Document:

Exhibit 10.1

    

     

      

    
      Execution Version

       

     

      EMPLOYMENT AGREEMENT

       

      THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of August 2, 2021, by and between AFC Management, LLC, a Delaware limited
        liability company (“AFC Management” or the “Company”), and Brett Kaufman (the “Executive”).  In consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and
        sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

       

      
        1.           Retention and Duties.

      

       

      1.1          Retention.  AFC Management does hereby engage and
        employ the Executive for the Period of Employment (as such term is defined in Section 2) on the terms and conditions expressly set forth in this Agreement.  The Executive does hereby accept and agree to such engagement and employment, on
        the terms and conditions expressly set forth in this Agreement.  Certain capitalized terms used herein are defined in Section 5.5 of this Agreement.

       

      1.2          Duties.  During the Period of Employment, the Executive
        shall be employed by AFC Management and shall serve as the Chief Financial Officer of AFC Gamma, Inc., a Maryland corporation (“AFCG”) effective upon being appointed as Chief Financial Officer of AFCG (which for the avoidance of doubt shall
        not occur until after the Company files its 10-Q with respect to any periods prior to the date hereof),  and as Chief Financial Officer of a to-be-established Business Development Company (“AFC BDC”), and shall have the powers, authorities,
        duties and obligations of management usually vested in the office of the principal financial officer of a company of a similar size and similar nature as AFCG and AFC BDC, and such other powers, authorities, duties and obligations commensurate with
        such positions as the applicable Board of Directors (the “Board”) may assign from time to time, all subject to the directives of each applicable Board and the corporate policies of the Company as they are in effect from time to time
        throughout the Period of Employment (including, without limitation, the Company’s business conduct and ethics policies, as they may change from time to time).  During the Period of Employment, the Executive shall report to the Chief Executive
        Officer of each of the Company, AFCG and AFC BDC.

       

      1.3          No Other Employment; Minimum Time Commitment.  During
        the Period of Employment, the Executive shall (i) devote substantially all of the Executive’s business time, energy and skill to the performance of the Executive’s duties for the Company, (ii) perform such duties in a faithful, effective and
        efficient manner to the best of the Executive’s abilities, and (iii) hold no other employment.  The Executive’s service on the boards of directors (or similar body) of other business entities is subject to the prior written approval of the Board of
        the Company.  The Company shall have the right to require the Executive to resign from any board or similar body (including, without limitation, any association, corporate, civic or charitable board or similar body) which
        the Executive may then serve if the Executive’s service on such board or body interferes in any material respect with the effective discharge of the Executive’s duties and responsibilities to the Company or that any business related to such service
        is then in direct or indirect competition with any business of the Company or any of its Affiliates, successors or assigns.

       

      
        
          

      

      1.4          No Breach of Contract.  The Executive hereby
        represents to the Company and agrees that: (i) the execution and delivery of this Agreement by the Executive and the Company and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute a breach of,
        conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) the Executive
        will not enter into any new agreement that would or reasonably could contravene or cause a default by the Executive under this Agreement; (iii) the Executive has no information (including, without limitation, confidential information and trade
        secrets) relating to any other Person which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his or her duties hereunder; (iv) the Executive is not bound by any employment, consulting, non-compete,
        non-solicitation, confidentiality, trade secret or similar agreement (other than this Agreement) with any other Person (other than ongoing, customary confidentiality obligations as to confidential information obtained from prior employers in the
        course of the Executive’s prior employment with them); (v) to the extent the Executive has any confidential or similar information that the Executive is not free to disclose to the Company, the Executive will not disclose or bring on to the
        Company’s premises, computer networks, communications or systems, computers or any other devices or accounts, any such information to the extent such disclosure or transmission would violate applicable law or any other agreement or policy to which
        the Executive is a party or by which the Executive is otherwise bound; and (vi) the Executive understands the Company will rely upon the accuracy and truth of the representations and
        warranties of the Executive set forth herein and the Executive consents to such reliance.

       

      1.5          Location.  The Executive’s principal place of
        employment shall be the Company’s principal executive office as it may be located from time to time in Palm Beach County, Florida.  The Executive agrees that the Executive will be regularly present at the office during regular business hours
        (except for required business travel, holidays, vacation and other leaves consistent with this Agreement). The Executive acknowledges that the Executive will be required to travel from time to time in the course of performing his or her duties for
        the Company.

       

      1.6          Company Policies.  As a condition to Executive’s employment, Executive will
        be required to comply with the Company’s Code of Ethics and Compliance Manual, as well as AFCG’s publicly-filed policies, and all other policies of the Company, AFCG and AFC BDC applicable to their respective executives and employees.

       

      2.            Period of Employment.  The “Period of Employment” shall be a period of one (1) year commencing on the Effective Date and ending at the close of business on the first (1st) anniversary of the Effective Date (the “Termination

          Date”); provided, however, that this Agreement shall be automatically renewed, and the Period of Employment shall be automatically extended for one (1) additional year on the Termination Date and each anniversary of the Termination Date
        thereafter, unless either party gives written notice at least sixty (60) days prior to the expiration of the Period of Employment (including any renewal thereof) of such party’s desire to terminate the Period of Employment (such notice to be
        delivered in accordance with Section 18).  The term “Period of Employment” shall include any extension thereof pursuant to the preceding sentence.  Provision of notice that the Period of Employment shall not be extended or further extended,
        as the case may be, (x) by the Company, shall constitute a termination of the Executive’s employment by the Company without “Cause” or (y) by the Executive, shall constitute a termination by the Executive without “Good Reason” for purposes of this
        Agreement.  Notwithstanding the foregoing, the Period of Employment is subject to earlier termination as provided below in this Agreement.

       

      
        3.           Compensation.

      

       

      3.1          Base Salary.  During the Period of Employment, AFC
        Management shall pay the Executive a base salary (the “Base Salary”), which shall be paid in accordance with AFC Management’s regular payroll practices in effect from time to time but not less frequently than in monthly installments.  The
        Executive’s Base Salary shall be at an annualized rate of $500,000.  The Company’s Board (or a committee thereof) may, in its sole discretion, increase (but not decrease) the Executive’s rate of Base Salary.

       

      
        
          

      

      3.2          Incentive Bonus.  The Executive shall be eligible to
        receive an incentive bonus for each fiscal year of the Company that occurs during the Period of Employment (“Incentive Bonus”).  Notwithstanding the foregoing and except as otherwise expressly provided in this Agreement, the Executive must
        be employed by the Company at the time AFC Management pays incentive bonuses to employees generally with respect to a particular fiscal year in order to earn and be eligible for an Incentive Bonus for that year (and, if the Executive is not so
        employed at such time, in no event shall the Executive have been considered to have “earned” any Incentive Bonus with respect to the fiscal year).  The Executive’s Incentive Bonus amount for the 2021 fiscal year of the Company shall be equal to (x)
        no less than 45% of his Base Salary, multiplied by (y) 50%, regardless of his start date.  The Executive’s target Incentive Bonus for the 2022 fiscal year and any subsequent fiscal year in the Period of Employment shall be no less than 45% of the
        Executive’s Base Salary (the “Target Bonus”); provided that the Executive’s actual Incentive Bonus amount for a particular fiscal year shall be determined by the Company’s management or the applicable Board (or a committee thereof) in its
        sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular fiscal year by the Company’s management or
        the applicable Board (or a committee thereof).  Any Incentive Bonus that becomes payable for a fiscal year shall be paid no later than two-and-a-half (2.5) months after the end of such fiscal year.

       

      3.3          Equity.  AFCG’s management will recommend to its Board that Executive be
        awarded, as soon as practicable following the date hereof, an initial, sign-on equity grant having a grant date fair value of $1,000,000 in restricted common stock under the AFCG Stock Incentive Plan (the “Plan”) on AFCG’s standard vesting
        terms of thirty-three percent (33%) of such grant vesting on each of the second (2nd), third (3rd) and fourth (4th) anniversaries of Executive’s start date.  For the avoidance of doubt, the Executive shall be entitled to cash dividends for all
        restricted common stock issued to him even when such restricted common stock is not yet vested, in accordance with the Plan.  In addition, Executive will be eligible (a) to purchase one percent (1%) of the equity of AFC BDC at the price of the
        initial fundraise, with a possible increase prior to the initial fundraise for AFC BDC and (b) subject to approval by the applicable Board or a committee thereof in its discretion, for subsequent equity grants of (x) restricted common stock under
        the Plan, annually and (y) AFC BDC common stock.  Notwithstanding anything herein or elsewhere to the contrary, all of the Executive’s outstanding equity shall fully vest upon the occurrence of both (i) a Change in Control Event (as defined in the
        Plan) and (ii) Executive’s termination of employment within three (3) months prior to or one (1) year following such Change in Control Event, in each case as a result of a termination by the Company without Cause (other than due to Executive’s
        death or Disability) or a termination by Executive for Good Reason. For the avoidance of doubt, an Internalization Transaction, as defined under the terms of the Company’s management agreement with AFCG, as the same may be amended from
        time-to-time, shall not constitute a Change in Control Event for the purposes herein.  Notwithstanding anything herein or elsewhere to the contrary, the Executive’s outstanding equity shall be treated no less favorably than the equity of the Chief
        Executive Officer in connection with such Change in Control.

