TCCI Registrar or the TCCI Transfer Agent, in the case of Registered Notes issued by Toyota
Credit Canada Inc., or the TMCC Registrar or the TMCC Transfer Agent, in the case of Registered Notes issued by Toyota Motor Credit
Corporation, at any time during normal business hours of such Paying Agent or the TCCI Registrar or TCCI Transfer Agent or the
TMCC Registrar or TMCC Transfer Agent falling within the notice period, accompanied by a duly completed and signed notice of exercise
in the form (for the time being current) obtainable from any specified office of any Paying Agent, or the TCCI Registrar or the
TCCI Transfer Agent, or the TMCC Registrar or the TMCC Transfer Agent (a “Put Notice”) and in which the holder
must specify a bank account (or, if payment is required to be made by cheque, an address) to which payment is to be made under
this Condition 6(h).

 

If a Note is represented by a global Note
or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption of
the Note the holder of the Note must, within the notice period, give notice to the Agent, in the case of Bearer Notes, or the TCCI
Registrar or the TCCI Transfer Agent, in the case of Registered Notes issued by Toyota Credit Canada Inc., or the TMCC Registrar
or the TMCC Transfer Agent, in the case of Registered Notes issued by Toyota Motor Credit Corporation, of such exercise in accordance
with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice being given on the holder’s
instruction by Euroclear or Clearstream, Luxembourg or any common depositary, or common safekeeper, as the case may be, for them
to the Agent, or the TCCI Registrar or the TCCI Transfer Agent (in the case of Registered Notes issued by Toyota Credit Canada
Inc.), or the TMCC Registrar or the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time.

 

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		(i)	Early Redemption Amounts 

 

For the purpose of Condition 6(b) and Condition
9, the Notes will be redeemed at an amount (the “Early Redemption Amount”) calculated as follows:

 

		(i)	in the case of Notes with a Final Redemption Amount equal to the Calculation Amount, at the Final
Redemption Amount thereof; or

 

		(ii)	in the case of Notes (other than Zero Coupon Notes) with a Final Redemption Amount which is or
may be less or greater than the Calculation Amount or which is payable in a Specified Currency other than that in which the Notes
are denominated, at the amount specified in the applicable Final Terms or, if no such amount is so specified in the applicable
Final Terms, at their nominal amount; or

 

		(iii)	in the case of Zero Coupon Notes, at an amount (the “Amortised Face Amount”)
equal to:

 

		(A)	the sum of (x) the product of (i) either the Calculation Amount or
the Specified Denomination as specified in the applicable Final Terms and (ii) the Reference Price specified in the applicable
Final Terms (the “Reference Amount”) and (y) the product of the Accrual Yield specified in the applicable Final
Terms (compounded annually) being applied to the Reference Amount from (and including) the
Issue Date of the first Tranche of Notes to (but excluding) the date fixed for redemption or (as the case may be) the date upon
which such Note becomes due and repayable; or

 

		(B)	if the amount payable in respect of any Zero Coupon Note upon redemption
of such Zero Coupon Note pursuant to Condition 6(b) or upon its becoming due and repayable as provided in Condition 9 is not paid
or available for payment when due, the amount due and repayable in respect of such Zero Coupon Note shall
be the Amortised Face Amount of such Zero Coupon Note calculated as provided above as though the references in sub-paragraph (A)
to the date fixed for redemption or the date upon which the Zero Coupon Note becomes due and repayable were replaced by
references to the date (the “Reference Date”) which is the earlier of:

 

		(1)	the date on which all amounts due in respect of the Note have been paid; and

 

		(2)	the date on which the full amount of the moneys repayable has been received by the Agent and notice
to that effect has been given in accordance with Condition 16.

 

The calculation of the Amortised
Face Amount in accordance with this sub-paragraph (B) will continue to be made, after as well as before judgment, until the
Reference Date unless the Reference Date falls on or after the Maturity Date, in which case the amount due and repayable shall
be the nominal amount of such Note together with interest at a rate per annum equal to the Accrual Yield.

 

Where any such calculation is to
be made for a period which is not a whole number of years, it shall be made (I) in the case of a Zero Coupon Note other than
a Zero Coupon Note payable in euro, on the basis of a 360-day year consisting of 12 months of 30 days each (or 365/366 days
in the case of Notes denominated in Sterling) and, in the case of an incomplete month, the number of days elapsed or (II) in
the case of a Zero Coupon Note payable in euro, on the basis of the actual number of days elapsed divided by 365 (or, if any of
the days elapsed falls in a leap

 

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year, the sum of (x) the number
of those days falling in a leap year divided by 366 and (y) the number of those days falling in a non-leap year divided by
365).

 

		(j)	Purchases 

 

The Issuer or any of its subsidiaries may
at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured Coupons appertaining thereto are purchased
therewith) at any price in the open market or otherwise. If purchases are made by tender, tenders must be available to all Noteholders
alike. Where the Issuer is Toyota Credit Canada Inc. or Toyota Motor Credit Corporation, such Notes shall be surrendered (in the
case of Bearer Notes) to any Paying Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar
or TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or TMCC
Transfer Agent, for cancellation and, where the Issuer is Toyota Motor Finance (Netherlands) B.V. or Toyota Finance Australia Limited,
such Notes may, at the option of the Issuer, either be (i) resold or reissued, or held by the Issuer for subsequent resale or reissuance,
or (ii) surrendered to any Paying Agent for cancellation, in which event such Notes and Coupons may not be resold or reissued.

 

		(k)	Cancellation 

 

All Notes which are redeemed will forthwith
be cancelled (together with all unmatured Coupons attached thereto or surrendered therewith at the time of redemption). All Notes
so cancelled and any of the Notes purchased and cancelled pursuant to Condition 6(j) (together, in the case of definitive Notes,
with all unmatured Coupons cancelled therewith) shall be forwarded to the Agent and cannot be reissued or resold. If any Note is
purchased and cancelled without all unmatured Coupons appertaining thereto, the Issuer shall make payment in respect of any such
missing Coupon in accordance with Condition 5 as if the relevant Note had remained outstanding for the period to which such Coupon
relates.

 

		7.	Taxation – Additional Amounts

 

(a)           Toyota
Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited

 

This Condition 7(a) only applies to Notes
issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited.

 

Unless otherwise specified in the applicable
Final Terms, all payments of principal and interest in respect of the Notes issued by Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc. or Toyota Finance Australia Limited will be made without withholding or deduction for or on account of
any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the jurisdiction in which the Issuer
is incorporated or any province, territory or other political subdivision or any authority thereof or therein having power to tax,
unless such withholding or deduction is required by law. In such event, the relevant Issuer will pay such additional amounts (the
“Additional Amounts”) as shall be necessary in order that the net amounts receivable by the holders of the Notes
or Coupons after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise
have been receivable in respect of the Notes or Coupons, as the case may be, in the absence of such withholding or deduction; except
that no such Additional Amounts shall be payable with respect to any Note or Coupon:

 

		(i)	where the Issuer is Toyota Motor Finance (Netherlands) B.V., where the Noteholder or Couponholder
of which (a) would be able to avoid such withholding or deduction or is liable to such withholding or deduction at a reduced rate
by making a declaration of non-residence or producing other evidence establishing that such payment may be made without withholding
or deduction or with such deduction or

 

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withholding
at a reduced rate to the Issuer or the relevant tax authority; or (b) is liable for such taxes or duties in respect of such Note
or Coupon by reason of his having some connection with the Netherlands other than the mere holding of such Note or Coupon; or

 

		(ii)	where the Issuer is Toyota Credit Canada Inc.:

 

		(A)	the holder of which is liable for such taxes or duties in respect of such Note or Coupon by reason
of his having some connection with Canada other than the mere holding of such Note or Coupon or the receipt of principal or interest
in respect thereof;

 

		(B)	the Issuer does not deal at arm’s length (within the meaning of the Income Tax Act (Canada))
with either: (1) the holder of such Note or Coupon, or (2) in the case where a payment is made to a holder of a Coupon, the holder
of the related Note (as applicable); or

 

		(C)	the holder of which is, or does not deal at arm’s length with any person who is, a “specified
shareholder” of Toyota Credit Canada Inc. for the purposes of the thin capitalisation rules in the Income Tax Act (Canada);

 

		(iii)	where the Issuer is Toyota Finance Australia Limited, the holder of which is liable for such taxes
or duties in respect of such Note or Coupon:

 

		(A)	by reason of the holder (or a third party acting on its behalf) having some connection with the
Commonwealth of Australia or any political subdivision thereof or therein other than the mere holding of such Note or Coupon or
the receipt of payment in respect thereof; or

 

		(B)	by reason of the holder being a person who could lawfully avoid (but has not so avoided) such withholding
or deduction by complying or procuring that any third party complies with any statutory requirements or by making or procuring
that any third party makes a declaration of non-residence or other similar claim for exemption to any tax authority in the place
where the relevant Note or Coupon is presented for payment; or

 

		(C)	by reason of the holder (or a person with an interest in a Note) being an Offshore Associate of
the Issuer acting other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity
of a registered scheme within the meaning of the Corporations Act 2001 of Australia. “Offshore Associate” means
an associate (as defined in Section 128F(9) of the Income Tax Assessment Act 1936 of Australia) of the Issuer that is either:

 

		(a)	a non-resident of Australia which does not acquire the Notes in carrying on a business at or through
a permanent establishment in Australia; or

 

		(b)	a resident of Australia that acquires the Notes in carrying on a business
at or through a permanent establishment outside Australia; or

 

		(D)	in a case where Toyota Finance Australia Limited receives a notice or direction under Section 260-5
of Schedule 1 to the Taxation Administration Act 1953 of Australia, Section 255 of the Income Tax Assessment Act 1936 of Australia
or any analogous provisions, any amounts paid or deducted from sums payable to the holder by Toyota Finance Australia Limited in
compliance with such notice or direction; or

 

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		(iv)	in such other circumstances as may be specified in the applicable Final Terms; or

 

		(v)	presented for payment more than 30 days after the Relevant Date (as defined in Condition 8) except
to the extent that the holder thereof would have been entitled to such Additional Amounts on presenting the same, or making demand,
for payment on such thirtieth day assuming that day to have been a Payment Day (as defined in Condition 5(e)); or

 

		(vi)	where such withholding or deduction is required pursuant to Sections 1471 through to 1474 of the
U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official interpretations
thereof (including under an agreement described under Section 1471(b)), or pursuant to any intergovernmental agreement implementing
an alternative approach thereto or any implementing law in relation thereto.

 

(b)       Toyota
Motor Credit Corporation 

 

This Condition 7(b) only applies to Notes
issued by Toyota Motor Credit Corporation.

 

Except as specifically provided by this
Condition 7(b), where the Issuer is Toyota Motor Credit Corporation, the Issuer shall not be required to make any payment in respect
of the Notes with respect to any tax, assessment or other governmental charge (“Tax”) imposed by any government
or a political subdivision or taxing authority thereof or therein.

 

The Issuer will, subject to certain limitations
and exceptions (set forth below), pay to a Noteholder or Couponholder who is a Non-U.S. Holder (as defined below) such
additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts receivable
by the holders of the Notes or Coupons after such withholding or deduction shall equal the respective amounts of principal and
interest which would otherwise have been receivable in respect of the Notes or Coupons, as the case may be, in the absence of such
withholding or deduction; except that the Issuer shall not be required to make any payment of Additional Amounts for or on account
of:

 

		(i)	any Tax which would not have been imposed but for (A) the existence of any present or former
connection between such Noteholder or Couponholder or any beneficial owner of a Note or Coupon (or between a fiduciary, settlor,
beneficiary, member or shareholder of, or possessor of a power over, such Noteholder, Couponholder or beneficial owner, if such
Noteholder, Couponholder or beneficial owner is an estate, trust, partnership or corporation) and the United States, including,
without limitation, being or having been a citizen or resident thereof or being or having been present or engaged in a trade or
business therein or having had a permanent establishment therein, or (B) such Noteholder’s,
Couponholder’s or beneficial owner’s past or present status as a passive foreign investment company, controlled foreign
corporation or a private foundation (as those terms are defined for United States tax purposes) or as a corporation which accumulates
earnings to avoid U.S. federal income tax;

 

		(ii)	any estate, inheritance, gift, sales, transfer, personal property
or similar Tax;

 

		(iii)	any Tax that would not have been so imposed but for the presentation
of a Note or Coupon for payment on a date more than 15 days after the date on which such
payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

		(iv)	any Tax which is payable otherwise than by deduction or withholding
from payments of principal or interest in respect of the Notes or Coupons;

 

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		(v)	any Tax imposed on interest received or beneficially owned by (A) a 10 per cent. shareholder
of the Issuer within the meaning of U.S. Internal Revenue Code Section 871(h)(3)(B) or Section 881(c)(3)(B) or (B) a
bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 

		(vi)	any Tax required to be withheld or deducted by any Paying Agent from any payment of principal or
interest in respect of any Note or Coupon, if such payment can be made without such withholding or deduction by any other Paying
Agent with respect to the Notes;

 

		(vii)	any Tax which would not have been imposed but for the failure to comply
with certification, information, documentation, or other reporting requirements concerning the nationality, residence, identity
or connection with the United States of the Noteholder or Couponholder or of the beneficial owner of such Note or Coupon, if such
compliance is required by statute or by regulation of the United States Treasury Department as a precondition to relief or exemption
from such Tax including, in the case of Notes with a maturity of more than 183 days (taking into consideration unilateral rights
to roll or extend), failure of the Noteholder or Couponholder or of the beneficial owner of such Note or Coupon, to provide such
certification of non-U.S. beneficial ownership as may be required from time to time under applicable rules, including, if necessary,
a valid U.S. Internal Revenue Service Form W8-BEN or W8-BEN-E;

 

		(viii)	any Tax imposed with respect to a payment on a Note or Coupon to any Noteholder or Couponholder
who is a fiduciary or partnership or other than the sole beneficial owner of the Note or Coupon to the extent a beneficiary or
settlor with respect to such fiduciary, a member of such partnership or a beneficial owner of the Note or Coupon would not have
been entitled to payment of the Additional Amounts, had such beneficiary, settlor, member or beneficial owner been the holder of
the Note or Coupon;

 

		(ix)	any Tax required to be withheld or deducted pursuant to Sections
1471 through to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance promulgated thereunder
or any official interpretations thereof (including under an agreement described under Section 1471(b)), or pursuant to any intergovernmental
agreement implementing an alternative approach thereto or any implementing law in relation thereto;
or

 

		(x)	any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above.

 

The term “Non-U.S. Holder”
means any Holder that is not for U.S. federal income tax purposes (i) a citizen or resident of the United States, (ii) a corporation,
partnership or other entity organised in or under the laws of the United States or its political subdivisions, (iii) a trust subject
to the control of a U.S. person and the primary supervision of a U.S. court, or (iv) an estate the income of which is subject to
U.S. federal income taxation regardless of its source.

 

		8.	Prescription

 

Unless provided otherwise in the applicable
Final Terms, Notes and Coupons will become void unless claims in respect of principal and/or interest are made within a period
of five years after the Relevant Date (as defined below) therefor.

 

There shall
not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect of
which would be void pursuant to this Condition 8 or Condition 5(b) or any Talon which would be void pursuant to Condition 5(b).

 

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Any moneys paid by the Issuer to the Agent,
or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent, or (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or the TMCC Transfer Agent, for the
payment of principal or interest in respect of the Notes and remaining unclaimed for a period of five years shall forthwith be
repaid to the Issuer. All liability of the Issuer, the Agent, the TCCI Registrar or the TCCI Transfer Agent, the TMCC Registrar
or the TMCC Transfer Agent with respect thereto shall cease when the Notes and Coupons become void.

 

As used herein,
the “Relevant Date” means the date on which such payment first becomes due, except that, if the full amount
of the moneys payable has not been duly received by the Agent or, as the case may be, the Registrar on
or prior to such due date, it means the date on which, the full amount of such moneys having been so received, notice to that effect
is duly given to the Noteholders in accordance with Condition 16. 

 

		9.	Events of Default

 

		(a)	In the event that (each of (i) through to (iv) below, an “Event of Default”):

 

		(i)	default is made by the Issuer in the payment when due of any
principal or interest in respect of any Note and the default continues unremedied for a period
of 14 days after the date when due; or

 

		(ii)	default is made by the Issuer in the performance or observance of any covenant, condition or provision
contained in these Terms and Conditions applicable to the Notes or of any covenant, condition or provision for the benefit of Noteholders
contained in the Agency Agreement and on its part to be performed or observed (other than the covenant to pay the principal and
interest in respect of the Notes) and at the expiration of any applicable grace period therefor such covenant, condition or provision
is not performed or observed in the period of 60 consecutive days after the date on which written notice of such default, requiring
the Issuer to perform or observe such covenant, condition or provision, first shall have been given to the Issuer and the Agent,
or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, by the
holders of not less than 25 per cent. in aggregate nominal amount of Notes then outstanding; or

 

		(iii)	the entry by a court having competent jurisdiction of (a) a decree or order granting relief
in respect of the Issuer in an involuntary proceeding under any applicable bankruptcy, insolvency or other similar law and such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or
(b) a decree or order adjudging the Issuer to be insolvent, or approving a petition seeking reorganisation, arrangement, adjustment
or composition of the Issuer and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days;
or (c) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other similar official
of the Issuer or of any substantial part of the property of the Issuer, or ordering the winding up or liquidation of the Issuer,
in each case of (a), (b) or (c) otherwise than for the purposes of or pursuant to and followed by a consolidation, amalgamation,
merger, reconstruction or reorganisation in which a continuing corporation effectively assumes all obligations of the Issuer under
the Notes or the terms of which have previously been approved by the written consent of holders of a majority in aggregate nominal
amount of the Notes then outstanding affected thereby, or by resolution adopted by the holders of a majority in aggregate nominal
amount of such Notes then

 

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outstanding present or represented
at a meeting of the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement; or

 

		(iv)	the commencement by the Issuer of a voluntary proceeding under any applicable bankruptcy, insolvency
or other similar law or the consent of the Issuer to the entry of a decree or order for relief in an involuntary proceeding under
any applicable bankruptcy, insolvency or other similar law, or the consent by the Issuer to
the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Issuer
or for any substantial part of the property of the Issuer or the making by the Issuer of a general assignment for the benefit of
creditors, or the Issuer failing generally to pay its debts as they become due, or the taking of corporate action by the Issuer
in furtherance of any such action (in each case otherwise than for the purposes of such a consolidation, amalgamation, merger,
reconstruction or reorganisation as is referred to in paragraph (iii)),

 

then the holder of any Note
may, at its option, declare the principal of such Note and the interest, if any, accrued but unpaid thereon to be due and payable
immediately by written notice to the Issuer and the Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Registrar and the TMCC Transfer Agent, and unless all such defaults shall have been remedied by the Issuer (or by the
Parent or TFS pursuant to the relevant Credit Support Agreement) prior to receipt of such written notice, the principal of such
Note and the interest, if any, accrued but unpaid thereon shall become and be immediately due and payable.

 

At any time after such declaration
of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due with respect
to any Note has been obtained by any Noteholder, such declaration and its consequences may be rescinded and annulled upon the written
consent of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution adopted
by the holders of a majority in aggregate nominal amount of the Notes then outstanding present or represented at a meeting of holders
of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement, if:

 

		(1)	the Issuer has paid to, or deposited with, the Agent, or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Transfer Agent, a sum sufficient to pay:

 

		(A)	all overdue payments of interest on the Notes; and

 

		(B)	the principal of the Notes which has become due otherwise than by such declaration of acceleration;
and

 

		(2)	all Events of Default with respect to the Notes, other than the non-payment
of the principal of such Notes which has become due solely by such declaration of acceleration,
have been either (i) remedied or (ii) waived as provided in paragraph (b) below.

 

No such rescission shall affect
any subsequent default or impair any right consequent thereon.

 

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		(b)	Any Events of Default by the Issuer, other than the events described
in paragraph (a)(i) above or in respect of where a default
is made by the Issuer in the performance or observance of any covenant, condition or provision described in paragraph (a)(ii) above
which cannot be modified and amended without the written consent of the holders of all outstanding Notes, may be waived by the
written consent of holders of a majority in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution
adopted by the holders of a majority in aggregate nominal amount of the Notes then outstanding present or represented at a meeting
of the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement (provided that such
resolution shall be approved by the holders of not less than 25 per cent. of the aggregate nominal amount of Notes then outstanding
affected thereby).

 

		10.	Replacement of Notes, Coupons and Talons

 

Should any Note, Coupon or Talon be lost,
stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent in London, or (in the case of
Registered Notes issued by Toyota Credit Canada Inc.) at the specified offices of the TCCI Registrar or the TCCI Transfer Agent,
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) at the specified offices of the TMCC Registrar or
the TMCC Transfer Agent (or such other place outside the United States as may be notified to the Noteholders), in accordance with
all applicable laws and regulations, upon payment by the claimant of such costs and expenses as may be incurred by the Issuer and
the Agent or the TCCI Registrar or TCCI Transfer Agent or the TMCC Registrar or TMCC Transfer Agent, as the case may be, in connection
therewith and on such terms as to evidence and indemnity, security or otherwise as the Issuer and the Agent or the TCCI Registrar
or TCCI Transfer Agent or the TMCC Registrar or Transfer Agent, as the case may be, may require. Mutilated or defaced Notes, Coupons
or Talons must be surrendered before replacements will be issued.

 

		11.	Agent and Paying Agents,
Registrars and Transfer Agents

 

The names of the initial Agent, the initial
TCCI Registrar, the initial TCCI Transfer Agent, the initial TMCC Registrar and the initial TMCC Transfer Agent and their initial
specified offices are set out below.

 

In acting under the Agency Agreement or
the TCCI Note Agency Agreement or the TMCC Note Agency Agreement, the Agent and any other Paying Agents and (in the case of the
TCCI Note Agency Agreement only) the TCCI Registrar and the TCCI Transfer Agent and (in the case of the TMCC Note Agency Agreement
only) the TMCC Registrar and the TMCC Transfer Agent act solely as agents of the Issuer and do not assume any obligation to, or
relationship of agency or trust with, any Noteholders or Couponholders. The Issuer agrees to perform and observe the obligations
imposed upon it under the Agency Agreement and (in respect of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note
Agency Agreement and (in respect of Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement and to use
reasonable efforts to cause the Agent and any other Paying Agents to perform and observe the obligations imposed upon them under
the Agency Agreement and (in respect of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer
Agent, to perform and observe the obligations imposed on them under the TCCI Note Agency Agreement and (in respect of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, to perform and observe the obligations
imposed on them under the TMCC Note Agency Agreement. The Agency Agreement and (in respect of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Note Agency Agreement and (in respect of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Note Agency Agreement, contain provisions for the indemnification of the Agent and any other Paying Agents, the TCCI Registrar
and the TCCI Transfer Agent and the TMCC Registrar and the TMCC Transfer Agent, respectively, and for relief from responsibility
in certain circumstances, and entitle any of them to enter into business

 

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transactions with the Issuer without being
liable to account to the Noteholders or the Couponholders for any resulting profit.

 

The Issuer is entitled to vary or terminate
the appointment of any Paying Agent appointed under the terms of the Agency Agreement, or the TCCI Registrar or the TCCI Transfer
Agent appointed under the terms of the TCCI Note Agency Agreement, or the TMCC Registrar or the TMCC Transfer Agent appointed under
the terms of the TMCC Note Agency Agreement, and/or appoint additional or other Paying Agents or Transfer Agents and/or approve
any change in the specified office through which any Paying Agent, TCCI Registrar, TCCI Transfer Agent, TMCC Registrar or TMCC
Transfer Agent acts, provided that:

 

		(i)	so long as the Notes are admitted to trading or listed on any stock
exchange or other relevant authority, there will at all times be a Paying Agent with a specified office in such place as may be
required by the rules and regulations of the relevant stock exchange or other relevant authority;

 

		(ii)	there will at all times be an Agent; and

 

		(iii)	in respect of Registered Notes issued by Toyota Credit Canada Inc., there will at all times be
a TCCI Registrar and in respect of Registered Notes issued by Toyota Motor Credit Corporation, there will at all times be a TMCC
Registrar.

 

In addition, the Issuer shall forthwith
appoint a Paying Agent having a specified office in the United States only in the circumstances described in the final paragraph
of Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency,
when it shall be of immediate effect) after not less than 30 or more than 45 days’ prior notice thereof shall have been given
to the Noteholders in accordance with Condition 16.

 

In addition, in relation to Registered
Notes issued or to be issued by it, Toyota Credit Canada Inc. or Toyota Motor Credit Corporation, as the case may be, is entitled
to vary or terminate the appointment of any registrar, transfer agent or paying agent and/or appoint additional transfer agents,
paying agents and/or approve any change in the specified office through which any such registrar, transfer agent or paying agent
acts, provided that there will at all times be a registrar and a paying agent capable of making payments in the Specified Currency
and (in the case of global Registered Notes) to the clearing system specified in the applicable Final Terms.

 

The Agency Agreement or the TCCI Note Agency
Agreement or the TMCC Note Agency Agreement contains provisions permitting any entity into which any Paying Agent and (in the case
of the TCCI Note Agency Agreement and the TMCC Note Agency Agreement only) any registrar, paying agent or transfer agent is merged
or converted or with which it is consolidated or to which it transfers all or substantially all of its assets to become the successor
paying agent, registrar or transfer agent (as appropriate).

 

		12.	Exchange of Talons 

 

On and after the Interest Payment Date,
on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be surrendered
at the specified office of the Agent or any other Paying Agent in exchange for a further Coupon sheet including (if such further
Coupon sheet does not include Coupons to (and including) the final date for the payment of interest due in respect of the Note
to which it appertains) a further Talon, subject to the provisions of Condition 8. Each Talon shall, for the purposes of these
Terms and Conditions, be deemed to mature on the Interest Payment Date on which the final Coupon comprised in the relative Coupon
sheet matures.

 

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		13.	Consolidation or Merger 

 

The Issuer may consolidate with, or sell,
lease or convey all or substantially all of its assets as an entirety to, or merge with or into any other corporation provided
that in any such case, (i) either the Issuer shall be the continuing corporation, or the successor corporation shall be a
corporation organised and existing under the laws of the jurisdiction in which the Issuer is incorporated or any province, territory,
state or other political subdivision thereof and such successor corporation shall expressly assume the due and punctual payment
of the principal of and interest (including Additional Amounts as provided in Condition 7) on all the Notes and Coupons, according
to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of the Notes to be performed
by the Issuer by an amendment to the Agency Agreement or, as the case may be, the TCCI Note Agency Agreement or the TMCC Note Agency
Agreement, executed by such successor corporation, the Issuer and the Agent or the TCCI Registrar and the TCCI Transfer Agent or
the TMCC Registrar and the TMCC Transfer Agent, as the case may be, and (ii) immediately after giving effect to such transaction,
no Event of Default under Condition 9, and no event which, with notice or lapse of time or both, would become such an Event of
Default shall have happened and be continuing. In case of any such consolidation, merger, sale, lease or conveyance and upon any
such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Issuer, with
the same effect as if it had been named herein as the Issuer, and the predecessor corporation, except in the event of a conveyance
by way of lease, shall be relieved of any further obligation under the Notes and the Agency Agreement or, as the case may be, the
TCCI Note Agency Agreement or the TMCC Note Agency Agreement.

 

		14.	Substitution

 

The Issuer (the “Retiring Issuer”
and the expressions “Issuer” and “Retiring Issuer” include any previous relevant Substitute
Issuer (as defined below) under this Condition 14) may, without the consent of the relevant Noteholders or Couponholders, substitute
the Parent or any subsidiary of the Parent (including TFS) in place of the Issuer as the principal debtor under the Notes, the
relative Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note
Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement
(the “Substitute Issuer”) provided that:

 

(a)  in the case of the substitution
of a subsidiary of the Parent (other than TFS or any other Issuer) in place of the Retiring Issuer, a Credit Support Agreement,
in the case of a subsidiary of TFS, between such subsidiary and TFS being entered into, and the TMC Credit Support Agreement applying,
mutatis mutandis on the terms of the relevant Credit Support Agreement and the TMC Credit Support Agreement, respectively
and, in the case of a subsidiary of the Parent (and not being also a subsidiary of TFS) a Credit Support Agreement between such
subsidiary and the Parent being entered into mutatis mutandis on the terms of the TMC Credit Support Agreement;

 

(b)  a deed poll substantially
in the form set out in Appendix G to the Agency Agreement (and such other documents (if any)) shall be executed by the Substitute
Issuer and the Retiring Issuer as may be necessary to give full effect to the substitution (the “Substitution Documents”)
and (without limiting the generality of the foregoing) under which (i) the Substitute Issuer shall undertake in favour of the relevant
Noteholders and Couponholders to be bound by the Terms and Conditions and Coupons, the provisions of the Agency Agreement and (in
the case of Registered Notes issued by Toyota Credit Canada Inc.) the provisions of the TCCI Note Agency Agreement and (in the
case of Registered Notes issued by Toyota Motor Credit Corporation) the provisions of the TMCC Note Agency Agreement, as fully
as if the Substitute Issuer had been named in the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Note Agency Agreement, as the

 

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principal debtor in respect of the relevant
Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note
Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement,
in place of the Retiring Issuer; and (ii) the Retiring Issuer shall be released from its obligations as principal debtor in respect
of the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency
Agreement;

 

(c)  without prejudice to the
generality of paragraph (b) above, where the Substitute Issuer is subject generally to a taxing jurisdiction differing from or
in addition to the taxing jurisdiction to which the Retiring Issuer for which it shall have been substituted under this Condition
14 was subject, the Substitute Issuer shall undertake or covenant in the Substitution Documents in terms corresponding to the provisions
of Condition 7 with the substitution for or addition to the references to the taxing jurisdiction to which the Retiring Issuer,
as the case may be, was subject of references to the taxing jurisdiction or additional taxing jurisdiction to which such Substitute
Issuer, as the case may be, is subject and in such case, Condition 7 shall be deemed to be modified accordingly when such substitution
takes effect;

 

(d)  the Substitution Documents
shall contain a warranty and representation (i) that the Substitute Issuer and the Retiring Issuer have obtained all necessary
governmental and regulatory approvals and consents for the substitution and that the Substitute Issuer has obtained all necessary
governmental and regulatory approvals and consents for the performance by the Substitute Issuer of its obligations under the Substitution
Documents and that all such approvals and consents are in full force and effect, (ii) that the obligations assumed by the Substitute
Issuer in respect of the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Note Agency Agreement are, in each case, valid and binding in accordance with their respective terms and enforceable by
each relevant Noteholder, and (iii) the Substitute Issuer is solvent;

 

(e)  any credit rating obtained
by the Retiring Issuer from a nationally recognised statistical rating organisation which applies to the relevant Notes will not
be downgraded as a result of the substitution;

 

(f)  each stock exchange on which
the relevant Notes are admitted to trading shall have confirmed that, following the proposed substitution of the Substitute Issuer,
such Notes will continue to be admitted to trading on such stock exchange;

 

(g)  where the Substitute Issuer
is not a company incorporated in the United Kingdom, the Substitute Issuer shall have appointed a process agent as its agent in
England to receive service of process on its behalf in relation to any legal action or proceedings arising out of or in connection
with the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency
Agreement;

 

(h)  in the case of substitution
of Toyota Credit Canada Inc. or a Canadian subsidiary of the Parent (“Canadian Replacement Subsidiary”) in place
of the Retiring Issuer, no withholding or other taxes will be payable or required to be withheld by any such Substitute Issuer
other than in respect of a holder of the relevant Notes or Coupons that: (i) does not deal at arm’s length (within the meaning
of the Income Tax Act (Canada)) with Toyota Credit Canada Inc. or the Canadian Replacement Subsidiary (as applicable) or (ii) is,
or does not deal at arm’s length with any person who is, a “specified shareholder” of Toyota Credit Canada
Inc. or the Canadian Replacement Subsidiary (as applicable) for the purposes of the thin capitalisation rules in the Income Tax
Act (Canada);

 

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(i)  legal opinions shall have
been delivered to the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or (in
the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar (from whom copies will be available)
(in each case dated not more than three days prior to the intended date of substitution) from legal advisers of good standing selected
by the Substitute Issuer (i) in each jurisdiction in which the Substitute Issuer and the Retiring Issuer are incorporated and in
England confirming, as appropriate, that upon the substitution taking place, the Substitution Documents constitute legal, valid
and binding obligations of the Substitute Issuer and the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Note Agency Agreement, are legal, valid and binding obligations of the Substitute Issuer enforceable
in accordance with their terms; and (ii) in Japan and in the jurisdiction in which the Substitute Issuer is incorporated, in the
event any Credit Support Agreements are entered into under paragraph (a) above, confirming that any such Credit Support Agreements
constitute legal, valid and binding obligations of the Parent, TFS and the Substitute Issuer, as the case may be, enforceable in
accordance with its terms; and

 

(j)  in connection with any such
substitution, the Substitute Issuer and the Retiring Issuer shall not have regard to the consequences of such substitution for
individual Noteholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject
to the jurisdiction of, any particular territory and no person shall be entitled to claim whether from the Substitute Issuer, the
Retiring Issuer, the Agent, (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI
Transfer Agent, (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer
Agent, or any other person, any indemnification or payment in respect of any tax consequence of any such substitution upon any
person except to the extent already provided in Condition 7 and/or any undertaking given in addition thereto or in substitution
therefor in the Substitution Documents in accordance with paragraph (c) above.

 

Upon execution of the
Substitution Documents as referred to in paragraph (b) above, (i) the Substitute Issuer shall be the relevant Issuer named in the
relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the
TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency
Agreement as principal debtor in place of the Retiring Issuer and the relevant Notes and Coupons, the Agency Agreement and (in
the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, shall thereby be deemed to be amended to give
effect to the substitution of the Substitute Issuer as principal debtor; and (ii) the Retiring Issuer shall be released as aforesaid
from all of its obligations as principal debtor in respect of the relevant Notes and Coupons, the Agency Agreement and (in the
case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes
issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement. With effect on and from the time of the substitution
of the Substitute Issuer in place of the Retiring Issuer:

 

(A)  the Retiring Issuer has
no further obligations to any Noteholder or Couponholder in relation to the relevant Notes and Coupons;

 

(B)  the Substitute Issuer has
rights which the Retiring Issuer had in respect of the relevant Notes and Coupons (in each case subject to paragraph (c) above);
and

 

(C)  the Substitute Issuer has
assumed the obligations towards the Noteholders and Couponholders which the Retiring Issuer had in respect of the relevant Notes
and Coupons.

 

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The Substitution Documents shall be deposited
with and held by the Agent and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) copied to the TCCI Registrar
and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) copied to the TMCC Registrar, for so long as any
of the relevant Notes remain outstanding and for so long as any claim made against the Substitute Issuer or the Retiring Issuer
by any Noteholder or Couponholder in relation to the relevant Notes, Coupons, the Agency Agreement, or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Note Agency Agreement, or the Substitution Documents shall not have been finally adjudicated,
settled or discharged. The Substitute Issuer and the Retiring Issuer shall acknowledge in the Substitution Documents the right
of every Noteholder to the production of the Substitution Documents for the enforcement of any of the relevant Notes, Coupons,
the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement,
or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, or the Substitution
Documents.

 

Within 14 days of a substitution taking
effect under this Condition 14, the Retiring Issuer shall give notice of such substitution to the relevant Noteholders in accordance
with Condition 16.

 

		15.	Meetings, Modifications and Waivers

 

The Agency Agreement, the TCCI Note Agency
Agreement and the TMCC Note Agency Agreement contain provisions which, unless otherwise provided in the Final Terms, are binding
on the Issuer, the Noteholders and the Couponholders, for convening meetings of holders of Notes and Coupons to consider matters
affecting their interests, including the modification or waiver of the Terms and Conditions applicable to the Notes.

 

The Agency Agreement, (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (in the case of Registered Notes issued by Toyota Motor
Credit Corporation) the TMCC Note Agency Agreement, the Notes and any Coupons attached to the Notes may be amended by the Issuer
and (in the case of the Agency Agreement) the Agent and (in the case of the TCCI Note Agency Agreement) the TCCI Registrar and
the TCCI Transfer Agent, and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer Agent, without
the consent of the holder of any Note or Coupon (i) for the purpose of curing any ambiguity, or for curing, correcting or
supplementing any defective provision contained therein, or to evidence the succession of another corporation to the Issuer as
provided in Condition 13 or provide for substitution of the Issuer as provided in Condition 14, (ii) to make any further modifications
of the terms of the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency
Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, necessary
or desirable to allow for the issuance of any additional Notes (which modifications shall not be materially adverse to holders
of outstanding Notes), or (iii) in any manner which the Issuer and (in the case of the Agency Agreement) the Agent and (in
the case of the TCCI Note Agency Agreement) the TCCI Registrar and the TCCI Transfer Agent and (in the case of the TMCC Note Agency
Agreement) the TMCC Registrar and the TMCC Transfer Agent may deem necessary or desirable and which shall not materially adversely
affect the interests of the holders of the Notes and Coupons. In addition, with the written consent of holders of a majority in
aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution adopted by the holders of a majority
in aggregate nominal amount of Notes then outstanding present or represented at a meeting of the holders of the Notes affected
thereby at which a quorum is present, as provided in the Agency Agreement (provided that such resolution shall be approved by the
holders of not less than 25 per cent. of the aggregate nominal amount of Notes then outstanding affected thereby), the Issuer
and the Agent and (in the case of the TCCI Note Agency Agreement) the TCCI Registrar and the TCCI Transfer Agent and (in the case
of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer Agent may from time to time and at any time enter into
agreements modifying or amending the Agency Agreement,

 

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or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement, or the Terms and Conditions and Coupons for the purpose of adding any provisions to
or changing in any manner or eliminating any provisions of the Agency Agreement, or (in the case of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation),
the TMCC Note Agency Agreement, or of modifying in any manner the rights of the holders of Notes and Coupons; provided, however,
that no such agreement shall, without the consent or the affirmative vote of the holder of each Note affected thereby, (i) change
the stated maturity of the principal of or any instalment of interest on any Note, (ii) reduce the nominal amount of or interest
on any Note, (iii) change the obligation of the Issuer to pay Additional Amounts as provided in Condition 7, (iv) reduce
the percentage in nominal amount of outstanding Notes the consent of the holders of which is necessary to modify or amend the Agency
Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the
case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, or the Terms and Conditions
or to waive any future compliance or past default, or (v) reduce the percentage in nominal amount of outstanding Notes the
consent of the holders of which is required at any meeting of holders of Notes at which a resolution is adopted. The quorum at
any meeting called to adopt a resolution will be persons holding or representing a majority in aggregate nominal amount of the
Notes then outstanding affected thereby and at any adjourned meeting will be one or more persons holding or representing 25 per
cent. in aggregate nominal amount of such Notes then outstanding affected thereby. Any instrument given by or on behalf of any
holder of a Note in connection with any consent to any such modification, amendment or waiver will be irrevocable once given and
will be conclusive and binding on all subsequent holders of such Note. Any modifications, amendments or waivers to the Agency Agreement,
or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Note Agency Agreement, or (in the case of
Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency Agreement, or to the Terms and Conditions and
Coupons will be conclusive and binding on all holders of Notes and Coupons, whether or not they have given such consent or were
present at any meeting, and whether or not notation of such modifications, amendments or waivers is made upon the Notes and Coupons.
It shall not be necessary for the consent of the holders of Notes under this Condition 15 to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.

 

Notes authenticated and delivered after
the execution of any amendment to the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
to the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note
Agency Agreement, the Notes or Coupons may bear a notation in form approved by the Agent, or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, as to any matter provided for in such amendment to the
Agency Agreement or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Note Agency Agreement or
(in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency Agreement.

 

New Notes so modified as to conform, in
the opinion of the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or (in the
case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the Issuer, to any modification contained
in any such amendment may be prepared by the Issuer, authenticated by the Agent or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Registrar or the TMCC Transfer Agent and delivered in exchange for the Notes then outstanding.

 

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For the purposes of this Condition 15,
Condition 3 and Condition 9, the term “outstanding” means, in relation to the Notes, all Notes issued under
the Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement other than (i) those which have been
redeemed in full in accordance with the Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement or
these Terms and Conditions, (ii) those in respect of which the date for redemption in accordance with these Terms and Conditions
has occurred and the redemption moneys therefor (including all interest (if any) accrued but unpaid thereon to the date for such
redemption and any interest (if any) payable under these Terms and Conditions after such date) have been duly paid to the Agent
as provided in the Agency Agreement or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI Registrar
or the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Registrar
or the TMCC Transfer Agent (and, where appropriate, notice has been given to the Noteholders in accordance with Condition 16) and
remain available for payment against presentation of the Notes, (iii) those which have become void under Condition 8, (iv) those
which have been purchased or otherwise acquired and cancelled as provided in Condition 6, and those which have been purchased or
otherwise acquired and are being held by the Issuer for subsequent resale or reissuance as provided in Condition 6 during the time
so held, (v) those mutilated or defaced Notes which have been surrendered in exchange for replacement Notes pursuant to Condition
10, (vi) (for the purposes only of determining how many Notes are outstanding and without prejudice to their status for any
other purpose) those Notes alleged to have been lost, stolen or destroyed and in respect of which replacement Notes have been issued
pursuant to Condition 10, and (vii) temporary global Notes to the extent that they shall have been duly exchanged in whole
for permanent global Notes or definitive Notes and permanent global Notes or global Registered Notes to the extent that they shall
have been duly exchanged in whole for definitive Notes, in each case pursuant to their respective provisions.

 

		16.	Notices

 

All notices regarding the Notes shall be
validly given if published in a leading English language daily newspaper of general circulation in London (which is expected to
be the Financial Times) or, if this is not practicable, one other such English language newspaper as the Issuer, in consultation
with the Agent, shall decide. The Issuer shall also ensure that notices are duly published in a manner which complies with the
rules and regulations of any stock exchange on which the Notes are for the time being admitted to trading or are listed by another
relevant authority. Any such notice published as aforesaid shall be deemed to have been given on the date of such publication or,
if published more than once, on the date of the first such publication. Couponholders will be deemed for all purposes to have notice
of the contents of any notice given to the holders of the Notes in accordance with this Condition 16.

 

Until such time as any definitive Notes
are issued, so long as the global Note(s) is or are held in its or their entirety on behalf of Euroclear and Clearstream, Luxembourg,
there may be substituted for such publication in such newspaper the delivery of the relevant notice to Euroclear and Clearstream,
Luxembourg for communication by them to the holders of the Notes; provided that, for so long as any Notes are admitted to trading
on a stock exchange or are listed by another relevant authority and the rules of that stock exchange or relevant authority so require,
such notice will be published in a daily newspaper of general circulation in the place or places required by those rules. Any notice
delivered to Euroclear and Clearstream, Luxembourg shall be deemed to have been given to the holders of the Notes on the third
day after the day on which the said notice was given to Euroclear and Clearstream, Luxembourg, or on such other day as is specified
in the applicable Final Terms.

 

Notices to holders of Registered Notes
in definitive form will be deemed to be validly given if sent by mail to them (or, in the case of joint holders of Registered Notes
issued by Toyota Credit Canada Inc., to the first-named in the TCCI Register or, in the case of joint holders of Registered Notes
issued by Toyota Motor Credit Corporation, to the first-named in the TMCC Register) at

 

    Page 91

     

    

their respective addresses as recorded
in such register, and will be deemed to have been validly given on the fourth business day after the date of such mailing.

 

Notices to be given by any holder of the
Notes shall be in writing and given by lodging the same, together with the relative Note or Notes, in the case of Bearer Notes,
with the Agent or, in the case of Registered Notes issued by Toyota Credit Canada Inc., with the TCCI Registrar or, in the case
of Registered Notes issued by Toyota Motor Credit Corporation, with the TMCC Registrar. While any of the Notes are represented
by a global Note, such notice may be given by any holder of a Note to, in the case of Bearer Notes, the Agent or, in the case of
Registered Notes issued by Toyota Credit Canada Inc., the TCCI Registrar or, in the case of Registered Notes issued by Toyota Motor
Credit Corporation, the TMCC Registrar, via Euroclear and/or Clearstream, Luxembourg, as the case may be, in such manner as the
Agent or TCCI Registrar or TMCC Registrar and Euroclear and/or Clearstream, Luxembourg, as the case may be, may approve for this
purpose.

 

		17.	Further Issues 

 

The Issuer shall be at liberty from time
to time without the consent of the Noteholders or Couponholders to create and issue further notes ranking pari passu in
all respects (or in all respects save for the Issue Date, the amount and the date of the first payment of interest thereon and/or
the Issue Price) and so that the same shall be consolidated and form a single series with the outstanding Notes and references
in these Terms and Conditions to “Notes” shall be construed accordingly.

 

		18.	Redenomination and Exchange 

 

The Issuer may (if so specified in the
applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, redenominate into euro all, but not some
only, of the Notes of any Series on or after the date on which the Member State of the European Union in whose national currency
such Notes are denominated has become a participant member in the third stage of the European economic and monetary union. The
Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, elect
that the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such arrangements as the
Issuer may decide.

 

		19.	Disapplication

 

The Notes confer no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of the Notes, but this does not affect any right or remedy of a third party
which exists or is available apart from that Act.

 

		20.	Governing Law and Submission to Jurisdiction 

 

The Agency Agreement, the TCCI Note Agency
Agreement, the TMCC Note Agency Agreement, the Notes, the Coupons and any non-contractual obligations arising out of or in connection
with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes and the Coupons are governed
by, and shall be construed in accordance with, English law.

 

    Page 92

     

    

The Issuer irrevocably agrees, for the
exclusive benefit of the Noteholders and the Couponholders, to the jurisdiction of the English courts for all purposes in connection
with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes, the Coupons and any non-contractual
obligations arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement,
the Notes and the Coupons and in relation thereto the Issuer has appointed Toyota Financial Services (UK) PLC as its agent for
service of process on its behalf and has agreed that in the event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing
to be registered in England, it will appoint another person as its agent for service of process. Without prejudice to the foregoing,
to the extent allowed by law, the Issuer further irrevocably agrees that any suit, action or proceedings arising out of or in connection
with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement the Notes and the Coupons (including
any suit, action or proceedings relating to any non-contractual obligations arising out of or in connection with the Agency Agreement,
the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes and the Coupons) may be brought in any other court of
competent jurisdiction.

 

    Page 93

     

    

AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TCCI REGISTRAR

 

BNY Trust Company of Canada

1 York Street

6th Floor

Toronto Ontario

Canada M5J 0B6 /

 

The Bank of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TCCI TRANSFER AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TMCC REGISTRAR

 

The Bank of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TMCC TRANSFER AGENT

 

The Bank of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

    Page 94

     

    

Appendix B

FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS

 

    Page 95

     

    
APPENDIX B-1

FORM OF TEMPORARY GLOBAL NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER
REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF
THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam,
the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

TEMPORARY GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [   ]

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity of more than 183 days (taking into consideration unilateral rights to roll or extend) unless the applicable Final Terms specify TEFRA C.

 

		2	Use this legend in the case of Notes with an initial maturity of 183 days or less (taking into consideration unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete all but the relevant Issuer.

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The Notes represented
by this Temporary Global Note have been admitted to the Official List and admitted to trading on the London Stock Exchange plc’s
Regulated Market.4 This Global Note is a Temporary
Global Note in respect of a duly authorised issue of [Specified Currency and Nominal Amount of Tranche] [Specified Currency and
Nominal Amount of Series] Notes Due [Year of Maturity] (the Notes) of [Specified Currency and Specified Denomination] each
of 5[Toyota Motor Finance (Netherlands) B.V.] [Toyota
Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the Issuer). References herein
to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out in Appendix A to the Agency
Agreement (as defined below) as modified and supplemented by the information set out in Part A of the Final Terms relating to the
Notes (which are attached hereto) and, in the event of any conflict between the provisions of the Conditions and the information
set out in the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not
otherwise defined herein shall have the same meanings when used in this Temporary Global Note.

 

This Temporary Global
Note is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency
Agreement, which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or
restated from time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
Limited, Toyota Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however, that references
to the Conditions shall mean the Conditions in effect on the date of this Temporary Global Note.

 

This Temporary Global
Note is to be held by a common depositary (or, if the Final Terms indicate that this Temporary Global Note is intended to be a
New Global Note, a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société
anonyme (Clearstream, Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on behalf
of account holders which have the Notes represented by this Temporary Global Note credited to their respective securities accounts
therewith from time to time.

 

For value received,
the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or
on such earlier date(s) as all or any of the Notes represented by this Temporary Global Note may become due and repayable in accordance
with the Conditions, the amount payable under the Conditions in respect of the Notes then represented by this Temporary Global
Note on each such date and to pay interest (if any) on the nominal amount of the Notes from time to time represented by this Temporary
Global Note calculated and payable as provided in the Conditions together with any other sums payable under the Conditions, upon
(if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note) presentation and, at maturity,
surrender of this Temporary Global Note to or to the order of the Agent at the principal office of the Agent in London, or at the
offices of any of the other paying agents located outside the United States of America, its territories and possessions, any State
of the United States and the District of Columbia (except as provided in the Conditions) from time to time appointed by the Issuer
in respect of the Notes, but in each case subject to the requirements as to certification provided herein. Any moneys paid by the
Issuer to the Agent for the payment of principal or interest on any Notes and remaining unclaimed at the end of

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete all but the relevant Issuer.

    Page 97

     

    

one year after such principal or interest
shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall then be repaid to the Issuer
and upon such repayment all liability of the Agent with respect thereto shall thereupon cease, without, however, limiting in any
way any obligation the Issuer may have to pay the principal of or interest on this Temporary Global Note as the same shall become
due.

 

If the Final Terms
indicate that this Temporary Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Temporary
Global Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream, Luxembourg
(together, the relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in this Temporary
Global Note means the records that each relevant Clearing System holds for its customers which reflect the amount of such customer’s
interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by this Temporary Global Note and,
for these purposes, a statement issued by a relevant Clearing System (which statement shall be made available to the bearer upon
request) stating the nominal amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence
of the records of the relevant Clearing System at that time.

 

If the Final Terms
indicate that this Temporary Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by
this Temporary Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal amount most
recently entered by or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On any redemption of,
or payment of interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Temporary
Global Note, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note,
details of such redemption, payment or purchase and cancellation (as the case may be) shall be entered pro rata in the records
of the relevant Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of
the relevant Clearing Systems and represented by this Temporary Global Note shall be reduced by the aggregate nominal amount of
the Notes so redeemed or purchased and cancelled; or

 

		(ii)	if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global
Note, details of such redemption, payment or purchase and cancellation (as the case may be) shall be entered by or on behalf of
the Issuer in Schedule Two hereto and the relevant space in Schedule Two hereto recording any such redemption, payment or purchase
and cancellation (as the case may be) shall be signed by or on behalf of the Issuer. Upon any such redemption or purchase and cancellation,
the nominal amount of this Temporary Global Note and the Notes represented by this Temporary Global Note shall be reduced by the
aggregate nominal amount of such Notes so redeemed or purchased and cancelled.

 

Payments due in respect
of Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary Global Note
and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred
to above shall not affect such discharge.

 

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6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for
any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator
is the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on
but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete
months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months
as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first
but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal
yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final
Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction
of which the numerator is the actual number of days in a year commencing on and including the first day of such Specified Period
and ending on but not including the corresponding day in the next calendar year and the denominator is 365 or 360, as the case
may be.]

 

Prior to the Exchange
Date (as defined below), all payments (if any) on this Temporary Global Note will only be made to the bearer hereof to the extent
that there is presented to the Agent by a relevant Clearing System a certificate to the effect that it has received from or in
respect of a person entitled to a particular nominal amount of the Notes (as shown by its records) a certificate of non-US beneficial
ownership in the form required by it. On or after the Exchange Date the bearer of this Temporary Global Note will not be entitled
to receive any payment of interest due unless, upon due certification, exchange of this Temporary Global Note is improperly withheld
or refused.

 

On or after the date
which is 40 days after the completion of the distribution of the Notes represented by this Temporary Global Note or, at the option
of the Issuer (with the consent of the lead manager(s) of the Tranche(s) of Notes of the relevant Series) the date which is 40
days after the completion of the distribution of any additional issuance or issuances of one or more Tranches of Notes of the same
Series that occurs within the 40 day period after the issue of this Temporary Global Note (the latest of such dates referred to
as the Exchange Date), this Temporary Global Note may be exchanged in whole or in part (free of charge) for, as specified
in the Final Terms, either (a) Definitive Bearer Notes and (if applicable) Coupons and Talons in or substantially in the forms
set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement (on the basis that all appropriate details have been
included on the face of such Definitive Bearer Notes and (if applicable) Coupons and Talons and the Final Terms (or the relevant
provisions of the Final Terms) have either been endorsed on or attached to such Definitive Bearer Notes) or, (b) either (i) if
the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note, interests recorded in the records
of the relevant Clearing Systems in a Permanent Global Note, or (ii) if the Final Terms indicate that this Temporary Global Note
is not intended to be a New Global Note, a Permanent Global Note which, in either case, is in the form or substantially in the
form set out in Appendix B-2 to the Agency Agreement (together with the Final Terms attached thereto) in each case upon notice
being given to the Agent by the relevant Clearing System acting on the instructions of any holder of an interest in this Temporary
Global Note.

 

 

		6	Delete if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota Motor Credit Corporation.

    Page 99

     

    

The Issuer shall procure
that, as appropriate, (i) the Definitive Bearer Notes or (as the case may be) the Permanent Global Note (where the Final Terms
indicate that this Temporary Global Note is not intended to be a New Global Note) shall be so issued and delivered or (ii) the
interests in the Permanent Global Note (where the Final Terms indicate that this Temporary Global Note is intended to be a New
Global Note) shall be recorded in the records of the relevant Clearing System, in each case in exchange for only that portion of
this Temporary Global Note in respect of which there shall have been presented to the Agent by a relevant Clearing System a certificate
to the effect that it has received from or in respect of a person entitled to a beneficial interest in a particular nominal amount
of the Notes (as shown by its records) a certificate of non-US beneficial ownership from such person in the form required by it
and, in the case of Definitive Bearer Notes, subject to such notice period and payment of costs as may be specified in the Final
Terms.

 

If Definitive Bearer
Notes and (if applicable) Coupons and Talons have already been issued in exchange for all the Notes represented for the time being
by the Permanent Global Note, then this Temporary Global Note may only thereafter be exchanged for Definitive Bearer Notes and
(if applicable) Coupons and Talons pursuant to the terms hereof.

 

On an exchange of the
whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to or to the order of the Agent. On an exchange
of part only of this Temporary Global Note, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note,
details of such exchange shall be entered pro rata in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global
Note, details of such exchange shall be entered by or on behalf of the Issuer in Schedule Two hereto and the relevant space in
Schedule Two hereto recording such exchange shall be signed by or on behalf of the Issuer whereupon the nominal amount of this
Temporary Global Note and the Notes represented by this Temporary Global Note shall be reduced by the nominal amount so exchanged.
If, following the issue of a Permanent Global Note in exchange for some of the Notes represented by this Temporary Global Note,
further Notes represented by this Temporary Global Note are to be exchanged pursuant to this paragraph, such exchange may be effected,
without the issue of a new Permanent Global Note, by the Issuer or its agent endorsing Schedule Two of the Permanent Global Note
previously issued to reflect an increase in the aggregate nominal amount of the Permanent Global Note which would otherwise have
been issued on such exchange.

 

Until the exchange
of the whole of this Temporary Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise provided
in this Temporary Global Note) be entitled to the same benefits as if it were bearer of Definitive Bearer Notes, and the relative
Coupons and Talons in the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly, except
as ordered by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying Agent
may deem and treat the bearer hereof as the absolute owner of this Temporary Global Note for all purposes (whether or not this
Temporary Global Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous
loss or theft or trust or other interest herein). In the event that this Temporary Global Note (or any part of it) has become due
and repayable in

 

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accordance with Condition 9 and payment
in full of the amount due has not been made to the bearer in accordance with the provisions set out above then this Temporary Global
Note will become void at 8.00 p.m. (London time) on such day and the bearer will have no further rights under this Temporary Global
Note (but without prejudice to the rights which the bearer or any other person may have under Clause 31 of the Agency Agreement
in respect of the Notes issued under the Programme Agreement pursuant to which this Temporary Global Note is issued).

 

This Temporary Global
Note and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance
with, English law.

 

This Temporary Global
Note shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Temporary Global Note is intended
to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility, or (ii) in respect
of which the Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity appointed as common
safekeeper by the relevant Clearing Systems. This Temporary Global Note may be duly executed on behalf of the Issuer by manual
or facsimile signature.

 

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IN WITNESS WHEREOF,
the Issuer has caused this Temporary Global Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  	  	 	By: 	   	 
	 	 	Authorised Signatory	 	 	Authorised Signatory	 
	 	 	 	 	 	 	 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 

	 	By:  	 	 
	 	 	Authorised Signatory	 
	 	 	 	 

	Authenticated by

The Bank of New York Mellon	 
	 	 
	 	 

	By:  	  	 
	 	Authorised Signatory	 
	 	 	 

	8Effectuated without recourse,

warranty or liability by:	 
	 	 
	[insert name of common safekeeper]

as common safekeeper	 
	 	 
	 	 

	By:	  	 
	 	 	 
	 	 	 

 

		7	Delete all but the relevant Issuer.

 

		8	This should only be completed where the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note.

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SCHEDULE ONE*

INTEREST PAYMENTS

 

	Interest

Payment Date	 	Date of Payment	 	Total Amount of Interest Payable	 	Amount of Interest Paid	 	Confirmation of payment by or on behalf of the Issuer
	 	 	 	 	 	 	 	 	 
	First	 	  	 	  	 	  	 	  
	Second	 	  	 	  	 	  	 	  
	 	 	 	 	 	 	 	 	 

[continue numbering until the appropriate
number of interest payment dates for the particular Series of Notes is reached.]

 

 

 

 

		*	Schedule One should be completed where the Final Terms indicate that this Temporary Global Note
is not intended to be a New Global Note.

 

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SCHEDULE TWO*

SCHEDULE OF EXCHANGES

FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

 

The following exchanges
of a part of this Temporary Global Note for Notes represented by a Permanent Global Note or Definitive Bearer Notes or redemptions
or purchases and cancellation of this Temporary Global Note have been made:

 

	Date of exchange, or redemption or purchase and cancellation	 	Part of nominal amount of this Temporary Global Note exchanged for Notes represented by a Permanent Global Note or Definitive Bearer Notes or redeemed or purchased and cancelled	 	Remaining nominal amount of this Temporary Global Note following such exchange, or redemption or purchase and cancellation	 	Notation made by or on behalf of the Issuer
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

 

 

		*	Schedule Two should only be completed where the Final Terms indicates that this Temporary Global
Note is not intended to be a New Global Note.

 

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APPENDIX B-2

FORM OF PERMANENT GLOBAL NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER
REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF
THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam,
the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

PERMANENT GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [         ]

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity of more than 183 days (taking into consideration unilateral rights to roll or extend) unless the applicable Final Terms specify TEFRA C.

 

		2 

                                                                                 
	Use this legend in the case of Notes with an initial maturity of 183 days or less (taking into consideration unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete all but the relevant Issuer.

    Page 105

     

    

The Notes represented
by this Permanent Global Note have been admitted to the Official List and admitted to trading on the London Stock Exchange plc’s
Regulated Market.4

 

This Global Note is
a Permanent Global Note in respect of a duly authorised issue of [Specified Currency and Nominal Amount of Tranche] [Specified
Currency and Nominal Amount of Series] Notes Due [Year of Maturity] (the Notes) of [Specified Currency and Specified Denomination]
each of 5[Toyota Motor Finance (Netherlands) B.V.]
[Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the Issuer). References
herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out in Appendix A to
the Agency Agreement (as defined below) as modified and supplemented by Part A of the Final Terms relating to the Notes (which
are attached hereto) and, in the event of any conflict between the provisions of the Conditions and the information set out in
the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not otherwise
defined herein shall have the same meanings when used in this Permanent Global Note.

 

This Permanent Global
Note is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency
Agreement, which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or
restated from time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia
Limited, Toyota Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however, that references
to the Conditions shall mean the Conditions in effect on the date of issue of the Temporary Global Note that originally represented
this Permanent Global Note.

 

This Permanent Global
Note is to be held by a common depositary (or, if the Final Terms indicate that this Permanent Global Note is intended to be a
New Global Note, a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société
anonyme (Clearstream, Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on behalf
of account holders which have the Notes represented by this Permanent Global Note credited to their respective securities accounts
therewith from time to time.

 

For value received,
the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or
on such earlier date(s) as all or any of the Notes represented by this Permanent Global Note may become due and repayable in accordance
with the Conditions, the amount payable under the Conditions in respect of the Notes then represented by this Permanent Global
Note on each such date and to pay interest (if any) on the nominal amount of the Notes from time to time represented by this Permanent
Global Note calculated and payable as provided in the Conditions together with any other sums payable under the Conditions, upon
(if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note) presentation and, at maturity,
surrender of this Permanent Global Note to or to the order of the Agent at the principal office of the Agent in London, or at the
offices of any of the other paying agents located outside of the United States of America, its territories and possessions, any
State of the United States and the District of Columbia (except as provided in the Conditions) from time to time appointed by the
Issuer in respect of the Notes, but in each case subject to the requirements as to certification provided herein. Any moneys paid
by the Issuer to the Agent for the payment of principal or interest on any Notes and remaining unclaimed at the end of

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete all but the relevant Issuer.

    Page 106

     

    

one year after such principal or interest
shall have become due and payable (whether at maturity, upon call for redemption or otherwise) shall then be repaid to the Issuer
and upon such repayment all liability of the Agent with respect thereto shall thereupon cease, without, however, limiting in any
way any obligation the Issuer may have to pay the principal of or interest on this Permanent Global Note as the same shall become
due.

 

If the Final Terms
indicate that this Permanent Global Note is intended to be a New Global Note, the nominal amount of Notes represented by this Permanent
Global Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream, Luxembourg
(together, the relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in this Permanent
Global Note means the records that each relevant Clearing System holds for its customers which reflect the amount of such customer’s
interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by this Permanent Global Note and,
for these purposes, a statement issued by a relevant Clearing System (which statement shall be made available to the bearer upon
request) stating the nominal amount of Notes represented by this Permanent Global Note at any time shall be conclusive evidence
of the records of the relevant Clearing System at that time.

 

If the Final Terms
indicate that this Permanent Global Note is not intended to be a New Global Note, the nominal amount of the Notes represented by
this Permanent Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal amount most
recently entered by or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On any redemption of,
or payment of interest being made in respect of, or purchase and cancellation of, any of the Notes represented by this Permanent
Global Note, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note,
details of such redemption, payment or purchase and cancellation (as the case may be) shall be entered pro rata in the records
of the relevant Clearing Systems and, upon any such entry being made, the nominal amount of the Notes recorded in the records of
the relevant Clearing Systems and represented by this Permanent Global Note shall be reduced by the aggregate nominal amount of
the Notes so redeemed or purchased and cancelled; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global
Note, details of such redemption, payment or purchase and cancellation (as the case may be) shall be entered by or on behalf of
the Issuer in Schedule Two hereto and the relevant space in Schedule Two hereto recording any such redemption, payment or purchase
and cancellation (as the case may be) shall be signed by or on behalf of the Issuer. Upon any such redemption or purchase and cancellation,
the nominal amount of this Permanent Global Note and the Notes represented by this Permanent Global Note shall be reduced by the
aggregate nominal amount of such Notes so redeemed or purchased and cancelled.

 

Payments due in respect
of Notes for the time being represented by this Permanent Global Note shall be made to the bearer of this Permanent Global Note
and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred
to above shall not affect such discharge.

 

    Page 107

     

    

If the Notes represented
by this Permanent Global Note were, on issue, represented by a Temporary Global Note then on any exchange of any such Temporary
Global Note for this Permanent Global Note or any part of it, the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note,
details of such exchange shall be entered in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global
Note, details of such exchange shall be entered by or on behalf of the Issuer in Schedule Two hereto and the relevant space in
Schedule Two hereto recording any such exchange shall be signed by or on behalf of the Issuer. Upon any such exchange, the nominal
amount of this Permanent Global Note and the Notes represented by this Permanent Global Note shall be increased by the nominal
amount of the Notes so exchanged.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for
any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator
is the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on
but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete
months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months
as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first
but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal
yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final
Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction
of which the numerator is the actual number of days in a year commencing on and including the first day of such Specified Period
and ending on but not including the corresponding day in the next calendar year and the denominator is 365 or 360, as the case
may be.]

 

In certain circumstances
further notes may be issued which are intended on issue to be consolidated and form a single Series with the Notes. In such circumstances
the Issuer shall procure that:

 

		(i)	if the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note,
details of such further notes shall be entered in the records of the relevant Clearing Systems; or

 

		(ii)	if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global
Note, details of such further notes shall be entered by or on behalf of the Issuer in Schedule Two and the relevant space in Schedule
Two recording such further notes shall be signed by or on behalf of the Issuer, whereupon the nominal amount of this Permanent
Global Note and the Notes represented by this Permanent Global Note shall be increased by the nominal amount of any such further
notes so issued.

 

 

		6	Delete if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota Motor Credit Corporation.

    Page 108

     

    

This Permanent Global
Note may (under the circumstances set forth in the Conditions and the Final Terms) be exchanged, in whole, but not in part, for
Definitive Bearer Notes and (if applicable) Coupons and Talons in or substantially in the forms set out in Appendices B-3, B-4
and B-5, respectively, of the Agency Agreement (on the basis that all appropriate details have been included on the face of such
Definitive Bearer Notes and (if applicable) Coupons and Talons and the Final Terms (or the relevant provisions of the Final Terms)
have been either endorsed on or attached to such Definitive Bearer Notes) in denominations of [Specified Currency and Specified
Denomination] each upon either, as specified in the Final Terms:

 

		(a)	upon not less than 60 days’ written notice being given to the Agent by the relevant Clearing
Systems acting on the instructions of any holder of an interest in this Permanent Global Note; or

 

		(b)	only upon the occurrence of an Exchange Event; or

 

		(c)	at any time at the request of the Issuer.

 

An Exchange Event means:

 

		(i)	an Event of Default (as defined in Condition 9) has occurred and is continuing; or

 

		(ii)	the Issuer has been notified that both Euroclear and Clearstream, Luxembourg (or any other agreed
clearing system in which this Permanent Global Note is being held) have been closed for business for a continuous period of 14
days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently to cease business or
have in fact done so and, as a result, Euroclear and Clearstream, Luxembourg or such other agreed clearing system in which this
Permanent Global Note is being held are no longer willing or able to discharge properly their responsibilities with respect to
this Permanent Global Note and the Agent and the Issuer are unable to locate a qualified successor; or

 

		(iii)	the Issuer has or will become subject to adverse tax consequences which would not be suffered were
the Notes represented by this Permanent Global Note in definitive form.

 

If this Permanent Global
Note is exchangeable following the occurrence of an Exchange Event:

 

		(A)	the Issuer will promptly give notice to Noteholders in accordance with Condition 16 if an Exchange
Event occurs; and

 

		(B)	in the event of the occurrence of any Exchange Event, one or more of the relevant Clearing Systems
(acting on the instructions of any holder of an interest in this Permanent Global Note) may give notice to the Agent requesting
exchange and, in the event of the occurrence of an Exchange Event as described in (iii) above, the Issuer may also give notice
to the Agent requesting exchange. Any such exchange shall occur not later than 45 days after the date of receipt of the first relevant
notice by the Agent.

 

    Page 109

     

    

The exchange, if any,
will be made upon presentation of this Permanent Global Note by the bearer hereof on any day (other than a Saturday or a Sunday)
on which banks are open for general business in London at the principal office of the Agent in London; provided, however, the first
notice given to the Agent by Euroclear, Clearstream, Luxembourg and/or such other relevant clearing agency or the Issuer shall
give rise to the issue of Definitive Bearer Notes for the total amount of Notes represented by this Permanent Global Note. The
aggregate nominal amount of Definitive Bearer Notes issued upon an exchange of this Permanent Global Note will be equal to the
aggregate nominal amount of this Permanent Global Note submitted by the bearer hereof for exchange (to the extent that such nominal
amount does not exceed the aggregate nominal amount of this Permanent Global Note, as adjusted, as shown in Schedule Two hereto
if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note, or in the records of the relevant
Clearing Systems if the applicable Final Terms indicate that this Permanent Global Note is intended to be a New Global Note). On
an exchange of this Permanent Global Note, this Permanent Global Note shall be surrendered to or to the order of the Agent.

 

Until the exchange
of the whole of this Permanent Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise provided
in this Permanent Global Note) be entitled to the same benefits as if it were the bearer of Definitive Bearer Notes, and the relative
Coupons and Talons in the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly, except
as ordered by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying Agent
may deem and treat the bearer hereof as the absolute owner of this Permanent Global Note for all purposes (whether or not this
Permanent Global Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous
loss or theft or trust or other interest herein). In the event that this Permanent Global Note (or any part of it) has become due
and repayable in accordance with Condition 9 and payment in full of the amount due has not been made to the bearer in accordance
with the provisions set out above then this Permanent Global Note will become void at 8.00 p.m. (London time) on such day and the
bearer will have no further rights under this Permanent Global Note (but without prejudice to the rights which the bearer or any
other person may have under Clause 31 of the Agency Agreement in respect of the Notes issued under the Programme Agreement pursuant
to which this Permanent Global Note is issued).

 

This Permanent Global
Note and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance
with, English law.

 

This Permanent Global
Note shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Permanent Global Note is intended
to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility, or (ii) in respect
of which the Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity appointed as common
safekeeper by the relevant Clearing Systems. This Permanent Global Note may be duly executed on behalf of the Issuer by manual
or facsimile signature.

 

    Page 110

     

    

IN WITNESS WHEREOF,
the Issuer has caused this Permanent Global Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  	  	 	By: 	   	 
	 	 	Authorised Signatory	 	 	Authorised Signatory	 
	 	 	 	 	 	 	 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 

	 	By:  	 	 
	 	 	Authorised Signatory	 
	 	 	 	 

	Authenticated by

The Bank of New York Mellon	 
	
        By:

         
	 
	Authorised Signatory	 
	 	 
	8Effectuated without recourse,

warranty or liability by:	 
	 	 
	[insert name of common safekeeper]

as common safekeeper	 
	 	 

	By:	  	 
	 	 	 
	 	 	 

 

		7	Delete all but the relevant Issuer.

 

		8	This should only be completed where the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note.

    Page 111

     

    

SCHEDULE ONE*

INTEREST PAYMENTS

 

	Interest

Payment Date	 	Date of Payment	 	Total Amount of Interest Payable	 	Amount of Interest Paid	 	Confirmation of payment by or on behalf of the Issuer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	First 	 	  	 	  	 	  	 	  
	Second	 	  	 	  	 	  	 	  
	 	 	 	 	 	 	 	 	 

[continue numbering until the appropriate
number of interest payment dates for the particular Series of Notes is reached]

 

 

 

		*	Schedule One should only be completed where the Final Terms indicate that this Permanent Global
Note is not intended to be a New Global Note.

 

    Page 112

     

    

SCHEDULE TWO*

SCHEDULE OF EXCHANGES OF A TEMPORARY

GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

 

The following increases
of this Permanent Global Note, exchanges of this Permanent Global Note for Definitive Bearer Notes or redemptions or purchases
and cancellations of this Permanent Global Note have been made:

 

	Date of exchange, or redemption or purchase and cancellation	 	Increase in nominal amount of this Permanent Global Note due to exchanges of a Temporary Global Note for this Permanent Global Note	 	Part of nominal amount of this Permanent Global Note exchanged for Definitive Bearer Notes or redeemed or purchased and cancelled	 	Remaining amount payable under this Permanent Global Note following such exchange, or redemption or purchase and cancellation	 	Notation made by or on behalf of the Issuer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

 

 

		*	Schedule Two should only be completed where the applicable Final Terms indicates that this Permanent
Global Note is not intended to be a New Global Note.

    Page 113

     

    
    APPENDIX B-3

FORM OF DEFINITIVE BEARER NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER
REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF
THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam,
the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

DEFINITIVE BEARER NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [         ]

 

This Note has been
admitted to the Official List and admitted to trading on the London Stock Exchange plc’s Regulated Market.4

 

 

		1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with a maturity of more than 183 days (taking into consideration unilateral rights to roll or extend).

 

		2	Use this legend in the case of Notes with a maturity of 183 days or less (taking into consideration unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete all but the relevant Issuer.

    Page 114

     

    

This Note is one of
a duly authorised issue of notes of [Specified Currency and Nominal Amount of Series] (the Notes) each of 5[Toyota
Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation]
(the Issuer). References herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions)
as set out in Appendix A to the Agency Agreement (as defined below) as modified and supplemented by Part A of the Final Terms (which
are reproduced on the reverse hereof) and, in the event of any conflict between the provisions of the Conditions and the information
set out in the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not
otherwise defined herein shall have the same meanings when used in this Definitive Bearer Note.

 

This Note is issued
subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency Agreement,
which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or restated from
time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited, Toyota
Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however, that references to the Conditions
shall mean the Conditions in effect on the date of issue of the Temporary Global Note that originally represented this Note.

 

For value received,
the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or
on such earlier date(s) as this Note may become due and repayable in accordance with the Conditions, the amount payable under the
Conditions in respect of this Note on each such date and to pay interest (if any) on this Note calculated and payable as provided
in the Conditions together with any other sums payable under the Conditions.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for
any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator
is the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on
but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete
months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months
as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first
but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal
yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final
Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction
of which the numerator is the actual number of days in a year commencing on and including the first day of such Specified Period
and ending on but not including the corresponding day in the next calendar year and the denominator is 365 or 360, as the case
may be.]

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete all but the relevant Issuer.

 

		6	Delete if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited or Toyota Motor Credit Corporation.

    Page 115

     

    

Title to this Note
and to any Coupon or Talon appertaining hereto shall pass by delivery. The Issuer may treat the bearer hereof as the absolute owner
of this Note for all purposes (whether or not this Note shall be overdue and notwithstanding any notation of ownership or writing
hereon or notice of any previous loss or theft or trust or other interest herein).

 

This Note shall not be validly
issued unless authenticated by the Agent.

 

This Note may be duly executed
on behalf of the Issuer by manual or facsimile signature.

 

IN WITNESS WHEREOF, the Issuer has
caused this Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  	  	 	By: 	    	 
	 	 	Authorised Signatory	 	 	Authorised Signatory	 
	 	 	 	 	 	 	 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 

	 	By:  	 	 
	 	 	Authorised Signatory	 

	[Authenticated by

The Bank of New York Mellon] 	 
	 	 
	 	 
	
        By:

         
	 
	Authorised Signatory	 

 

[Reverse
Of Note – Terms And Conditions]

 

[Terms and Conditions
to be as set out in Appendix A to the Agency Agreement or in such other form as may be agreed between the relevant Issuer, the
Agent and the relevant Purchaser(s)]

 

[Endorsed on or attached
to the Terms and Conditions is to be the applicable Final Terms]

 

 

		7	Delete all but the relevant Issuer.

    Page 116

     

    
    APPENDIX B-4

FORM OF COUPON

 

(Face of Coupon)

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount
of Series]

NOTES DUE [Year of Maturity]

 

Series No.[         ]

 

Part A

 

[For Fixed Rate Notes:

 

	This Coupon is payable to bearer, separately negotiable and subject to the Terms and Conditions of the said Notes to which it appertains.]	Coupon No. [         ]

Coupon for [         ]

due on [         ]

[20[       ]]

 

Part B

 

[For Floating Rate, Dual Currency
and Index Linked Interest Notes:

 

	Coupon for the amount due in accordance with the Terms and Conditions of the Notes to which it appertains.  This Coupon is payable to bearer, separately negotiable and subject to such Terms and Conditions, under which it may become void before its due date.]	Coupon No. [         ]

Coupon due in [         ]

[20[       ]]
	 	 

ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

 

		1	Delete all but the relevant Issuer.

    Page 117

     

    

(Reverse of Coupon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and
other or further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of
which has been given to the Noteholders.