       

      
        4.           Benefits.

      

       

      4.1          Retirement, Welfare and Fringe Benefits.  During the
        Period of Employment, the Executive shall be entitled to participate in all employee pension and welfare benefit plans and programs, and fringe benefit plans and programs, made available by the Company to the Company’s executives generally, in
        accordance with the eligibility and participation provisions of such plans and as such plans or programs may be in effect from time to time, and the Company shall pay directly on behalf of Executive and his dependents for 100% of all premiums under
        Executive’s selected medical, dental and vision healthcare plans.

       

      
        
          

      

      4.2          Reimbursement of Business Expenses.  The Executive is
        authorized to incur reasonable expenses in carrying out the Executive’s duties for the Company under this Agreement and shall be entitled to reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in
        connection with carrying out the Executive’s duties for the Company, subject to the Company’s expense reimbursement policies and any pre-approval policies in effect from time to time.  During the Period of Employment, the Company will also pay for
        the Executive’s professional association dues (e.g., AICPA, FICPA, FEI), subscriptions, cellular phone fees, as well as expenses related to maintaining the Executive’s CPA license or any of the Executive’s other securities licenses.  These expenses
        include the cost of continuing education courses/seminars along with related travel costs.  The Executive agrees to promptly submit and document any reimbursable expenses in accordance with the Company’s expense reimbursement policies to facilitate
        the timely reimbursement of such expenses.

       

      4.3          Vacation and Other Leave.  During the Period of
        Employment, the Executive shall accrue twenty (20) days’ worth of annual vacation on the same basis as similarly situated employees, with such vacation to accrue over the calendar year and be subject to the Company’s vacation policies in effect
        from time to time; accrued but unused vacation shall not carry over from year to year.  The Executive shall also be entitled to five (5) personal days and all other holiday and leave pay generally available to other executives of the Company.

       

      
        5.            Termination.

      

       

      5.1          Termination by the Company.  During the Period of
        Employment, the Executive’s employment by the Company, and the Period of Employment, may be terminated at any time by the Company: (i) with Cause, or (ii) with no less than thirty (30) days advance written notice to the Executive (such notice to be
        delivered in accordance with Section 18), without Cause, or (iii) in the event of the Executive’s death, or (iv) in the event of Disability.

       

      5.2          Termination by the Executive.  During the Period of
        Employment, the Executive’s employment by the Company, and the Period of Employment, may be terminated by the Executive with no less than thirty (30) days advance written notice to the Company (such notice to be delivered in accordance with Section

          18); provided, however, that in the case of a termination for Good Reason, the Executive may provide immediate written notice of termination once the applicable cure period (as contemplated by the definition of Good Reason)
        has lapsed if the Company has not reasonably cured the circumstances that gave rise to the basis for the Good Reason termination.

       

      5.3          Benefits upon Termination.  If the Executive’s
        employment with the Company is terminated for any reason by the Company or by the Executive (whether or not during or following the expiration of the Period of Employment) (the date that the Executive’s employment with the Company terminates is
        referred to as the “Severance Date”), the Company shall have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as
        follows:

       

      (a)          The Company shall pay the Executive (or, in the event of his or her death, the Executive’s estate) any Accrued Obligations;

       

      
        
          

      

      (b)          If the Executive’s employment with the Company terminates during the Period of Employment as a result of a termination by the Company without Cause (other than due to the Executive’s
        death or Disability) or a resignation by the Executive for Good Reason (and, for purposes of clarity, including any termination upon the expiration of the Period of Employment as a result of a non-renewal by the Company), the Executive shall (in
        addition to the Accrued Obligations), subject to tax withholding and other authorized deductions, be entitled to the following: (i) payment of an amount equal to one (1) times (x)  the Executive’s Base Salary at the annualized rate in effect on the
        Severance Date plus (y) Target Bonus (such amount is referred to hereinafter as the “Severance Benefit”), (ii) subject to Executive’s timely election of continuation coverage under COBRA, continued payment by the Company of 100% of the
        Executive’s and his dependents’ medical, dental and vision insurance coverage to the same extent that the Company paid for such coverage immediately prior to the date of termination, for 12 months following the date of termination (the “COBRA
          Benefit”), with such COBRA Benefit to start in the month following the month in which the Executive’s Separation from Service occurs and (iii) accelerated vesting of one additional tranche, of each of the Executive’s then-outstanding equity
        awards, that was next scheduled to vest following such termination of employment (had the Exceutive remained employed through such vesting date(s)), effective as of the termination date, and to the extent the Executive holds any options, such
        options shall remain outstanding and exercisable for one year following such termination of employment (the benefits in clause (iii), the “Equity Benefits”).  Subject to Section 21(b), the Company shall pay the Severance Benefit to
        the Executive in equal monthly installments over a period of twelve consecutive months, with the first installment payable on (or within ten (10) days following) the sixtieth (60th) day following the Executive’s Separation from Service
        and to include each such installment that was otherwise (but for such 60-day delay) scheduled to be paid following the Executive’s Separation from Service and prior to the date of such payment.

       

      (c)          If the Executive’s employment with the Company terminates during the Period of Employment due to death or Disability, the Executive (or, in the event of his death, the Executive’s estate) shall (in
        addition to the Accrued Obligations), subject to tax withholding and other authorized deductions, be entitled to (i) a Target Bonus for the year of termination, pro-rated based on the number of days the Executive was employed during such fiscal
        year, with such pro-rated Target Bonus payment to be paid within 60 days after the date of termination, (ii) the COBRA Benefit and (iii) the Equity Benefits.

       

      (d)         Notwithstanding the foregoing provisions of this Section 5.3, if the Executive (x) breaches his obligations under Section 6.2, Section 6.3 or Section 6.4 of this Agreement at
        any time or (y) materially breaches any other obligations under Section 6, from and after the date of such breach and not in any way in limitation of any right or remedy otherwise available to the Company, the Executive will no longer be
        entitled to, and the Company will no longer be obligated to pay, any remaining unpaid portion of the payments or benefits in Section 5.3(b) or Section 5.3(c) (other than the Accrued Obligations); provided that, if the Executive
        provides the Release contemplated by Section 5.4, in no event shall the Executive be entitled to benefits pursuant to Section 5.3(b) or Section 5.3(c) of less than $5,000, which amount the parties agree is good and adequate
        consideration, in and of itself, for the Executive’s Release contemplated by Section 5.4.

       

      (e)          The foregoing provisions of this Section 5.3 shall not affect: (i) the Executive’s receipt of benefits otherwise due to terminated employees under group insurance coverage consistent with the terms
        of the applicable Company welfare benefit plan; (ii) the Executive’s rights under COBRA to continue health coverage; or (iii) the Executive’s receipt of benefits otherwise due in accordance with the terms of the Company’s 401(k) plan (if any).

       

      
        
          

      

      
        5.4          Release; Exclusive Remedy; Leave.

      

       

      (a)          This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based award agreement to the contrary.  As a condition precedent to any
        Company obligation to the Executive pursuant to Section 5.3(b), Section 5.3(c) or any other obligation related to the vesting of any equity-based award in connection with the termination of the Executive’s employment, the Executive
        shall provide the Company with a Release and such Release shall have not been revoked by the Executive pursuant to any revocation rights afforded by applicable law.  For purposes of this Agreement, “Release” shall mean a valid, executed
        general release agreement in a form reasonably acceptable to the Company; provided, that the Release (i) shall not include any restrictive covenants other than those to which the Executive is already subject and (ii) shall specifically exclude from
        its scope any release of (A) indemnification rights, (B) vested rights under the long term incentive plans or any other vested rights, (C) claims arising under, or preserved by, this Agreement, and (D) claims that arise from events that occur after
        the date the Executive executes such Release.  The Company shall provide the final form of Release to the Executive not later than seven (7) days following the Severance Date, and the Executive shall be required to execute and return the Release to
        the Company within twenty-one (21) days (or forty-five (45) days if such longer period of time is required to make the Release maximally enforceable under applicable law) after the Company provides the form of Release to the Executive.

       

      (b)          The Executive agrees that the payments and benefits contemplated by Section 5.3 (and any applicable acceleration of vesting of an equity-based award in accordance with the terms of such award in
        connection with the termination of the Executive’s employment) shall constitute the exclusive and sole remedy for any termination of the Executive’s employment and the Executive covenants not to assert or pursue any other remedies, at law or in
        equity, with respect to any termination of employment.  The Company and the Executive acknowledge and agree that there is no duty of the Executive to mitigate damages under this Agreement.  All amounts paid to the Executive pursuant to Section
          5.3 shall be paid without regard to whether the Executive has taken or takes actions to mitigate damages.  The Executive agrees to resign, on the Severance Date, as an officer and director of the Company and any Affiliate of the Company, and
        as a fiduciary of any benefit plan of the Company or any Affiliate of the Company, and to promptly execute and provide to the Company any further documentation, as requested by the Company, to confirm such resignation, and to remove himself as a
        signatory on any accounts maintained by the Company or any of its Affiliates (or any of their respective benefit plans).