 

    Page 118

     

    
    APPENDIX B-5

FORM OF TALON

 

(On the front)

 

ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount
of Series]

NOTES DUE [Year of Maturity]

 

Series No. [         ]

 

On and after [         ] further
Coupons [and a further Talon]2 appertaining to the Note to which this Talon appertains will be issued at the specified
office of any of the Paying Agents set out on the reverse hereof (and/or any other or further Paying Agents and/or specified offices
as may from time to time be duly appointed and notified to the Noteholders) upon production and surrender of this Talon.

 

This Talon may, in
certain circumstances, become void under the Terms and Conditions endorsed on the Notes to which this Talon appertains.

 

	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	By:  	  	 	By: 	  	 
	 	 	Authorised Signatory	 	 	Authorised Signatory	 
	 	 	 	 	 	 	 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 

	 	By:	 	 
	 	 	Authorised Signatory	 
	 	 	 	 
	 	 	 	 

 

		1	Delete all but the relevant Issuer.

		2	Not required on last Coupon sheet.

    Page 119

     

    

(Reverse of Talon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and
other or further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of
which has been given to the Noteholders.

 

    Page 120

     

    
    Appendix C

FORM OF CALCULATION AGENCY AGREEMENT

 

Dated ____________, 20__

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

and

 

[INSERT NAME OF CALCULATION AGENT]

 

€50,000,000,000

 

Euro Medium Term Note Programme

 

established by

 

Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

 

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

    Page 121

     

    

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

€50,000,000,000

 

Euro Medium Term Note Programme

 

established by

 

Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

 

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

THIS AGREEMENT is made on __________,
20__

 

BETWEEN:

 

		(1)	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. of World Trade Center Amsterdam, Tower H, Level
10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (the Issuer);]

 

[TOYOTA CREDIT CANADA INC.
of 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada (the Issuer);]

 

[TOYOTA FINANCE AUSTRALIA
LIMITED (ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St Leonards, NSW 2065, Australia (the Issuer);]

 

[TOYOTA MOTOR CREDIT CORPORATION
of 6565 Headquarters Drive, Mailstop W2–3D, Plano, Texas 75024–5965, United States (the Issuer);] and

 

		(2)	[name of calculation agent] of [·] (the Calculation
Agent, which expression shall include its successor or successors for the time being as calculation agent hereunder).

 

WHEREAS:

 

		A.	The Issuer has entered into the Amended and Restated Programme Agreement with certain dealers and
others dated 18 September 2020 under which the Issuer may issue Euro Medium Term Notes (Notes) with an aggregate nominal
amount of up to €50,000,000,000 (or its equivalent in other currencies) outstanding at any time which remain outstanding).

 

		B.	The Notes will be issued subject to, and with the benefit of, an Amended and Restated Agency Agreement
dated 18 September 2020 (the Agency Agreement, which expression shall be construed as a reference to that agreement as the
same may be amended, supplemented and/or restated from time to time) between, inter alia, the Issuer and The Bank of New
York Mellon, acting through its London branch (the Agent, which expression shall include its successor or successors for
the time being under the Agency Agreement, and the Paying Agent, which expression shall include any additional or successor
paying agent appointed under the Agency Agreement and Paying Agent shall mean any of the Agent or the Paying Agents so appointed).

 

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NOW IT IS HEREBY AGREED that:

 

		(1)	APPOINTMENT OF THE CALCULATION AGENT

 

The Issuer hereby appoints [name
of calculation agent] as Calculation Agent in respect of the Notes listed in the Schedule hereto which are for the time being outstanding
(the Relevant Notes) for the purposes set out in Clause 2 below, all upon terms and conditions hereinafter mentioned. The
agreement of the parties that this Agreement is to apply to each Series of Relevant Notes shall be evidenced by the manuscript
annotation and signature in counterpart of the Schedule.

 

		(2)	DUTIES OF CALCULATION AGENT

 

The Calculation Agent shall in
relation to each series of Relevant Notes (each a Series) perform all the functions and duties imposed on the Calculation
Agent by the terms and conditions of the relevant Series (the Conditions). Without limiting the foregoing, the Calculation
Agent shall calculate, to the extent applicable, the Rate of Interest, Interest Amount, Interest Payment Date, principal and all
other amounts, rates and dates which are required to be determined or calculated under the Conditions for the Relevant Notes and
shall communicate such calculations to the Issuer and the Agent as soon as practicable after such calculations are determined,
but in any event, within time periods sufficient to enable the Agent to publish the results of such determinations in accordance
with the terms of the Agency Agreement. In addition, the Calculation Agent agrees that it will provide a copy of all calculations
made by it which affect the nominal amount outstanding of any Relevant Notes which are identified on the Schedule as being New
Global Notes to the Agent to the contact details set out in the signature page hereof.

 

		(3)	EXPENSES

 

Except as provided in Clause
4 below, the Calculation Agent shall bear all expenses incurred by it in connection with its said services.

 

		(4)	INDEMNITY

 

		(a)	The Issuer shall indemnify and keep indemnified the Calculation Agent against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or
incurred by the Calculation Agent in disputing or defending any of the foregoing) which the Calculation Agent may incur or which
may be made against it (excluding consequential losses and losses of profit) as a result of or in connection with its appointment
or the exercise of its powers and duties under this Agreement except such as may result from its own wilful default, negligence
or bad faith or that of its officers, directors or employees or any of them, or the breach by it of the terms of this Agreement.

 

		(b)	The Calculation Agent shall indemnify and keep indemnified the Issuer against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or
incurred by the Issuer in disputing or defending any of the foregoing) which the Issuer may incur or which may be made against
it (excluding consequential losses and losses of profit) as a result of or in connection with the breach by the Calculation Agent
of the terms of this Agreement or its

 

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wilful default, negligence or bad
faith or that of its officers, directors or employees or any of them.

 

		(5)	CONDITIONS OF APPOINTMENT

 

		(a)	In acting hereunder in connection with the Relevant Notes, the Calculation Agent shall act solely
as agent of the Issuer and shall not thereby assume any obligations towards or relationship of agency or trust for or with any
of the owners or holders of the Relevant Notes or coupons (if any) appertaining thereto (the Coupons).

 

		(b)	In relation to each Series, the Calculation Agent shall be obliged to perform such duties and only
such duties as are herein and in the Conditions specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Conditions against the Calculation Agent other than the duty to act honestly and in good faith and to exercise
the diligence of a reasonably prudent agent in comparable circumstances.

 

		(c)	The Calculation Agent may consult with legal and other professional advisers and the opinion of
such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith
and in accordance with the opinion of such advisers.

 

		(d)	The Calculation Agent shall be protected and shall incur no liability for or in respect of any
action taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or the Agent, or any notice,
resolution, direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably believes,
after making reasonable investigation of the same, to be genuine and to have been delivered, signed or sent by the proper party
or parties or upon written instructions from the Issuer.

 

		(e)	The Calculation Agent, and any of its officers, directors and employees, may become the owner of,
or acquire any interest in, any Notes or Coupons (if any) with the same rights that it or he or she would have if the Calculation
Agent were not appointed hereunder, and may engage or be interested in any financial or other transaction with the Issuer and may
act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons (if any) or other obligations
of the Issuer as freely as if the Calculation Agent were not appointed hereunder.

 

		(6)	TERMINATION OF APPOINTMENT

 

		(a)	The Issuer may terminate the appointment of the Calculation Agent at any time by giving to the
Calculation Agent and the Agent at least 90 days’ prior written notice to that effect, provided that, so long as any of the
Relevant Notes is outstanding, (i) such notice shall not expire less than 45 days before any date upon which any payment is due
in respect of any Relevant Notes and (ii) notice shall be given in accordance with Condition 16 to the holders of the Relevant
Notes at least 30 days prior to any removal of the Calculation Agent.

 

		(b)	Notwithstanding the provisions of Subclause 6(a) above, if at any time (i) the Calculation Agent
becomes incapable of action, or is adjudged bankrupt or

 

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insolvent, or files a voluntary
petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator,
liquidator or administrative or other receiver of all or a substantial part of its property, or if an administrator, liquidator
or administrative or other receiver of it or of all or a substantial part of its property is appointed, or it admits in writing
its inability to pay or meet its debts as they may become due or suspends payment thereof or if any order of any court is entered
approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if any public
officer takes charge or control of the Calculation Agent or of its property or affairs for the purpose of rehabilitation, administration
or liquidation or (ii) the Calculation Agent fails duly to perform any function or duty imposed on it by the Conditions and this
Agreement, the Issuer may forthwith without notice terminate the appointment of the Calculation Agent, in which event notice thereof
shall be given to the holders of the Relevant Notes in accordance with Condition 16 of the Relevant Notes as soon as practicable
thereafter.

 

		(c)	The termination of the appointment pursuant to Subclause 6(a) or 6(b) above of the Calculation
Agent hereunder shall not entitle the Calculation Agent to any amount by way of compensation but will be without prejudice to any
amount then accrued and due.

 

		(d)	The Calculation Agent may resign its appointment hereunder at any time by giving to the Issuer
and the Agent at least 90 days’ prior written notice to that effect. Following receipt of a notice of resignation from the
Calculation Agent, the Issuer shall promptly give notice thereof to the holders of the Relevant Notes in accordance with Condition
16 of the Relevant Notes.

 

		(e)	Notwithstanding the provisions of Subclauses 6(a), 6(b) and 6(d) above, so long as any of the Relevant
Notes is outstanding, the termination of the appointment of the Calculation Agent (whether by the Issuer or by the resignation
of the Calculation Agent) shall not be effective unless upon the expiry of the relevant notice a successor Calculation Agent has
been appointed. The Issuer agrees with the Calculation Agent that if, by the day falling 10 days before the expiry of any notice
under Clause 6(d), the Issuer has not appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on behalf
of the Issuer, to appoint as Calculation Agent in its place an investment bank which the Issuer shall approve (such approval not
to be unnecessarily withheld).

 

		(f)	Any successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor
and the Issuer an instrument accepting appointment hereunder, and thereupon such successor Calculation Agent, without further act,
deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as the Calculation Agent hereunder.

 

		(g)	If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer or by
the resignation of the Calculation Agent), the Calculation Agent shall on the date on which such termination takes effect deliver
to the successor Calculation Agent all records concerning the Relevant Notes maintained by it (except such documents and records
as it is obliged by law

 

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or regulation to retain or not
to release), but shall have no other duties or responsibilities hereunder.

 

		(h)	Any corporation into which the Calculation Agent for the time being may be merged or converted
or any corporation with which the Calculation Agent may be consolidated or any corporation resulting from any merger, conversion
or consolidation to which the Calculation Agent shall be a party shall, to the extent permitted by applicable law, be the successor
Calculation Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto. Written notice of any such merger, conversion or consolidation shall forthwith be given to the Issuer and the Agent
by the Calculation Agent.

 

		(i)	Upon the termination of the appointment of the Calculation Agent, the Issuer shall use all reasonable
endeavours to appoint a further bank or investment bank as successor Calculation Agent.

 

		(7)	NOTICES

 

Any notice or communication given
hereunder shall be sufficiently given or served:

 

		(a)	if delivered in person to the relevant address specified below and, if so delivered, shall be deemed
to have been delivered at time of receipt;

 

		(b)	if sent by facsimile to the relevant number specified below, shall be deemed to have been delivered
upon transmission provided such transmission is confirmed when an acknowledgment of receipt is received; or

 

		(c)	if sent by email to the relevant email address specified on the signature pages hereof (or to such
other address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed
to have been delivered at the time of confirmation by telephone:

 

The Issuer:

 

[TOYOTA MOTOR
FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

[**]]

 

[TOYOTA CREDIT CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

[**]]

 

    Page 126

     

    

[TOYOTA FINANCE AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards

NSW 2065

Australia

 

[**]]

 

[TOYOTA MOTOR CREDIT CORPORATION

 

6565 Headquarters Drive, Mailstop W2–3D

 

Plano

 

Texas 75024–5965

 

United States

 

[**]]

 

The Calculation Agent: ________________________

 

or to such other address and/or
facsimile number of which notice in writing has been given to the parties hereto in accordance with the provisions of this Clause
7.

 

		(8)	DESCRIPTIVE HEADINGS

 

The descriptive headings in this
Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

 

		(9)	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to
this Agreement has no right by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement,
but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

 

		(10)	COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts
shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy
shall be an effective mode of delivery.

 

		(11)	GOVERNING LAW

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement
shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	The Issuer hereby irrevocably agrees for the exclusive benefit of the Calculation Agent that the
courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement (including
a dispute relating to any non-contractual obligations arising out of or in connection with this Agreement) and that accordingly
any suit, action or proceedings (together referred to as Proceedings) arising out of or in

 

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connection with this Agreement
(including any Proceedings relating to any non-contractual obligations arising out of or in connection with this Agreement) may
be brought in such courts. The Issuer hereby irrevocably waives any objection which it may have to the laying of the venue of any
Proceedings in any such courts and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further
irrevocably agrees that a judgment in any Proceedings brought in the English courts shall be conclusive and binding upon the Issuer
and may be enforced in the courts of any other jurisdiction. Nothing contained herein shall limit any right to take Proceedings
against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions
preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer hereby appoints Toyota Financial
Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ as its agent for service of process and agrees that, in the
event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing to be registered in England, it will appoint another person
as its agent for service of process in England in respect of any Proceedings.

 

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IN WITNESS WHEREOF,
this Agreement has been entered into as of the day and year first above written.

 

	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.
	 
	 
	By: 	________________________]	 
	 	 	 
	 	 	 
	[TOYOTA CREDIT CANADA INC.
	 
	 
	By: 	________________________]	 
	 	 	 
	 	 	 
	[TOYOTA FINANCE AUSTRALIA LIMITED
	 
	 
	By: 	________________________]	 
	 	 	 
	 	 	 
	[TOYOTA MOTOR CREDIT CORPORATION
	 
	 
	By: 	_________________________	 
	 	Name:	 
	 	Title:]	 
	 	 	 
	 	 	 
	[NAME OF CALCULATION AGENT]
	 
	 
	By: 	________________________	 

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SCHEDULE OF RELEVANT NOTES

 

	Series Number	 	Issue Date	 	Maturity Date	 	Title and Nominal Amount	 	New Global Note

[Yes/No]	 	Annotation by Calculation Agent/the Issuer
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

    Page 130

     

    

Appendix D

FORM OF OPERATING and ADMINISTRATIVE

PROCEDURES MEMORANDUM

 

The aggregate nominal
amount of all euro medium term notes (Notes) issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,
Toyota Finance Australia Limited and Toyota Motor Credit Corporation outstanding at any time will not exceed €50,000,000,000
or its equivalent in other currencies.

 

The documentation of
the Programme provides for the issue of Notes denominated in such currency (subject to any legal or regulatory restrictions) as
may be agreed between the Issuer (as defined below) and the relevant Purchaser(s) and with a minimum maturity of one month (subject
to certain restrictions as to minimum and/or maximum maturities as set out in the Prospectus (as defined below) describing the
Programme) and being any of:

 

		●	Fixed Rates Notes

 

		●	Floating Rate Notes

 

		●	Zero Coupon Notes

 

		●	other forms of Notes agreed between the relevant Purchaser(s) and the relevant Issuer.

 

All terms with initial
capitals used herein without definition shall have the meanings given to them in the Prospectus dated 18 September 2020 as supplemented
or replaced from time to time (the Prospectus) or, as the case may be, in the Programme Agreement dated 18 September 2020
between Toyota Motor Finance (Netherlands) B.V. (TMF), Toyota Credit Canada Inc. (TCCI), Toyota Finance Australia
Limited (TFA) and Toyota Motor Credit Corporation (TMCC and together with TMF, TCCI and TFA, the Issuers)
and the Dealers named therein as amended, supplemented, novated or restated from time to time (the Programme Agreement)
pursuant to which the Issuers may issue Notes. References herein to Issuer are to TMF, TCCI, TFA or TMCC, as the case may
be, in its capacity as Issuer of Notes. References in this Procedures Memorandum to the European Economic Area include the United
Kingdom, and European Economic Area Member State is to be interpreted accordingly.

 

As used herein, in
relation to any Notes which are to have a “listing” or be “listed” (a) on the London Stock Exchange, listing
or listed shall be construed to mean that such Notes have been admitted to the official list of the Financial Conduct Authority
in accordance with the listing rules of the Financial Conduct Authority and admitted to trading on the London Stock Exchange’s
Regulated Market and (b) on the Euronext Dublin, listing or listed shall be construed to mean that such Notes have
been admitted to Euronext Dublin’s official list in accordance with the listing rules of Euronext Dublin and admitted to
trading on the Euronext Dublin and (c) on any other Stock Exchange in a jurisdiction within the European Economic Area, listing
and listed shall be construed to mean that the Notes have been admitted to trading on a market within that jurisdiction
which is a regulated market for the purposes of the Markets in Financial Instruments Directive (Directive 2014/65/EU).

 

This Operating and
Administrative Procedures Memorandum applies to Notes issued on and after 18 September 2020. The procedures set out in Annex 1
may be varied by

 

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agreement between the Issuer, the Agent
and the relevant Purchaser, including to take account of any standardised procedures published by Euroclear and/or Clearstream,
Luxembourg (together, the ICSDs) and/or the International Capital Market Services Association (ICMSA) and/or the International
Capital Market Association (ICMA). The timings set out in these procedures represent optimum timings to ensure a smooth settlement
process. Each of the ICSDs has its own published deadlines for taking certain of the actions described herein (which may be later
than the timings described herein). The Issuer, the Agent, the relevant Purchaser, and the common depositary, or common service
provider and common safekeeper, as the case may be, may agree to vary the timings described herein subject to compliance with such
deadlines.

 

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OPERATING PROCEDURES

 

Purchasers must confirm all trades directly
with the Issuer and the Agent.

 

		1.	RESPONSIBILITIES OF THE AGENT

 

The Agent will, in addition to
the responsibilities in relation to settlement described in Annex A, be responsible for the following:

 

		(1)	in the case of Notes which are to be listed on a stock exchange (the relevant Stock Exchange),
distributing to the relevant Stock Exchange and any other relevant authority such number of copies of the Final Terms as they may
reasonably require; and

 

		(2)	where applicable, providing the Ministry of Finance of Japan with all required notifications and
reports (including any monthly reports as to amounts, issue dates and other terms of each Tranche of Yen-denominated Notes).

 

		2.	RESPONSIBILITIES OF THE LISTING AGENT/ARRANGER/LEAD MANAGER/DEALER

 

		(1)	The Lead Manager/Dealer/other Purchaser shall be responsible for preparing the applicable Final
Terms (substantially in the form of either Part A or Part B of Annex B hereto) to the Prospectus giving details of the Notes to
be issued.

 

		(2)	In the case of Notes to be listed on a relevant Stock Exchange, the Listing Agent/Arranger or Lead
Manager will be responsible for ensuring compliance with the Prospectus Regulation (if applicable) and the listing rules of the
relevant Stock Exchange and obtaining all necessary approvals for listing the Notes on the relevant Stock Exchange. The Issuer
recognises with respect to this Clause 2(2) its continuing obligation so long as any Notes under the Programme are outstanding
to apprise the applicable Dealers of any material adverse change in its (consolidated, if applicable) financial position or its
business operations.

 

		3.	RESPONSIBILITIES OF THE ISSUER

 

The Issuer shall execute and
deliver the Final Terms to the Agent and the Lead Manager/Dealer/other Purchaser.

 

		4.	SETTLEMENT

 

The settlement procedures set
out in Annex A shall apply to each issue of Bearer Notes, unless otherwise agreed between the Issuer and the relevant Dealer or
Dealers.

 

Settlement procedures for an
issue of Registered Notes issued by TCCI are set out in the TCCI Note Agency Agreement. Settlement procedures for an issue of Registered
Notes issued by TMCC are set out in the TMCC Note Agency Agreement.

 

Trading Desk Information list
is set out in Annex E.

 

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ANNEX A TO APPENDIX
D

SETTLEMENT PROCEDURES

 

The procedures set out below have been
discussed and agreed by the ICSDs, representatives of ICMA and representatives of ICMSA. It is recommended that these procedures
are adopted without material amendment to facilitate standardisation in the market and a smooth closing procedure. ****

 

Times set out below are London times
and represent the latest time for taking the action concerned. It is recommended that where possible the action concerned is taken
in advance of these times.

 

	Day	Latest time	Action
	No later than Issue Date minus 3	2:00 p.m.	The Issuer or its designated agent may agree to terms with one or more of the Purchasers for the issue and purchase of Notes1.  The relevant Purchaser instructs the Agent to obtain a common code and ISIN (and any other relevant financial instrument codes such as CFI code and FISN) or, if relevant, a temporary common code and ISIN (and any other relevant financial instrument codes such as CFI code and FISN) for the Notes from one of the ICSDs.
	Issue Date minus 2	5:00 p.m.	If a Purchaser has reached agreement with the Issuer by telephone, the Purchaser confirms the terms of the agreement to the Issuer (substantially in the form of Annex C) attaching a copy of the applicable Final Terms (substantially in the form set out in Annex B) by electronic communication.  The Purchaser sends a copy of that electronic communication to the Agent for information.
	 	 	The Issuer confirms its agreement to the terms on which the issue of Notes is to be made (including the form of the Final Terms) by signing and returning a copy of the Final Terms to the relevant Purchaser and the Agent.  The details set out in the signed Final Terms shall be conclusive evidence of the agreement (save in the case of manifest error) and shall be binding on the parties accordingly.  The Issuer also confirms its instructions to the Agent (substantially in the form set out in Annex D) (including, in the case of Floating Rate Notes, for the purposes of rate fixing) to carry out the duties to be carried out by the Agent under these Settlement Procedures and the Agency Agreement including preparing and authenticating a 

 

 

 

		****	In the case of a syndicated Note issue, certain of the Settlement Procedures set forth below will
be revised as appropriate.

 

		1	Relevant Purchaser(s) to consider whether it/they have reviewed the necessary product classification
from the Issuer prior to the launch of the offer, pursuant to Section 309B of the Securities and Futures Act (Chapter 289) of Singapore.

 

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	 	 	Temporary Global Note for the Tranche of Notes which is to be purchased and, in the case of the first Tranche of a Series, where the applicable Final Terms do not specify that the Temporary Global Note is to be exchangeable only for Notes in definitive form, a Permanent Global Note for the Series.
	 	 	In the case of Floating Rate Notes, the Agent notifies the ICSDs, the Issuer, (if applicable) the relevant Stock Exchange and any other relevant authority and the relevant Purchaser of the Rate of Interest for the first Interest Period (if already determined).  Where the Rate of Interest has not yet been determined, this will be notified in accordance with this paragraph as soon as it has been determined.
	 	 	If the Issuer has agreed with two or more Purchasers to issue Notes on a syndicated basis, it is to enter into an agreement with such Purchasers in the form or substantially the form set out in Appendix 5 to the Programme Agreement.
	No later than Issue Date minus 1	2:00 p.m.	In the case of Notes which are to be listed on a Stock Exchange or publicly offered in a European Economic Area Member State, the Agent also notifies the Stock Exchange and/or any other relevant authority, as the case may be, by electronic communication or by hand of the details of the Notes to be issued by sending the applicable Final Terms to the Stock Exchange and/or any other relevant authority, as the case may be. 
	Issue Date minus 1	10:00 a.m. (for prior day currencies2)	The relevant Purchaser and the Agent give settlement instructions to the relevant ICSD(s) to effect the payment of the purchase price, against delivery of the Notes, to the Agent’s account with the relevant ICSD(s) on the Issue Date.  
	 	12.00 noon (for other currencies)	The parties (which for this purpose shall include the Agent) may agree to arrange for “free delivery” to be made through the relevant ICSD(s) if specified in the applicable Final Terms, in which case these Settlement Procedures will be amended accordingly.
	Issue Date minus 1	ICSD deadlines for the relevant currency	For prior day currencies, the Agent instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received by it to the account of the Issuer previously notified to the Agent for the purpose. 

 

 

 

		2	The most common prior day currencies are Australian dollars (AUD), Hong Kong dollars (HKD), Japanese
yen (JPY) and New Zealand dollars (NZD) but other currencies in similar time zones may also be prior day currencies. The parties
should establish whether or not a particular currency is a prior day currency as soon as possible.

 

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	Issue Date minus 1	3.00 p.m.	The Agent prepares and authenticates a Temporary Global Note for each Tranche of Notes which is to be purchased and, where required as specified above, a Permanent Global Note in respect of the relevant Series, in each case attaching the applicable Final Terms.
	 	 	Each Global Note which is a CGN is then delivered by the Agent to the Common Depositary.  Each Global Note which is a New Global Note is then delivered by the Agent to the common safekeeper, together (if applicable) with an effectuation instruction.  In the event that the common service provider and the common safekeeper are not the same entity, the Agent should also deliver the applicable Final Terms to the common service provider.
	 	 	For securities in New Global Note form, the Agent then instructs the mark up of the issue outstanding amount of the Global Note to the ICSDs through the common service provider.
	Issue Date minus 1	5.00 p.m.	The conditions of issue in the Programme Agreement are satisfied and/or waived.
	 	 	In the case of each Global Note which is a New Global Note, the common safekeeper confirms deposit and effectuation (if applicable)3 of the Global Note to the Agent, the common service provider and the ICSDs.
	Issue Date minus 1	6.00 p.m.	In the case of each Global Note which is a CGN, the Common Depositary confirms deposit of the Global Note to the Agent and the ICSDs. 
	 	 	In the case of each Global Note which is a New Global Note, the common service provider relays the Agent’s instruction to mark up the issue outstanding amount of the Global Note to the ICSDs.
	Issue Date	According to ICSD settlement procedures	The ICSDs debit and credit accounts in accordance with instructions received from the Agent and the relevant Purchaser.
	Issue Date	ICSD deadlines for the relevant currency	For non-prior day currencies, the Agent instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received by it to the account of the Issuer previously notified to the Agent for the purpose.

 

 

 

		3	This assumes that an effectuation authorisation has been delivered by the Issuer to the common
safekeeper (i.e. Euroclear or Clearstream, Luxembourg) at the update of the programme. If this is not the case, such an authorisation
should be delivered at least 2 business days prior to the closing of the first issue of Eurosystem-eligible New Global Notes under
the Programme.

 

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	Issue Date	5.00 p.m.	The Agent forwards a copy of the signed Final Terms to each ICSD.
	On or subsequent to the Issue Date	 	The Agent notifies the Issuer immediately in the event that a Purchaser does not pay the purchase price due from it in respect of a Note. 
	 	 	The Agent notifies the Issuer of the issue of Notes giving details of the Global Note(s) and the nominal amount represented thereby.
	 	 	The Agent confirms the issue of Notes to the relevant Stock Exchange and any other relevant authority.

 

Explanatory Notes to Settlement Procedures

 

		(a)	Each Day is a day on which banks and foreign exchange markets are open for general business
in London (including dealings in foreign exchange and foreign currency deposits), counted in reverse order from the proposed Issue
Date.

 

		(b)	The Issue Date must be a Business Day. For the purposes of this Memorandum, Business
Day means a day which is:

 

		(1)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London and any other place specified in the applicable
Final Terms as an Additional Business Centre;

 

		(2)	(i) in relation to Notes denominated in a Specified Currency other than euro and Renminbi, a day
on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in
foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency;
or (ii) in relation to Notes denominated in euro, a day on which the TARGET2 system is open; or (iii) in relation to any sum payable
in Renminbi, a day on which commercial banks and foreign exchange markets are open for business and settlement of Renminbi payments
in Hong Kong. Unless provided otherwise in the applicable Final Terms, the principal financial centre of any country shall be as
provided in the 2006 ISDA Definitions (except in the case of Australia and New Zealand, where the principal financial centre will
be Sydney or Auckland, respectively); and

 

		(3)	a day on which the ICSDs and any other relevant clearing system is open for general business.

 

		(c)	Times given can be modified upon the mutual agreement of the Purchaser, the Agent and the Issuer.

 

		(d)	If at any time the Agent is notified by the Issuer or the relevant Stock Exchange that the listing
of a Series of Notes has been refused or otherwise will not take place, the Agent shall immediately notify the Issuer, the Dealer
and all the relevant Purchaser(s) (if not the Dealer).

 

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		(e)	If any final terms or information to be included in the applicable Final Terms constitute “significant
new factors” and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation
the timings outlined above will change as the Final Terms will need to be approved by the relevant authority as a supplement, which
can take up to seven working days.

 

		(f)	Where a clearing system other than Euroclear or Clearstream, Luxembourg is used for an issue, references
to the ICSDs shall be interpreted accordingly.

 

    Page 138

     

    
    ANNEX B TO APPENDIX
D

 

FORM OF FINAL TERMS

 

Part A

 

FORM
OF FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF AT LEAST €100,000 (or equivalent in any other currency)
TO BE ADMITTED TO TRADING ON AN EEA OR UK REGULATED MARKET (AND NOTES TO BE ADMITTED TO TRADING ONLY ON A REGULATED MARKET, OR
A SPECIFIC SEGMENT OF A REGULATED MARKET, TO WHICH ONLY QUALIFIED INVESTORS HAVE ACCESS)

 

[PROHIBITION OF
SALES TO EEA AND UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to
and should not be offered, sold or otherwise made available to any [retail] investor in the European Economic Area (“EEA”)
or in the United Kingdom (“UK”). [For these purposes, a “retail investor” means a person
who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID
II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in
the Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).] [Consequently no key information document
required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes
or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.]]

 

[MiFID II product
governance / Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors
and ECPs target market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target
market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties[,]/[and]
professional clients [outside the European Economic Area (“EEA”) and the United Kingdom (“UK”),]
[and]/[as well as] retail clients [(limited to those resident in [insert relevant jurisdiction(s)] only),] each as defined
in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients [outside the EEA and the UK,] [and retail clients (limited to those resident in [insert
relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable [insert relevant jurisdiction(s)]
securities laws and regulations.] [; and (iii) the following channels for distribution of the Notes to retail clients are appropriate
- investment advice, portfolio management, non-advised sales and pure execution services - subject to the distributor’s suitability
and appropriateness obligations under MiFID II, as applicable.] Any person subsequently offering, selling or recommending the Notes
(a “distributor”) should take into consideration the manufacturer[’s/s’] target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes
(by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution
channels [outside the EEA and the UK with all sales], subject to the distributor’s suitability and appropriateness obligations
under [MiFID II, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

[MiFID II product
governance / Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s
product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market
for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID
II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate.
Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration
the manufacturer[’s/s’]

 

    Page 139

     

    

target market assessment; however, a distributor
subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting
or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution channels.]

 

Notification under
Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”) – In
connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the “CMP Regulations 2018”), the Issuer has determined, and hereby notifies all relevant persons (as defined
in Section 309A(1) of the SFA), that the Notes are [prescribed capital markets products]/[capital markets products other than prescribed
capital markets products] (as defined in the CMP Regulations 2018) and [are] [Excluded]/[Specified] Investment Products (as defined
in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).1 2

 

Final Terms

 

Dated [         ]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN
48 002 435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Legal Entity Identifier (“LEI”):
[     ]]

 

Issue of [Aggregate Nominal Amount of
Tranche] [Title of Notes]

under the €50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

PART A – CONTRACTUAL TERMS

 

Terms used herein
shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus dated
18 September 2020 [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by
reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the
purposes of the Prospectus Regulation (as defined [above/below]). This document constitutes the Final Terms of the Notes [described
herein for the purposes of the Prospectus Regulation – remove for unlisted Notes] and must be read in conjunction
with the Prospectus in order to obtain all the relevant information. The Prospectus has been published on the website of the London
Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

 

[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus with an earlier date.

 

Terms used herein shall
be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”)
set forth in and extracted from the Prospectus dated [13 September 2019/14 September 2018/8 September 2017/9 September 2016/11
September 2015/12 September 2014] and which are incorporated by reference in the Prospectus dated 18 September 2020. This document
constitutes the Final Terms of the Notes [described herein for the

 

 

		1	Insert “prescribed capital market products” and “Excluded Investment Products” or, if not, amend Singapore product classification.

 

		2	Relevant Dealer(s) to consider whether it/they have received the necessary Singapore product classification from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

    Page 140

     

    

purposes of the Prospectus Regulation (as
defined [above/below]) – remove for unlisted Notes] and must be read in conjunction
with the Prospectus dated 18 September 2020, including the Conditions which are incorporated
by reference in it [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated
by reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base prospectus for
the purposes of the Prospectus Regulation in order to obtain all the relevant information. The
Prospectus has been published on the website of the London Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.]

 

[The
expression “Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended).]

 

[Include whichever
of the following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even
if “Not Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which
are not applicable can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ]
	 	(ii)	Credit Support Providers:	
        Toyota Motor Corporation

        

        LEI - 5493006W3QUS5LMH6R84 

        Toyota Financial Services Corporation

        

        LEI - 353800WDOBRSAV97BA75 

	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Uridashi Notes:	[Applicable]/[Not Applicable]
	 	[(iv)]	Date on which the Notes will be consolidated and form a single Series:	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]]].]

	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]

	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ]

	5.	Issue Price:	[         ] per cent. of the Aggregate Nominal Amount [plus [         ] days’ accrued interest in respect of the period from, and including, [insert date] to, but excluding, [insert date] (if applicable)]

	6.	(i)	Specified Denominations:	
        [         ]

        

        [[€100,000]
        and integral multiples of [€1,000] in excess thereof up to and including [€199,000]. No Notes in definitive form will
        be issued with a denomination above [€199,000].]

        

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	 	(ii)	Calculation Amount:	
        [         ]

        

        (If there is only one
        Specified Denomination, insert the Specified Denomination.

        

        If there is
more than one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common
factor in the case of two or more Specified Denominations) 

	7.	(i)	Issue Date:	[         ]
	 	(ii)	Interest Commencement Date:	
        [         ]/[Issue Date]/[Not
        Applicable]

        

        (N.B. An Interest Commencement Date
        will not be relevant for certain Notes, for example, Zero Coupon Notes)

        

	8.	Maturity Date:	
        [         ]

        

        [Fixed rate - Specify date / Floating
        rate - Interest Payment Date falling in or nearest to [specify month and year]]

        

        (N.B. The Maturity
Date may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than
50 years after the Issue Date) 

	9.	Interest Basis:	
        [[         ] per cent. Fixed Rate]

        

        [Fixed Rate Step-up/Step-down] 

        [[         ] month [LIBOR/EURIBOR/CAD-BA-CDOR] +/–
        [      ] per cent. Floating Rate]

        

        [Zero Coupon] 

        (See paragraph 16/17/18 below)

        
	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]
	12.	Put/Call Options: 	
        [Investor Put Option]

        [Issuer Call Option]

        [Issuer Maturity Par Call Option]

        

        [Issuer Make-Whole Call Option] 

        [Not Applicable]

        

        [(See paragraph(s) 19/20/21/22 below)] 

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Prospectus dated  18 September 2020

	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in Condition 3:	[Applicable [Uridashi Notes only]]/[Not Applicable]

    Page 142

     

    

	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 

	16.	Fixed Rate Note Provisions 	
        [Applicable]/[Not
        Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date [from and including, [         ] to, but excluding, [         ]] [. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, [the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]]/[         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable [[         ] in arrear] on [         ]/[each Interest Payment Date][, except for the amount of interest payable on the first Interest Payment Date falling on [         ]][. [This]/[These] Fixed Coupon Amount[s] appl[ies]/[y] if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable on the Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s):	
        [[         ] in each year]/[Not
        Applicable]

        

        (Insert regular interest
        payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where
        the Fixed Day Count Fraction is Actual/Actual (ICMA))

        

    Page 143

     

    

	17.	Floating Rate Note Provisions	
        [Applicable]/[Not
        Applicable]

        

        (If not
        applicable, delete the remaining sub-paragraphs of this paragraph)
        

        

	 	(i)	Specified Period(s)/Specified Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business Day Convention]/[Modified Following Business Day Convention]/[Preceding Business Day Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Manner in which the Rate of Interest and Interest Amount is/are to be determined:	[Screen Rate Determination]/[ISDA Determination]
	 	(vi)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ] 
	 	(vii)	Screen Rate Determination:	[Applicable]/[Not Applicable]
	 	 	- Reference Rate:	[         ] month [LIBOR/EURIBOR/CAD-BA-CDOR]
	 	 	- Relevant Financial Centre:	[London/Brussels/Toronto/specify other Relevant Financial Centre]
	 	 	-Interest Determination Date(s):	(Second London business day prior to the start of each Interest Period if LIBOR (other than Sterling or euro LIBOR), first day of each Interest Period if Sterling LIBOR or CAD-BA-CDOR and the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR or euro LIBOR)
	 	 	- Relevant Screen Page:	(Insert page on which the Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets Limited for LIBOR/EURIBOR/CAD-BA-CDOR)
	 	 	 	(In the case of EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)
	 	 	- Specified Time:	
        [11:00 a.m. [London/Brussels]
        time]

        [In the case of LIBOR/EURIBOR]/

        

        [10:00 a.m. Toronto
time] [In the case of CAD-BA-CDOR] 

	 	(viii)	ISDA Determination:	[Applicable]/[Not Applicable]
	 	 	- Floating Rate Option:	[         ]
	 	 	- Designated Maturity:	[         ]
	 	 	- Reset Date:	
        [         ]

        

        (The first day of the Interest
        Period)

        

    Page 144

     

    

	 	(ix)	Linear Interpolation:	
        [Not Applicable/Applicable
        – the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear
        Interpolation

        

        (Specify for each
short or long Interest Period)] 

	 	(x)	Margin(s):	[+/-][        ] per cent. per annum
	 	(xi)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(xii)	Maximum Rate of Interest:	[         ] per cent. per annum
	 	(xiii)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]

	18.	Zero Coupon Note Provisions 	
        [Applicable]/[Not Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]

	PROVISIONS RELATING TO REDEMPTION

	19.	Issuer Call Option	
        [Applicable]/[Not
        Applicable]

        

        (If not
applicable, delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	 
	 	 	
        (a)       

        

        Minimum Redemption Amount: 
	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	
        (b)       

        

        Maximum Redemption Amount: 
	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [         ] days]/[Not
        Applicable]

        

        [Maximum period: [
] days]/[Not Applicable] 

	20.	Issuer Maturity Par Call Option	
        [Applicable]/[Not
        Applicable]

        

        (If
not applicable, delete the remaining sub-paragraphs of this paragraph)
 

	 	[Notice periods (if other than set out in the Conditions):]	
        [Minimum period: [         ] days]/[Not
        Applicable]

        

        [Maximum period: [
] days]/[Not Applicable] 

	21.	Issuer Make-Whole Call Option	
        [Applicable]/[Not
        Applicable]

        

        (If
not applicable, delete the remaining sub-paragraphs of this paragraph)
 

    Page 145

     

    

	 	
        (i)       

        

        Optional Redemption Date(s):

        	[         ]/[at any time that is more than 90 days prior to the Maturity Date]
	 	
        (ii)       

        

        Optional Redemption Amount of each Note:

        	[[         ] per Calculation Amount]/[Special Redemption Amount]
	 	
        (iii)       

        

        Specified Time for Special Redemption Amount:

        	[         ]/[Not Applicable]
	 	
        (iv)       

        

        Redemption Margin:

        	[[         ] per cent.]/[Not Applicable]
	 	
        (v)       

        

        If redeemable in part:

        	[Applicable]/[Not Applicable]
	 	
        (a)       

        

        Minimum Redemption Amount:

        
	[[         ] per Calculation Amount]/[Not Applicable]
	 	
        (b)       

        

        Maximum Redemption Amount:

        
	[[         ] per Calculation Amount]/[Not Applicable]
	 	
        (vi)       

        

        Calculation Agent (if not the Agent) (the “Calculation
        Agent”):

        	[Not Applicable]/[         ]
	 	
        (vii)       

        

        Notice periods (if other than set
        out in the Conditions):

         
	
        [Minimum period: [         ] days]/[Not
        Applicable]

        

        [Maximum period: [
] days]/[Not Applicable] 

	22.	Investor Put Option	
        [Applicable]/[Not
        Applicable]

        

        (If
not applicable, delete the remaining sub-paragraphs of this paragraph)
 

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount

	23.	Final Redemption Amount	[         ] per Calculation Amount
	24.	Early
    Redemption Amou nt	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier redemption:	[         ] per Calculation Amount

	GENERAL PROVISIONS APPLICABLE TO THE NOTES

	25.	Form of Notes:	 

	 	 	 	
        [         ]

        

        (Insert description that is consistent
        with one of the options in the “Form of the Notes” section of the Prospectus)

        

	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
        [Not Applicable/give details]

        

        (Note that this paragraph relates to
        the place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates)

        
	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 

    Page 146

     

    

	 	 	coupon payments are still to be made.]
	29.	Reference Currency Equivalent (if different from US dollars as set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Defined terms/Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	31.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	32.	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]
	33.	Settlement (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	34.	Relevant Benchmark:	[[specify benchmark] is provided by [administrator legal name]. As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 (Register of administrators and benchmarks) of the Benchmarks Regulation]/[Not Applicable]

    Page 147

     

    

	RESPONSIBILITY
	The Issuer accepts responsibility for the information contained in these Final Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.] 
	 
	 

	Signed on behalf of the Issuer:
	 
	 
	 
	 
	[NAME OF ISSUER]
	
        By:

        

        ..............................................................

        

	Name:
	Title:
	
         

        Duly authorised

         

        cc:The Bank of New York
        Mellon, acting through its London branch

        [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

        [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

         

    Page 148

     

    

PART B – OTHER INFORMATION

 

	
        1.       

        

        LISTING
        AND ADMISSION TO TRADING

        

	(i)	Listing and admission to trading:	
        [Application
        has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London
        Stock Exchange’s Regulated Market] [the Euronext Dublin’s Regulated Market] and for listing on [the Official List of
        the UK Financial Conduct Authority] [the Official List of the Euronext Dublin] with effect from [         ].] / [Not Applicable.]

        

        (Where
        documenting a fungible issue need to indicate that original securities are already admitted
        to trading.) 

        
	(ii)	Estimate of total expenses related to admission to trading:	[         ]

	
        2.       

        

        RATINGS

        	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	Moody’s Japan, Moody’s and Standard & Poor’s Japan are not established in the European Union and have not applied for registration under Regulation (EC) No. 1060/2009 (the “CRA Regulation”).  However, Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, and S&P Global Ratings Europe Limited has endorsed the ratings of Standard & Poor’s Japan, in accordance with the CRA Regulation.  Each of Moody’s Investors Service Ltd. and S&P Global Ratings Europe Limited is established in the United Kingdom or the European Union and is registered under the CRA Regulation.
	 	[The Issuer has not applied to Moody’s [Japan] or Standard & Poor’s Japan for ratings to be assigned to the Notes.]
	 	 

    Page 149

     

    

	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a sophisticated investor, professional investor or other investor in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.

	
        3.       

        

        INTERESTS
        OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

        

        Save
        [as discussed in “Subscription and Sale” in the Prospectus] / [as set out
        below] / [for any fees payable to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the
        issue of the Notes has an interest material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged,
        and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform the services for,
        the Issuer and its affiliates in the ordinary course of business.] (Amend as appropriate if there are any other interests.)

        

        [(When adding
        any other description, consideration should be given as to whether such matters described constitute “significant new factors”
        and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation.)]

        

	
        4.       

        

        REASONS FOR THE OFFER AND
        ESTIMATED NET PROCEEDS

        

	Reasons for the offer:	
        [As set out in “Use of Proceeds”
        in the Prospectus dated 18 September 2020]/[         ]

        

        (See
“Use of Proceeds” wording in the Prospectus – if the reasons for the offer are different from what is disclosed
in the Prospectus, give details here, including, as the case may be, details of Eligibility Models, Eligibility Criteria and Use
of Proceeds Report (including the website location of the Use of Proceeds Report and details of compliance monitoring)) 

	Estimated net proceeds:	[         ]

	
        5.       

        

        Fixed Rate Notes only –
        YIELD

        

	Indication of yield:	
        [         ] 

        Calculated as [include specific details
        of method of calculation in summary form] on the Issue Date.

        

        As set out
above, the yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield. 

	
        6.       

        

        OPERATIONAL INFORMATION
        

        

	
        (i)       

        

        ISIN: 
	[         ] 
	
        (ii)       

        

        Common Code: 
	[         ]
	
        (iii)       

        

        Any
clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant
identification number(s): 
	[Not Applicable/give name(s) and number(s)]
	
        (iv)       

        

        Delivery: 
	Delivery [against] / [free of] payment 

    Page 150

     

    

	
        (v)       

        

        Names
        and addresses of additional Paying Agent(s) (if any):

        	[         ]
	
        (vi)       

        

        Deemed delivery
        of clearing system notices for the purposes of Condition 16 (Notices):

         
	Any notice delivered to Noteholders through the clearing systems will be deemed to have been given [on the third day after the day]/[on the day] on which it was given to [Euroclear Bank SA/NV and Clearstream Banking S.A.][CDS Clearing and Depository Services Inc.].
	
        (vii)       

        

        Intended
        to be held in a manner which would allow Eurosystem eligibility:

        	
        [Yes]/[No]/[Not
Applicable] 

        [Note
that the designation “yes” means that the Notes are intended upon issue to be
deposited with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and
registered in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]]
and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
credit operations by the Eurosystem either upon issue or at any or all times during their life as such recognition depends upon
satisfaction of the Eurosystem eligibility criteria.] / [Note that the designation “no” means that should the Eurosystem
eligibility criteria be amended in the future such that the Notes are capable of meeting such criteria, the Notes may then be
deposited with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and
registered in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]]
and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
credit operations by the Eurosystem at any time during their life as such recognition depends upon satisfaction of the Eurosystem
eligibility criteria.] (Include this text if “yes” or “no” is selected in which case bearer Notes must
be issued in NGN form and registered Notes must be held under the NSS.) 

7.

DISTRIBUTION

	
        (i)       

        

        Method
of distribution: 
	[Syndicated]/[Non-syndicated]
	
        (ii)       

        

        If syndicated: 

        (a)       

        

        Names of
Managers: 
	
        [Not
        Applicable/give names]

         

	
        (b)       

        

        Date of Syndicate
Purchase Agreement: 
	[         ]
	
        (c)       

        

        Stabilising
Manager(s) (if any): 
	[         ]
	
        (iii)       

        

        If non-syndicated,
name of Dealer/Purchaser: 
	[Not Applicable/give name and address]

    Page 151

     

    

	
        (iv)       

        

        U.S. Selling Restrictions:

        
	
        [Reg.
        S Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

        

        (TEFRA
D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity
of 183 days or less (taking into consideration unilateral rights to roll or extend)) 

        (For
        Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D)

        

	
        (v)       

        

        Prohibition of
        Sales to EEA and UK Retail Investors:

        
	
        [Applicable/Not
Applicable] 

        (If
        the Notes offered clearly do not constitute “packaged” products, “Not Applicable” should be specified.
        If the Notes offered may constitute “packaged” products and no KID will be prepared, “Applicable” should
        be specified)

        

	
        (vi)       

        

        Prohibition of Sales to Belgian
        Consumers:

        	Applicable

 

    Page 152

     

    
    ANNEX B TO APPENDIX D

 

FORM OF FINAL TERMS

 

Part B

 

FORM
OF FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF LESS THAN €100,000 (OR EQUIVALENT IN ANY OTHER CURRENCY)
TO BE ADMITTED TO TRADING ON AN EEA OR UK REGULATED MARKET (other than a regulated market, or A specific segment of a regulated
market, to which only qualified investors have access) AND/OR OFFERED TO THE PUBLIC ON A NON-EXEMPT BASIS IN THE EEA OR THE UK
and/or issue terms in connection WITH NOTES TO BE ADMITTED TO TRADING ON ANY OTHER EEA OR UK MARKET THAT IS NOT AN EEA OR UK REGULATED MARKET1

 

[PROHIBITION OF SALES
TO EEA AND UK RETAIL INVESTORS – The Notes are not intended to be offered, sold or otherwise made available to and should
not be offered, sold or otherwise made available to any [retail] investor in the European Economic Area (“EEA”)
or in the United Kingdom (“UK”). [For these purposes, a “retail investor” means a person
who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID
II”); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify
as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in
the Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”).] [Consequently no key information document
required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes
or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling
the Notes or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.]]

 

[MiFID II product
governance / Retail investors [(limited to those resident in [insert relevant jurisdiction(s)] only)], professional investors
and ECPs target market – Solely for the purposes of [the/each] manufacturer’s product approval process, the target
market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties[,]/[and]
professional clients [outside the European Economic Area (“EEA”) and the United Kingdom (“UK”),]
[and]/[as well as] retail clients [(limited to those resident in [insert relevant jurisdiction(s)] only),] each as defined
in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible
counterparties and professional clients [outside the EEA and the UK,] [and retail clients (limited to those resident in [insert
relevant jurisdiction(s)] only)] are appropriate[, subject to compliance with applicable [insert relevant jurisdiction(s)]
securities laws and regulations.] [; and (iii) the following channels for distribution of the Notes to retail clients are appropriate
- investment advice, portfolio management, non-advised sales and pure execution services - subject to the distributor’s suitability
and appropriateness obligations under MiFID II, as applicable.] Any person subsequently offering, selling or recommending the Notes
(a “distributor”) should take into consideration the manufacturer[’s/s’] target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes
(by either adopting or refining the manufacturer[’s/s’] target market assessment) and determining appropriate distribution
channels [outside the EEA and the UK with all sales], subject to the distributor’s suitability and appropriateness obligations
under [MiFID II, as applicable.]/[[insert relevant jurisdiction(s)] securities laws and regulations.]]

 

 

		1	For Issue Terms in respect of Notes to be admitted to trading on an EEA or UK market that is not an EEA or UK regulated market, remove all specific Prospectus Regulation references.

    Page 153

     

    

[MiFID II product
governance / Professional investors and ECPs only target market – Solely for the purposes of [the/each] manufacturer’s
product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market
for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID
II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate.
Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration
the manufacturer[’s/s’] target market assessment; however, a distributor subject to MiFID II is responsible for undertaking
its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer[’s/s’] target
market assessment) and determining appropriate distribution channels.]

 

Notification under
Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”) – In
connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the “CMP Regulations 2018”), the Issuers have determined, and hereby notifies all relevant persons (as defined
in Section 309A(1) of the SFA), that the Notes are [prescribed capital markets products]/[capital markets products other than prescribed
capital markets products] (as defined in the CMP Regulations 2018) and [are] [Excluded]/[Specified] Investment Products (as defined
in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).2 3

 

Final Terms

 

Dated [         ]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN
48 002 435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Legal Entity Identifier (“LEI”):
[     ]]

 

Issue of [Aggregate Nominal Amount of
Tranche] [Title of Notes]

under the €50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

Any person making or
intending to make an offer of the Notes may only do so:

 

		(i)	[in those Public Offer Jurisdictions mentioned in Paragraph 9 of Part B below, provided such person
is of a kind specified in that paragraph and that such offer is made during the Offer Period specified in that paragraph; or

 

		(ii)	otherwise]4 in
circumstances in which no obligation arises for the Issuer or any Dealer or Manager to publish a prospectus pursuant to
Article 3 of the Prospectus Regulation [(as defined [above]/[below])] or to supplement a prospectus pursuant to Article 23 of the
Prospectus Regulation, in each case, in relation to such offer.

 

 

		2	Insert “prescribed capital market products” and “Excluded Investment Products” or, if not, amend Singapore product classification.

 

		3	Relevant Dealer(s) to consider whether it/they have received the necessary product classification from the Issuer prior to the launch of the offer, pursuant to Section 309B of the SFA.

 

		4	Include this wording where a Non-exempt Offer of Notes is anticipated.

    Page 154

     

    

Neither the Issuer nor
any Dealer or Manager has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

 

PART A – CONTRACTUAL TERMS

 

Terms used herein shall
be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus dated 18
September 2020 [and the supplement[s] to it dated [date] [and [date]]], including all documents incorporated by reference
([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the purposes
of the Prospectus Regulation. This document constitutes the Final Terms of the Notes [described herein for the purposes of the
Prospectus Regulation – remove for unlisted Notes] and must be read in conjunction with the Prospectus in order to
obtain all the relevant information. A summary of the issue of the Notes is annexed to these Final Terms. The Prospectus has
been published on the website of the London Stock Exchange at https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

 

[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus with an earlier date.

 

Terms used herein shall
be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”)
set forth in and extracted from the Prospectus dated [13 September 2019/14 September 2018/8 September 2017/9 September 2016/11
September 2015/12 September 2014] and which are incorporated by reference in the Prospectus dated 18 September 2020. This document
constitutes the Final Terms of the Notes [described herein for the purposes of the Prospectus Regulation – remove for
unlisted Notes] and must be read in conjunction with the Prospectus dated 18 September
2020, including the Conditions which are incorporated by reference in it [and the supplement[s]
to it dated [date] [and [date]]], including all documents incorporated by reference ([the Prospectus as so supplemented,]
the “Prospectus”) which constitutes a base prospectus for the purposes of the Prospectus
Regulation in order to obtain all the relevant information. A summary of the issue of the Notes is annexed to these Final Terms.
The Prospectus has been published on the website of the London Stock Exchange at
https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.]

 

[The
expression “Prospectus Regulation” means Regulation (EU) 2017/1129 (as amended).]

 

[Include whichever
of the following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even
if “Not Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which
are not applicable can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ] 
	 	(ii)	Credit Support Providers:	
        Toyota Motor Corporation

        

        LEI - 5493006W3QUS5LMH6R84 

        Toyota Financial Services Corporation

        

        LEI - 353800WDOBRSAV97BA75 

	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Uridashi Notes:	[Applicable]/[Not Applicable]
	 	[(iv)]	Date on which the Notes will be consolidated and form a single Series: 	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]]].]

    Page 155

     

    

	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]

	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ] 

	5.	Issue Price:	[     ] per cent. of the Aggregate Nominal Amount [plus [        ] days’ accrued interest in respect of the period from and including [insert date] to, but excluding [insert date] (if applicable)]

	6.	(i)	Specified Denominations:	
        [         ] 

        [N.B. Notes must have a minimum denomination
        of EUR1,000 (or equivalent) if there is a listing on a regulated market in the EEA or the UK and/or if there is a Non-exempt Offer]

        
	 	(ii)	Calculation Amount:	
        [         ] 

        (If there is only one
        Specified Denomination, insert the Specified Denomination.

        

        If there is
more than one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common
factor in the case of two or more Specified Denominations) 

	7.	(i)	Issue Date:	[         ]
	 	(ii)	Interest Commencement Date:	
        [         ]/[Issue
        Date]/[Not Applicable]

        

        (N.B. An Interest Commencement Date
        will not be relevant for certain Notes, for example, Zero Coupon Notes)

        

	8.	Maturity Date:	
        [         ] 

        [Fixed
        rate - Specify date / Floating rate - Interest Payment Date falling in or nearest to [specify
        month and year]]

        

        (N.B. The Maturity Date
        may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than 50
        years after the Issue Date)

        

	9.	Interest Basis:	
        [[         ] per cent.
        Fixed Rate]

        [Fixed Rate Step-up/Step-down]

        [[         ] month [LIBOR/EURIBOR/CAD-BA-CDOR] +/– [         ]
        per cent. Floating Rate]

        [Zero Coupon]

        

        (See paragraph 16/17/18 below)

        

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]
	12.	Put/Call Options: 	
        [Investor Put Option]

        

        [Issuer Call Option] 

    Page 156

     

    

	 	 	
        [Issuer Maturity Par Call
        Option]

        

        [Issuer Make-Whole
Call Option] 

        [Not Applicable]

        

        [(See paragraph(s)
19/20/21/22 below)] 

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Prospectus dated 18 September 2020

	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in Condition 3:	[Applicable [Uridashi Notes only]]/[Not Applicable]

	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 

	16.	Fixed Rate Note Provisions 	
        [Applicable]/[Not
        Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date [from and including, [         ] to, but excluding, [         ]] [. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, [the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]]/ [         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable [[         ] in arrear] on [         ]/[each Interest Payment Date][, except for the amount of interest payable on the first Interest Payment Date falling on [         ]][. [This]/[These] Fixed Coupon Amount[s] appl[ies]/[y] if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global 

    Page 157

     

    

	 	 	 	form)], payable on the Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s): 	
        [[         ] in each year] / [Not
        Applicable]

        

        (Insert regular interest
        payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where
        the Fixed Day Count Fraction is Actual/Actual (ICMA))

        

	17.	Floating Rate Note Provisions	
        [Applicable]/[Not Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Specified Period(s)/Specified Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business 

Day Convention]/[Modified Following Business 

Day Convention]/[Preceding Business Day 

Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Manner in which the Rate of Interest and Interest Amount is/are to be determined:	[Screen Rate Determination]/[ISDA Determination]
	 	(vi)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ]
	 	(vii)	Screen Rate Determination:	[Applicable]/[Not Applicable]
	 	 	- Reference Rate:	[         ] month [LIBOR/EURIBOR/CAD-BA-CDOR]
	 	 	- Relevant Financial Centre:	[London/Brussels/Toronto/specify other Relevant Financial Centre] 
	 	 	- Interest Determination Date(s):	(Second London business day prior to the start of each Interest Period if LIBOR (other than Sterling or euro LIBOR), first day of each Interest Period if Sterling LIBOR or CAD-BA-CDOR and the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR or euro LIBOR)
	 	 	- Relevant Screen Page:	
        (Insert page on which the
        Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets 

        

    Page 158

     

    

	 	 	 	
        Limited for LIBOR/EURIBOR/CAD-BA-CDOR)

        

        (In the case of
EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate) 

	 	 	- Specified Time:	
        [11:00 a.m. [London/Brussels]
        time]

        [In the case of LIBOR/EURIBOR]/

        

        [10:00 a.m. Toronto
time] [In the case of CAD-BA-CDOR] 

	 	(viii)	ISDA Determination:	[Applicable]/[Not Applicable]
	 	 	- Floating Rate Option:	[         ]
	 	 	- Designated Maturity:	[         ]
	 	 	- Reset Date:	
        [         ]

        

        (The first day of the Interest
        Period)

        

	 	(ix)	Linear Interpolation:	
        [Not Applicable/Applicable
        – the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear
        Interpolation

        

        (Specify for each
short or long Interest Period)] 

	 	(x)	Margin(s):	[+/-][        ] per cent. per annum
	 	(xi)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(xii)	Maximum Rate of Interest:	[         ] per cent. per annum
	 	(xiii)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]

	18.	Zero Coupon Note Provisions 	[Applicable]/[Not Applicable]

(If not applicable, delete the remaining sub-paragraphs of this paragraph)

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]

	PROVISIONS RELATING TO REDEMPTION 

	19.	Issuer Call Option	
        [Applicable]/[Not
        Applicable]

        

        (If not applicable, delete the remaining
        sub-paragraphs of this paragraph)

        

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	[Applicable]/[Not Applicable]
	 	 	
        (a)       

        

        Minimum Redemption
        Amount:

        
	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	
        (b)       

        

        Maximum Redemption
        Amount:

        
	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [
        ] days]/[Not Applicable]

        

    Page 159

     

    

	 	 	 	[Maximum period: [         ] days]/[Not Applicable]

	20.	Issuer Maturity Par Call Option	
        [Applicable]/[Not Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [
        ] days]/[Not Applicable]

         

        [Maximum period: [
        ] days]/[Not Applicable]

        
	21.	Issuer Make-Whole Call Option	
        [Applicable]/[Not
        Applicable]

         

        (If not applicable, delete the remaining
        sub-paragraphs of this paragraph)

        

	 	(i)	Optional Redemption Date(s):	[         ]/[at any time that is more than 90 days prior to the Maturity Date]
	 	(ii)	Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]
	 	(iii)	Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(iv)	Redemption Margin:	[[         ] per cent.]/[Not Applicable]
	 	(v)	If redeemable in part:	 
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(vi)	Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(vii)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [
        ] days]/[Not Applicable]

        

        [Maximum period: [
        ] days]/[Not Applicable]

        

	22.	Investor Put Option	
        [Applicable]/[Not Applicable]

        

        (If not applicable,
delete the remaining sub-paragraphs of this paragraph) 

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount

	23.	Final Redemption Amount	[         ] per Calculation Amount
	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier redemption:	[         ] per Calculation Amount

    Page 160

     

    

	GENERAL PROVISIONS APPLICABLE TO THE NOTES 

	25.	Form of Notes:	
        [         ] 

        (Insert description that is consistent
        with one of the options in the “Form of the Notes” section of the Prospectus)

        
	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
        [Not Applicable/give details]

        

        (Note that this paragraph relates to
        the place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates)

        
	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Reference Currency Equivalent (if different from US dollars as set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Defined terms/Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	31.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	32. 	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]
	33.	Settlement (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	34. 	Relevant Benchmark:	[[specify benchmark] is provided by [administrator legal name]. As at the date hereof, [administrator legal name] [appears]/[does not appear] in the register of administrators and benchmarks established and maintained by ESMA pursuant to Article 36 (Register of administrators and benchmarks) of the Benchmarks Regulation]/[Not Applicable]

    Page 161

     

    

	RESPONSIBILITY
	The Issuer accepts responsibility for the information contained in these Final Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.]  
	 
	 

	Signed on behalf of the Issuer:
	 
	 
	[NAME OF ISSUER]
	
        By:

        

        ............................................................

        

	Name:
	Title:
	
         

        Duly authorised

         

        cc:The Bank of New York
        Mellon, acting through its London branch

        [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

        [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

         

    Page 162

     

    

PART B – OTHER INFORMATION

 

	
        1.       

        

        LISTING AND ADMISSION TO
        TRADING 

        

	 	
        [Application
        has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London
        Stock Exchange’s Regulated Market] [the Euronext Dublin’s Regulated Market] and for listing on [the Official List of
        the UK Financial Conduct Authority] [the Official List of the Euronext Dublin] with effect from [          ].]
        / [Application is expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [EUROTLX managed
        by EUROTLX SIM S.p.A.] with effect from [        ].] / [Not Applicable.]

         

        (Where
        documenting a fungible issue need to indicate that original securities are already admitted
        to trading.)

         

	
        2.       

        

        RATINGS

        
	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	Moody’s Japan, Moody’s and Standard & Poor’s Japan are not established in the European Union and have not applied for registration under Regulation (EC) No. 1060/2009 (the “CRA Regulation”).  However, Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, and S&P Global Ratings Europe Limited has endorsed the ratings of Standard & Poor’s Japan, in accordance with the CRA Regulation.  Each of Moody’s Investors Service Ltd. and S&P Global Ratings Europe Limited is established in the United Kingdom or the European Union and is registered under the CRA Regulation.
	 	[The Issuer has not applied to Moody’s [Japan] or Standard & Poor’s Japan for ratings to be assigned to the Notes.]
	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a sophisticated investor, professional investor or other investor in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.

    Page 163

     

    

	
        3.       

        

        INTERESTS OF
NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE 

        Save
        [as discussed in “Subscription and Sale” in the Prospectus] / [as set out
        below] / [for any fees payable to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the
        issue of the Notes has an interest material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged,
        and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform the services for,
        the Issuer and its affiliates in the ordinary course of business.] (Amend as appropriate if there are any other interests.)

        

        [(When
adding any other description, consideration should be given as to whether such matters described constitute “significant
new factors” and consequently trigger the need for a supplement to the Prospectus under Article 23 of the Prospectus Regulation.)] 

	
        4.       

        

        REASONS
FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES 

	[(i)Reasons for the offer:	
        [         ] 

        (See “Use of Proceeds”
        wording in the Prospectus – if the reasons for the offer are different from what is disclosed in the Prospectus, give details
        here), including, as the case may be, details of Eligibility Models, Eligibility Criteria and Use of Proceeds Report (including
        the website location of the Use of Proceeds Report and details of compliance monitoring))

        

	[(ii)]Estimated net proceeds:	
        [         ] 

        (If proceeds are intended
        for more than one use will need to split out and present in order of priority. If proceeds are insufficient to fund all
        proposed uses state amount and sources of other funding)

        

	[(iii)]Estimated total expenses:	
        [         ] 

        (Include breakdown of
        expenses (e.g. legal fees))

        

	
        5.       

        

        Fixed Rate
        Notes only – YIELD

        

	Indication of yield:	
        [         ]

         

        Calculated as [include specific details
        of method of calculation in summary form] on the Issue Date.

         

        As set out above, the yield is calculated
        at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

        

	
        6.       

        

        Floating Rate Notes
        only – PERFORMANCE OF RATES 

        
	[Details of performance of [LIBOR/EURIBOR/CAD-BA-CDOR] rates can be obtained, [but not] free of charge, from [Reuters/Bloomberg/give details of electronic means of obtaining the details of performance]]

	
        7.       

        

        OPERATIONAL INFORMATION

        

	
        (i)       

        

        ISIN: 
	[         ]
	
        (ii)       

        

        Common
Code: 
	[         ]
	
        (iii)       

        

        Any
clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification 
	[Not Applicable/give name(s) and number(s)]

 

    Page 164

     

    

	number(s):	 
	
        (iv)
               

        

        Delivery: 
	Delivery [against]/[free of] payment 
	
        (v)
               

        

        Names
and addresses of additional Paying Agent(s) (if any): 
	[         ]
	
        (vi)
               

        

        Deemed
delivery of clearing system notices for the purposes of Condition 16 (Notices): 
	Any notice delivered to Noteholders through the clearing systems will be deemed to have been given [on the third day after the day]/[on the day] on which it was given to [Euroclear Bank SA/NV and Clearstream Banking S.A.][CDS Clearing and Depository Services Inc.].
	
        (vii)       

        

        Intended
to be held in a manner which would allow Eurosystem eligibility: 
	
        [Yes]/[No]/[Not
Applicable] 

        [Note
that the designation “yes” means that the Notes are intended upon issue to be deposited with Euroclear Bank SA/NV
or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name of a nominee
of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and does not necessarily mean
that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the
Eurosystem either upon issue or at any or all times during their life as such recognition depends upon satisfaction of the Eurosystem
eligibility criteria.] / [Note that the designation “no” means that should the Eurosystem eligibility criteria be
amended in the future such that the Notes are capable of meeting such criteria, the Notes may then be deposited with Euroclear
Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name of
a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and does not necessarily
mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by
the Eurosystem at any time during their life as such recognition depends upon satisfaction of the Eurosystem eligibility criteria.]
(Include this text if “yes” or “no” is selected in which case bearer Notes must be issued in NGN form
and registered Notes must be held under the NSS.) 

	
        8.       

        

        DISTRIBUTION

        

	
        (i)       

        

        Method
of distribution: 
	[Syndicated]/[Non-syndicated]
	
        (ii)       

        

        If syndicated: 

        (a)       

        

        Names and
addresses of Managers and underwriting commitments: 
	
        [Not
Applicable/give names and addresses and underwriting commitments] 

        (Include
names and addresses of entities agreeing to underwrite the issue on a firm commitment basis and names and addresses of the entities
agreeing to place the issue without a firm commitment or on a “best efforts” basis if such entities are not the same
as the Managers.) 

    Page 165

     

    

	
        (b)       

        

        Date of Syndicate
        Purchase Agreement:

        
	[         ]
	
        (c)       

        

        Stabilising Manager(s)
        (if any):

        
	[         ]
	
        (iii)       

        

        If non-syndicated,
        name and address of Dealer/Purchaser:

        
	[Not Applicable/give name and address]
	
        (iv)       

        

        Indication of the
        overall amount of the underwriting commission and of the placing commission:

        
	[         ] per cent. of the Aggregate Nominal Amount
	
        (v)       

        

        U.S. Selling Restrictions:

        
	
        [Reg.
S Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable] 

        (TEFRA
        D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity
        of 183 days or less (taking into consideration unilateral rights to roll or extend))

        

        (For
Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D) 

	
        (vi)       

        

        Prohibition of
        Sales to EEA and UK Retail Investors:

        
	
        [Applicable/Not
        Applicable]

        

        (If
the Notes offered clearly do not constitute “packaged” products, “Not Applicable” should be specified.
If the Notes offered may constitute “packaged” products and no KID will be prepared, “Applicable” should
be specified) 

	
        (vii)       

        

        Non-exempt Offer:

        	[Not Applicable]/[Applicable – see paragraph 9 below.] 
	
        (viii)       

        Prohibition of Sales to Belgian
        Consumers:

        	Applicable

	
        9.       

        

        TERMS AND CONDITIONS OF
        THE PUBLIC OFFER

        

	 	
        The Central Bank of Ireland has provided
        the competent authorities in each of [Austria, Germany, Italy, Luxembourg, the Netherlands, Norway, Spain and the United Kingdom
        [delete irrelevant ones/specify others]] (together with Ireland, the “Public Offer Jurisdictions”) with
        a certificate of approval attesting that the Prospectus dated 18 September 2020 has been drawn up in accordance with the provisions
        of the Prospectus Regulation and the Commission Delegated Regulation (EU) 2019/980. Copies of these Final Terms will be provided
        to the competent authorities in the Public Offer Jurisdictions.

         

        [The Issuer has agreed to allow the use
        of these Final Terms and the Prospectus in each of the Public Offer Jurisdictions by each of the Managers [and [specify, if
        applicable, names of other financial intermediaries making non-exempt offers]] and any [other] placers authorised directly
        or indirectly by [the Issuer or] any of the Managers (on behalf of the Issuer) involved in the offer which acknowledges on its
        website (i) that it has been duly appointed as a financial intermediary to offer the Notes during the Offer Period, (ii) that it
        is relying on the Issuer’s Base Prospectus and these Final Terms for such Non-exempt Offer with the consent of the Issuer
        and (iii) the conditions attached to that consent (the “Placers”) in connection with possible offers of the
        Notes to the public, other than pursuant to Article 1(4) of the Prospectus Regulation, in the Public Offer Jurisdictions

        

    Page 166

     

    

	 	
        during the Offer Period (as defined below).

        

        Investors (as defined on page 5 of the
        Prospectus) intending to acquire or acquiring the Notes from any Authorised Offeror (as defined on page 5 of the Prospectus) should
        make appropriate enquiries as to whether that Authorised Offeror is acting in association with the Issuer. Whether or not the Authorised
        Offeror is described as acting in association with the Issuer, the Issuer’s only relationship is with the Managers and the
        Issuer has no relationship with or obligation to, nor shall it have any relationship with or obligation to, an Investor, save as
        may arise under any applicable law or regulation.

        

        The Issuer is only offering to and selling
        to the Managers pursuant to and in accordance with the terms of the Syndicate Purchase Agreement. All sales to persons other than
        the Managers will be made by the Managers or persons to whom they sell, and/or otherwise make arrangements with, including the
        Placers. The Issuer shall not be liable for any offers and/or sales of Notes to, or purchases of Notes by, Investors at any time
        (including during the Offer Period) (other than in respect of offers and sales to, and purchases of Notes by, the Managers and
        only then pursuant to the Syndicate Purchase Agreement) which are made by Managers or Placers or any other Authorised Offeror in
        accordance with the arrangements in place between any such Manager, Placer or other Authorised Offeror and its customers. Any person
        selling Notes at any time during the Offer Period may not be a financial intermediary of the Issuer; any person selling Notes at
        any time after the Offer Period is not a financial intermediary of the Issuer.

        
	 	Each of the Managers has acknowledged and agreed, and any Placer purchasing Notes from a Manager will be notified by that Manager that by accepting such Notes such Placer undertakes that for the purpose of offer(s) of the Notes (i) for the duration of the Offer Period, such Placer will publish on its website (a) that it has been duly appointed as a financial intermediary to offer the Notes during the Offer Period, (b) it is relying on the Prospectus for such offer(s) with the consent of the Issuer and (c) the conditions attached to that consent and (ii) the Issuer has passported the Prospectus into each of the Public Offer Jurisdictions and will not passport the Prospectus into any other European Economic Area Member State; accordingly, the Notes may only be publicly offered in Public Offer Jurisdictions during the Offer Period or offered to qualified investors (as defined in the Prospectus Regulation) or otherwise in compliance with Article 1(4) of the Prospectus Regulation in any other European Economic Area Member State pursuant to and in accordance with the Prospectus and these Final Terms (without modification or supplement); and that all offers of Notes by it will be made only in accordance with the selling restrictions set forth in the Prospectus and the provisions of these Final Terms and in compliance with all applicable laws and regulations, provided that no such offer of Notes shall require the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regulation (or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation) or to take any other action in any jurisdiction other than as described above.][Give any details of any specific terms and conditions and agreements applicable in any of the Public Offer Jurisdictions]

	
        (i)       

        

        Offer
Period: 
	[From the date of, and following, publication of these Final Terms being [         ] to [         ].] / [give details]
	
        (ii)       

        

        Offer Price:

        	[The Issuer has offered and will sell the Notes to the Managers (and no one else) at the Issue Price of [         ] per cent. less a total commission [and concession] of [   ] per cent. of the Aggregate Nominal Amount of Notes.  Managers and Placers will offer and sell the Notes to their customers in accordance with arrangements in place between each such Manager and its customers (including Placers) or each such Placer and its customers by reference to the Issue Price and market conditions prevailing at the time.] / [give details]
	
        (iii)        

        Conditions to which the offer is
        subject:

        	[Offers of the Notes are conditional on their issue and are subject to such conditions as are set out in the Syndicate 

    Page 167

     

    

	 	Purchase Agreement.  As between Managers and their customers (including Placers) or between Placers and their customers, offers of the Notes are further subject to such conditions as may be agreed between them and/or as is specified in the arrangements in place between them. ] / [give details of any conditions to which Offers may be subject in any of the Public Offer Jurisdictions]
	
        (iv)       

        

        Description of the application
        process:

        	[A prospective Noteholder will purchase the Notes in accordance with the arrangements in place between the relevant Manager and its customers or the relevant Placer and its customers, relating to the purchase of securities generally.  Noteholders (other than Managers) will not enter into any contractual arrangements directly with the Issuer in connection with the offer or purchase of the Notes.] / [give any details of the application process in any of the Public Offer Jurisdictions]
	
        (v)       

        

        Description of possibility to reduce
        subscriptions and the manner for refunding amounts paid in excess by applicants:

        	[Not Applicable] / [give details]
	
        (vi)       

        

        Details of the minimum and/or maximum
        amount of the application:

        	[There are no pre-identified allotment criteria.  The Managers and the Placers will adopt allotment and/or application criteria in accordance with customary market practices and applicable laws and regulations and/or as otherwise agreed between them.] / [give any details of the minimum and/or maximum amount of the application] / [Not Applicable]
	
        (vii)       

        

        Method and time limits for paying
        up and delivering the Notes:

        	[The Notes will be purchased by the Managers from the Issuer on a delivery versus payment basis on the Issue Date.  Prospective Noteholders will be notified by the relevant Manager or Placer of their allocations of Notes and the settlement arrangements in respect thereof.] / [give any details of method and time limits for paying up and delivering the Notes]
	
        (viii)       

        

        Manner in and date on which results
        of the offer are to be made public:

        	[Not Applicable] / [give details]
	
        (ix)       

        

        Procedure for exercise of any right
        of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:

        	[Not Applicable] / [give details]
	
        (x)       

        

        Whether tranche(s) have been reserved
        for certain countries:

        	[Not Applicable] / [give details]

    Page 168

     

    

	
        (xi)

        

        Process for notifying applicants
        of the amount allotted and an indication whether dealing may begin before notification is made:

        	[Prospective Noteholders will be notified by the relevant Manager or Placer in accordance with the arrangements in place between such Managers or Placers and its customers.  Any dealings in the Notes which take place will be at the risk of prospective Noteholders.] / [give details] / [Not Applicable]
	
        (xii)

        

        Amount of any expenses and taxes
        charged to the subscriber or purchaser:

        	[Not Applicable] / [give details]
	
        (xiii)

        

        Name(s) and address(es), to the
        extent known to the Issuer, of the Placers in the various countries where the offer takes place:

        	[None known to the Issuer] / [specify]

 

[Summary of the Notes to be inserted
if applicable]

 

Summary

 

[maximum length = 7 sides of A4-sized paper//maximum number
of risk factors = 15]

 

Section 1 – Introduction and Warnings

 

	Introduction
	
        The securities

         

        [Describe Notes] Notes (the “Notes”)
        with ISIN [•].