       

      (c)          In the event that the Company provides the Executive notice of termination without Cause pursuant to Section 5.1 or the Executive provides the Company notice of termination pursuant to Section
          5.2, the Company will have the option to place the Executive on paid administrative leave during the notice period.

       

      
        5.5          Certain Defined Terms.

      

       

      
        (a)          As used herein, “Accrued Obligations” means:

      

       

      (i)          any Base Salary that had accrued but had not been paid on or before the Severance Date;

       

      (ii)         any reimbursement due to the Executive pursuant to Section 4.2 for expenses reasonably incurred by the Executive on or before the Severance Date and
        documented and pre-approved, to the extent applicable, in accordance with the Company’s expense reimbursement policies in effect at the applicable time;

      

      

      (iii)        all other payments and benefits to which Executive may then or thereafter be entitled under the terms of any written plan, program, agreement, or other arrangement of the Company or its Affiliates; and

      

      

      (iv)        other than in connection with a termination by the Company for Cause or by Executive without Good Reason, payment of any prior year’s Incentive Bonus to the extent not previously paid (i.e., if the
        termination occurs following completion of the applicable calendar year but prior to the payment date).

       

        

      
        
          

      

      (b)          As used herein, “Affiliate” of the Company means AFCG, AFC BDC, and any Person that directly or indirectly through one or more intermediaries, controls, or is controlled by,
        or is under common control with, the Company.  As used in this definition, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the
        power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.

       

      (c)          As used herein, “Cause” shall mean the Executive:

       

      (i)    has been grossly negligent in the discharge of his duties to the Company or any Affiliate, has repeatedly refused to perform stated or assigned duties consistent with this Agreement or is incompetent in or
        (other than by reason of a Disability) incapable of performing those duties;

       

      (ii)   has been dishonest in any material respect or committed or engaged in an act of theft, embezzlement or fraud in the performance of his duties hereunder, or has materially breached Section 6.1 hereof;

       

      (iii)  has breached a fiduciary duty, or willfully and materially violated any other material duty, law, rule, regulation or policy of the Company or any of its Affiliates; or has been convicted of, or pled guilty or
        nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses);

       

      (iv)  has materially breached any of the provisions of any material agreement with the Company or any of its Affiliates;

       

      (v)   has engaged in unfair competition with (in violation of Section 6.2 hereof), or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Company or any of its
        Affiliates;

       

      (vi)  has improperly induced a vendor or customer to breach or terminate any contract with the Company or its Affiliates or induced a principal for whom the Company or any Affiliate acts as agent to terminate such
        agency relationship (in each case, in violation of Section 6.3 or Section 6.4 hereof); or

       

      (vii) failure to materially comply with the Company’s and its Affiliates’ policies listed in Section 1.6;

      

      

      provided, however, that any such condition or conditions, as applicable, shall not constitute Cause unless both (x) the Company provides written notice to the Executive of the condition claimed to constitute Cause within sixty (60) days of the
        Company first learning of the initial existence of such condition(s) (such notice to be delivered in accordance with Section 18), and (y) if curable, the Executive fails to remedy such condition(s) within thirty (30) days of receiving such
        written notice thereof; and provided, further, that in all events the termination of the Executive’s employment with the Company shall not constitute a termination for Cause unless such termination occurs not more than 150 days following such
        written notice.

       

        

      
        
          

      

       (d)         As used herein, “Disability” shall mean a physical or mental impairment which, as reasonably determined by the Board, renders the Executive unable to
        perform the essential functions of his or her employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than ninety (90) days in any 180-day period, unless a longer period is
        required by federal or state law, in which case that longer period would apply.  The Executive agrees to reasonably cooperate with the Board in making any such determination as to the existence of Disability.

       

      (e)          As used herein, “Good Reason” shall mean the occurrence (without the Executive’s consent) of any one or more of the following conditions:

       

      (i)          a diminution in the Executive’s rate of Base Salary or Target Bonus;

       

      (ii)         an adverse change in the Executive’s title or material diminution in the Executive’s authority, duties, or responsibilities;

       

      (iii)        a material change in the geographic location of the Executive’s principal office with the Company (for this purpose, in no event shall a relocation of such office to a new location that is (A) not more
        than thirty (30) miles from the current location of the Company’s executive offices on the start date or (B) closer to the Executive’s residence constitute a “material change”); or

       

      (v)         a material breach by the Company or any of its Affiliates of this Agreement or any other material agreement in effect between the Executive and the Company or any Affiliate;

       

      provided, however, that any such condition or conditions, as applicable, shall not constitute Good Reason unless both (x) the Executive provides written notice to the Company of the condition claimed to constitute Good Reason within sixty (60)
        days of the Executive first learning of the intial existence of such condition(s) (such notice to be delivered in accordance with Section 18), and (y) the Company fails to remedy such condition(s) within thirty (30) days of receiving such
        written notice thereof; and provided, further, that in all events the termination of the Executive’s employment with the Company shall not constitute a termination for Good Reason unless such termination occurs not more than 150 days following such
        notice.

       

      (f)          As used herein, the term “Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation,
        an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

       

      (g)          As used herein, a “Separation from Service” occurs when the Executive dies, retires, or otherwise has a termination of employment with the Company that constitutes a “separation from service” within
        the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative definitions available thereunder.

       

      5.6.          Notice of Termination; Employment Following Expiration of Period of Employment.  Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other party.  This notice of termination must be
        delivered in accordance with Section 18 and must indicate the specific provision(s) of this Agreement relied upon in effecting the termination.

       

      
        
          

      

      
        6.           Protective Covenants.

      

       

      	

            	6.1	
              Confidential Information; Inventions.

            

       

      (a)         The Executive shall not disclose or use at any time, either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which the
        Executive is or becomes aware, whether or not such information is developed by the Executive, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance in good faith of duties for the
        Company.  The Executive will take all appropriate steps to safeguard Confidential Information in his or her possession and to protect it against disclosure, misuse, espionage, loss and theft.  The Executive shall deliver to the Company at the
        termination of the Period of Employment, or at any time the Company may request, all memoranda, communications, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to, reflecting or
        containing the Confidential Information or the Work Product (as hereinafter defined) of the business of the Company or any of its Affiliates which the Executive may then possess or have under his or her control.  Notwithstanding the foregoing, the
        Executive may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its
        counsel the documents and other information sought, and shall assist the Company and such counsel in resisting or otherwise responding to such process.  The Executive understands that nothing in this Agreement is intended to limit the Executive’s
        right (i) to discuss the terms, wages, and working conditions of the Executive’s employment to the extent permitted and/or protected by applicable labor laws, (ii) to report Confidential Information in a confidential manner either to a federal,
        state or local government official or to an attorney where such disclosure is solely for the purpose of reporting or investigating a suspected violation of law, or (iii) to disclose
        Confidential Information in an anti-retaliation lawsuit or other legal proceeding, so long as that disclosure or filing is made under seal and the Executive does not otherwise disclose such Confidential Information, except pursuant to court order. 
        The Company encourages the Executive, to the extent legally permitted, to give the Company the earliest possible notice of any such report or disclosure.  Pursuant to the Defend Trade Secrets Act of 2016, the Executive acknowledges that the
        Executive may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of Confidential Information that: (a) is made in confidence to a federal, state, or local government official, either directly or
        indirectly, or to an attorney solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document that is filed in a lawsuit or other proceeding, provided that such filing is made under
        seal.  Further, the Executive understands that the Company will not retaliate against the Executive in any way for any such disclosure made in accordance with the law.  In the event a disclosure is made, and the Executive files any type of
        proceeding against the Company alleging that the Company retaliated against the Executive because of the Executive’s disclosure, the Executive may disclose the relevant Confidential Information to his or her attorney and may use the Confidential
        Information in the proceeding if (x) the Executive files any document containing the Confidential Information under seal, and (y) the Executive does not otherwise disclose the Confidential Information except pursuant to court or arbitral order.

       

      
        
          

      

      (b)         As used in this Agreement, the term “Confidential Information” means information that is not
          generally known to the public and that is used, developed or obtained by the Company or its Affiliates in connection with their respective businesses, including, but not limited to, information, observations and data obtained by the Executive
          while employed by the Company or its Affiliates or any predecessors thereof (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company or its Affiliates (or such predecessors), (ii) products or
          services, (iii) fees, costs and pricing structures and strategies, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts,
          manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, product roadmaps, methods and processes, whether patentable or unpatentable and whether or
          not reduced to practice, (xii) customers and clients, customer or client lists, and the preferences of, and negotiations with, customers and clients, (xiii) personnel information of other employees and independent contractors (including their
          compensation, unique skills, experience and expertise, and disciplinary matters), (xiv) other copyrightable works, (xv) all production methods, processes, technology and trade secrets, and (xvi) all similar and
          related information in whatever form.  Confidential Information will not include any information that has been published (other than a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to
          the date the Executive proposes to disclose or use such information.  Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all
          material features comprising such information have been published in combination.