        
	
        The issuer

         

        The issuer is

        
	[Toyota Motor Finance (Netherlands) B.V. (“TMF” and the “Issuer”), a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands on 3 August 1987.  The Issuer is registered in the Trade Register of the Amsterdam Chamber of Commerce under number 33194984 and its LEI is 724500OPA8GZSQUNSR96.  The Issuer’s registered office is World Trade Center Amsterdam, Tower H, Level 10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands with telephone number + 31 20 502 5310.]
	[Toyota Credit Canada Inc. (“TCCI” and the “Issuer”), a corporation incorporated under the Canada Business Corporations Act on 19 February 1990.  The Issuer’s Corporation Number is 257476-4 and its LEI is HJZQGXYTVV2NWJZLPW74.  The registered office of the Issuer is located at 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada with telephone number +1 905 513 8200.]
	[Toyota Finance Australia Limited (“TFA” and the “Issuer”), a public company limited by shares, incorporated in New South Wales, Australia on 18 June 1982, and operates under the Corporations Act 2001 of Australia.  The Issuer’s Australian Business Number (“ABN”) is 48 002 435 181, its Australian Company Number (“ACN”) is 002 435 181 and its LEI is 3UKPTDP5PGQRH8AUK042.  The registered office of the Issuer is located at Level 9, 207 Pacific Highway, St Leonards NSW 2065 Australia, with telephone number +61 2 9430 0000.]
	[Toyota Motor Credit Corporation (“TMCC” and the “Issuer”), a California corporation (Corporation Number 1123946) incorporated on 4 October 1982 under the laws of the State of California.  The Issuer’s LEI is Z2VZBHUMB7PWWJ63I008.  The Issuer’s executive and registered offices are located at 6565 Headquarters Drive, Plano, Texas 75024–5965 and its telephone number is +1 469 486 9013.]

    Page 169

     

    

	
        [Offeror(s)

        

        [Identity and contact details, including
        LEI]]

        
	 
	
        Competent authority and date of approval

        

        The competent authority, which approved
        the Prospectus on 18 September 2020, is the Central Bank of Ireland, New Wapping Street, North Wall Quay. Dublin 1, Ireland, and
        its telephone number is + 353 1 2483605.

        
	Warnings
	This summary should be read as an introduction to the Prospectus and these Final Terms.  Any decision to invest in the Notes should be based on a consideration of the Prospectus as a whole, including any documents incorporated by reference and these Final Terms, by the investor.  Where a claim relating to the information contained in the Prospectus and these Final Terms is brought before a court, the plaintiff investor might, under national law, have to bear the costs of translating the Prospectus and these Final Terms before the legal proceedings are initiated.  Civil liability attaches only to those persons who have tabled this summary including any translation hereof, but only where this summary is misleading, inaccurate or inconsistent, when read together with the other parts of the Prospectus and these Final Terms, or where it does not provide, when read together with the other parts of the Prospectus and these Final Terms, key information in order to aid investors when considering whether to invest in such Notes.

 

Section 2 – The
Issuer

 

	Who is the issuer of the securities?
	 
	Domicile, legal form, LEI, legislation and country of incorporation
	[[TMF] The Issuer is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands.  The Issuer is domiciled in the Netherlands and its corporate seat is in Amsterdam.  Its LEI number is 724500OPA8GZSQUNSR96.]
	[[TCCI] The Issuer is a corporation incorporated under the Canada Business Corporations Act on 19 February 1990.  The Issuer is domiciled in Ontario, Canada and its LEI number is HJZQGXYTVV2NWJZLPW74.]
	[[TFA] The Issuer is a public company limited by shares incorporated in New South Wales, Australia and operates under the Corporations Act 2001 of Australia.  The Issuer is domiciled in New South Wales, Australia and its LEI number is 3UKPTDP5PGQRH8AUK042.]
	[[TMCC] The Issuer is a corporation incorporated under the laws of the State of California, United States.  The Issuer is domiciled in California, United States and its registered office is located in Plano, Texas, United States.  Its LEI number is Z2VZBHUMB7PWWJ63I008.]
	Principal Activities
	[[TMF] The Issuer’s principal activity is to act as a group finance company for some of the subsidiaries and affiliates of Toyota Motor Corporation and Toyota Financial Services Corporation.  The Issuer raises funds by issuing bonds and notes in the international capital markets and from other sources and on-lends to other Toyota group companies.  The Issuer also issues guarantees for debt issuances of certain other Toyota group companies.  The Issuer is dependent on the performance of the subsidiaries and affiliates of Toyota Motor Corporation and Toyota Financial Services Corporation to which it grants loans and in respect of which it issues guarantees.]
	[[TCCI] The Issuer’s principal activity is to provide financing services for authorised Toyota dealers and users of Toyota products.  Financial products offered (i) to customers, include lease and loan financing (i.e. financing through Toyota dealers to assist customers to acquire Toyota and Lexus vehicles) and (ii) to Toyota dealers, include floor plan financing (i.e. financing of dealer inventory), wholesale lease financing (i.e. financing of dealer lease portfolios) and dealership financing.  Such financing programmes are offered in all provinces and territories of Canada.]

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	[[TFA] The Issuer’s principal activity is financing the acquisition of motor vehicles by retail and commercial customers by way of consumer and commercial loans, providing bailment facilities and commercial loans to motor dealers, providing vehicle finance (by way of loans, term purchase, finance lease or operating lease) and fleet management services to government and corporate customers, and selling retail insurance policies underwritten by third party insurers, throughout Australia.]
	[[TMCC] The Issuer’s principal activity is to provide a variety of finance and insurance products to authorised Toyota and Lexus dealers or dealer groups and, to a lesser extent, other domestic and import franchise dealers and their customers in the United States (excluding Hawaii) and Puerto Rico.]
	Major shareholders
	[[TMF, TCCI or TFA] all of the outstanding capital stock and voting stock of the Issuer is owned directly by Toyota Financial Services Corporation (“TFS”).]
	[[TMCC] all of the outstanding capital stock and voting stock of the Issuer is owned by Toyota Financial Services International Corporation which itself is owned directly by Toyota Financial Services Corporation (“TFS”).]
	As a result, TFS effectively controls the Issuer and is able to directly control the composition of the Issuer’s Board of Directors and direct the management and policies of the Issuer.
	TFS is a wholly-owned holding company subsidiary of Toyota Motor Corporation (“TMC”), the ultimate parent company of the Toyota group.
	Key managing directors
	[[TMF] The Managing Directors of the Issuer are Messrs. Hiroyasu Ito and Toshiaki Kawai.]
	[[TCCI] The Board of Directors of the Issuer are Messrs. Mark Templin, Cyril Dimitris, Yoriyuki Hirayama, Darren Cooper and Larry Hutchinson.]
	[[TFA] The Board of Directors of the Issuer are Messrs. J.R. Chandler, I.G. Ritchens, B.I. Knight, T. Mori, Ms. G. McGrath, Messrs. M.J. Callachor, E. Tsirogiannis, M.S. Templin and S. Kadena.]
	[[TMCC] The Directors and Principal Executive Officers of the Issuer are Mark S. Templin, Scott Cooke, Ron Chu, Pete Carey, Alec Hagey, Mao Saka, Akihiro Fukutome, James E. Lentz III and Robert Carter.]
	Auditors
	The Issuer’s auditors are [TMF: Ernst & Young Accountants LLP, Amsterdam, The Netherlands]/[TCCI: PricewaterhouseCoopers LLP, Toronto, Canada]/[TFA: PricewaterhouseCoopers, Sydney, NSW, Australia]/[TMCC: PricewaterhouseCoopers LLP, Dallas, Texas, United States].
	What is the key financial information regarding the issuer?
	[[TMF] The selected historical key financial information presented below for the financial years ended 31 March 2020 and 31 March 2019 has been extracted without material adjustment from the audited financial statements in the Annual Financial Report of TMF for the financial year ended 31 March 2020, prepared in accordance with International Financial Reporting Standards as adopted by the European Union [and for the six months ended 30 September 2020 has been extracted without material adjustment from the unaudited condensed interim financial statements in the Half-Yearly Financial Report for the six months ended 30 September 2020 prepared in accordance with International Accounting Standard (IAS) 34] etc.]
	[[TCCI] The selected historical key financial information presented below for the financial years ended 31 March 2020 and 31 March 2019 has been extracted without material adjustment from the audited financial statements in the Annual Financial Report of TCCI for the financial year ended 31 March 2020, prepared in accordance with International Financial Reporting Standards [and for the six months ended 30 September 2020 has been extracted without material adjustment from the unaudited condensed interim financial statements in the Half-Yearly Financial Report for the six 

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	months ended 30 September 2020 prepared in accordance with International Accounting Standard (IAS) 34] etc.]
	[[TFA] The selected historical key financial information presented below for the financial years ended 31 March 2020 and 31 March 2019 has been extracted without material adjustment from the audited consolidated financial statements in the Annual Financial Report of TFA for the financial year ended 31 March 2020 [and for the six months ended 30 September 2020 has been extracted without material adjustment from the unaudited condensed consolidated financial statements in the Half-Yearly Financial Report for the six months ended 30 September 2020], prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board as well as the Australian Corporations Act and comply with International Financial Reporting Standards as issued by the International Accounting Standards Board] etc.]
	[[TMCC] The selected historical key financial information presented below for the financial years ended 31 March 2020 and 31 March 2019 has been extracted without material adjustment from audited financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) included in TMCC’s Annual Report on Form 10-K for the financial year ended 31 March 2020.  The selected historical key financial information as at 30 June 2020 and for the three months ended 30 June 2020 and 30 June 2019 has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 30 June 2020. [The selected historical key financial information as at 30 September 2020 and for the three months and six months ended 30 September 2020 and 30 September 2019, respectively, has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 30 September 2020.] [The selected historical key financial information as at 31 December 2020 and for the three months and nine months ended 31 December 2020 and 31 December 2019, respectively, has been extracted without material adjustment from TMCC’s unaudited financial statements included in TMCC’s Quarterly Report on Form 10-Q for the quarter ended 31 December 2020.] etc.]
	[Consolidated] income statement

	 	Year ended

31 March [2020]	Year ended

31 March [2019]	[Six Months ended 30 September 2020]	[Six Months ended 30 September 2019]
	Operating profit/loss	 	 	 	 

	[Consolidated] balance sheet

	 	[31 March 2020]	[31 March 2019]	[30 September 2020]
	Net financial debt (long term debt plus short term debt minus cash)	 	 	 
	[Current ratio (current assets/current liabilities)]*	 	 	 
	[Debt to equity ratio (total liabilities/total shareholder equity)]*	 	 	 
	[Interest cover ratio (operating income/interest expense)]*	 	 	 
	*

                                                                                If this information appears elsewhere in the Prospectus, including financial information incorporated by reference, it is mandatory to include that information here in the Summary.

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	[Consolidated] cash flow statement

	 	Year ended

31 March [2020]	Year ended

31 March [2019]	[Six Months ended 30 September 2020]	[Six Months ended 30 September 2019]
	Net Cash flow from operating activities	 	 	 	 
	Net Cash flow from financing activities	 	 	 	 
	Net Cash flow from investing activities	 	 	 	 

	Consolidated income statement

	 	Year ended

31 March	[Three Months Ended

31 December]	[Nine Months Ended

31 December]	[Three Months Ended

30 September]	[Six Months Ended

30 September]	[Three Months Ended

30 June]
	 	[2020]	[2019]	2020	2019	2020	2019	[2020]	[2019]	[2020]	[2019]	[2020]	[2019]
	Operating profit/loss	 	 	 	 	 	 	 	 	 	 	 	 

	Consolidated balance sheet

	 	[31 December]	[30 September]	[30 June]	[31 March]
	 	2020	[2020]	[2020]	[2020]	[2019]
	Net financial debt (long term debt plus short term debt minus cash)	 	 	 	 	 
	[Current ratio (current assets/current liabilities)]*	 	 	 	 	 
	[Debt to equity ratio (total liabilities/total shareholder equity)]*	 	 	 	 	 
	[Interest cover ratio (operating income/interest expense)]*	 	 	 	 	 

	* 

                                                                                If this information appears elsewhere in the Prospectus, including financial information incorporated by reference, it is mandatory to include that information here in the Summary

	 
	Consolidated cash flow statement

	 	Year ended

31 March	[Three Months Ended

31 December]	[Nine Months Ended

31 December]	[Three Months Ended

30 September]	[Six Months Ended

30 September]	[Three Months Ended

30 June]
	 	[2020]	[2019]	2020	2019	2020	2019	[2020]	[2019]	[2020]	[2019]	[2020]	[2019]
	Net Cash flow from operating activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net Cash flow from financing activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net Cash flow from investing activities	 	 	 	 	 	 	 	 	 	 	 	 

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	What are the key risks that are specific to the issuer?
	The Issuer has identified in the Prospectus a number of factors which could adversely affect its business, results of operations and financial condition and its ability to make payments due under the Notes.  These factors include, among others:
	
        ·

        

        changes in general business,
        economic, geopolitical and market conditions, including the overall market for retail contracts, wholesale motor vehicle financing,
        leasing or dealer financing, changes in the level of sales of Toyota, Lexus or other vehicles in Toyota’s [including, [if
        the Issuer is TCCI, TFA or TMCC] its market], and restrictive exchange or import controls or other disruptive trade policies,
        disruption of operations as a result of systemic political or economic instability, changes in consumer behaviour, and the inability
        to compete successfully or if competition increases;

        

	
        ·

        

        a decrease in the level of sales
        of Toyota and Lexus vehicles will have a negative impact on the level of the Issuer’s financing volume;

        

	
        ·

        

        recalls and other related announcements
        which could adversely affect sales, including as a result of the actual or perceived quality, safety or reliability of Toyota and
        Lexus vehicles as the Issuer’s business is, [substantially [if the Issuer is TCCI, TFA or TMCC]], dependent upon the
        sale of Toyota and Lexus vehicles;

        

	
        ·

        

        changes to the senior long-term
        debt credit ratings of TMC and certain of its affiliates, including the Issuer;

        

        ·

        

        changes in law or regulation,
        including accounting standards, failure or interruption of the information systems, security breach or a cyber-attack.

        

 

Section 3 – The
Securities

 

	What are the main features of the securities?
	
        Type, class and ISIN

        

        The Notes are [         ] [[         ] per cent. / Floating
        Rate / Zero Coupon] Notes due [         ]. International Securities Identification Number (ISIN): [         ].

        
	
        Currency, denomination, nominal amount,
        number of Notes and term

        

        The currency and aggregate nominal amount
        of Notes is [         ]. The Notes have a Specified Denomination of [         ] each. The Maturity Date of the Notes is [   ].

        
	Rights attached to the Notes
	
        [The Notes bear interest [from their date
        of issue] at the fixed rate of [         ] per cent. per annum. The yield of the Notes is [         ] per cent. per annum. Interest will be paid
        [semi-annually]/[annually] in arrear on [         ] in each year up to and including [         ]/the Maturity Date.] [The first interest payment
        will be on [         ].]

        

        [The Notes bear interest [from their date
        of issue] at floating rates calculated by reference to [specify reference rate] [plus/minus] a margin of [         ] per cent. Interest
        will be paid [quarterly] in arrear on [         ], [         ], [         ], and [         ] in each year[, subject to adjustment for non-business days].] [The
        first interest payment will be on [         ].]

        

        [The Notes are Zero Coupon Notes and do
        not bear interest [and will be offered and sold at a discount to their nominal amount].]

        
	Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on [       ] at [par]/[[       ] per cent. of their aggregate nominal amount].  The Notes may be redeemed early for tax reasons [or [specify other]] at [specify the early redemption price [par]/[par or, if higher, the price at which the gross redemption yield on the Notes is equal to the gross redemption yield on the reference bond rate and a margin of [       ]] and any maximum or minimum redemption amounts, if applicable.]

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        A trustee has not been appointed to act
        as trustee for the holders of Notes.

        

        The Bank of New York Mellon, acting through
        its London branch has been appointed as the issuing agent [and principal paying agent] [and calculation agent]/[and [         ] has been
        appointed [principal paying agent and] calculation agent].

        

        [Registered Notes issued by TCCI are also
        issued subject to, and with the benefit of, an amended and restated note agency agreement made between TCCI, BNY Trust Company
        of Canada as registrar, paying agent and transfer agent and The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and
        transfer agent and The Bank of New York Mellon, acting through its London branch, as transfer agent and paying agent.]

        

        [Registered Notes issued by TMCC are also
        issued subject to and with the benefit of, an amended and restated note agency agreement made between TMCC, The Bank of New York
        Mellon SA/NV, Luxembourg Branch as registrar and transfer agent and The Bank of New York Mellon, acting through its London branch,
        as transfer agent and paying agent.]

        

        [[TMF/TCCI/TFA] All payments of principal
        and interest in respect of the Notes will be made without withholding or deduction for or on account of any taxes or duties of
        whatever nature imposed by or on behalf of [the Netherlands/Canada/Australia], unless such withholding or deduction is required
        by law. In the event that any such withholding or deduction is required, the Issuer will be required to pay additional amounts
        to cover the amounts so withheld or deducted, subject to certain limited exceptions.]

        

        [[TMCC] The Issuer shall not be required
        to make any payment in respect of the Notes with respect to any taxes or other charges imposed by any government or a political
        subdivision or taxing authority thereof or therein, unless such Noteholder or Couponholder is a Non-U.S. Holder (as defined in
        Condition 7(b)). In such event, the Issuer will be required to pay additional amounts to cover the amounts so withheld or deducted,
        subject to certain limited exceptions.]

        

        All payments in respect of the Notes will
        be made subject to any deduction or withholding required by provisions of Sections 1471 through to 1474 of the U.S. Internal Revenue
        Code of 1986, as amended, any regulations or other guidance promulgated thereunder or any official interpretations thereof (including
        under an agreement described under Section 1471(b)), or of any intergovernmental agreement implementing an alternative approach
        thereto or any implementing law in relation thereto (collectively, “FATCA”), and no additional amounts will
        be paid to cover the amounts so withheld or deducted.

        

        The Terms and Conditions of the Notes contain
        the following events of default:

        

        (a)

        

        default in payment of any principal
        or interest due in respect of the Notes, continuing for a specified period of time;

        

        (b)

        

        non-performance or non-observance
        by the Issuer of any covenant, condition or provision under the Terms and Conditions of the Notes or the Agency Agreement for the
        benefit of holders of Notes (other than the covenant to pay the principal and interest in respect of the Notes), continuing for
        a specified period of time; and

        

        (c)

        

        events relating to the winding
        up, liquidation, bankruptcy, insolvency and creditor arrangements of the Issuer.

        

        The Notes contain no cross default provision.

        

        The Terms and Conditions of the Notes contain
        provisions for calling meetings of holders of such Notes to consider matters affecting their interests generally. These provisions
        permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders
        who voted in a manner contrary to the majority.

        

        The governing law of the Notes is English
        law.

        

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        Status of the Notes (ranking)

        

        The Notes and any relative coupons constitute
        direct, unconditional, unsubordinated and [(subject to the application of the negative pledge)] unsecured obligations of the Issuer
        and will rank pari passu and rateably without any preference among themselves and (save for certain obligations required to be
        preferred by law) equally with all other unsecured and unsubordinated obligations of the Issuer from time to time outstanding.

        

        Transferability

        

        There are no restrictions on the transferability
        of the Notes save that there are certain customary restrictions on offers, sales and deliveries of Notes and on the distribution
        of offering material in the United States, the European Economic Area, Belgium, Ireland, Italy, the Netherlands, Spain, United
        Kingdom, Japan, Canada, Australia, New Zealand, Hong Kong, the People’s Republic of China (“PRC” (which
        for the purposes of Notes issued under the Programme, excludes the Hong Kong Special Administrative Region of the People’s
        Republic of China, the Macau Special Administrative Region of the People’s Republic of China and Taiwan)), Singapore and
        Switzerland.

        
	Where will the securities be traded?
	[The Notes will be admitted to trading on the London Stock Exchange’s Regulated Market and admitted to the Official List of the Financial Conduct Authority.]/[The Notes will be admitted to trading on the Regulated Market of the Irish Stock Exchange p.l.c. trading as Euronext Dublin (“Euronext Dublin”) and admitted to the Official List of the Euronext Dublin.]
	Is there a guarantee attached to the securities?
	
        Description of the nature and scope
        of the credit support agreement

        

        The Notes have the benefit of certain Credit
        Support Agreements governed by Japanese law, one between TMC and TFS dated 14 July 2000 as supplemented by a Supplemental Credit
        Support Agreement dated 14 July 2000 and a Supplemental Credit Support Agreement No. 2 dated 2 October 2000 (collectively, the
        “TMC Credit Support Agreement”) and between TFS and [[TMF, TCCI or TFA] dated 7 August 2000]/[[TMCC] dated 1
        October 2000] (the “Credit Support Agreement” and, together with the TMC Credit Support Agreement, the “Credit
        Support Agreements”). The Credit Support Agreements do not constitute a direct or indirect guarantee by TMC or TFS of
        the Notes. TMC’s obligations under its Credit Support Agreement and the obligations of TFS under its Credit Support Agreements,
        rank pari passu with its direct, unconditional, unsubordinated and unsecured debt obligations.

        
	Under the TMC Credit Support Agreement, TMC agrees that it will make available to TFS funds sufficient to make its payment obligations on securities issued by it (including securities issued by subsidiaries or affiliates of TFS such as the Issuer in respect of which TFS has credit support obligations) and agrees to ensure that TFS always has at least JPY10,000,000 in consolidated tangible net worth so long as TFS has credit support obligations outstanding.
	TFS agrees in its Credit Support Agreement with the Issuer to make available to the Issuer funds sufficient to make its payment obligations on securities issued by it and agrees to ensure that [TMF: the Issuer always has at least EUR100,000 in tangible net worth,]/[TCCI: the Issuer always has at least C$150,000 in tangible net worth,]/[TFA: the Issuer always has at least A$150,000 in consolidated tangible net worth,]/[TMCC: the Issuer always has at least U.S.$100,000 in consolidated tangible net worth,] so long as the Issuer has securities outstanding.
	Tangible net worth means the aggregate amount of issued capital, capital surplus and retained earnings less any intangible assets.
	
        Description of the credit support providers

        

        TFS is the credit support provider to the
        Issuer. TFS is a limited liability, joint-stock company

        

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        incorporated under the Commercial Code
        of Japan on 7 July 2000. TFS continues to exist under the Companies Act of Japan and its LEI is 353800WDOBRSAV97BA75. TFS’s
        principal executive offices are located in Nagoya Lucent Tower, 6-1, Ushijima-cho, Nishi-ku, Nagoya City, Aichi Prefecture 451-6015,
        Japan with telephone number +81-52-217-2300.

         

        TMC is the credit support provider to TFS.
        TMC is a limited liability, joint-stock company incorporated under the Commercial Code of Japan on 28 August 1937. TMC continues
        to exist under the Companies Act of Japan and its LEI is 5493006W3QUS5LMH6R84. TMC’s principal executive offices are located
        at 1, Toyota-cho, Toyota City, Aichi Prefecture 471-8571, Japan with telephone number +81-565-28-2121.

        
	Key financial information regarding Toyota Motor Corporation
	The selected historical key financial information presented below regarding financial years ended 31 March 2020 and 31 March 2019 has been extracted without material adjustment from the audited consolidated financial statements of TMC prepared in accordance with U.S. GAAP included in TMC’s Annual Report on Form 20-F for the financial year ended 31 March 2020.  The selected historical key financial information as at 30 June 2020 and for the three months ended 30 June 2020 and 30 June 2019 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for three months ended 30 June 2020 prepared in accordance with U.S. GAAP.  [The selected historical key financial information as at 30 September 2020 and for the six months ended 30 September 2020 and 30 September 2019 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for six months ended 30 September 2020 prepared in accordance with U.S. GAAP.] [The selected historical key financial information as at 31 December 2020 and for the nine months ended 31 December 2020 and 31 December 2019 has been extracted without material adjustment from TMC’s Unaudited Consolidated Financial Statements for nine months ended 31 December 2020 prepared in accordance with U.S. GAAP.] [etc.]
	Consolidated income statement

	 	Year ended

31 March	[Three Months Ended

31 December]	[Nine Months Ended

31 December]	[Three Months Ended

30 September]	[Six Months Ended

30 September]	[Three Months Ended

30 June]
	 	[2020]	[2019]	2020	2019	2020	2019	[2020]	[2019]	2020	2019	2020	2019
	Operating profit/loss	 	 	 	 	 	 	 	 	 	 	 	 

	Consolidated balance sheet

	 	[31 December]	[30 September]	[30 June]	[31 March]
	 	2020	[2020]	[2020]	[2020]	[2019]
	Net financial debt (long term debt plus short term debt minus cash)	 	 	 	 	 
	[Current ratio (current assets/current liabilities)]*	 	 	 	 	 
	[Debt to equity ratio (total liabilities/total shareholder equity)]*	 	 	 	 	 
	[Interest cover ratio (operating income/interest expense)]*	 	 	 	 	 

	* 

                                                                                If this information appears elsewhere in the
                                                                                Prospectus, including financial information incorporated by reference, it is mandatory to include that information here in
                                                                                the Summary

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	Consolidated cash flow statement
	 	Year ended

31 March	[Three Months Ended

31 December]	[Nine Months Ended

31 December]	[Three Months Ended

30 September]	[Six Months Ended

30 September]	[Three Months Ended

30 June]
	 	[2020]	[2019]	2020	2019	2020	2019	[2020]	[2019]	2020	2019	2020	2019
	Net Cash flow from operating activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net Cash flow from financing activities	 	 	 	 	 	 	 	 	 	 	 	 
	Net Cash flow from investing activities	 	 	 	 	 	 	 	 	 	 	 	 

	Material risk factors pertaining to the credit support providers contained in the prospectus
	
        TFS:

         

        ·

        

        TFS is a holding company and
        is completely dependent on the performance of its financial services subsidiaries, including each of the Issuers. As a holding
        company, TFS does not engage in, or conduct, any operating business itself. Its principal assets are the shares in its 58 consolidated
        subsidiaries and eight affiliates. Consequently, TFS is dependent on the economic, financial and operating results of its financial
        services subsidiaries and affiliates and is therefore indirectly exposed to the same risks as those faced by its financial services
        subsidiaries and affiliates, including each of the Issuers. Any deterioration in the business, financial condition or results of
        operations of the financial services subsidiaries and affiliates of TFS or their ability or willingness to pay dividends to TFS
        would also materially adversely affect financial condition or results of operations of TFS.

        

	
        TMC has identified in the Prospectus a
        number of factors which could adversely affect Toyota’s financial condition and results of operations. These factors include,
        among others:

         

        ·

        

        The worldwide automotive market
        is highly competitive. Toyota faces intense competition from automotive manufacturers in the markets in which it operates. Competition
        in the automotive industry has further intensified amidst difficult overall market conditions. In addition, competition is likely
        to further intensify in light of further continuing globalisation in the worldwide automotive industry, possibly resulting in industry
        reorganisations. Factors affecting competition include product quality and features, safety, reliability, fuel economy, the amount
        of time required for innovation and development, pricing, customer service and financing terms. Increased competition may lead
        to lower vehicle unit sales, which may result in further downward price pressure and adversely affect Toyota’s financial
        condition and results of operations. Toyota’s ability to adequately respond to the recent rapid changes in the automotive
        market and to maintain its competitiveness will be fundamental to its future success in existing and new markets and to maintain
        its market share. There can be no assurances that Toyota will be able to compete successfully in the future.

        

	
        ·

        

        Toyota is sensitive to fluctuations
        in foreign currency exchange rates and is principally exposed to fluctuations in the value of the Japanese yen, the U.S. dollar
        and the euro and, to a lesser extent, the Australian dollar, the Russian ruble, the Canadian dollar and the British pound. Toyota’s
        consolidated financial statements, which are presented in Japanese yen, are affected by foreign currency exchange fluctuations
        through translation risk, and changes in foreign currency exchange rates may also affect the price of products sold and materials
        purchased by Toyota in foreign currencies through transaction risk. In particular, strengthening of the Japanese yen against the
        U.S. dollar can have an adverse effect on Toyota’s operating results.

        

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        ·

        

        The worldwide automotive
industry is subject to various laws and governmental regulations including those related to vehicle safety and environmental matters
such as emission levels, fuel economy, noise and pollution. In particular, automotive manufacturers such as Toyota are required
to implement safety measures such as recalls for vehicles that do not or may not comply with the safety standards of laws and
governmental regulations. In addition, Toyota may, in order to reassure its customers of the safety of Toyota’s vehicles,
decide to voluntarily implement recalls or other safety measures even if the vehicle complies with the safety standards of relevant
laws and governmental regulations. If Toyota launches products that result in safety measures such as recalls, Toyota may incur
various costs including significant costs for free repairs. Many governments also impose tariffs and other trade barriers, taxes
and levies, or enact price or exchange controls. 

	What are the key risks that are specific to the securities?
	There are also risks associated with the Notes including a range of risks relating to the structure of the Notes, market risks and risks relating to Notes generally including that:
	
        ·

        

        any credit rating assigned to
        Notes may not adequately reflect all the risks associated with an investment in the Notes;

        

	
        ·

        

        [uncertainty about
the future of “benchmarks” (such as “LIBOR” and “EURIBOR”) and other interest
rates or other types of rates and indices that are deemed “benchmarks” may adversely affect the value of, and return
on, any Notes linked to a “benchmark” and the trading market for such Notes;] 

	
        ·

        

        [[Bearer Notes in new
global note form]/[Registered Notes in global form held under the new safekeeping structure] may not satisfy Eurosystem eligibility
criteria;] 

	
        ·

        

        the Terms and Conditions
of the Notes contain provisions which permit their modification without the consent of all investors in certain circumstances; 

	
        ·

        

        investors are exposed
to the risk of changes in law or regulation affecting the value of their Notes; 

	
        ·

        

        the value of an investor’s
investment may be adversely affected by exchange rate movements where the Notes are not denominated in the investor’s own
currency; 

	
        ·

        

        there may be no or only
a limited secondary market in the Notes; 

        ·

        

        [as the Issuer has the
right to redeem any Notes at its option, an investor may not be able to reinvest the redemption proceeds in a manner which achieves
the return the investor would have received if the investor had been allowed to hold the Notes to maturity and the existence of
the option may therefore adversely affect the market value and the secondary market for the Notes.] 

 

Section 4 – Offer
of securities to the public and/or admission to trading on a regulated market

 

	Under which conditions and timetable can I invest in this security?
	General terms, conditions and expected timetable of the offer, and the plan for distribution
	
        The issue price of the Notes is [         ] per
        cent. of their aggregate nominal amount.

        

        [The Notes may be offered to the public
        in [specify member states of the European Economic Area]].

        
	
        Offer Period:

        

        [From the date of, and following, publication
        of the Final Terms being [          ] to [          ].]/[give
        details]

        

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        Offer Price:

        

        [The Issuer has offered and will sell the
        Notes to the Managers (as defined below) (and no one else) at the Issue Price of [         ] per cent. less a total commission [and concession]
        of [         ] per cent. of the aggregate nominal amount of the Notes. Managers and Placers (as defined below) will offer and sell the
        Notes to their customers in accordance with arrangements in place between each such Manager and its customers (including Placers)
        or each such Placer and its customers by reference to the Issue Price and market conditions prevailing at the time.]/[give details]

        
	
        Conditions to which the offer is subject:

        

        [Offers of the Notes are conditional on
        their issue and are subject to such conditions as are set out in the Syndicate Purchase Agreement dated [         ] between the Issuer
        and the Managers (the “SPA”). As between Managers and their customers (including Placers) or between Placers
        and their customers, offers of the Notes are further subject to such conditions as may be agreed between them and/or as is specified
        in the arrangements in place between them.]/[give details]

        
	
        Description of the application process:

        

        [A prospective Noteholder will purchase
        the Notes in accordance with the arrangements in place between the relevant Manager and its customers or the relevant Placer and
        its customers, relating to the purchase of securities generally. Noteholders (other than Managers) will not enter into any contractual
        arrangements directly with the Issuer in connection with the offer or purchase of the Notes.]/[give details]

        
	
        Description of possibility to reduce subscriptions
        and the manner for refunding amounts paid in excess by applicants:

        

        [Not Applicable]/[give details]

        
	
        Details of the minimum and/or maximum amount
        of the application:

        

        [There are no pre-identified allotment
        criteria. The Managers and the Placers will adopt allotment and/or application criteria in accordance with customary market practices
        and applicable laws and regulations and/or as otherwise agreed between them.]/[give details]/[Not Applicable]

        
	
        Method and time limits for paying up and
        delivering the Notes:

        

        [The Notes will be purchased by the Managers
        from the Issuer on a delivery versus payment basis on the Issue Date. Prospective Noteholders will be notified by the relevant
        Manager or Placer of their allocations of Notes and the settlement arrangements in respect thereof.]/[give details]

        
	
        Manner in and date on which results of
        the offer are to be made public:

        

        [Not Applicable]/[give details]

        

        Procedure for exercise of any
right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised: 

        [Not Applicable]/[give details]

        

        Whether tranche(s) have been reserved
for certain countries: 

        [Not Applicable]/[give details]

        

        Process for notifying applicants
of the amount allotted and an indication whether dealing may begin before notification is made: 

        [Prospective Noteholders will be notified
        by the relevant Manager or Placer in accordance with the arrangements in place between such Managers or Placers and its customers.
        Any dealings in the Notes which take place will be at the risk of prospective Noteholders.]/[give details]/[Not Applicable].

        

    Page 180

     

    

	
        Amount of any expenses and taxes charged
        to the subscriber or purchaser:

        

        [Not Applicable]/[give details] 

        Name(s) and address(es), to the extent
        known to the Issuer, of the Placers in the various countries where the offer takes place:

        

        [None known to the Issuer]/[specify]

        
	
        Details of the admission to
trading on a regulated market 

        [The Notes will be admitted to trading
        on the London Stock Exchange’s Regulated Market and admitted to the Official List of the Financial Conduct Authority.]/[The
        Notes will be admitted to trading on the Regulated Market of Euronext Dublin and admitted to the Official List of the Euronext
        Dublin.]

        
	
        Estimate of the total expenses of the
        issue and/or offer, including estimated expenses charged to the investor by the issuer or the offeror

        

        Estimated total expenses of the issue and/or
        offer of the Notes are: [         ]. [The Issuer will not charge any expenses to the
        investor.]/[specify]

        
	Who is the offeror?
	
        The only offerors authorised to
use the Issuer’s Base Prospectus to make an offer to the public of the Notes where there is no exemption from the obligation
under the Prospectus Regulation (EU) 2017/1129 (as amended) to publish a prospectus (a “Non-Exempt Offer”)
during the Offer Period are the relevant Dealers [         ] (the “Managers”,
and each an “Authorised Offeror”)+ and: 

        [(a)  the following financial
        intermediaries [                 ]+ ;and/or

        

        (b)  any financial intermediary
which is authorised to make such offers under the Markets in Financial Instruments Directive 2014/65/EU and which has been authorised
directly or indirectly by [the Issuer or]/[any of the Managers (on behalf of the Issuer)] to make such offers, provided that such
financial intermediary states on its website (I) that it has been duly appointed as a financial intermediary to offer the Notes
during the Offer Period, (II) it is relying on the Issuer’s Base Prospectus for such Non-exempt Offer with the consent of
the Issuer and (III) the conditions attached to that consent (the “Placers”, and each an “Authorised
Offeror”).] 

        + [add details of domicile and legal
        form, the law under which the offeror operates and its country of incorporation]

        
	[AN INVESTOR INTENDING TO ACQUIRE OR ACQUIRING ANY NOTES IN A NON-EXEMPT OFFER FROM AN AUTHORISED OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH NOTES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR WILL BE MADE, IN ACCORDANCE WITH ANY TERMS AND OTHER ARRANGEMENTS IN PLACE BETWEEN SUCH AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING AS TO PRICE, ALLOCATIONS, EXPENSES AND SETTLEMENT ARRANGEMENTS.  THE ISSUER WILL NOT BE A PARTY TO ANY SUCH TERMS AND ARRANGEMENTS WITH SUCH INVESTORS IN CONNECTION WITH THE NON-EXEMPT OFFER OR SALE OF THE NOTES CONCERNED AND, ACCORDINGLY, THE ISSUER’S BASE PROSPECTUS AND THE APPLICABLE FINAL TERMS WILL NOT CONTAIN SUCH INFORMATION.  THE INVESTOR MUST LOOK TO THE RELEVANT AUTHORISED OFFEROR AT THE TIME OF SUCH OFFER FOR THE PROVISION OF SUCH INFORMATION AND THE RELEVANT AUTHORISED OFFEROR WILL BE RESPONSIBLE FOR SUCH INFORMATION.  NEITHER THE ISSUER NOR ANY MANAGER OR DEALER (EXCEPT WHERE SUCH MANAGER OR DEALER IS THE RELEVANT AUTHORISED OFFEROR) HAS ANY RESPONSIBILITY OR LIABILITY TO AN INVESTOR IN RESPECT OF SUCH INFORMATION.]

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	Why is the prospectus and these final terms being produced?
	The Prospectus and these Final Terms have been prepared for the purposes of making a Non-exempt offer of the Notes during the Offer Period and/or for the purposes of trading the Notes on [the London Stock Exchange’s Regulated Market and admission to the Official List of the Financial Conduct Authority]/[Euronext Dublin’s Regulated Market and admission to the Official List of the Euronext Dublin.]
	
        Reasons for the offer or for the admission
        to trading on a regulated market and use and estimated net proceeds

        

        The estimated net proceeds of [         ] from
        the issue of the Notes will be applied by the Issuer for its general corporate purposes, which include making a profit. [TMF may
        also use part of the proceeds from the issue of the Notes for the purpose of posting collateral with third party hedge providers
        rather than for the purpose of on-lending to other Toyota companies.]

        
	
        Syndicate Purchase Agreement

        

        Subject to such conditions as are set out
        in the SPA, the Managers have agreed to purchase the aggregate nominal amount of the Notes.

        

        Material conflicts of interest pertaining
        to the offer or the admission to trading

        
	Purchasers may be paid fees in relation to the issue of the Notes under the Programme.  The [Dealers/Managers/Purchasers] will be paid aggregate commissions equal to [       ] per cent. of the aggregate nominal amount of the Notes.  Any [Dealer/Manager/Purchaser] and its affiliates may have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and its affiliates in the ordinary course of business.

    Page 182

     

    
    ANNEX C TO APPENDIX
D

FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER

 

[Date]

 

		To:	[Toyota Motor Finance (Netherlands) B.V.]

[Toyota Credit Canada Inc.]

[Toyota Finance Australia Limited]

[Toyota Motor Credit Corporation]

 

		cc:	The Bank of New York Mellon, acting through its London branch (the Agent)

[The Bank of New York Mellon SA/NV, Luxembourg Branch (the Registrar)]

 

[Name of Issuer]

[Description of Notes]

issued pursuant to the €50,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation (the “Programme”)

 

We hereby confirm the
agreement for the issue to us of [describe issue] Notes due [        ] (the Notes)
under the Programme in accordance with the Amended and Restated Programme Agreement dated 18 September 2020 [(the Programme
Agreement)] and pursuant to the terms of issue set out in the Final Terms which we are [providing]/[faxing] herewith.

 

[In connection with our purchase
of such Notes, we:

 

		1.	agree with the Issuer for itself and as agent for the Dealers (each as defined in the Programme
Agreement) that we will be bound by the provisions of the Programme Agreement (a copy of which has been supplied to us), with the
exception of Clauses 3 to 5 and 10 to 12 inclusive, as if we had been named as Dealer therein; and

 

		2.	confirm that, where the Issuer authorises us to provide copies of documents and to make representations
and statements in connection with the issue of Notes, such authorisation relates only to the documents, statements and representations
in Clause 7 of the Programme Agreement, subject to the limitations contained in that Clause.]

 

[The Issue Price of
the Notes will be [         ] per cent. of the Aggregate Nominal Amount of the Notes.]

 

[The selling commission
in respect of the Notes will be [        ] per cent. of the Aggregate Nominal Amount of
the Notes [(        )] and will be deductible from the Issue Price of the Notes, giving
net proceeds of [        ].]

 

The Notes are to be
credited to [Euroclear Bank SA/NV/Clearstream Banking S.A.] account number [        ] in
the name of [Name of Purchaser].

 

    Page 183

     

    

[Solely for the purposes
of the requirements of Article 9(8) of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the MiFID Product
Governance Rules) we acknowledge that we understand the responsibilities conferred upon us under the MiFID Product Governance
Rules relating to each of the product approval process, the target market and the proposed distribution channels as applying to
the Notes and the related information set out in the Final Terms and any announcements in connection with the Notes.]

 

If stabilisation
is to be conducted following the safe harbour set out in Article 5 of the Market Abuse Regulation and Delegated Regulation (EU)
2016/1052 then you should consider including the following:

 

[We hereby acknowledge
our appointment by you as the central point responsible for adequate public disclosure of information, and handling any request
from a competent authority, in accordance with Article 6(5) of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 with
regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures.]

 

[Insert additional
selling restrictions applicable to the issue of the Notes, as agreed to by the Purchaser]

 

[Insert if Final
Terms relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any other currency)
to be admitted to trading on an EEA or UK regulated market and/or offered on a non-exempt basis in certain EEA Jurisdictions or
the UK

 

In addition, as set
out in Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling Restrictions
with respect to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

The Prospectus has
been passported for the purposes of a Non-exempt Offer of Notes to the public and the Issuer understands that [Purchaser]
and any placers authorised on behalf of the Issuer by [Purchaser] involved in the Non-exempt Offer have the Issuer’s
consent (subject to the terms and conditions mentioned below) to use the Prospectus and the Final Terms for a Non-exempt Offer
of the Notes in [Austria, Germany, Luxembourg, the Netherlands, Norway, Spain and the United Kingdom] (such jurisdictions, together
with Ireland, the Jurisdictions and each a Jurisdiction) during the Offer Period (as defined in the Final Terms).

 

Upon the execution
of this Agreement, [Purchaser] may, during the Offer Period, make a Non-exempt Offer using the Prospectus and the Final
Terms in any of the Jurisdictions and otherwise in accordance with the terms and conditions of this Agreement, the Prospectus and
the Final Terms.

 

[Purchaser]
represents and agrees that it has not offered or sold and will not offer in any EEA Member State or in the UK, any Notes other
than by (i) a Non-exempt Offer in any of the Jurisdictions during the Offer Period pursuant to, and in accordance with, the Prospectus
and the Final Terms (without modification or supplement); or (ii) an offer to qualified investors (as defined in the Prospectus
Regulation) or otherwise in compliance with Article 1(4) of the Prospectus Regulation and that during the Offer Period, [Purchaser]
will ensure that any Placer (as defined in the Final Terms) purchasing from [Purchaser] any of the Notes has been notified
that by accepting such Notes such Placer undertakes to comply with the foregoing provisions of these Selling Restrictions.

 

    Page 184

     

    

[Purchaser]
also represents and agrees that the following provisions contained in the Final Terms under the heading “Terms and Conditions
of the Public Offer” (including where repeated in the Issue Specific Summary set out in the Schedule to the Final Terms),
in the second sentence of the section entitled “Offer Price”, in the section entitled “Conditions to which the
offer is subject”, in the section entitled “Description of the application process”, in the section entitled
“Details of the minimum and/or maximum amount of application”, in the section entitled “Method and time limits
for paying up and delivering the Notes” and in the section entitled “Process for notification to applicants of the
amount allotted and indication whether dealing may begin before notification is made” relating to it and its offer and sale
process are true and accurate in all respects and that it has not made any Placers as such known to the Issuer [other than any
Placers who are identified as such in the Final Terms].

 

Save as described above
and in the Final Terms, [Purchaser] acknowledges that no action has been taken by the Issuer or any other person that would,
or is intended to, permit a Non-exempt Offer in the Jurisdictions at any time other than during the Offer Period pursuant to, and
in accordance with, the Prospectus and the Final Terms or in any other country or jurisdiction at any time where any such action
for that purpose is required.

 

[Purchaser]
undertakes, that it will not, directly or indirectly, offer or sell any Notes or distribute or publish any offering circular, prospectus,
form of application, advertisement or other document or information in any country or jurisdiction except under circumstances that
will result in compliance with any applicable laws and regulations and all offers and sales of Notes by it will be made on the
same terms, and provided that no such offer or sale of Notes shall require the Issuer or [Purchaser] to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation (or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation)
or to take any other action in any jurisdiction other than as described above.

 

For the purposes of
these Selling Restrictions, the expression an offer of Notes to the public in relation to any Notes in any relevant Jurisdiction
means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered
so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Jurisdiction.]

 

-       OR        -

 

[Insert if Final
Terms relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any other currency)
to be admitted to trading on an EEA or UK regulated market and/or offered on an exempt basis in the EEA or the UK

 

In addition, as set
out in Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling Restrictions
with respect to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

		(a)	we represent and agree, that we have not offered or sold and we will not offer or sell, whether
through financial intermediaries or otherwise, any such Notes to the public in any EEA Member State or in the UK by means of the
Prospectus, the applicable Final Terms or any other document, other than to qualified investors (as defined in the Prospectus Regulation);

 

		(b)	we acknowledge that no action has been taken by the Issuer or any other person that would, or is
intended to permit an offer to the public of any such

 

    Page 185

     

    

Notes in any country or jurisdiction
at any time where any such action for that purpose is required; and

 

		(c)	we undertake that we will not, directly or indirectly, offer or sell any such Notes or distribute
or publish any offering circular, prospectus, form of application, advertisement or other document or information in any country
or jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations and all offers
and sales of any such Notes by us will be made on the same terms, and provided that no such offer or sale of Notes by us, whether
through financial intermediaries or otherwise, shall require the Issuer, us or any such financial intermediaries to publish a prospectus
pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.]

 

[Also for the avoidance
of doubt, the Selling Restrictions contained in paragraph [15]/[16] of Appendix 2 to the Programme Agreement are not Selling Restrictions
with respect to the Notes and are not part of the Programme Agreement for the purposes of the issue of the Notes.]

 

[Insert if Uridashi
Notes:

 

Selling Restrictions

 

In addition, and for
the avoidance of doubt, the following provisions are Selling Restrictions with respect to the Notes and part of the Programme Agreement
for the purposes of the issue of the Notes replacing the selling restrictions relating to Japan and the European Economic Area,
respectively:

 

Japan

 

A secondary distribution
(Uridashi) of the Notes is scheduled to be made in Japan. The Notes may not be offered or sold, directly or indirectly,
in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including
any corporation or other entity organised under the laws of Japan) except in compliance with the terms of [the securities registration
statement and the amendments thereto/the shelf registration statement, the amendments thereto and the supplemental documents] that
have been, or will be, filed by the Issuer with the Director-General of the Kanto Local Finance Bureau of the Ministry of Finance
of Japan with respect to a secondary distribution (Uridashi) of the Notes in Japan in accordance with the Financial Instruments
and Exchange Law of Japan or under circumstances which will result in compliance with all applicable laws, regulations and guidelines
promulgated by the relevant Japanese governmental and regulatory authorities in effect at the relevant time.

 

European Economic
Area and the United Kingdom

 

We confirm that the
Notes will not be offered or sold in the European Economic Area or in the United Kingdom.]

 

[We represent and agree
that we have not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any
retail investor in the European Economic Area or in the United Kingdom. For the purposes of this provision:

 

		(a)	the expression “retail investor” means
a person who is one (or more) of the following:

 

    Page 186

     

    

		(i)	a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”);
or

 

		(ii)	a customer within the meaning of Insurance Distribution Directive (Directive (EU) 2016/97 (as amended)),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

 

		(iii)	not a qualified investor as defined in the Prospectus Regulation; and

 

		(b)	the expression “offer” includes the communication in any form and by any means
of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase
or subscribe the Notes.]

 

[We also confirm that
no action has been taken by [Issuer] or us that would, or is intended to permit an offer to the public of any Notes in the
European Economic Area at any time where any such action for that purpose is required.]

 

[Unless otherwise defined
in this letter, terms and expressions defined in the Programme Agreement shall have the same meanings in this letter, except where
the context requires otherwise.]

 

This letter and any
non-contractual obligations arising out of or in connection with this letter shall be governed by, and construed in accordance
with, the laws of England.

 

Please confirm your
agreement to the terms of issue by signing and [providing]/[faxing] to us a copy of the attached Final Terms. Please also [provide]/[fax]
a copy of the Final Terms to the Agent [and the Registrar].

 

For and on behalf of [Name of Purchaser]

 

	By:	  	 
	 	Authorised signatory	 

    Page 187

     

    

ANNEX D TO APPENDIX
D

FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER

 

[Date]

 

		To:	The Bank of New York Mellon, acting through its London
branch

[The Bank of New York Mellon SA/NV, Luxembourg Branch]

 

and: [Name of Purchaser]

 

[Name of Issuer]

[Description of Notes] (the “Notes”)

issued pursuant to the €50,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

We hereby confirm our
instruction to The Bank of New York Mellon, acting through its London branch, as Agent to prepare, complete, authenticate and issue
[a Temporary Global Note and a Permanent Global Note]/[the Registered Global Note on [         ] and we hereby authorise and instruct The
Bank of New York Mellon SA/NV, Luxembourg Branch as Registrar to register [         ] aggregate nominal amount of Notes on [         ]] in accordance
with:

 

		(a)	the information contained in the confirmation from [Name of Purchaser] (a copy of which
is attached hereto); [and]

 

		(b)	the terms of the Operating and Administrative Procedures Memorandum relating to the above Programme[,][;
and]

 

		[(c)	the Amended and Restated Note Agency Agreement dated [         ] between Toyota Motor Credit Corporation,
The Bank of New York Mellon, acting through its London branch and The Bank of New York Mellon SA/NV, Luxembourg Branch,]

 

and to give instructions to [Euroclear
Bank SA/NV/Clearstream Banking S.A./other]* to credit the account number [        ]
with [Euroclear Bank SA/NV/Clearstream Banking S.A./other]* in the name of [Name of Purchaser] with the Notes
represented by such [Temporary Global Note][Registered Global Note] against payment on [] of [        ]
to the account of The Bank of New York Mellon, acting through its London branch, account number [        ]
with [Euroclear Bank SA/NV/Clearstream Banking S.A./other]* being the [net] subscription price of such Notes.

 

[Toyota Motor Finance (Netherlands) B.V.]

[Toyota Credit Canada Inc.]

[Toyota Finance Australia Limited]

 

	By: 	  	 

 

 

 

 

		*	[Delete as appropriate]

 

		*	[Delete as appropriate]

 

    Page 188

     

    

	[Toyota Motor Credit Corporation
	 
	 
	By: 	   	 
	 	Name:	 
	 	Title:]	 

 

[Form of Purchaser’s confirmation
to be attached]

 

    Page 189

     

    

ANNEX E TO APPENDIX
D

TRADING DESK INFORMATION

 

[**]

 

    Page 190

     

    

Appendix E

 

FORM OF THE NOTES

 

Each Tranche of Notes
in bearer form will initially be issued in the form of a temporary global Note (a “Temporary Global Note”) which
will:

 

		(i)	if the global Notes are to be issued in new global note (“NGN”) form, as stated
in the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche to one of the international central
securities depositaries as common safekeeper (the “Common Safekeeper”) for Euroclear Bank SA/NV (“Euroclear”)
and Clearstream Banking S.A. (“Clearstream, Luxembourg”); and

 

		(ii)	if the global Notes are not to be issued in NGN form, as stated in the applicable Final Terms,
be delivered on or prior to the original issue date of the Tranche to a common depositary for Euroclear and Clearstream, Luxembourg
and/or a nominee for any other relevant clearing system (as applicable),

 

without interest coupons or talons.

 

Notes (including Notes
in registered form issued by TCCI or TMCC, as described below) may be issued in a form that permits them to be held in a manner
which will allow Eurosystem eligibility. Any indication in the applicable Final Terms that the Notes are to be so held means that
the Notes are to be deposited with the Common Safekeeper (and, in the case of Notes in registered form issued by TCCI or TMCC,
registered in the name of a nominee of the Common Safekeeper) and does not necessarily mean that the Notes will be recognised as
eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon issue or at any
or all times during their life as such recognition depends upon satisfaction of the Eurosystem eligibility criteria. Any indication
in the applicable Final Terms that the Notes are not to be so held means that should the Eurosystem eligibility criteria be amended
in the future such that the Notes are capable of meeting such criteria, the Notes may then be deposited with the Common Safekeeper
(and in the case of Notes in registered form issued by TCCI or TMCC, registered in the name of a nominee of the Common Safekeeper)
and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
credit operations by the Eurosystem at any time during their life as such recognition depends upon satisfaction of the Eurosystem
eligibility criteria.

 

Where
the global Notes issued in respect of any Tranche are in NGN form, Euroclear and/or Clearstream, Luxembourg will be notified whether
such global Notes are intended to be held in a manner which would allow Eurosystem eligibility. If the global Note is a NGN, the
nominal amount of the Notes represented by such global Notes will be the aggregate from time to time entered in the records of
both Euroclear and Clearstream, Luxembourg. The records of Euroclear and Clearstream, Luxembourg
(which expression in such global Note means the records that each of Euroclear and Clearstream, Luxembourg holds for its customers
which reflect the amount of each such customer’s interest in the Notes) will be conclusive evidence of the nominal amount
of Notes represented by such global Note and, for such purposes, a statement issued by Euroclear and/or Clearstream, Luxembourg,
stating that the nominal amount of Notes represented by such global Note at any time will be conclusive evidence of the records
of Euroclear and/or Clearstream, Luxembourg at that time, as the case may be. 

 

While any Note is
represented by a Temporary Global Note, payments of principal and interest (if any) due prior to the Exchange Date (as defined
below) will be made (against presentation of the Temporary Global Note if the Temporary Global Note is not issued in NGN form)
only upon certification of non-U.S. beneficial ownership as required by U.S. Treasury regulations to Euroclear and/or Clearstream,
Luxembourg; provided, however, that no such

 

    Page 191

     

    

certification will be required with respect
to Notes that, as specified in the applicable Final Terms (i) have been issued in reliance on the procedures under United States
Treasury regulations Section 1.163-5(c)(2)(i)(C) (or any substantially similar successor United States Treasury regulations) (the
“TEFRA C Rules”) or (ii) have an initial maturity of 183 days or less (taking into consideration unilateral rights
to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined at the spot rate
on the issue date) and are intended to comply with United States Treasury regulations Section 1.6049-5(b)(10).

 

Interests
in the Temporary Global Note will be exchangeable (free of charge) either for:

 

		(i)	interests in a permanent global Note (a “Permanent Global Note”) without interest
coupons or talons; or

 

		(ii)	for security-printed definitive Notes,

 

(as indicated in the applicable Final Terms),
in each case against certification of non-U.S. beneficial ownership as required by U.S. Treasury regulations in accordance with
the terms of the Temporary Global Note:

 

		(a)	on and after the date which is 40 days after completion of the distribution of the relevant Tranche
of Notes; or

 

		(b)	at the option of the relevant Issuer (with the consent of the Lead Manager(s) of the Tranche(s)
of Notes of the relevant Series) on the date which is 40 days after completion of the distribution of any additional issuance or
issuances of one or more Tranches of Notes of the same Series that occurs within the 40 day period after the issue of the Temporary
Global Note,

 

(the latest of such dates in
paragraphs (a) and (b) is referred to as the “Exchange Date”),

 

provided that no such certification of
non-U.S. beneficial ownership will be required with respect to Notes that, as specified in the applicable Final Terms (i) have
been issued in compliance with the TEFRA C Rules or (ii) have an initial maturity of 183 days or less (taking into consideration
unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined
at the spot rate on the issue date) and are intended to comply with United States Treasury regulations Section 1.6049-5(b)(10).

 

The holder of a Temporary
Global Note will not be entitled to collect any payment of interest or principal due on or after the Exchange Date unless, upon
due certification, exchange of the Temporary Global Note for an interest in a Permanent Global Note or for definitive Notes is
improperly withheld or refused. Pursuant to the Agency Agreement (as defined under “Terms and Conditions of the Notes”)
the Agent shall arrange that, where a further Tranche of Notes is issued after the Exchange Date, the Notes of such further Tranche
shall be assigned security code numbers by Euroclear and Clearstream, Luxembourg which are different from the security code numbers
assigned to Notes of any other Tranche of the same Series until at least the expiry of the distribution compliance period (as defined
in Regulation S under the Securities Act) applicable to the Notes of such Tranche.

 

The Permanent Global
Note will, unless otherwise agreed between the relevant Issuer and the relevant Dealer, if the global Notes are issued in NGN form
as stated in the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche to the Common Safekeeper
for Euroclear and Clearstream, Luxembourg. If the global Notes are not issued in NGN form, the Permanent Global Note will be delivered
to the common depositary for Euroclear and Clearstream, Luxembourg.

 

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Payments
of principal and interest (if any) on a Permanent Global Note will be made through Euroclear and/or
Clearstream, Luxembourg (against presentation or surrender (as the case may be) of the Permanent Global Note if the Permanent Global
Note is not issued in NGN form) without any requirement for certification. 

 

A
Permanent Global Note will, if specified in the applicable Final Terms, be exchanged (free of charge) in whole, but not in part,
for security printed definitive Notes with, where applicable, interest coupons and talons attached
(i) at the request of the relevant Issuer; and/or (ii) upon the occurrence of an Exchange Event (as defined below). 

 

For these purposes,
“Exchange Event” means that (i) an Event of Default (as defined in Condition 9 under “Terms and Conditions
of the Notes”) has occurred and is continuing; (ii) the relevant Issuer has been notified that both Euroclear and Clearstream,
Luxembourg, or any other agreed clearing system in which such Permanent Global Note is being held, have been closed for business
for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention permanently
to cease business or have in fact done so and, as a result, Euroclear and Clearstream, Luxembourg or such other agreed clearing
system in which such Permanent Global Note is being held are no longer willing or able to discharge properly their responsibilities
with respect to such Notes and the Agent and the relevant Issuer are unable to locate a qualified successor; or (iii) the relevant
Issuer has or will become subject to adverse tax consequences as a result of a change in tax laws after the issuance of the Notes
which would not be suffered were the Notes represented by the Permanent Global Note in definitive form.

 

The relevant Issuer
will promptly give notice to Noteholders in accordance with Condition 16 under “Terms and Conditions of the Notes”
if an Exchange Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream, Luxembourg and/or
any other agreed clearing system in which such Permanent Global Note is being held (acting on the instructions of any holder of
an interest in such Permanent Global Note) may give notice to the Agent requesting exchange and, in the event of the occurrence
of an Exchange Event as described in (iii) above, the relevant Issuer may also give notice to the Agent requesting exchange. Any
such exchange shall occur not later than 45 days after the date of receipt of the first relevant notice by the Agent.

 

If a portion of the
Notes continues to be represented by the Temporary Global Note after the issuance of definitive Notes, the Temporary Global Note
shall thereafter be exchangeable only for definitive Notes, subject to certification of non-U.S. beneficial ownership; provided,
however, that no such certification of non-U.S. beneficial ownership will be required with respect to Notes that (i) are issued
in reliance on the TEFRA C Rules or (ii) as specified in the applicable Final Terms, have an initial maturity of 183 days or less
(taking into consideration unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in
any other currency, determined at the spot rate on the issue date) and are intended to comply with United States Treasury Regulations
Section 1.6049-5(b)(10).

 

No definitive Note
delivered in exchange for a Permanent Global Note or a Temporary Global Note shall be mailed or otherwise delivered to any locations
in the United States of America in connection with such exchange. Temporary Global Notes and Permanent Global Notes and definitive
Notes will be issued by the Agent pursuant to the Agency Agreement.

 

If specified in the
applicable Final Terms, other clearance systems may be used in addition to or in lieu of Euroclear and Clearstream, Luxembourg
provided that, in the case of an issue of Bearer Notes, such other clearance system is capable of complying with the certification
requirements set forth in the Temporary Global Note or the Notes are issued in compliance with the TEFRA C Rules and any reference
herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Notes issued in
NGN form, be deemed to include such other additional or alternative clearing system.

 

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Temporary Global Notes
and Permanent Global Notes will be issued in bearer form only. Definitive Notes will be issued in bearer form or, in the case of
Notes issued by TCCI or TMCC, if so indicated in the applicable Final Terms, in registered form.

 

For
United States federal income tax purposes each Permanent Global Note and each definitive Note
issued in bearer form which has an original maturity of more than 365 days (taking into consideration unilateral rights to roll
or extend) issued by TMF, TCCI or TFA (other than Notes issued in compliance with the TEFRA C Rules) and any interest coupon which
may be detached therefrom (or, if the obligation is evidenced by a book entry, appears in the book or record in which the book
entry is made) will carry the following legend:

 

“Any United States
person (as defined in the Internal Revenue Code of the United States) who holds this obligation will be subject to limitations
under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue
Code.”

 

The sections referred
to in such legend provide that United States Noteholders, with certain exceptions, will not be entitled to deduct any loss on Notes
or interest coupons and will not be entitled to capital gains treatment of any gain on any sale, disposition or payment of principal
in respect of Notes or interest coupons.

 

For
United States federal tax purposes each Temporary Global Note, each Permanent Global Note and
each definitive Note issued in bearer form which has an original maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined
at the spot rate on the issue date) and, as specified in the applicable Final Terms, is intended to comply with United States Treasury
Regulations Section 1.6049-5(b)(10) and any interest coupon which may be detached therefrom (or, if
the obligation is evidenced by a book entry, appears in the book or record in which the book entry is made) will carry the following
legend:

 

“By accepting
this obligation, the holder represents and warrants that it is not a United States person (other than an exempt recipient described
in Section 6049(b)(4) of the Internal Revenue Code of the United States and the regulations thereunder) and that it is not
acting for or on behalf of a United States person (other than an exempt recipient described in Section 6049(b)(4) of the Internal
Revenue Code and the regulations thereunder).”

 

Unless Notes issued
by TMF, TCCI or TFA in bearer form will be issued, as specified in the applicable Final Terms, in compliance with the TEFRA C Rules,
Notes issued by TMF, TCCI or TFA in bearer form will be issued in compliance with United States Treasury Regulation Section 1.163-5(c)(2)(i)(D)
(or any substantially similar successor United States Treasury regulations) (the “D Rules”) and Notes issued
by TMCC with maturities at issuance of 183 days or less (taking into consideration unilateral rights
to roll or extend) and in a face amount or nominal amount of not less than U.S.$500,000 (as determined based on the spot
rate on the date of issuance if such Notes are issued in a currency other than U.S. dollars) that, as specified in the applicable
Final Terms, are intended to comply with United States Treasury Regulation Section 1.6049-5(b)(10), will be issued in compliance
with the D Rules (excluding the certification requirement).

 

TMCC will not issue
notes in bearer form with a maturity at issuance of more than 183 days (taking into consideration unilateral rights to roll or
extend).

 

Notes
may be issued in registered form (“Registered Notes”) by either TCCI or TMCC, subject to applicable laws and
regulations. Each Tranche of Registered Notes issued by TCCI or TMCC will be represented on issue by a registered global Note (each
a “Registered Global Note”) which will be (a) if the applicable Final Terms specify the Registered Notes are
intended to held in a manner which would allow Eurosystem eligibility (being the new safekeeping structure (“NSS”)),
deposited on the relevant Issue Date with the Common Safekeeper; or (b) if the applicable Final Terms specify the Registered Notes
are not intended to be held in a manner which

 

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would allow Eurosystem
eligibility, deposited on the relevant Issue Date with a nominee or a depositary or common depositary for the agreed clearing system(s).
Such Registered Global Note will not be exchangeable for Registered Notes in definitive form except on an Exchange Event (as that
term is defined in the Registered Global Note). With respect to each Tranche of Registered Notes, TCCI has appointed, under an
amended and restated note agency agreement dated 8 September 2017 (the “TCCI Note Agency Agreement”), and
TMCC has appointed under a note agency agreement dated 8 September 2017 (the “TMCC Note Agency Agreement”),
a registrar or registrars and a transfer agent and paying agent and may appoint other or additional transfer agents or paying agents,
either generally or in respect of a particular Series of Registered Notes.

 

The
applicable Final Terms will specify whether the Notes will be represented by:

 

		(i)	a Temporary Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Temporary Global Note is exchangeable for a Permanent Global Note in bearer form on
and after the Exchange Date and (except for Notes (x) with an initial maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), a minimum denomination of $500,000 (or its equivalent value in any other currency, determined at the
spot rate on the Issue Date) and specified in the applicable Final Terms as intended to comply with United States Treasury Regulations
Section 1.6049-5(b)(10) and (y) as specified in the applicable Final Terms, that have been issued in reliance on TEFRA C Rules)
upon certification of non-U.S. beneficial ownership; or

 

		(ii)	a Temporary Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Temporary Global Note is exchangeable for security printed definitive Notes on and
after the Exchange Date and (except for Notes (x) with an initial maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), a minimum denomination of $500,000 (or its equivalent value in any other currency, determined at the
spot rate on the Issue Date) and specified in the applicable Final Terms as intended to comply with United States Treasury Regulations
Section 1.6049-5(b)(10) and (y) as specified in the applicable Final Terms, that have been issued in reliance on TEFRA C Rules)
upon certification of non-U.S. beneficial ownership; or

 

		(iii)	a Permanent Global Note in bearer form without Coupons which will be deposited with a common depositary
or, as the case may be, a common safekeeper for Euroclear and Clearstream, Luxembourg on or about the Issue Date or a date as specified
in the applicable Final Terms; and that the Permanent Global Note is exchangeable (free of charge) in whole, but not in part, for
security printed definitive Notes either (a) at the request of the relevant Issuer; and/or (b) upon the occurrence of an Exchange
Event (as defined in the Permanent Global Note); or

 

		(iv)	in the case of TCCI or TMCC only, a Registered Global Note registered in the name of a nominee
for CDS Clearing and Depository Services Inc. (in the case of TCCI only) or a common depositary for Euroclear and Clearstream,
Luxembourg or a common safekeeper for Euroclear and Clearstream, Luxembourg or any other clearing system exchangeable (free of
charge) for security printed definitive Notes only upon an Exchange Event (as defined in the Registered Global Note).

 

The exchange of a
Permanent Global Note or a Registered Global Note for printed definitive Notes by Euroclear and/or Clearstream, Luxembourg (acting
on the instructions of any Noteholder) or at any time at the request of the relevant Issuer should not be expressed to be applicable
in the applicable Final Terms if the Notes are issued with a minimum Specified Denomination such as €100,000 (or its equivalent
in another currency) plus one or more higher

 

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multiples of another smaller amount such
as €1,000 (or its equivalent in another currency). Furthermore, such Specified Denomination construction is not permitted
in relation to any issue of Notes which is to be represented on issue by a Temporary Global Note exchangeable for printed definitive
Notes.

 

Notes shall not be
physically delivered in Belgium, except to a clearing system, a depository or other institution for the purpose of their immobilisation
in accordance with Article 4 of the Belgian Law of 14 December 2005.

 

Each
Issuer may agree with any Dealer that there may be a secondary distribution (“Uridashi”) of the Notes (“Uridashi
Notes”) to be made in Japan in compliance with the terms of a securities registration statement, amendments thereto and
supplemental documents that have been, or will be, filed by the relevant Issuer with the Director-General of the Kanto Local Finance
Bureau of the Ministry of Finance of Japan with respect to such secondary distribution of Uridashi Notes in Japan and in accordance
with the Financial Instruments and Exchange Law of Japan or under circumstances which will result in compliance with all applicable
laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities in effect at the
relevant time.

 

Each
Issuer may agree with any Dealer that Notes may be issued in a form not contemplated by the terms and conditions of the Notes herein,
in which case a new Prospectus will be made available which will describe the effect of the agreement reached in relation to such
Notes.

 

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Appendix F

 

ADDITIONAL DUTIES OF THE AGENT

 

In relation to each
Series of Bearer Notes that are New Global Notes, the Agent will comply with the following provisions:

 

1.  The Agent will inform each
of Euroclear and Clearstream, Luxembourg (the ICSDs), through the common service provider appointed by the ICSDs to service
the Notes (the CSP), of the initial issue outstanding amount (IOA) for each Tranche on or prior to the relevant Issue
Date.

 

2.  If any event occurs that
requires a mark up or mark down of the records which an ICSD holds for its customers to reflect such customers’ interest
in the Notes, the Agent will (to the extent known to it) promptly provide details of the amount of such mark up or mark down, together
with a description of the event that requires it, to the ICSDs (through the CSP) to ensure that the IOA of the Notes remains at
all times accurate.

 

3.  The Agent will at least once
every month reconcile its record of the IOA of the Notes with information received from the ICSDs (through the CSP) with respect
to the IOA maintained by the ICSDs for the Notes and will promptly inform the ICSDs (through the CSP) of any discrepancies.

 

4.  The Agent will promptly assist
the ICSDs (through the CSP) in resolving any discrepancy identified in the IOA of the Notes.

 

5.  The Agent will promptly provide
to the ICSDs (through the CSP) details of all amounts paid by it under the Notes (or, where the Notes provide for delivery of assets
other than cash, of the assets so delivered).

 

6.  The Agent will (to the extent
known to it) promptly provide to the ICSDs (through the CSP) notice of any changes to the Notes that will affect the amount of,
or date for, any payment due under the Notes.

 

7.  The Agent will (to the extent
known to it) promptly provide to the ICSDs (through the CSP) copies of all information that is given to the holders of the Notes.

 

8.  The Agent will promptly pass
on to the relevant Issuer all communications it receives from the ICSDs directly or through the CSP relating to the Notes.

 

9.  The Agent will (to the extent
known to it) promptly notify the ICSDs (through the CSP) of any failure by the relevant Issuer to make any payment or delivery
due under the Notes when due.

 

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Appendix G

 

FORM OF DEED POLL

 

(sUBSTITUTION OF ISSUER)

 

This Deed Poll is made
on [        ], 20[  ] by [        ] (the
Retiring Issuer), a company incorporated in [       ] and [        ]
(the Substitute Issuer), a company incorporated in [        ] in favour of holders,
which expression includes any persons shown in the records of Euroclear Bank SA/NV and/or Clearstream Banking S.A. [or such other
clearing system indicated in the applicable Final Terms for such Notes][indicate other clearing systems] as holders of a
principal amount, of Notes (as defined below) from time to time.

 

WHEREAS:

 

		(A)	It has been proposed that in respect of [any of the debt securities issued by the Retiring Issuer
under the Euro Medium Term Note Programme of, inter alia, the Retiring Issuer and which remain outstanding on the Effective
Date (as defined below) (the Notes)]/[the [principal amount] [description of Series] Notes due [maturity]
(the Notes) of the Retiring Issuer issued under the Euro Medium Term Note Programme of, inter alia, the Retiring
Issuer] there will be a substitution of the Substitute Issuer for the Retiring Issuer as the issuer of the Notes (the substitution).

 

		(B)	The Notes have been issued [under, and [delete in the case of Registered Notes]] with the
benefit of, an amended and restated Agency Agreement (the Agency Agreement, which expression includes the same as it may
be amended, supplemented or restated from time to time) dated 8 September 2017 between, inter alia, the Retiring Issuer
and The Bank of New York Mellon, acting through its London branch, as agent.

 

		[(C)	[Include in the case of Registered Notes] The Notes have been issued under, and with the
benefit of, [an amended and restated] [a] Note Agency Agreement (the [TCCI] [TMCC] Note Agency Agreement, which expression
includes the same as it may be amended, supplemented or restated from time to time) dated 8 September 2017 between, inter alia,
the Retiring Issuer, The Bank of New York Mellon, acting through its London branch, as paying agent and transfer agent [only
TCCI] BNY Trust Company of Canada as registrar, paying agent and transfer agent and The Bank of New Mellon SA/NV, Luxembourg
Branch as registrar and transfer agent.[only TMCC] and The Bank of New Mellon SA/NV, Luxembourg Branch as registrar and
transfer agent.]

 

NOW THIS DEED WITNESSES AS FOLLOWS:

 

		1.	References herein to the Notes include any Global Note representing the Notes and other
expressions defined in the Notes and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency
Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] have the same meaning in this
Deed unless the context requires otherwise.

 

		2.	The Substitute Issuer agrees that, with effect from and including the date of execution of this
Deed Poll, all the other conditions to the substitution contained in Condition 14 having been met, (the Effective Date),
it shall be deemed to be the “Issuer” for all purposes in respect of the Notes[, the Coupons, the Talons] and the Agency
Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note

 

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Agency Agreement] [and, in the
case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] insofar as it relates to the Notes, as fully as if the
Substitute Issuer had been named in the Notes[, the Coupons, the Talons] and the Agency Agreement [and, in the case of Registered
Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency
Agreement] as the principal debtor in respect of them in place of the Retiring Issuer and, accordingly, it shall be entitled to
all the rights, and shall be subject to all the liabilities and obligations, on the part of the Retiring Issuer contained in them.

 

		3.	With effect from and including the Effective Date, the Retiring Issuer is released from all its
liabilities and obligations as principal debtor, in its capacity as issuer of the Notes, contained in the Notes[, the Coupons,
the Talons] and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and,
in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] insofar as they relate to the Notes.

 

		4.	With effect from and including the Effective Date, the Conditions of the Notes and the provisions
of the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case
of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] relating to the Substitute Issuer (but without altering such
provisions insofar as they relate to notes issued pursuant to the Agency Agreement [and, in the case of Registered Notes issued
by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement]
other than Notes) are amended in the following ways:

 

		(a)	the following sentence is added to the end of the fourth paragraph of the Conditions:

 

“The Noteholders (as defined
below) have the benefit of a Deed Poll (the Deed Poll) dated [          ]
executed by [insert appropriate reference to the Substitute Issuer] and the [insert appropriate reference to the Retiring
Issuer] [and a Credit Support Agreement dated [          ] between the Substitute
Issuer and [TFS][the Parent] executed in relation to the Notes [and the TMC Credit Support Agreement]].”

 

		[(b)	Where the Substitute Issuer is subject generally to a taxing jurisdiction differing from or
in addition to the taxing jurisdiction to which the Retiring Issuer for which it shall have been substituted under Condition 14
was subject insert here an undertaking or covenant in terms corresponding to Condition 7 with the substitution for or addition
to the references to the taxing jurisdiction to which the Retiring Issuer, as the case may be, was subject of references to the
taxing jurisdiction or additional taxing jurisdiction to which such Substitute Issuer, as the case may be, is subject and, in such
case, specify that Condition 7 shall be deemed to be modified accordingly when the substitution takes effect.]

 

		5.	The Substitute Issuer represents, warrants and undertakes with each and every Noteholder, Couponholder
and Relevant Account Holder that the Substitute Issuer is solvent and that it has all corporate power, and has taken all necessary
corporate or other steps including obtaining all necessary governmental and regulatory approvals and consents for the substitution
and for the performance by the Substitute Issuer of its obligations under the Notes[, the Coupons and Talons] and the Agency Agreement

 

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[and, in the case of Registered
Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency
Agreement], to enable it to execute, deliver and perform this Deed, and that this Deed constitutes legal, valid and binding obligations
of the Substitute Issuer enforceable in accordance with its terms, subject to the laws of bankruptcy, insolvency, reorganisation,
moratorium or similar laws affecting creditors’ rights generally.

 

		6.	The Substitute Issuer agrees that the benefit of the undertakings and the covenants binding upon
it contained in this Deed shall be for the benefit of each and every Noteholder, Couponholder and Relevant Account Holder and each
Noteholder, Couponholder and Relevant Account Holder shall be entitled severally to enforce such obligations against the Substitute
Issuer in respect of any Notes.

 

		7.	The Retiring Issuer represents, and warrants with each and every Noteholder, Couponholder and Relevant
Account Holder that it has obtained all necessary governmental and regulatory approvals and consents for the substitution.

 

		8.	Duplicates of this Deed shall be deposited with and held to the exclusion of the Substitute Issuer
by the Relevant Clearing System and the Agent [or each TCCI Registrar in the case of Registered Notes issued by TCCI] [or the TMCC
Registrar in the case of Registered Notes issued by TMCC] until complete performance of the obligations contained in the Notes
and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case
of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] relating to them occurs and the Substitute Issuer hereby acknowledges
the right of every Noteholder, Couponholder and Relevant Account Holder to production of this Deed and, upon request and payment
of the expenses incurred in connection therewith, to the production of a copy hereof certified to be a true and complete copy.

 

		9.	This Deed may only be amended in the same way as the other Conditions and the Agency Agreement
[and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued
by TMCC, the TMCC Note Agency Agreement] are capable of amendment under the Conditions and Clause 28 of the Agency Agreement [and,
in the case of Registered Notes issued by TCCI, Clause 19 of the TCCI Note Agency Agreement, respectively] [and in the case of
Registered Notes issued by TMCC, Clause 19 of the TMCC Note Agency Agreement, respectively].

 

		10.	This Deed and any non-contractual obligations arising out of or in connection with this Deed shall
be governed by, and construed in accordance with, English law.

 

		11.	The Substitute Issuer hereby irrevocably agrees for the exclusive benefit of the Noteholders, Couponholders
and Relevant Account Holders that the courts of England are to have jurisdiction to settle any disputes which may arise out of
or in connection with this Deed (including any dispute relating to any non-contractual obligations arising out of or in connection
with this Deed) and that accordingly any suit, action or proceedings (together referred to as Proceedings) arising out of
or in connection with this Deed (including any Proceedings relating to any non-contractual obligations arising out of or in connection
with this Deed) may be brought in such courts. The Substitute Issuer hereby irrevocably waives any objection which it may have
to the laying of the venue of any Proceedings in any such courts and any claim that any such Proceedings have been brought in an
inconvenient forum and hereby further irrevocably agrees that a judgment in any Proceedings brought in the English

 

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courts shall be conclusive and
binding upon the Substitute Issuer and may be enforced in the courts of any other jurisdiction. Nothing contained herein shall
limit any right to take Proceedings against the Substitute Issuer in any other court of competent jurisdiction, nor shall the taking
of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction, whether concurrently
or not. [The Substitute Issuer hereby appoints [Toyota Financial Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18
5UZ] as its agent for service of process and agrees that, in the event of [Toyota Financial Services (UK) PLC] ceasing so to act
or ceasing to be registered in England, it will appoint another person as its agent for service of process in England in respect
of any Proceedings.]

 

IN WITNESS whereof this Deed has
been executed by and on behalf of the parties hereto as a Deed Poll as of the day and year first above written.

 

	[Signed as a deed	)
	by [                        ]	)
	[being duly authorised attorney of]	)
	[Substitute Issuer]	)
	in the presence of:]	)
	[U.K. Substitute Issuer acting by	)
	[name of director]	)
	a Director and [name of director or secretary]	)
	[a Director][the Secretary]]	)
	 	 
	 	 
	 	 
	[Signed as a deed	)
	by [                        ]	)
	being duly authorised attorney of	)
	[Retiring Issuer]	)
	in the presence of:]	)

    Page 201Exhibit 10.1

 

Execution Version

 

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT (this “First Amendment”), dated as of September 22, 2020, is entered into by and among
OMNICELL, INC., a Delaware corporation (the “Borrower”), each Subsidiary Guarantor (as defined in the
Amended Credit Agreement (as defined below)) party hereto; each of the financial institutions party hereto as a Lender (as
defined in the Credit Agreement (as defined below)); and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as administrative agent for the Lenders under the Credit Agreement (the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Amended Credit Agreement.

 

RECITALS

 

WHEREAS,
the Borrower has entered into that certain Amended and Restated Credit Agreement, dated as of November 15, 2019 (as amended through
the date hereof, the “Credit Agreement” and as amended by this First Amendment, the “Amended Credit
Agreement”), with the Lenders from time to time party thereto and the Administrative Agent;

 

WHEREAS,
the Borrower has requested certain amendments to the Credit Agreement as more fully described herein;

 

WHEREAS,
the Required Lenders have consented and agreed to the Borrower’s requested amendments subject to the terms and conditions
set forth in this First Amendment, as evidenced by the signatures of the Lenders party hereto; and

 

WHEREAS,
by executing this First Amendment, the Borrower and each Subsidiary Guarantor reaffirms, after giving effect to each of the requested
amendments, its obligations under each of the Guaranty Agreement, the Collateral Agreement and each other Loan Document (in each
case as amended by this First Amendment).

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

SECTION 1.AMENDMENTS.

 

Effective
as of the First Amendment Effective Date (as defined below), the Credit Agreement is hereby amended to delete all stricken text
(indicated textually in the same manner as the following example: stricken text)
and to add all double-underlined text (indicated textually in the same manner as the following example: double-underlined text
) as set forth in the conformed Amended Credit Agreement attached hereto as Exhibit A.

 

     

     

    

 

SECTION 2. REPRESENTATIONS AND WARRANTIES; NO EVENTS
OF DEFAULT.

 

The Borrower
and each Subsidiary Guarantor party hereto represents and warrants that, as of the First Amendment Effective Date:

 

(a)        each
Credit Party and each Subsidiary thereof has the right, power and authority and has taken all necessary corporate and other action
to authorize the execution, delivery and performance of this First Amendment in accordance with its terms;

 

(b)      
this First Amendment has been duly executed and delivered by the duly authorized officers of each Credit Party and each
Subsidiary thereof that is a party hereto, and constitutes the legal, valid and binding obligation of each Credit Party and each
Subsidiary thereof that is a party hereto, enforceable 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;

 

(c)       
the representations and warranties contained in the Amended Credit Agreement and the other Loan Documents are true and correct
in all material respects, except for any representation and warranty that is qualified by materiality or reference to Material
Adverse Effect, which such representation and warranty is true and correct in all respects, on and as of the First Amendment Effective
Date with the same effect as if made on and as of such date (except for any such representation and warranty that by its terms
is made only as of an earlier date, which representation and warranty remains true and correct in all material respects as of such
earlier date, except for any representation and warranty that is qualified by materiality or reference to Material Adverse Effect,
which such representation and warranty shall be true and correct in all respects as of such earlier date); and

 

(d)       
no Default or Event of Default has occurred and is continuing as of the First Amendment Effective Date, or will occur as
a result of giving effect to the amendments contemplated by this First Amendment.

 

SECTION 3. REAFFIRMATION OF GUARANTEES AND SECURITY
INTERESTS.

 

(a)       
The Borrower and each Subsidiary Guarantor party hereto hereby consents to the terms and conditions of this First Amendment.

 

(b)        The
Borrower and each Subsidiary Guarantor party hereto hereby: (i) reaffirms and confirms, immediately before and after giving
effect to the amendments to the Loan Documents contemplated herein, its guarantees, pledges, grants (including, but not
limited to, its grant of a security interest in the Collateral in favor of the Administrative Agent for the ratable benefit
of the Secured Parties) and other undertakings under the Loan Documents to which it is a party; and (ii) agrees that: (A)
each Loan Document to which it is a party shall, immediately after giving effect to the amendments to the Loan Documents
contemplated herein, continue to be in full force and effect; and (B) all guarantees, pledges, grants (including, but not
limited to, its grant of a security interest in the Collateral in favor of the Administrative Agent for the ratable benefit
of the Secured Parties) and other undertakings thereunder shall, immediately after giving effect to the amendments to the
Loan Documents contemplated herein, continue to be in full force and effect to guarantee and secure the Secured Obligations
(as amended, increased and otherwise modified hereby) and shall accrue to the benefit of the Secured Parties.

 

    2 

     

    

 

SECTION 4. CONDITIONS TO EFFECTIVENESS.

 

Notwithstanding
any provision herein to the contrary, this First Amendment, and the consents and approvals contained herein, shall be effective
(such date, the “First Amendment Effective Date”) only if and when each of the following conditions is satisfied:

 

4.1        this
First Amendment is signed by, and counterparts hereof are delivered to the Administrative Agent (by hand delivery, mail or telecopy)
by, each Credit Party and the Required Lenders;

 

4.2        the
Administrative Agent shall have received a customary officer’s closing certificate (including with respect to the matters
in Section 4.3 below);

 

4.3        each
of the representations and warranties contained in Section 2 of this First Amendment are true and correct on and as of
the First Amendment Effective Date;

 

4.4        the
Borrower shall have paid all fees and expenses of the Administrative Agent and its Affiliates in connection with this First Amendment
to the extent required by Section 12.3 of the Credit Agreement and in any separate engagement letter or fee letter between the
Borrower and the Administrative Agent and/or its Affiliates.

 

SECTION 5. AUTHORIZATION TO MODIFY AND EXECUTE LOAN
DOCUMENTS.

 

The undersigned
Lenders, constituting the Required Lenders, hereby: (a) authorize and direct the Administrative Agent to execute this First Amendment;
(b) consent to the transactions contemplated by this First Amendment; (c) authorize and direct the Administrative Agent to take
any and all actions and execute such documents as shall be required to give effect to or otherwise implement this First Amendment
and to exercise such powers under the Loan Documents as are delegated to the Administrative Agent by the terms thereof, together
with such powers as are reasonably incidental thereto.

 

SECTION 6. MISCELLANEOUS

 

6.1        No
Waiver; Continuing Effect of Loan Documents. Except as specifically modified pursuant to the terms of this First
Amendment: (a) the terms and conditions of the Amended Credit Agreement and the other Loan Documents remain in full force and
effect; and (b) nothing herein: (i) shall constitute a waiver, amendment or modification of any other provision of the
Amended Credit Agreement or any other Loan Document; or (ii) shall be construed as a waiver or consent to any further or
future action on the part of the Borrower or any Subsidiary Guarantor. Nothing herein shall limit in any way the rights and
remedies of the Administrative Agent or the Lenders under the Amended Credit Agreement or under any other Loan
Document. This First Amendment is a Loan Document under and as defined in the Amended Credit Agreement.

 

    3 

     

    

 

6.2      
Counterparts. This First Amendment 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 counterpart of a signature page of this First Amendment by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this First Amendment.

 

6.3      
Severability. Any provision of this First Amendment 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.

 

6.4      
Successor and Assigns. This First Amendment shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns pursuant to the terms of Section 12.9 of the Amended Credit Agreement.

 

6.5      
Governing Law. This First Amendment, and any claim, controversy, dispute or cause of action (whether in contract
or tort or otherwise) based upon, arising out of or relating to this First Amendment and the transactions contemplated hereby and
thereby, shall be governed by, and construed in accordance with, the law of the State of New York.

 

[Signature pages follow]

 

    4 

     

    

 

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

 

	 	OMNICELL, INC.,
	 	a Delaware corporation,

 as the Borrower
	 	 
	 	By:	/s/ Peter J. Kuipers

	 	Name: Peter J. Kuipers
	 	Title: Executive Vice President and Chief Financial Officer

 

	 	ATEB, INC.,
	 	a North Carolina corporation, 

as a Subsidiary Guarantor
	 	 
	 	By:	 /s/ Joseph B. Spears
	 	Name: Joseph B. Spears
	 	Title: President and Chief Executive Officer

 

	 	MEDPAK HOLDINGS, INC.,
	 	a Delaware corporation,
	 	as a Subsidiary Guarantor
	 	 
	 	By:	/s/ Joseph B. Spears
	 	Name: Joseph B. Spears
	 	Title: President, Chief Financial Officer and Treasurer

 

	 	MTS MEDICATION TECHNOLOGIES, INC.,
	 	a Delaware corporation,
	 	as a Subsidiary Guarantor
	 	 
	 	By:	/s/ Joseph B. Spears
	 	Name: Joseph B. Spears
	 	Title: President

 

	 	MTS PACKAGING SYSTEMS, INC.,
	 	a Florida corporation,
	 	as a Subsidiary Guarantor
	 	 
	 	By:	/s/ Joseph B. Spears
	 	Name: Joseph B. Spears
	 	Title: President

 

[Signature Page to First Amendment to Amended and
Restated Credit Agreement]

 

     

     

    

 

 

	WELLS FARGO BANK, NATIONAL ASSOCIATION,	 
	as
    the Administrative Agent and a Lender	 
	 	 
	By:	/s/ Jonathan Antonio	 
	Name:	 Jonathan Antonio	 
	Title:	Director	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	JPMORGAN CHASE BANK, N.A.,	 
	as
    a Lender	 
	 	 
	By:	/s/ Ling Li	 
	Name:	 Ling Li	 
	Title:	Executive Director	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	Citizens Bank, N.A.,	 
	as a Lender	 
	 	 
	By:	/s/ Mark Guyeski	 
	Name:	Mark Guyeski	 
	Title:	Vice President	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	Bank of the West,	 
	as a Lender	 
	 	 
	By:	/s/ Adriana Collins	 
	Name:	 Adriana Collins	 
	Title:	Director	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	FIFTH THIRD BANK, NATIONAL ASSOCIATION,	 
	as
    a Lender	 
	 	 
	By:	/s/ Ellie Robertson	 
	Name:	 Ellie Robertson	 
	Title:	Principal	 

 

Classification:
Internal Use

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	BBVA USA	 
	as
    a Lender	 
	 	 
	By:	/s/ Chris Dowler	 
	Name:	 Chris Dowler	 
	Title:	 Senior Vice Pre ident	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	HSBC BANK USA, NATIONAL ASSOCIATION,	 
	as
    a Lender	 
	 	 
	By:	/s/ Darren Santos	 
	Name:	 Darren Santos	 
	Title:	 SVP, 22672	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	Truist Bank(as successor by merger to SunTrust Bank)	 
	as
    a Lender	 
	 	 
	By:	/s/
    Alfonso Brigham	 
	Name:	Alfonso
    Brigham	 
	Title:	Vice
    President	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	COMERICA BANK,	 
	as
    a Lender	 
	 	 
	By:	/s/ Mark C. Skrzynski Jr.	 
	Name:	 Mark C. Skrzynski Jr.	 
	Title:	Vice President	 

 

[Signature Page to First Amendment to Amended
and Restated Credit Agreement]

 

     

     

    

 

	TD Bank, N.A.	 
	as
    a Lender	 
	 	 
	By:	/s/ Shivani Agarwal	 
	Name:	 Shivani Agarwal	 
	Title:	 Senior Vice President	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

	U.S. BANK NATIONAL ASSOCIATION,	 
	as
    a Lender	 
	 	 
	By:	/s/ Tom Priedeman	 
	Name:	 Tom Priedeman	 
	Title:	 Senior Vice President	 

 

[Signature
Page to First Amendment to Amended and Restated Credit Agreement]

 

     

     

    

 

EXHIBIT A

 

Amended Credit Agreement

 

     

     

    

 

Execution
VersionEXHIBIT A

 

 

$500,000,000

 

AMENDED AND RESTATED
CREDIT AGREEMENT

 

dated as of November 15,
2019,

as
amended by the First Amendment to Amended and Restated Credit Agreement,

 dated as of September 22, 2020

 

by and among

 

OMNICELL, INC.,

as Borrower,

 

the Lenders referred
to herein,

as Lenders,

 

and

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

as Administrative Agent,

Swingline Lender and
an Issuing Lender

 

and

 

CITIZENS BANK,
N.A. and JPMORGAN CHASE BANK, N.A.,

as Issuing Lenders

 

and

 

WELLS FARGO SECURITIES,
LLC, CITIZENS BANK, N.A. and JPMORGAN CHASE BANK,

 N.A.,

as Joint Lead Arrangers
and Bookrunners

 

and

 

CITIZENS BANK,
N.A. and JPMORGAN CHASE BANK, N.A.,

as Co-Syndication Agents

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I
    DEFINITIONS	 	     1
	 	 	 
	SECTION 1.1	Definitions	 	     1
	SECTION 1.2	Other
    Definitions and Provisions	 	     4244
	SECTION 1.3	Accounting
    Terms	 	     4244
	SECTION 1.4	UCC
    Terms	 	     4345
	SECTION 1.5	Rounding	 	     4345
	SECTION 1.6	References
    to Agreement and Laws	 	     4345
	SECTION 1.7	Times
    of Day	 	     4345
	SECTION 1.8	Letter
    of Credit Amounts	 	     4345
	SECTION 1.9	Guarantees	 	     4345
	SECTION 1.10	Covenant
    Compliance Generally	 	     4346
	SECTION 1.11	Exchange
    Rates; Currency Alternatives	 	     4346
	SECTION 1.12	Alternative
    Currencies	 	     4446
	SECTION 1.13	Divisions	 	     4447
	 	 	 
	ARTICLE II
    REVOLVING CREDIT FACILITY	 	     4547
	 	 	 
	SECTION 2.1	Revolving
    Credit Loans	 	     4547
	SECTION 2.2	Swingline
    Loans	 	     4547
	SECTION 2.3	Procedure
    for Advances of Revolving Credit Loans and Swingline Loans	 	     4749
	SECTION 2.4	Repayment
    and Prepayment of Revolving Credit and Swingline Loans	 	     4850
	SECTION 2.5	Permanent
    Reduction of the Revolving Credit Commitment	 	     4951
	SECTION 2.6	Termination
    of Revolving Credit Facility	 	     4952
	 	 	 
	ARTICLE III
    LETTER OF CREDIT FACILITY	 	     5052
	 	 	 
	SECTION 3.1	L/C
    Facility	 	     5052
	SECTION 3.2	Procedure
    for Issuance of Letters of Credit	 	     5053
	SECTION 3.3	Commissions
    and Other Charges	 	     5153
	SECTION 3.4	L/C
    Participations	 	     5154
	SECTION 3.5	Reimbursement
    Obligation of the Borrower	 	     5255
	SECTION 3.6	Obligations
    Absolute	 	     5355
	SECTION 3.7	Effect
    of Letter of Credit Application	 	     5356
	SECTION 3.8	Resignation
    of Issuing Lenders	 	     5356
	SECTION 3.9	Reporting
    of Letter of Credit Information and L/C Commitment	 	     5456
	SECTION 3.10	Letters
    of Credit Issued for Subsidiaries	 	     5456
	 	 	 
	ARTICLE IV
    TERM LOAN FACILITY	 	     5457
	 	 	 
	SECTION 4.1	[Reserved]	 	     5457
	SECTION 4.2	Procedure
    for Advance of Term Loan	 	     5457
	SECTION 4.3	Repayment
    of Term Loans	 	     5557
	SECTION 4.4	Prepayments
    of Term Loans	 	     5557

 

    i

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE V GENERAL LOAN PROVISIONS	 	5860
	 	 	 
	SECTION
    5.1	Interest	 	5860
	SECTION
    5.2	Notice
    and Manner of Conversion or Continuation of Loans	 	5961
	SECTION
    5.3	Fees	 	5961
	SECTION
    5.4	Manner
    of Payment	 	6062
	SECTION
    5.5	Evidence
    of Indebtedness	 	6062
	SECTION
    5.6	Sharing
    of Payments by Lenders	 	6163
	SECTION
    5.7	Administrative
    Agent’s Clawback	 	6263
	SECTION
    5.8	Changed
    Circumstances	 	6264
	SECTION
    5.9	Indemnity	 	6465
	SECTION
    5.10	Increased
    Costs	 	6466
	SECTION
    5.11	Taxes	 	6667
	SECTION
    5.12	Mitigation
    Obligations; Replacement of Lenders	 	6970
	SECTION
    5.13	Incremental
    Loans	 	7071
	SECTION
    5.14	Cash
    Collateral	 	7475
	SECTION
    5.15	Defaulting
    Lenders	 	7576
	SECTION
    5.16	Amend
    and Extend Transactions	 	7778
	 	 	 
	ARTICLE
    VI CONDITIONS OF CLOSING AND BORROWING	 	7980
	 	 	 
	SECTION
    6.1	Conditions
    to Closing and Initial Extensions of Credit	 	7980
	SECTION
    6.2	Conditions
    to All Extensions of Credit	 	8283
	 	 	 
	ARTICLE
    VII REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES	 	8384
	 	 	 
	SECTION
    7.1	Organization;
    Power; Qualification	 	8384
	SECTION
    7.2	Ownership	 	8485
	SECTION
    7.3	Authorization;
    Enforceability	 	8485
	SECTION
    7.4	Compliance
    of Agreement, Loan Documents and Borrowing with Laws, Etc.	 	8485
	SECTION
    7.5	Compliance
    with Law; Governmental Approvals	 	8486
	SECTION
    7.6	Tax
    Returns and Payments	 	8586
	SECTION
    7.7	Intellectual
    Property Matters	 	8586
	SECTION
    7.8	Health
    Care Regulatory Matters	 	8586
	SECTION
    7.9	Environmental
    Matters	 	8687
	SECTION
    7.10	Employee
    Benefit Matters	 	8687
	SECTION
    7.11	Use
    of Proceeds; Margin Stock	 	8788
	SECTION
    7.12	Government
    Regulation	 	8889
	SECTION
    7.13	Material
    Contracts	 	8889
	SECTION
    7.14	Employee
    Relations	 	8889
	SECTION
    7.15	Burdensome
    Provisions	 	8889
	SECTION
    7.16	Financial
    Statements	 	8889
	SECTION
    7.17	No
    Material Adverse Change	 	8990
	SECTION
    7.18	Solvency	 	8990
	SECTION
    7.19	Title
    to Properties	 	8990
	SECTION
    7.20	Litigation	 	8990

 

    ii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    7.21	Anti-Corruption
    Laws; Anti-Money Laundering Laws and Sanctions	 	8990
	SECTION
    7.22	Absence
    of Defaults	 	8991
	SECTION
    7.23	Senior
    Indebtedness Status	 	9091
	SECTION
    7.24	Disclosure	 	9091
	SECTION
    7.25	Security
    Documents	 	9091
	SECTION
    7.26	Insurance
    Matters	 	9192
	SECTION
    7.27	Flood
    Hazard Insurance	 	9192
	SECTION
    7.28	EEA
    Financial Institution	 	9193
	SECTION
    7.29 	Beneficial
    Ownership Certification	 	93
	 	 	 
	ARTICLE
    VIII AFFIRMATIVE COVENANTS	 	9293
	 	 	 
	SECTION
    8.1	Financial
    Statements and Budgets	 	9293
	SECTION
    8.2	Certificates;
    Other Reports	 	9394
	SECTION
    8.3	Notice
    of Litigation and Other Matters	 	9496
	SECTION
    8.4	Preservation
    of Corporate Existence and Related Matters	 	9596
	SECTION
    8.5	Maintenance
    of Property and Licenses	 	9597
	SECTION
    8.6	Insurance	 	9697
	SECTION
    8.7	Accounting
    Methods and Financial Records	 	9698
	SECTION
    8.8	Payment
    of Taxes and Other Obligations	 	9698
	SECTION
    8.9	Compliance
    with Laws and Approvals	 	9798
	SECTION
    8.10	Environmental
    Laws	 	9798
	SECTION
    8.11	Compliance
    with ERISA	 	9799
	SECTION
    8.12	Compliance
    with Material Contracts	 	9799
	SECTION
    8.13	Visits
    and Inspections	 	9799
	SECTION
    8.14	Additional
    Subsidiaries, Real Property and Other Collateral	 	9899
	SECTION
    8.15	[Reserved]	 	100101
	SECTION
    8.16	Post-Closing
    Matters	 	100101
	SECTION
    8.17	Further
    Assurances	 	100101
	SECTION
    8.18	Compliance
    with Anti-Corruption Laws and Sanctions	 	100102
	 	 	 
	ARTICLE
    IX NEGATIVE COVENANTS	 	101102
	 	 	 
	SECTION
    9.1	Indebtedness	 	101102
	SECTION
    9.2	Liens	 	103105
	SECTION
    9.3	Investments	 	106107
	SECTION
    9.4	Fundamental
    Changes	 	109111
	SECTION
    9.5	Asset
    Dispositions	 	110112
	SECTION
    9.6	Restricted
    Payments	 	111113
	SECTION
    9.7	Transactions
    with Affiliates	 	112114
	SECTION
    9.8	Accounting
    Changes; Organizational Documents	 	112115
	SECTION
    9.9	Payments
    and Modifications of Subordinated Indebtedness	 	113115
	SECTION
    9.10	No
    Further Negative Pledges; Restrictive Agreements	 	114116
	SECTION
    9.11	Nature
    of Business	 	115118
	SECTION
    9.12	Sale
    Leasebacks	 	116118
	SECTION
    9.13	[Reserved	 	116119
	SECTION
    9.14	Financial
    Covenants	 	116119
	SECTION
    9.15	Disposal
    of Subsidiary Interests	 	116119

 

    iii

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	SECTION
    9.16	Reserved	 	116119
	SECTION
    9.17	Use
    of Proceeds; Sanction and Anti-Corruption Laws	 	117119
	 	 	 
	ARTICLE
    X DEFAULT AND REMEDIES	 	117120
	 	 	 
	SECTION
    10.1	Events
    of Default	 	117120
	SECTION
    10.2	Remedies	 	119122
	SECTION
    10.3	Rights
    and Remedies Cumulative; Non-Waiver; etc.	 	120123
	SECTION
    10.4	Crediting
    of Payments and Proceeds	 	120123
	SECTION
    10.5	Administrative
    Agent May File Proofs of Claim	 	121124
	SECTION
    10.6	Credit
    Bidding	 	122125
	 	 	 
	ARTICLE
    XI THE ADMINISTRATIVE AGENT	 	122125
	 	 	 
	SECTION
    11.1	Appointment
    and Authority	 	122125
	SECTION
    11.2	Rights
    as a Lender	 	123126
	SECTION
    11.3	Exculpatory
    Provisions	 	123126
	SECTION
    11.4	Reliance
    by the Administrative Agent	 	124127
	SECTION
    11.5	Delegation
    of Duties	 	125128
	SECTION
    11.6	Resignation
    of Administrative Agent	 	125128
	SECTION
    11.7	Non-Reliance
    on Administrative Agent and Other Lenders	 	126129
	SECTION
    11.8	No
    Other Duties, etc.	 	126129
	SECTION
    11.9	Collateral
    and Guaranty Matters	 	126129
	SECTION
    11.10	Secured
    Hedge Agreements and Secured Cash Management Agreements	 	127130
	SECTION
    11.11	ERISA
    Matters	 	127131
	 	 	 
	ARTICLE
    XII MISCELLANEOUS	 	128131
	 	 	 
	SECTION
    12.1	Notices	 	128131
	SECTION
    12.2	Amendments,
    Waivers and Consents	 	131134
	SECTION
    12.3	Expenses;
    Indemnity	 	133137
	SECTION
    12.4	Right
    of Setoff	 	136139
	SECTION
    12.5	Governing
    Law; Jurisdiction, Etc.	 	136139
	SECTION
    12.6	Waiver
    of Jury Trial	 	137140
	SECTION
    12.7	Reversal
    of Payments	 	137140
	SECTION
    12.8	Injunctive
    Relief	 	137141
	SECTION
    12.9	Successors
    and Assigns; Participations	 	138141
	SECTION
    12.10	Treatment
    of Certain Information; Confidentiality	 	143146
	SECTION
    12.11	Performance
    of Duties	 	144147
	SECTION
    12.12	All
    Powers Coupled with Interest	 	144147
	SECTION
    12.13	Survival	 	144147
	SECTION
    12.14	Titles
    and Captions	 	144148
	SECTION
    12.15	Severability
    of Provisions	 	144148
	SECTION
    12.16	Counterparts;
    Integration; Effectiveness; Electronic Execution	 	144148
	SECTION
    12.17	Term
    of Agreement	 	145148
	SECTION
    12.18	USA
    PATRIOT Act; Beneficial Ownership Regulation	 	145148
	SECTION
    12.19	Independent
    Effect of Covenants	 	145149

 

    iv

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	SECTION 12.20 	No Advisory or Fiduciary Responsibility	 	145149
	SECTION
    12.21	Inconsistencies
    with Other Documents	 	146149
	SECTION
    12.22	Judgment
    Currency	 	146150
	SECTION
    12.23	Releases
    of Liens and Subsidiary Guarantors	 	147150
	SECTION
    12.24	Acknowledgement
    and Consent to Bail-In of EEAAffected
    Financial Institutions	 	147151
	SECTION
    12.25	Acknowledgement
    Regarding Any Supported QFCs	 	148151
	SECTION
    12.26	Amendment
    and Restatement	 	149153

 

    v

     

    

 

EXHIBITS

 

	Exhibit
    A-1	 	 	-	 	 	Form
    of Revolving Credit Note
	Exhibit
    A-2	 	 	-	 	 	Form
    of Swingline Note
	Exhibit
    A-3	 	 	 	 	 	Form
    of Term Loan 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
	Exhibit
    H-1	 	 	-	 	 	Form
    of U.S. Tax Compliance Certificate (Non-Partnership Foreign Lenders)
	Exhibit
    H-2	 	 	-	 	 	Form
    of U.S. Tax Compliance Certificate (Non-Partnership Foreign Participants)
	Exhibit
    H-3	 	 	-	 	 	Form
    of U.S. Tax Compliance Certificate (Foreign Participant Partnerships)
	Exhibit
    H-4	 	 	-	 	 	Form
    of U.S. Tax Compliance Certificate (Foreign Lender Partnerships)
	Exhibit
    I	 	 	-	 	 	Form
    of Solvency Certificate
	Exhibit
    J	 	 	-	 	 	Form
    of Perfection Certificate

 

SCHEDULES

 

	Schedule
    1.1(a)	 	 	-	 	 	Commitments
    and Commitment Percentages

 

    i

     

    

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT, dated as of November 15, 2019 (the “Effective Date”), by and among OMNICELL,
INC., a Delaware corporation, as Borrower, the lenders who are party to this Agreement and the lenders who may become a party to
this Agreement pursuant to the terms hereof, as Lenders, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association,
as Administrative Agent for the Lenders.

 

STATEMENT OF PURPOSE

 

WHEREAS,
the Borrower, the Administrative Agent and certain of the Lenders are parties to that certain Credit Agreement, dated as of January
5, 2016 (the “Original Closing Date”), as amended by that certain First Amendment to Credit Agreement and Collateral
Agreement, dated as of April 11, 2017, and that certain Second Amendment to Credit Agreement, dated as of December 26, 2017 (the
 “Existing Credit Agreement”) and

 

WHEREAS,
the Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Administrative Agent and the
Lenders party hereto have agreed to amend and restate the Existing Credit Agreement in order to extend certain credit facilities
to the Borrower.

 

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

 

“Acquisition”
means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which any
Credit Party or any of its Subsidiaries: (a) acquires all or substantially all of the assets, business or a line of business of
any Person, or any division thereof, whether through purchase of assets, merger or otherwise; or (b) directly or indirectly acquires
(in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of
the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such
power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership
          interests of a partnership or limited liability company.

 

“Administrative
Agent” means Wells Fargo, in its capacity as Administrative Agent hereunder, and any successor thereto appointed pursuant
to Section 11.6.

 

“Administrative
Agent’s Office” means the office of the Administrative Agent specified in or determined in accordance with the
provisions of Section 12.1(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 a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Agreement” means this
Amended and Restated Credit Agreement. “Agreement Currency” has the meaning assigned thereto in Section 12.22.

 

“Alternative
Currency” means each currency (other than Dollars) that is approved in accordance with Section 1.12.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in the applicable Alternative Currency as determined by Administrative Agent or the Issuing Lender, as the case may be, at such
time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative
Currency with Dollars.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery or corruption, including, without limitation, the UK Bribery Act 2010, the United
States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 

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

 

“Applicable
Margin” means, with respect to the Revolving Credit Loans and Revolving Credit Commitments, the corresponding percentages
per annum as set forth below based on the Consolidated Total Net Leverage Ratio:

 

	Pricing 
Level	 	Consolidated Total
    Net Leverage 
Ratio	 	Commitment
    
Fee	 	 	LIBOR +	 	 	Base Rate +	 
	I	 	Less than 1.25 to 1.00	 	 	0.15	%	 	 	1.25	%	 	 	0.25	%
	II	 	Greater than or equal to 1.25 to 1.00, 
but less than 2.25 to 1.00	 	 	0.20	%	 	 	1.50	%	 	 	0.50	%
	III	 	Greater than or equal to 2.25 to 1.00, but less than 3.25 to 1.00	 	 	0.25	%	 	 	1.75	%	 	 	0.75	%
	IV	 	Greater than or equal to 3.25 to 1.00	 	 	0.30	%	 	 	2.00	%	 	 	1.00	%

 

The Applicable Margin with
respect to any Series of Term Loans shall be set forth in the Lender Joinder Agreement applicable to such Series of Term Loans.

 

The Applicable
Margin and the Commitment Fee with respect to the Revolving Credit Loans and the Revolving Credit Commitments shall be
determined and adjusted quarterly on the date three (3) Business Days after the day on which the Borrower provides an
Officer’s Compliance Certificate pursuant to Section 8.2(a) for the most recently ended fiscal quarter of the
Borrower (each such date commencing with the end of the second full fiscal quarter after the Effective Date, a
 “Calculation Date”); provided, however, that notwithstanding the foregoing: (a) the
Applicable Margin and the Commitment Fee with respect to the Revolving Credit Loans and the Revolving Credit Commitments
shall be: (i) from the Effective Date until the first Calculation Date, the greater of: (A) Pricing Level I; and (B) the
applicable Pricing Level based on the Consolidated Total Net Leverage Ratio calculated on a Pro Forma Basis (after giving
effect to the Transactions) as of the last day of the most recent fiscal quarter of the Borrower ended at least forty-five
(45) days prior to the Effective Date; and (ii) thereafter, the Pricing Level determined by reference to the Consolidated
Total Net Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the
applicable Calculation Date; and (b) if the Borrower fails to provide an Officer’s Compliance Certificate when due as
required by Section 8.2(a) for the most recently ended fiscal quarter of the Borrower preceding the applicable
Calculation Date, the Applicable Margin and the Commitment Fee with respect to the Revolving Credit Loans and the Revolving
Credit Commitments from the date on which such Officer’s Compliance Certificate was required to have been delivered
shall be based on Pricing Level IV until such time as such Officer’s Compliance Certificate is delivered, at which time
the Pricing Level shall be determined by reference to the Consolidated Total Net Leverage Ratio as of the last day of the
most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The applicable Pricing Level shall be
effective from one Calculation Date until the next Calculation Date. Any adjustment in the Pricing Level shall be applicable
to all Extensions of Credit under the applicable Credit Facility then existing or subsequently made or issued.

 

    2 

     

    

 

Notwithstanding the
foregoing, in the event that any financial statement or Officer’s Compliance Certificate delivered pursuant to Section
8.1 or 8.2(a) is shown to be inaccurate (regardless of whether: (x) this Agreement is in effect; (y) any
Commitments are in effect; or (z) any Extension of Credit is outstanding when such inaccuracy is discovered or such financial
statement or Officer’s Compliance Certificate was delivered), and such inaccuracy, if corrected, would have led to the
application of a higher Applicable Margin or Commitment Fee for any period (an “Applicable Period”) than
the Applicable Margin or Commitment Fee applied for such Applicable Period, then: (I) the Borrower shall immediately deliver
to the Administrative Agent a corrected Officer’s Compliance Certificate for such Applicable Period; (II) the
Applicable Margin and Commitment Fee for such Applicable Period shall be determined as if the Consolidated Total Net Leverage
Ratio in the corrected Officer’s Compliance Certificate were applicable for such Applicable Period; and (III) the
Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent the accrued additional interest
and fees owing as a result of such increased Applicable Margin or Commitment Fee for such Applicable Period, which payment
shall be promptly applied by the Administrative Agent in accordance with Section 5.4. Nothing in this paragraph shall
limit the rights of the Administrative Agent and Lenders with respect to Sections 5.1(b) and 10.2 nor any of
their other rights under this Agreement or any other Loan Document.

 

“Applicable
Time” means, with respect to any payments in any Alternative Currency, the local time in the place of settlement for
such Alternative Currency as may be determined by Administrative Agent or the Issuing Lender, as the case may be, to be necessary
for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

 

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

 

“Arrangers”
means each of Wells Fargo Securities, LLC, Citizens Bank, N.A. and JPMorgan Chase Bank, N.A., in its capacity as joint lead arranger
and joint bookrunner.

 

“Asset
Disposition” means the sale, transfer, license, lease or other disposition of any Property (including any
disposition of Equity Interests) by any Credit Party or any Subsidiary thereof, and any issuance
of Equity Interests by any Subsidiary of the Borrower to any Person that is not a Credit Party or any Subsidiary thereof. The
term “Asset Disposition” shall not include: (a) the sale of inventory in the ordinary course of business;
(b) the transfer of assets to the Borrower or any Subsidiary Guarantor pursuant to any other transaction permitted pursuant
to Section 9.4; (c) the write-off, discount, sale or other disposition of defaulted or past-due receivables and
similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing
transaction; (d) the disposition or termination of any Hedge Agreement; (e) the use of cash in the ordinary course of
business and dispositions of Investments in cash, Cash Equivalents, or short-term marketable debt securities; (f) the
transfer by any Credit Party of assets to any other Credit Party; (g) the transfer by any Non-Guarantor Subsidiary of assets
to any Credit Party (provided that in connection with any new transfer, such Credit Party shall not pay more than an
amount equal to the fair market value of such assets as determined in good faith by the Borrower at the time of such
transfer); (h) the transfer by any Non-Guarantor Subsidiary of assets to any other Non-Guarantor Subsidiary; and (i) the
incurrence of any Permitted Lien.

 

    3 

     

    

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 12.9), 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, 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 Obligation.

 

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

 

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

 

“Base
Rate” means, at any time, the highest of: (a) the Prime Rate; (b) the Federal Funds Rate plus 0.50%; and
(c) the LIBOR Rate for an Interest Period of one month 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 the LIBOR Rate (provided that clause
(c) shall not be applicable during any period in which the LIBOR Rate is unavailable or unascertainable). Notwithstanding the
foregoing, if the Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Base
Rate Loan” means any Loan bearing interest at a rate based upon the Base Rate, as provided in Section 5.1(a).

 

“Benchmark
Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been
selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a
replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or
then-prevailing market convention for determining a rate of interest as a replacement to LIBOR for U.S. dollar-denominated
syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement
as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this
Agreement.

 

    4 

     

    

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of LIBOR with an Unadjusted Benchmark Replacement
for each applicable Interest Period, 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 (a) any selection or recommendation of a spread adjustment, or method for calculating or
determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or
method for calculating or determining such spread adjustment, for the replacement of LIBOR with the applicable Unadjusted
Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.

 

“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 “Interest Period,” timing
and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent
determines 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
determines 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 the Benchmark Replacement exists, in such other manner of administration
as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to LIBOR:

 

(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 LIBOR
permanently or indefinitely ceases to provide LIBOR; and

 

(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.

 

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

 

(a)                
a public statement or publication of information by or on behalf of the administrator of LIBOR announcing that such administrator
has ceased or will cease to provide LIBOR, permanently or indefinitely; provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide LIBOR;

 

(b)                a
public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the U.S. Federal Reserve
System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over
the administrator for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for
LIBOR, which states that the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely; provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR;
or

 

    5 

     

    

 

(c)                 a public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing
that LIBOR is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the
expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders,
as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the
Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
with respect to LIBOR and solely to the extent that LIBOR has not been replaced with a Benchmark Replacement, the period (a) beginning
at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced LIBOR for
all purposes hereunder in accordance with Section 5.8(c) and (b) ending at the time that a Benchmark Replacement has replaced
LIBOR for all purposes hereunder pursuant to Section 5.8(c).

 

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

 

“Beneficial
Ownership Regulation” has the meaning assigned thereto in Section 6.1(f)(iii).

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Part 4 of
Subtitle B of Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the
Code applies or (c) any Person whose assets include (for within the meaning of the Plan Asset Regulations) the assets of any
such “employee benefit plan” or “plan.”

 

“Borrower” means Omnicell,
Inc., a Delaware corporation.

 

“Borrower Materials” has the meaning assigned thereto in Section 8.2.

 

“Business
Day” means: (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, Sunday or
legal holiday on which banks in San Francisco, California and 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 London Banking Day.

 

“Calculation
Date” has the meaning assigned thereto in the definition of Applicable Margin.

 

“Capital
Expenditures” means, with respect to the Borrower and its Subsidiaries on a Consolidated basis, for any period, the
additions to property, plant and equipment and software development costs that are (or would be) set forth under “cash
flows from investment activities” in a consolidated statement of cash flows of such Person for such period prepared in
accordance with GAAP, but excluding: (a) expenditures for the restoration, repair or replacement of any fixed or capital
asset which was destroyed or damaged, in whole or in part, to the extent financed by the proceeds of an insurance policy
maintained by such Person; and (b) any expenditure to the extent constituting Permitted Acquisition Consideration.

 

    6 

     

    

 

“Capital
Lease” means, as to any Person, any lease (or other arrangement conveying the right to use) of Property (whether real,
personal or mixed) by such Person as lessee that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet
of such Person.

 

“Capital
Lease Obligations” of any Person means, on any date of determination, 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.

 

“Cash
Collateralize” means, to deposit in a Controlled Account located in the United States or to pledge and deposit with,
or deliver to the Administrative Agent, or directly to the applicable Issuing Lender (with notice thereof to the Administrative
Agent) for the benefit of one or more of the Issuing Lenders, the Swingline Lender or the Lenders, as collateral for L/C Obligations
or obligations of the Lenders to fund participations in respect of L/C Obligations or Swingline Loans, cash or deposit account
balances or, if the Administrative Agent and the applicable Issuing Lender and the Swingline Lender shall agree, in their sole
discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative
Agent, such Issuing Lender and the Swingline Lender, as applicable. “Cash Collateral” and “Cash Collateralization”
shall have a meaning correlative to the foregoing and “Cash Collateral” shall include the proceeds of such cash
collateral and other credit support.

 

“Cash
Equivalents” means, collectively: (a) marketable direct obligations issued or unconditionally guaranteed by the
United States or any agency thereof maturing within one hundred eighty (180) days from the date of acquisition thereof; (b)
marketable direct obligations issued by any state, commonwealth or territory of the United States or any political
subdivision of any such state, commonwealth or territory, as applicable, maturing within one hundred eighty (180) days from
the date of acquisition thereof and having, at the time of the acquisition thereof, one of the two highest ratings obtainable
from either S&P, Moody’s or Fitch; (c) commercial paper maturing no more than one hundred eighty (180) days from
the date of creation thereof and currently having a rating of at least A-1 from S&P, P-1 from Moody’s or F1 from
Fitch; (d) certificates of deposit maturing no more than one hundred eighty (180) days from the date of creation thereof
issued by commercial banks incorporated under the laws of the United States, each having combined capital, surplus and
undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized
rating agency; (e) repurchase agreements entered into by any Person with a commercial bank described in clause (d) above
(including any of the Lenders) for direct obligations issued or fully guaranteed by the United States; (f) time deposits
maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or savings
and loan associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in
amounts not exceeding the maximum amounts of insurance thereunder; and (g) shares of any money market mutual fund that: (i)
has at least 95% of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above;
(ii) has net assets of not less than $2,000,000,000; and (iii) has the highest rating obtainable from either S&P or
Moody’s.

 

“Cash Management
Agreement” means any agreement to provide Cash Management Services.

 

“Cash Management Services”
means treasury, depository, overdraft, cash pooling, netting, credit or debit card (including non-card electronic payables),
credit card processing services, electronic funds transfer (including automated clearing house funds transfers), and other
cash management arrangements.

 

    7 

     

    

 

“Cash
Management Bank” means any Person that: (a) at the time it enters into a Cash Management Agreement with a Credit Party
or a Subsidiary thereof, is the Administrative Agent or an Affiliate of the Administrative Agent; or (b) at the time it enters
into a Cash Management Agreement with a Credit Party or a Subsidiary thereof, is a Lender or an Affiliate of a Lender, and is designated
by written notice to the Administrative Agent from the Borrower as a “Cash Management Bank”; or (c) at the time it
(or its Affiliate) becomes a Lender (including on the Effective Date), is a party to a Cash Management Agreement with a Credit
Party or a Subsidiary thereof and is designated by written notice to the Administrative Agent from the Borrower as a “Cash
Management Bank”.

 

“CFC”
means any Person that is a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“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
Exchange Act, but excluding any Employee Benefit Plan of such person or its Subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed
to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the
right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option
right”)), directly or indirectly, of more than forty percent (40%) of the Equity Interests 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)                
there shall have occurred under any indenture or other instrument evidencing any Indebtedness or Equity Interests having
a liquidation preference in excess of $10,000,000 any “change in control,”
 “ fundamental change” or similar provision (as set forth in the indenture, agreement or other evidence of
such Indebtedness or certificate or designation or other instrument governing such Equity Interests, as applicable) obligating
the Borrower or any of its Subsidiaries to repurchase, redeem or repay all or any part of the Indebtedness or Equity Interests
provided for therein.

 

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

 

“Citizens” means Citizens Bank,
N.A., a national banking association.

 

“Class”
means, when used in reference to any Loan, whether such Loan is a Revolving Credit Loan, Swingline Loan or Term Loan and, when
used in reference to any Commitment, whether such Commitment is a Revolving Credit Commitment or a Term Loan Commitment.

 

    8 

     

    

 

“Code”
means the United States Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

“Collateral”
means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.

 

“Collateral
Agreement” means the collateral agreement dated as of the Original Closing Date executed by the Credit Parties in favor
of the Administrative Agent, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to
the Administrative Agent.

 

“Commitment Fee” has the meaning
assigned thereto in Section 5.3(a).

 

“Commitment
Percentage” means, as to any Lender, such Lender’s Revolving Credit Commitment Percentage or Term Loan Percentage,
as applicable.

 

“Commitments”
means, collectively, as to all Lenders, the Revolving Credit Commitments and the Term Loan Commitments of such Lenders.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.). “Competitor” means
any Person designated in writing by the Borrower to the Administrative Agent that competes with the Borrower or any of its
Subsidiaries in a principal line of business of the Borrower and its Subsidiaries, considered as a whole.

 

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

 

“Consolidated”
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.

 

    9 

     

    

 

“Consolidated
Adjusted EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without
duplication, for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period; plus
(b) the sum of the following, without duplication, to the extent deducted in determining (or otherwise reducing) Consolidated
Net Income for such period: (i) income and franchise Taxes; (ii) Consolidated Interest Expense; (iii) amortization,
depreciation and other non-cash charges (except to the extent that such non-cash charges are reserved for cash charges to be
taken in the future), including adjustments arising under purchase accounting for any Acquisition; (iv) extraordinary losses
(excluding extraordinary losses from discontinued operations); (v) non-cash equity-based compensation expenses; (vi)
Transaction Costs related to the Transactions; (vii) Transaction Costs related to any issuance of Indebtedness permitted
pursuant to Section 9.1 (other than the issuance of Indebtedness pursuant to this Agreement and the other Loan
Documents); provided that the aggregate amount added back pursuant to this clause (vii) during any period of four (4)
consecutive fiscal quarters shall not exceed $15,000,000; (viii) Transaction Costs related to any equity offering, Asset
Disposition, Permitted Acquisition or other Investment and any restructuring costs (including severance and retention
expenses), integration costs, and write-offs of intangibles in connection with such transaction, in each case with respect to
such restructuring costs or write-offs, to the extent paid or made within twelve (12) months of the closing of such
transaction, as applicable; provided that the aggregate amount added back pursuant to this clause (viii) and clause
(ixclauses (ix) and (x) below during any period of
four (4) consecutive fiscal quarters shall not exceed 20% of Consolidated Adjusted EBITDA (calculated prior to giving effect
to such addbacks); (ix) any severance, relocation, retention, contract termination, legal settlements, transition,
integration, insourcing, outsourcing, recruiting or other restructuring expenses (including, but not limited to, accounting
and legal fees in connection with any of the foregoing); provided that the aggregate amount added back pursuant to this
clause (ix), clause (viii) above and clause (x) below during any period of four (4) consecutive fiscal quarters
shall not exceed 20% of Consolidated Adjusted EBITDA (calculated prior to giving effect to such addbacks); and (ixx)
the amount of “run rate” synergies, operating expense reductions, operating improvements and other operating
changes that are reasonably identifiable and factually supportable and projected by the Borrower in good faith to be realized
within twelveeighteen (1218)
months of any applicable Specified Transaction occurring during such period (as certified by a financial officer of the
Borrower providing reasonable detail with respect to such “run rate” synergies, operating expense reductions,
operating improvements and other operating changes delivered together with the applicable financial statements delivered
pursuant to Section 8.1(a) or (b)), calculated as though such “run rate” synergies, operating
expense reductions, operating improvements and other operating changes had been realized during the entirety of such period
and net of the actual benefits realized during such period from such actions; provided that (A) no “run
rate” synergies, operating expense reductions, operating improvements and other operating changes shall be added
pursuant to this clause (ixx)
to the extent duplicative of any expenses or charges otherwise added to Consolidated Adjusted EBITDA, whether through a pro
forma adjustment or otherwise, for such period, (B) projected amounts (and not yet realized) may no longer be added in
calculating Consolidated Adjusted EBITDA pursuant to this clause (ixx)
to the extent more than twelveeighteen (1218)
months have elapsed after the specified action taken in order to realize such projected “run rate” synergies,
operating expense reductions, operating improvements and other operating changes and (C) the aggregate amount added pursuant
to this clause (ixx)
and clauseclauses
(viii) and (ix) above during any period of four (4)
consecutive fiscal quarters shall not exceed 20% of Consolidated Adjusted EBITDA (calculated prior to giving effect to such
addbacks); less (c) the sum of the following, without duplication, to the extent included in the determination
of Consolidated Net Income for such period: (i) interest income, (ii) any extraordinary gains and (iii) non-cash gains or
non-cash items increasing Consolidated Net Income. For purposes of this Agreement, Consolidated Adjusted EBITDA shall be
calculated on a Pro Forma Basis.

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of: (a) Consolidated Adjusted EBITDA for
the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date; to (b) Consolidated Interest Expense
that is paid or payable in cash for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such
date, calculated on a Pro Forma Basis.

 

“Consolidated
Interest Expense” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for the Borrower and its Subsidiaries in accordance with GAAP, interest expense (including, without limitation, interest expense
attributable to Capital Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such period.

 

“Consolidated
Net Income” means, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period,
determined on a Consolidated basis, without duplication, in accordance with GAAP; provided that in calculating
Consolidated Net Income of the Borrower and its Subsidiaries for any period, there shall be excluded: (a) the net income (or
loss) of any Person (other than a Subsidiary which shall be subject to clause (c) below), in which the Borrower or any of its
Subsidiaries has a joint interest with a third party, except to the extent such net income is actually paid in cash to the
Borrower or any of its Subsidiaries by dividend or other distribution during such period; (b) the net income (or loss) of any
Person accrued prior to the date it becomes a Subsidiary of the Borrower or any of its Subsidiaries, or is merged into or
consolidated with the Borrower or any of its Subsidiaries, or that Person’s assets are acquired by the Borrower or any
of its Subsidiaries; (c) the net income (if positive), of any Non-Guarantor Subsidiary to the extent that the declaration or
payment of dividends or similar distributions by such Subsidiary to the Borrower or any of its Subsidiaries of such net
income is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree,
order, statute, rule or governmental regulation applicable to such Subsidiary, but in each case only to the extent of such
prohibition; and (d) any net after-tax gains or losses attributable to Asset Dispositions in excess of $1,000,000 in any
period of four (4) consecutive fiscal quarters (other than any Asset Disposition permitted under Section 9.5(c), Section
9.5(d), Section 9.5(i) or Section 9.5(j)) during such period.

 

    10 

     

    

 

“
Consolidated Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Funded
Indebtedness that is secured by a Lien on any asset or property of the Borrower or any of its Subsidiaries minus Unrestricted Cash
on such date to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately
prior to such date.

 

“Consolidated
Total Assets” means, as of any date of determination, the book value of the consolidated total assets of the Borrower
and its Subsidiaries, as determined on a Consolidated basis in accordance with GAAP, as set forth on the consolidated balance sheet
of the Borrower as of the last day of the fiscal quarter of the Borrower ending immediately prior to the date of determination
and for which financial statements are required to have been, or have been, delivered under Section 8.1.

 

“Consolidated
Total Funded Indebtedness” means, as of any date of determination with respect to the Borrower and its Subsidiaries
on a Consolidated basis without duplication, the sum of all Indebtedness of the Borrower and its Subsidiaries of the type
described in clauses (a), (b) (but excluding any obligations in respect of purchase price adjustments, earn-outs, holdbacks
or deferred payments of a similar nature in connection with any Acquisition or Asset Disposition permitted under this
Agreement), (c), (e), (f) (limited to the amounts thereunder that have been drawn and not reimbursed), (g) and (i) (but only
to the extent relating to the foregoing clauses) of the definition of “Indebtedness”. For the avoidance of doubt,
 “Consolidated Total Funded Indebtedness” shall not include (i) any obligations of the Borrower or any Subsidiary
in respect of Customer Lease Financings so long as there is no recourse to the Borrower or any Subsidiary thereunder other
than Standard Receivables Financing Undertakings, (ii) any obligations of the Borrower or any Subsidiary in respect of
Qualified Accounts Receivable Dispositions, (iii) (A) any obligations of the Borrower or any Subsidiary (other than Special
Purpose Receivables Subsidiaries) in respect of Permitted Receivables Financings so long as there is no recourse to the
Borrower or any Subsidiary (other than Special Purpose Receivables Subsidiaries) thereunder other than Standard Receivables
Financing Undertakings and (B) any obligations of Special Purpose Receivables Subsidiaries in respect of Permitted
Receivables Financings, and (iv) Indebtedness in respect of Cash Management Services.

 

“Consolidated
Total Net Leverage Ratio” means, as of any date of determination,
the ratio of: (a) Consolidated Total Funded Indebtedness minus Unrestricted Cash on
such date; to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately
prior to such date.

 

“Consolidated
Total Net Leverage Ratio Holiday” has the meaning assigned thereto
in Section 9.14(a).”
means, as of any date of determination, the ratio of: (a) Consolidated Total Funded Indebtedness minus Unrestricted Cash on such
date; to (b) Consolidated Adjusted EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior
to such date.

 

    11 

     

    

 

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

 

“Control
Agreement” means an agreement, satisfactory in form and substance to the Administrative Agent and executed by the financial
institution or securities intermediary at which a Deposit Account or a Securities Account, as the case may be, is maintained, pursuant
to which such financial institution or securities intermediary confirms and acknowledges the Administrative Agent’s security
interest in such account, and agrees that the financial institution or securities intermediary, as the case may be, will comply
with instructions originated by the Administrative Agent as to disposition of funds in such account, without further consent by
the Borrower or any Subsidiary (it being agreed as between the Administrative Agent and the Credit Parties that the Administrative
Agent shall not originate such instructions except upon the occurrence and during the continuance of an Event of Default).

 

“Controlled
Account” means each Deposit Account and Securities Account that is subject to a Control Agreement.

 

“Credit
Facility” means, collectively, the Revolving Credit Facility, the Term Loan Facility, the Swingline Facility, and the
L/C Facility.

 

“Credit Parties” means, collectively,
the Borrower and the Subsidiary Guarantors.

 

“
Cross-Default Reference Obligation” has the meaning set forth in the definition of “ Permitted Convertible Indebtedness”.

 

“Customer
Lease Financing” means any sale of accounts receivable, chattel paper and other property arising from or relating to
customer leases originated by the Borrower or any Subsidiary in the ordinary course of business to third party financing companies,
and intended by the parties thereto to be a “true sale” and which do not materially interfere with the business of
the Borrower and its Subsidiaries or adversely affect the Collateral (other than by virtue of being a disposition of property that
would otherwise be Collateral to the extent such disposition is expressly permitted by this Agreement).

 

“Debt
Issuance” means the issuance of any Indebtedness for borrowed money by any Credit Party or any of its Subsidiaries.

 

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

 

“Default”
means any of the events specified in Section 10.1 which with the passage of time, the giving of notice or any other condition,
would constitute an Event of Default.

 

    12 

     

    

 

“Defaulting
Lender” means, subject to Section 5.15(b), any Lender that: (a) has failed to: (i) fund all or any portion
of the Revolving Credit Loans, any Term Loan, participations in L/C Obligations or participations in Swingline Loans required
to be funded by it hereunder within two (2) Business Days of the date such Loans or participations were required to be funded
hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of
such Lender’s good-faith determination that one or more conditions precedent to funding (each of which conditions
precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied; or
(ii) pay to the Administrative Agent, any Issuing Lender, the Swingline Lender or any other Lender any other amount required
to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2)
Business Days of the date when due; (b)   has
notified the Borrower, the Administrative Agent, any Issuing Lender or the Swingline Lender in writing that it does not
intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s good-faith determination that a condition precedent to funding (which condition precedent, together
with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (c)
has failed, within three (3)    Business
Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and
the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
Agent and the Borrower); (d) has, or has a direct or indirect parent company that has: (i) become the subject of a proceeding
under any Debtor Relief Law; or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets,
including the FDIC or any other state or federal regulatory authority acting in such a capacity; or (e) become the subject of
a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental
Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of
courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such
Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 5.15(b)) upon delivery of written notice of such determination to the Borrower,
each Issuing Lender, the Swingline Lender and each Lender.

 

“Deposit
Account” means a demand, time, savings, passbook or similar account maintained with a Person engaged in the business
of banking, including a savings bank, savings and loan association, credit union or trust company.

 

“Discharge
of the Obligations” means the termination of all Commitments, payment in full, in cash, of all of the Obligations (other
than any unasserted contingent reimbursement or indemnity obligations) and the termination, expiration or Cash Collateralization
of all Letters of Credit.

 

“Discharge
of the Secured Obligations” means the termination of all Commitments, payment in full, in cash, of all of the Obligations
(other than any unasserted contingent reimbursement or indemnity obligations), the termination of all Secured Hedge Agreements
and Secured Cash Management Agreements (or with respect to Secured Hedge Agreements and Secured Cash Management Agreements, other
arrangements satisfactory to the applicable Hedge Banks and Cash Management Banks) and the termination, expiration or Cash Collateralization
of all Letters of Credit.

 

“Disclosure
Letter” means the disclosure letter dated the Effective Date and delivered to the Administrative Agent and the Lenders
in respect of this Agreement.

 

“Disposition
Consideration” means, with respect to any disposition of assets or series of related dispositions of assets, the
lower of: (a) the aggregate fair market value of the assets sold, transferred, licensed, leased or otherwise disposed of in
such disposition or series of related dispositions; and (b) the gross proceeds yielded to the Borrower or any Subsidiary from
such disposition or series of related dispositions.

 

    13 

     

    

 

“Disqualified
Equity Interests” means any Equity Interests that, by their terms (or by the terms of any security or other Equity Interest
into which they are convertible or for which they are exchangeable) or upon the happening of any event or condition: (a) mature
or are mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise
(except as a result of a change of control, fundamental change, or asset sale so long as any rights of the holders thereof upon
the occurrence of a change of control, fundamental change, or asset sale event shall be subject to the prior Discharge of the Obligations);
(b) are redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests) (except as a result of
a change of control, fundamental change, or asset sale so long as any rights of the holders thereof upon the occurrence of a change
of control, fundamental change, or asset sale event shall be subject to the prior Discharge of the Obligations), in whole or in
part; (c) require any scheduled payment of dividends in cash; or (d) are or become convertible into or exchangeable for Indebtedness
or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one
(91) days after the Term Loan Maturity Date; provided that if such Equity Interests are issued pursuant to a plan for the
benefit of the Borrower or its Subsidiaries or by any such plan to such employees, such Equity Interests shall not constitute Disqualified
Equity Interests solely because they may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability.

 

“Disqualified
Institution” means, on any date: (a) any Person designated by the Borrower as a “Disqualified Institution”
by written notice delivered to the Administrative Agent on or prior to June 7, 2019; (b) any other Person that is a Competitor
of the Borrower or any of its Subsidiaries, which Person has been designated by the Borrower as a “Disqualified Institution”
by written notice (which notice shall specify such Person by exact legal name) to the Administrative Agent not less than five
(5) Business Days prior to such date; and (c) in the case of any Person properly designated pursuant to clause (a) or (b) above,
any Subsidiary or Affiliate of such Person, but only to the extent that such Subsidiary or Affiliate: (i)  
has been designated by the Borrower as a “Disqualified Institution” by written notice (which notice shall specify
such Person by exact legal name) to the Administrative Agent and posted by the Administrative Agent on the Platform (or otherwise
provided by the Administrative Agent to each of the Lenders) not less than five (5) Business Days prior to such date; or (ii)
is readily identifiable as a Subsidiary or Affiliate of such Person based on the legal name of such Subsidiary or Affiliate; provided
that “Disqualified Institutions” shall exclude any Person that the Borrower has designated as no longer being
a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time until such
time as Borrower has subsequently provided written notice pursuant to the terms hereof that such Person is a “Disqualified
Institution”; provided further that any bona fide debt Fund that is engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course of business which is an Affiliate of, or
is managed, sponsored or advised by any Affiliate of, any Person identified pursuant to clause (b) above or its Controlling owner,
and for which no personnel involved with the competitive activities of such Person or Controlling owner: (x)    
makes any investment decisions for such debt Fund; and (y) has access to any confidential information (other than publicly
available information) relating to the Borrower and its Subsidiaries, shall be deemed not to be a Disqualified Institution by
virtue of being a Subsidiary or Affiliate of a Person identified pursuant to clause (b) above; provided further that none
of the foregoing Persons designated as a Disqualified Institution pursuant to clause (a), (b) or (c) above shall be a Disqualified
Institution to the extent of any Commitments or Loans that were allocated to such Person, were assigned to such Person, or in
which such Person was participating, in each case prior to the proper designation of such Person as a Disqualified Institution
pursuant to clause (a), (b), or (c) above.

 

    14 

     

    

 

 

“Dollar Equivalent”
means, at any time: (a) with respect to any amount denominated in Dollars, such amount; and (b) with respect to any amount
denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by Administrative Agent or the
Issuing Lender, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation
Date) for the purchase of Dollars with such Alternative Currency.

 

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

 

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

 

“DQ List” has the meaning set forth
in Section 12.9(f)(iv)(A).

 

“Early Opt-in Election” means the occurrence of:

 

(a)                
(i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative
Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities
being executed at such time, or that include language similar to that contained in Section 5.8(c) are being executed
or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR, and

 

(b)                
(i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in
Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower
and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.

 

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

 

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

 

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

 

“Effective Date” has the meaning
set forth in the introductory paragraph to this Agreement.

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 12.9(b)(iii), (v) and
(vi) (subject to such consents, if any, as may be required under Section 12.9(b)(iii)). For the avoidance
of doubt, any Disqualified Institution is subject to Section 12.9(f).

 

“Employee
Benefit Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is
maintained for employees of any Credit Party or any ERISA Affiliate or (b) any Pension Plan or Multiemployer Plan that has
at any time within the preceding seven (7) years been maintained, funded or administered for the employees of any Credit Party
or any current or former ERISA Affiliate.

 

    15 

     

    

 

“Environmental
Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens,
accusations, allegations, notices of noncompliance or violation, governmental investigations or proceedings (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) 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 applicable 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.

 

“Equity Interests”
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 (including through convertible securities, but excluding debt securities and other Indebtedness for borrowed
money convertible into or exchangeable for any of the foregoing).

 

“Equity Issuance”
means (a) any issuance by the Borrower of shares of its Equity Interests to any Person that is not a Credit Party and (b) any
capital contribution from any Person that is not a Credit Party into the Borrower. The term “Equity Issuance” shall
not include (A) any Asset Disposition or (B) any Debt Issuance.

 

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

 

“ERISA Affiliate”
means any Person who together with any Credit Party 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.

 

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

 

“Eurodollar
Reserve Percentage” means, for any day, the percentage which is in effect for such day as prescribed by the Board of
Governors of the Federal Reserve System (or any successor) for determining the maximum reserve requirement (including, without
limitation, any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities
for a member bank of the Federal Reserve System in New York City.

 

    16 

     

    

 

“Event of
Default” means any of the events specified in Section 10.1; provided that any requirement for passage
of time, giving of notice, or any other condition, has been satisfied.

 

“Excluded
Accounts” means (a) escrow accounts and trust accounts; (b) payroll accounts; (c) accounts used for payroll
taxes and/or withheld income taxes; (d) accounts used for employee wage and benefit payments; (e) accounts pledged to
secure performance (including to secure letters of credit and bank guarantees) to the extent constituting Liens permitted by Section 9.2;
(f) custodial accounts; (g) zero balance accounts, and (h) accounts established and used solely for Cash Management
Services to the extent (i) a Lien thereon is prohibited by the applicable Cash Management Agreement governing such accounts
and (ii) the amounts held in such accounts do not at any one time exceed $25,000,000 in the aggregate.

 

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

 

“Excluded
Foreign Subsidiary” means a Subsidiary of the Borrower that is: (a) a CFC; or (b) owned directly or indirectly
by a CFC, irrespective of whether it is a Domestic Subsidiary or a Foreign Subsidiary.

 

“Excluded
Subsidiary” means any Subsidiary of the Borrower that is: (a) an Immaterial Subsidiary; (b) a Foreign Subsidiary
Holding Company; (c) an Excluded Foreign Subsidiary; or (d) a Special Purpose Receivables Subsidiary.

 

“Excluded
Swap Obligation” means, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all or a portion
of the liability of such Credit Party for or the guarantee of such Credit Party of, or the grant by such Credit Party of a security
interest to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange
Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation
of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant”
as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such
Credit Party or the grant of such security interest becomes effective with respect to such Swap Obligation (such determination
being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Credit
Party, including under Section 1(d) of the Guaranty Agreement). If a Swap Obligation arises under a master agreement
governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps
for which such guarantee or security interest is or becomes illegal for the reasons identified in the immediately preceding sentence
of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and
branch profits Taxes, in each case: (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax
(or any political subdivision thereof); or (ii) that are Other Connection Taxes; (b) in the case of a Lender, United
States federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable
interest in a Loan or Commitment pursuant to an Applicable Law in effect on the date on which: (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.12(b));
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 5.11,
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office; (c) Taxes attributable to such Recipient’s
failure to comply with Section 5.11(g); and (d) any United States federal withholding Taxes imposed under FATCA.

 

    17 

     

    

 

“Existing Credit Agreement” has
the meaning assigned thereto in the introductory paragraph.

 

“Extended Revolving Credit Commitment” means any
Class of Revolving Credit Commitments the maturity of which shall have been extended pursuant to Section 5.16.

 

“Extended
Revolving Credit Loans” means any Revolving Credit Loans made pursuant to the Extended Revolving Credit Commitments.

 

“Extended
Term Loans” means any Class of Term Loans the maturity of which shall have been extended pursuant to Section 5.16.

 

“Extension” has the meaning set
forth in Section 5.16(a).

 

“Extension
Amendment” means an amendment to this Agreement (which may, at the option of the Administrative Agent and the Borrower,
be in the form of an amendment and restatement of this Agreement) among the Credit Parties, the applicable extending Lenders, the
Administrative Agent and, to the extent required by Section 5.16, the Issuing Lender and/or the Swingline Lender implementing
an Extension in accordance with Section 5.16.

 

“Extension Offer” has the meaning
set forth in Section 5.16(a).

 

“Extensions
of Credit” means, as to any Lender at any time, (a) an amount equal to the sum of (i)
the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (ii) such Lender’s
Revolving Credit Commitment Percentage of the L/C Obligations then outstanding, (iii)  such Lender’s Revolving
Credit Commitment Percentage of the Swingline Loans then outstanding and (iv) the aggregate principal amount of the Term
Loans made by such Lender then outstanding, or (b) the making of any Loan or participation in any Letter of Credit by
such Lender, as the context requires.

 

“Fair Market
Value” shall mean the current value that would be attributed to the Receivables Assets by an independent and unaffiliated
third party purchasing the Receivables Assets in an arms-length sale transaction, as determined in good faith by the Borrower.

 

“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), any current or future regulations promulgated thereunder or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among
Governmental Authorities and implementing such Sections of the Code.

 

“FDA” means the Food and Drug
Administration of the United States or any successor entity thereto.

 

“FDIC” means the Federal Deposit
Insurance Corporation.

 

    18 

     

    

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers on such day (or, if such day is not a Business Day, for
the immediately preceding Business Day), 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 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.

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

“Fee Letters”
means: (a) that certain fee letter agreement, dated June 7, 2019, by and between the Borrower and Wells Fargo Securities,
LLC; (b) that certain fee letter agreement dated June 7, 2019, by and between the Borrower and JPMorgan Chase Bank, N.A.,
(c) that certain fee letter agreement, dated June 7, 2019, by and between the Borrower and Citizens Bank, N.A. and (d) any
letter between the Borrower and any Issuing Lender relating to certain fees payable to such Issuing Lender in its capacity as such.

 

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

 

“Foreign
Casualty Event” means any Insurance and Condemnation Event resulting in the receipt of Net Cash Proceeds by a Foreign
Subsidiary and giving rise to a prepayment pursuant to Section 4.4(b)(ii).

 

“Foreign
Disposition” means any Asset Disposition resulting in the receipt of Net Cash Proceeds by a Foreign Subsidiary and giving
rise to a prepayment pursuant to Section 4.4(b)(ii).

 

“Foreign Lender”
means: (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person; and (b) if the Borrower is not a U.S.
Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident
for tax purposes.

 

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

 

“Foreign Subsidiary
Holding Company” means any direct or indirect Subsidiary of the Borrower, all or substantially all of the assets of which
consist of, directly or indirectly, the Equity Interests in one or more CFCs and any of such CFCs’ Subsidiaries.

 

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

 

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

 

    19 

     

    

 

“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, and all registrations
and filings with or issued by, any 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 supranational
bodies such as the European Union or the European Central Bank).

 

“Guarantee” of or by
any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect: (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof; (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof; (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation; (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; or (e) for the purpose of assuming in any
other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect
such obligee against loss in respect thereof (whether in whole or in part); provided that the term “Guarantee”
shall not include endorsements for collection or deposit, in either case, in the ordinary course of business, or customary and
reasonable indemnity obligations in connection with any disposition of assets permitted under this Agreement (other than any such
obligations with respect to Indebtedness).

 

“Guaranty
Agreement” means the unconditional guaranty agreement dated as of the Original Closing Date executed by the Borrower
and the Subsidiary Guarantors in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, which shall
be in form and substance acceptable to the Administrative Agent.

 

“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 by a Governmental Authority to constitute
a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, or (f) 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.

 

    20 

     

    

 

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

 

“Hedge Bank”
means any Person that: (a) at the time it enters into a Hedge Agreement with a Credit Party or a Subsidiary thereof permitted
under Article IX, is the Administrative Agent or an Affiliate of the Administrative Agent (unless the Administrative
Agent provides written notice to the Borrower that the Administrative Agent has designated such Hedge Agreement as not constituting
a Secured Hedge Agreement); (b) at the time it enters into a Hedge Agreement with a Credit Party or a Subsidiary thereof permitted
under Article IX, is a Lender or an Affiliate of a Lender, and is designated by written notice to the Administrative
Agent from the Borrower and such Person as a “Hedge Bank”; or

 

(c)   at the time it (or its
Affiliate) becomes a Lender (including on the Effective Date), is a party to a Hedge Agreement with a Credit Party or a Subsidiary
thereof, in each case in its capacity as a party to such Hedge Agreement, and is designated by written notice to the Administrative
Agent from the Borrower and such Person as a “Hedge Bank.”

 

“Hedge 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).

 

“HIPAA”
means the Health Insurance Portability and Accountability Act of 1996, as the same may be amended, modified or supplemented from
time to time, any successor statute thereto, any and all rules or regulations promulgated from time to time thereunder, and
any comparable state laws.

 

“Immaterial
Acquisition” means any Permitted Acquisition for which the Permitted Acquisition Consideration is less than $25,000,000.

 

“Immaterial
Subsidiary” means, as of any date of determination, any Subsidiary that, on a Consolidated basis with its
Subsidiaries, does not have: (a) assets in excess of 5% of Consolidated Total Assets as set forth on the most recent
financial statements delivered pursuant to Section 8.1(a); or (b) annual revenues in excess of 5% of the
Consolidated revenues of the Borrower and its Subsidiaries as set forth on the most recent financial statements delivered
pursuant to Section 8.1(a) and has been designated in writing as an “Immaterial Subsidiary” to
the Administrative Agent; provided that if at any time: (i) the aggregate amount of revenues or assets
attributable to all Subsidiaries designated as Immaterial Subsidiaries exceeds: (A) 10% of Consolidated revenues of the
Borrower and its Subsidiaries for any such Fiscal Year; or (B) 10% of Consolidated Total Assets as of the end of any
such Fiscal Year, then the Borrower shall revoke the designation of sufficient Immaterial Subsidiaries to eliminate such
excess and shall take all actions required by Section 8.14 with respect to each such Subsidiary.

 

    21 

     

    

 

“Increased Amount Date” has the
meaning assigned thereto in Section 5.13(b).

 

“Incremental Lender” has the meaning assigned thereto
in Section 5.13(b).

 

“Incremental Loan Commitments”
has the meaning assigned thereto in Section 5.13(a)(ii).

 

“Incremental Loans” has the meaning assigned
thereto in Section 5.13(a)(ii).

 

“Incremental
Revolving Credit Commitment” has the meaning assigned thereto in Section 5.13(a)(ii).

 

“Incremental Revolving Credit Increase”
has the meaning assigned thereto in Section 5.13(a)(ii).

 

“Incremental Term Loan” has the meaning
assigned thereto in Section 5.13(a)(i).

 

“Incremental Term Loan Commitment”
has the meaning assigned thereto in Section 5.13(a)(i).

 

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

 

(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, except: (i) operating leases,
licenses, trade payables, and accrued liabilities, in each case arising in the ordinary course of business not more than one hundred
twenty (120) 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) deferred compensation payable
to directors, officers and employees of the Borrower or any Subsidiary so long as such compensation: (A) is incurred in the
ordinary course of business and pursuant to any incentive compensation plan adopted by the board of directors of the Borrower in
the ordinary course of business; and (B) is not evidenced by a note or similar written instrument (other than such incentive
compensation plan’s governing documentation or any grant notices issued thereunder); (iii) any purchase price adjustment,
earn-out, holdback or deferred payment of a similar nature incurred in connection with an Acquisition permitted under this Agreement
so long as not evidenced by a note or similar written instrument (except to the extent that the amount payable pursuant to such
purchase price adjustment, earn-out, holdback or deferred payment is reflected, or would otherwise be required to be reflected,
on a balance sheet prepared in accordance with GAAP); and (iv) obligations in respect of non-competition agreements or similar
arrangements (except for such payments that are accounted for as acquisition consideration under GAAP);

 

(c)                
such Person’s Capital Lease Obligations and the Attributable Indebtedness of such Person with respect to such Person’s
Synthetic Leases;

 

(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 and non-exclusive licenses and operating leases
arising in the ordinary course of business);

 

    22 

     

    

 

(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 the face amount of letters of credit, whether or not drawn,
including, without limitation, any Reimbursement Obligation, and banker’s acceptances, bank guarantees and similar instruments
issued for the account of any such Person;

 

(g)                 

all obligations of any such Person in respect of Disqualified Equity Interests;

 

(h)                 

all net obligations of such Person under any Hedge Agreements; and

 

(i)                 

all Guarantees 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. The amount of any net obligation under any Hedge Agreement on any date
shall be deemed to be the Hedge Termination Value thereof as of such date.