       

      (c)         As used in this Agreement, the term “Work Product” means all inventions, innovations, improvements,
          technical information, systems, software developments, source code, methods, designs, analyses, works, drawings, reports, service marks, trademarks, trade names, logos, and all similar or related information (whether patentable or unpatentable,
          copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to the Company’s or any of its Affiliates’ actual or anticipated business, research and development or existing or future products or services and
        which are conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company or any of its Affiliates, and whether or not alone or in conjunction with any other
        person) while employed by the Company or its Affiliates (including those conceived, developed or made prior to the Effective Date) together with all patent applications, letters patent, trademark, trade name and service mark applications or
        registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing.  All Work Product that the Executive may have discovered, invented or originated during his or her employment by the Company or any of its
        Affiliates prior to the Effective Date, or that the Executive may discover, invent or originate during the Period of Employment, shall be the exclusive property of the Company and its Affiliates, as applicable, and Executive hereby assigns all of
        Executive’s right, title and interest in and to such Work Product to the Company or its applicable Affiliate, including all intellectual property rights therein.  Executive shall promptly disclose all Work Product to the Company, shall execute at
        the request of the Company any assignments or other documents the Company may deem necessary to protect or perfect its (or any of its Affiliates’, as applicable) rights therein, and shall assist the Company, at the Company’s expense, in obtaining,
        defending and enforcing the Company’s (or any of its Affiliates’, as applicable) rights therein.  The Executive hereby appoints the Company as the Executive’s attorney-in-fact to execute on his or her behalf any assignments or other documents
        deemed necessary by the Company to protect or perfect the Company, the Company’s (and any of its Affiliates’, as applicable) rights to any Work Product.

       

      (d)         Nothing in this Agreement or elsewhere shall prevent the Executive from: (i) cooperating with, or participating in, any investigation
          conducted by any governmental agency; (ii) making truthful statements, or disclosing documents and information, (x) to the extent reasonably necessary, on written advice of counsel, in connection with any litigation, arbitration or
        mediation involving his rights or obligations under this Agreement or otherwise or (y) when required, on written advice of counsel, by law, legal process or by any court, arbitrator, mediator or legislative body; (iii) retaining, and using
        appropriately (e.g., not in connection with violating any non-competition or non-solicitation restriction),  documents and information relating to his personal rights and obligations and his contact list; (iv) disclosing his post-employment
        restrictions in confidence in connection with any potential new employment or business venture; (v) disclosing documents and information in confidence to any attorney, financial advisor, tax preparer, or other professional for the purpose of
        securing professional advice; (vi) using and disclosing documents and information at the request of the Company, its Affiliates or their attorneys and agents; or (vii) using and disclosing documents and information in connection with good faith
        performance of his duties for the Company or any of its Affiliates.

       

      
        
          

      

      6.2          Restriction on Competition.  The Executive agrees
        that if the Executive were to become employed by, or substantially involved in, the business of a competitor of the Company or any of its Affiliates during the twelve (12)-month period following the Severance Date, it would be very difficult for
        the Executive not to rely on or use the Company’s and its Affiliates’ trade secrets and confidential information.  Thus, to avoid the inevitable disclosure of the Company’s and its Affiliates’ trade secrets and confidential information, and to
        protect such trade secrets and confidential information and the Company’s and its Affiliates’ relationships and goodwill with customers, during the Period of Employment and for a period of twelve (12) months after the Severance Date, the Executive
        will not directly or indirectly through any other Person engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, any Competing Business.  For
        purposes of this Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner,
        stockholder, member, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, director, officer, licensor of technology or otherwise.  For purposes of this
        Agreement, “Competing Business” means a Person anywhere in the continental United States where the Company and its Affiliates engage in business, or reasonably anticipate engaging in business, on the Severance
        Date (the “Restricted Area”) that at any time during the Period of Employment has competed, or at any time during the twelve (12)-month period following the Severance Date competes, with the Company or any of its Affiliates in any business
        then engaged in by the Company or its Affiliates, including, without limitation, the business of providing financing to cannabis industry operators.  Nothing herein shall prohibit the Executive from (x) being
        a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation or (y) being employed by, providing
        services to or otherwise being associated with a multi-strategy organization that includes a unit, division, subsidiary or affiliate that engages in the Competing Business, so long as the Executive does not, directly or indirectly, provide more
        than a de minimus or incidental amount of communication or services to the unit, division, subsidiary or affiliate that is engaged in the Competing Business.

       

      6.3          Non-Solicitation of Employees and Consultants.  During the Period of Employment
          and for a period of twelve (12) months after the Severance Date, the Executive will not directly or indirectly through any other Person solicit, induce or encourage, or attempt to solicit, induce or encourage, any employee or independent
          contractor of the Company or any Affiliate of the Company to leave the employ or service, as applicable, of the Company or such Affiliate, or become employed or engaged by any third party, or in any way interfere with the relationship between the
          Company or any such Affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand; provided that the foregoing shall not be violated by general solicitation not targeted at the prohibited group or by the
          Executive serving as a reference upon request.

       

      6.4          Non-Interference with Customers.  During the Period of Employment and for a period
          of twelve (12) months after the Severance Date, the Executive will not, directly or indirectly through any other Person, use any of the Company’s trade secrets to influence or attempt to influence customers, vendors, suppliers, licensors,
          lessors, joint venturers, associates, consultants, agents, or partners of the Company or any Affiliate of the Company to divert their business away from the Company or such Affiliate, and the Executive will not otherwise use the Company’s trade
          secrets to interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any Affiliate of the Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors,
          licensors, joint venturers, associates, officers, employees, consultants, managers, partners, members or investors, on the other hand.

       

      
        
          

      

      6.5          Non-Disparagement.  During the Period of Employment and at all
          times thereafter, the Executive agrees not to make negative comments or otherwise disparage the Company, its Affiliates or their respective officers, directors, employees, shareholders, agents or products other than in the good faith performance
          of the Executive’s duties to the Company during the Period of Employment.  The Company shall not issue any formal negative or disparaging statements about the Executive. The foregoing shall not be violated by truthful statements in response to
          legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings).

       

      6.6          Return of Property.  The Executive agrees that, upon the
        Executive’s Separation from Service (regardless of the reason for such separation) the Executive will immediately return to the Company (a) all physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files
        and any and all other materials, including computerized electronic information, that refer, relate or otherwise pertain to the Company or any of its Affiliates that are in the Executive’s possession,
        subject to the Executive’s control or held by the Executive for others (including but not limited to any documents containing Confidential Information that exist on any personal computer, phone, tablet, electronic storage device, cloud storage
        account, email account, or any other personal device or media (“Personal Devices and Media”); and (b) all property or equipment that the Executive has been issued by the Company or any of its Affiliates during the course of the Executive’s
        employment or property or equipment of the Company or any of its Affiliates that the Executive otherwise possesses, including any keys, credit cards, office or telephone equipment, computers (and any software, power cords, manuals, computer bag and
        other equipment that was provided to the Executive with any such computers), tablets, smartphones, and other devices.  The Executive acknowledges that the Executive is not authorized to retain any physical, computerized, electronic or other types
        of copies of any such physical, computerized, electronic or other types of records, documents, proposals, notes, lists, files or materials, and is not authorized to retain any property or equipment of the Company or any of its Affiliates (including
        any documents that exist on any Personal Devices and Media), after the Executive’s Separation from Service.  The Executive further agrees that, upon and following the Executive’s Separation from Service, the Executive will immediately forward to
        the Company (and thereafter destroy any electronic copies thereof) any business information relating to the Company or any of its Affiliates that has been or is inadvertently directed to the Executive after such Separation from Service.

       

      6.7          Understanding of Covenants.  The Executive acknowledges that, in the course of his or her employment with the Company
        and/or its Affiliates and their predecessors, the Executive has become familiar, or will become familiar, with the Company’s and its Affiliates’ and their predecessors’ trade secrets and with other confidential and proprietary information
        concerning the Company, its Affiliates and their respective predecessors and that his or her services have been and will be of special, unique and extraordinary value to the Company and its Affiliates.  The Executive agrees that the foregoing
        covenants set forth in this Section 6 (together, the “Restrictive Covenants”) are reasonable and necessary to protect the Company’s and its Affiliates’ trade secrets and other confidential and proprietary information, good will,
        stable workforce, and customer relations.

       

      
        
          

      

      Without limiting the generality of the Executive’s agreement in the preceding paragraph, the Executive (i) represents that the Executive is familiar with and has carefully considered the Restrictive Covenants, (ii)
        represents that the Executive is fully aware of his or her obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Company and
        its Affiliates currently conducts business throughout the Restricted Area, and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 6 regardless of whether the
        Executive is then entitled to receive severance pay or benefits from the Company.  The Executive understands that the Restrictive Covenants may limit his or her ability to earn a livelihood in a business similar to the business of the Company and
        any of its Affiliates, but the Executive nevertheless believes that he or she has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the
        recitals hereto to clearly justify such restrictions which, in any event (given the Executive’s education, skills and ability), the Executive does not believe would prevent the Executive from otherwise earning a living.  The Executive agrees that
        the Restrictive Covenants do not confer a benefit upon the Company disproportionate to the detriment of the Executive.

       

      6.8          Enforcement.  The Executive agrees that the Executive’s services are unique and that he or she has access to
        Confidential Information and Work Product.  Accordingly, without limiting the generality of Section 17, the Executive agrees that a breach by the Executive of any of the covenants in this Section 6 would cause immediate and
        irreparable harm to the Company that would be difficult or impossible to measure, and that damages to the Company for any such injury would therefore be an inadequate remedy for any such breach.  Therefore, the Executive agrees that in the event of
        any breach or threatened breach of any provision of this Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to seek
        specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 6, or require the Executive to account for and pay
        over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of this Section 6 if and when final judgment of a court of
        competent jurisdiction or arbitrator, as applicable, is so entered against the Executive.

       

      7.           Withholding Taxes.  Notwithstanding anything else herein to the contrary, the Company may withhold (or
        cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any
        applicable law or regulation.  Except for such withholding rights, the Executive is solely responsible for any and all tax liability that may arise with respect to the compensation provided under or pursuant to this Agreement.

       

      
        8.           Successors and Assigns.

      

       

      (a)          This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. 
        This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.

      

      

      (b)          This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.  Without limiting the generality of the preceding sentence, the Company will require any
        successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the
        same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor or assignee, as applicable, which assumes and
        agrees to perform this Agreement by operation of law or otherwise.

      

      

      9.           Number and Gender; Examples.  Where the context requires, the singular shall
        include the plural, the plural shall include the singular, and any gender shall include all other genders.  Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to
        modify, limit or restrict in any manner the construction of the general statement to which it relates.

       

      
        
          

      

      10.          Section Headings.  The section headings of, and titles of paragraphs and
        subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation thereof.

       

      11.          Governing Law.  This Agreement will be governed by and construed in accordance
        with the laws of the state of Florida, without giving effect to any choice of law or conflicting provision or rule (whether of the state of Florida or any other jurisdiction) that would cause the laws of any jurisdiction other than the state of
        Florida to be applied.  In furtherance of the foregoing, the internal law of the state of Florida will control the interpretation and construction of this Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the
        substantive law of some other jurisdiction would ordinarily apply.

       

      12.          Severability.  It is the desire and intent of the parties hereto that
        the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.  Accordingly, if any particular provision of this Agreement shall be
        adjudicated by a court of competent jurisdiction or determined by an arbitrator pursuant to Section 16 to be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this
        Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such
        provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a
        legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.  Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or
        otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or
        enforceability of such provision in any other jurisdiction.

       

      13.          Entire Agreement.  This Agreement embodies the entire agreement of the parties
        hereto respecting the matters within its scope.  This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that directly or indirectly bears upon the subject matter hereof.  Any prior negotiations, correspondence,
        agreements, proposals or understandings relating to the subject matter hereof shall be deemed to have been merged into this Agreement, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or
        understandings shall be deemed to be of no force or effect.  There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein.

       

      14.          Modifications.  This Agreement may not be amended, modified or changed (in whole
        or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

       

      15.          Waiver.  Neither the failure nor any delay on the part of a party to exercise
        any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right,
        remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be
        effective unless it is in writing and is signed by the party asserted to have granted such waiver.

       

      
        
          

      

      16.          Arbitration.  Except as provided
        in Sections 6.7 and 17, any non-time barred, legally actionable controversy or claim arising out of or relating to this Agreement, its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or
        misrepresentation in connection with any of its provisions, or any other  non-time barred, legally actionable controversy or claim arising out of or relating to the Executive’s employment or association with the Company or termination of the same,
        including, without limiting the generality of the foregoing, any alleged violation of state or federal statute, common law or constitution, shall be submitted to individual, final and binding arbitration, to be held in Miami, Florida before a
        single arbitrator selected from Judicial Arbitration and Mediation Services, Inc. (“JAMS”), in accordance with the then-current JAMS Arbitration Rules and Procedures for employment disputes, as modified by the terms and conditions in this
        Section (which may be found at www.jamsadr.com under the Rules/Clauses tab).  The parties will select the arbitrator by mutual agreement or, if the parties cannot agree, then by obtaining a list of nine qualified arbitrators supplied by JAMS from
        their labor and employment law panel, with each party confidentially submitting a “rank and strike” list that ranks in order of priority six arbitrators and strikes three arbitrators, and the most favored arbitrator based on the cumulative rankings
        who was not struck by either party shall be appointed arbitrator.  Final resolution of any dispute through arbitration may include any remedy or relief that is provided for through any applicable state or federal statutes, or common law.  Statutes
        of limitations shall be the same as would be applicable were the action to be brought in court.  The arbitrator selected pursuant to this Agreement may order such discovery as is necessary for a full and fair exploration of the issues and dispute,
        consistent with the expedited nature of arbitration.  At the conclusion of the arbitration, the arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the arbitrator’s award or decision is
        based.  Any award or relief granted by the arbitrator under this Agreement shall be final and binding on the parties to this Agreement and may be enforced by any court of competent jurisdiction.  The Company will pay those arbitration costs that
        are unique to arbitration, including the arbitrator’s fee (recognizing that each side bears its own deposition, witness, expert and attorneys’ fees and other expenses to the same extent as if the matter were being heard in court).  If, however, any
        party prevails on a statutory claim, which affords the prevailing party attorneys’ fees and costs, then the arbitrator may award reasonable fees and costs to the prevailing party.  The arbitrator may not award attorneys’ fees to a party that would
        not otherwise be entitled to such an award under the applicable statute.  The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost.  Except as provided in Section 6.8 and 17, the parties acknowledge and agree that they are hereby waiving
          any rights to trial by jury or a court in any action or proceeding brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement or the Executive’s
          employment.

       

      17.          Remedies.  Each of the parties to this Agreement and any Person granted rights hereunder whether or not
        such person or entity is a signatory hereto shall be entitled to enforce its rights under this Agreement specifically to recover damages and costs for any breach of any provision of this Agreement and to exercise all other rights existing in its
        favor.  The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that each party (as well as each other Person granted rights hereunder) may in its sole
        discretion obtain permanent injunctive or equitable relief in any arbitration filed pursuant to Section 16 and enforce any such relief awarded by the arbitrator in any court of competent jurisdiction.  In addition, each party may also apply
        to any court of law or equity of competent jurisdiction for provisional injunctive or equitable relief, including a temporary restraining or preliminary injunction (without any requirement to post any bond or deposit), to ensure that the relief
        sought in arbitration is not rendered ineffectual by interim harm.  Each party shall be responsible for paying its own attorneys’ fees, costs and other expenses pertaining to any such legal proceeding and enforcement regardless of whether an award
        or finding or any judgment or verdict thereon is entered against either party.

       

      
        
          

      

      18.          Notices.  Any notice provided for in this Agreement must be in writing and must
        be either personally delivered, transmitted via email, mailed by first class mail (postage prepaid and return receipt requested) or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated or at
        such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.  Notices will be deemed to have been given hereunder and received when delivered personally, when
        received if sent via email, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service.

       

      
        if to the Company:

      

       

      

      
        525 Okeechobee Blvd., Suite 1770

      

      
        West Palm Beach, FL

        
          Attention:  Director, Legal

        

      

       

      if to the Executive, to the address most recently on file in the payroll records of the Company.

       

      19.          Counterparts.  This Agreement
        may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument.  This Agreement shall become
        binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.  Photographic copies of such signed counterparts may be used in lieu of the originals
        for any purpose.

       

      20.          Legal Counsel; Mutual Drafting.  Each party recognizes that this is a legally binding contract and
        acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice.  Each party has cooperated in the drafting, negotiation and preparation of this Agreement.  Hence, in any construction to be made of this
        Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language.  The Executive agrees and acknowledges that he or she has read and understands this Agreement, is entering into it freely
        and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

       

      
        21.         Section 409A.

      

       

      (a)           It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code (including the Treasury regulations and other published guidance relating
        thereto) (“Code Section 409A”) so as not to subject the Executive to payment of any additional tax, penalty or interest imposed under Code Section 409A.  The provisions of this Agreement shall be construed and interpreted to avoid the
        imputation of any such additional tax, penalty or interest under Code Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to the Executive.  Any installment payments provided for in this Agreement
        shall be treated as a series of separate payments for purposes of Code Section 409A.