 

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

 

“Indemnitee” has the meaning assigned
thereto in Section 12.3(b).

 

“Information” has the meaning assigned thereto in Section 12.10.

 

“Initial Issuing
Lenders” means Wells Fargo, Citizens and JPMorgan, each in its capacity as an Issuing Lender, or any successor thereto.

 

“Insurance
and Condemnation Event” means the receipt by any Credit Party or any of its Subsidiaries of any cash insurance proceeds
or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to
any of their respective Property.

 

“Interest
Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is disbursed or converted
to or continued as a LIBOR Rate Loan and ending on the date one (1), two (2), three (3), or six (6) months thereafter (or
if available and agreed to by all of the relevant Lenders, twelve (12) months thereafter), in each case as selected by the Borrower
in its Notice of Borrowing or Notice of Conversion/Continuation and subject to availability; provided that:

 

(a)                
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;

 

(b)                
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;

 

    23 

     

    

 

(c)                
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;

 

(d)                
no Interest Period shall extend beyond the Revolving Credit Maturity Date or the Term Loan Maturity Date, as applicable; and

 

(e)                
there shall be no more than six (6) Interest Periods in effect at any time.

 

“Investments” has the meaning
assigned thereto in Section 9.3.

 

“IRS” means the United States Internal
Revenue Service.

 

“ISP98”
means the International Standby Practices (1998 Revision, effective January 1, 1999), International Chamber of Commerce
Publication No. 590.

 

“Issuing Lender”
means: (a) the Initial Issuing Lenders; and/or (b) any other Revolving Credit Lender, or any successor or affiliate thereto,
that has agreed in its sole discretion to act as an “Issuing Lender” hereunder and that has been approved in writing
by the Borrower and the Administrative Agent (such approval by the Administrative Agent not to be unreasonably delayed or withheld)
as an “Issuing Lender” hereunder, in each case in its capacity as issuer of any Letter of Credit.

 

“JPMorgan” means JPMorgan Chase
Bank, a national banking association.

 

“Judgment Currency” has the meaning assigned thereto in Section 12.22.

 

“Latest Maturity
Date” means, at any date of determination, the later of the Revolving Credit Maturity Date and the latest Term Loan Maturity
Date.

 

“L/C Commitment”
means, as to any Issuing Lender, the obligation of such Issuing Lender to issue Letters of Credit for the account of the Borrower
or one or more of its Subsidiaries from time to time in an aggregate amount equal to: (a) for the Initial Issuing Lenders,
the amount set forth opposite the name of each Initial Issuing Lender on Schedule 1.1(a); and (b) for any other Issuing
Lender becoming an Issuing Lender after the Effective Date, such amount as separately agreed to in a written agreement between
the Borrower and such Issuing Lender (which such agreement shall be promptly delivered to the Administrative Agent upon execution),
in each case of clauses (a) and (b) above, any such amount may be changed after the Effective Date in a written agreement
between the Borrower and such Issuing Lender (which such agreement shall be promptly delivered to the Administrative Agent upon
execution); provided that the L/C Commitment with respect to any Person that ceases to be an Issuing Lender for any reason
pursuant to the terms hereof shall be $0 (subject to the Letters of Credit of such Person remaining outstanding in accordance with
the provisions hereof).

 

“L/C Facility” means the letter
of credit facility established pursuant to Article III.

 

“L/C Obligations”
means at any time, an amount equal to the Dollar Equivalent amount of the sum of: (a) the aggregate undrawn and unexpired
amount of the then outstanding Letters of Credit; and (b)    the aggregate amount of drawings under Letters of
Credit which have not then been reimbursed pursuant to Section 3.5. For all purposes of this Agreement, if on any
date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of ISP98, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

 

    24 

     

    

 

“L/C Participants”
means, with respect to any Letter of Credit, the collective reference to all the Revolving Credit Lenders other than the applicable
Issuing Lender.

 

“L/C Sublimit”
means the lesser of: (a) $15,000,000.00; and (b) the Revolving Credit Commitment.

 

“Lender Joinder
Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent delivered
in connection with Section 5.13.

 

“Lender”
means each Person executing this Agreement as a Lender on the Effective Date and any other Person that shall have become a party
to this Agreement as a Lender pursuant to an Assignment and Assumption or pursuant to Section 5.13, other than any
Person that ceases to be a party hereto as a Lender pursuant to an Assignment and Assumption. Unless the context otherwise requires,
the term “Lenders” includes the Swingline Lender.

 

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

 

“Letter of
Credit Application” means an application, in the form specified by the applicable Issuing Lender from time to time, requesting
such Issuing Lender to issue a Letter of Credit.

 

“Letters of
Credit” means the collective reference to letters of credit issued pursuant to Section 3.1.

 

“LIBOR”
means, subject to the implementation of a Benchmark Replacement in accordance with Section 5.8(c):

 

(a)                
for any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of
the rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration
Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative Agent, at approximately
11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period. If, for
any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then “LIBOR”
shall be determined by the Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars
in amounts comparable to the principal amount of the LIBOR Rate Loan would be offered by first class banks in the London interbank
market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the
first day of the applicable Interest Period for a period equal to such Interest Period; and

 

(b)                
for any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of
the rate for deposits in Dollars in amounts comparable to the principal amount of the Base Rate Loan for an Interest Period
equal to one month (commencing on the date of determination of such interest rate) as published by ICE Benchmark
Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Administrative
Agent, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day,
then the immediately preceding Business Day. If, for any reason, such rate does not appear on Reuters Screen LIBOR01
Page (or any applicable successor page) then “LIBOR” for such Base Rate Loan shall be determined by the
Administrative Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by
first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time)
on such date of determination for a period equal to one month commencing on such date of determination.

 

    25 

     

    

 

Each calculation by
the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.

 

Notwithstanding the
foregoing, (x) in no event shall LIBOR (including, without limitation, any Benchmark Replacement with respect thereto) be
less than 0% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 5.8(c),
in the event that a Benchmark Replacement with respect to LIBOR is implemented then all references herein to LIBOR shall be deemed
references to such Benchmark Replacement.

 

“LIBOR Rate”
means a rate per annum determined by the Administrative Agent pursuant to the following formula:

 

	 	LIBOR Rate =	LIBOR	 
	 	 	1.00-Eurodollar Reserve Percentage	 

 

“LIBOR Rate
Loan” means any Loan bearing interest at a rate based upon the LIBOR Rate (other than a Base Rate Loan for which interest
is determined by reference to LIBOR), as provided in Section 5.1(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; provided, however, in no event shall an operating lease or non-exclusive license be deemed
to constitute a Lien. 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 (other than an operating lease) relating to such asset.

 

“Limited Condition
Acquisition” means any Permitted Acquisition or other Investment that is not conditioned on the availability of, or on
obtaining, third-party financing.

 

“Loan Documents”
means, collectively, this Agreement, the Disclosure Letter, each Note, the Letter of Credit Applications and each reimbursement
agreement and each other document and certificate executed by any Credit Party relating to any Letter of Credit, the Security Documents,
the Guaranty Agreement, the Fee Letters, any Lender Joinder Agreement and each other document, instrument, certificate and agreement
executed and delivered by any Credit Party or any of its Subsidiaries in connection with this Agreement (whether in favor of the
Administrative Agent or any Secured Party or otherwise) (excluding any Secured Hedge Agreement and any Secured Cash Management
Agreement).

 

“Loans”
means the collective reference to the Revolving Credit Loans, the Term Loan and the Swingline Loans, and “Loan” means
any of such Loans.

 

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

 

    26 

     

    

 

 

“Material
Adverse Effect” means, with respect to the Borrower and its Subsidiaries: (a) a material adverse effect on the business,
results of operations, assets, properties, liabilities, or condition (financial or otherwise) of the Borrower and its Subsidiaries
taken as a whole; (b) a material adverse effect on the ability of any Credit Party to perform its obligations under the Loan
Documents to which it is a party; (c) a material impairment of the rights and remedies of the Administrative Agent or any
Lender under any Loan Document; or (d) a material adverse effect on the legality, validity, binding effect or enforceability
against any Credit Party of any Loan Document to which it is a party.

 

“Material
Contract” means: (a) any material contract or agreement which the Borrower may file or be required to file with
the SEC under the Exchange Act or the Securities Act of 1933 (other than any management contract or compensatory plan, contract
or arrangement); or (b) any other contract or agreement, written or oral, of any Credit Party or any of its Subsidiaries,
the breach, non-performance, cancellation or failure to renew of which could reasonably be expected to have a Material Adverse
Effect.

 

“Material
Real Property” means real property owned in fee by any Credit Party with a fair market value of $25,000,000 or greater.

 

“Minimum Collateral
Amount” means, at any time: (a) with respect to Cash Collateral consisting of cash or deposit account balances,
an amount equal to 102% of the sum of: (i) the Fronting Exposure of the Issuing Lender with respect to Letters of Credit issued
and outstanding at such time; and (ii) the Fronting Exposure of the Swingline Lender with respect to all Swingline Loans outstanding
at such time; and (b) otherwise, an amount determined by the Administrative Agent and each of the applicable Issuing Lenders
that is entitled to Cash Collateral hereunder at such time in their sole discretion.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgages”
means the collective reference to each mortgage, deed of trust or other real property security document, encumbering any real property
now or hereafter owned by any Credit Party, in each case, in form and substance reasonably satisfactory to the Administrative Agent
and executed by such Credit Party in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as any
such document may be amended, restated, supplemented or otherwise modified from time to time.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit
Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions
within the preceding seven (7) years.

 

“Net Cash
Proceeds” means, as applicable: (a) with respect to any Asset Disposition or Insurance and Condemnation Event,
the gross proceeds received by any Credit Party or any of its Subsidiaries therefrom consisting of (x) cash, (y) Cash
Equivalents and (z) any cash or Cash Equivalent payments received by way of a deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, as and when received, but excluding any interest and royalty payments, less
the sum of: (i) in the case of an Asset Disposition only, all income taxes and other taxes assessed by, or reasonably estimated
to be payable to, a Governmental Authority as a result of such transaction (provided that if such estimated taxes exceed
the amount of actual taxes required to be paid in cash in respect of such Asset Disposition, the amount of such excess shall constitute
Net Cash Proceeds); (ii) all reasonable and customary out-of-pocket legal and other fees and expenses incurred in connection
with such transaction or event; (iii)  the principal amount of, premium, if any, and interest on any Indebtedness (other
than any Indebtedness arising under the Loan Documents) that is required to be repaid in connection with such transaction or event
and that is secured by Liens on the Collateral prior to or equal and ratable with any Lien of the Administrative Agent in such
assets (provided that if such Indebtedness is secured by a Lien on the asset that is equal and ratable to the Lien of the
Administrative Agent on such asset, then any such repayment of Indebtedness shall be limited to such Indebtedness’ ratable
share of such gross proceeds); (iv) reasonable reserves retained from such gross proceeds to fund contingent
liabilities directly attributable to such Asset Disposition or Insurance and Condemnation Event and reasonably estimated to be
payable (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall
constitute Net Cash Proceeds); and (v) other costs, expenses and taxes incurred by the Borrower and its Subsidiaries (or
any of their respective affiliates or equity partners) as a direct result of actions taken by the Borrower and its Subsidiaries
(and any of their affiliates or equity partners) pursuant to Section 4.4(b)(iv); and (b) with respect to any
Debt Issuance, the gross cash proceeds received by any Credit Party or any of its Subsidiaries therefrom less all
reasonable and customary out-of-pocket legal, underwriting and other fees and expenses incurred in connection therewith.

 

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“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver, amendment, modification or termination that: (a) requires
the approval of all Lenders or all affected Lenders or all Lenders or all affected Lenders with respect to a certain Class or
Series in accordance with the terms of Section 12.2; and (b) has been approved by the Required Lenders.

 

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

 

“Non-Guarantor
Subsidiary” means any Subsidiary of the Borrower that is not a Subsidiary Guarantor.

 

“Notes”
means the collective reference to the Revolving Credit Notes, the Swingline Note and the Term Loan Notes.

 

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

 

“Notice of Borrowing” has the meaning assigned
thereto in Section 2.3(a).

 

“Notice of Conversion/Continuation”
has the meaning assigned thereto in Section 5.2.

 

“Notice of Prepayment” has the meaning assigned
thereto in Section 2.4(c).

 

“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, whether or not allowable in such proceeding) the Loans; (b) the
L/C Obligations; and (c) all other fees and commissions (including reasonable attorneys’ fees), charges, indebtedness,
loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Credit Parties and each of their respective
Subsidiaries to the Lenders, the Issuing Lender or the Administrative Agent, in each case under any Loan Document, with respect
to any Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become
due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees
that accrue after the commencement by or against any Credit Party or any Subsidiary thereof of any proceeding under any Debtor
Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims
in such proceeding.

 

“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 executive officer, chief financial officer, treasurer, or controller
of the Borrower substantially in the form attached as Exhibit F.

 

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“Operating
Lease” means, as to any Person as determined in accordance with GAAP, any lease of Property (whether real, personal or
mixed) by such Person as lessee which is not a capital lease.

 

“Original Closing Date”
has the meaning assigned thereto in the introductory paragraph.

 

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

 

“Other Taxes”
means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 5.12).

 

“Overnight
Rate” means, for any day: (a) with respect to any amount denominated in Dollars, the greater of: (i) the Federal
Funds Rate; and (ii) an overnight rate determined by the Administrative Agent or the Issuing Lender, as the case may be, in
accordance with banking industry rules on interbank compensation; and (b) with respect to any amount denominated in an
Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency, in an
amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by
a branch or Affiliate of Wells Fargo in the applicable offshore interbank market for such currency to major banks in such interbank
market.

 

“Participant”
has the meaning assigned thereto in Section 12.9(d).

 

“Participant Register” has the meaning assigned
thereto in Section 12.9(d).

 

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

 

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

 

“Pension Plan”
means any Employee Benefit Plan, 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, funded or administered for the employees of any Credit Party or any ERISA Affiliate
or (b) has at any time within the preceding seven (7) years been maintained, funded or administered for the employees
of any Credit Party or any current or former ERISA Affiliates.

 

“Perfection
Certificate” means, with respect to any Credit Party, a certificate, substantially in the form of Exhibit J to
this Agreement, completed and supplemented with schedules and attachments contemplated thereby and duly executed on behalf of such
Credit Party by a Responsible Officer of such Credit Party.

 

“Permitted Acquisition”
means: any Acquisition that meets all of the following requirements:

 

(a)                
After giving effect to such Acquisition, on a Pro Forma Basis, calculated for the most recent fiscal quarter end for which financial
statements are required to have been, or have been, delivered under Section 8.1, (A) the
Consolidated Total Net Leverage Ratio shall be no greater than 0.25 to 1.00 less than the level set forth in Section 9.14(a) for
such period (as such level may be adjusted during a Consolidated Total Net Leverage Ratio Holiday, if applicable at such time
(whether due to a prior Acquisition or elected in writing to be applicable to such Acquisition)); and (B) the
Borrower shall be in compliance with the covenantcovenants
set forth in Section 9.14(b), in each case under
this clause (a), as of either (x) the date of the Acquisition and after giving effect thereto and any Indebtedness
incurred in connection therewith or (y) in the case of a Limited Condition Acquisition, the date the Permitted Acquisition
Documents are entered into and after giving pro forma effect to such Acquisition and any Indebtedness incurred in connection therewith;

 

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(b)                
either (i) no Default or Event of Default shall have occurred and be continuing both before and after giving effect to
such Acquisition and any Indebtedness incurred in connection therewith or (ii) in the case of a Limited Condition
Acquisition, (x) no Default of Event of Default shall have occurred and be continuing on the date the Permitted
Acquisition Documents are entered into and after giving pro forma effect to such Acquisition and any Indebtedness incurred in
connection therewith and (y) no Event of Default under Section 10.1(a), (b), (h) or (i) shall
have occurred and be continuing both before and after giving pro forma effect to such Acquisition and any Indebtedness
incurred in connection therewith;

 

(c)                
the Borrower
shall have: (i) delivered to the Administrative Agent a certificate of a Responsible Officer certifying that all of the requirements
set forth above have been satisfied or will be satisfied on or prior to the consummation of such purchase or other Acquisition
(including, other than in the case of an Immaterial Acquisition, calculations in reasonable detail demonstrating compliance with
clause (a) above); and (ii) provided such other customary documents and other customary information as may be reasonably
requested by the Administrative Agent or the Required Lenders (through the Administrative Agent) in connection with such purchase
or other Acquisition.

 

“Permitted
Acquisition Consideration” means the aggregate amount of the purchase price, including, but not limited to, any assumed
debt, earn-outs (provided that to the extent such earn-out is subject to a contingency, such earn-out shall be valued at
the amount of reserves, if any, required under GAAP at the date of such acquisition), payments in respect of non-competition agreements
or other arrangements accounted for as acquisition consideration under GAAP, deferred payments (valued at the discounted present
value thereof), or Equity Interests of the Borrower, to be paid on a singular basis in connection with any applicable Permitted
Acquisition as set forth in the applicable Permitted Acquisition Documents executed by the Borrower or any of its Subsidiaries
in order to consummate the applicable Permitted Acquisition (but excluding ongoing royalty payments).

 

“Permitted
Acquisition Documents” means with respect to any Acquisition or other Investment proposed by the Borrower or any Subsidiary,
final copies or substantially final drafts if not executed at the required time of delivery of the purchase agreement, sale agreement,
merger agreement or other agreement evidencing such Acquisition or other Investment, including, without limitation, each other
document executed, delivered, contemplated by or prepared in connection therewith and any amendment, modification or supplement
to any of the foregoing.

 

“Permitted Convertible Indebtedness” means any Permitted Unsecured Indebtedness in the form of notes issued by Borrower
that are convertible into a fixed number (subject to customary anti-dilution adjustments, “make-whole” increases
and other customary changes thereto) of shares of common stock of Borrower (or other securities or property following a
merger event or other change of the common stock of Borrower), cash or any combination thereof (with the amount of such cash
or such combination determined by reference to the market price of such common stock or such other securities); provided
that, the Indebtedness thereunder must satisfy each of the following conditions: (i) such Indebtedness is not guaranteed
by any Subsidiary of Borrower, (ii) any cross-default or cross-acceleration event of default (each howsoever defined)
provision contained therein that relates to indebtedness or other payment obligations of Borrower (such indebtedness or other
payment obligations, a “Cross-Default Reference Obligation”) contains a cure period of at least thirty (30)
calendar days (after written notice to the issuer of such Indebtedness by the trustee or to such issuer and such trustee by
holders of at least 25% in aggregate principal amount of such Indebtedness then outstanding) before a default, event of
default, acceleration or other event or condition under such Cross-Default Reference Obligation results in an event of
default under such cross-default or cross-acceleration provision and (iii) the terms, conditions and covenants of such
Indebtedness must be customary for convertible Indebtedness of such type, as determined in good faith by the Borrower
..

 

    30 

     

    

 

“Permitted
Equity Derivative” means any forward purchase, accelerated share repurchase, call option, warrant or other derivative
transactions in respect of the Borrower’s Equity Interests; provided, that (x) the
terms, conditions and covenants of each such transaction shall be customary for transactions of such type, as determined by the
Borrower in good faith, (y) such transaction may, at the option of the Borrower, be settled in Equity Interests
of the Borrower and any Restricted Payments made in connection with(z) such
transaction is entered into contemporaneously and otherwise in connection with the issuance of Permitted
Convertible Indebtedness or the Restricted Payments in respect of such transaction are otherwise permitted pursuant
to Section 9.6(g).

 

“Permitted
Factoring Transaction” means a direct sale of Receivables Assets or interests therein in the ordinary course of business
to third party financing companies, and intended by the parties thereto to be a “true sale” and which do not materially
interfere with the business of the Borrower and its Subsidiaries or adversely affect the Collateral (other than by virtue of being
a disposition of property that would otherwise be Collateral to the extent such disposition is expressly permitted by this Agreement).

 

“Permitted
Intercompany Transfer” means any transfer or series of related transfers of Investments or other assets among the Borrower
and its Subsidiaries that, upon completion of such transfer or series of related transfers, meets all of the following requirements:

 

(a)                
the net investment amount of the Credit Parties in Non-Guarantor Subsidiaries is not increased after giving effect to such transfer
or series of related transfers;

 

(b)                
no additional cash or Cash Equivalent Investment (measured on a net basis taking into account existing cash and Cash Equivalent
Investments by the Credit Parties in Non-Guarantor Subsidiaries) has been made by any Credit Party; and

 

(c)                
such transfer or series of related transfers could not reasonably be expected to adversely affect the rights or interests of the
Administrative Agent or the Lenders hereunder in any material respect (it being understood that any such transfer or series of
related transfers that does not effect a transfer or contribution of any Investment or asset directly held by a Credit Party prior
to such transfer, or series of related transfers, to a Non-Guarantor Subsidiary shall not be deemed adverse to the Administrative
Agent or the Lenders).

 

“Permitted Liens”
means the Liens permitted pursuant to Section 9.2.

 

“Permitted
Receivables Documents” shall mean all documents and agreements evidencing, relating to or otherwise governing a Permitted
Receivables Financing.

 

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“Permitted
Receivables Financing” means a Securitization or a Permitted Factoring Transaction that complies with the following criteria:
(a) such Securitization or Permitted Factoring Transaction (including financing terms, covenants, termination events and other
provisions) is in the aggregate fair and reasonable to the Borrower and the related Special Purpose Receivables Subsidiary or financing
company, as applicable, as determined in good faith by the Borrower; (b) all sales and/or contributions of Receivables Assets
to the related Special Purpose Receivables Subsidiary or financing company are made at Fair Market Value; (c) the financing
terms, covenants, termination events and other provisions shall be market terms as determined in good faith by the Borrower; and
(d) the Receivables Assets Net Investment does not exceed $20,000,000 at any one time.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness issued in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund (collectively, to “Refinance”), other Indebtedness; provided that
(a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness so refinanced (plus unpaid accrued interest and premium
(including tender premium) thereon, any original issue discount on, and underwriting discounts, fees, commissions and expenses
incurred in connection with, such Permitted Refinancing Indebtedness), (b) no Permitted Refinancing Indebtedness shall have
direct obligors or contingent obligors that were not the direct obligors or contingent obligors (or that would not have been required
to become direct obligors or contingent obligors) in respect of the Indebtedness being Refinanced, (c) the final maturity
date of such Permitted Refinancing Indebtedness is no earlier than the final maturity date of the Indebtedness being Refinanced,
(d) if the Indebtedness (including any Guarantee thereof) being Refinanced is by its terms subordinated in right of payment
to the Obligations, such Permitted Refinancing Indebtedness (including any Guarantee thereof) shall be subordinated in right of
payment to the Obligations on terms at least as favorable to the Lenders as those contained in the documentation governing the
Indebtedness being Refinanced, taken as a whole (as determined in good faith by the Borrower in consultation with the Administrative
Agent), (e) to the extent any Liens securing such Indebtedness being Refinanced are subordinated to any Liens securing the
Obligations, the Liens securing such Permitted Refinancing Indebtedness are subordinated to the Liens securing the Obligations
on terms, taken as a whole, at least as favorable to the Lenders as those contained in the documentation governing the Indebtedness
being modified, refinanced, refunded, renewed or extended and (f) to the extent such Indebtedness is unsecured, such Permitted
Refinancing Indebtedness shall be unsecured.

 

“Permitted
Reorganization” means (i) the transactions among the Borrower and its Subsidiaries as specified in that certain
Legal Entity Consolidated summary provided by the Borrower to the Administrative Agent prior to the Effective Date and (ii) the
transactions among the Borrower and its Subsidiaries as specified in that certain Germany IP Transfer & Restructuring
summary provided by the Borrower to the Administrative Agent prior to the Effective Date.

 

“Permitted
Unsecured Indebtedness” means unsecured Indebtedness of the Borrower and Guarantees thereof by any Credit Party; provided
that: (a) the stated final maturity of such Indebtedness shall not be earlier than ninety-one (91) days after the Latest
Maturity Date, and such stated final maturity shall not be subject to any conditions that could result in such stated final maturity
occurring on a date that precedes the date that is ninety-one (91) days after the Latest Maturity Date; (b) such Indebtedness
shall not be required to be repaid, prepaid, redeemed, repurchased or defeased, in whole or in part, whether on one or more fixed
dates, upon the occurrence of one or more events or at the option of any holder thereof (except, in each case, upon the occurrence
of an event of default, a change in control, fundamental change, an asset disposition or an event of loss, or in the case of convertible
notes, upon conversion) prior to the date that is ninety-one (91) days after the Latest Maturity Date; (c) such Indebtedness
contains terms and conditions (excluding interest rate, fees and other pricing terms, premiums and optional prepayment or optional
redemption provisions) that are market terms for a registered public offering of debt securities or an offering of debt securities
under Rule 144A or Regulation S under the Securities Act of 1933 on the date such Indebtedness is incurred, or are not materially
more restrictive, taken as a whole, than the covenants and events of default contained in this Agreement (in each case,
as determined in good faith by the chief financial officer of the Borrower);
(d) such Indebtedness shall not constitute an obligation (including pursuant to a Guarantee) of any Subsidiary that is not
a Credit Party; (e) such Indebtedness shall not be secured by any Lien on any asset of the Borrower or any Subsidiary; (f) at
the time of and immediately after giving effect to the incurrence of such Indebtedness and the application of the proceeds thereof,
no Default or Event of Default shall have occurred and be continuing; and (g) after giving effect to the incurrence of such
Indebtedness and the application of the proceeds thereof, the Borrower shall be in Pro Forma Compliance with the covenants set
forth in Section 9.14.

 

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

 

“Plan” means
any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws.

 

“Plan Asset
Regulations” means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA, as the same
may be amended from time to time.

 

“Platform”
means Debt Domain, Intralinks, SyndTrak or a substantially similar electronic transmission system.

 

“Prime Rate”
means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime
commercial lending rate, as established from time to time at the Administrative Agent’s principal U.S. office. 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 the Administrative Agent as its prime commercial lending rate is an index
or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

 

“Pro
Forma Basis” means, (i) with respect to determining actual compliance with any financial covenant hereunder,
compliance with such financial covenant for any period during which one or more Specified Transactions occurs calculated
after giving pro forma effect to such Specified Transaction (and all other Specified Transactions that have been
consummated during the applicable period and any related Indebtedness incurred or repaid in connection therewith), or
(ii) in the case of any pro forma computation made hereunder to determine whether a Specified Transaction or other
transaction is permitted to be consummated hereunder, compliance with such test or covenant for the applicable period
calculated after giving pro forma effect to such Specified Transaction (and all other Specified Transactions that have
been consummated (x) during the applicable period and (y) subsequent to the applicable period and prior to or
concurrently with the event for which the calculation of any such test or covenant is made, and in each case any related
Indebtedness incurred or repaid in connection therewith), in each case as if such Specified Transaction(s) or other
transaction and any related incurrence or reduction of Indebtedness had occurred on the first day of the applicable period of
measurement ending with the most recent fiscal quarter for which financial statements shall have been delivered, or are being
delivered, as applicable, pursuant to Section 8.1(a) or Section 8.1(b) (or, prior to the
delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred
to in Section 6.1(e)(iii)) and, to the extent applicable, to the historical financial statements of all entities
or assets acquired or disposed of, and the consolidated financial statements of the Borrower and its Subsidiaries, all in
accordance with Article 11 of Regulation S-X under the Exchange Act, calculated on a basis consistent with GAAP;
provided that, notwithstanding the foregoing, pro forma adjustments shall exclude the pro forma effects of marking
deferred revenue to fair market value. If any Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been
the applicable rate for the entire period (taking into account any Hedge Agreement applicable to such Indebtedness if such
Hedge Agreement has a remaining term in excess of twelve (12) months).

 

    33 

     

    

 

“Pro Forma
Compliance” means, at any date of determination, that the Borrower and its Subsidiaries shall be in pro forma
compliance with any or all of the covenants set forth in Section 9.14
(in the case of the Consolidated Total Net Leverage Ratio, as such level may be adjusted during
a Consolidated Total Net Leverage Ratio Holiday, if applicable), as of the date of such determination or the last
day of the most recently completed fiscal quarter for which financial statements shall have been delivered, or are being delivered,
as applicable, pursuant to Section 8.1(a) or Section 8.1(b) (or, prior to the delivery of any
such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section 6.1(e)(iii))
(computed on the basis of: (a) balance sheet amounts as of the last day of such quarter; and (b) income statement amounts
for such period of four (4) consecutive fiscal quarters and calculated on a Pro Forma Basis in respect of the event giving
rise to such determination and all other Specified Transactions that have been consummated during the applicable period and any
related Indebtedness incurred or repaid in connection therewith).

 

“Property”
means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible,
including, without limitation, Equity Interests.

 

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

 

“Public Lenders”
has the meaning assigned thereto in Section 8.2.

 

“Qualified
Accounts Receivable” means accounts receivable owned by the Borrower or any of its Subsidiaries with respect to which
the Borrower or such Subsidiary is the beneficiary of a commercial letter of credit issued by a commercial bank or other financial
institution supporting the invoiced amount of such accounts receivable.

 

“Qualified
Accounts Receivable Disposition” means the factoring, sale or other disposition of Qualified Accounts Receivable, to
the extent Qualified Accounts Receivable Disposition Net Outstandings do not exceed $25,000,000 at any one time.

 

“Qualified
Accounts Receivable Disposition Net Outstandings” shall mean, on any date of determination, the aggregate cash amount
paid by the purchasers of Qualified Accounts Receivable in connection with a factoring, sale or other disposition of Qualified
Accounts Receivable, as the same may be reduced from time to time by collections with respect to such Qualified Accounts Receivable
or otherwise in accordance with the terms of the documents governing such factoring, sale or other disposition of Qualified Accounts
Receivable.

 

“Qualified Equity Interests”
means any Equity Interests that are not Disqualified Equity Interests.

 

“
Qualifying Permitted Acquisition” means a Permitted Acquisition (or series of related
Permitted Acquisitions) by the Borrower and its Subsidiaries with aggregate Permitted Acquisition Consideration in excess of $50,000,000.

 

    34 

     

    

 

“Reaffirmation
Agreement” means the reaffirmation agreement and amendment to collateral agreement dated as of the Effective Date by
each of the Credit Parties in favor of the Administrative Agent.

 

“Real Estate
Support Documents” means, with respect to any real property constituting Collateral, such commercially reasonable warehousemen
and bailee letters, third party consents, intercreditor agreements, mortgagee title insurance policies (in amounts and with endorsements
acceptable to the Administrative Agent), surveys, appraisals, environmental reports, flood hazard certifications and evidence of
flood insurance (if such insurance is required by Applicable Law), leases, landlord waivers and such other mortgage-related documents
as the Administrative Agent may reasonably request.

 

“Receivables
Assets” shall mean any accounts receivable and lease receivables owed to the Borrower or any Subsidiary (whether now
existing or arising or acquired in the future) arising in the ordinary course of business from the sale or lease of goods, all
collateral securing such accounts receivable and lease receivables, all contracts and contract rights and all guarantees or other
obligations in respect of such accounts receivable and lease receivables, all supporting obligations in respect of such accounts
receivable and lease receivables, all proceeds of such accounts receivable and lease receivables and other assets (including contract
rights) which are of the type customarily factored, sold, transferred or in respect of which security interests are customarily
granted in connection with securitizations of accounts receivable and lease receivables and which are sold, transferred or otherwise
conveyed by the Borrower or a Subsidiary to a Special Purpose Receivables Subsidiary.

 

“Receivables
Assets Net Investment” shall mean, on any date of determination, the aggregate cash amount paid by the lenders or purchasers
under Permitted Receivables Financings to Special Purpose Receivables Subsidiaries in connection with their purchase of, or the
making of loans secured by, Receivables Assets or interests therein, as the same may be reduced from time to time by collections
with respect to such Receivables Assets or otherwise in accordance with the terms of the Permitted Receivables Documents.

 

“Recipient”
means: (a) the Administrative Agent; (b) any Lender; and (c) any Issuing Lender, as applicable.

 

“Refinancing”
means (a) the repayment in full of all “Term Loans” (as defined in the Existing Credit Agreement) on the Effective
Date, including all principal and accrued interest thereon, and (b) the reallocation of the “Revolving Credit Commitments”
(as defined in the Existing Credit Agreement) to be held by the Lenders hereunder on the Effective Date as set forth herein and
the payment of all accrued and unpaid interest in respect of such “Revolving Credit Commitments” to the “Revolving
Credit Lenders” (as defined in the Existing Credit Agreement).

 

“Register”
has the meaning assigned thereto in Section 12.9(c).

 

“Reimbursement
Obligation” means the obligation of the Borrower to reimburse any Issuing Lender pursuant to Section 3.5
for amounts drawn under Letters of Credit issued by such Issuing Lender.

 

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

 

    35 

     

    

 

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Removal Effective Date” has
the meaning assigned thereto in Section 11.6(b).

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposures representing more than fifty percent (50%) of the
Total Credit Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required
Lenders at any time.

 

“Required
Revolving Credit Lenders” means, at any date, any combination of Revolving Credit Lenders holding more than fifty percent
(50%) of the sum of the aggregate amount of the Revolving Credit Commitment or, if the Revolving Credit Commitment has been terminated,
any combination of Revolving Credit Lenders holding more than fifty percent (50%) of the aggregate Extensions of Credit under the
Revolving Credit Facility; provided that the Revolving Credit Commitment of, and the portion of the Extensions of Credit
under the Revolving Credit Facility, as applicable, held or deemed held by, any Defaulting Lender shall be excluded for purposes
of making a determination of Required Revolving Credit Lenders.

 

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

 

“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 in writing by the Borrower and reasonably
acceptable to the Administrative Agent; provided that, to the extent requested thereby, the Administrative Agent shall have
received a certificate of such Person certifying as to the incumbency and genuineness of the signature of each such officer. 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, 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.

 

“Restricted Payment” has the
meaning assigned thereto in Section 9.6.

 

“Revaluation
Date” means, with respect to any Letter of Credit, each of the following: (a) each date of issuance of a Letter of Credit
denominated in an Alternative Currency; (b) each date of an amendment of any such Letter of Credit having the effect of increasing
the amount thereof; (c) each date of any payment by the Issuing Lender under any Letter of Credit denominated in an Alternative
Currency; and (d) such additional dates as the Administrative Agent or the Issuing Lender shall determine or the Required Lenders
shall require.

 

“Revolving
Credit Commitment” means: (a) as to any Revolving Credit Lender, the obligation of such Revolving Credit Lender to
make Revolving Credit Loans to, and to purchase participations in L/C Obligations and Swingline Loans for the account of, the
Borrower hereunder in an aggregate principal amount at any time outstanding not to exceed the amount set forth opposite such
Revolving Credit Lender’s name on the Register, as such amount may be modified at any time or from time to time
pursuant to the terms hereof (including, without limitation, Section 5.13); and (b) as to all Revolving Credit
Lenders, the aggregate commitment of all Revolving Credit Lenders to make Revolving Credit Loans, as such amount may be
modified at any time or from time to time pursuant to the terms hereof (including, without limitation, Section 5.13).
The aggregate Revolving Credit Commitment of all the Revolving Credit Lenders as of the Effective Date shall be $500,000,000.
The initial Revolving Credit Commitment of each Revolving Credit Lender is set forth opposite the name of such Lender on Schedule
1.1(a).

 

    36 

     

    

 

“Revolving
Credit Commitment Percentage” means, with respect to any Revolving Credit Lender at any time, the percentage of the total
Revolving Credit Commitments of all the Revolving Credit Lenders represented by such Revolving Credit Lender’s Revolving
Credit Commitment. If the Revolving Credit Commitments have terminated or expired, the Revolving Credit Commitment Percentages
shall be determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments. The
initial Revolving Credit Commitment Percentage of each Revolving Credit Lender is set forth opposite the name of such Lender on
Schedule 1.1(a).

 

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

 

“Revolving
Credit Facility” means the revolving credit facility established pursuant to Article II (including any increase
in such revolving credit facility established pursuant to Section 5.13).

 

“Revolving
Credit Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment (or, if the Revolving Credit
Commitment has been terminated, all of the Lenders having Revolving Credit Exposure).

 

“Revolving
Credit Loan” means any revolving loan made to the Borrower pursuant to Section 2.1, and all such revolving loans
collectively as the context requires.

 

“Revolving
Credit Maturity Date” means the earliest to occur of: (a) the date that is the fifth (5th) anniversary of the Effective
Date (or, with respect to any Lender, such later date as requested by the Borrower pursuant to Section 5.16 and accepted
by such Lender); (b) the date of termination of the entire Revolving Credit Commitment by the Borrower pursuant to Section 2.5;
and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 10.2(a).

 

“Revolving
Credit Note” means a promissory note made by the Borrower in favor of a Revolving Credit Lender evidencing the Revolving
Credit Loans made by such Revolving Credit Lender, substantially in the form attached as Exhibit
A-1, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole
or in part.

 

“Revolving
Credit Outstandings” means the sum of: (a) with respect to Revolving Credit Loans and Swingline Loans on any date, the
aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving
Credit Loans and Swingline Loans, as the case may be, occurring on such date; plus (b) with respect to any L/C Obligations
on any date, the aggregate outstanding amount thereof on such date after giving effect to any Extensions of Credit occurring on
such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements
of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under
Letters of Credit taking effect on such date.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a part of McGraw-Hill Financial, and any successor thereto.

 

“Same
Day Funds” means: (a) with respect to disbursements and payments in Dollars, immediately available funds; and (b)
with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the
Administrative Agent or the Issuing Lender, as the case may be, to be customary in the place of disbursement or payment for
the settlement of international banking transactions in the relevant Alternative Currency.

 

    37 

     

    

 

“Sanctioned
Country” means at any time, a country, region or territory which is itself the subject or target of comprehensive Sanctions
(including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and the Crimea region of Ukraine).

 

“Sanctioned
Person” means, at any time: (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC,
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other applicable
sanctions authority; (b) any Person operating, organized or resident in a Sanctioned Country; or (c) any Person owned or controlled
by any such Person or Persons described in clauses (a) and (b).

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government
(including those administered by OFAC), the European Union, Her Majesty’s Treasury, or other applicable sanctions authority.

 

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

 

“Secured
Cash Management Agreement” means any Cash Management Agreement between or among any Credit Party or any Subsidiary thereof
and any Cash Management Bank that has been designated as a “Secured Cash Management Agreement” by written notice from
the Borrower and the applicable Cash Management Bank to the Administrative Agent.

 

“Secured
Hedge Agreement” means any Hedge Agreement between or among any Credit Party or any Subsidiary thereof and any Hedge
Bank that has been designated as a “Secured Hedge Agreement” by written notice from the Borrower and the applicable
Hedge Bank to the Administrative Agent.

 

“Secured
Obligations” means, collectively: (a) the Obligations; and (b) all existing or future payment and other obligations owing
by any Credit Party or any Subsidiary thereof under: (i) any Secured Hedge Agreement (other than an Excluded Swap Obligation);
and (ii) any Secured Cash Management Agreement.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Lenders, the Hedge Banks, the Cash Management
Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any
other holder from time to time of any of any Secured Obligations and, in each case, their respective successors and permitted assigns.

 

“Securities
Account” means an account to which a financial asset is or may be credited in accordance with an agreement under which
the Person maintaining the account undertakes to treat the Person for whom the account is maintained as entitled to exercise the
rights that comprise the financial asset.

 

“Securitization”
shall mean any transaction or series of transactions entered into by the Borrower or any Subsidiary pursuant to which the
Borrower or such Subsidiary, as the case may be, sells, conveys, assigns, grants an interest in or otherwise transfers
Receivables Assets to a Special Purpose Receivables Subsidiary (and/or grants a security interest in such Receivables Assets
transferred or purported to be transferred to such Special Purpose Receivables Subsidiary), and which Special Purpose
Receivables Subsidiary finances the acquisition of such Receivables Assets (i) with cash, (ii) with the issuance to the
Borrower or such Subsidiary of Seller’s Retained Interests of an increase in such Seller’s Retained Interests or
(iii) with proceeds from the sale or collection of Receivables Assets.

 

    38 

     

    

 

“Security Documents”
means the collective reference to the Collateral Agreement, the Mortgages, the Reaffirmation Agreement and each other agreement
or writing pursuant to which any Credit Party pledges, grants or perfects, or purports to pledge, grant or perfect, a security
interest in any Property or assets securing the Secured Obligations.

 

“Seller’s
Retained Interest” shall mean the debt or equity interests held by the Borrower or any Subsidiary in a Special Purpose
Receivables Subsidiary to which the Borrower or any Subsidiary has transferred Receivables Assets, including any such debt or equity
received as consideration for or as a portion of the purchase price of the Receivables Assets transferred, or any other instrument
through which the Borrower or any Subsidiary has rights to or receives distributions in respect of any residual or excess interest
in the Receivables Assets.

 

“Series”
shall mean (i) when used with respect to the Lenders, each of the following classes of Lenders: (a) Lenders having Revolving Credit
Loans incurred pursuant to the Revolving Credit Commitments incurred on the Effective Date or any Incremental Revolving Credit
Commitment having the same maturity date, (b) Lenders having Revolving Credit Loans or Revolving Credit Commitments extended pursuant
an Extension Amendment and having the same maturity date, (c) Lenders having Incremental Term Loans or Incremental Term Loan Commitments
issued on the same date and having the same maturity date and (d) Lenders having such other Series of Term Loans or Term Loan Commitments
extended pursuant to the same Extension Amendment and having the same maturity date, and (ii) when used with respect to Loans or
Commitments, each of the following classes of Loans or Commitments: (a) Revolving Credit Loans incurred pursuant to the Revolving
Credit Commitments incurred on the Effective Date and any Incremental Revolving Credit Commitment having the same maturity date,
(b) Revolving Credit Loans or Revolving Credit Commitments extended pursuant to an Extension Amendment and having the same maturity
date, (c) Incremental Term Loans or Incremental Term Loan Commitments issued on the same date and having the same maturity date
and (d) such other Series of Term Loans or Term Loan Commitments extended pursuant to the same Extension Amendment and having the
same maturity date.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

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

 

    39 

     

    

 

“Special
Purpose Receivables Subsidiary” shall mean a Person in which the Borrower or any Subsidiary makes an Investment and
to which the Borrower or any Subsidiary sells, conveys, transfers or grants a security interest in Receivables Assets, which Person
(i) engages in no other activities other than the purchase or acquisition of Receivables Assets for the limited purpose of effecting
one or more Securitizations and related activities; (ii) does not have any Indebtedness that is guaranteed by or otherwise recourse
to the Borrower or any Subsidiary or any of their respective assets or properties (other than pursuant to Standard Receivables
Financing Undertakings); (iii) is not party to any contracts, agreements, arrangements or understanding with the Borrower or any
of its Subsidiaries other than on terms that are no less favorable to the Borrower or such Subsidiary than those that might be
obtained by the Borrower or such Subsidiary from a Person that is not an Affiliate of the Borrower as determined by the Borrower
in good faith; (iv) with respect to which none of the Borrower or any of its Subsidiaries has any obligation to maintain such
Person’s financial condition or cause such entity to achieve any specified level of operating results; and (v) is designated
by the Borrower to the Administrative Agent in writing as a Special Purpose Receivables Subsidiary.

 

“Specified
Disposition” means any disposition or series of related dispositions of all or substantially all of the assets or Equity
Interests of any Subsidiary of the Borrower or any division, business unit, product line or line of business for which Disposition
Consideration exceeds $10,000,000.

 

“Specified
Transactions” means: (a) any Specified Disposition; (b) any Permitted Acquisition permitted hereunder (other than Immaterial
Acquisitions); (c) any Investment pursuant to Section 9.3(s) in respect of which the Borrower is required to be, by the terms
of this Agreement, in Pro Forma Compliance with the financial covenants set forth in Section 9.14; (d) any Equity Issuance
(but solely for purposes of clause (ii) of the definition of Pro Forma Basis), (e) any incurrence of Indebtedness in respect of
which the Borrower is required to be, by the terms of this Agreement, in Pro Forma Compliance with the financial covenants set
forth in Section 9.14 (in the case of the Consolidated Total Net Leverage Ratio, as such
level may be adjusted during a Consolidated Total Net Leverage Ratio Holiday, if applicable at such time); (f) any;
(f) any incurrence of Indebtedness under Section 9.1(k); (g) any Restricted Payment pursuant to Section 9.6(g) in respect
of which the Borrower is required to be, by the terms of this Agreement, in Pro Forma Compliance with the financial covenants
set forth in Section 9.14; (gh)
any payment or prepayment of Subordinated Indebtedness or Permitted Unsecured Indebtedness pursuant to Section 9.9(b)(v) in respect
of which the Borrower is required to be, by the terms of this Agreement, in Pro Forma Compliance with the financial covenants
set forth in Section 9.14; and (hi) any
increase in Commitments pursuant to Section 5.13.

 

“Spot
Rate” for a currency means the rate determined by the Administrative Agent or the Issuing Lender, as applicable, to be
the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another
currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior
to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or any Issuing
Lender may obtain such spot rate from another financial institution designated by the Administrative Agent or such Issuing Lender
if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; provided
further that such Issuing Lender may use such spot rate quoted on the date as of which the foreign exchange computation is
made in the case of any Letter of Credit denominated in an Alternative Currency.

 

“Standard
Receivables Financing Undertakings” means representations, warranties, covenants (including customary repurchase obligations)
and indemnities entered into by the Borrower or any Subsidiary which are customary for a seller or servicer of accounts receivable
and lease receivables assets transferred in non-recourse receivables factoring, sales or securitization transactions.

 

    40 

     

    

 

“Subordinated
Indebtedness” means the collective reference to any unsecured Indebtedness incurred by the Borrower or any of its Subsidiaries
that is subordinated in right and time of payment to the Obligations on terms and conditions satisfactory to the Administrative
Agent.

 

“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 Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent
governing body) 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, Equity Interests 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.

 

“Subsidiary
Guarantors” means, collectively, all direct and indirect Subsidiaries of the Borrower (other than Excluded Subsidiaries)
in existence on the Effective Date or which become a party to the Guaranty Agreement pursuant to Section 8.14. For the avoidance
of doubt, no Excluded Subsidiary shall be a Subsidiary Guarantor.

 

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

 

“Swingline
Commitment” means the lesser of: (a) $25,000,000.00; and (b) the Revolving Credit Commitment.

 

“Swingline
Facility” means the swingline facility established pursuant to Section 2.2.

 

“Swingline Lender”
means Wells Fargo in its capacity as swingline lender hereunder or any successor thereto.

 

“Swingline
Loan” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.2, and all such
swingline loans collectively as the context requires.

 

“Swingline
Note” means a promissory note made by the Borrower in favor of the Swingline Lender evidencing the Swingline Loans made
by the Swingline Lender, substantially in the form attached as Exhibit
A-2, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole
or in part.

 

“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 (including backup withholding), assessments,
fees or other charges in the nature of a tax imposed by any Governmental Authority, including any interest, fines, additions to
tax or penalties applicable thereto.

 

“Term
Loan Commitment” means: (a) as to any Term Loan Lender, the obligation of such Term Loan Lender to make a portion
of the Incremental Term Loans, if any, to the account of the Borrower hereunder on the applicable borrowing date in an
aggregate principal amount not to exceed the amount set forth opposite such Lender’s name on the Register, as such
amount may be increased, reduced or otherwise modified at any time or from time to time pursuant to the terms hereof; and (b)
as to all Term Loan Lenders, the aggregate commitment of all Term Loan Lenders to make such Term Loans.

 

    41 

     

    

 

“Term
Loan Facility” means any term loan facility(ies) provided for hereunder from time to time. For the avoidance of doubt,
the “Term Loan Facility” includes any new term loan facility established pursuant to Section 5.13.

 

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

 

“Term
Loan Maturity Date” means, with respect to any Series of Incremental Term Loans, the first to occur of (a) the final
maturity date set forth for such Series of Incremental Term Loans in the Lender Joinder Agreement applicable to such Series of
Incremental Term Loans (or, with respect to any Lender, such later date as requested by the Borrower pursuant to Section 5.16
and accepted by such Lender) and (b) the date of acceleration of the Term Loans pursuant to Section 10.2(a).

 

“Term
Loan Note” means a promissory note made by the Borrower in favor of a Term Loan Lender evidencing the portion of the
Term Loans made by such Term Loan Lender, substantially in the form attached as Exhibit
A-3, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole
or in part.

 

“Term
Loan Percentage” means, with respect to any Term Loan Lender at any time, the percentage of the total outstanding principal
balance of the Term Loans represented by the outstanding principal balance of such Term Loan Lender’s Term Loans.

 

“Term
Loans” means any Incremental Term Loans. For the avoidance of doubt, Extended Term Loans shall constitute Term Loans.

 

“Termination
Event” means the occurrence of any of the following which, individually or in the aggregate, has resulted or could
reasonably be expected to result in liability of the Borrower in an aggregate amount in excess of the Threshold Amount: (a) a
 “Reportable Event” described in Section 4043 of ERISA for which the thirty (30) day notice requirement has not
been waived by the PBGC, or (b) the withdrawal of any Credit Party 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 a cessation of
operations that is treated as such a withdrawal under Section 4062(e) 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 430(k) of the Code or
Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or
plan in endangered or critical status with the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of
ERISA or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if
withdrawal liability is asserted by such plan, or (i) any event or condition which results in the reorganization or
insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA, or (j) 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, or (k) the imposition of any liability under Title IV of ERISA, other than
for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate.

 

    42 

     

    

 

“Term
SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.

 

“Threshold Amount” means $10,000,000.

 

“Total
Credit Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Credit Exposure, and outstanding
Term Loans of such Lender (if any) at such time.

 

“Trade Date” has the meaning
assigned thereto in Section 12.9(f)(i).

 

“Transaction
Costs” means all transaction fees, charges and other amounts related to the Transactions, any issuance of Indebtedness
permitted pursuant to Section 9.1 (other than the issuance of Indebtedness pursuant to this Agreement and the other Loan
Documents), and, without duplication, any Permitted Acquisitions (including, without limitation, any financing fees (including
any underwriting, commitment, arrangement, structuring or similar fees), merger and acquisition fees (including any investment
banking or brokerage fees), legal fees and expenses, consulting and valuation fees, due diligence fees or any other fees and expenses
in connection therewith).

 

“Transactions”
means, collectively: (a) the Refinancing; (b) the initial Extensions of Credit on the Effective Date; and (c) the payment of the
Transaction Costs incurred in connection with the foregoing.

 

“UCC” means the Uniform Commercial
Code as in effect in the State of New York.

 

“
UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time
to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit
institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

 

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

 

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

 

“United States” means the United
States of America.

 

“Unrestricted
Cash” means all Cash and Cash Equivalents of the Borrower and its Subsidiaries as of such date that is held in accounts
located in the United States established at a Lender and that is not restricted from being applied to repay the Obligations.

 

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

 

“U.S. Tax Compliance Certificate”
has the meaning assigned thereto in Section 5.11(g).

 

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

 

    43 

     

    

 

“Wholly-Owned”
means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or
controlled by the Borrower and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or
other shares required by Applicable Law to be owned by a Person other than the Borrower and/or one or more of its Wholly-Owned
Subsidiaries).

 

“Withholding Agent” means any
Credit Party and the Administrative Agent.

 

“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)
the word “or” shall not be exclusive, (h) 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, (i) 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, (j) 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 and (k) 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”.

 

SECTION 1.3     Accounting Terms.

 

(a)                
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 8.1(a), except as otherwise specifically
prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation
of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at
100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities
shall be disregarded and operating and capital leases will be treated in a manner consistent with their treatment under GAAP as
in effect for reporting periods beginning prior to December 15, 2018, notwithstanding any modifications or interpretive changes
thereto that may occur thereafter.

 

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(b)                
If at any time any change in GAAP would affect the computation of any financial ratio or requirement or interpretation of
a covenant 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, requirement or covenant shall continue to be computed or interpreted, as applicable, 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
1.4      UCC Terms. Terms defined in the UCC in effect on the Effective Date and not otherwise defined herein shall, unless the
context otherwise indicates, have the meanings provided by those definitions. Subject to the foregoing, the term “UCC”
refers, as of any date of determination, to the UCC then in effect.

 

SECTION
1.5      Rounding. Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing
the appropriate component by the other component, carrying the result to one place more than the number of places by which such
ratio 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
1.6     References to Agreement and Laws. Unless otherwise expressly provided herein, (a) any definition or reference to formation
documents, governing documents, agreements (including the Loan Documents) and other contractual documents or 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) any definition or reference to any Applicable Law, including, without limitation, the Code, the Commodity Exchange
Act, ERISA, the Exchange Act, the Food Drug and Cosmetic Act, the HIPAA, the PATRIOT Act, the Securities Act of 1933, the UCC,
the Investment Company Act of 1940 or any of the foreign assets control regulations of the United States Treasury Department, shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable
Law.

 

SECTION
1.7      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
1.8      Letter of Credit Amounts. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any
time shall be deemed to mean the Dollar Equivalent of the maximum face amount of such Letter of Credit after giving effect to all
increases thereof contemplated by such Letter of Credit or the Letter of Credit Application therefor (at the time specified therefor
in such applicable Letter of Credit or Letter of Credit Application and as such amount may be reduced by (a) any permanent reduction
of such Letter of Credit or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).

 

SECTION
1.9     Guarantees. Unless otherwise specified, the amount of any Guarantee shall be the lesser of the principal amount of
the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable
pursuant to the terms of the instrument embodying such Guarantee.

 

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SECTION
1.10      Covenant Compliance Generally. For purposes of determining compliance under Section 9.1, Section 9.2,
Section 9.3, Section 9.5 and Section 9.6, any amount in a currency other than Dollars will be converted to
Dollars based on the relevant currency exchange rate in effect on the date of the applicable transaction for which compliance is
being determined. Notwithstanding the foregoing, for purposes of determining compliance with Sections 9.1, 9.2 and
9.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket
contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after
the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions
of this Section 1.10 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness
or Investment may be incurred at any time under such Sections.

 

SECTION 1.11     Exchange Rates; Currency Alternatives.

 

(a)                
The Administrative Agent or the Issuing Lender, as applicable, shall determine the Spot Rates as of each Revaluation Date
to be used for calculating Dollar Equivalent amounts of Letters of Credit and L/C Obligations denominated in Alternative Currencies.
Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts
between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered
by the Credit Parties hereunder or calculating financial covenants hereunder or calculating compliance under Section 9.1,
Section 9.2, Section 9.3, Section 9.5 and Section 9.6 or except as otherwise provided herein, the applicable
amount of any currency (other than Dollars) for the purposes of the Loan Documents shall be such Dollar Equivalent amount as so
determined by the Administrative Agent or any Issuing Lender, as applicable.

 

(b)                
Wherever in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such
as a required minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency,
such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative
Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the Issuing Lender, as the case
may be.

 

SECTION 1.12     Alternative Currencies.

 

(a)                
The Borrower may from time to time request that Letters of Credit be issued in a currency other than Dollars; provided
that such requested currency is a lawful currency that is readily available and freely transferable and convertible into Dollars,
and each such request shall be subject to the approval of the Administrative Agent and the applicable Issuing Lender.

 

(b)                
Any such request shall be made to the Administrative Agent not later than 11:00 a.m., twenty (20) Business Days prior to
the date of the desired Letter of Credit issuance (or such other time or date as may be agreed by the Administrative Agent and
the applicable Issuing Lender, in its or their sole discretion). The Administrative Agent shall promptly notify the applicable
Issuing Lender thereof. The applicable Issuing Lender shall notify the Administrative Agent, not later than 11:00 a.m., ten (10)
Business Days after receipt of such request whether it consents, in its sole discretion, to the making of the issuance of Letters
of Credit in such requested currency.

 

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(c)              Any failure by the applicable Issuing Lender to respond to such request within the time period specified in the preceding
sentence shall be deemed to be a refusal by such Issuing Lender to permit Letters of Credit to be issued in such requested currency.
If the Administrative Agent and the applicable Issuing Lender consent to the issuance of Letters of Credit in such requested currency,
the Administrative Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative
Currency hereunder for purposes of any Letter of Credit issuances. If the Administrative Agent shall fail to obtain consent to
any request for an alternative currency under this Section 1.12, the Administrative Agent shall promptly so notify the
Borrower.

 

SECTION 1.13      Divisions.
Any reference in this Agreement or any other Loan Document to a merger, transfer, consolidation, assignment, sale, disposition
or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership
or trust, or an allocation of assets to a series of a limited liability company, limited partnership or trust (or the unwinding
of such a division or allocation), as if it were a merger, fundamental change, transfer, amalgamation, consolidation, assignment,
sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division or series of a limited
liability company, limited partnership or trust shall constitute a separate Person under this Agreement and the other Loan Documents
(and each division or series of any limited liability company, limited partnership or trust that is a Subsidiary, joint venture
or any other like term shall also constitute such a Person or entity).

 

ARTICLE II

 

REVOLVING
CREDIT FACILITY

SECTION 2.1      Revolving Credit 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 in this Agreement and the other
Loan Documents, each Revolving Credit Lender severally agrees to make Revolving Credit Loans to the Borrower from time to time
from the Effective Date to, but not including, the Revolving Credit Maturity Date as requested by the Borrower in accordance with
the terms of Section 2.3; provided that: (a) the Revolving Credit Outstandings shall not exceed the aggregate Revolving
Credit Commitments; and (b) the Revolving Credit Exposure of any Revolving Credit Lender shall not at any time exceed such Revolving
Credit Lender’s Revolving Credit Commitment. Each Revolving Credit Loan by a Revolving Credit Lender shall be in a principal
amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the aggregate principal amount of
Revolving Credit Loans requested on such occasion. Subject to the terms and conditions hereof, the Borrower may borrow, repay and
reborrow Revolving Credit Loans hereunder until the Revolving Credit Maturity Date.

 

SECTION 2.2      Swingline Loans.

 

(a)              Availability.
Subject to the terms and conditions of this Agreement and the other Loan Documents, including, without limitation, Section
6.2(d) of this Agreement, and in reliance upon the representations and warranties set forth in this Agreement and the other
Loan Documents, the Swingline Lender may, in its sole discretion, make Swingline Loans to the Borrower from time to time from
the Effective Date to, but not including, the Revolving Credit Maturity Date; provided that: (i) after giving effect to
any amount requested, the Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment; and (ii) the aggregate
principal amount of all outstanding Swingline Loans (after giving effect to any amount requested) shall not exceed the Swingline
Commitment.

 

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 (b)            Refunding.

 

(i)             The Swingline Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower
(which hereby irrevocably directs the Swingline Lender to act on its behalf), by written notice given no later than 11:00 a.m.
on any Business Day request each Revolving Credit Lender to make, and each Revolving Credit Lender hereby agrees to make, a Revolving
Credit Loan as a Base Rate Loan in an amount equal to such Revolving Credit Lender’s Revolving Credit Commitment Percentage
of the aggregate amount of the Swingline Loans outstanding on the date of such notice, to repay the Swingline Lender. Each Revolving
Credit Lender shall make the amount of such Revolving Credit Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such notice. The proceeds of
such Revolving Credit Loans shall be immediately made available by the Administrative Agent to the Swingline Lender for application
by the Swingline Lender to the repayment of the Swingline Loans. Subject to Section 5.15(a)(iv), no Revolving Credit Lender’s
obligation to fund its respective Revolving Credit Commitment Percentage of a Swingline Loan shall be affected by any other Revolving
Credit Lender’s failure to fund its Revolving Credit Commitment Percentage of a Swingline Loan, nor shall any Revolving Credit
Lender’s Revolving Credit Commitment Percentage be increased as a result of any such failure of any other Revolving Credit
Lender to fund its Revolving Credit Commitment Percentage of a Swingline Loan.

 

(ii)           The Borrower shall pay to the Swingline Lender on demand in immediately available funds the amount of such Swingline Loans
to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay in full the outstanding Swingline
Loans requested or required to be refunded. In addition, the Borrower irrevocably authorizes the Administrative Agent to charge
any account maintained by the Borrower with the Swingline Lender (up to the amount available therein) in order to immediately pay
the Swingline Lender the amount of such Swingline Loans to the extent amounts received from the Revolving Credit Lenders are not
sufficient to repay in full the outstanding Swingline Loans requested or required to be refunded. If any portion of any such amount
paid to the Swingline Lender shall be recovered by or on behalf of the Borrower from the Swingline Lender in bankruptcy or otherwise,
the loss of the amount so recovered shall be ratably shared among all the Revolving Credit Lenders in accordance with their respective
Revolving Credit Commitment Percentages.

 

(iii)           If
for any reason any Swingline Loan cannot be refinanced with a Revolving Credit Loan pursuant to Section 2.2(b)(i),
each Revolving Credit Lender shall, on the date such Revolving Credit Loan was to have been made pursuant to the notice
referred to in Section 2.2(b)(i), purchase for cash an undivided participating interest in the then outstanding
Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal
to such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the aggregate principal amount of Swingline
Loans then outstanding. Each Revolving Credit Lender will transfer to the Swingline Lender, in immediately available funds,
the amount of its Swingline Participation Amount not later than 1:00 p.m. on the day specified in such notice. Whenever, at
any time after the Swingline Lender has received from any Revolving Credit Lender such Revolving Credit Lender’s
Swingline Participation Amount, the Swingline Lender receives any payment on account of the Swingline Loans, the Swingline
Lender will promptly distribute to such Revolving Credit Lender its Swingline Participation Amount (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was
outstanding and funded and, in the case of principal and interest payments, to reflect such Revolving Credit Lender’s
pro rata portion of such payment if such payment is not sufficient to pay the principal of and interest on all Swingline
Loans then due); provided that in the event that such payment received by the Swingline Lender is required to be
returned, such Revolving Credit Lender will return to the Swingline Lender any portion thereof previously distributed to it
by the Swingline Lender.

 

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(iv)          Each
Revolving Credit Lender’s obligation to make the Revolving Credit Loans referred to in Section 2.2(b)(i) and to purchase
participating interests pursuant to Section 2.2(b)(iii) shall be absolute and unconditional and shall not be affected by
any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit Lender
or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence
or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article
VI, (C) any adverse change in the condition (financial or otherwise) of the Borrower, (D) any breach of this Agreement or
any other Loan Document by the Borrower, any other Credit Party or any other Revolving Credit Lender or (E) any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

 

(v)           If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swingline Lender
any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.2
by the time specified in this Section 2.2, the Swingline Lender shall be entitled to recover from such Revolving Credit
Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal
to the applicable Federal Funds Rate, plus any administrative, processing or similar fees customarily charged by the Swingline
Lender in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid),
the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan or Swingline Participation Amount,
as the case may be. A certificate of the Swingline Lender submitted to any Revolving Credit Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (v) shall be conclusive absent manifest error.

 

(c)           Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, this Section 2.2 shall be subject
to the terms and conditions of Section 5.14 and Section 5.15.

 

SECTION 2.3      Procedure for Advances of Revolving
Credit Loans and Swingline Loans.

 

(a)            Requests
for Borrowing. The Borrower shall give the Administrative Agent irrevocable prior written notice substantially in the
form of Exhibit B (a “Notice of
Borrowing”) not later than 11:00 a.m. (i) on the same Business Day as each Base Rate Loan and each Swingline Loan
and (ii) at least three (3) Business Days before each LIBOR Rate Loan, of its intention to borrow, specifying (A) the date of
such borrowing, which shall be a Business Day, (B) the amount of such borrowing, which shall be, (x) with respect to Base
Rate Loans (other than Swingline Loans) in an aggregate principal amount of $1,000,000 or a whole multiple of $100,000 in
excess thereof, (y) with respect to LIBOR Rate Loans in an aggregate principal amount of $1,000,000 or a whole multiple of
$100,000 in excess thereof and (z) with respect to Swingline Loans in an aggregate principal amount of $500,000 or a whole
multiple of $100,000 in excess thereof, (C) whether such Loan is to be a Revolving Credit Loan or Swingline Loan, (D) in the
case of a Revolving Credit Loan whether the Loans are to be LIBOR Rate Loans or Base Rate Loans, and (E) in the case of a
LIBOR Rate Loan, the duration of the Interest Period applicable thereto; provided that if the Borrower wishes to
request LIBOR Rate Loans having an Interest Period of twelve (12) months in duration, such notice must be received by the
Administrative Agent not later than 11:00 a.m. four (4) Business Days prior to the requested date of such borrowing,
whereupon the Administrative Agent shall give prompt notice to the Revolving Credit Lenders of such request and determine
whether the requested Interest Period is acceptable to all of them. If the Borrower fails to specify a type of Loan in a
Notice of Borrowing, then the applicable Loans shall be made as Base Rate Loans. If the Borrower requests a borrowing of
LIBOR Rate Loans in any such Notice of Borrowing, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month. 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 Revolving Credit Lenders of each Notice of
Borrowing.

 

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(b)          
Disbursement of Revolving Credit and Swingline Loans. Not later than 1:00 p.m. on the proposed borrowing date, (i) each
Revolving Credit Lender (so long as, in respect of Base Rate Loans, the Administrative Agent has provided such Revolving Credit
Lender with a copy of the Notice of Borrowing by no later than 11:00 a.m. on the proposed borrowing date) 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 Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit
Loans to be made on such borrowing date and (ii) the Swingline 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,
the Swingline Loans to be made on such borrowing date. The Administrative Agent will make such Loans available to the Borrower
(and 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. Subject to Section 5.7 hereof,
the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested
pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its
Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans
shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

 

SECTION 2.4      Repayment and Prepayment of Revolving
Credit and Swingline Loans.

 

(a)            Repayment
on Termination Date. The Borrower hereby agrees to repay the outstanding principal amount of: (i) all Revolving Credit
Loans in full on the Revolving Credit Maturity Date; and (ii) all Swingline Loans in accordance with Section 2.2(b)
(but, in any event, no later than the Revolving Credit Maturity Date), together, in each case, with all accrued but unpaid
interest thereon.

 

(b)           Mandatory Prepayments. If at any time the Revolving Credit Outstandings exceed the Revolving Credit Commitment, the
Borrower agrees to repay immediately upon notice from the Administrative Agent, by payment to the Administrative Agent for the
account of the Revolving Credit Lenders, such portions of the Extensions of Credit which equals the amount of such excess with
each such repayment applied: first, to the principal amount of outstanding Swingline Loans; second
to the principal amount of outstanding Revolving Credit Loans; and third, with respect to any Letters of Credit then
outstanding, a payment of Cash Collateral into a Cash Collateral account opened by the Administrative Agent, for the benefit of
the Revolving Credit Lenders, in an amount equal to such excess (such Cash Collateral to be applied in accordance with Section
10.2(b)).

 

(c)            Optional
Prepayments. The Borrower may at any time and from time to time prepay Revolving Credit Loans and Swingline 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
the prepayment of each Base Rate Loan and each Swingline Loan (or such later time as approved by the Administrative Agent)
and (ii) at least three (3) Business Days before the prepayment of each LIBOR Rate Loan (or such later time as approved by
the Administrative Agent), specifying the date and amount of prepayment and whether the prepayment is of LIBOR Rate Loans,
Base Rate Loans, Swingline 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 Revolving Credit Lender. If any such notice
is given, the amount specified in such notice shall be due and payable on the date set forth in such notice. Partial
prepayments shall be in an aggregate amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to
Base Rate Loans (other than Swingline Loans), $1,000,000 or a whole multiple of $1,000,000 in excess thereof with respect to
LIBOR Rate Loans, and $500,000 or a whole multiple of $100,000 in excess thereof with respect to Swingline 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 5.9 hereof. Notwithstanding the foregoing, any
Notice of a Prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other
credit facilities or other transactions or events specified therein, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied
(provided that the failure of such condition to be satisfied shall not relieve the Borrower from its obligations in
respect thereof under Section 5.9).

 

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 (d)              [Reserved].

 

(e)              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
5.9 hereof.

 

(f)               Hedge
Agreements. No repayment or prepayment of the Loans pursuant to this Section shall affect any of the Borrower’s
obligations under any Hedge Agreement entered into with respect to the Loans.

 

SECTION 2.5      Permanent Reduction of the Revolving
Credit Commitment.

 

(a)              Voluntary Reduction. The Borrower shall have the right at any time and from time to time, upon at least five (5)
Business Days prior irrevocable written notice to the Administrative Agent, to permanently reduce, without premium or penalty:
(i) the entire Revolving Credit Commitment at any time; or (ii) portions of the Revolving Credit Commitment, from time to time,
in an aggregate principal amount not less than $1,000,000 or any whole multiple of $1,000,000 in excess thereof. Any reduction
of the Revolving Credit Commitment shall be applied to the Revolving Credit Commitment of each Revolving Credit Lender according
to its Revolving Credit Commitment Percentage. All Commitment Fees accrued until the effective date of any termination of the Revolving
Credit Commitment shall be paid on the effective date of such termination. Notwithstanding the foregoing, any notice to reduce
the Revolving Credit Commitment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other
credit facilities or other transactions or events specified therein, in which case such notice may be revoked by the Borrower (by
notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied (provided
that the failure of such condition to be satisfied shall not relieve the Borrower from its obligations in respect thereof under
Section 5.9).

 

(b)              Corresponding
Payment. Each permanent reduction permitted pursuant to this Section shall be accompanied by a payment of principal sufficient
to reduce the aggregate outstanding Revolving Credit Loans, Swingline Loans and L/C Obligations, as applicable, after such reduction
to the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the
Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account
opened by the Administrative Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with
Section 10.2(b). Any reduction of the Revolving Credit Commitment to zero shall be accompanied by payment of all outstanding
Revolving Credit Loans and Swingline Loans (and furnishing of Cash Collateral satisfactory to the Administrative Agent for all
L/C Obligations) and shall result in the termination of the Revolving Credit Commitment and the Swingline Commitment and the Revolving
Credit Facility. If the reduction of the Revolving Credit Commitment requires the repayment of any LIBOR Rate Loan, such repayment
shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

 

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SECTION
2.6       Termination of Revolving Credit Facility. The Revolving Credit Facility and the Revolving Credit Commitments shall terminate
on the Revolving Credit Maturity Date.

 

ARTICLE III

 

LETTER OF CREDIT FACILITY

 

SECTION 3.1      L/C Facility.

 

(a)              Availability. Subject to the terms and conditions of this Agreement and the other Loan Documents, including, without
limitation, Section 6.2(d) and Section 6.2(e), each Issuing Lender, in reliance on the representations and warranties
set forth in the Agreement and the other Loan Documents and on the agreements of the Revolving Credit Lenders set forth in Section
3.4(a), agrees to issue standby Letters of Credit, in an aggregate amount not to exceed its L/C Commitment, for the account
of the Borrower or, subject to Section 3.10, any Subsidiary thereof on any Business Day from the Effective Date to, but
not including the fifth (5th) Business Day prior to the Revolving Credit Maturity Date, in
such form as may be approved from time to time by the applicable Issuing Lender; provided that no Issuing Lender shall issue
any Letter of Credit if, after giving effect to such issuance: (a) the L/C Obligations would exceed the L/C Sublimit; (b) the Revolving
Credit Outstandings would exceed the Revolving Credit Commitment; or (c) the Revolving Credit Exposure of any Revolving Credit
Lender would exceed such Lender’s Revolving Credit Commitment.

 

(b)              Form and Amount. Each Letter of Credit shall: (i) be denominated in Dollars or in an Alternative Currency in a minimum
amount agreed to by the Issuing Lender; (ii) be a standby letter of credit issued to support obligations of the Borrower or any
of its Subsidiaries, contingent or otherwise, incurred in the ordinary course of business; (iii) expire on a date no more than
twelve (12) months after the date of issuance or last renewal of such Letter of Credit (subject to automatic renewal for additional
one (1) year periods pursuant to the terms of the Letter of Credit Application or other documentation acceptable to the applicable
Issuing Lender), which date shall be no later than the fifth (5th) Business Day prior to the Revolving Credit Maturity Date; and
(iv) be subject to the ISP98 as set forth in the Letter of Credit Application or as determined by the applicable Issuing Lender
and, to the extent not inconsistent therewith, the laws of the State of New York.

 

(c)              Restrictions
on Issuance. No Issuing Lender shall at any time be obligated to issue any Letter of Credit hereunder if: (i) any order, judgment
or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from
issuing such Letter of Credit, or any Applicable Law applicable to such Issuing Lender or any request or directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Lender shall prohibit, or request
that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall
impose upon such Issuing Lender with respect to letters of credit generally or such Letter of Credit in particular any restriction
or reserve or capital requirement (for which such Issuing Lender is not otherwise compensated) not in effect on the Effective
Date, or any unreimbursed loss, cost or expense that was not applicable, in effect or known to such Issuing Lender as of the Effective
Date and that such Issuing Lender in good faith deems material to it; or (ii) the conditions set forth in Section 6.2 are
not satisfied. References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include
extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires.

 

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(d)              Defaulting
Lenders. Notwithstanding anything to the contrary contained in this Agreement, Article III shall be subject to the
terms and conditions of Section 5.14 and Section 5.15.

 

SECTION
3.2      Procedure for Issuance of Letters of Credit. The Borrower may from time to time request that any Issuing Lender issue
a Letter of Credit by delivering to such Issuing Lender at its applicable office (with a copy to the Administrative Agent at the
Administrative Agent’s Office) a Letter of Credit Application therefor, completed to the satisfaction of such Issuing Lender,
and such other certificates, documents and other papers and information as such Issuing Lender or the Administrative Agent may
request. Upon receipt of any Letter of Credit Application, the applicable Issuing Lender shall, process such Letter of Credit Application
and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its
customary procedures and shall, subject to Section 3.1 and Article VI, promptly issue the Letter of Credit requested thereby (but
in no event shall such Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its
receipt of the Letter of Credit Application therefor and all such other certificates, documents and other papers and information
relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by
such Issuing Lender and the Borrower. The applicable Issuing Lender shall promptly furnish to the Borrower and the Administrative
Agent a copy of such Letter of Credit and the Administrative Agent shall promptly notify each Revolving Credit Lender of the issuance
and upon request by any Lender, furnish to such Revolving Credit Lender a copy of such Letter of Credit and the amount of such
Revolving Credit Lender’s participation therein.

 

SECTION 3.3      Commissions and Other Charges.

 

(a)              Letter
of Credit Commissions. Subject to Section 5.15(a)(iii)(B), the Borrower shall pay to the Administrative Agent, for
the account of the applicable Issuing Lender and the L/C Participants, in Dollars, a letter of credit commission with respect
to each Letter of Credit in the amount equal to the Dollar Equivalent of the daily amount available to be drawn under such standby
Letters of Credit times the Applicable Margin with respect to Revolving Credit Loans that are LIBOR Rate Loans (determined,
in each case, on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar
quarter, on the Revolving Credit Maturity Date and thereafter on demand of the Administrative Agent. The Administrative Agent
shall, promptly following its receipt thereof, distribute to the applicable Issuing Lender and the L/C Participants all commissions
received pursuant to this Section 3.3 in accordance with their respective Revolving Credit Commitment Percentages.

 

(b)              Issuance
Fee. In addition to the foregoing commission, the Borrower shall pay directly to the applicable Issuing Lender, for its own
account and in Dollars, an issuance fee with respect to each Letter of Credit issued by such Issuing Lender as set forth in the
Fee Letter executed by such Issuing Lender. Such issuance fee shall be payable quarterly in arrears on the last Business Day of
each calendar quarter commencing with the first such date to occur after the issuance of such Letter of Credit, on the Revolving
Credit Maturity Date and thereafter on demand of the applicable Issuing Lender.