       

      
        
          

      

      (b)          If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Executive’s Separation from Service, the Executive shall not be entitled to
        any payment or benefit pursuant to Section 5.3(b) until the earlier of (i) the date which is six (6) months after the Executive’s Separation from Service for any reason other than death, or (ii) the date of the Executive’s death.  The
        provisions of this Section 21(b) shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Code Section 409A.  Any amounts otherwise payable to the Executive upon or in the six (6)
        month period following the Executive’s Separation from Service that are not so paid by reason of this Section 21(b) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is
        six (6) months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Executive’s death).

       

      (c)          To the extent that any benefits or reimbursements pursuant to this Agreement are taxable to the Executive, any reimbursement payment due to the Executive pursuant to any such provision shall be paid to the
        Executive on or before the last day of the Executive’s taxable year following the taxable year in which the related expense was incurred.  The benefits and reimbursements pursuant to such provisions are not subject to liquidation or exchange for
        another benefit and the amount of such benefits and reimbursements that the Executive receives in one taxable year shall not affect the amount of such benefits or reimbursements that the Executive receives in any other taxable year.

       

      
        22.          Indemnification; Liability Insurance.

      

       

      (a)          The Company shall indemnify the Executive to the maximum extent provided for under its operating agreement (or similar organizational documents of the Company as they may be in effect at the relevant
        time), or if greater, an indemnification agreement with the Executive, with respect to any action, suit or proceeding (each, a “Claim”) arising in connection with or related to the Executive’s performance of the Executive’s duties under this
        Agreement, and to which the Executive is made, or threatened to be made, a party by reason of the fact that the Executive is an employee of or performing services to the Company or its affiliates pursuant to the terms of this Agreement; provided,
        however, that no indemnification shall be provided for any action or claim brought against the Executive in good faith by the Company for breach of (or to otherwise enforce) this Agreement, any other agreement in effect between the Executive and
        the Company or any of its Affiliates, or any of the Executive’s other duties and obligations to the Company.  The Company will, in addition, advance to Executive, or pay directly, all costs and expenses incurred by Executive in connection with any
        such Claim, or in connection with Executive’s seeking to enforce Executive’s rights under this section, within ten (10) days after receiving written notice requesting such an advance and enclosing customary supporting documentation, provided only
        that such notice includes an unsecured undertaking by Executive to repay the amount advanced if Executive is ultimately determined, by a court of competent jurisdiction, not to be entitled to indemnification against such costs and expenses.  The
        foregoing rights to indemnification and advancement will continue indefinitely, whether or not Executive’s services for the Company have terminated.  Effective as of the execution by the Executive and the Company of a mutually agreeable
        indemnification agreement, such indemnification agreement shall supersede this Section 22(a).  Nothing herein shall limit any right that the Executive may have in respect of indemnification, advancement or liability insurance coverage under any
        other policy, plan, contract or arrangement of the Company or its Affiliates or under applicable law.

       

      (b)          The Company shall cover the Executive under directors and officers liability insurance both during and after the Period of Employment in the same amount and to the same extent as the Company covers its
        other active officers and directors (except that, in no event shall the Company be required to maintain such coverage for a period of more than six years after the later of the last day on which the Executive served as an employee of the Company or
        as a member of the Company’s Board).

       

      23.          Attorney’s Fees.  The Company will pay directly to the Executive’s attorney
        for up to $15,000 in attorney’s fees Executive incurs in negotiating this Agreement.  The Executive agrees to submit an invoice from his attorney within 15 days after the date hereof, and the Company agrees to pay such attorney’s fees within 45
        days after the date hereof.

       

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      IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date set forth above.

       

      	 	
              COMPANY

            	 
	 	 	 
	 	
              AFC MANAGEMENT, LLC

            	 
	 	
              a Delaware limited liability company

            	 
	 	 	 
	 	
              By:

            	

            	
              /s/ Leonard Tannenbaum

            	 
	 	
              Name: Leonard Tannenbaum

            	 
	 	
              Title: Chief Executive Officer

            	 

      

      

      	 	
              EXECUTIVE

            	 
	 	 	 
	 	 	
              /s/ Brett Kaufman

            	 
	 	
              Brett Kaufmaneleventhamendmenttorpaju

EXECUTION VERSION  742465929 16518096  ELEVENTH AMENDMENT TO THE  RECEIVABLES PURCHASE AGREEMENT  This ELEVENTH AMENDMENT TO THE RECEIVABLES PURCHASE  AGREEMENT (this “Amendment”), dated as of July 30, 2021, is entered into by and among the  following parties:  (i) DXC RECEIVABLES LLC (F/K/A CSC RECEIVABLES LLC), a Delaware  limited liability company, as Seller (the “Seller”);  (ii) DXC TECHNOLOGY COMPANY, a Nevada corporation, as Servicer (the  “Servicer”);   (iii) PNC BANK, NATIONAL ASSOCIATION, as a Committed Purchaser, as Group  Agent for its Purchaser Group and as Administrative Agent (in such capacity, the  “Administrative Agent”);  (iv) WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Committed  Purchaser and as Group Agent for its Purchaser Group;  (v) MUFG BANK, LTD. (F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ,  LTD.), as a Committed Purchaser and as Group Agent for its Purchaser Group;   (vi) FIFTH THIRD BANK, NATIONAL ASSOCIATION (F/K/A FIFTH THIRD  BANK), as a Committed Purchaser and as Group Agent for its Purchaser Group;  (vii) MIZUHO BANK, LTD., as a Committed Purchaser and as Group Agent for its  Purchaser Group; and  (viii) THE TORONTO DOMINION BANK, as a Committed Purchaser and as Group  Agent for its Purchaser Group.  Capitalized terms used but not otherwise defined herein (including such terms used  above) have the respective meanings assigned thereto in the Receivables Purchase Agreement  described below.  BACKGROUND  A. The parties hereto have entered into a Receivables Purchase Agreement, dated as  of December 21, 2016 (such date, the “Original Closing Date”) (as amended, restated,  supplemented or otherwise modified through the date hereof, the “Receivables Purchase  Agreement”).  B. Concurrently herewith, the parties hereto and PNC Capital Markets LLC, as  Structuring Agent, are entering into that certain Eighth Amended and Restated Fee Letter, dated  as of the date hereof (the “Amended Fee Letter”).  

 

742465929 16518096 2  C. The parties hereto desire to amend the Receivables Purchase Agreement as set  forth herein.  NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of  which are hereby acknowledged, the parties hereto hereby agree as follows:  SECTION 1. Amendments to the Receivables Purchase Agreement.  The Receivables  Purchase Agreement is hereby amended as shown on the marked pages of the Receivables  Purchase Agreement attached hereto as Exhibit A.  SECTION 2. Representations and Warranties of the Seller and Servicer.  Each of the  Seller and the Servicer hereby represents and warrants, as to itself, to the Administrative Agent,  each Purchaser and each Group Agent, as follows:  (a) Representations and Warranties.  Immediately after giving effect to this  Amendment, the representations and warranties made by such Person in the Transaction  Documents to which it is a party are true and correct as of the date hereof (unless stated to relate  solely to an earlier date, in which case such representations or warranties were true and correct as  of such earlier date).  (b) Enforceability.  This Amendment and each other Transaction Document to which  it is a party, as amended hereby, constitute the legal, valid and binding obligation of such Person  enforceable against such Person in accordance with its respective terms, except as such  enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws  affecting the enforcement of creditors’ rights generally and by general principles of equity,  regardless of whether enforceability is considered in a proceeding in equity or at law.  (c) No Termination Event.  No event has occurred and is continuing, or would result  from the transactions contemplated hereby, that constitutes an Event of Termination, Non- Reinvestment Event, Unmatured Event of Termination or Unmatured Non-Reinvestment Event.  SECTION 3. Effect of Amendment.  All provisions of the Receivables Purchase  Agreement and the other Transaction Documents, as expressly amended and modified by this  Amendment, shall remain in full force and effect. After this Amendment becomes effective, all  references in the Receivables Purchase Agreement (or in any other Transaction Document) to  “this Receivables Purchase Agreement”, “this Agreement”, “hereof”, “herein” or words of  similar effect referring to the Receivables Purchase Agreement shall be deemed to be references  to the Receivables Purchase Agreement as amended by this Amendment. This Amendment shall  not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of  the Receivables Purchase Agreement other than as set forth herein.  SECTION 4. Effectiveness.  This Amendment shall become effective as of the date  hereof upon receipt by the Administrative Agent of each of the documents, agreements (in fully  executed form), certificates and other deliverables listed on the closing memorandum attached as  Exhibit B hereto, in each case, in form and substance acceptable to the Administrative Agent.   SECTION 5. Counterparts.  This Amendment may be executed in any number of  counterparts and by different parties on separate counterparts, each of which when so executed  

 

742465929 16518096 3  shall be deemed to be an original and all of which when taken together shall constitute but one  and the same instrument.  Delivery of an executed counterpart of a signature page to this  Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually  executed counterpart hereof.  SECTION 6. GOVERNING LAW.  THIS AMENDMENT, INCLUDING THE  RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND  CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK  (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW  OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER  CONFLICTS OF LAW PROVISIONS THEREOF).  SECTION 7. Section Headings.  The various headings of this Amendment are included  for convenience only and shall not affect the meaning or interpretation of this Amendment, the  Receivables Purchase Agreement or any provision hereof or thereof. [Signature Pages Follow.]  

 

Eleventh Amendment to the  Receivables Purchase Agreement   (DXC Receivables LLC)  S-1  742465929 16518096  IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their  duly authorized officers as of the date first above written.  DXC RECEIVABLES LLC,   as Seller  By:  Name: Title:   DXC TECHNOLOGY COMPANY,  as Servicer  By:  Name: Title:   Ceyhun Cetin Vice President & Treasurer Ceyhun Cetin Assistant Treasurer 

 

Eleventh Amendment to the  Receivables Purchase Agreement  (DXC Receivables LLC)  S-2 742465929 16518096  PNC BANK, NATIONAL  ASSOCIATION, as Administrative Agent  By:____________________________________  Name: Michael Brown Title: Senior Vice President PNC BANK, NATIONAL  ASSOCIATION,  as a Committed Purchaser   By:____________________________________  Name: Michael Brown Title: Senior Vice President PNC BANK, NATIONAL  ASSOCIATION, as Group Agent for its Purchaser  Group  By:____________________________________  Name: Michael Brown Title: Senior Vice President 

 

Eleventh Amendment to the  Receivables Purchase Agreement   (DXC Receivables LLC)  S-3  742465929 16518096  WELLS FARGO, NATIONAL  ASSOCIATION, as a Committed Purchaser   By: ________________________________________________________________ Name:  Title:  WELLS FARGO, NATIONAL  ASSOCIATION, as Group Agent for its Purchaser  Group  By: ________________________________________________________________ Name:  Title:  Jonathan Davis Vice President Jonathan Davis Vice President 

 

Eleventh Amendment to the  Receivables Purchase Agreement   (DXC Receivables LLC)  S-4  742465929 16518096  MUFG BANK, LTD.,  as a Committed Purchaser   By: ________________________________________________________________ Name:  Title:  MUFG BANK, LTD.,  as Group Agent for its Purchaser  Group  By: ________________________________________________________________ Name:  Title:  Eric Williams Managing Director Eric Williams Managing Director 

 

 

 

Eleventh Amendment to the  Receivables Purchase Agreement   (DXC Receivables LLC)  S-6  742465929 16518096  MIZUHO BANK, LTD.,  as a Committed Purchaser   By: ________________________________________________________________ Name:  Title:  MIZUHO BANK, LTD.,  as Group Agent for its Purchaser  Group  By: ________________________________________________________________ Name:  Title:  

 

Eleventh Amendment to the  Receivables Purchase Agreement   (DXC Receivables LLC)  S-7  742465929 16518096  THE TORONTO DOMINION  BANK,  as a Committed Purchaser   By: ________________________________________________________________ Name:  Title:  THE TORONTO DOMINION  BANK,  as Group Agent for its Purchaser  Group  By: ________________________________________________________________ Name:  Title:  Luna Mills Managing Director Luna Mills Managing Director 

 

Exhibit A  742465929 16518096  Exhibit A  Amendments to the Receivables Purchase Agreement  [Attached]  

 

EXECUTION VERSION Exhibit A to Eleventh Amendment, dated as of July 30, 2021 Conformed through Tenth Amendment, dated as of August 6, 2020 Conformed through Ninth Amendment, dated as of May 29, 2020 Conformed through Eighth Amendment, dated as of February 18, 2020 Conformed through Seventh Amendment, dated as of November 22, 2019 Conformed through Sixth Amendment, dated as of August 21, 2019 Conformed through the Fifth Amendment, dated as of June 25, 2019 Conformed through the Fourth Amendment, dated as of September 24, 2018 Conformed through the Third Amendment, dated as of August 22, 2018 Conformed through Second Amendment, dated as of September 15, 2017 Conformed through First Amendment, dated as of January 24, 2017 RECEIVABLES PURCHASE AGREEMENT Dated as of December 21, 2016 by and among DXC RECEIVABLES LLC, as Seller, THE PERSONS FROM TIME TO TIME PARTY HERETO, as Purchasers and as Group Agents, PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent, DXC TECHNOLOGY COMPANY, as Servicer, and PNC CAPITAL MARKETS LLC, as Structuring Agent 742466544 16518096 

 

TABLE OF CONTENTS Page ARTICLE I DEFINITIONS 1 Section 1.01 Certain Defined Terms 1 Section 1.02 Other Interpretative Matters 3433 Section 1.03 Re-transfer of Certain Receivables 3433 ARTICLE II TERMS OF THE PURCHASES AND INVESTMENTS 3534 Section 2.01 Purchase Facility 3534 Section 2.02 Making Investments; Return of Capital 3635 Section 2.03 Yield and Fees 3837 Section 2.04 Records of Investments and Capital 3938 Section 2.05 Selection of Yield Rates 3938 Section 2.06 Defaulting Purchasers and Exiting Purchasers 3938 Section 2.07 Increase in Facility Limit 4039 ARTICLE III NON-REINVESTMENT EVENTS 4140 Section 3.01 Non-Reinvestment Events 4140 ARTICLE IV SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS 4240 Section 4.01 Settlement Procedures 4240 Section 4.02 Payments and Computations, Etc 4544 ARTICLE V INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND BACK-UP SECURITY INTEREST 4644 Section 5.01 Increased Costs 4645 Section 5.02 Funding Losses 4746 Section 5.03 Taxes 4846 Section 5.04 Inability to Determine Adjusted LIBOR or LMIR; Change in Legality 5251 Section 5.05 Back-Up Security Interest 5251 Section 5.06 Successor Adjusted LIBOR or LMIR53Benchmark Replacement Setting 52 ARTICLE VI CONDITIONS TO EFFECTIVENESS AND INVESTMENTS 5560 Section 6.01 Conditions Precedent to Effectiveness and the Initial Investment 5560 Section 6.02 Conditions Precedent to All Investments 5560 Section 6.03 Conditions Precedent to All Releases 5561 ARTICLE VII REPRESENTATIONS AND WARRANTIES 5662 742466544 16518096 -  i- 

 

TABLE OF CONTENTS (continued) Page Section 7.01 Representations and Warranties of the Seller 5662 Section 7.02 Representations and Warranties of the Servicer 6267 ARTICLE VIII COVENANTS 6772 Section 8.01 Covenants of the Seller 6772 Section 8.02 Covenants of the Servicer 7479 Section 8.03 Separate Existence of the Seller 8186 ARTICLE IX ADMINISTRATION AND COLLECTION OF RECEIVABLES 8590 Section 9.01 Appointment of the Servicer 8590 Section 9.02 Duties of the Servicer 8691 Section 9.03 Blocked Account Arrangements 8691 Section 9.04 Enforcement Rights 8792 Section 9.05 Responsibilities of the Seller 8893 Section 9.06 Servicing Fee 8994 Section 9.07 Excluded Obligors 8994 ARTICLE X EVENTS OF TERMINATION 9095 Section 10.01 Events of Termination 9095 ARTICLE XI THE ADMINISTRATIVE AGENT 9398 Section 11.01 Authorization and Action 9398 Section 11.02 Administrative Agent’s Reliance, Etc 9498 Section 11.03 Administrative Agent and Affiliates 9499 Section 11.04 Indemnification of Administrative Agent 9499 Section 11.05 Delegation of Duties 9599 Section 11.06 Action or Inaction by Administrative Agent 9599 Section 11.07 Notice of Events of Termination or Non-Reinvestment Events; Action by Administrative Agent 95100 Section 11.08 Non-Reliance on Administrative Agent and Other Parties 95100 Section 11.09 Successor Administrative Agent 96101 Section 11.10 Structuring Agent 96101 Section 11.11 Milano Facility Intercreditor Agreement 96101 Section 11.12 LIBOR Notification 97101 Section 11.13 Erroneous Payments 102 742466544 16518096 - ii- 

 