 

(c)              Other
Fees, Costs, Charges and Expenses. In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse
each Issuing Lender in Dollars for such normal and customary fees, costs, charges and expenses as are incurred or charged by
such Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit issued by
it.

 

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SECTION 3.4      L/C Participations.

 

(a)              Each
Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce each Issuing Lender to issue
Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from
each Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk, an
undivided interest equal to such L/C Participant’s Revolving Credit Commitment Percentage in each Issuing Lender’s
obligations and rights under and in respect of each Letter of Credit issued by it hereunder and the amount of each draft paid
by such Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that,
if a draft is paid under any Letter of Credit issued by such Issuing Lender for which such Issuing Lender is not reimbursed in
full by the Borrower through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such L/C Participant
shall pay to such Issuing Lender upon demand, in Dollars, at such Issuing Lender’s address for notices specified herein
an amount equal to such L/C Participant’s Revolving Credit Commitment Percentage of the Dollar Equivalent of the amount
of such draft, or any part thereof, which is not so reimbursed.

 

(b)              Upon
becoming aware of any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to Section 3.4(a)
in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit, issued by it, such
Issuing Lender shall notify the Administrative Agent of such unreimbursed amount and the Administrative Agent shall notify each
L/C Participant (with a copy to the applicable Issuing Lender) of the amount and due date of such required payment and such L/C
Participant shall pay to the Administrative Agent (which, in turn shall pay such Issuing Lender) the amount specified on the applicable
due date. If any such amount is paid to such Issuing Lender after the date such payment is due, such L/C Participant shall pay
to such Issuing Lender on demand, in addition to such amount, the product of: (i) such amount; times (ii) the Overnight
Rate as determined by the Administrative Agent during the period from and including the date such payment is due to the date on
which such payment is immediately available to such Issuing Lender; times (iii) a fraction the numerator of which
is the number of days that elapse during such period and the denominator of which is 360. A certificate of such Issuing Lender
with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. With respect to payment
to such Issuing Lender of the unreimbursed amounts described in this Section, if the L/C Participants receive notice that any
such payment is due (A) prior to 1:00 p.m. on any Business Day, such payment shall be due that Business Day, and (B) after 1:00
p.m. on any Business Day, such payment shall be due on the following Business Day.

 

(c)              Whenever,
at any time after any Issuing Lender has made payment under any Letter of Credit issued by it and has received from any L/C Participant
its Revolving Credit Commitment Percentage of such payment in accordance with this Section, such Issuing Lender receives any payment
related to such Letter of Credit (whether directly from the Borrower or otherwise), or any payment of interest on account thereof,
such Issuing Lender will promptly distribute to such L/C Participant its pro rata share thereof; provided, that
in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such
L/C Participant shall promptly return in Dollars to such Issuing Lender the portion thereof previously distributed by such Issuing
Lender to it.

 

(d)              Each
L/C Participant’s obligation to make the Revolving Credit Loans referred to in Section 3.4(b) and to purchase
participating interests pursuant to Section 3.4(a) shall be absolute and unconditional and shall not be affected by
any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such Revolving Credit
Lender or the Borrower may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii)
with respect to the obligation to purchase participating interests pursuant to Section 3.4(a), the occurrence or
continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article
VI, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement
or any other Loan Document by the Borrower, any other Credit Party or any other Revolving Credit Lender or (v) any other
circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 

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SECTION
3.5       Reimbursement Obligation of the Borrower. In the event of any drawing under any Letter of Credit, the Borrower agrees
to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources),
in same day funds, in Dollars, the applicable Issuing Lender on each date on which such Issuing Lender notifies the Borrower of
the date and amount of a draft paid by it under any Letter of Credit for the Dollar Equivalent of the amount of (a) such draft
so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless
the Borrower shall immediately notify such Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing
from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent
requesting that the Revolving Credit Lenders make a Revolving Credit Loan as a Base Rate Loan on the applicable repayment date
in the Dollar Equivalent of the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by
such Issuing Lender in connection with such payment, and, subject to satisfaction or waiver of the conditions specified in Section
6.02, the Revolving Credit Lenders shall make a Revolving Credit Loan as a Base Rate Loan in such amount, the proceeds of which
shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving
Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse
such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a),
except for the failure to satisfy any of the conditions specified in Section 6.02 which have not been waived. If the Borrower
has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as
provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided above, the unreimbursed
amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then
overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

 

SECTION
3.6      Obligations Absolute. The Borrower’s obligations under this Article III (including, without limitation, the
Reimbursement Obligation) shall be absolute and unconditional under any and all circumstances and irrespective of any set
off, counterclaim or defense to payment which the Borrower may have or have had against the applicable Issuing Lender or any
beneficiary of a Letter of Credit or any other Person. The Borrower also agrees that the applicable Issuing Lender and the
L/C Participants shall not be responsible for, and the Borrower’s Reimbursement Obligation under Section 3.5 shall not
be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such
documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any
beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims
whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee, or any adverse change in
the relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrower or any Subsidiary or
in the relevant currency markets generally. Any Issuing Lender shall not be liable for any error, omission, interruption or
delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of
Credit issued by it, except for errors or omissions caused by such Issuing Lender’s gross negligence or willful
misconduct, as determined by a court of competent jurisdiction by final nonappealable judgment. The Borrower agrees that any
action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit issued by it or the related
drafts or documents, if done in the absence of gross negligence or willful misconduct shall be binding on the Borrower and
shall not result in any liability of such Issuing Lender or any L/C Participant to the Borrower. The responsibility of any
Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit issued by it
shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that
the documents (including each draft) delivered under such Letter of Credit in connection with such presentment substantially
conforms to the requirements under such Letter of Credit.

 

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SECTION
3.7      Effect of Letter of Credit Application. To the extent that any provision of any Letter of Credit Application related
to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

 

SECTION 3.8      Resignation of Issuing Lenders.

 

(a)              Any Lender may at any time resign from its role as an Issuing Lender hereunder upon not less than thirty (30) days prior
notice to the Borrower and the Administrative Agent (or such shorter period of time as may be acceptable to the Borrower and the
Administrative Agent).

 

(b)              Any
resigning Issuing Lender shall retain all the rights, powers, privileges and duties of an Issuing Lender hereunder with respect
to all Letters of Credit issued by it that are outstanding as of the effective date of its resignation as an Issuing Lender and
all L/C Obligations with respect thereto (including, without limitation, the right to require the Revolving Credit Lenders to
take such actions as are required under Section 3.4). Without limiting the foregoing, upon the resignation of a Lender
as an Issuing Lender hereunder, the Borrower may, or at the request of such resigned Issuing Lender the Borrower shall, use commercially
reasonable efforts to, arrange for one or more of the other Issuing Lenders to issue Letters of Credit hereunder in substitution
for the Letters of Credit, if any, issued by such resigned Issuing Lender and outstanding at the time of such resignation, or
make other arrangements satisfactory to the resigned Issuing Lender to effectively cause another Issuing Lender to assume the
obligations of the resigned Issuing Lender with respect to any such Letters of Credit.

 

SECTION
3.9       Reporting of Letter of Credit Information and L/C Commitment. At any time that there is an Issuing Lender that is not
also the financial institution acting as Administrative Agent, then: (a) on the last Business Day of each calendar month; (b) on
each date that a Letter of Credit is amended, terminated or otherwise expires; (c) on each date that a Letter of Credit is issued
or the expiry date of a Letter of Credit is extended; and (d) upon the request of the Administrative Agent, each Issuing Lender
(or, in the case of clauses (b), (c) or (d) of this Section, the applicable Issuing Lender) shall deliver to the Administrative
Agent a report setting forth in form and detail reasonably satisfactory to the Administrative Agent information (including, without
limitation, any reimbursement, Cash Collateral, or termination in respect of Letters of Credit issued by such Issuing Lender) with
respect to each Letter of Credit issued by such Issuing Lender that is outstanding hereunder. In addition, each Issuing Lender
shall provide notice to the Administrative Agent of its L/C Commitment, or any change thereto, promptly upon it becoming an Issuing
Lender or making any change to its L/C Commitment. No failure on the part of any Issuing Lender to provide such information pursuant
to this Section 3.9 shall limit the obligations of the Borrower or any Revolving Credit Lender hereunder with respect to its reimbursement
and participation obligations hereunder.

 

SECTION
3.10      Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding
hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to
reimburse, or to cause the applicable Subsidiary to reimburse, the applicable Issuing Lender hereunder for any and all
drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account
of any of its Subsidiaries inures to the benefit of the Borrower and that the Borrower’s business derives substantial
benefits from the businesses of such Subsidiaries.

 

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ARTICLE IV

 

TERM LOAN FACILITY

SECTION 4.1      [Reserved].

 

SECTION 4.2      Procedure for Advance of Term
Loan.

 

 (a)              [Reserved].

 

(b)             Incremental
Term Loans. Any Incremental Term Loans shall be borrowed pursuant to, and in accordance with Section 5.13.

 

SECTION 4.3      Repayment of Term Loans.

 

 (a)              [Reserved].

 

(b)                
Incremental Term Loans. The Borrower shall repay the aggregate outstanding principal amount of each Incremental Term
Loan (if any) as determined pursuant to, and in accordance with, Section 5.13 and the applicable Lender Joinder Agreement.

 

SECTION 4.4      Prepayments of Term Loans.

 

(a)              Optional
Prepayments. Subject to the terms of any applicable Lender Joinder Agreement, the Borrower shall have the right at any time
and from time to time, without premium or penalty (except as set forth in Section 5.9), to prepay the Term Loans, in whole
or in part, upon delivery to the Administrative Agent of a Notice of Prepayment not later than 11:00 a.m.: (i) on the same Business
Day with respect to each Base Rate Loan (or such later time as approved by the Administrative Agent); and (ii) at least three
(3) Business Days before with respect to each LIBOR Rate Loan (or such later time as approved by the Administrative Agent), specifying
the date and amount of repayment, whether the repayment is of LIBOR Rate Loans or Base Rate Loans or a combination thereof, and
if a combination thereof, the amount allocable to each and whether the repayment is of a particular Series of Incremental Term
Loans or a combination thereof, and if a combination thereof, the amount allocable to each. Each optional prepayment of the Term
Loans hereunder shall be in an aggregate principal amount of at least $1,000,000 or any whole multiple of $1,000,000 in excess
thereof and shall be applied as permitted by the applicable Lender Joinder Agreements. Each repayment shall be accompanied by
any amount required to be paid pursuant to Section 5.9 hereof. A Notice of Prepayment received after 11:00 a.m. shall be
deemed received on the next Business Day. The Administrative Agent shall promptly notify the applicable Term Loan Lenders of each
Notice of Prepayment. Notwithstanding the foregoing, any Notice of Prepayment delivered by the Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities or other transactions or events specified therein, in which case
such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date)
if such condition is not satisfied (provided that the failure of such condition to be satisfied shall not relieve the Borrower
from its obligations in respect thereof under Section 5.9).

 

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		(b)	Mandatory Prepayments.

 

(i)             Debt
Issuances. The Borrower shall make mandatory principal prepayments of the Term Loans in the manner set forth in clause
(v) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Debt Issuance not otherwise
permitted pursuant to Section 9.1. Such prepayment shall be made within three (3) Business Days after the date of receipt
of the Net Cash Proceeds of any such Debt Issuance.

 

(ii)            Asset
Dispositions and Insurance and Condemnation Events. Subject to Section 4.4(b)(iv), the Borrower shall make
mandatory principal prepayments of the Term Loans in the manner set forth in clause (v) below in amounts equal to one
hundred percent (100%) of the aggregate Net Cash Proceeds from: (A) any Asset Disposition (other than any Asset Disposition
permitted pursuant to, and in accordance with, clauses (a), (b), (c), (d), (f), (g), (h), (i), (j), (k), (l) (m) and (p) of Section
9.5); or (B) any Insurance and Condemnation Event; provided that, (1) no mandatory prepayment shall be required
under this clause (ii) with respect to any individual or series of related Asset Dispositions or Insurance and Condemnation
Events that results in Net Cash Proceeds not in excess of $5,000,000 for such single event or series of related events and
(2) no mandatory prepayment shall be required in any Fiscal Year pursuant to this clause (ii) until the date on which the Net
Cash Proceeds required to be applied as mandatory prepayments pursuant to this clause (ii) in such Fiscal Year shall exceed
$10,000,000 (and thereafter only Net Cash Proceeds in excess of such amount shall be required to be applied to mandatory
prepayments pursuant to this clause (ii)). Such prepayments shall be made within three (3) Business Days after the date of
receipt of the Net Cash Proceeds; provided that, so long as no Default or Event of Default has occurred and is
continuing at the time of receipt of such Net Cash Proceeds, no prepayment shall be required under this Section
4.4(b)(ii) with respect to such portion of such Net Cash Proceeds that the Borrower shall have, on or prior to such date
given written notice to the Administrative Agent of its intent to reinvest in accordance with Section 4.4(b)(iii) ; provided, however,
that any Lender may elect in its sole discretion, by delivering a written notice to the Administrative Agent promptly after
receiving notice from the Administrative Agent of any such prepayment pursuant to this Section 4.4(b)(ii), to forego
its ratable portion of any such prepayment, in which case such declined portion of the prepayment may be retained by the
Borrower.

 

(iii)           Reinvestment
Option. With respect to any Net Cash Proceeds realized or received with respect to any Asset Disposition or any Insurance
and Condemnation Event by any Credit Party of any Subsidiary thereof (in each case, to the extent not excluded pursuant to Section
4.4(b)(ii)), at the option of the Borrower, the Credit Parties or any of their Subsidiaries may reinvest all or any
portion of such Net Cash Proceeds in assets used or useful for the business of the Credit Parties and their Subsidiaries
within: (x) twelve (12) months following receipt of such Net Cash Proceeds; or (y) if such Credit Party or Subsidiary, within
twelve (12) months following receipt of such Net Cash Proceeds, enters into a bona fide commitment to reinvest such Net Cash
Proceeds, within eighteen (18) months following receipt of such Net Cash Proceeds; provided that if any Net Cash
Proceeds have not been so reinvested within such twelve (12) months or eighteen (18) months, as applicable, an amount equal
to such Net Cash Proceeds that have not been so reinvested shall be applied to the repayment of the Term Loans pursuant to Section
4.4(b) within three (3) Business Days after the end of such twelve (12) twelve months or eighteen (18) months, as
applicable. Pending the final application of any such Net Cash Proceeds, the applicable Credit Party may invest an amount
equal to such Net Cash Proceeds in any manner that is not prohibited by this Agreement.

 

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(iv)           Restriction
on Mandatory Prepayments. Notwithstanding any other provision of this Section 4.4(b),
to the extent that any or all of the Net Cash Proceeds of a Foreign Disposition or the Net Cash Proceeds of any Foreign
Casualty Event is prohibited or delayed by applicable local law or organizational document restrictions (including financial
assistance, corporate benefit, restrictions on dividends and the fiduciary and statutory duties of directors of the
applicable Foreign Subsidiaries and as a result of minority ownership in the applicable Foreign Subsidiaries) from being
repatriated to the United States, an amount equal to the portion of such Net Cash Proceeds so affected will not be required
to be applied to make a prepayment of the Term Loans at the time provided in this Section 4.4(b). Instead, such
amounts may be retained so long as, but only so long as, the applicable local law or organizational document restriction will
not permit repatriation to the United States (the Borrower hereby agreeing to cause the applicable Foreign Subsidiary for a
period of one year after the occurrence of the applicable Foreign Disposition or Foreign Casualty Event to promptly take all
commercially reasonable actions reasonably required by the applicable local law to permit such repatriation), and once such
repatriation of any such affected Net Cash Proceeds is permitted under the applicable local law, such repatriation will be
promptly (and in any event not later than three (3) Business Days after such repatriation) applied (net of additional taxes
payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to this Section 4.4(b).
In addition, notwithstanding any other provision of this Section 4.4(b), to the extent the Borrower has reasonably
determined in good faith that repatriation of any or all of the Net Cash Proceeds of any Foreign Disposition or any Foreign
Casualty Event would have an adverse tax consequence (taking into account any foreign tax credit or benefit received in
connection with such repatriation), then, to the extent that such adverse tax consequence is not directly attributable to
actions taken by the Borrower or any of its Subsidiaries with the intent of avoiding or reducing any mandatory prepayment
otherwise required, the Borrower shall not be required to make a prepayment with an amount equal to such portion of Net Cash
Proceeds as required pursuant to this Section 4.4(b). Instead, such amounts may be retained so long as, but only so
long as, repatriation of the Net Cash Proceeds would have an adverse tax consequence (the Borrower hereby agreeing to use
commercially reasonable efforts for a period of one year after such Foreign Disposition or Foreign Casualty Event to reduce
or eliminate such adverse tax consequence) and once such repatriation would not have an adverse tax consequence, an amount
equal to such Net Cash Proceeds will be promptly (and in any event not later than three (3) Business Days after such
repatriation would not have an adverse tax consequence) applied (net of additional taxes payable or reserved against as a
result thereof) to the repayment of the Term Loans pursuant to this Section 4.4(b). Notwithstanding the
foregoing, the Borrower agrees to use commercially reasonable efforts for a period of one year after the occurrence of the
applicable Foreign Disposition or Foreign Casualty Event to use other cash resources of the Borrower and its Subsidiaries
(subject to the limitations set forth in this clause (iv)) to make any such mandatory prepayment required by this Section
4.4(b).

 

(v)          Notice; Manner of Payment. Upon the occurrence of any event triggering the prepayment requirement under clauses (i)
and (ii) above, the Borrower shall promptly deliver a Notice of Prepayment to the Administrative Agent and upon receipt of such
notice, the Administrative Agent shall promptly so notify the Lenders. Each prepayment of the Term Loans under this Section shall
be applied ratably between each Series of Term Loans (unless otherwise agreed by the Lenders of the applicable Series of Term Loans)
to reduce in inverse order of maturity the remaining scheduled principal installments of each such Series pursuant to Section
4.3 (or such other order as is set forth in the Lender Joinder Agreement for such Series).

 

(vi)          Prepayment
of LIBOR Rate Loans. Each prepayment shall be accompanied by any amount required to be paid pursuant to Section
5.9; provided that, so long as no Default or Event of Default shall have occurred and be continuing, if any
prepayment of LIBOR Rate Loans is required to be made under this Section 4.4(b) prior to the last day of the Interest
Period therefor, in lieu of making any payment pursuant to this Section 4.4(b) in respect of any such LIBOR Rate Loan
prior to the last day of the Interest Period therefor, the Borrower may, in its sole discretion, deposit an amount sufficient
to make any such prepayment otherwise required to be made thereunder together with accrued interest to the last day of such
Interest Period into an account held at, and subject to the sole control of, the Administrative Agent until the last day of
such Interest Period, at which time the Administrative Agent shall be authorized (without any further action by or notice to
or from the Borrower or any other Credit Party) to apply such amount to the prepayment of such Term Loans in accordance with
this Section 4.4(b). Upon the occurrence and during the continuance of any Default or Event of Default, the
Administrative Agent shall also be authorized (without any further action by or notice to or from the Borrower or any other
Credit Party) to apply such amount to the prepayment of the outstanding Term Loans in accordance with the relevant provisions
of this Section 4.4(b).

 

(vii)          No Reborrowings. Amounts applied to the repayment or prepayment of the Term Loans pursuant to this Section may not
be reborrowed.

 

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ARTICLE V

 

GENERAL LOAN
PROVISIONS

SECTION 5.1         Interest.

 

(a)                
Interest Rate Options. Subject to the provisions of this Section, at the election of the Borrower: (i) Revolving
Credit Loans and the Term Loans shall bear interest at: (A) the Base Rate plus the Applicable Margin; or (B) the
LIBOR Rate plus the Applicable Margin (provided that the LIBOR Rate shall not be available until three (3)
Business Days (or four (4) Business Days with respect to a LIBOR Rate based on a twelve month Interest Period) after the Effective
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 5.9 of this Agreement); and (ii) any Swingline
Loan shall bear interest at the Base Rate plus the Applicable Margin. 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 5.2.

 

(b)                 Default
Rate. Subject to Section 10.3: (i) immediately upon the occurrence and during the continuance of an Event of
Default under Section 10.1(a), (b), (h) or (i); or (ii) at the election of the Required Lenders
(or of the Administrative Agent at the direction 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, Swingline Loans or
Letters of Credit; (B) all outstanding LIBOR Rate Loans shall bear interest at a rate per annum of 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 equal to two percent (2%) in excess of the rate (including the Applicable Margin) then
applicable to Base Rate Loans; (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; and (D) all accrued and unpaid interest shall be due and payable on demand of the Administrative Agent. 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 Debtor Relief Law.

 

(c)                
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 with the last Business Day of the first calendar quarter ending after the Effective
Date; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each 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 when the Base Rate is determined by the Prime Rate shall be made on the basis
of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided
hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable,
being paid than if computed on the basis of a 365/366-day year).

 

(d)                
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. 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.

 

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SECTION
5.2        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 (3rd) Business Day after the Effective Date all or any portion of any outstanding
Base Rate Loans (other than Swingline Loans) in a principal amount equal to $1,000,000 or any whole multiple of $100,000 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 $1,000,000 or a whole multiple of $100,000 in excess thereof into Base Rate Loans (other than Swingline 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; provided that if the Borrower
wishes to request LIBOR Rate Loans having an Interest Period of twelve months in duration, such notice must be received by the
Administrative Agent not later than 11:00 a.m. four (4) Business Days prior to the requested date of such conversion or continuation,
whereupon the Administrative Agent shall give prompt notice to the applicable Lenders of such request and determine whether the
requested Interest Period is acceptable to all of them; provided, further, that the Notice of Borrowing with respect
to the Loans to be borrowed on the Effective Date may be in such form and may be delivered on such shorter notice as may be agreed
by the Administrative Agent. If the Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the
Interest Period for any LIBOR Rate Loan, then the applicable LIBOR Rate Loan shall be continued as a LIBOR Rate Loan and will
be deemed to have the same Interest Period as was then in effect prior to the expiration of the previous Interest Period during
which the Borrower failed to give a timely Notice of Conversion/Continuation. Any such automatic continuation of a LIBOR Rate
Loan shall be effective as of the last day of the Interest Period then in effect with respect to the applicable LIBOR Rate Loan.
If the Borrower requests a conversion to, or continuation of, LIBOR Rate Loans, but fails to specify an Interest Period, it will
be deemed to have specified an Interest Period of one month. Notwithstanding anything to the contrary herein, a Swingline Loan
may not be converted to a LIBOR Rate Loan. The Administrative Agent shall promptly notify the affected Lenders of such Notice
of Conversion/Continuation.

 

SECTION 5.3        Fees.

 

(a)                
Commitment Fee. Commencing on the Effective Date, subject to Section 5.15(a)(iii)(A), the Borrower shall pay
to the Administrative Agent, for the account of the Revolving Credit Lenders, a non-refundable commitment fee (the “Commitment
Fee”), at a rate per annum equal to the applicable amount for Commitment Fees set forth in the definition of “Applicable
Margin”, on the average daily unused portion of the Revolving Credit Commitment of the Revolving Credit Lenders (other than
the Defaulting Lenders, if any); provided that the amount of outstanding Swingline Loans shall not be considered usage of
the Revolving Credit Commitment for the purpose of calculating the Commitment Fee. The Commitment Fee shall be fully earned and
due and payable quarterly in arrears (calculated on a 360-day basis) on the last Business Day of each calendar quarter during the
term of this Agreement commencing with the last Business Day of the first calendar quarter ending after the Effective Date and
ending on the date upon which all Obligations (other than contingent indemnification obligations not then due) arising under the
Revolving Credit Facility shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been
terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitment has been terminated. The Commitment Fee
shall be distributed by the Administrative Agent to the Revolving Credit Lenders (other than any Defaulting Lender) pro rata
in accordance with such Revolving Credit Lenders’ respective Revolving Credit Commitment Percentages.

 

(b)                
Other Fees. The Borrower shall pay to the Arrangers and the Administrative Agent for their own respective accounts
fees in the amounts and at the times specified in their respective Fee Letters. The Borrower shall pay to the Lenders such fees
as shall have been separately agreed upon in writing in the amounts and at the times so specified.

 

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SECTION
5.4        Manner of Payment. Each payment by the Borrower on account of the
principal of or interest on the Loans or of any fee, commission or other amounts (including the Reimbursement Obligation)
payable to the Lenders under this Agreement 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 but before 2:00 p.m. on such day shall be deemed a payment on such date for
the purposes of Section 10.1, but for all other purposes shall be deemed to have been made on the next succeeding Business
Day. Any payment received: (i) after 2:00 p.m., in the case of payments in Dollars; or (ii) after the Applicable Time
specified by Administrative Agent in the case of payments in an Alternative Currency, shall in each case 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
Commitment Percentage in respect of the relevant Credit Facility (or other applicable share as provided herein) of such
payment and shall wire advice of the amount of such credit to each Lender. Each payment to the Administrative Agent on
account of the principal of or interest on the Swingline Loans or of any fee, commission or other amounts payable to the
Swingline Lender shall be made in like manner, but for the account of the Swingline Lender. Each payment to the
Administrative Agent of any Issuing Lender’s fees or L/C Participants’ commissions shall be made in like manner,
but for the account of such Issuing Lender or the L/C Participants, as the case may be. 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 5.9, 5.10, 5.11 or 12.3 shall be paid to the Administrative Agent for the account
of the applicable Lender. Subject to the definition of Interest Period, 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.
Notwithstanding the foregoing, if there exists a Defaulting Lender each payment by the Borrower to such Defaulting Lender
hereunder shall be applied in accordance with Section 5.15(a)(ii). If, for any reason, the Borrower is prohibited by any law
from making any required payment hereunder in an Alternative Currency, the Borrower shall make such payment in Dollars in the
Dollar Equivalent of the Alternative Currency payment amount.

 

SECTION 5.5        Evidence of Indebtedness.

 

(a)                
Extensions of Credit. The Extensions of Credit made by each Lender and each Issuing Lender shall be evidenced by
one or more accounts or records maintained by such Lender or such Issuing Lender and by the Administrative Agent in the ordinary
course of business. The accounts or records maintained by the Administrative Agent and each Lender or the applicable Issuing Lender
shall be conclusive absent manifest error of the amount of the Extensions of Credit made by the Lenders or such Issuing Lender
to the Borrower and its Subsidiaries 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 or any Issuing 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 Revolving Credit Note, Term Loan Note and/or Swingline Note, as
applicable, which shall evidence such Lender’s Revolving Credit Loans, Term Loans and/or Swingline Loans, as applicable,
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.

 

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

 

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SECTION
5.6        Sharing of Payments by Lenders. If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its 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 Section 5.9, Section 5.10, Section 5.11 or Section 12.3) 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 (including the application of funds arising from the existence of a
Defaulting Lender or a Disqualified Institution); (B) the application of Cash Collateral provided for in Section 5.14;
or (C) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans
or participations in Swingline Loans and Letters of Credit to any assignee or participant, other than to the Borrower or any
of its Subsidiaries or Affiliates (as to which the provisions of this paragraph shall apply).

 

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

 

SECTION 5.7        Administrative Agent’s Clawback.

 

(a)                
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice
from a Lender: (i) in the case of Base Rate Loans, not later than 12:00 noon on the date of any proposed borrowing; and (ii) otherwise,
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 2.3(b) and 4.2 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: (A) in the case of a payment to be made by such Lender, the Overnight Rate,
plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing;
and (B) in the case of a payment to be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and
such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent
shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its
share of the applicable borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan
included in such borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a
Lender that shall have failed to make such payment to the Administrative Agent.

 

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(b)                 Payments
by the Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from
the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders, the
Issuing Lender or the Swingline Lender hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders, the Issuing Lender or the Swingline Lender, as the case may be, the amount due. In such event, if
the Borrower has not in fact made such payment, then each of the Lenders, the Issuing Lender or the Swingline Lender, as the
case maybe, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender, Issuing Lender or the Swingline Lender, in Same Day Funds with interest thereon, for each day from and including the
date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight
Rate.

 

(c)                
Nature of Obligations of Lenders Regarding Extensions of Credit. The obligations of the Lenders under this Agreement
to make the Loans and issue or participate in Letters of Credit or pay any other amounts hereunder 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
or of any other amount hereunder 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 or of such other amount hereunder on the applicable payment 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 or of such other amount available on the applicable payment date.

 

SECTION 5.8         Changed Circumstances.

 

(a)                
Circumstances Affecting LIBOR Rate Availability. Unless and until a Benchmark Replacement is implemented in accordance
with 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 5.1(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 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.

 

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 (c)                  Effect of Benchmark Transition Event.

 

(i)            
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend
this Agreement to replace LIBOR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will
become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment
to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection
to such amendment from Lenders comprising the Required Lenders of each Class. Any such amendment with respect to an Early Opt-in
Election will become effective on the date that Lenders comprising the Required Lenders of each Class have delivered to the Administrative
Agent written notice that such Required Lenders accept such amendment. No replacement of LIBOR with a Benchmark Replacement pursuant
to this Section 5.8(c) will occur prior to the applicable Benchmark Transition Start Date.

 

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

 

(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 or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date and Benchmark Transition Start Date, (B) the implementation of any Benchmark Replacement, (C) the effectiveness
of any Benchmark Replacement Conforming Changes and (D) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 5.8(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, 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 hereto, except, in each case, as expressly required
pursuant to this Section 5.8(c).

 

(iv)            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 LIBOR Rate Loan 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,
the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate.

 

SECTION
5.9        Indemnity. The Borrower hereby indemnifies each of the Lenders against any loss or expense (including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to maintain a LIBOR Rate Loan or from fees
payable to terminate the deposits from which such funds were obtained) 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 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 sole 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 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.

 

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SECTION 5.10       Increased Costs.

 

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

 

(i)              impose, modify or deem applicable any reserve (whether for capital adequacy or liquidity or otherwise), 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 (except any reserve requirement reflected in the LIBOR Rate) or any
Issuing Lender;

 

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

 

(iii)            impose on any Lender or any Issuing Lender or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or LIBOR Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any of
the foregoing shall be to increase the cost to such Lender, the Issuing Lender or such other Recipient of making, converting to,
continuing or maintaining any Loan (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender,
such Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining
its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by
such Lender, such Issuing Lender or such other Recipient hereunder (whether of principal, interest or any other amount) then, upon
written request of such Lender, such Issuing Lender or other Recipient, the Borrower shall promptly pay to any such Lender, such
Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, such Issuing
Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

(b)                 Capital
Requirements. If any Lender or any Issuing Lender determines that any Change in Law affecting such Lender or such Issuing
Lender or any lending office of such Lender or such Lender’s or such Issuing Lender’s holding company, if any,
regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such
Lender’s or such Issuing Lender’s capital or on the capital of such Lender’s or such Issuing Lender’s
holding company, if any, as a consequence of this Agreement, the Revolving Credit Commitment of such Lender or the Loans made
by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such
Issuing Lender, to a level below that which such Lender or such Issuing Lender or such Lender’s or such Issuing
Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or such Issuing Lender’s policies and the policies of such Lender’s or such Issuing Lender’s holding
company with respect to capital adequacy and liquidity), then from time to time upon written request of such Lender or such
Issuing Lender the Borrower shall promptly pay to such Lender or such Issuing Lender, as the case may be, such additional
amount or amounts as will compensate such Lender or such Issuing Lender or such Lender’s or such Issuing Lender’s
holding company for any such reduction suffered.

 

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(c)                
Certificates for Reimbursement. A certificate of a Lender, or an Issuing Lender or such other Recipient setting forth
the amount or amounts necessary to compensate such Lender or such Issuing Lender, such other Recipient or any of their respective
holding companies, as the case may be, as specified in clause (a) or (b) of this Section and delivered to the Borrower, shall be
conclusive absent manifest error. The Borrower shall pay such Lender or such Issuing Lender or such other Recipient, as the case
may be, 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 or any Issuing Lender or such other Recipient to demand
compensation pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Lender’s or such
other Recipient’s right to demand such compensation; provided that the Borrower shall not be required to compensate
any Lender or an Issuing Lender or any other Recipient pursuant to this Section for any increased costs incurred or reductions
suffered more than six (6) months prior to the date that such Lender or such Issuing Lender or such other Recipient, as the case
may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s
or such Issuing Lender’s or such other Recipient’s intention to claim compensation therefor (except that if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended
to include the period of retroactive effect thereof).

 

SECTION 5.11      Taxes.

 

(a)                
Defined Terms. For purposes of this Section 5.11, the term “Lender” includes any Issuing Lender
and the term “Applicable Law” includes FATCA.

 

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

 

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

 

(d)                
 Indemnification by the Credit Parties. The Credit Parties shall jointly and severally indemnify each Recipient,
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or
asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld
or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Borrower by a Recipient (with a copy to the Administrative Agent),
or by the Administrative Agent on its own behalf or on behalf of a Recipient, shall be conclusive absent manifest error.

 

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(e)                
Indemnification by the Lenders. Each Lender and each Issuing 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 any Credit Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting
the obligation of the Credit Parties to do so); (ii) any Taxes attributable to such Lender’s failure to comply with the provisions
of Section 12.9(d) relating to the maintenance of a Participant Register; and (iii) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off
and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative
Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (e). Any amounts
set off and applied by the Administrative Agent pursuant to the preceding sentence in respect of amounts paid by the Borrower shall
be treated as having been paid by the Borrower for purposes of the Loan Documents. The agreements in this paragraph (e) shall survive
the resignation and/or replacement of the Administrative Agent.

 

(f)                 
Evidence of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority
pursuant to this Section 5.11, such Credit Party 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.

 

 (g)                 
 Status of Lenders.

 

(i)              Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the
Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower
or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 5.11(g)(ii)(B), (ii)(C)
and (ii)(E) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or
submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Lender.

 

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

 

(A)             
The Administrative Agent, and any successor Administrative Agent that is a U.S. Person, shall deliver an executed IRS Form
W-9 to the Borrower on or prior to the date the Administrative Agent becomes a party hereto and any successor Administrative Agent
that is not a U.S. Person shall, to the extent it is legally entitled to do so, provide to the Borrower any and all forms described
in Section 5.11(g)(ii)(C) and Section 5.11(g)(ii)(D) below;

 

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

 

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

 

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

 

 (2)                
 executed copies of IRS Form W-8ECI;

 

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

(y) executed copies of IRS Form W-8BEN-E; or

 

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

 

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

 

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

 

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Each
Recipient 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.

 

(h)                 Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it is entitled and for which it has been indemnified pursuant to this Section 5.11 (including
by the payment of additional amounts pursuant to this Section 5.11), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party,
upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this
clause (h) (plus any interest imposed by the relevant Governmental Authority) in the event that such indemnified party is
required to repay such refund to such Governmental Authority and the requirement to repay such refund to such Governmental
Authority is not due to the indemnified party’s failure to file a timely and accurate form or certification or timely
update such form for certification as required pursuant to Section 5.11(g). Notwithstanding anything to the contrary in this
clause (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
clause (h) if: (i) payment of the additional amounts pursuant to this Section 5.11 are not due to the indemnified
party’s failure to file a timely and accurate form or certification or timely update such form or certification as
required pursuant to Section 5.11(g); and (ii) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any
indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person.

 

(i)                 
Tax Reporting Cooperation. The Administrative Agent shall, to the extent such information is in its possession, provide
the information reasonably requested by the Borrower for the purpose of complying with the requirements of Treasury Regulations
Section 1.1273-2(f)(9) to the extent such regulation is applicable to any Loan made pursuant to this Agreement.

 

(j)                 
Survival. Each party’s obligations under this Section 5.11 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments
and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

SECTION 5.12       Mitigation Obligations; Replacement
of Lenders.

 

(a)                 Designation
of a Different Lending Office. If any Lender requests compensation under Section 5.10, or requires the Borrower to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 5.11, then such Lender shall, at the request of the Borrower, use reasonable efforts to designate
a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment: (i) would
eliminate or reduce amounts payable pursuant to Section 5.10 or Section 5.11, 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.

 

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(b)                
Replacement of Lenders. If any Lender requests compensation under Section 5.10, or if the Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 5.11, and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with Section 5.12(a), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, 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 12.9), all
of its interests, rights (other than its existing rights to payments pursuant to Section 5.10 or Section 5.11) and
obligations under this Agreement and the related Loan Documents (or in the case of a Non-Consenting Lender, all of such interests,
rights and obligations with respect to the Series or Class of Loans or Commitments that is the subject of the related consent,
waiver, amendment, modification or termination) to an Eligible 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 (if any) specified in Section 12.9;

 

(ii)              such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded participations
in Letters of Credit and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder
and under the other Loan Documents (including any amounts under Section 5.9) 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 5.10 or payments required
to be made pursuant to Section 5.11, such assignment will result in a reduction in such compensation or payments thereafter;

 

 (iv)            such assignment does not conflict with Applicable Law; and

 

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

 

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

 

SECTION 5.13       Incremental Loans.

 

(a)                
At any time after the Effective Date, the Borrower may by written notice to the Administrative Agent elect to request the
establishment of:

 

(i)              one or more incremental term loan commitments (any such incremental term loan commitment, an “Incremental Term
Loan Commitment”) to make one or more incremental term loans (any such incremental term loan, an “Incremental
Term Loan”); or

 

(ii)             one or more increases in the Revolving Credit Commitments (any such increase, an “Incremental Revolving Credit
Commitment” and, together with the Incremental Term Loan Commitments, the “Incremental Loan Commitments”)
to make revolving credit loans under the Revolving Credit Facility (any such increase, an “Incremental Revolving Credit
Increase” and, together with the Incremental Term Loans, the “Incremental Loans”);

 

provided that: (x)
the total aggregate principal amount for all such Incremental Loan Commitments shall not (as of any date of incurrence thereof)
exceed $250,000,000; and (y) the total aggregate amount for each Incremental Loan Commitment shall not be less than a minimum principal
amount of $10,000,000 or, if less, the remaining amount permitted pursuant to the foregoing clause (x).

 

(b)                
Each such notice shall specify the date (each, an “Increased Amount Date”) on which the Borrower proposes
that any Incremental Loan Commitment shall be effective, which shall be a date not less than ten (10) Business Days after the date
on which such notice is delivered to Administrative Agent (or such later date as approved by the Administrative Agent). The Borrower
may invite any Lender, any Affiliate of any Lender, any Approved Fund, and/or any other Person reasonably satisfactory to the Administrative
Agent, to provide an Incremental Loan Commitment (any such Person, an “Incremental Lender”). Any proposed Incremental
Lender offered or approached to provide all or a portion of any Incremental Loan Commitment may elect or decline, in its sole discretion,
to provide such Incremental Loan Commitment.

 

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(c)                
Any Incremental Loan Commitment shall become effective as of such Increased Amount Date; provided that:

 

(i)                                   
either (A) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to (I) any
Incremental Loan Commitment; (II) the making of any Incremental Loans pursuant thereto; and (III) any Permitted Acquisition
or other Investment consummated in connection therewith or (B) in the case of an Incremental Term Loan used to finance a Limited
Condition Acquisition, if the Lenders providing such Incremental Term Loans have so agreed, then (I) no Default or Event of
Default shall exist on the date the applicable Permitted Acquisition Documents are entered into and (II) no Event of Default
under Sections 10.1(a), (b), (h) or (i) shall exist on the Increased Amount Date before or after giving effect to (1) such
Incremental Term Loan Commitment; (2) the making of any Incremental Term Loans pursuant thereto; and (3) such Permitted
Acquisition or other Investment consummated in connection therewith;

 

(ii)                                
the Administrative Agent and the Lenders shall have received from the Borrower an Officer’s Compliance Certificate demonstrating,
in form and substance reasonably satisfactory to the Administrative Agent, that the Borrower is in compliance with the financial
covenants set forth in Section 9.14 (in the case of the Consolidated Total Net Leverage
Ratio, as such level may be adjusted during a Consolidated Total Net Leverage Ratio Holiday, if applicable at such time)
both before and after giving effect (on a Pro Forma Basis) to: (A) any Incremental Loan Commitment; (B) the making of
any Incremental Loans pursuant thereto (with any Incremental Loan Commitment being deemed to be fully funded) (provided that the
cash proceeds of such Incremental Loans shall not be included in any cash netting); (C) any Permitted Acquisition or other
Investment consummated in connection therewith; and (D) any refinancing of Indebtedness or other event giving rise to a pro
forma adjustment; provided that in the case of an Incremental Term Loan used to finance a Limited Condition Acquisition,
if the Lenders providing such Incremental Term Loans have so agreed, compliance with this clause (ii) shall be tested as of
the date the applicable Permitted Acquisition Documents are entered into (and, for the avoidance of doubt, such determination of
compliance with respect to this clause (ii) shall give effect to such Limited Condition Acquisition and the incurrence of
any Indebtedness in connection therewith);

 

(iii)                            
each of the representations and warranties contained in Article VII shall be true and correct in all material respects,
except to the extent any such representation and warranty is qualified by materiality or reference to Material Adverse Effect,
in which case, such representation and warranty shall be true and correct in all respects, on such Increased Amount Date with the
same effect as if made on and as of such date (except for any such representation and warranty that by its terms is made only as
of an earlier date, which representation and warranty shall remain true and correct as of such earlier date); provided that
in the case of an Incremental Term Loan used to finance a Limited Condition Acquisition, if the Lenders providing such Incremental
Term Loans have so agreed, this clause (iii) shall be subject to customary “SunGard” limitations that instead
require the accuracy of customary “specified representations” and “specified acquisition agreement representations”;

 

(iv)                             
the proceeds of any Incremental Loans shall be used for general corporate purposes of the Borrower and its Subsidiaries (including
Permitted Acquisitions);

 

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(v)                                
each Incremental Loan Commitment (and the Incremental Loans made thereunder) shall constitute Obligations of the Borrower and shall
be secured and guaranteed with the other Extensions of Credit on a pari passu basis;

 

(vi)                                

in the case of:

 

(A)               
each Incremental Term Loan (the terms of which shall be set forth in the relevant Lender Joinder Agreement):

 

(1)                
such Incremental Term Loan shall not (I) have a maturity date earlier than the Revolving Credit Maturity Date (after giving
effect to any extension under Section 5.16), or (II) amortize at a rate greater than 15.0% per annum at any time
prior to the Revolving Credit Maturity Date (after giving effect to any extension under Section 5.16);

 

(2)                
the Applicable Margin and pricing grid, if applicable, for such Incremental Term Loan shall be determined by the applicable Incremental
Lenders and the Borrower on the applicable Increased Amount Date; and

 

(3)                
except as provided above, all other terms and conditions applicable to any Incremental Term Loan, to the extent not consistent
with the terms of the then existing Revolving Credit Facility (subject to customary adjustments to reflect the term loan nature
of such Incremental Term Loan) and applicable prior to the Revolving Credit Maturity Date, shall be reasonably satisfactory to
the Administrative Agent and the Borrower (it being understood that any term or condition applicable to any Incremental Term Loan
that is more favorable to the Incremental Lender making such Incremental Term Loan than the corresponding term or condition is
to the Lenders making the Revolving Credit Commitments shall be deemed reasonably satisfactory to the Administrative Agent if the
Lenders making the Revolving Credit Commitments receive the benefit of such more favorable term or condition applicable to any
Incremental Term Loan through the addition of such more favorable term or condition to the Loan Documents for the benefit of the
Lenders making the Revolving Credit Commitments);

 

(B)              
each Incremental Revolving Credit Increase (the terms of which shall be set forth in the relevant Lender Joinder Agreement):

 

(1)                
such Incremental Revolving Credit Increase shall mature on the Revolving Credit Maturity Date, shall bear interest, and be
entitled to fees, in each case at a rate determined by the applicable Incremental Lenders and the Borrower, and shall be
subject to the same terms and conditions as the Revolving Credit Loans; provided that if the interest rate margins
and/or unused fees, as applicable, in respect of any Incremental Revolving Credit Increase exceed the interest rate margins
and/or unused fees, as applicable, for the then existing Revolving Credit Facility (as determined by the Administrative
Agent), then the interest rate margins and/or unused fees, as applicable, for the then existing Revolving Credit Facility
shall be increased so that the interest rate margins and/or unused fees, as applicable, are equal to the interest rate
margins and/or unused fees for such Incremental Revolving Credit Increase; provided further that, in determining the
interest rate margins and unused fees applicable to the Incremental Revolving Credit Increase and the then existing Revolving
Credit Facility under this clause (1): (x) any upfront fees payable by the Borrower to the Lenders under the
then-existing Revolving Credit Facility or any Incremental Revolving Credit Increase, in each case in the initial primary
syndication thereof, shall be excluded, and the effects of any and all interest rate floors, shall be included;
(y) customary arrangement or commitment fees payable to any Arranger (or its affiliates) or to one or more arrangers (or
their affiliates) in connection with the then existing Revolving Credit Commitments or to one or more arrangers (or their
affiliates) of any Incremental Revolving Credit Increase shall be excluded; and (z) in the event that, at the time of
determination, the Applicable Margin is determined based on a pricing grid, the interest rate margins and unused fees shall
be measured for purposes of this clause (1) by reference to each level of the pricing grid;

 

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(2)                
the outstanding Revolving Credit Loans and Revolving Credit Commitment Percentages of Swingline Loans and L/C Obligations will
be reallocated by the Administrative Agent on the applicable Increased Amount Date among the Revolving Credit Lenders (including
the Incremental Lenders providing such Incremental Revolving Credit Increase) in accordance with their revised Revolving Credit
Commitment Percentages (and the Revolving Credit Lenders (including the Incremental Lenders providing such Incremental Revolving
Credit Increase) agree to make all payments and adjustments necessary to effect such reallocation and the Borrower shall pay any
and all costs required pursuant to Section 5.9 in connection with such reallocation as if such reallocation were a
repayment); and

 

(3)                
except as provided above, all of the other terms and conditions applicable to such Incremental Revolving Credit Increase shall,
except to the extent otherwise provided in this Section 5.13, be identical to the terms and conditions applicable to
the Revolving Credit Facility;

 

(vii)                         
(A) each Incremental Term Loan shall receive proceeds of prepayments on the same basis as any other Term Loans, such prepayments
to be shared pro rata on the basis of the original aggregate funded amount thereof among all of the Term Loans unless the
applicable Incremental Lenders have agreed to receive less than a pro rata share of such prepayments; and

 

(B) any Extensions of Credit
made in connection with each Incremental Revolving Credit Increase shall receive proceeds of prepayments on the same basis as the
other Revolving Credit Loans made hereunder;

 

(viii)                      
such Incremental Loan Commitments shall be effected pursuant to one or more Lender Joinder Agreements executed and delivered by
the Borrower, the Administrative Agent and the applicable Incremental Lenders (which Lender Joinder Agreement may, without the
consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate,
in the opinion of the Administrative Agent, to effect the provisions of this Section 5.13); and

 

(ix)                             
the Borrower shall deliver or cause to be delivered any customary legal opinions or other documents (including, without
limitation, supplements or modifications to the Security Documents (including Mortgage modifications and title endorsements)
and a resolution duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such
Incremental Loan and/or Incremental Loan Commitment) reasonably requested by Administrative Agent in connection with any such
transaction.

 

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(d)                
The Incremental Term Loans shall be deemed to be Term Loans; provided that such Incremental Term Loan may be designated
as a separate Series of Term Loans for all purposes of this Agreement as set forth in the applicable Lender Joinder Agreement.
The Incremental Revolving Credit Commitments shall be deemed to be Revolving Credit Commitments and shall become part of the Revolving
Credit Facility.

 

(e)                
From and after the effectiveness of any Incremental Loan Commitments on an Increased Amount Date, the Incremental Lenders holding
such Incremental Loan Commitments shall be included in any determination of the Required Lenders or Required Revolving Credit Lenders,
as applicable, and, unless otherwise agreed, the Incremental Lenders will not constitute a separate voting class for any purposes
under this Agreement.

 

(f)                 
On any Increased Amount Date on which any Incremental Term Loan Commitment becomes effective, subject to the foregoing terms and
conditions, each Incremental Lender with an Incremental Term Loan Commitment shall make, or be obligated to make, an Incremental
Term Loan to the Borrower in an amount equal to its Incremental Term Loan Commitment and shall become a Term Loan Lender hereunder
with respect to such Incremental Term Loan Commitment and the Incremental Term Loan made pursuant thereto.

 

(g)                
On any Increased Amount Date on which any Incremental Revolving Credit Increase becomes effective, subject to the foregoing terms
and conditions, from and after the effectiveness of such Incremental Revolving Credit Increase, each Incremental Lender with an
Incremental Revolving Credit Commitment shall become a Revolving Credit Lender hereunder with respect to such Incremental Revolving
Credit Commitment.

 

SECTION 5.14       Cash
Collateral. At any time that there shall exist a Defaulting Lender, within one (1) Business Day following the written
request of the Administrative Agent, any Issuing Lender (with a copy to the Administrative Agent) or the Swingline Lender (with
a copy to the Administrative Agent), the Borrower shall Cash Collateralize the Fronting Exposure of such Issuing Lender and/or
the Swingline Lender, as applicable, with respect to such Defaulting Lender (determined after giving effect to Section 5.15(a)(iv) and
any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. Additionally,
if the Administrative Agent notifies the Borrower at any time that the L/C Obligations at such time exceeds 102% of the L/C Sublimit
then in effect, then, within two (2) Business Days after receipt of such notice, the Borrower shall provide Cash Collateral
for the L/C Obligations in an amount not less than the amount by which the L/C Obligations exceeds the L/C Sublimit.

 

(a)                 Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby
grants to the Administrative Agent, for the benefit of each Issuing Lender and the Swingline Lender, and agrees to maintain,
a first priority security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to
fund participations in respect of L/C Obligations and Swingline Loans, to be applied pursuant to Section 5.15(b).
If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other
than the Administrative Agent, each Issuing Lender and the Swingline Lender as herein provided, or that the total amount of
such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to
eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender).

 

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(b)                
Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 5.14
or Section 5.15 in respect of Letters of Credit and Swingline Loans shall be applied to the satisfaction of the Defaulting
Lender’s obligation to fund participations in respect of L/C Obligations and Swingline Loans (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior
to any other application of such property as may otherwise be provided for herein.

 

(c)                
Termination of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure
of any Issuing Lender and/or the Swingline Lender, as applicable, shall no longer be required to be held as Cash Collateral pursuant
to this Section 5.14 following (i) the elimination of the applicable Fronting Exposure (including by the termination
of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent, the Issuing
Lenders and the Swingline Lender that there exists excess Cash Collateral; provided that, subject to Section 5.15,
the Person providing Cash Collateral, the Issuing Lenders and the Swingline Lender may agree that Cash Collateral shall be held
to support future anticipated Fronting Exposure or other obligations; and provided further that to the extent that such
Cash Collateral was provided by the Borrower, such Cash Collateral shall remain subject to the security interest granted pursuant
to the Loan Documents.

 

SECTION 5.15     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 12.2.

 

(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 X or
otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 12.4 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, to the payment on a pro
rata basis of any amounts owing by such Defaulting Lender to the Issuing Lenders or the Swingline Lender hereunder; third,
to Cash Collateralize the Fronting Exposure of the Issuing Lenders and the Swingline Lender with respect to such Defaulting
Lender in accordance with Section 5.14; fourth, as the Borrower may request (so long as no Default or
Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if
so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in
order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans and
funded participations under this Agreement and (B) Cash Collateralize the Issuing Lenders’ future Fronting
Exposure with respect to such Defaulting Lender with respect to future Letters of Credit and Swingline Loans issued under
this Agreement, in accordance with Section 5.14; sixth, to the payment of any amounts owing to the
Lenders, the Issuing Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender, any Issuing Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations
under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (1) such payment is a payment of the principal amount of any Loans or funded
participations in Letters of Credit or Swingline Loans in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (2) such Loans were made or the related Letters of Credit or Swingline Loans were issued at a
time when the conditions set forth in Section 6.2 were satisfied or waived, such payment shall be applied solely
to pay the Loans of, and funded participations in Letters of Credit or Swingline Loans owed to, all Non-Defaulting Lenders on
a pro rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit
or Swingline Loans owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C
Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Revolving Credit Commitments
under the applicable Revolving Credit Facility without giving effect to Section 5.15(a)(iv). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 5.15(a)(ii) shall be deemed paid to
and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)                                
Certain Fees.

 

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

 

(B)              
Each Defaulting Lender shall be entitled to receive letter of credit commissions pursuant to Section 3.3 for any period
during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Credit Commitment Percentage of the
stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 5.14.

 

(C)              
With respect to any Commitment Fee or letter of credit commission not required to be paid to any Defaulting Lender pursuant to
clause (A) or (B) above, the Borrower shall: (1) pay to each Non-Defaulting Lender that portion of any such fee
otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or
Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below; (2) pay to each
applicable Issuing Lender and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting
Lender to the extent allocable to such Issuing Lender’s or Swingline Lender’s Fronting Exposure to such Defaulting
Lender; and (3) not be required to pay the remaining amount of any such fee.

 

(iv)                              Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in L/C
Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender’s Revolving Credit
Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any
Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Credit Commitment. NoSubject
to Section 12.24, no reallocation hereunder shall constitute a waiver or release of any claim of any party
hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a
Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

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(v)                                
Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only
partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law: (x) first,
repay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure; and (y) second,
Cash Collateralize the Issuing Lenders’ Fronting Exposure in accordance with the procedures set forth in Section 5.14.

 

(b)                
Defaulting Lender Cure. If the Borrower, the Administrative Agent, the Issuing Lenders and the Swingline Lender agree in
writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements
with respect to any Cash Collateral), 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 and
funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance
with the Commitments under the applicable Credit Facility (without giving effect to Section 5.15(a)(iv)), whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to
fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided further
that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

 

SECTION 5.16     Amend
and Extend Transactions.

 

(a)                
The Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, an
 “Extension”) of the maturity date of any Series of Loans and Commitments to the extended maturity
date specified in such notice. Such notice shall: (i) set forth the amount of the applicable Series of Revolving
Credit Commitments and/or Term Loans that will be subject to the Extension (which shall be in minimum increments of
$10,000,000 and a minimum amount of $50,000,000); (ii) set forth the date on which such Extension is requested to become
effective (which shall be not less than ten (10) Business Days nor more than sixty (60) days after the date of such
Extension notice (or such longer or shorter periods as the Administrative Agent shall agree in its sole discretion));
(iii) identify the relevant Series of Revolving Credit Commitments and/or Term Loans to which such Extension
relates; and (iv) specify any other amendments or modifications to this Agreement to be effected in connection with such
Extension, which amendments or modifications shall apply only to the applicable Extended Revolving Credit Commitments or
Extended Term Loans and shall comply with Section 5.16(c). Each Lender of the applicable Series shall be
offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on
the same terms and conditions as each other Lender of such Series pursuant to procedures established by, or reasonably
acceptable to, the Administrative Agent and the Borrower. If the aggregate principal amount of Revolving Credit Commitments
or Term Loans in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate
principal amount of Revolving Credit Commitments or Term Loans, as applicable, subject to the Extension Offer as set forth in
the Extension notice, then the Revolving Credit Commitments or Term Loans, as applicable, of Lenders of the applicable
Series shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to
which such Lenders have accepted such Extension Offer. Each group of Term Loans or Revolving Credit Commitments, as
applicable, in each case as so extended pursuant to this Section 5.16, as well as the Term Loans and the
Revolving Credit Commitments made on the Effective Date (in each case not so extended), shall be deemed a separate Series;
any Extended Term Loans shall constitute a separate Series of Term Loans from the Series of Term Loans from which
they were converted; and any Extended Revolving Credit Commitments shall constitute a separate Series of Revolving
Credit Commitments from the Series of Revolving Credit Commitments from which they were converted.

 

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(b)                
The following shall be conditions precedent to the effectiveness of any Extension: (i) no Default or Event of Default shall
have occurred and be continuing immediately prior to and immediately after giving effect to such Extension; (ii) the representations
and warranties set forth in Article VII and in each other Loan Document shall be deemed to be made and shall be true
and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality or reference
to Material Adverse Effect, in which case, such representation or warranty shall be true and correct in all respects) on and as
of the effective date of such Extension; (iii) the Issuing Lender and the Swingline Lender shall have consented to any Extension
of the Revolving Credit Commitments, to the extent that such Extension provides for the issuance or extension of Letters of Credit
or making of Swingline Loans at any time during the extended period; and (iv) the terms of such Extended Revolving Credit
Commitments and Extended Term Loans shall comply with paragraph (c) of this Section.

 

(c)                
The terms of each Extension shall be determined by the Borrower and the applicable extending Lenders and set forth in an Extension
Amendment; provided that (i) the final maturity date of any Series of Extended Revolving Credit Commitments or
Series of Extended Term Loans shall be no earlier than the Revolving Credit Maturity Date or the Term Loan Maturity Date for
the applicable Series, respectively; (ii)(A) there shall be no scheduled amortization of the loans or reductions of commitments
under any Extended Revolving Credit Commitments and (B) the average life to maturity of any Series of Extended Term Loans
shall be no shorter than the remaining average life to maturity of each existing Series of Term Loans; (iii) the Extended
Revolving Credit Loans and the Extended Term Loans will rank pari passu in right of payment and with respect to security with the
existing Revolving Credit Loans and the existing Term Loans and the borrower and guarantors of the Extended Revolving Credit Commitments
or Extended Term Loans, as applicable, shall be the same as the Borrower and Subsidiary Guarantors with respect to the existing
Revolving Credit Loans or Term Loans, as applicable; (iv) the interest rate margin, rate floors, fees, original issue discount
and premium applicable to any Series of Extended Revolving Credit Commitment (and the Extended Revolving Credit Loans thereunder)
and any Series of Extended Term Loans shall be determined by the Borrower and the applicable extending Lenders; (v)(A) any
Series of Extended Term Loans may participate on a pro rata or less than pro rata (but not greater than pro rata) basis in
voluntary or mandatory prepayments with the other Series of Term Loans and (B) borrowing and prepayment of Extended Revolving
Credit Loans, or reductions of Extended Revolving Credit Commitments, and participation in Letters of Credit and Swingline Loans,
shall be on a pro rata basis with the other Revolving Credit Loans or Revolving Credit Commitments (except that the Borrower shall
be permitted to permanently repay and terminate commitments of any such Series on a better than a pro rata basis as compared
to any other Series with a later maturity date than such Series); and (vi) the terms of the Extended Revolving Credit
Commitments or Extended Term Loans, as applicable, shall be substantially identical to the terms set forth herein (except as set
forth in clauses (i) through (v) above and for terms applicable only after the Revolving Credit Maturity Date (in the
case of Extended Revolving Credit Commitments) or the Latest Maturity Date (in the case of Extended Term Loans)).

 

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(d)                
In connection with any Extension, the Borrower, the Administrative Agent and each applicable extending Lender shall execute and
deliver or cause to be delivered to the Administrative Agent an Extension Amendment and such other documentation (including, without
limitation, supplements or amendments to the Security Documents, customary legal opinions, officer's certificates and resolutions
duly adopted by the board of directors (or equivalent governing body) of each Credit Party authorizing such Extension) as the Administrative
Agent shall reasonably specify to evidence the Extension. The Administrative Agent shall promptly notify each Lender as to the
effectiveness of each Extension. Any Extension Amendment may, without the consent of any other Lender, effect such amendments to
this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative
Agent and the Borrower, to implement the terms of any such Extension, including any amendments necessary to establish Extended
Revolving Credit Commitments or Extended Term Loans as a new Series of Revolving Credit Commitments or Term Loans, as applicable,
and such other amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrower
in connection with the establishment of such new Series (including to preserve the pro rata treatment of the extended and
non-extended Series and to provide for the reallocation of Revolving Credit Exposure upon the expiration or termination of
the commitments under any Class or tranche), in each case on terms consistent with this section.

 

ARTICLE VI

 

CONDITIONS OF CLOSING AND BORROWING

 

SECTION 6.1       Conditions
to Closing and Initial Extensions of Credit. The obligation of the Lenders (and the Issuing Lenders) to close this Agreement
and to make the initial Loans or issue or participate in the initial Letters of Credit, if any, is subject to the satisfaction
of each of the following conditions:

 

(a)                
Executed Loan Documents. This Agreement, a Revolving Credit Note in favor of each Revolving Credit Lender requesting a Revolving
Credit Note, a Swingline Note in favor of the Swingline Lender (in each case, if requested thereby), the Reaffirmation Agreement,
together with any other applicable Loan Documents, shall have been duly authorized, executed and delivered to the Administrative
Agent by the parties thereto (which, in the case of this Agreement shall include all “Lenders” (as defined in the Existing
Credit Agreement) (other than any such “Lenders” that are being paid off in full on the Effective Date, including the
 “Term Loan Lenders” (as defined in the Existing Credit Agreement))) and shall be 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 certifying to the effect that:

 

(A)             
each of the Credit Parties, as applicable, has satisfied each of the conditions set forth in Section 6.1 and Sections
6.2(a) and 6.2(b) hereof; and

 

(B)              
since December 31, 2018, there shall not have occurred any event or condition that has had or could reasonably be expected,
either individually or in the aggregate, to have a Material Adverse Effect.

 

(ii)                                 Certificate
of Secretary of each Credit Party. A certificate of a Responsible Officer, secretary or assistant secretary of each
Credit Party certifying as to the incumbency and genuineness of the signature of each officer of such Credit Party 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 (or equivalent), as applicable, of such Credit
Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction
of incorporation, organization or formation (or equivalent), as applicable; (B) the bylaws or other governing document
of such Credit Party as in effect on the Effective Date; (C) resolutions duly adopted by the board of directors (or
other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the
execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party; and (D) each
certificate required to be delivered pursuant to Section 6.1(b)(iii).

 

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(iii)                            
Certificates of Good Standing. Certificates as of a recent date of the good standing of each Credit Party under the laws
of its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, and, to the extent available, a
certificate of the relevant taxing authorities of such jurisdictions certifying that such Credit Party has filed required tax returns
and owes no delinquent taxes.

 

(iv)                             
Opinions of Counsel. Customary and reasonably satisfactory opinions of counsel to the Credit Parties (including opinions
of local counsel to the Credit Parties as may be reasonably requested by the Administrative Agent) addressed to the Administrative
Agent and the Lenders with respect to the Credit Parties, the Loan Documents, and such other matters as the Administrative Agent
shall reasonably request (which such opinions shall expressly permit reliance by permitted successors and assigns of the Administrative
Agent and the Lenders).

 

(c)                

Personal Property Collateral.

 

(i)                                   
Filings and Recordings. The Administrative Agent shall have received all filings and recordations that are necessary to
perfect the security interests of the Administrative Agent, on behalf of the Secured Parties, in the Collateral and the Administrative
Agent shall have received evidence reasonably satisfactory to the Administrative Agent that upon such filings and recordations
such security interests continue to constitute valid and perfected first priority Liens thereon (subject to Permitted Liens).

 

(ii)                                
Pledged Collateral. The Administrative Agent shall have received: (A) original stock certificates or other certificates
evidencing the certificated Equity Interests pledged pursuant to the Security Documents, together with an undated stock power for
each such certificate duly executed in blank by the registered owner thereof; and (B) each original promissory note pledged
pursuant to the Security Documents together with an undated allonge for each such promissory note duly executed in blank by the
holder thereof.

 

(iii)                            
Lien Search. The Administrative Agent shall have received the results of a Lien search (including a search as to judgments,
pending litigation, bankruptcy, tax and intellectual property matters), made against the Credit Parties under the Uniform Commercial
Code (or applicable judicial docket) as in effect in each jurisdiction in which filings or recordations under the Uniform Commercial
Code should be made to evidence or perfect security interests in all assets of such Credit Party, indicating among other things
that the assets of each such Credit Party are free and clear of any Lien (except for Permitted Liens and Liens to be released on
the Effective Date).

 

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(iv)                             
Property and Liability Insurance. The Administrative Agent shall have received, in each case in form and substance reasonably
satisfactory to the Administrative Agent, evidence of property, business interruption and liability insurance covering each Credit
Party (with appropriate endorsements naming the Administrative Agent as lender’s loss payee (and mortgagee, as applicable)
on all policies for property hazard insurance and as additional insured on all policies for liability insurance), and if requested
by the Administrative Agent, copies of such insurance policies.

 

(v)                                
Perfection Certificate. The Administrative Agent shall have received a Perfection Certificate with respect to the Credit
Parties dated the Effective Date and duly executed by a Responsible Officer of each Credit Party.

 

(vi)                             
Other Collateral Documentation. The Administrative Agent shall have received any documents required by the terms of the
Security Documents to evidence its security interest in the Collateral (including, without limitation, filings evidencing a security
interest in any intellectual property included in the Collateral).

 

(d)                
Governmental and Third-Party Approvals. All material Governmental Approvals and material third party approvals and/or consents
and all equityholder and board of directors (or comparable entity management body) authorizations shall have been obtained and
shall be in full force and effect.

 

(e)                

Financial Matters.

 

(i)                                    Financial
Statements. The Administrative Agent shall have received: (A) the audited Consolidated balance sheet of the Borrower
and its Subsidiaries and the related audited Consolidated statements of income, stockholder’s equity, and cash flows,
for the three (3) most recently completed Fiscal Years ending at least ninety (90) days prior to the Effective Date; and
(B)  the unaudited Consolidated balance sheet of the Borrower and its Subsidiaries and related unaudited Consolidated
statements of income and cash flows for each interim fiscal quarter ended since the date of the last audited Consolidated
balance sheets and related statements of income, stockholder’s equity, and cash flows, but prior to the date that is
forty-five (45) days prior to the Effective Date.

 

(ii)                                
Financial Projections. The Administrative Agent shall have received projections prepared by management of the Borrower of
balance sheets, income statements and cash flow statements of the Borrower and its Subsidiaries on a Consolidated basis prepared
on a quarterly basis for the first year following the Effective Date and on an annual basis for each year thereafter during the
term of the Credit Facility.

 

(iii)                            
Solvency Certificate. The Borrower shall have delivered to the Administrative Agent a certificate, in substantially the
form attached hereto as Exhibit I and certified as accurate by the chief financial officer of the Borrower (or by another
officer with equivalent duties), stating that, after giving pro forma effect to the Transactions, the Borrower and its Subsidiaries
(on a consolidated basis) are Solvent.

 

(iv)                              Payment
at Closing. The Borrower shall have paid or made arrangements to pay contemporaneously with closing: (A) to the
Administrative Agent, the Arrangers and the Lenders, the fees set forth or referenced in Section 5.3 and any
other accrued and unpaid fees or commissions due hereunder; and (B) all reasonable and documented fees and expenses of
counsel to the Administrative Agent and the Arrangers (directly to such counsel if requested by the Administrative Agent or
any of the Arrangers) to the extent the Borrower has received an invoice for such fees and expenses at least one
(1) Business Day prior to the Effective Date.

 

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(f)                

Miscellaneous.

 

(i)                                   
Notice of Account Designation. The Administrative Agent shall have received a Notice of Account Designation specifying the
account or accounts to which the proceeds of any Loans made on the Effective Date are to be disbursed.

 

(ii)                                
Existing Indebtedness/Refinancing. The Refinancing shall have been consummated prior to, or substantially simultaneously
with, the initial Extensions of Credit on the Effective Date. All other existing Indebtedness of the Borrower and its Subsidiaries
(excluding Indebtedness permitted pursuant to Section 9.1) shall be repaid in full, all commitments (if any) in respect thereof
shall have been terminated and all guarantees therefor and security therefor shall be released, and the Administrative Agent shall
have received pay-off letters in form and substance satisfactory to it evidencing such repayment, termination and release.

 

(iii)                            
PATRIOT Act, etc. The Borrower and each of the Subsidiary Guarantors shall have provided to the Administrative Agent
and the Lenders, at least three (3) Business Days prior to the Effective Date, all documentation and other information that
has been reasonably requested by the Administrative Agent or any of the Arrangers in writing at least seven (7) Business Days
prior to the Effective Date, in order to comply with requirements of the PATRIOT Act and applicable “know your customer”
and anti-money laundering rules and regulations (including any certification required under the requirements of 31 C.F.R.
 §1010.230 (the “Beneficial Ownership Regulation”).

 

(iv)                             
Absence of Litigation, etc. There shall not exist any action, suit, investigation, judgment, order, injunction or other
proceeding pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator or Governmental Authority
that could reasonably be expected to have a Material Adverse Effect.

 

Without limiting the generality of the
provisions of Section 11.4, for purposes of determining compliance with the conditions specified in this Section 6.1,
the Administrative Agent and each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying
its objection thereto.

 

SECTION 6.2       Conditions
to All Extensions of Credit. The obligations of the Lenders to make or participate in any Extensions of Credit (including the
initial Extension of Credit), convert or continue any Loan, and/or any Issuing Lender to issue or extend any Letter of Credit are
subject to the satisfaction of the following conditions precedent on the relevant borrowing, continuation, conversion, issuance
or extension date:

 

(a)                 Continuation
of Representations and Warranties. In the case of each Extension of Credit hereunder, except as set forth in Section 5.13(c)(iii),
the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all
material respects, except for any representation and warranty that is qualified by materiality or reference to Material
Adverse Effect, which such representation and warranty shall be true and correct in all respects, on and as of such
borrowing, continuation, conversion, issuance, increase or extension date with the same effect as if made on and as of such
date (except for any such representation and warranty that by its terms is made only as of an earlier date, which
representation and warranty shall remain true and correct in all material respects as of such earlier date, except for any
representation and warranty that is qualified by materiality or reference to Material Adverse Effect, which such
representation and warranty shall be true and correct in all respects as of such earlier date).

 

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(b)                
No Existing Default. With respect to any Extension of Credit, except as set forth in Section 5.13(c)(i), no
Default or Event of Default shall have occurred and be continuing: (i) on the borrowing, continuation, or conversion date
with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date; or (ii) on
the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such
Letter of Credit on such date.

 

(c)                
Notices. The Administrative Agent shall have received a Notice of Borrowing, Letter of Credit Application, or Notice of
Conversion/Continuation, as applicable, from the Borrower in accordance with Section 2.3(a), Section 3.2
or Section 5.2, as applicable.

 

(d)                 New
Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender: (i) the Swingline Lender
shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving
effect to such Swingline Loan; and (ii) the Issuing Lender shall not be required to issue, extend, renew or increase any
Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

(e)                
Letters of Credit in Alternative Currencies. In the case of an Extension of Credit consisting of a Letter of Credit to be
denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political
or economic conditions or currency exchange rates or exchange controls which in the reasonable opinion of Administrative Agent
and the Issuing Lender would make it impracticable for such Letter of Credit to be denominated in the relevant Alternative Currency.

 

ARTICLE VII

 

REPRESENTATIONS AND WARRANTIES
OF THE CREDIT PARTIES

 

To induce the Administrative
Agent and Lenders to enter into this Agreement and to induce the Lenders to make Extensions of Credit, the Credit Parties hereby
represent and warrant 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 Effective Date and as otherwise set forth in Section 6.2,
that:

 

SECTION 7.1     Organization;
Power; Qualification. Each Credit Party and each Subsidiary thereof: (a) is duly organized, validly existing and in good
standing (to the extent the concept is applicable in such jurisdiction) under the laws of the jurisdiction of its incorporation
or formation; (b) has the power and authority to own its Properties and to carry on its business as now being and hereafter
proposed to be conducted; and (c) is duly qualified and authorized to do business in each jurisdiction in which the character
of its Properties or the nature of its business requires such qualification and authorization except in jurisdictions where the
failure to be so qualified or in good standing could not reasonably be expected to result in a Material Adverse Effect. The jurisdictions
in which each Credit Party and each Subsidiary thereof are organized and qualified to do business as of the Effective Date are
described on Schedule 7.1 of the Disclosure Letter.

 

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SECTION 7.2       Ownership.
Each Subsidiary of each Credit Party as of the Effective Date is listed on Schedule 7.2 of the Disclosure Letter, including
its designation as an Excluded Subsidiary, if applicable. As of the Effective Date, the capitalization of each Credit Party and
its Subsidiaries consists of the number of shares, authorized, issued and outstanding, of such classes and series, with or without
par value, described on Schedule 7.2 of the Disclosure Letter. All outstanding shares have been duly authorized and validly
issued and are fully paid and nonassessable and not subject to any preemptive or similar rights, except as described in Schedule
7.2 of the Disclosure Letter. The shareholders or other owners, as applicable, of each Credit Party (other than the Borrower)
and its Subsidiaries and the number of shares owned by each as of the Effective Date are described on Schedule 7.2 of the
Disclosure Letter. As of the Effective Date, there are no outstanding stock purchase warrants, subscriptions, options, securities,
instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide
for or require the issuance of Equity Interests of any Credit Party (other than the Borrower) or any Subsidiary thereof, except
as described on Schedule 7.2 of the Disclosure Letter.

 

SECTION 7.3      Authorization;
Enforceability. Each Credit Party and each Subsidiary thereof has the right, power and authority and has taken all necessary
corporate and other action to authorize the execution, delivery and 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 each Credit Party and each Subsidiary thereof that is a party thereto,
and each such document constitutes the legal, valid and binding obligation of each Credit Party and each Subsidiary thereof that
is a party thereto, enforceable 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 7.4      Compliance
of Agreement, Loan Documents and Borrowing with Laws, Etc. The execution, delivery and performance by each Credit Party
and each Subsidiary thereof of the Loan Documents to which each such Person is a party in accordance with their respective
terms, the Extensions of Credit hereunder, and the transactions contemplated hereby or thereby, do not and will not, by the
passage of time, the giving of notice or otherwise: (a) require any Governmental Approval or violate any Applicable Law
relating to any Credit Party or any Subsidiary thereof where the failure to obtain such Governmental Approval or such
violation could reasonably be expected to have a Material Adverse Effect; (b) conflict with, result in a breach of or
constitute a default under the articles of incorporation, bylaws or other organizational documents of any Credit Party or any
Subsidiary thereof; (c) conflict with, result in a breach of or constitute a default under any indenture, agreement or
other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental Approval
relating to such Person, which could, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect; (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 such Person other than Permitted Liens; or (e)  require any consent or authorization of, filing
with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in
connection with the execution, delivery, performance, validity or enforceability of this Agreement other than:
(i) consents, authorizations, filings or other acts or consents for which the failure to obtain or make could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) consents or filings
under the UCC; (iii) filings with the United States Copyright Office and/or the United States Patent and Trademark
Office; and (iv) Mortgage filings with the applicable county recording office or register of deeds.

 

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SECTION 7.5
       Compliance with Law; Governmental Approvals. Each Credit Party and each Subsidiary
thereof: (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business as currently
being conducted, each of which is in full force and effect, is final and not subject to review on appeal and is not the
subject of any pending or, to its knowledge, threatened attack by direct or collateral proceeding; (b) is in compliance
with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of
its respective properties; and (c) has timely filed all material reports, documents and other materials required to be
filed by it under all Applicable Laws with any Governmental Authority and has retained all material records and documents
required to be retained by it under Applicable Law except in each case of clause (a), (b) or (c) where the failure
to have, comply or file could not reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.6       Tax
Returns and Payments. Each Credit Party and each Subsidiary thereof has duly filed or caused to be filed all income and other
federal, state, local and other Tax returns required by Applicable Law to be filed, except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect, and has paid, or made adequate provision for the payment of,
all income and other federal, state, local and other taxes, assessments and governmental charges or levies upon it and its property,
income, profits and assets which are due and payable (other than any amount the validity of which is currently being contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the
books of the relevant Credit Party and except to the extent that failure do so could not reasonably be expected to have a Material
Adverse Effect). Such returns accurately reflect in all material respects all liability for taxes of any Credit Party or any Subsidiary
thereof for the periods covered thereby. As of the Effective Date, except as set forth on Schedule 7.6 of the Disclosure
Letter, there is no ongoing audit or examination or, to its knowledge, other investigation by any Governmental Authority of the
tax liability of any Credit Party or any Subsidiary thereof. No Governmental Authority has asserted any Lien or other claim against
any Credit Party or any Subsidiary thereof with respect to unpaid taxes which has not been discharged or resolved (other than (a) any
amount the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves
in conformity with GAAP have been provided for on the books of the relevant Credit Party and (b) Permitted Liens). The charges,
accruals and reserves on the books of each Credit Party and each Subsidiary thereof in respect of federal, state, local and other
taxes for all Fiscal Years and portions thereof since the organization of any Credit Party or any Subsidiary thereof are in the
judgment of the Borrower adequate, and the Borrower does not anticipate any additional material taxes or assessments for any of
such years.

 

SECTION 7.7       Intellectual
Property Matters. Each Credit Party and each Subsidiary thereof owns, licenses, or otherwise 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 and other rights with respect to the foregoing
which are reasonably necessary to conduct its business as currently conducted. No event has occurred which permits, or after notice
or lapse of time or both would permit, the revocation or termination of any such material rights, and no Credit Party nor any Subsidiary
thereof is liable to any Person for infringement under Applicable Law with respect to any such rights as a result of its business
operations, except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.8       Health
Care Regulatory Matters.

 

(a)                
The products of each Credit Party and each of its Subsidiaries that are subject to the regulations of the FDA (or similar
Applicable Laws of other Governmental Authorities in any domestic or foreign jurisdiction) are in compliance with all
applicable requirements of the FDA (and of all corresponding state, local and foreign Applicable Laws of other Governmental
Authorities), except where the failure to comply, individually or in the aggregate, could not reasonably be expected to have
a Material Adverse Effect. No Credit Party nor any of its Subsidiaries has received any written notice from the FDA (or from
any other applicable Governmental Authority) alleging any material violation by a Credit Party or any of its Subsidiaries of
any Applicable Law with respect to any product of any Credit Party or any of its Subsidiaries.

 

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(b)                
To the extent applicable to any Credit Party or any of its Subsidiaries and for so long as: (i) any Credit Party or any
of its Subsidiaries is a “covered entity” as defined in 45 C.F.R. § 160.103; (ii) any Credit Party or
any of its Subsidiaries is a “business associate” as defined in 45 C.F.R. § 160.103; (iii) any Credit Party
is subject to or covered by the HIPAA Administrative Requirements codified at 45 C.F.R. Parts 160 & 162 and/or the
HIPAA Security and Privacy Requirements codified at 45 C.F.R. Parts 160 & 164; and/or (iv) any Credit Party or
any of its Subsidiaries sponsors any “group health plans” as defined in 45 C.F.R. § 160.103, such Credit
Party or such Subsidiary is in compliance with the applicable privacy, security, transaction standards, breach notification,
and other provisions and requirements of HIPAA and any comparable state laws, except where the failure to so comply,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. Except as could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) no breach or potential
breach has occurred with respect to any unsecured protected health information, as such term is defined in 45 C.F.R. §
160.103, maintained by or for Credit Party or any of its Subsidiaries, and (ii) no information security or privacy
breach event has occurred that would require notification under any comparable state laws.

 

SECTION 7.9        Environmental
Matters. Except as disclosed on Schedule 7.9 of the Disclosure Letter or
as, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, none of the properties
owned, leased or operated by the Borrower or any Subsidiary, now contain, or to the knowledge of the Borrower have previously contained,
stored, treated, used, or disposed or arranged for the disposal of (at any location), any Hazardous Materials in amounts or concentrations
which could reasonably be expected to result in any liability under, or violation of, any applicable Environmental Laws. Except
as disclosed on Schedule 7.9 of the Disclosure Letter or as , individually or in the
aggregate, could not reasonably be expected to have a Material Adverse Effect, neither Borrower nor any of its Subsidiaries has
assumed, by contract or operation of law, any material liability of any third party arising under any applicable Environmental
Laws. The Borrower and each Subsidiary and such properties and all operations conducted in connection therewith are in compliance,
and have been in compliance, in all material respects with all applicable Environmental Laws, including, without limitation, any
permits issued or required thereunder. Borrower and its Subsidiaries currently hold, and at all relevant times have held, all material
permits required under applicable Environmental Laws, and all such material permits are valid and in full force and effect, and
not subject to any pending or, to the knowledge of Borrower, threatened proceeds that could reasonably be expected lead to any
suspension, modification, termination or revocation of any such permits. There are no actions, suits, proceedings, claims or disputes
pending or, to the knowledge of the Borrower, threatened in writing (nor has Borrower or any of its Subsidiaries received any written
notice thereof), at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its
Subsidiaries or against, or otherwise arising out of, any of their respective properties, business or revenues that allege any
material liability under, or violation of, any applicable Environmental Laws.

 

SECTION 7.10       Employee
Benefit Matters.

 

(a)                
As of the Effective Date, no Credit Party nor any ERISA Affiliate maintains or contributes to, or has any obligation under, any
Pension Plan or Multiemployer Plan other than those identified on Schedule 7.10 of the Disclosure Letter;

 

(b)                
Each Credit Party and each ERISA Affiliate is in compliance with all applicable provisions of ERISA, the Code and the
regulations and published interpretations thereunder with respect to all Employee Benefit Plans except for any required
amendments for which the remedial amendment period as defined in Section 401(b) of the Code has not yet expired and
except where a failure to so comply could not reasonably be expected to have a Material Adverse Effect. Each Employee Benefit
Plan that it is intended to be qualified under Section 401(a) of the Code has been determined by the IRS to be so
qualified (or is considered to be so qualified due to permitted reliance on an opinion letter from the IRS), and each trust
related to such plan has been determined to be exempt under Section 501(a) of the Code except for such plans and
trusts that have submitted an application for but not yet received determination letters or for which the remedial amendment
period for submitting an application for a determination letter has not yet expired. No liability has been incurred by any
Credit Party or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any
Employee Benefit Plan or any Multiemployer Plan except for a liability that could not reasonably be expected to have a
Material Adverse Effect;

 

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(c)                
As of the Effective Date, no Pension Plan has been terminated with respect to which there is any unsatisfied liability that could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, nor has any Pension Plan become subject
to funding based benefit restrictions under Section 436 of the Code, nor has any funding waiver from the IRS been received
or requested with respect to any Pension Plan, nor has any Credit Party or any ERISA Affiliate failed to make any contributions
or to pay any amounts due and owing as required by Sections 412 or 430 of the Code, Section 302 of ERISA or the terms of any
Pension Plan on or prior to the due dates of such contributions under Sections 412 or 430 of the Code or Section 302 of ERISA,
nor has there been any event requiring any disclosure under Section 4041(c)(3)(C) or 4063(a) of ERISA with respect
to any Pension Plan;

 

(d)                
Except where the failure of any of the following representations to be correct could not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect, no Credit Party nor any ERISA Affiliate has: (i) engaged in a nonexempt
prohibited transaction described in Section 406 of the ERISA or Section 4975 of the Code; (ii) incurred any liability
to the PBGC which remains outstanding other than the payment of premiums and there are no premium payments which are due and unpaid;
(iii) failed to make a required contribution or payment to a Multiemployer Plan; or (iv)  failed to make a required
installment or other required payment under Sections 412 or 430 of the Code;

 

(e)                

No Termination Event has occurred or is reasonably expected to occur;

 

(f)                 
Except where the failure of any of the following representations to be correct could not reasonably be expected, individually or
in the aggregate, to have a Material Adverse Effect, no proceeding, claim (other than a benefits claim in the ordinary course of
business), lawsuit and/or investigation is existing or, to its knowledge, threatened concerning or involving: (i) any employee
welfare benefit plan (as defined in Section 3(1) of ERISA) currently maintained or contributed to by any Credit Party
or any ERISA Affiliate; (ii) any Pension Plan; or (iii) any Multiemployer Plan.

 

(g)                
No Credit Party nor any Subsidiary thereof is a party to any contract, agreement or arrangement that could, solely as a result
of the delivery of this Agreement or the consummation of transactions contemplated hereby, result in the payment of any “excess
parachute payment” within the meaning of Section 280G of the Code.

 

SECTION 7.11       Use
of Proceeds; Margin Stock.

 

(a)                
The proceeds of the Loans and Letters of Credit are intended to be and shall be used solely for the purposes set forth in and permitted
by Section 9.17.

 

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(b)                
No Credit Party nor any Subsidiary thereof 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 or Letters of Credit 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. Following the application
of the proceeds of each Extension of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the
Borrower only or of the Borrower and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 9.2 or
Section 9.5 or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or
any Affiliate of any Lender relating to Indebtedness in excess of the Threshold Amount will be “margin stock”.

 

SECTION 7.12        Government
Regulation. No Credit Party nor any Subsidiary thereof 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) and no Credit
Party nor any Subsidiary thereof is, or after giving effect to any Extension of Credit will be, subject to regulation under any
other Applicable Law which limits its ability to incur or consummate the transactions contemplated hereby.

 

SECTION 7.13        Material
Contracts. Schedule 7.13 of the Disclosure Letter sets forth a complete and accurate list of all Material Contracts
of each Credit Party and each Subsidiary thereof in effect as of the Effective Date. Other than as set forth in Schedule 7.13
of the Disclosure Letter, as of the Effective Date, each such Material Contract is, and after giving effect to the consummation
of the transactions contemplated by the Loan Documents will continue to be, in full force and effect in accordance with the terms
thereof. To the extent requested by the Administrative Agent, each Credit Party and each Subsidiary thereof has delivered to the
Administrative Agent a true and complete copy of each Material Contract required to be listed on Schedule 7.13 of the Disclosure
Letter or any other Schedule hereto; provided that any such Material Contract may be delivered electronically in accordance with
the second paragraph of Section 8.2. As of the Effective Date, no Credit Party nor any Subsidiary thereof (nor, to
its knowledge, any other party thereto) is in breach of or in default under any Material Contract in any material respect.

 

SECTION 7.14       Employee
Relations. As of the Effective Date, no Credit Party nor any Subsidiary thereof is party to any collective bargaining agreement,
nor has any labor union been recognized as the representative of its employees except as set forth on Schedule 7.14 of the
Disclosure Letter. The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective
labor disputes involving its employees or those of its Subsidiaries that, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

 

SECTION 7.15        Burdensome
Provisions. The Credit Parties and their respective Subsidiaries do not presently anticipate that future expenditures needed
to meet the provisions of any statutes, orders, rules or regulations of a Governmental Authority will be so burdensome as
to have a Material Adverse Effect. No Subsidiary is party to any agreement or instrument or otherwise subject to any restriction
or encumbrance that restricts or limits its ability to make dividend payments or other distributions in respect of its Equity Interests
to the Borrower or any Subsidiary or to transfer any of its assets or properties to the Borrower or any other Subsidiary in each
case other than existing under or by reason of the Loan Documents or Applicable Law or as permitted under Section 9.10.

 

SECTION 7.16       
Financial Statements. The audited and unaudited financial statements delivered pursuant to Section 6.1(e)(i) and
Sections 8.1(a) and (b), fairly present in all material respects on a Consolidated basis the assets, liabilities
and financial position of the Borrower and its Subsidiaries in each case as at such dates, and the results of the operations and
changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements
and the absence of footnotes from unaudited financial statements). All such financial statements, including the related schedules
and notes thereto, have been prepared in accordance with GAAP. Such financial statements show all material indebtedness and other
material liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including material liabilities
for taxes, material commitments, and Indebtedness, in each case, to the extent required to be disclosed under GAAP. The projections
delivered pursuant to Section 6.1(e)(ii) and Section 8.1(c) were prepared in good faith on the
basis of the assumptions stated therein, which assumptions are believed to be reasonable in light of then existing conditions
(it being recognized by the Lenders that such projections are not to be viewed as facts and that the actual results during the
period or periods covered by such projections may vary from such projections and that such differences may be material and that
such projections are not a guarantee of financial performance).

 

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SECTION 7.17        No
Material Adverse Change. Since December 31, 2018, 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 7.18        Solvency.
The Borrower and its Subsidiaries, on a Consolidated basis, are Solvent.

 

SECTION 7.19        Title
to Properties. As of the Effective Date, the real property listed on Schedule 7.19 of the Disclosure Letter constitutes
all of the real property that is owned, leased or subleased by any Credit Party or any of its Subsidiaries. Each Credit Party and
each Subsidiary thereof has such title to, or leasehold interest in, 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 its personal property and assets, except (a) those
which have been disposed of by the Credit Parties and their Subsidiaries subsequent to such date which dispositions have been in
the ordinary course of business or as otherwise expressly permitted hereunder, (b) for such defects of title that could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (c) for Permitted Liens.

 

SECTION 7.20        Litigation.
Except for matters existing on the Effective Date and set forth on Schedule 7.20 of the Disclosure Letter, there are no
actions, suits or proceedings pending nor, to its knowledge, threatened in writing against or in any other way relating adversely
to or affecting any Credit Party or any Subsidiary thereof or any of their respective properties in any court or before any arbitrator
of any kind or before or by any Governmental Authority that could reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.21       Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions. None of: (a) the Borrower, any Subsidiary or, to the knowledge of
the Borrower or such Subsidiary, any of their respective directors, officers, employees or affiliates; or (b) 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 credit facility established hereby: (i) is, or is owned or controlled by, a
Sanctioned Person or currently the subject or target of any Sanctions; (ii) has taken any action, directly or
indirectly, that would result in a violation by such Persons of the PATRIOT Act; or (iii) has taken any action, directly
or indirectly, that would result in a violation by such Persons of any Anti-Corruption Laws or Sanctions. The Borrower has
implemented and maintains in effect policies and procedures designed to promote and achieve compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions. No Loans or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any
Anti-Corruption Law or applicable Sanctions.

 

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SECTION 7.22        Absence
of Defaults. No event has occurred or is continuing: (a) which constitutes a Default or an Event of Default; or (b) which
constitutes a default or event of default by any Credit Party or any Subsidiary thereof under: (i) any Material Contract;
or (ii) any judgment, decree or order to which any Credit Party or any Subsidiary thereof is a party or by which any Credit
Party or any Subsidiary thereof or any of their respective properties may be bound or which would require any Credit Party or any
Subsidiary thereof to make any payment thereunder prior to the scheduled maturity date therefor that, in any case under this clause
(ii), could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

SECTION 7.23        Senior
Indebtedness Status. The Obligations of each Credit Party and each Subsidiary thereof under this Agreement and each of the
other Loan Documents rank and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness of
each such Person, and shall constitute and shall continue to constitute “Senior Indebtedness” and “Designated
Senior Debt” (or any other term of similar meaning and import) under all instruments and documents, now or in the future,
relating to any senior unsecured Indebtedness and Subordinated Indebtedness of such Person (to the extent the concept of “Senior
Indebtedness” or “Designated Senior Debt” (or similar concept) exists therein).

 

SECTION 7.24        Disclosure.
The Borrower and/or its Subsidiaries have disclosed to the Administrative Agent and the Lenders all agreements, instruments and
corporate or other restrictions to which any Credit Party and any Subsidiary thereof are subject, and all other matters known to
them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial
statement, material report, material certificate or other written material information furnished by or on behalf of any Credit
Party or any Subsidiary thereof 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 written information so furnished),
taken together as a whole, 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 (as modified or supplemented
by other written information so furnished); provided that: (a) no representation is made with respect to projected financial
information, estimated financial information and other projected or estimated information, except that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time (it being recognized by the Lenders that projections
are not to be viewed as facts and that the actual results during the period or periods covered by such projections, many of which
are beyond the control of the Borrower and its Subsidiaries, may vary from such projections and that such difference may be material
and that such projections are not a guarantee of financial performance); and (b) no representation is made with respect to
information of a general economic or general industry nature.

 

SECTION 7.25       Security
Documents.

 

(a)     
The Collateral Agreement as reaffirmed by the Reaffirmation Agreement, upon execution and delivery thereof by the parties thereto,
will create (or continues to create) in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, a valid
and enforceable security interest in the Collateral described therein, 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 and (i) when the Pledged
Debt and Pledged Equity Interests (each as defined in the Collateral Agreement) are delivered to the Administrative Agent, the
Lien created under the Collateral Agreement shall constitute (or continues to constitute) a fully perfected first priority Lien
on, and security interest in, all right, title and interest of the Credit Parties in such Pledged Debt and Pledged Equity Interests,
in each case prior and superior in right to any other Person, and (ii) when financing statements in appropriate form are
filed in the offices specified on Schedule 7.25(a) of the Disclosure Letter, the Liens created under the Collateral
Agreement will constitute (or continue to constitute) fully perfected Liens on, and security interests in, all right, title and
interest of the Credit Parties in such Collateral (other than Intellectual Property, as defined in the Collateral Agreement, and
Deposit Accounts, as defined in the Collateral Agreement), in each case prior and superior in right to any other Person, other
than with respect to Liens expressly permitted by Section 9.2.

 

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(b)      
Upon the recordation of the Collateral Agreement (or a short-form security agreement in form and substance reasonably satisfactory
to the Borrower and the Administrative Agent) with the United States Patent and Trademark Office and the United States Copyright
Office, together with the financing statements in appropriate form filed in the offices specified on Schedule 7.25(a) of
the Disclosure Letter, the Liens created under the Collateral Agreement shall constitute (or continue to constitute) fully perfected
Liens on, and security interests in, all right, title and interest of the Credit Parties in the Intellectual Property (as defined
in the Collateral Agreement) in which a security interest may be perfected by filing in the United States and its territories and
possessions, in each case prior and superior in right to any other Person (it being understood that (i) subsequent recordings
in the United States Patent and Trademark Office and the United States Copyright Office may be necessary to perfect a Lien on registered
trademarks and patents, trademark and patent applications and registered copyrights acquired by the Credit Parties after the date
hereof and (ii) any “intent to use” trademark or service applications are excluded from the Collateral), other
than with respect to Liens expressly permitted by Section 9.2.

 

(c)     
Each Mortgage, upon execution and delivery thereof by the parties thereto, will create (or created) in favor of the Administrative
Agent, for the ratable benefit of the Secured Parties, a valid and enforceable Lien on all of the Credit Parties’ right,
title and interest in and to the Material Real Property subject thereto and the proceeds thereof, and when the Mortgages are filed
in the offices specified on Schedule 7.25(c) of the Disclosure Letter, the Mortgages shall at all times constitute
a fully perfected security interest in all right, title and interest of the Credit Parties in such Material Real Property and the
proceeds thereof, in each case prior and superior in right to any other Person, other than with respect to the rights of Persons
pursuant to Liens expressly permitted by Section 9.2.

 

SECTION 7.26        Insurance
Matters. The properties of the Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies
not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar properties in localities where the Borrower or the applicable Subsidiary operates.

 

SECTION 7.27        Flood
Hazard Insurance. With respect to each parcel of real property that is located within a special flood hazard area and that
is subject to a Mortgage, the Administrative Agent has received: (a) such flood hazard certifications, notices and confirmations
thereof, and effective flood hazard insurance policies with respect to all real property of the Borrower and its Subsidiaries constituting
Collateral on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 and as otherwise required
by Administrative Agent or the Required Lenders; (b) all flood hazard insurance policies required hereunder have been obtained
and remain in full force and effect, and the premiums thereon have been paid in full, and (c) except as the Borrower has previously
given written notice thereof to the Administrative Agent, there has been no redesignation of any real property into or out of a
special flood hazard area.

 

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SECTION 7.28        EEA
Financial Institution. Neither the Borrower nor any other Credit Party is an EEA Financial Institution.

 

SECTION 7.29        Beneficial
Ownership Certification. As of the Effective Date, to the best of the knowledge of the Borrower, the information included in
the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

 

ARTICLE VIII

 

AFFIRMATIVE
COVENANTS

 

Until the Discharge
of the Obligations, each Credit Party will, and will cause each of its Subsidiaries to:

 

SECTION 8.1      Financial
Statements and Budgets. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent (which
shall promptly make such information available to the Lenders in accordance with its customary practice):

 

(a)                
Annual Financial Statements. As soon as practicable and in any event within ninety (90) 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 December 31,
2019), an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited
Consolidated statements of income, shareholder’s equity, and cash flows, including the notes thereto, all in reasonable detail
setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and, if applicable,
containing disclosure of the effect on the financial position or results of operations of any material change in the application
of accounting principles and practices during the year. Such annual financial statements shall be: (i) audited by Deloitte
LLP or another independent certified public accounting firm of recognized national standing; and (ii) accompanied by a report
and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that
is not subject to any “going concern” or similar qualification or exception (other than a qualification related to
the maturity of the Commitments and the Loans at the Revolving Credit Maturity Date or Term Loan Maturity Date, as applicable,
within one year from the date such opinion is delivered) or any qualification as to the scope of such audit or with respect to
accounting principles followed by the Borrower or any of its Subsidiaries not in accordance with GAAP.

 

(b)                 Quarterly
Financial Statements. 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 (3) fiscal quarters of each Fiscal Year
(commencing with the fiscal quarter ended March 31, 2020), an unaudited Consolidated balance sheet of the Borrower and
its Subsidiaries as of the close of such fiscal quarter and unaudited Consolidated statements of income, shareholder’s
equity, and cash flows for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including the notes
thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the
corresponding period in the preceding Fiscal Year and, if applicable, containing disclosure of the effect on the financial
position or results of operations of any material change in the application of accounting principles and practices during the
period, and certified by the chief financial officer of the Borrower as having been prepared in accordance with GAAP and to
present fairly in all material respects the financial condition of the Borrower and its Subsidiaries on a Consolidated basis
as of their respective dates and the 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.

 

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(c)                
Annual Business Plan and Budget. As soon as practicable and in any event within seventy-five (75) days after the end of
each Fiscal Year (commencing with the Fiscal Year ending December 31, 2019), a business plan and operating and capital budget
of the Borrower and its Subsidiaries for the ensuing Fiscal Year, such plan to be prepared in accordance with GAAP and to include
the following: an operating and capital budget, a projected income statement and balance sheet, and projected calculations of the
financial covenants set forth in Section 9.14, accompanied by a certificate from a Responsible Officer of the Borrower
to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of preparation
of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for such period.

 

SECTION 8.2       Certificates;
Other Reports. Deliver to the Administrative Agent (which shall promptly make such information available to the Lenders in
accordance with its customary practice):

 

(a)                
at each time financial statements are delivered pursuant to Sections 8.1(a) or (b) and at such other times
as the Administrative Agent shall reasonably request, a duly completed Officer’s Compliance Certificate signed by the chief
executive officer, chief financial officer, treasurer or controller of the Borrower, and a report containing management’s
discussion and analysis of such financial statements;

 

(b)                
promptly upon receipt thereof (unless restricted by applicable professional standards with respect to which mutually agreeable
arrangements cannot be made to permit disclosure thereof), copies of all material reports, if any, submitted to any Credit Party,
any Subsidiary thereof or any of their respective boards of directors by their respective independent public accountants in connection
with their auditing function, including, without limitation, any management report and any management responses thereto;

 

(c)                
promptly after the furnishing thereof, copies of any notice of default and any other material statement, report, or certificate
furnished to any holder of Indebtedness of any Credit Party or any Subsidiary thereof in excess of the Threshold Amount pursuant
to the terms of any indenture, loan or credit or similar agreement;

 

(d)                
promptly after an officer of any Credit Party obtaining knowledge of the assertion or occurrence thereof, notice of any action
or proceeding against or of any noncompliance by any Credit Party or any Subsidiary thereof with any Environmental Law that could:
(i) reasonably be expected to have a Material Adverse Effect; or (ii) cause any Property described in the Mortgages to
be subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law;

 

(e)                
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 Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with
any national securities exchange, and in any case not otherwise required to be delivered to the Administrative Agent pursuant hereto;

 

(f)                 
promptly, and in any event within five (5) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof,
copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction)
concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational
results of any Credit Party or any Subsidiary thereof (other than comment letters from the SEC, the contents of which are not
materially adverse to the Lenders);

 

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(g)                
promptly upon the request thereof, such other information and documentation required by bank regulatory authorities under applicable
 “know your customer” and anti-money laundering rules and regulations (including, without limitation, the PATRIOT
Act and the Beneficial Ownership Regulation), as from time to time reasonably requested by the Administrative Agent or any Lender;
and

 

(h)                
such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary
thereof as the Administrative Agent or any Lender may reasonably request.

 

Documents required to be delivered
pursuant to Section 7.13, Sections 8.1(a) or (b), or Section 8.2(e) or (f) (to
the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if
so delivered, shall be deemed to have been delivered on the date: (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the website address listed in Section 12.1;
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: (A) 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 (B)  the Borrower shall notify the
Administrative Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to
the Administrative Agent by electronic mail electronic versions of such documents. Notwithstanding anything contained herein,
in every instance the Borrower shall be required to provide paper, facsimile or electronic (i.e., “pdf” or
 “tif” format) copies of the Officer’s Compliance Certificates required by Section 8.2 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 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 and/or the Arrangers will make available to the Lenders and the Issuing Lenders materials and/or
information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting
the Borrower Materials on 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, any of its Subsidiaries, or any of their
respective 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: (w) all
such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, means that the word
 “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
the Borrower shall be deemed to have authorized the Administrative Agent, the Arrangers, the Issuing Lenders 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 12.10);
(y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any
Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not
designated “Public Investor.”

 

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SECTION 8.3       Notice
of Litigation and Other Matters. Promptly (but in no event later than ten (10) days after any Responsible Officer of any
Credit Party obtains knowledge thereof) notify the Administrative Agent in writing of (which shall promptly make such information
available to the Lenders in accordance with its customary practice):

 

(a)                

the occurrence of any Default or Event of Default;

 

(b)                
the commencement of all proceedings and investigations by or before any Governmental Authority and all actions and proceedings
in any court or before any arbitrator against or involving any Credit Party or any Subsidiary thereof or any of their respective
properties, assets or businesses in each case that could reasonably be expected to have a Material Adverse Effect;

 

(c)                
any written notice of any violation received by any Credit Party or any Subsidiary thereof from any Governmental Authority including,
without limitation, any written notice of violation of applicable Environmental Laws which in any such case could reasonably be
expected to have a Material Adverse Effect;

 

(d)                

[Reserved]

 

(e)                
any labor controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party or
any Subsidiary thereof;

 

(f)                 
any attachment, judgment, lien, levy or order exceeding the Threshold Amount that is assessed against or threatened in writing
against any Credit Party or any Subsidiary thereof;

 

(g)                
any event which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event
of default under any Material Contract to which the Borrower or any of its Subsidiaries is a party or by which the Borrower or
any Subsidiary thereof or any of their respective properties may be bound which could reasonably be expected to have a Material
Adverse Effect; and

 

(h)                
(i) any unfavorable determination letter from the IRS regarding the qualification of an Employee Benefit Plan under Section 401(a) of
the Code (along with a copy thereof), (ii) all notices received by any Credit Party or any ERISA Affiliate of the PBGC’s
intent to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan, (iii) all notices received
by any Credit Party or any ERISA Affiliate from a Multiemployer Plan sponsor concerning the imposition or amount of withdrawal
liability pursuant to Section 4202 of ERISA and (iv) the Borrower obtaining knowledge or reason to know that any Credit
Party or any ERISA Affiliate has filed or intends to file a notice of intent to terminate any Pension Plan under a distress termination
within the meaning of Section 4041(c) of ERISA.

 

Each notice pursuant
to Section 8.3 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of
the occurrence referred to therein and stating what action the Borrower has taken or proposes to take with respect thereto. Each
notice pursuant to Section 8.3(a) shall describe with particularity any and all provisions of this Agreement and
any other Loan Document that have been breached.

 

SECTION 8.4      Preservation
of Corporate Existence and Related Matters. Except as permitted by Section 9.4, preserve and maintain its separate
corporate existence and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify
and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction where the
nature and scope of its activities require it to so qualify under Applicable Law in which the failure to so qualify could
reasonably be expected to have a Material Adverse Effect.

 

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SECTION 8.5      Maintenance
of Property and Licenses.

 

(a)                
In addition to the requirements of any of the Security Documents, protect and preserve all Properties necessary in and material
to its business, including copyrights, patents, trade names, service marks and trademarks; maintain in good working order and condition,
ordinary wear and tear excepted, all buildings, equipment and other tangible real and personal property; and from time to time
make or cause to be made all repairs, renewals and replacements thereof and additions to such Property necessary for the conduct
of its business, so that the business carried on in connection therewith may be conducted in a commercially reasonable manner;
provided that nothing in this Section 8.5(a) shall prohibit or prevent the Borrower or any Subsidiary from
discontinuing the protection, preservation or maintenance of any of its Properties: (i) if, in the reasonable good faith judgment
of the Borrower or such Subsidiary, such discontinuance is desirable in the conduct of its business or such Properties are no longer
material to the business of the Borrower or such Subsidiary; and (ii) such discontinuance could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)                
Maintain, in full force and effect in all material respects, each and every 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; provided that the Borrower or any Subsidiary thereof shall not be required
to preserve any such Licenses if: (i) the Borrower or such Subsidiary shall determine in its reasonable good faith judgment
that the preservation thereof is no longer desirable in the conduct of its business; (ii) the loss thereof is not disadvantageous
in any material respect to such Person or any Lender; and (iii) the loss thereof could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

SECTION 8.6      Insurance. 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). All such insurance shall: (a) in the case of any such insurance
procured in the United States, (x) to the extent agreed to by such insurance company after the Borrower’s use of commercially
reasonable efforts, provide for not less than thirty (30) days’ prior written notice to the Administrative Agent of termination,
lapse or cancellation of such insurance and (y) in any event, provide for not less than ten (10) days’ prior written
notice to the Administrative Agent of termination, lapse or cancellation of such insurance due to failure to pay premiums; (b) in
the case of liability insurance, name the Administrative Agent as an additional insured party thereunder (provided that
in the case of any liability insurance policy procured outside of the United States, such policy shall not be required to so name
the Administrative Agent as an additional insured party if the Borrower or the applicable Subsidiary has been unable to obtain
such endorsement from the applicable insurer after the use of commercially reasonable efforts); and (c) in the case of each
casualty insurance policy of the Credit Parties, name the Administrative Agent as lender’s loss payee or mortgagee, as applicable.
On the Effective Date and from time to time thereafter deliver to the Administrative Agent upon its request information in reasonable
detail as to the insurance then in effect, stating the names of the insurance companies, the amounts and rates of the insurance,
the dates of the expiration thereof and the properties and risks covered thereby. Without limiting the foregoing, the Borrower
shall and shall cause each appropriate Credit Party to: (i) maintain, if available, fully paid flood hazard insurance on
all owned real property that is located in a special flood hazard area and that is subject to a Mortgage, on such terms and in
such amounts as required by The National Flood Insurance Reform Act of 1994 and as otherwise required by Required Lenders or the
Administrative Agent; (ii) furnish to the Administrative Agent evidence of renewal (and payment of renewal premiums therefor)
of all such policies prior to the expiration or lapse thereof; and (iii) furnish to the Administrative Agent prompt written
notice of any redesignation of any such improved real property into or out of a special flood hazard area.

 

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SECTION 8.7      Accounting
Methods and Financial Records. 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 in all material respects with the regulations of any Governmental Authority having jurisdiction
over it or any of its Properties.

 

SECTION 8.8      Payment
of Taxes and Other Obligations. Pay and perform: (a) all Taxes, assessments, and other governmental charges that may be
levied or assessed upon it or any of its Property; and (b) all other Indebtedness, obligations and liabilities in accordance
with customary trade practices that, in either case of clause (a) or (b), if not so paid could reasonably be expected to have
a Material Adverse Effect; provided that the Borrower or such Subsidiary may contest any item described in clause (a) of this
Section in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP.

 

SECTION 8.9      Compliance
with Laws and Approvals. Observe and remain in compliance with all Applicable Laws (including without limitation, the PATRIOT
Act and the Beneficial Ownership Regulation) 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.

 

SECTION 8.10       Environmental
Laws. In addition to and without limiting the generality of Section 8.9, except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect: (a) comply in all material respects with, all
applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure
that all tenants and subtenants, if any, obtain and comply in all material respects with and maintain, any and all licenses,
approvals, notifications, registrations or permits required by applicable Environmental Laws; and (b)  conduct and
complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws, and promptly comply with all lawful orders and directives of any Governmental Authority regarding
applicable Environmental Laws. In addition, each Credit Party shall defend, indemnify and hold harmless the Administrative
Agent and the Lenders, and their respective parents, Subsidiaries, Affiliates, employees, agents, officers and directors,
from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever
kind or nature known or unknown, contingent or otherwise, arising out of, or in any way relating to the presence of Hazardous
Materials, or the violation of, noncompliance with or liability under any applicable Environmental Laws applicable to the
operations of the Borrower or any such Subsidiary, or any orders, requirements or demands of Governmental Authorities related
thereto, including, without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory
fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing directly result
from the gross negligence or willful misconduct of the party seeking indemnification therefor, as determined by a court of
competent jurisdiction by final nonappealable judgment.

 

SECTION 8.11      Compliance
with ERISA. In addition to and without limiting the generality of Section 8.9: (a) except where the failure to
so comply could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect:
(i) comply with applicable provisions of ERISA, the Code and the regulations and published interpretations thereunder
with respect to all Employee Benefit Plans; (ii) not take any action or fail to take action the result of which could
reasonably be expected to result in a liability to the PBGC or to a Multiemployer Plan; (iii) not participate in any
nonexempt prohibited transaction that could result in any civil penalty under ERISA or tax under the Code; and
(iv) operate each Employee Benefit Plan in such a manner that will not incur any tax liability under Section 4980B
of the Code or any liability to any qualified beneficiary as defined in Section 4980B of the Code; and (b) furnish
to the Administrative Agent upon the Administrative Agent’s request such additional information about any Employee
Benefit Plan as may be reasonably requested by the Administrative Agent.

 

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SECTION 8.12      Compliance
with Material Contracts. Comply in all respects with each Material Contract except as could not reasonably be expected to have
a Material Adverse Effect; provided that the Borrower or any such Subsidiary may contest the terms and conditions of any such Material
Contract in good faith through applicable proceedings so long as adequate reserves are maintained in accordance with GAAP.

 

SECTION 8.13      Visits
and Inspections. Permit representatives of the Administrative Agent or any Lender, from time to time upon prior reasonable
written notice and at such times during normal business hours, all at the expense of the Borrower, to visit and inspect its properties;
inspect, audit and make extracts from its books, records and files, including, but not limited to, management letters prepared
by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities,
financial condition, results of operations and business prospects; provided that excluding any such visits and inspections during
the continuation of an Event of Default: (a) any such visits and inspections by any Lender (excluding any Lender that also
acts as Administrative Agent) shall be at such Lender’s expense; and (b) the Administrative Agent shall not exercise
such rights more often than two (2) times during any calendar year at the Borrower’s expense; provided further that
upon the occurrence and during the continuance of an Event of Default, the Administrative Agent or any Lender may do any of the
foregoing at the expense of the Borrower at any time without advance notice. Each Credit Party and its Subsidiaries may place reasonable
limits on access to information, the disclosure of which would be prohibited by a confidentiality agreement or is otherwise proprietary
or confidential, in each case of such agreement or other restrictions, entered into by such Credit Party or such Subsidiary on
an arm’s-length basis and in good faith, unless mutually agreeable arrangements are made (and at the Administrative Agent’s
reasonable request, such Credit Party or such Subsidiary shall take all commercially reasonable efforts to cause such arrangements
to be made) to permit the disclosure of such information and preserve such information as confidential or proprietary and neither
the Borrower nor any Subsidiary shall be required to disclose any trade secrets. Upon the request of the Administrative Agent or
the Required Lenders, participate in a meeting of the Administrative Agent and Lenders once during each Fiscal Year, which meeting
will be held at the Borrower’s corporate offices (or such other location as may be agreed to by the Borrower and the Administrative
Agent) at such time as may be agreed by the Borrower and the Administrative Agent.

 

SECTION 8.14      Additional
Subsidiaries, Real Property and Other Collateral.

 

(a)                 Additional
Subsidiary Guarantors. Promptly after the creation or acquisition of any Subsidiary (other than an Excluded Subsidiary)or
after the date when a Subsidiary ceases to be an Excluded Subsidiary (including due to revocation of a designation of an
 “Immaterial Subsidiary”) (and, in any event, within forty-five (45) days after such creation, acquisition, or
cessation, as such time period may be extended by the Administrative Agent in its sole discretion), cause: (i) such
Subsidiary to become a Subsidiary Guarantor by delivering to the Administrative Agent a duly executed supplement to the
Guaranty Agreement or such other document as the Administrative Agent shall deem appropriate for such purpose; (ii) such
person to grant a security interest in all Collateral (subject to clauses (b) and (e) below and the exceptions
specified in the Collateral Agreement) owned by such Subsidiary by delivering to the Administrative Agent a duly executed
supplement to each applicable Security Document or such other document as the Administrative Agent shall deem appropriate for
such purpose and comply with the terms of each applicable Security Document; (iii) to be delivered to the Administrative
Agent such opinions, documents, and certificates referred to in Section 6.1 as may be reasonably requested by the
Administrative Agent; (iv) to be delivered to the Administrative Agent original certificated Equity Interests or other
certificates and stock or other transfer powers evidencing the Equity Interests of such Person (to the extent such Equity
Interests are certificated); (v) to be delivered to the Administrative Agent such updated Schedules to the Loan
Documents and supplements to the Disclosure Letter as requested by the Administrative Agent with respect to such Person; and
(vi) to be delivered to the Administrative Agent such other documents as may be reasonably requested by the
Administrative Agent, all in form, content and scope reasonably satisfactory to the Administrative Agent.

 

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(b)                
Equity Interests of Domestic Subsidiaries, Foreign Subsidiaries, and Foreign Subsidiary Holding Companies. Cause: (i) 100%
of the issued and outstanding Equity Interests of each Subsidiary (other than Subsidiaries that are Foreign Subsidiary Holding
Companies or Excluded Foreign Subsidiaries); and (ii) 65% of the issued and outstanding Equity Interests entitled to vote
(within the meaning of Treas. Reg. Section 1.956-2(c)(2)), and 100% of the issued and outstanding Equity Interests not entitled
to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)), in each other Subsidiary, in each case, directly owned
by any Credit Party, to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent pursuant
to the terms and conditions of the Security Documents and shall deliver to the Administrative Agent such opinions of counsel (if
requested by the Administrative Agent) and any filings and deliveries reasonably necessary in connection therewith to perfect the
security interests therein to the extent required by the Security Documents and such other documents and certificates referred
to in Section 6.1 and any other documents as may be reasonably requested by the Administrative Agent, all in form and
substance reasonably satisfactory to the Administrative Agent (including, without limitation, a consent thereto executed by such
Subsidiary; if applicable, original certificated Equity Interests (or the equivalent thereof pursuant to the Applicable Laws and
practices of any relevant foreign jurisdiction), evidencing the Equity Interests of such Persons, together with an appropriate
undated stock or other transfer power for each certificate duly executed in blank by the registered owner thereof; and updated
Schedules to the Loan Documents as requested by the Administrative Agent with regard to such Person); provided that with
respect to Foreign Subsidiaries, creation and perfection actions and documentation under any foreign Applicable Laws shall only
be required to be taken with respect to each such Subsidiary that, on a Consolidated basis with its Subsidiaries, has: (x) assets
in excess of 10% of Consolidated Total Assets as set forth on the most recent financial statements delivered pursuant to Section 8.1(a);
or (y) annual revenues in excess of 10% of the Consolidated revenues of the Borrower and its Subsidiaries as set forth on
the most recent financial statements delivered pursuant to Section 8.1(a); provided further that the Credit
Parties shall have forty-five (45) days after the acquisition or formation of any Subsidiary or any Subsidiary becoming a Credit
Party to comply with this Section 8.14(b) (or sixty (60) days in the case of actions required under any foreign
Applicable Laws), in each case as such time period may be extended by the Administrative Agent in its sole discretion.

 

(c)                 Real
Property Collateral. Notify the Administrative Agent in writing within fifteen (15) days after the acquisition by any
Credit Party of any Material Real Property that is not subject to an existing Security Document (as such time period may be
extended by the Administrative Agent in its sole discretion), and promptly thereafter (and in any event, within sixty (60)
days of such acquisition (as such time period may be extended by the Administrative Agent, in its sole discretion)) deliver
such Mortgages and Real Estate Support Documents reasonably requested by the Administrative Agent in connection with granting
and perfecting a Lien on such Material Real Property in favor of the Administrative Agent, for the ratable benefit of the
Secured Parties, all in form and substance reasonably acceptable to the Administrative Agent; provided that the
Borrower shall provide flood hazard certifications and evidence of flood insurance (if such insurance is required by
Applicable Law) to the Administrative Agent (for distribution to the Lenders) at least ten (10) Business Days in advance
of delivering the related Mortgage and the Administrative Agent shall not enter into any Mortgage unless the Borrower shall
have delivered the foregoing documentation to the Administrative Agent at least ten (10) Business Days in advance of
delivering the related Mortgage (it being understood that the Borrower shall use diligent efforts to promptly provide any
further documentation reasonably requested by the Administrative Agent relating to flood hazard certifications and flood
insurance).

 

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(d)                
Merger Subsidiaries. Notwithstanding the foregoing, to the extent any new Subsidiary is created solely for the purpose of
consummating a merger transaction pursuant to a Permitted Acquisition, and such new Subsidiary at no time holds any assets or liabilities
other than any merger consideration contributed to it contemporaneously with the closing of such merger transaction, such new Subsidiary
shall not be required to take the actions set forth in Section 8.14(a) or (b), as applicable, until the
consummation of such Permitted Acquisition (at which time, the surviving entity of the respective merger transaction shall be required
to so comply with Section 8.14(a) or (b), as applicable, within ten (10) Business Days of the consummation
of such Permitted Acquisition, as such time period may be extended by the Administrative Agent in its sole discretion).

 

(e)                
Exclusions. The provisions of this Section 8.14 shall not apply to assets as to which the Administrative Agent
and the Borrower shall reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof
outweigh the value of the security afforded thereby. Notwithstanding anything to the contrary in any Loan Document, (i) no
action shall be required to perfect a security interest in letter of credit rights in addition to the filing of a UCC-1 financing
statement so long as the maximum face amount of any such letter of credit is $5,000,000 or less individually, and of all such letters
of credit is $20,000,000 or less in the aggregate, (ii) there shall be no requirement to obtain any leasehold mortgages or
consents to assignments of claims under the Federal Assignment of Claims Act of 1940 (or any analogous state laws), (iii) there
shall be no requirement to make any filings to perfect a security interest with respect to any patents, copyrights, and trademarks
registered under the laws of any jurisdiction other than the United States or any state thereof, (iv) there shall be no requirement
to deliver any Control Agreements with respect to any Deposit Accounts or Securities Accounts (other than in connection with the
Cash Collateralization pursuant to the terms hereof), (v) no landlord or bailee waivers or collateral access agreements shall
be required with regards to inventory or equipment leased, licensed or otherwise provided to customers and (vi) except as
specified in clause (v) above, the Credit Parties shall be required to use commercially reasonable efforts to obtain landlord
or bailee waivers or collateral access agreements only for any location at which the aggregate book value of the Credit Parties’
inventory exceeds 20% of all inventory of the Credit Parties at any one time; provided that this sentence shall not apply
during the continuation of an Event of Default specified in Section 10.1(a), (b), (h) or (i) when,
at any time and from time to time, the Administrative Agent may require in its sole discretion that any and all such actions are
taken, obtained or made at its request.

 

SECTION 8.15      [Reserved].

 

SECTION 8.16      Post-Closing
Matters. Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, cause any and all actions
set forth on Schedule 8.16 to the Disclosure Letter to be taken, and each document, certificate or other item set forth
on such Schedule 8.16 to the Disclosure Letter to be delivered, in each case within the time period specified for such action
or delivery on Schedule 8.16 to the Disclosure Letter (as such time period may be extended by the Administrative Agent in
its sole discretion) and in form and substance satisfactory to the Administrative Agent.

 

SECTION 8.17      Further
Assurances.

 

(a)                
Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including
the filing and recording of financing statements and other documents) other than as set forth in Section 8.14(e) and
the exceptions specified in the Collateral Agreement, which may be required under any Applicable Law, or which the Administrative
Agent or the Required Lenders may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to
grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority
of any such Lien, all at the expense of the Credit Parties. The Borrower also agrees to provide to the Administrative Agent, from
time to time upon the reasonable request by the Administrative Agent, evidence reasonably satisfactory to the Administrative Agent
as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

    101 

     

    

 

(b)                
If requested by the Administrative Agent or any Lender (through the Administrative Agent), promptly furnish to the Administrative
Agent and each Lender a statement in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable.

 

SECTION 8.18       Compliance
with Anti-Corruption Laws and Sanctions. Maintain in effect and implement policies and procedures reasonably designed to promote
and achieve compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions.

 

ARTICLE IX

 

NEGATIVE COVENANTS

 

Until the Discharge
of the Obligations, the Credit Parties will not, and will not permit any of their respective Subsidiaries to:

 

SECTION 9.1      Indebtedness. Create, incur, assume or suffer to exist any Indebtedness except:

 

(a)                

the Obligations;

 

(b)                
Indebtedness and obligations owing under: (i) Hedge Agreements entered into in order to manage existing or anticipated interest
rate, exchange rate or commodity price risks and not for speculative purposes; and (ii) Cash Management Agreements;

 

(c)                
Indebtedness existing on the Effective Date and listed on Schedule 9.1 to the Disclosure Letter, and the renewal, refinancing,
extension and replacement (but not the increase in the aggregate principal amount) thereof;

 

(d)                
Capital Lease Obligations and Indebtedness incurred in connection with purchase money Indebtedness in an aggregate amount not to
exceed $20,000,000 at any time outstanding;

 

(e)                
Indebtedness of a Person existing at the time such Person became a Subsidiary or assets were acquired from such Person in connection
with an Investment permitted pursuant to Section 9.3, to the extent that: (i) such Indebtedness was not incurred
in connection with, or in contemplation of, such Person becoming a Subsidiary or the acquisition of such assets; (ii) neither
the Borrower nor any Subsidiary thereof (other than such Person or any other Person that such Person merges with or that acquires
the assets of such Person) shall have any liability or other obligation with respect to such Indebtedness; and (iii) the
aggregate outstanding principal amount of such Indebtedness does not exceed $10,000,000 at any time outstanding;

 

    102 

     

    

 

 

(f)                 
 Guarantees by the Borrower or any Subsidiary in respect of Indebtedness of the Borrower or any Subsidiary otherwise permitted
pursuant to this Section 9.1; provided that: (i) no Guarantee by any Subsidiary of any Indebtedness constituting
Permitted Unsecured Indebtedness shall be permitted unless such Subsidiary shall have also provided a Guarantee of the Obligations
substantially on the terms set forth in the Guaranty Agreement; (ii) if the Indebtedness being Guaranteed is subordinated to the
Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders
as those contained in the subordination provisions of such Indebtedness; and (iii) in the case of any Guarantee by a Credit Party
of any Indebtedness of a Non-Guarantor Subsidiary, solely to the extent that such Guarantee would be permitted as an Investment
pursuant to Section 9.3;

 

 (g)                 
 unsecured intercompany Indebtedness:

 

 (i)               
 owed by any Credit Party to another Credit Party;

 

(ii)               
owed by any Credit Party to any Non-Guarantor Subsidiary (provided that such Indebtedness shall be subordinated to
the Obligations in a manner reasonably satisfactory to the Administrative Agent);

 

 (iii)               
 owed by any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary;

and

 

(iv)             
owed by any Non-Guarantor Subsidiary to any Credit Party to the extent permitted pursuant to Section 9.3 (provided
that any such Indebtedness shall be evidenced by a note in form and substance reasonably satisfactory to the Administrative Agent
and shall be pledged and delivered to the Administrative Agent pursuant to the Security Documents);

 

(h)                
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument
drawn against insufficient funds in the ordinary course of business;

 

(i)                 
Subordinated Indebtedness of the Borrower and the Subsidiary Guarantors; provided that in the case of each incurrence
of such Subordinated Indebtedness: (i) the Consolidated Total Leverage
Ratio, determined on a Pro Forma Basis calculated for the most recent fiscal quarter end for which financial statements are required
to have been, or have been, delivered under Section 8.1, as of either (x) the date of the incurrence of such Subordinated Indebtedness,
or (y) in the case of any Subordinated Indebtedness incurred to finance a Limited Condition Acquisition, the date the Permitted
Acquisition Documents are entered into and after giving pro forma effect to such Acquisition, does not exceed 5.50:1.00; (ii) either
(x) no Default or Event of Default shall have occurred and be continuing or would be caused by the incurrence of such
Subordinated Indebtedness or (y) in the case of any Subordinated Indebtedness
incurred to finance a Limited Condition Acquisition, (A) no Default of Event of Default shall have occurred and be continuing on
the date the Permitted Acquisition Documents are entered into and after giving pro forma effect to such Acquisition and such Subordinated
Indebtedness incurred in connection therewith and (B) no Event of Default under Section 10.1(a), (b), (h) or (i) shall have occurred
and be continuing both before and after giving pro forma effect to such Acquisition and the incurrence of such Subordinated Indebtedness;
and (iiiii)
the Administrative Agent shall have received satisfactory written evidence that the Borrower would be in compliance with the financial
covenants set forth in Section 9.14 on a Pro Forma Basis after giving effect to the issuance of any such Subordinated Indebtedness;

 

    103 

     

    

 

(j)                 
 Indebtedness under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect
to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations
in respect of any of the foregoing;

 

(k)                 
Permitted Unsecured Indebtedness in an aggregate principal amount not to exceed $300,000,000575,000,000 at
any time outstanding;

 

(l)                 
to the extent constituting Indebtedness, obligations in respect of purchase price adjustments, earn-outs, non-competition
agreements, and other similar arrangements, or other deferred payments of a similar nature, representing Permitted Acquisition
Consideration and incurred in connection with any Permitted Acquisition; provided that to the extent such purchase price
adjustment or earn-out is subject to a contingency, such purchase price adjustment or earn-out shall be valued at the amount of
reserves, if any, required under GAAP, and to the extent that the amount payable pursuant to such purchase price adjustment and
earn-out is reflected, or would otherwise be required to be reflected, on a balance sheet prepared in accordance with GAAP, it
shall be valued at such reflected amount;

 

 (m)                 
 customer advances or deposits received in the ordinary course of business;

 

(n)                
Indebtedness constituting reimbursement obligations in respect of letters of credit, bank guarantees, and similar instruments
issued for the account of the Borrower or any Subsidiary in the ordinary course of business supporting obligations of the type
referred to in Section 9.2(e), Section 9.2(f) and Section 9.2(q); provided that upon the drawing of
such letters of credit, presentment of such bank guarantees or similar instruments, or the incurrence of such Indebtedness, such
obligations are reimbursed within thirty (30) days following such drawing, presentment, or incurrence;

 

(o)                 
Indebtedness of any Foreign Subsidiary in an aggregate principal amount not to exceed$ 25,000,000 at any time
outstanding;

 

(p)                
Indebtedness in respect of Customer Lease Financings, Qualified Accounts Receivable Dispositions and Permitted Receivables
Financings to the extent any of them are recharacterized as Indebtedness;

 

(q)                
Indebtedness representing installment insurance premiums owing in the ordinary course of business;

 

(r)                 
(i) Indebtedness with respect to Standard Receivables Financing Undertakings under Customer Lease Financings, Qualified
Accounts Receivables Dispositions and Permitted Receivables Financings and (ii) Indebtedness of Special Purpose Receivables Subsidiaries
in respect of Permitted Receivables Financings; and

 

(s)                 (i)
Indebtedness of any Credit Party or any Subsidiary thereof not otherwise permitted pursuant to this Section in an aggregate
outstanding principal amount not to exceed the greater of (A) $50,000,000 and (B) 5.0% of Consolidated Total Assets at the
time of incurrence thereof, and (ii) without duplication, any Permitted Refinancing Indebtedness in respect of Indebtedness
incurred under Section 9.1(s)(i).

 

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SECTION
9.2      Liens. Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property,
whether now owned or hereafter acquired, except:

 

(a)                
 Liens created pursuant to the Loan Documents (including, without limitation, Liens in favor of the Swingline Lender and/or
the Issuing Lenders, as applicable, on Cash Collateral granted pursuant to the Loan Documents);

 

(b)                
Liens in existence on the Effective Date and described on Schedule 9.2 to the Disclosure Letter, and the replacement,
renewal or extension thereof (including Liens incurred, assumed or suffered to exist in connection with any refinancing, refunding,
renewal or extension of Indebtedness pursuant to Section 9.1(c) (solely to the extent that such Liens were in existence
on the Effective Date and described on Schedule 9.2 to the Disclosure Letter)); provided that the scope of any such
Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that
in existence on the Effective Date, except for products and proceeds of the foregoing;

 

(c)                 Liens
for taxes, levies, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the
provisions of ERISA or Environmental Laws): (i) not yet due or as to which the period of grace (not to exceed thirty (30)
days), if any, related thereto has not expired; or (ii)  which
are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required
by GAAP;

 

(d)                
statutory Liens such as claims or Liens of materialmen, mechanics, carriers, warehousemen, processors, suppliers, landlords
and other similar Liens for labor, materials, supplies or rentals, and other similar amounts incurred in the ordinary course of
business, which: (i) are not overdue for a period of more than thirty (30) days, or if more than thirty (30) days overdue, no action
has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings if adequate
reserves are maintained to the extent required by GAAP; and (ii) do not, individually or in the aggregate, materially impair the
use thereof in the operation of the business of the Borrower or any of its Subsidiaries;

 

(e)                
(i) deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations
under workers’ compensation, unemployment insurance and other types of social security or similar legislation; and (ii) deposits
or pledges in respect of letters of credit, bank guarantees, or similar instruments that have been posted in the ordinary course
of business of the Borrower or any Subsidiary to support payment of the items set forth in clause (i) of this Section 9.2(e),
in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral
on account thereof;

 

(f)                 
(i) deposits or pledges made in the ordinary course of business to secure the performance of bids, trade and commercial
contracts and leases and the payment of rent (other than Indebtedness), statutory obligations, surety bonds (other than bonds related
to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business;
and (ii) deposits or pledges in respect of letters of credit, bank guarantees, or similar instruments that have been posted in
the ordinary course of business of the Borrower or any Subsidiary to support payment of the items set forth in clause (i) of this
Section 9.2(f), in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any
portion of the Collateral on account thereof; provided that the aggregate amount of the deposits and pledges made pursuant
to this Section 9.2(f), together with the aggregate principal amount of Indebtedness and other obligations secured with
Liens permitted pursuant to Section 9.2(x), shall not exceed at any time the greater of (i) $20,000,000 and (ii) 2.0% of
Consolidated Total Assets, in each case determined as of the date of incurrence;

 

(g)                 encumbrances
(i) in the nature of zoning restrictions, easements, and rights or restrictions of record or other similar encumbrances on
the use of real property, which do not materially detract from the value of such property or materially impair the use
thereof in the ordinary conduct of business of the applicable Person or which are insured over by title insurance and (ii)
such as any zoning, building or similar laws or rights reserved to or vested in any Governmental Authority;

 

    105 

     

    

 

(h)                
Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant
to operating leases entered into in the ordinary course of business of the Borrower and its Subsidiaries;

 

(i)                 
Liens securing Indebtedness permitted under Section 9.1(d); provided that: (i) such Liens shall be created
within one hundred eighty (180) days of the acquisition, repair, improvement or lease, as applicable, of the related Property;
(ii) such Liens do not at any time encumber any property other than the Property or Properties financed by such Indebtedness; (iii)
the amount of Indebtedness secured thereby is not increased (except in connection with the repair or improvement of the Property
or Properties securing such Indebtedness); and (iv) the principal amount of Indebtedness secured by any such Lien shall at no time
exceed one hundred percent (100%) of the original price for the purchase, repair improvement or lease amount (as applicable) of
such Property or Properties at the time of purchase, repair, improvement or lease (as applicable);

 

(j)                 
Liens securing judgments for the payment of money not constituting an Event of Default under Section 10.1(l) or securing
appeal or other surety bonds relating to such judgments;

 

(k)                
Liens on Property: (i) of any Subsidiary which are in existence at the time that such Subsidiary is acquired pursuant to
a Permitted Acquisition or other Investment permitted by Section 9.3; and (ii) of the Borrower or any of its Subsidiaries
existing at the time such tangible property or tangible assets are purchased or otherwise acquired by the Borrower or such Subsidiary
thereof pursuant to a transaction permitted pursuant to this Agreement; provided that, with respect to each of the foregoing
clauses (i) and (ii): (A) such Liens are not incurred in connection with, or in anticipation of, such Permitted Acquisition, Investment,
purchase, or other acquisition; (B) such Liens are applicable only to specific Property; (C) such Liens are not “blanket”
or all asset Liens; (D) such Liens do not attach to any other Property of the Borrower or any of its Subsidiaries; and (E) the
Indebtedness secured by such Liens is permitted under Section 9.1(e) of this Agreement;

 

(l)                 
(i) Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial
Code in effect in the relevant jurisdiction; (ii) Liens of any depositary bank in connection with statutory, common law, and contractual
rights of set-off and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof, (iii) customary
set-off rights pursuant to Cash Management Agreements and (iv) Liens on cash and Cash Equivalents securing obligations in respect
of Cash Management Services; provided that the aggregate amount of cash and Cash Equivalents subject to such Liens does not at
any one time exceed $25,000,000;

 

(m)             
(i) contractual or statutory Liens of landlords to the extent relating to the property and assets relating to any lease
agreements with such landlord; and (ii) contractual Liens of suppliers (including sellers of goods) or customers granted in the
ordinary course of business to the extent limited to the property or assets relating to such contract;

 

(n)                
any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any inbound license
or lease agreement entered into by the Borrower or any Subsidiary in the ordinary course of business and not prohibited by this
Agreement;

 

(o)                 any
license, sublicense, lease, or sublease granted by the Borrower or any Subsidiary to third parties in the ordinary course of
its business and in accordance with any applicable terms of the Security Documents which do not: (i) interfere in any
material respect with the ordinary conduct of the business of the Borrower or its Subsidiaries or materially detract from the
value of the relevant assets of the Borrower or its Subsidiaries; or (ii) secure any Indebtedness;

 

    106 

     

    

 

(p)                
to the extent constituting Liens, any option or other agreement to purchase any asset of the Borrower or any of its Subsidiaries,
the disposition of which is expressly permitted under Section 9.5 or otherwise under this Agreement;

 

(q)                
reasonable customary initial deposits and margin deposits to the extent required by Applicable Law, which secure Indebtedness
under Hedge Agreements permitted under Section 9.1(b); provided that any obligation secured by any deposit permitted
under this Section 9.2(q) shall have been incurred in the ordinary course of business and not for speculative purposes;

 

(r)                 
Liens on assets of Foreign Subsidiaries securing only Indebtedness of such Foreign Subsidiaries otherwise permitted under
Section 9.1(o); provided that such Liens shall not extend to, or encumber, any assets that constitute Collateral
or the Equity Interests of the Borrower or any of the Subsidiaries (other than Subsidiaries of the applicable Foreign Subsidiary
that are Excluded Subsidiaries) or prohibit or otherwise restrict the creation or assumption of any Lien pursuant to this Agreement
or any other Loan Documents;

 

(s)                
Liens solely on any cash earnest money deposits or escrow arrangements made by the Borrower or any Subsidiary in connection
with any letter of intent or purchase or merger agreement for any Acquisition permitted under this Agreement;

 

(t)                 
Liens on any customer leases (and any accounts or chattel paper arising out of such customer leases) subject to Customer
Lease Financings and Liens on any Qualified Accounts Receivable subject to a Qualified Accounts Receivable Disposition to the extent
any such Customer Lease Financings or Qualified Accounts Receivable Disposition is recharacterized as Indebtedness;

 

(u)                
Liens in the nature of: (i) customary setoff rights in favor of any counterparty to any Hedge Agreements expressly permitted
under this Agreement, and (ii) setoff rights granted to third parties pursuant to trade and other similar contracts with the Borrower
or any Subsidiary and limited to payments owed to the Borrower or any Subsidiary under such contracts that do not constitute Indebtedness,
and such contracts are not secured by any Property of the Borrower or any Subsidiary;

 

(v)                
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto, so long
as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof;

 

(w)              
(i) Liens on Receivables Assets sold or transferred or purported to be sold or otherwise transferred to a Special Purpose
Receivables Subsidiary or an unrelated financing company in connection with a Permitted Receivables Financing and (ii) Liens on
Receivables Assets and other property of Special Purpose Receivables Subsidiaries securing Permitted Receivables Financings; and

 

(x)                
Liens not otherwise permitted hereunder securing Indebtedness or other obligations in the aggregate outstanding principal
amount not to exceed the greater of (i) $20,000,000 and (ii) 2.0% of Consolidated Total Assets, in each case determined as of the
date of incurrence.

 

SECTION
9.3      Investments. Purchase, own, invest in or otherwise acquire (in one transaction or a series
of transactions), directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including, without
limitation, the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, all or
substantially all of the business or assets of any other Person or any division, business unit, product line or line of business
of any other Person or any other investment or interest whatsoever in any other Person, or make or permit to exist, directly or
indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in, any Person
(all the foregoing, “Investments”) except:

 

    107 

     

    

 

(a)           
(i)                 Investments existing on the Effective Date in Subsidiaries existing on the Effective Date and any amendments, modifications,
extensions or reinvestments (in the same Person or a successor to such Person) of any such Investments so long as the net investment
amount is not increased;

 

(ii)                Investments existing on the Effective Date (other than Investments in Subsidiaries existing on the Effective Date) and described
on Schedule 9.3 to the Disclosure Letter and any amendments, modifications, extensions or reinvestments (in the same Person
or a successor to such Person) of any such Investments so long as the net investment amount is not increased;

 

(iii)               Investments
made after the Effective Date by any Credit Party in any other Credit Party;

 

(iv)               Investments made after the Effective Date by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary;

 

(v)                Investments made after the Effective Date by any Non-Guarantor Subsidiary in any Credit Party;

 

(vi)               Investments
made after the Effective Date by any Credit Party in any Non-Guarantor Subsidiary in an aggregate outstanding amount not to
exceed the greater of (x) $35,000,000, and (y) 3.5% of the Consolidated Total Assets, in each case determined at the time
such Investment is made, together with any amendments, modifications, extensions or reinvestments (in the same Person or a
successor to such Person) so long as the net investment amount is not increased; and

 

(vii)             Investments in connection with a Permitted Reorganization or a Permitted Intercompany Transfer;

 

 (b)                
 Investments in cash and Cash Equivalents;

 

(c)                
Investments by the Borrower or any of its Subsidiaries consisting of Capital Expenditures permitted by this Agreement;

 

(d)                
deposits made in the ordinary course of business to secure the performance of leases, the payment of rent or other obligations
as permitted by Section 9.2;

 

 (e)                
 Hedge Agreements permitted pursuant to Section 9.1;

 

(f)                 
purchases of assets (w) by any Credit Party from any other Credit Party, (x) by any non-Guarantor Subsidiary from any other
non-Guarantor Subsidiary, (y) by any Credit Party from any non-Guarantor Subsidiary for fair market value (as determined by the
Borrower) provided that an investment in such non-Guarantor Subsidiary in the amount of the purchase price paid therefor shall
be treated as an Investment in such non-Guarantor Subsidiary for purposes of this Section 9.3, or (z) otherwise in the ordinary
course of business;

 

    108 

     

    

 

 (g)                
 Investments by the Borrower or any Subsidiary thereof in the form of:

 

(i)                 Permitted Acquisitions to the extent that any Person or Property acquired in such Acquisition becomes a part of the Borrower
or a Subsidiary Guarantor or becomes (whether or not such Person is a Wholly-Owned Subsidiary) a Subsidiary Guarantor in the manner
contemplated by Section 8.14; and

 

(ii)                Permitted
Acquisitions to the extent that any Person or Property acquired in such Acquisition does not become a Subsidiary Guarantor or
a part of a Subsidiary Guarantor in an aggregate amount in any Fiscal Year not to exceed the greater of (x) $25,000,00050,000,000,
and (y) 2.54.0%
of Consolidated Total Assets, in each case determined at the time such Investment is made;

 

(h)                
Investments in the form of travel advances and relocation and other loans and advances to employees for reasonable and customary
business-related travel, entertainment, relocation, and analogous ordinary business purposes, and payroll advances in connection
with changes in payroll systems and other advances of payroll payments to employees, in each case in the ordinary course of business;

 

(i)                  Investments
consisting of loans to employees to finance the purchase of Equity Interests (other than Disqualified Equity Interests) of
the Borrower pursuant to employee stock purchase plans or agreements approved by the Borrower’s board of directors in
an aggregate principal amount not to exceed $1,000,000 outstanding at any time (determined without regard to any write-downs
or write-offs of such loans);

 

 (j)                 
Investments in the form of Restricted Payments permitted pursuant to Section 9.6;

 

(k)                
(i) Guarantees not prohibited by Section 9.1 in respect of (A) Indebtedness of Credit Parties and (B) other obligations
of Credit Parties not prohibited by this Agreement, (ii) Guarantees not prohibited by Section 9.1 in respect of Indebtedness
of Non-Guarantor Subsidiaries; provided that Guarantees incurred after the Effective Date by Credit Parties in respect of
Indebtedness of Non-Guarantor Subsidiaries pursuant to this Section 9.3(k)(ii) (other than Guarantees constituting obligations
to honor a supported Subsidiary’s obligations to its counterparty under any Hedge Agreement pursuant to customary ISDA keepwell
or similar arrangements and other than Guarantees in respect of obligations of Non-Guarantor Subsidiaries under Secured Cash Management
Agreements and Secured Hedge Agreements) shall not exceed in the aggregate at the time any such Guarantee is incurred, an amount
equal to, at any time outstanding, the greater of (x) $50,000,000, and (y) 5% of Consolidated Total Assets; and (iii) Guarantees
not prohibited by Section 9.1 in respect of obligations (other than Indebtedness) of Non-Guarantor Subsidiaries not prohibited
by this Agreement;

 

(l)                 
Investments consisting of extensions of credit to the customers of the Borrower or of any of its Subsidiaries in the nature
of accounts receivable, prepaid royalties, or notes receivable, arising from the grant of trade credit or licensing activities
of the Borrower or such Subsidiary, in each case in the ordinary course of business;

 

(m)             
Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers
and in settlement of litigation, delinquent obligations of, and other disputes with, customers, suppliers or other Persons arising
in the ordinary course of business (including Investments received upon foreclosure of any secured customer leases or licenses);

 

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(n)                
 Investments consisting of leases of goods and inventory and related licenses to customers in the ordinary course of business;

 

(o)                 joint
venture, corporate collaborations, or strategic alliances in the ordinary course of the Borrower’s or a
Subsidiary’s business consisting of the licensing of technology, the development of technology and/or the providing of
technical support; provided that: (i) such joint ventures, collaborations and alliances do not interfere in any
material respect with the ordinary conduct of the business of the Borrower or its Subsidiaries or result in a material
diminution in the value of the Collateral as security for the Obligations (other than by virtue of any assets invested
pursuant to such Investment ceasing to be Collateral); (ii) obligations under such joint ventures, collaborations and
alliances are not secured by any Property of the Borrower or any Subsidiary or of any such joint venture, collaboration or
alliance; and (iii) any Investments made by the Borrower or any Subsidiary in connection with such joint ventures,
collaborations and alliances shall not exceed $20,000,000 in the aggregate in any Fiscal Year;

 

(p)                
non-cash consideration received in connection with Asset Dispositions expressly permitted by Section 9.5;

 

(q)                
Investments held by a Person acquired in a Permitted Acquisition; provided that such Investments are held by such
Person or are made pursuant to a binding commitment of such Person in effect as of the date of such Permitted Acquisition and not
acquired or entered into in contemplation of such Permitted Acquisition; provided further that, in the case of any such
binding commitment to make an Investment, to the extent that any such Investment would constitute an Acquisition, such Investment
shall itself comply with all requirements of a Permitted Acquisition and with all other terms and conditions of this Agreement
and the other Loan Documents;

 

 (r)                  Investments in Permitted Equity Derivatives; and

 

(s)                
(i) Investments not otherwise permitted pursuant to this Section 9.3 which, when combined with the aggregate amount
of other Investments outstanding pursuant to this clause (s), does not exceed at the time when any such new Investment is made,
(x) the greater of (i) $50,000,000 and (ii) 5% of Consolidated Total Assets, plus (y) additional amounts so long as (i) the Consolidated
Total Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recent fiscal quarter end for which financial
statements are required to have been, or have been, delivered under Section 8.1, does not exceed 2.50:1:00 and (ii) the
Borrower is in Pro Forma Compliance with the covenants set forth in Section 9.14; provided that immediately before and immediately
after giving pro forma effect to any such Investments incurred in connection therewith, no Default or Event of Default shall
have occurred and be continuing and provided further that in the case of a Limited Condition Acquisition, compliance with
this clause (s) shall be tested as of the date the applicable Permitted Acquisition Documents are entered into (and, for the avoidance
of doubt, such determination of compliance with respect to this clause (s)(i) shall give effect to such Limited Condition Acquisition
and the incurrence of any Indebtedness in connection therewith) (provided that no Event of Default under Section 10.1(a),
(b), (h) or (i) shall have occurred and be continuing on the date of such Investment both before and after
giving pro forma effect to such Limited Condition Acquisition and any Indebtedness incurred in connection therewith), and (ii)
any amendments, modifications, Permitted Intercompany Transfer thereof, extensions or reinvestments (in the same Person or a successor
to such Person) so long as the net investment amount is not increased.

 

For
purposes of determining the amount of any Investment outstanding for purposes of this Section 9.3, such amount shall be
deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or
decreases in the value of such Investment) less any amount realized in respect of such Investment upon the sale, collection
or return of capital (not to exceed the original amount invested).

 

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SECTION
9.4      Fundamental Changes. Merge, consolidate or enter into any similar combination with, or
enter into any Asset Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions)
with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except:

 

(a)                
(i) any Subsidiary of the Borrower may be merged, amalgamated, or consolidated with or into, or be dissolved or liquidated
into, the Borrower (provided that the Borrower shall be the continuing or surviving entity); or (ii) any Subsidiary of the
Borrower may be merged, amalgamated, or consolidated with or into, or be dissolved or liquidated into, any Subsidiary Guarantor
(provided that the Subsidiary Guarantor shall be the continuing or surviving entity or substantially concurrently with such
transaction, the continuing or surviving entity shall become a Subsidiary Guarantor and the Borrower shall comply with Section
8.14 in connection therewith);

 

(b)                
any Non-Guarantor Subsidiary may be merged, amalgamated or consolidated with or into, or be dissolved or liquidated into,
any other Non-Guarantor Subsidiary;

 

(c)                
any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up
or otherwise) to the Borrower, any Subsidiary Guarantor, or any Subsidiary that will become a Subsidiary Guarantor substantially
concurrently with such transaction; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary,
the consideration for such disposition shall not exceed the fair value of such assets (as determined in good faith by the Borrower);

 

(d)                
any Non-Guarantor Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution,
winding up or otherwise) to any other Non-Guarantor Subsidiary;

 

(e)                
any Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to
acquire in connection with any acquisition permitted hereunder (including, without limitation, any Permitted Acquisition permitted
pursuant to Section 9.3(g)); provided that: (i) in the case of any merger involving a Wholly-Owned Subsidiary that
is a Subsidiary Guarantor, a Subsidiary Guarantor shall be the continuing or surviving Person; or (ii) in the case of any merger
involving a Wholly-Owned Subsidiary that is not a Subsidiary Guarantor, in connection with such transaction, the continuing or
surviving Person shall become a Subsidiary Guarantor to the extent required under, and within the time periods set forth in, Section
8.14, with which the Borrower shall comply in connection with such transaction;

 

(f)                  any
Person may merge into the Borrower or any of its Wholly-Owned Subsidiaries in connection with a Permitted Acquisition or
other Investment permitted pursuant to Section 9.3; provided that: (i) in the case of a merger involving the
Borrower, the continuing or surviving Person shall be the Borrower; (ii) except as set forth in clause (i), in the case of a
merger involving a Subsidiary Guarantor, the continuing or surviving Person shall be a Subsidiary Guarantor; and (iii) except
as set forth in clause (i) and (ii), in the case of a merger involving a Wholly-Owned Subsidiary of the Borrower, the
continuing or surviving Person shall be a Wholly-Owned Subsidiary of the Borrower, and to the extent required by, and within
the time periods set forth in, Section 8.14, the Borrower shall cause such Wholly-Owned Subsidiary to become a
Subsidiary Guarantor and to comply with all other requirements set forth in Section 8.14; and

 

(g)                
 any Subsidiary may merge into any other Person in connection with an Asset Disposition permitted under Section 9.5(n).

 

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SECTION 9.5      Asset Dispositions. Make any
Asset Disposition except:

 

(a)                
the sale of obsolete, worn-out or surplus assets no longer used or usable in the business of the Borrower or any of its
Subsidiaries;

 

(b)                
Asset Dispositions in the ordinary course of business consisting of the abandonment, cancellation, non-renewal, or discontinuance
of the use or maintenance of intellectual property or rights relating thereto that: (i) in the reasonable good faith determination
of the Borrower, are uneconomical, negligible, obsolete, or otherwise not material in the conduct of its business; and (ii) not
disadvantageous to the rights or remedies of the Lenders (it being understood and agreed that no intellectual property or rights
relating thereto that are material or necessary to the operation of the business of the Borrower and its Subsidiaries, taken as
a whole, may be disposed of in reliance on this clause);

 

(c)                
non-exclusive licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering,
individually or in the aggregate, in any material respect with the conduct of the business of the Borrower and its Subsidiaries;

 

(d)                
customer leases and other leases, subleases, licenses, or sublicenses of real or personal property granted by the Borrower
or any of its Subsidiaries to others, in each case, in the ordinary course of business not interfering, individually or in the
aggregate, in any material respect with the business of the Borrower or any of its Subsidiaries;

 

(e)                
Asset Dispositions in connection with Insurance and Condemnation Events; provided that the requirements of Section
4.4(b) are complied with in connection therewith (if applicable);

 

(f)                 
Asset Dispositions in connection with transactions permitted by Section 9.4 (other than Section 9.4(g)) and
Asset Dispositions consisting of Restricted Payments permitted under Section 9.6;

 

(g)                
Asset Dispositions of Property to the extent that: (i) such Property is exchanged for, or credited against the purchase
price of, similar replacement Property; or (ii) the Net Cash Proceeds of such Asset Disposition are promptly applied to the purchase
price of such replacement Property;

 

(h)                
(i) surrender or waiver of contractual rights or the settlement or waiver of contractual or litigation claims in the ordinary
course of business; and (ii) the sale, license or other transfer of intellectual property rights in connection with the settlement
or waiver of contractual or litigation claims; provided that such sale, license or transfer does not materially interfere with
the business of the Borrower and its Subsidiaries, taken as a whole;

 

(i)                 
termination of licenses, leases, and other contractual rights in the ordinary course of business, which does not materially
interfere with the conduct of business of the Borrower and its Subsidiaries and is not disadvantageous to the rights or remedies
of the Lenders;

 

(j)                  (i)
Customer Lease Financings consistent with past practice of the Borrower and its Subsidiaries, (ii) Qualified Accounts
Receivable Dispositions and (iii) (A) Asset Dispositions by the Borrower or any Subsidiary of Receivables Assets to one or
more Special Purpose Receivables Subsidiaries or unrelated finance companies in connection with a Permitted Receivables
Financing and (B) Asset Dispositions by Special Purpose Receivables Subsidiaries of Receivables Assets pursuant to a
Permitted Receivables Financing;

 

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 (k)                 
 to the extent such Asset Disposition constitutes a Lien, the grant of Permitted Liens;

 

(l)                  
to the extent such Asset Disposition constitutes an Investment, transactions permitted pursuant to Section 9.3;

 

 (m)                 Asset Dispositions described on Schedule 9.5 to the Disclosure Letter;

 

(n)                
Asset Dispositions not otherwise permitted pursuant to this Section; provided that: (i) at the time of such Asset
Disposition, no Default or Event of Default shall exist or would result from such Asset Disposition; (ii) such Asset Disposition
is made for fair market value and the consideration received, if any, shall be no less than 75% in cash; provided that solely
for purposes of the foregoing, the following consideration shall be treated as cash: (x) any consideration arising from the assumption
of any liabilities (other than liabilities that are by their terms subordinated to the Obligations) so long as the Borrower and
the Subsidiaries are fully released therefrom, and (y) up to $10,000,000 in non-cash consideration; and (iii) the aggregate fair
market value of all property disposed of in reliance on this clause (n) shall not
exceed $40,000,000 in any Fiscal Year;

 

(o)                
any involuntary loss, damage or destruction of property or any involuntary condemnation, seizure or taking, by exercise of the
power of eminent domain or otherwise, or confiscation or requisition of use of property; and

 

(p)                
Asset Dispositions among the Borrower and its Subsidiaries in connection with a Permitted Reorganization or a Permitted Intercompany
Transfer.;
and

 

(q)                 the settlement, unwinding or other termination of any Permitted Equity Derivative.

 

SECTION
9.6      Restricted Payments. Declare or pay any dividend on, or make any payment or other distribution on account of, or purchase,
redeem, retire, or otherwise acquire (directly or indirectly), or set apart assets for a sinking or other analogous fund for the
purchase, redemption, retirement, or other acquisition of, any class of Equity Interests of any Credit Party or any Subsidiary
thereof, or make any distribution of cash, property, or assets to the holders of shares of any Equity Interests of any Credit Party
or any Subsidiary thereof (all of the foregoing, the “Restricted Payments”); provided that:

 

(a)                
so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower or any
of its Subsidiaries may pay dividends in the form of shares of its own Qualified Equity Interests;

 

(b)                
any Subsidiary of the Borrower may make Restricted Payments to the Borrower or any Subsidiary Guarantor (and, if applicable,
to other holders of its outstanding Qualified Equity Interests on a pro rata basis);

 

(c)                 any
Non-Guarantor Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary (and, if applicable, to other
holders of its outstanding Equity Interests on a ratable basis);

 

(d)                 
repurchases of Equity Interests in the Borrower deemed to occur upon exercise of stock options or warrants if such Equity
Interests represent a portion of the exercise price of such options or warrants;

 

(e)                
payments made or expected to be made by the Borrower in respect of withholding or similar Taxes payable by any future, present,
or former employee, director, manager, or consultant, and any repurchases of Equity Interests in consideration of such payments,
including deemed repurchases in connection with the exercise of stock options or the vesting of restricted stock;

 

(f)                 
cash payments in lieu of fractional shares in connection with the exercise of warrants, options, or other securities, convertible
or exchangeable for Equity Interests of the Borrower; and

 

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(g)                
so long as no Default or Event of Default has occurred and is continuing or would result therefrom: Restricted Payments (including
through the purchase of Permitted Equity Derivatives); provided that the aggregate amount of Restricted Payments
pursuant to this clause (g) shall not exceed (x) (A) $100,000,000 for
the Fiscal Year ending December 31, 2020 and (B) $50,000,000 per Fiscal Year thereafter
plus (y) additional amounts so long as at the time of making such Restricted Payment (i) the Consolidated Total Net
Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recent fiscal quarter end for which financial statements
are required to have been, or have been, delivered under Section 8.1, does not exceed 2.50:1:00 and (ii) the Borrower is
in Pro Forma Compliance with the covenants set forth in Section 9.14.;
and

 

(h)                
 (i) the purchase of any Permitted Equity Derivatives by the Borrower contemporaneously
and otherwise in connection with the issuance of Permitted Convertible Indebtedness; provided
that the aggregate cash consideration paid to purchase (net of any cash consideration received) for such Permitted
Equity Derivatives shall not exceed 20% of the principal amount of such Permitted Convertible Indebtedness; and (ii) any settlement,
unwinding or other termination of any Permitted Equity Derivatives; provided, that after giving effect to the aggregate cash consideration
paid or to be paid to settle, unwind or otherwise terminate such Permitted Equity Derivatives (net of any cash consideration received
or to be received in respect of any concurrent settlements, unwind or other termination of Permitted Equity Derivatives), the
Consolidated Secured Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recent fiscal quarter
end for which financial statements are required to have been, or have been, delivered under Section 8.1, does not exceed 2.50:1:00.

 

SECTION
9.7      Transactions with Affiliates. Directly or indirectly enter into any transaction,
including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment
of any management, advisory or similar fees, with: (x) any officer, director, holder of 10% or more of any Equity Interests
in, or other Affiliate of, the Borrower or any of its Subsidiaries; or
(y) any Affiliate of any such
officer, director or holder, other than:

 

 (a)                 transactions permitted by Section 9.6;

 

(b)                
transactions existing on the Effective Date and described on Schedule 9.7 to the Disclosure Letter;

 

 (c)                  transactions among Credit Parties and their Wholly-Owned Subsidiaries;

 

(d)                
 other transactions in the ordinary course of business on terms as favorable as would be obtained by it on a comparable
arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors
(or equivalent governing body) of the Borrower;

 

(e)                
employment, severance, and other similar compensation arrangements (including equity incentive plans and employee benefit
plans and arrangements) with their respective directors, officers, and employees in the ordinary course of business; and

 

(f)                 
payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers
and employees of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership
or operation of the Borrower and its Subsidiaries.

 

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SECTION 9.8      Accounting Changes; Organizational
Documents.

 

(a)                
(i) Change its Fiscal Year end (other than in the case of any Subsidiary, to conform such Subsidiary’s Fiscal Year
end to that of the Borrower); or (ii) make (without the consent of the Administrative Agent) any material change in its accounting
treatment and reporting practices except as permitted or required by GAAP.

 

(b)                
Amend, modify, or change its articles of incorporation (or corporate charter or other similar organizational documents)
or amend, modify, or change its bylaws (or other similar documents) in any manner materially adverse to the rights or interests
of the Lenders.

 

SECTION 9.9      Payments and Modifications of
Subordinated Indebtedness.

 

(a)                
Amend, modify, waive, or supplement (or permit the modification, amendment, waiver, or supplement of) any of the terms or
provisions of (i) any Subordinated Indebtedness in any respect which would materially and adversely affect the rights or interests
of the Administrative Agent and Lenders hereunder (it being understood and agreed that any increase or decrease in the interest
rates or extension of the maturity dates or repayment under any Indebtedness among the Borrower and its Subsidiaries shall not
be deemed to be adverse in any material respect to the Lenders) or (ii) any Permitted Unsecured Indebtedness in a manner that would
cause such Indebtedness to no longer constitute Permitted Unsecured Indebtedness under the definition thereof.

 

(b)                
Cancel, forgive, make any payment or prepayment on, or defease, redeem or acquire for value (including, without limitation:
(x) by way of depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due;
and (y) at the maturity thereof) any Subordinated Indebtedness (other than Subordinated Indebtedness among the Borrower and its
Subsidiaries) or any Permitted Unsecured Indebtedness, except:

 

(i)                 refinancings, renewals, extensions or exchanges of (A) any Subordinated Indebtedness permitted by Section 9.1(i),
with Indebtedness that would be permitted to be incurred pursuant to Section 9.1(i), and (B) any Permitted Unsecured Indebtedness
permitted by Section 9.1(k) with Permitted Unsecured Indebtedness permitted by Section 9.1(k) or Subordinated Indebtedness
permitted by Section 9.1(i);

 

(ii)                payments and prepayments of any Subordinated Indebtedness or Permitted Unsecured Indebtedness made with the proceeds of
Qualified Equity Interests (together with cash in lieu of fractional shares and accrued and unpaid interest);

 

(iii)               conversion
or exchange of any Subordinated Indebtedness or Permitted Unsecured Indebtedness into or for Qualified Equity Interests (and cash
in lieu of fractional shares);

 

(iv)              the payment of interest, expenses, and indemnities in respect of (A) Subordinated Indebtedness incurred under Section
9.1(i) (other than any such payments prohibited by any subordination provisions applicable thereto) and (B) Permitted Unsecured
Indebtedness incurred under Section 9.1(k); and

 

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(v)               additional payments and prepayments of any Subordinated Indebtedness or Permitted Unsecured Indebtedness; provided
that at the time of such payments or prepayments (i) the Consolidated TotalSecured
Net Leverage Ratio, determined on a Pro Forma Basis as of the last day of the most recent fiscal quarter end for which financial
statements are required to have been, or have been, delivered under Section 8.1, does not exceed 2.50:1:00; (ii) the Borrower
is in Pro Forma Compliance with the covenants set forth in Section 9.14; and (iii) immediately before and immediately after giving
pro forma effect to any such payments and prepayments of any Subordinated Indebtedness or Permitted Unsecured Indebtedness
incurred in connection therewith, no Default or Event of Default shall have occurred and be continuing.

 

Notwithstanding
anything to the contrary in the foregoing, the issuance of, performance of obligations under (including any payments of interest),
and conversion, exercise, repurchase, redemption, settlement or early termination or cancellation of (whether in whole or in part
and including by netting or set-off) (in each case, (x) in accordance with the terms of such Permitted Convertible Indebtedness
and (y) whether in cash, shares of common stock of Borrower (or other securities or property following a merger event or other
change of the common stock of Borrower) or any combination thereof), or the satisfaction of any condition that would permit or
require any of the foregoing, any Permitted Convertible Indebtedness shall not constitute a purchase, redemption, defeasance,
prepayment or satisfaction in respect of Indebtedness by Borrower for the purposes of this Section 9.9; provided that, in the
case of any conversion, exercise, repurchase, redemption, settlement, early termination or cancellation, the aggregate cash amounts
paid in respect thereof shall not exceed the principal amount of the Permitted Convertible Indebtedness so converted, exercised,
repurchased, redeemed, settled terminated or cancelled, plus (x) accrued and unpaid interest and (y) the net amount of any cash
payments received upon any concurrent unwind, settlement or other termination of any related Permitted Equity Derivative.

 

SECTION 9.10      No Further Negative Pledges;
Restrictive Agreements.

 

(a)                 Enter
into, assume or be subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien to
secure the Secured Obligations upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant
of any security for such obligation if security is given for some other obligation, except: (i) pursuant to this Agreement
and the other Loan Documents; (ii) pursuant to any agreement, document, or instrument governing Indebtedness incurred
pursuant to Section 9.1(d) (provided that any such restriction contained therein relates only to the asset or
assets financed thereby); (iii) pursuant to any agreement, document, or instrument governing Indebtedness incurred pursuant
to Section 9.1(o) (provided that any such restriction contained therein relates only to the assets of the
Foreign Subsidiary incurring such Indebtedness); (iv) customary restrictions contained in the organizational documents of any
Non-Guarantor Subsidiary as of the Effective Date and, solely to the extent required by Applicable Law, any other customary
restrictions contained in the organizational documents of any Non-Guarantor Subsidiary; (v) customary provisions in joint
venture agreements and other similar agreements applicable to joint ventures permitted under Section 9.3(o) and
applicable solely to such joint venture and customary restrictions on the transfer of Equity Interests in any Person that is
not a Subsidiary; (vi) customary provisions restricting assignment of any lease, license, and other agreement entered into in
the ordinary course of business; (vii) customary restrictions in connection with any Permitted Lien or any document or
instrument governing any Permitted Lien (provided that any such restriction contained therein relates only to the
asset or assets subject to such Permitted Lien); (viii) pursuant to any agreement, document, or instrument of any Subsidiary
imposing restrictions or requirements with respect to any Property in existence at the time such Subsidiary or Property was
acquired, so long as such restrictions or requirements are not entered into in contemplation of such Person becoming a
Subsidiary or the acquisition of such Property (and any amendment, modification, or extension thereof that does not expand
the scope of any such restriction or requirement and is not more adverse to the rights or interests of the Lenders than such
restriction or requirement in effect prior to such amendment, modification, or extension); (ix) customary restrictions and
conditions contained in an agreement related to the sale or other disposition of any Property (to the extent such sale or
other disposition is permitted pursuant to Section 9.5) that limit the transfer of such Property pending the
consummation of such sale or disposition, solely as to Property being sold or disposed of; (x) customary restrictions on
Liens on deposit and security accounts subject to, and pursuant to, Cash Management Agreements (provided that the amounts
held in accounts subject to such restrictions shall not at any one time exceed $25,000,000 in the aggregate); and (xi) any
encumbrance or restriction pursuant to customary restrictions and conditions contained in agreements relating to a Permitted
Receivables Financing; provided that such restrictions and conditions apply solely to (A) Receivables Assets involved in such
Permitted Receivables Financing and (B) any applicable Special Purpose Receivables Subsidiary.

 

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(b)                
Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability
of any Credit Party or any Subsidiary thereof to: (i) pay dividends or make any other distributions to any Credit Party or any
Subsidiary on its Equity Interests or with respect to any other interest or participation in, or measured by, its profits; (ii)
pay any Indebtedness or other obligation owed to any Credit Party; or (iii) make loans or advances to any Credit Party, except
in each case for such encumbrances or restrictions existing under or by reason of: (A) this Agreement and the other Loan Documents;
(B) Applicable Law; (C) Indebtedness permitted under Section 9.1(o) (provided that any such restriction and encumbrance
contained therein relates only to the Foreign Subsidiary incurring such Indebtedness); (D) customary restrictions and conditions
contained in an agreement related to the sale or other disposition of any Property (to the extent such sale or other disposition
is permitted pursuant to Section 9.5) that limit the transfer of such Property pending the consummation of such sale or
disposition, solely as to Property being sold or disposed of; (E) any restrictions or encumbrances imposed on any Person prior
to the date such Person becomes a Subsidiary, so long as such restrictions or encumbrances were not entered into in contemplation
of such Person becoming a Subsidiary (and any amendment, modification, or extension thereof that does not expand the scope of any
such restriction or encumbrance and is not more adverse to the rights or interests of the Lenders than such restriction or encumbrance
in effect prior to such amendment, modification, or extension); (F) in the case of any Subsidiary that is not a Wholly-Owned Subsidiary,
restrictions and conditions imposed by its articles or certificate of incorporation or formation, bylaws or operating agreement
(or other equivalent organizational documents) or any related joint venture or similar agreements; provided that such restrictions
and conditions apply only to such Subsidiary and to the Equity Interests of such Subsidiary; and (G) any encumbrance or restriction
pursuant to customary restrictions and conditions contained in Permitted Receivables Documents; provided that such restrictions
and conditions (A) apply solely to (x) Receivables Assets involved in such Permitted Receivables Financing and (y) any applicable
Special Purpose Receivables Subsidiary, and (B) do not restrict the applicable Special Purpose Receivables Subsidiary from paying
the purchase price for the applicable Receivables Assets to the Borrower or applicable Subsidiary.

 

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(c)              Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability
of any Credit Party or any Subsidiary thereof to: (i) sell, lease or transfer any of its properties or assets to any Credit Party;
or (ii) act as a Credit Party pursuant to the Loan Documents or any renewals, refinancings, exchanges, refundings or extension
thereof, except in each case for such encumbrances or restrictions existing under or by reason of: (A) this Agreement and the
other Loan Documents; (B) Applicable Law; (C) any document or instrument governing Indebtedness incurred pursuant to Section
9.1(d) (provided that any such restriction contained therein relates only to the asset or assets acquired in connection
therewith); (D) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 9.1(o) (provided
that any such restriction contained therein relates only to the Foreign Subsidiary incurring such Indebtedness and its assets);
(E) any Permitted Lien or any document or instrument governing any Permitted Lien (provided that any such restriction contained
therein relates only to the asset or assets subject to such Permitted Lien); (F) obligations that are binding on a Subsidiary
at the time such Subsidiary first becomes a Subsidiary of the Borrower, so long as such obligations are not entered into in contemplation
of such Person becoming a Subsidiary (and any amendment, modification, or extension thereof that does not expand the scope of
any such restriction or encumbrance and is not more adverse to the rights or interests of the Lenders than such restriction or
encumbrance in effect prior to such amendment, modification, or extension); (G) customary restrictions contained in an agreement
related to the sale of Property (to the extent such sale is permitted pursuant to Section 9.5) that limit the transfer
of such Property pending the consummation of such sale; (H) 
customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this
Agreement so long as such restrictions relate only to the assets subject thereto; (I) customary provisions restricting assignment
of any lease, sublease, license, sublicense or other agreement; (J) customary provisions in joint venture agreements and other
similar agreements applicable to joint ventures permitted under Section 9.3(o) and applicable solely to such joint venture
and customary restrictions on the transfer of Equity Interests in any Person that is not a Subsidiary; and (K) (x) any encumbrance
or restriction pursuant to customary restrictions and conditions contained in Permitted Receivables Documents; provided
that such restrictions and conditions (A) apply solely to (x) Receivables Assets involved in such Permitted Receivables Financing
and (y) any applicable Special Purpose Receivables Subsidiary, and (B) do not restrict the applicable Special Purpose Receivables
Subsidiary from paying the purchase price for the applicable Receivables Assets to the Borrower or applicable Subsidiary.

 

SECTION
9.11      Nature of Business. Engage in any business other than the business conducted by the Borrower and its Subsidiaries as
of the Effective Date and business activities reasonably related, incidental, complementary, or ancillary thereto.

 

SECTION
9.12      Sale Leasebacks. Directly or indirectly become or remain liable as lessee or as guarantor or other surety with respect
to any lease, whether an operating lease or a capital lease, of any Property (whether real, personal or mixed), whether now owned
or hereafter acquired: (a) which any Credit Party or any Subsidiary thereof has sold or transferred or is to sell or transfer
to a Person which is not another Credit Party or Subsidiary of a Credit Party; or (b) which any Credit Party or any Subsidiary
of a Credit Party intends to use for substantially the same purpose as any other Property that has been sold or is to be sold
or transferred by such Credit Party or such Subsidiary to another Person which is not another Credit Party or Subsidiary of a
Credit Party in connection with such lease; provided that, the Borrower and its Subsidiaries may become liable as lessee,
guarantor or other surety with respect to a new lease that would otherwise be prohibited by this Section 9.12 to the extent that
(A) such lease, if a Capital Lease, is permitted by Section 9.1, (B) the sale of such asset is permitted by Section
9.5, (C) the consideration received shall be at least equal to the fair market value of the property sold and (D) the aggregate
amount of assets sold pursuant to all such transactions made under this subsection shall not exceed $10,000,000 during the term
of this Agreement.

 

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SECTION
9.13      [Reserved].

 

SECTION
9.14      Financial Covenants.

 

(a)              Consolidated
TotalSecured Net Leverage Ratio.
As of the last day of any fiscal quarter of Borrower commencing
with last day of the first full(i)
each fiscal quarter after the Effective Dateending
on September 30, 2020 through the fiscal quarter of the Borrower ending on March 31, 2021, permit the Consolidated
TotalSecured
Net Leverage Ratio to be greater than 3.50:1.00, and (ii) the fiscal
quarter ending June 30, 2021 and each fiscal quarter thereafter, permit the Consolidated Secured Net Leverage Ratio to be greater
than 3.00:1.00;

 

provided
that the Borrower may, on up to two occasions during the term of this Agreement, following the consummation
of a Qualifying Permitted Acquisition, increase the applicable maximum Consolidated Total Net Leverage Ratio set forth above by
(i) 0.50:1.00 for the first four fiscal quarters and (ii) 0.25:1.00 for the fifth and sixth fiscal quarters, in each case, ending
following the consummation of the Permitted Acquisition(s) resulting in such Qualifying Permitted Acquisition by delivering a written
notice to the Administrative Agent requesting such increase prior to or within thirty (30) days after the consummation of a Qualifying
Permitted Acquisition (and, solely for the purpose of testing compliance with this Section for any such Qualifying Permitted Acquisition
pursuant to the definition of Permitted Acquisition, for the fiscal quarter immediately preceding the consummation of such Qualifying
Permitted Acquisition (or, at the option of the Borrower, in the case of a Limited Condition Acquisition, the fiscal quarter immediately
preceding the date the Permitted Acquisition Documents for such Acquisition are entered into)) (such increase in the Consolidated
Total Net Leverage Ratio level, the “ Consolidated Total Net Leverage Ratio Holiday”).

 

(b)              Consolidated
Interest Coverage Ratio. As of the last day of any fiscal quarter commencing with the last day of the first full fiscal quarter
after the Effective Date, permit the Consolidated Interest Coverage Ratio to be less than 3.00:1.00.

 

SECTION
9.15      Disposal of Subsidiary Interests. Permit any Subsidiary Guarantor to be a non-Wholly-Owned Subsidiary except (a) as
required under Applicable Law or (b) as a result of or in connection with a dissolution, merger, amalgamation, consolidation,
or disposition permitted by Section 9.4 or Section 9.5.

 

SECTION 9.16      Reserved.

 

SECTION
9.17      Use of Proceeds; Sanction and Anti-Corruption Laws.

 

(a)              Use the proceeds of the borrowings under the Revolving Credit Facility except: (i) to consummate the Refinancing (including
the continuation under the Revolving Credit Facility of letters of credit under the Existing Credit Agreement); (ii) to pay fees,
commissions and expenses in connection with the Transactions; and (iii) for working capital and the general corporate purposes
of the Borrower and its Subsidiaries.

 

(b)             Use the proceeds of any Incremental Term Loan and any Incremental Revolving Credit Increase except as permitted pursuant
to Section 5.13, as applicable.

 

(c)              Request
any Extension of Credit, or use, or permit its Subsidiaries and its or their respective directors, officers, employees and
agents to use, the proceeds of any Extension of Credit: (i) 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; (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country; or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto.

 

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ARTICLE X

 

DEFAULT
AND REMEDIES

 

SECTION 10.1      Events of Default. Each of
the following shall constitute an Event of Default:

 

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

 

(b)              Other
Payment Default. The Borrower or any other Credit Party shall default in the payment when and as due (whether at maturity,
by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation 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 any Credit Party or any Subsidiary thereof in this Agreement, in any other Loan Document, or in any notice, certificate,
or instrument 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 any Credit Party or any Subsidiary thereof in this Agreement, any other Loan Document,
or in any notice, certificate, or instrument 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. Any Credit Party or any Subsidiary thereof shall default in the performance
or observance of any covenant or agreement contained in Sections 8.1, 8.2(a), 8.3(a), 8.4, 8.13,
8.14, 8.16, or Article IX.

 

(e)              Default in Performance of Other Covenants and Conditions. Any Credit Party or any Subsidiary thereof 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 any Credit Party having obtained
knowledge thereof.

 

(f)               Indebtedness
Cross-Default. Any Credit Party or any Subsidiary thereof shall: (i) default in the payment of any Indebtedness (other than
the Loans, intercompany Indebtedness solely between or among the Borrower and its Wholly-Owned Subsidiaries or any Reimbursement
Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement,
the Hedge Termination Value, of which 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, intercompany Indebtedness solely between or among the
Borrower and its Wholly-Owned Subsidiaries or any Reimbursement Obligation) the aggregate principal amount (including undrawn
committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which 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, or required to be prepaid, repurchased, redeemed or defeased prior
to its stated maturity (any applicable grace period having expired); provided that this clause (f)(ii) shall not apply
to: (A) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness; (B)
the satisfaction of a condition to conversion of any convertible notes constituting Permitted Unsecured Indebtedness permitted
to be incurred under this Agreement or any settlement of any such conversion permitted hereunder or (C) Indebtedness of a Person
acquired in connection with a Permitted Acquisition that has become due and payable as a result of such Acquisition.;
provided that this clause (f) shall not apply to any redemption, exchange, repurchase, conversion or settlement with respect to
any Permitted Convertible Indebtedness, or satisfaction of any condition giving rise to or permitting the foregoing, pursuant
to their terms unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the
type that otherwise constitutes an Event of Default hereunder .

 

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

 

(h)              Voluntary Bankruptcy
Proceeding. Any Credit Party or any Subsidiary thereof shall: (i)  commence
a voluntary case under any Debtor Relief Laws; (ii) file a petition seeking to take advantage of any Debtor Relief Laws;
(iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case
under any Debtor Relief 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; provided that any voluntary dissolution or liquidation of any Foreign Subsidiary in compliance with Section
9.4 (other than as part of a credit reorganization) shall not constitute an Event of Default under this Section 10.1(h).

 

(i)               Involuntary
Bankruptcy Proceeding. A case or other proceeding shall be commenced against any Credit Party or any Subsidiary thereof in
any court of competent jurisdiction seeking: (i) relief under any Debtor Relief Laws; or (ii) the appointment of a trustee, receiver,
custodian, liquidator or the like for any Credit Party or any Subsidiary thereof 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; provided that any voluntary dissolution or liquidation of any Foreign Subsidiary
in compliance with Section 9.4 (other than part of a credit reorganization) shall not constitute an Event of Default under this
Section 10.1(i).

 

(j)               Failure
of Agreements. Any material provision of this Agreement or any provision of any other Loan Document shall for any reason
cease to be valid and binding on any Credit Party or any Subsidiary thereof party thereto or any such Person shall so state
in writing, or any Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to
Permitted Liens) on, or security interest in, any of the Collateral with a fair market value, individually or in the
aggregate, in excess of the Threshold Amount purported to be covered thereby (except to the extent that any such loss of
perfection or priority results from the failure of the Administrative Agent to maintain possession of certificates actually
delivered to it representing securities pledged under the Security Documents), in each case other than in accordance with the
express terms hereof or thereof.

 

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(k)              ERISA Events. The occurrence of any of the following events: (i) any Credit Party 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, any
Credit Party or any ERISA Affiliate is required to pay as contributions thereto and such unpaid amounts are in excess of the Threshold
Amount; (ii) a Termination Event; or (iii) any Credit Party or any ERISA Affiliate as employers under one or more Multiemployer
Plans makes a complete or partial withdrawal from any such Multiemployer Plan and 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.

 

(l)               Judgment. One or more judgments, orders or decrees shall be entered against any Credit Party or any Subsidiary thereof
by any court and continues without having been discharged, vacated or stayed for a period of thirty (30) consecutive days after
the entry thereof and such judgments, orders or decrees are for the payment of money, individually or in the aggregate (net of
any amounts paid or fully covered by independent third party insurance as to which the relevant insurance company does not dispute
coverage), equal to or in excess of the Threshold Amount.

 

SECTION
10.2      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 Credit Facility. Terminate the Revolving Credit Commitment and declare the principal of and interest on the
Loans and the Reimbursement Obligations 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 (including, without limitation, all L/C Obligations, whether or
not the beneficiaries of the then outstanding Letters of Credit shall have presented or shall be entitled to present the documents
required thereunder) 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 each Credit
Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility
and any right of the Borrower to request borrowings or Letters of Credit thereunder; provided that upon the occurrence
of an Event of Default specified in Section 10.1(h) or (i), the Credit 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 each Credit Party, anything in this Agreement or in any other Loan Document to the contrary
notwithstanding.

 

(b)              Letters of Credit. With respect to all Letters of Credit with respect to which presentment for honor shall not have
occurred at the time of an acceleration pursuant to the preceding paragraph, demand that the Borrower (or, upon the occurrence
of an Event of Default specified in Section 10.1(h) or Section 10.1(i), the Borrower shall automatically be obligated
to) deposit in a Cash Collateral account opened by the Administrative Agent an amount equal to 102% of the aggregate then undrawn
and unexpired amount of such Letters of Credit. Amounts held in such Cash Collateral account shall be applied by the Administrative
Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit
shall have expired or been fully drawn upon, if any, shall be applied to repay the other Secured Obligations in accordance with
Section 10.4. After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligation
shall have been satisfied and the Discharge of the Secured Obligations has occurred, the balance, if any, in such Cash Collateral
account shall be returned to the Borrower.

 

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(c)              General Remedies. Exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement,
the other Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations.

 

SECTION 10.3      Rights and Remedies Cumulative;
Non-Waiver; etc.

 

(a)              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.

 

(b)              Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and
all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 10.2 for the benefit of all the Lenders and the Issuing Lenders; provided
that the foregoing shall not prohibit: (a) the Administrative Agent from exercising on its own behalf the rights and remedies
that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents; (b)
any Issuing Lender or the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its
capacity as an Issuing Lender or Swingline Lender, as the case may be) hereunder and under the other Loan Documents; (c) any
Lender from exercising setoff rights in accordance with Section 12.4 (subject to the terms of Section 5.6); or
(d)   any Lender from filing
proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any
Credit Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting
as Administrative Agent hereunder and under the other Loan Documents, then: (i) the Required Lenders shall have the rights
otherwise ascribed to the Administrative Agent pursuant to Section 10.2; and (ii) in addition to the matters set forth
in clauses (b), (c)   and (d) of
the preceding proviso and subject to Section 5.6, any Lender may, with the consent of the Required Lenders, enforce
any rights and remedies available to it and as authorized by the Required Lenders.

 

SECTION
10.4      Crediting of Payments and Proceeds. In the event that the Obligations have been accelerated pursuant to Section 10.2
or the Administrative Agent or any Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all
payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall
be applied by the Administrative Agent as follows:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts, including
attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Lenders in their capacity as such and
the Swingline Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Lenders and Swingline
Lender in proportion to the respective amounts described in this clause First payable to them;

 

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Second,
to payment of that portion of the Secured 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 Secured Obligations constituting accrued and unpaid interest on the Loans and Reimbursement Obligations,
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 Secured Obligations constituting unpaid principal of the Loans, Reimbursement Obligations and
payment obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders,
the Issuing Lenders, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause
Fourth payable to them;

 

Fifth,
to the Administrative Agent for the account of the Issuing Lenders, to Cash Collateralize any L/C Obligations then outstanding;
and

 

Last,
the balance, if any, after the Discharge of the Secured Obligations, to the Borrower or as otherwise required by Applicable Law.

 

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

 

SECTION
10.5      Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law
or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal
of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated)
by intervention in such proceeding or otherwise:

 

(a)              to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C
Obligations and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent
and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders and the Administrative Agent
under Section 3.3, Section 5.3 and Section 12.3) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender and each Issuing 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 and the Issuing 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 Section 3.3, Section 5.3 and Section 12.3.

 

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

 

SECTION 10.6      Credit Bidding.

 

(a)              The
Administrative Agent, on behalf of itself and the Secured Parties and at the direction of the Required Lenders, shall have the
right to credit bid and purchase for the benefit of the Administrative Agent and the Secured Parties all or any portion of Collateral
at any sale thereof conducted by the Administrative Agent under the provisions of the UCC, including pursuant to Sections 9-610
or 9-620 of the UCC, at any sale thereof conducted under the provisions of the United States Bankruptcy Code, including Section
363 thereof, or a sale under a plan of reorganization, or at any other sale or foreclosure conducted by the Administrative Agent
(whether by judicial action or otherwise) in accordance with Applicable Law. Such credit bid or purchase may be completed through
one or more acquisition vehicles formed by the Administrative Agent to make such credit bid or purchase and, in connection therewith,
the Administrative Agent is authorized, on behalf of itself and the other Secured Parties, to adopt documents providing for the
governance of the acquisition vehicle or vehicles, and assign the applicable Secured Obligations to any such acquisition vehicle
in exchange for Equity Interests and/or debt issued by the applicable acquisition vehicle (which shall be deemed to be held for
the ratable account of the applicable Secured Parties on the basis of the Secured Obligations so assigned by each Secured Party).

 

(b)              Each Lender hereby agrees, on behalf of itself and each of its Affiliates that is a Secured Party, that, except as otherwise
provided in any Loan Document or with the written consent of the Administrative Agent and the Required Lenders, it will not take
any enforcement action, accelerate obligations under any of the Loan Documents, or exercise any right that it might otherwise have
under Applicable Law to credit bid at foreclosure sales, UCC sales or other similar dispositions of Collateral.

 

ARTICLE XI

 

THE ADMINISTRATIVE AGENT

 

SECTION
11.1      Appointment and Authority.

 

(a)              Each
of the Lenders and each Issuing Lender hereby irrevocably 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. The provisions of this Article are solely for the benefit of the
Administrative Agent, the Lenders and the Issuing Lenders, and neither the Borrower nor any Subsidiary thereof shall have
rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term
 “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an
administrative relationship between contracting parties.

 

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(b)              The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each
of the Lenders (including in its capacity as a potential Hedge Bank or Cash Management Bank) and the Issuing Lenders hereby irrevocably
appoints and authorizes the Administrative Agent to act as the agent of such Lender and such Issuing Lender for purposes of acquiring,
holding and enforcing any and all Liens on Collateral granted by any of the Credit Parties to secure any of the Secured Obligations,
together with such powers and discretion as are reasonably incidental thereto (including, without limitation, to enter into additional
Loan Documents or supplements to existing Loan Documents on behalf of the Secured Parties). In this connection, the Administrative
Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent
pursuant to this Article XI for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Security Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent,
shall be entitled to the benefits of all provisions of Articles XI and XII (including Section 12.3, as though
such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth
in full herein with respect thereto.

 

SECTION
11.2       Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the
term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for
and generally engage in any kind of business with the Borrower or any 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.

 

SECTION 11.3      Exculpatory Provisions.

 

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

 

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

 

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

 

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(iii)               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 Subsidiaries or Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)              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 12.2 and Section 10.2) 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 or Event of Default unless and until notice describing such Default or Event of Default is
given to the Administrative Agent by the Borrower, a Lender or an Issuing Lender.

 

(c)              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 (including, without limitation,
any report provided to it by an Issuing Lender pursuant to Section 3.9); (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 or Event of
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other
agreement, instrument or document, (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Administrative Agent; or (vi) the utilization of any
Issuing Lender’s L/C Commitment (it being understood and agreed that each Issuing Lender shall monitor compliance with its
own L/C Commitment without any further action by the Administrative Agent).

 

(d)              The
Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor,
or enforce compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the
foregoing, the Administrative Agent shall not: (i) be obligated to ascertain, monitor, or inquire as to whether any Lender or
Participant or prospective Lender or Participant is a Disqualified I‎
nstitution; or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure
of confidential information, to any

Disqualified Institution.

 

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

 

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SECTION
11.5      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 Credit Facility as well as activities as Administrative Agent. The Administrative Agent shall not
be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agents.

 

SECTION
11.6       Resignation of Administrative Agent.

 

(a)              The
Administrative Agent may at any time give notice of its resignation to the Lenders, the Issuing Lenders and the Borrower. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, 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 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed
by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but
shall not be obligated to), on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent meeting
the qualifications set forth above; provided that in no event shall any such successor Administrative Agent be a Defaulting
Lender or a Disqualified Institution. Whether or not a successor has been appointed, such resignation shall become effective in
accordance with such notice on the Resignation Effective Date.

 

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

 

(c)              With
effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (i) the retiring or removed
Administrative Agent shall be discharged from all of its duties and obligations hereunder and under the other Loan Documents
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing
Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral
security until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to
the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender and each Issuing Lender directly, until such
time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to
indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by
the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or
removal hereunder and under the other Loan Documents, the provisions of this Article and Section 12.3 shall continue
in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative
Agent was acting as Administrative Agent.

 

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(d)              Any resignation by, or removal of, Wells Fargo as Administrative Agent pursuant to this Section shall also constitute its
resignation as an Issuing Lender and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative
Agent hereunder: (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring Issuing Lender, if in its sole discretion it elects to, and Swingline Lender; (ii) the retiring Issuing Lender and
Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents;
and (iii) the successor Issuing Lender, if in its sole discretion it elects to, shall issue letters of credit in substitution for
the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring
Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with respect to such Letters of Credit.

 

SECTION
11.7      Non-Reliance on Administrative Agent and Other Lenders. Each Lender and each Issuing 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 and each Issuing 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
11.8      No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the syndication agents, co-agents, arrangers
or bookrunners listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of
the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder.

 

SECTION 11.9      Collateral and Guaranty Matters.

 

(a)              Each
of the Lenders (including in its or any of its Affiliate’s capacities as a potential Hedge Bank or Cash Management Bank)
irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(i)                 to release any Lien on any Collateral granted to or held by the Administrative Agent, for the ratable benefit of the Secured
Parties, under any Loan Document: (A) upon the Discharge of the Secured Obligations; (B) that is sold or otherwise disposed of
or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the Loan
Documents; or (C) if approved, authorized or ratified in writing in accordance with Section 12.2;

 

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(ii)                to
subordinate any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien permitted by Section 9.2(i); and

 

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

 

Upon request by the Administrative
Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate
its interest in particular types or items of property, or to release any Subsidiary Guarantor from its obligations under the Guaranty
Agreement pursuant to this Section 11.9. In each case as specified in this Section 11.9, the Administrative Agent
will, at the Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit Party may
reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the
Security Documents or to subordinate its interest in such item, or to release such Subsidiary Guarantor from its obligations under
the Guaranty Agreement, in each case in accordance with the terms of the Loan Documents and this Section 11.9. In the case
of any such sale, transfer or disposal of any property constituting Collateral in a transaction constituting an Asset Disposition
permitted pursuant to Section 9.5 or other disposition not constituting an Asset Disposition, but otherwise expressly permitted
under this Agreement, the Liens created by any of the Security Documents on such property shall be automatically released without
need for further action by any person.

 

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

 

SECTION
11.10      Secured Hedge Agreements and Secured Cash Management Agreements. No Cash Management Bank or Hedge Bank that obtains
the benefits of Section 10.4 or any Collateral by virtue of the provisions hereof or of any Security Document shall have any right
to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise
in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and,
in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article
XI to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Cash Management Agreements and Secured Hedge Agreements unless the Administrative Agent
has received written notice of such Secured Cash Management Agreements and Secured Hedge Agreements, together with such supporting
documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may
be.

 

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SECTION
11.11      ERISA Matters. Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of the Administrative Agent, the Arrangers and their respective Affiliates, that at least one of the following
is and will be true:

 

(a)             such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans
with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit, the Commitments or this Agreement,

 

(b)           the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving
insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class
exemption for certain transactions determined by in-house asset managers), and the conditions for exemptive relief thereunder
will be 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,

 

(c)           (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 8414 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, and the conditions for
exemptive relief under PTE 84-14 will be satisfied in connection with, such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(d)           such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender to the effect that such Lender’s entrance into, participation in, administration of and performance of the
Term Loans and this Agreement will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code.

 

In
addition, unless clause (a) above is true with respect to a Lender or a Lender has provided another representation, warranty and
covenant as provided in clause (d) above, 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, each Arranger and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that none of the Administrative Agent,
any Arranger or any of their respective 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).

 

ARTICLE
XII

 

MISCELLANEOUS

SECTION 12.1      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 clause (b) below), all notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as
follows:

 

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If to the Borrower:

 

Omnicell, Inc.

590 E. Middlefield Road Mountain View, CA
94043-4008

Attention of:      Peter Kuipers, Executive Vice
President and Chief Financial Officer

Attention of:      Jamie Conroy, Vice President and
Corporate Treasurer

Telephone No.:  (727) 576-6311, x1539

Facsimile No.:   (727) 579-8067650) 251-6100

E-mail:               peter.kuipers@omnicell.com and
Jamie.Conroy@omnicell.com

Website:             omnicell.com

 

With copies of written notices to:

 

Omnicell, Inc.

590 E. Middlefield Road Mountain View, CA
94043-4008

Attention of:    Dan Johnston, Executive
Vice President and Chief Legal and

Administrative Officer

Telephone
No.:          (650) 251-6100

Facsimile No.:   (650) 251-6266

E-mail:               danj@omnicell.com

 

If to Wells Fargo as Administrative Agent:

 

Wells Fargo Bank, National Association MAC
D1109-019

1525 West W.T. Harris Blvd. Charlotte, North
Carolina 28262

Attention: Syndication
Agency Services

 

With copies of written notices to:

 

Latham & Watkins LLP 12670 High Bluff
Drive

San Diego, California 92103 Attention: Sony
Ben-Moshe, Esq. Facsimile: (858) 523-5450 Email: sony.ben-moshe@lw.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 facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the
recipient). Notices delivered through electronic communications to the extent provided in clause (b) below, shall be
effective as provided in said clause (b).

 

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(b)           Electronic
Communications. Notices and other communications to the Lenders and the Issuing Lenders hereunder may be delivered or
furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any Issuing Lender
pursuant to Article II if such Lender or such Issuing Lender, as applicable, 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); and (ii)  notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such
notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or
other communication shall be deemed to have been sent at the opening of business on the next business day for the
recipient.

 

(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 and Letters of Credit requested.

 

(d)           Change of Address, Etc. Any party hereto may change its address or facsimile number for notices and other communications
hereunder by notice to the other parties hereto.

 

(e)           Platform.

 

(i)               
Each Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Borrower Materials available
to the Issuing Lenders and the other Lenders by posting the Borrower Materials on the Platform. The Borrower acknowledges and agrees
that the DQ List shall be deemed suitable for posting and may be posted by the Administrative Agent on the Platform, including
the portion of the Platform that is designated for “public side” Lenders.

 

(ii)               The
Platform is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant
the accuracy or completeness of the Borrower Materials or the adequacy of the Platform, and expressly disclaim liability for
errors or omissions in the Borrower Materials. No warranty of any kind, express, implied or statutory, including, without
limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or
freedom from viruses or other code defects, is made by any Agent Party in connection with the Borrower Materials or the
Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to any Credit Party, any Lender or any other Person or entity for losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Credit Party’s
or the Administrative Agent’s transmission of communications through the Internet (including, without limitation, the
Platform), except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; provided that in no event shall any Agent Party have any liability to any Credit Party, any
Lender, the Issuing Lender or any other Person for indirect, special, incidental, consequential or punitive damages, losses
or expenses (as opposed to actual damages, losses or expenses).

 

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(f)            Private
Side Designation. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all
times have selected the “Private Side Information” or similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures
and Applicable Law, including United States Federal and state securities Applicable Laws, to make reference to Borrower Materials
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities
Applicable Laws.

 

SECTION
12.2      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
and delivered to the Administrative Agent (or by the Administrative Agent with the consent of the Required Lenders) and, in the
case of an amendment, signed by the Borrower; provided that no amendment, waiver or consent shall:

 

(a)            without
the prior written consent of the Required Revolving Credit Lenders, amend, modify or waive (i) Section 6.2 or any other provision
of this Agreement if the effect of such amendment, modification or waiver is to require the Revolving Credit Lenders (pursuant
to, in the case of any such amendment to a provision hereof other than Section 6.2, any substantially concurrent request by the
Borrower for a borrowing of Revolving Credit Loans) to make Revolving Credit Loans when such Revolving Credit Lenders would not
otherwise be required to do so, (ii) the amount of the Swingline Commitment or (iii) the amount of the L/C Sublimit;

 

(b)           increase
the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 10.2) or the amount of Loans of
any Lender, in any case, without the written consent of such Lender (it being understood that a waiver of any condition precedent
set forth in Section 6.2 or the waiver of any Default or Event of Default or mandatory prepayment shall not constitute an extension
or increase of any Commitment of any Lender);

 

(c)            waive, extend or postpone any date fixed by this Agreement or any other Loan Document for any payment (it being understood
that a waiver of a mandatory prepayment under Section 4.4(b) shall only require consent of the Required Lenders and a waiver
of a Lender’s ratable portion of any prepayment under Section 4.4(b) shall only require the consent of such Lender)
of principal, interest, fees or other amounts due to the Lenders (or any of them), or any scheduled or mandatory reduction of the
Revolving Credit Commitment, hereunder or under any other Loan Document, in each case without the written consent of each Lender
directly and adversely affected thereby;

 

(d)           reduce
the principal of, or the rate of interest specified herein on, any Loan or Reimbursement Obligation, or (subject to clause
(iv) of the proviso set forth in the paragraph below) any fees or other amounts payable hereunder or under any other Loan
Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term)
used in determining the Applicable Margin that would result in a reduction of any interest rate on any Loan or in any fee
payable hereunder, 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 5.1(b) during the continuance of an Event of Default;

 

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(e)            change
Section 5.6 or Section 10.4 in a manner that would alter the pro rata sharing of payments or order of application
required thereby without the written consent of each Lender directly and adversely affected thereby;

 

(f)            change
Section 4.4(b)(v) in a manner that would alter the order of application of amounts prepaid pursuant thereto without the
written consent of each Lender directly and adversely affected thereby;

 

(g)           except as otherwise permitted by this Section 12.2, change any provision of this Section or reduce the percentages
specified in the definitions of “Required Lenders,” or “Required Revolving Credit 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;

 

(h)           amend
Section 1.12 or the definition of “Alternative Currency” without the written consent of each Revolving Credit
Lender;

 

(i)             consent to the assignment or transfer by any Credit Party of such Credit Party’s rights and obligations under any
Loan Document to which it is a party (except as permitted pursuant to Section 9.4), in each case, without the written consent
of each Lender;

 

(j)             release: (i) all or substantially all of the Subsidiary Guarantors; or (ii) Subsidiary Guarantors comprising all or substantially
all of the value of the credit support for the Secured Obligations, in any case, from the Guaranty Agreement (other than as authorized
in Section 11.9), without the written consent of each Lender; or

 

(k)            release
all or substantially all of the Collateral or release any Security Document (other than as authorized in Section 11.9 or
as otherwise specifically permitted or contemplated in this Agreement or the applicable Security Document) without the written
consent of each Lender;

 

provided
further, that: (i) no amendment, waiver or consent shall, unless in writing and signed by each affected Issuing Lender in
addition to the Lenders required above, affect the rights or duties of such Issuing Lender under this Agreement or any Letter
of Credit Application relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent
shall, unless in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or
duties of the Swingline Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document; (iv) each Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties thereto; (v) each Letter of Credit Application may be
amended, or rights or privileges thereunder waived, in a writing executed only by the parties thereto; provided that a
copy of such amended Letter of Credit Application shall be promptly delivered to the Administrative Agent upon such amendment
or waiver; (vi) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under
this Agreement of Lenders holding Loans or Commitments of a particular Class or Series (but not the Lenders holding Loans or
Commitments of any other Class or Series) may be effected by an agreement or agreements in writing entered into by the
Borrower and the requisite percentage in interest of the affected Class or Series, as applicable, of Lenders that would be
required to consent thereto under this Section if such Class or Series, as applicable, of Lenders were the only Class or
Series, as applicable, of Lenders hereunder at the time; (vii) 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 or omission of a technical or immaterial nature in any such provision; (viii) Section 8.16
may be amended with the sole consent of Wells Fargo; and (ix) the Administrative Agent and 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 as the Administrative Agent reasonably deems appropriate in order to implement any
Benchmark Replacement or any Benchmark Replacement Conforming Changes or otherwise effectuate the terms of Section
5.8(c) in accordance with the terms of Section 5.8(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 Revolving Credit 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 affects any such
Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such
Defaulting Lender.

 

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Notwithstanding anything
in this Agreement to the contrary, each Lender hereby irrevocably authorizes the Administrative Agent on its behalf, and without
further consent, to enter into amendments or modifications to this Agreement (including, without limitation, amendments to this
Section 12.2) or any of the other Loan Documents or to enter into additional Loan Documents as the Administrative Agent
reasonably deems appropriate in order to effectuate the terms of (i) Section 5.13 (including, without limitation, as applicable:
from and after the effectiveness thereof, (x) to permit the Incremental Term Loans and the Incremental Revolving Credit Increases
to share ratably in the benefits of this Agreement and the other Loans Documents; and (y) to include the Incremental Term Loan
Commitments and the Incremental Revolving Credit Increase, as applicable, or outstanding Incremental Term Loans and outstanding
Incremental Revolving Credit Increase, as applicable, in any determination of: (1) Required Lenders or Required Revolving Credit
Lenders, as applicable; or (2) similar required lender terms applicable thereto (it being understood, however, that in no event
shall any Incremental Loan Commitments be included in any such determination prior to the effectiveness thereof, nor shall any
Incremental Loan Commitment be included in any such determination for purposes of amending, waiving or otherwise modifying Section
5.13 or any other provision of this Agreement in a manner that would have the effect of permitting such Incremental Loan Commitments
to be incurred); and (ii) Section 5.16; provided that no amendment or modification shall result in any increase in
the amount of any Lender’s Commitment or any increase in any Lender’s Commitment Percentage, in each case, without
the written consent of such affected Lender.

 

Notwithstanding any provision
herein to the contrary, this Agreement may be amended with the written consent of the Required Lenders, the Administrative Agent
and the Borrower (i) to add one or more additional revolving credit or term loan facilities to this Agreement and to permit the
extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding
to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other
Loan Documents (including with respect to mandatory prepayments and payments pursuant to Sections 5.6 and 10.4) with
the obligations and liabilities from time to time outstanding in respect of any of the existing facilities hereunder, and (ii)
in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent and approved by the Required Lenders,
the Lenders providing such additional credit facilities to participate in any required vote or action required to be approved by
the Required Lenders or by any other number, percentage or class of Lenders hereunder.

 

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SECTION 12.3      Expenses;
Indemnity.

 

(a)            Costs and Expenses. The Borrower and any other Credit Party, jointly and severally, 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, but only with respect to one primary counsel and, if reasonably
necessary, one local counsel in each relevant jurisdiction and one specialty counsel with respect to each relevant specialty),
in connection with the syndication of the Credit Facility, the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated); (ii) all reasonable and documented out-of-pocket
expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit,
or any demand for payment thereunder; and (iii) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent, any Lender or any Issuing Lender (including the reasonable and documented fees, charges and disbursements of any counsel
for the Administrative Agent, any Lender or any Issuing Lender, but only with respect to one primary counsel for the Administrative
Agent, Lenders and any Issuing Lenders (taken as a whole) and, if reasonably necessary, one local counsel for the Administrative
Agent, Lenders and any Issuing Lenders (taken as a whole) in each relevant jurisdiction and one specialty counsel for the Administrative
Agent, Lenders and any Issuing Lenders (taken as a whole) with respect to each relevant specialty, and, in the case of an actual
or perceived conflict of interest, one additional primary counsel, one additional local counsel in each relevant jurisdiction,
and one additional specialty counsel with respect to each relevant specialty, in each case for each group of similarly situated
affected Persons taken as a whole), in connection with the enforcement or protection of its rights: (A) in connection with this
Agreement and the other Loan Documents, including its rights under this Section; or (B) in connection with the Loans made or Letters
of Credit issued hereunder, including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit.

 

(b)           Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each
Issuing 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), penalties, damages,
liabilities, consultant fees, and other related expenses (including the reasonable and documented fees, charges and
disbursements of counsel, but only with respect to one primary counsel for all Indemnitees (taken as a whole) and, if
reasonably necessary, one local counsel for all Indemnitees (taken as a whole) in each relevant jurisdiction and one
specialty counsel for all Indemnitees (taken as a whole) with respect to each relevant specialty, and, in the case of an
actual or perceived conflict of interest, one additional primary counsel, one additional local counsel in each relevant
jurisdiction, and one additional specialty counsel with respect to each relevant specialty, in each case for each group of
similarly situated affected Indemnitees taken as a whole), incurred by any Indemnitee or asserted against any Indemnitee by
any Person (including the Borrower or any other Credit Party), 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 (including, without limitation, the Transactions); (ii) any Loan or Letter of
Credit or the use or proposed use of the proceeds therefrom (including any refusal by any Issuing Lender to honor a demand
for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit and any failure by the Borrower to repay any amounts owned under the Loan Documents in an
Applicable Currency in such currency); (iii) any actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by any Credit Party or any Subsidiary thereof, or any Environmental Claim related in any way to
any Credit Party or any Subsidiary; (iv) any actual or prospective claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Credit
Party or any Subsidiary thereof, and regardless of whether any Indemnitee is a party thereto; or (v) any claim (including,
without limitation, any Environmental Claims), 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; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses: (A) are determined
by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad
faith or willful misconduct of such Indemnitee; (B) result from a material breach of such Indemnitee’s funding
obligations under this Agreement or under any other Loan Document as determined by a court of competent jurisdiction by final
and nonappealable judgment; or (C) any disputes solely among the Indemnitees (other than disputes involving claims against
any Arranger, the Administrative Agent, or any similar Person in its respective capacity as such) that do not arise from any
act or omission of the Borrower or any of its Affiliates. This Section 12.3(b) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)            Reimbursement by Lenders. To the extent that the 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), any Issuing Lender,
the Swingline Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent
(or any such sub-agent), such Issuing Lender, the Swingline Lender or such Related Party, as the case may be, such Lender’s
pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based
on each Lender’s share of the Total Credit Exposure at such time, or if the Total Credit Exposure has been reduced to zero,
then based on such Lender’s share of the Total Credit Exposure immediately prior to such reduction) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender); provided that with respect to such unpaid
amounts owed to any Issuing Lender or the Swingline Lender solely in its capacity as such, only the Revolving Credit Lenders shall
be required to pay such unpaid amounts, such payment to be made severally among them based on such Revolving Credit Lenders’
Revolving Credit Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought or, if the Revolving Credit Commitment has been reduced to zero as of such time, determined immediately prior to such
reduction); provided further that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense,
as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), such Issuing Lender or
the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), such Issuing Lender or the Swingline Lender in connection with such capacity. The obligations of
the Lenders under this clause (c) are subject to the provisions of Section 5.7.

 

(d)           Waiver
of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, (i) the Borrower and each other Credit
Party shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof and (ii) the Administrative
Agent, the Swingline Lender, each Issuing Lender and each Lender shall not assert, and hereby waives, any claim against any
Credit Party or any Subsidiary or any Affiliate thereof, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby
or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in 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 other than for direct and actual
damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and
nonappealable judgment of a court of competent jurisdiction.

 

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

 

(f)            Survival. Each party’s obligations under this Section shall survive the termination of the Loan Documents and
payment of the obligations hereunder.

 

SECTION
12.4      Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Lender, the Swingline Lender
and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written
consent of the Administrative Agent, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by such Lender, such Issuing Lender, the Swingline Lender or any such Affiliate to or for the credit
or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit
Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, such Issuing Lender or the Swingline
Lender or any of their respective Affiliates, irrespective of whether or not such Lender, such Issuing Lender, the Swingline Lender
or any such Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations
of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender, such Issuing
Lender, the Swingline Lender or such Affiliate different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff: (x) all amounts
so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 10.4 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held
in trust for the benefit of the Administrative Agent, the Issuing Lenders, the Swingline Lender and the Lenders; and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Lender, the Swingline
Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender, such Issuing Lender, the Swingline Lender or their respective Affiliates may have. Each Lender, such
Issuing Lender and the Swingline Lender agree 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 12.5      Governing
Law; Jurisdiction, Etc.

 

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

 

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(b)           Submission
to Jurisdiction. The Borrower and each other Credit Party irrevocably and unconditionally agrees that it will not commence
any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise,
against the Administrative Agent, any Lender, any Issuing Lender, the Swingline Lender, or any Related Party of the foregoing
in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum
other than the courts of the State of New York sitting in New York County, and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally
submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding
may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or in any other Loan Document shall affect any right that the Administrative Agent, any Lender, any Issuing Lender or the Swingline
Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the
Borrower or any other Credit Party or its properties in the courts of any jurisdiction.

 

(c)           Waiver of Venue. The Borrower and each other Credit Party 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
12.1. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by
Applicable Law.

 

SECTION 12.6      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: (i)
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 (ii) 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
12.7      Reversal
of Payments. To the extent any Credit Party 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 Debtor Relief Law, other Applicable Law or
equitable cause, then, to the extent of such payment or proceeds repaid, the Secured Obligations or part thereof intended to
be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by
the Administrative Agent.

 

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SECTION
12.8      Injunctive
Relief. The Borrower recognizes that, in the event the Borrower fails to perform, observe or discharge any of its obligations
or liabilities under this Agreement, any remedy of law may prove to be inadequate relief to the Lenders. Therefore, the Borrower
agrees that the Lenders, at the Lenders’ option, shall be entitled to temporary and permanent injunctive relief in any such
case without the necessity of proving actual damages.

 

SECTION 12.9      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 neither the Borrower nor any other
Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except: (i) to an Eligible Assignee in accordance with the provisions of clause (b) of this Section; (ii) by way of participation
in accordance with the provisions of clause (d) of this Section; or (iii) by way of pledge or assignment of a security interest
subject to the restrictions of clause (e) 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 clause (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 Revolving Credit Commitment and the Loans at the time owing
to it); provided that, in each case with respect to any Credit Facility, any such assignment shall be subject to the following
conditions:

 

		(i)	Minimum Amounts.

 

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

 

(B)               in
any case not described in clause (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, in the case of any
assignment in respect of the Revolving Credit Facility, or $1,000,000, in the case of any assignment in respect of the Term
Loan Facility, unless each of the Administrative Agent and, so long as no an Event of Default under Sections 10.1(a), 10.1(b), 10.1(h)
or 10.1(i) 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;

 

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(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 Loan or the Commitment assigned, except that this clause (ii)
shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate classes on a non-pro-rata
basis;

 

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

 

(A)             
the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless: (x) an Event
of Default under Sections 10.1(a), 10.1(b), 10.1(h) or 10.1(i) has occurred and is continuing at the
time of such assignment; (y) such assignment is to a Lender, an Affiliate of a Lender, or an Approved Fund; or (z) the assignment
is made in connection with the primary syndication of the Revolving Credit Facility and during the period commencing on the Effective
Date and ending on the date that is sixty (60) days following the Effective Date (provided that such assignees are not Disqualified
Institutions (unless an Event of Default under Sections 10.1(h) or (i) has occurred and is continuing) and are determined
in consultation with the Borrower and the Arrangers); 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 five (5) Business Days after
having received notice thereof;

 

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

 

(C)              
the consents of the Issuing Lenders and the Swingline Lender (each such consent not to be unreasonably withheld or delayed)
shall be required for any assignment in respect of the Revolving Credit Facility.

 

(iv)             
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500 for each assignment; provided that:
(A) only one such fee will be payable in connection with simultaneous assignments to two or more related Approved Funds by a Lender;
and (B) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of
any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

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

 

(vi)              No
Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company, investment vehicle
or trust for, or owned and operated for the primary benefit of, 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, the Issuing Lenders, the Swingline Lender and each other Lender hereunder (and interest accrued
thereon); and (B) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters
of Credit and Swingline Loans in accordance with its Revolving Credit 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 clause, 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 clause (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 5.8, 5.9, 5.10, 5.11 and 12.3 with respect to facts and circumstances occurring
prior to the effective date of such assignment; provided that except to the extent otherwise expressly agreed by the affected
parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from
that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this clause (b) shall be treated for purposes of this Agreement as a sale by such Lender of
a participation in such rights and obligations in accordance with clause (d) of this Section (other than a purported assignment
to a natural Person or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void.)

 

(c)           Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of
its offices in Palo Alto, 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 Commitment 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, absent manifest error, and the Borrower, the Administrative Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender (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.

 

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(d)           Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person (or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of, a natural Person), or the Borrower or any of the Borrower’s Subsidiaries or Affiliates) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans owing to it); provided that: (i) such Lender’s obligations under this Agreement shall remain unchanged;
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii)
the Borrower, the Administrative Agent, the Issuing Lender, the Swingline Lender and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 12.3(c) with respect to any payments
made by such Lender to its Participant(s).

 

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 described
in Section 12.2(b), (c), (d) or (e) that directly and adversely affects such Participant. The Borrower
agrees that each Participant shall be entitled to the benefits of Sections 5.9, 5.10 and 5.11 (subject to
the requirements and limitations therein, including the requirements under Section 5.11(g) (it being understood that the
documentation required under Section 5.11(g) shall be delivered to the participating Lender)) to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to clause (b) of this Section; provided that such Participant:
(A) agrees to be subject to the provisions of Section 5.12 as if it were an assignee under clause (b) of this Section; and
(B) shall not be entitled to receive any greater payment under Sections 5.10 or 5.11, with respect to any participation,
than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a
participation agrees, at the Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate
the provisions of Section 5.12(b) with respect to any Participant. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 12.4 as though it were a Lender; provided that such Participant agrees
to be subject to Section 5.6 as though it were a Lender.

 

Each participation
sold by a Lender shall be issued and maintained at all times in “registered form” as that term is defined in
Section 5f.103-1(c) of the United States Treasury Regulations. Each Lender that sells a participation shall, acting solely
for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of
each Participant and the principal amounts of (and stated interest on) each Participant’s interest in the Loans or
other obligations under the Loan Documents (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its
other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for
all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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

 

(f)           
Disqualified Institutions.

 

(i)                No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade
Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights
and obligations under this Agreement to such Person (unless (A) the Borrower has consented to such assignment in writing in its
sole and absolute discretion, or (B) an Event of Default under Section 10.01(h) or (i) exists and is continuing on
the applicable Trade Date, in which case such Person will not be considered a Disqualified Institution for the purpose of such
assignment or participation). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Institution
after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice
period referred to in, the definition of “Disqualified Institution”): (x) such assignee shall not retroactively be
disqualified from becoming a Lender; and (y) the execution by the Borrower of an Assignment and Assumption with respect to such
assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment in violation
of this clause (i) shall not be void, but the other provisions of this clause (f) shall apply.

 

(ii)               If
any assignment or participation is made to any Disqualified Institution without the Borrower’s prior written consent in
violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, then the Borrower
may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent: (A)
terminate any Revolving Credit Commitment of such Disqualified Institution and repay all obligations of the Borrower owing to
such Disqualified Institution in connection with such Revolving Credit Commitment; (B) in the case of outstanding Term Loans held
by Disqualified Institutions, purchase or prepay such Term Loan by paying the lesser of: (x) the principal amount thereof ; or
(y) the amount that such Disqualified Institution paid to acquire such Term Loans, in each case plus accrued interest, accrued
fees and all other amounts (other than principal amounts) payable to it hereunder; and/or (C) require such Disqualified Institution
to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 12.9), all of
its interest, rights, and obligations under this Agreement to one or more Eligible Assignees at the lesser of: (x) the principal
amount thereof; and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations of
such Term Loans, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable
to it hereunder.

 

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

 

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

 

SECTION 12.10       Treatment
of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Lender 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 Related Parties in connection with the Credit Facility, this Agreement, the transactions contemplated hereby or
in connection with marketing of services by such Affiliate or Related Party to Borrower or any of its Subsidiaries (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential); (b) to the extent required or requested by, or required to be disclosed to, any regulatory
or similar authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority,
such as the National Association of Insurance Commissioners); (c) to the extent required by Applicable Laws or regulations or
in any legal, judicial, administrative or other compulsory process; (d) to any other party hereto; (e) in connection with the
exercise of any remedies under this Agreement, under any other Loan Document or under any Secured Hedge Agreement or Secured Cash
Management Agreement, or any action or proceeding relating to this Agreement, any other Loan Document or any Secured Hedge Agreement
or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing
provisions substantially the same as those of this Section, to: (i) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights and obligations under this Agreement; (ii) any actual or prospective party (or its Related
Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its
obligations, this Agreement or payments hereunder (it being understood that the DQ List may be disclosed to any assignee or Participant,
or prospective assignee or Participant, in reliance on this clause (f)); (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 the Loan
Documents in connection with ratings issued with respect to an Approved Fund; (g)    
on a confidential basis to: (i) any rating agency in connection with rating the Borrower or its Subsidiaries or the Credit
Facility; or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers
with respect to the Credit Facility; (h) with the consent of the Borrower, deal terms and other information customarily reported
to Thomson Reuters, other bank market data collectors and similar service providers to the lending industry and service providers
to the Administrative Agent and the Lenders in connection with the administration of the Loan Documents; (i) to the extent such
Information: (i) becomes publicly available other than as a result of a breach of this Section; or (ii) becomes available to the
Administrative Agent, any Lender, any Issuing Lender or any of their respective Affiliates from a third party that is not, to
such Person’s knowledge, subject to confidentiality obligations to the Borrower; (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 those authorities against the Administrative Agent or such Lender or any of its subsidiaries or affiliates;
(k) to the extent that such information is independently developed by such Person; or (l) for purposes of establishing a “due
diligence” defense. For purposes of this Section, “Information” means all information received from any Credit
Party or any Subsidiary thereof relating to any Credit Party or any Subsidiary thereof or any of their respective businesses,
other than any such information that is available to the Administrative Agent, any Lender or any Issuing Lender on a nonconfidential
basis prior to disclosure by any Credit Party or any Subsidiary thereof; provided that, in the case of information received from
a Credit Party or any Subsidiary thereof after the date hereof, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered
to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

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SECTION
12.11        Performance of Duties. Each of the Credit Party’s obligations under this Agreement and each of the other Loan
Documents shall be performed by such Credit Party at its sole cost and expense.

 

SECTION
12.12        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, any of the Commitments remain in effect or the Credit Facility has not been terminated.

 

SECTION 12.13         Survival.

 

(a)            All representations and warranties set forth in Article VII 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 Effective Date (except those that are
expressly made as of a specific date), shall survive the Effective 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 XII 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 12.14     
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 12.15     
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 12.16     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. This Agreement and the other Loan Documents, and any separate letter agreements with respect to fees payable to
the Administrative Agent, the Issuing Lender, the Swingline Lender and/or the Arrangers, constitute the entire contract among the
parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 6.1, 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. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

(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 12.17     
Term of Agreement. This Agreement shall remain in effect from the Effective Date through and including the date upon which
the Discharge of the Obligations has occurred. Any such termination of this Agreement shall be deemed subject to the provision
that this Agreement shall be reinstated if after such termination any portion of any payment in respect of the Obligations shall
be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization
of any Credit Party, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, any Credit Party or any substantial part of its property, or otherwise, all as though such payment had not been made.
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.

 

SECTION 12.18     
USA PATRIOT Act; Beneficial Ownership Regulation. The Administrative Agent and each Lender hereby notifies the Borrower
that pursuant to the requirements of the PATRIOT Act and the Beneficial Ownership Regulation, each of them is required to obtain,
verify and record information that identifies each Credit Party, which information includes the name and address of each Credit
Party and other information that will allow such Lender to identify each Credit Party in accordance with the PATRIOT Act and the
Beneficial Ownership Regulation.

 

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SECTION 12.19     Independent
Effect of Covenants. The Borrower expressly acknowledges and agrees that each covenant contained in Articles VIII or IX hereof
shall be given independent effect. Accordingly, the Borrower shall not engage in any transaction or other act otherwise permitted
under any covenant contained in Articles VIII or IX, before or after giving effect to such transaction or act, the Borrower shall
or would be in breach of any other covenant contained in Articles VIII or IX.

 

SECTION 12.20     No
Advisory or Fiduciary Responsibility.

 

(a)                
In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges
its Affiliates’ understanding, that: (i) the facilities provided for hereunder and any related arranging or other services
in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document)
are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Administrative
Agent, the Arrangers and the Lenders, on the other hand, and the Borrower is capable of evaluating and understanding and understands
and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including
any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction,
each of the Administrative Agent, the Arrangers and the Lenders is and has been acting solely as a principal and is not the financial
advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other Person;
(iii) none of the Administrative Agent, the Arrangers or the Lenders has assumed or will assume an advisory, agency or fiduciary
responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto,
including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether
any Arranger or Lender has advised or is currently advising the Borrower or any of its Affiliates on other matters) and none of
the Administrative Agent, the Arrangers or the Lenders has any obligation to the Borrower or any of its Affiliates with respect
to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents;
(iv) the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve
interests that differ from, and may conflict with, those of the Borrower and its Affiliates, and none of the Administrative Agent,
the Arrangers or the Lenders has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary
relationship; and (v) the Administrative Agent, the Arrangers and the Lenders have not provided and will not provide any legal,
accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver
or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting,
regulatory and tax advisors to the extent they have deemed appropriate.

 

(b)                
Each Credit Party acknowledges and agrees that each Lender, the Arrangers and any Affiliate thereof may lend money to, invest in,
and generally engage in any kind of business with any of the Borrower, any Affiliate thereof, or any other Person that may do business
with or own securities of any of the foregoing, all as if such Lender, Arranger or Affiliate thereof were not a Lender or Arranger
or an Affiliate thereof (or an agent or any other person with any similar role under the Credit Facilities) and without any duty
to account therefor to any other Lender, the Arrangers, the Borrower or any Affiliate of the foregoing. Each Lender, the Arrangers
and any Affiliate thereof may accept fees and other consideration from the Borrower or any Affiliate thereof for services in connection
with this Agreement, the Credit Facilities or otherwise without having to account for the same to any other Lender, the Arrangers,
the Borrower or any Affiliate of the foregoing.

 

SECTION 12.21      Inconsistencies
with Other Documents. In the event there is a conflict or inconsistency between this Agreement and any other Loan
Document, the terms of this Agreement shall control; provided that any provision of the Security Documents which imposes
additional burdens on the Borrower or any of its Subsidiaries or further restricts the rights of the Borrower or any of its
Subsidiaries, or gives the Administrative Agent or Lenders additional rights, shall not be deemed to be in conflict or
inconsistent with this Agreement and shall be given full force and effect.

 

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SECTION 12.22     
Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder
or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance
with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business
Day preceding that on which final judgment is given. The obligation of the Borrower in respect of any such sum due from it to the
Administrative Agent, the Issuing Lender or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment
in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with
the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that
on the Business Day following receipt by the Administrative Agent, the Issuing Lender or such Lender, as the case may be, of any
sum adjudged to be so due in the Judgment Currency, the Administrative Agent, the Issuing Lender or such Lender, as the case may
be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount
of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent, the Issuing Lender or any
Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such
judgment, to indemnify the Administrative Agent, the Issuing Lender or such Lender, as the case may be, against such loss. If the
amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent, the Issuing Lender
or any Lender in such currency, the Administrative Agent, the Issuing Lender or such Lender, as the case may be, agrees to return
the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law).

 

SECTION 12.23     Releases
of Liens and Subsidiary Guarantors.

 

(a)                
A Subsidiary Guarantor shall automatically be released from its obligations under the Guaranty Agreement and any other Loan Documents
upon the consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be
a Subsidiary; provided that, if so required by this Agreement, the Required Lenders (or such other percentage of the Lenders
as required by this Agreement) shall have consented pursuant to Section 12.2 to such transaction and the terms of such
consent shall not have provided otherwise. In connection with any termination or release pursuant to this Section 12.23,
the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Credit Party,
at such Credit Party’s expense, all documents that such Credit Party shall reasonably request to evidence such termination
or release. Any execution and delivery of documents pursuant to this Section 12.23 shall be without recourse to or
warranty by the Administrative Agent.

 

(b)                
Further, the Administrative Agent shall, upon the written request of the Borrower, release any Subsidiary Guarantor from its obligations
under the Guaranty Agreement if such Subsidiary Guarantor becomes an Excluded Subsidiary.

 

(c)                
Upon (i) any disposition (other than any lease or license) by any Credit Party (other than to any Credit Party) of any Collateral
in a transaction permitted under this Agreement or (ii) the effectiveness of any written consent of the Required Lenders (or
such other percentage of Lenders as required by this Agreement) pursuant to Section 12.2 to the release of the security
interest created under any Security Document in any Collateral, the security interests in such Collateral created by the Security
Documents shall be automatically released.

 

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(d)                
In addition, the Administrative Agent shall, at the reasonable written request of the Borrower, subordinate any Lien on any Collateral
to the holder of any Liens on such Collateral permitted under Section 9.2(i).

 

(e)                
In connection with any termination, release or subordination pursuant to this Section 12.23, the Administrative Agent
shall execute and deliver to any Credit Party, at such Credit Party’s expense, all documents that such Credit Party shall
reasonably request to evidence such termination, release or subordination.

 

SECTION 12.24     Acknowledgement
and Consent to Bail-In of EEAAffected
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 Lender that is an
EEAAffected
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 an EEAthe
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 an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto
to any Lender that is an EEAAffected 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 EEAAffected
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 any
EEAthe applicable Resolution Authority.

 

SECTION 12.25     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
Secured Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States).

 

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

 

(b)                

As used in this Section 12.25, the following terms have the following meanings:

 

(i)                

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

 

(ii)                
 “Covered Entity” means any of the following: (i) a “covered entity” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

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

 

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

 

    152 

     

    

 

SECTION 12.26     
Amendment and Restatement. It is the intention of each of the parties hereto that (a) the Existing Credit Agreement
be amended and restated in its entirety pursuant to this Agreement so as to preserve the perfection and priority of all security
interests securing indebtedness and obligations under the Existing Credit Agreement, (b) that all Indebtedness and Obligations
of the Borrower and the Subsidiary Guarantors hereunder and under the other Loan Documents shall be secured by the liens and security
interests evidenced under the Loan Documents (as defined in the Existing Credit Agreement), as amended hereby and by the Reaffirmation
Agreement, and that such documents shall continue in full force and effect as so amended (or amended and restated) and (c) that
this Agreement does not constitute a novation or termination of the obligations and liabilities existing under the Existing Credit
Agreement (or serve to terminate any of the Borrower’s obligations thereunder with respect to the Administrative Agent (as
defined in the Existing Credit Agreement) or the Lenders (as defined in the Existing Credit Agreement) or any other Indemnitees
(as defined in the Existing Credit Agreement)). The parties hereto further acknowledge and agree that this Agreement constitutes
an amendment of the Existing Credit Agreement made under and in accordance with the terms of Section 12.2 of the Existing
Credit Agreement, including with respect to the non-pro rata termination of the Revolving Credit Commitments of any Lenders (as
defined in the Existing Credit Agreement) party to the Existing Credit Agreement immediately prior to the effectiveness of this
Agreement that are not party hereto. In addition, unless specifically amended hereby, each of the Loan Documents shall continue
in full force and effect. This Agreement restates and replaces, in its entirety, the Existing Credit Agreement; from and after
the Effective Date, any reference in any of the other Loan Documents to the “Credit Agreement” or the “Amended
and Restated Credit Agreement” or any like term shall be deemed to refer to this Agreement. Each Lender with a Revolving
Credit Commitment on the Effective Date shall be deemed to have agreed that its Revolving Credit Commitment set forth on Schedule
1.1(a) hereto replaces in its entirety such Lender’s “Revolving Credit Commitment” under the Existing Credit
Agreement (if any) and each such Lender shall further be deemed to agree (a) that the repayment in full of all outstanding
 “Revolving Credit Loans” and “Swingline Loans” (each as defined in the Existing Credit Agreement) together
with all interest, fees and other amounts accrued and payable thereon and all fees and other amounts accrued and payable in respect
of all “Letters of Credit” (as defined in the Existing Credit Agreement) under the Existing Credit Agreement, in each
case, to such date on the Effective Date with the proceeds of the initial borrowing of Revolving Credit Loans under this Agreement
constitutes the payment in full of all Obligations (as defined in the Existing Credit Agreement) owed to it under the Existing
Credit Agreement (other than unasserted contingent obligations that would survive the termination of the Existing Credit Agreement),
(b) to the continuance of the outstanding “Letters of Credit” (as defined in the Existing Credit Agreement) as
Letters of Credit under this Agreement, and (c) that such Lender waives the right to any compensation due under Section 5.9
of the Existing Credit Agreement solely as a result of the early repayment in full of all outstanding “Revolving Credit Loans”
(as defined in the Existing Credit Agreement) on the Effective Date.

 

[Signature pages to follow]

 

    153 

     

    

 

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

 

	 	OMNICELL, INC.,
    a Delaware corporation, 

    as Borrower
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	              

 

[Signature Page to Omnicell, Inc. Credit Agreement] 

 

     

     

    

 

	 	AGENTS AND LENDERS:
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as
	 	Administrative Agent, Swingline Lender, Issuing Lender, and Lender
	 	
	 	By:	                            
	 	Name:	 
	 	Title:	 

 

[Signature Page to
Omnicell, Inc. Credit Agreement]

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