TABLE OF CONTENTS (continued) Page ARTICLE XII THE GROUP AGENTS 97104 Section 12.01 Authorization and Action 97104 Section 12.02 Group Agent’s Reliance, Etc 97104 Section 12.03 Group Agent and Affiliates 98105 Section 12.04 Indemnification of Group Agents 98105 Section 12.05 Delegation of Duties 98105 Section 12.06 Notice of Events of Termination and Non-Reinvestment Events 98105 Section 12.07 Non-Reliance on Group Agent and Other Parties 99106 Section 12.08 Successor Group Agent 99106 Section 12.09 Reliance on Group Agent 99106 ARTICLE XIII INDEMNIFICATION 99107 Section 13.01 Indemnities by the Seller 99107 Section 13.02 Indemnification by the Servicer 102109 ARTICLE XIV MISCELLANEOUS 103110 Section 14.01 Amendments, Etc 103110 Section 14.02 Notices, Etc 104111 Section 14.03 Assignability; Addition of Purchasers 105112 Section 14.04 Costs and Expenses 108115 Section 14.05 No Proceedings; Limitation on Payments 108115 Section 14.06 Confidentiality 109116 Section 14.07 GOVERNING LAW 111118 Section 14.08 Execution in Counterparts 111118 Section 14.09 Integration; Binding Effect; Survival of Termination 111118 Section 14.10 CONSENT TO JURISDICTION 111118 Section 14.11 WAIVER OF JURY TRIAL 112119 Section 14.12 Ratable Payments 112119 Section 14.13 Limitation of Liability 112119 Section 14.14 Intent of the Parties 113120 Section 14.15 USA Patriot Act 113120 Section 14.16 Right of Setoff 113120 Section 14.17 Severability 114120 742466544 16518096 -iii- 

 

TABLE OF CONTENTS (continued) Page Section 14.18 Mutual Negotiations 114120 Section 14.19 Captions and Cross References 114121 ARTICLE XV SELLER GUARANTY 114121 Section 15.01 Guaranty of Payment 114121 Section 15.02 Unconditional Guaranty 114121 Section 15.03 Modifications 116123 Section 15.04 Waiver of Rights 116123 Section 15.05 Reinstatement 117124 Section 15.06 Remedies 117124 Section 15.07 Subrogation 117124 Section 15.08 Inducement 118124 Section 15.09 Security Interest 118125 Section 15.10 Further Assurances 119125 742466544 16518096 - iv- 

 

waived by the PBGC; (b) the provision by the administrator of any Pension Plan of a notice of intent to terminate such Pension Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (c) the cessation of operations at a facility in the circumstances described in Section 4062(e) of ERISA; (d) the withdrawal by Parent or an ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (e) the failure by the Company of any ERISA Affiliate to make a payment to a Pension Plan required under Section 303(k) of ERISA, which Section imposes a lien for failure to make required payments; (f) the institution by the PBGC of proceedings to terminate a Pension Plan, pursuant to Section 4042 of ERISA, or the occurrence of any event or condition which, in the reasonable judgment of Parent, might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan; (g) the withdrawal by Parent or any ERISA Affiliate from any Multiemployer Plan or the termination of such Multiemployer Plan resulting in liability pursuant to Title IV of ERISA; or (h) a determination that any Pension Plan is, or is expected to be, in “at-risk” status (within the meaning of Section 303(i)(4)(A) of ERISA or Section 430(i)(4)(A) of the Code). “Erroneous Payment” has the meaning assigned to it in Section 11.13(a). “Erroneous Payment Deficiency Assignment” has the meaning assigned to it in Section 11.13(d). “Erroneous Payment Return Deficiency” has the meaning assigned to it in Section 11.13(d). “Erroneous Payment Subrogation Rights” has the meaning assigned to it in Section 11.13(d). “Euro-Rate Reserve Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). “Event of Termination” has the meaning specified in Section 10.01.  For the avoidance of doubt, any Event of Termination that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 14.01. “Excess Concentration” means the sum of the following amounts, without duplication: (a) the sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus (b) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that are Unbilled Receivables, over (ii) the product of (x) 40.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus  14 742466544 16518096 

 

“Excluded Obligor Request” means a request, in substantially the form of Exhibit I to this Agreement, made by or on behalf of the Servicer pursuant to Section 9.07 of this Agreement. “Excluded Receivable” means any Receivable (as defined without giving effect to the proviso in the definition thereof) (i) that constitutes a fixed “hell or high-water” lease payment for equipment and software dedicated to providing information technology services to an Obligor and any termination payments owed by an Obligor related thereto, which Receivable has been sold or assigned by the related Originator to a third party that is not an Affiliate of Parent pursuant to a transaction or series of transactions that have been disclosed in writing by the Servicer to the Administrative Agent and the Group Agents prior to the later of the Closing Date and such sale; provided, that any such written disclosure shall identify the buyer or assignee of the relevant Excluded Receivable and the Obligor(s) thereof, (ii) originated on or after the applicable Excluded Obligor Date, the Obligor of which is an Excluded Obligor or any Subsidiary thereof or (iii) that is an MMIS Receivable.   Except as otherwise agreed in writing by the Seller, the Servicer, the Administrative Agent and the Group Agents, no Receivable sold or contributed to the Seller pursuant to the Purchase and Sale Agreement shall subsequently become an Excluded Receivable. “Excluded Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (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 Affected Person being organized under the laws of, or having its principal office or, in the case of any Purchaser, 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 Purchaser, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Purchaser with respect to an applicable interest in its Capital or Commitment pursuant to a law in effect on the date on which (i) such Purchaser funds an Investment or its Commitment or (ii) such Purchaser changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Purchaser’s assignor immediately before such Purchaser became a party hereto or to such Purchaser immediately before it changed its lending office, (c) Taxes attributable to such Affected Person’s failure to comply with Section 5.03(f) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. “Exiting Group” has the meaning set forth in Section 2.02(g). “Exiting Purchaser” has the meaning set forth in Section 2.02(g). “Facility Limit” means $500,000,000400,000,000 as reduced or increased from time to time pursuant to Sections 2.02(e) or 2.07.  References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital. “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 or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any applicable intergovernmental agreement entered into between the United States and any other  16 742466544 16518096 

 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the Office of Foreign Asset Control of the U.S. Department of Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. “Scheduled Termination Date” means August 5, 2021,July 29, 2022, as such date may be extended from time to time pursuant to Section 2.02(g). “Scheduled Unavailability Date” has the meaning set forth in Section 5.06(b)(ii). “SEC” means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor. “Secured Parties” means each Purchaser Party, each Seller Indemnified Party and each Affected Person. “Securities Act” means the Securities Act of 1933, as amended or otherwise modified from time to time. “Seller” has the meaning specified in the preamble to this Agreement. “Seller Collateral” has the meaning set forth in Section 15.09. “Seller Guaranty” has the meaning set forth in Section 15.01. “Seller Indemnified Amounts” has the meaning set forth in Section 13.01(a). “Seller Indemnified Party” has the meaning set forth in Section 13.01(a). “Seller Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Seller to any Purchaser Party, Seller Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all obligations of the Seller in respect of the Seller Guaranty and the payment of all Capital, Yield, Fees, Erroneous Payment Subrogation Rights, and other amounts due or to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Seller (in each case whether or not allowed as a claim in such proceeding). “Seller Obligation Final Due Date” means the date that (i) is one hundred eighty (180) days following the Scheduled Termination Date or (ii) such earlier date on which the Aggregate Capital becomes due and payable pursuant to Section 10.01. “Seller’s Net Worth” means, at any time of determination,  an amount equal to (i) the Outstanding Balance of all Pool Receivables at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Aggregate Yield at such time, plus (C) the aggregate  29 742466544 16518096 

 

“Solvent” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.  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. “Structuring Agent” means PNC Capital Markets LLC, a Pennsylvania limited liability company. “Subordinated Note” has the meaning set forth in the Purchase and Sale Agreement. “Sub-Servicer” has the meaning set forth in Section 9.01(d). “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. “Successor Rate” has the meaning set forth in Section 5.06(b). “Successor Rate Conforming Changes” means, with respect to any proposed Successor Rate, any conforming changes to the definitions of Base Rate, Adjusted LIBOR, LMIR and Yield Period and any related definitions, the timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent and with the consent of the Seller (such consent not to be unreasonably withheld, delayed or conditioned), to reflect the adoption of such Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such Successor Rate exists, in such other manner of administration as the Administrative Agent determines with the consent of the Seller (such consent not to be unreasonably withheld, delayed or conditioned)).  For the avoidance of doubt, any amendment effectuating any Successor  Rate Conforming Changes shall be subject to the Seller’s approval.  31 742466544 16518096 

 

Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Seller’s right, title and interest in, to and under all of the Sold Assets, whether now or hereafter owned, existing or arising. The Administrative Agent (for the benefit of the Secured Parties) shall(b) have, with respect to all the Sold Assets, and in addition to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any applicable UCC.  The Seller hereby authorizes the Administrative Agent to file financing statements describing the collateral covered thereby as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement. For the avoidance of doubt, (i) the grant of security interest pursuant to(c) this Section 5.05 shall be in addition to, and shall not be construed to limit or modify, the sale of Sold Assets pursuant to Section 2.01(b) or the Seller’s grant of security interest pursuant to Section 15.09, (ii) nothing in Section 2.01 shall be construed as limiting the rights, interests (including any security interest), obligations or liabilities of any party under this Section 5.05, and (iii) subject to the foregoing clauses (i) and (ii), this Section 5.05 shall not be construed to contradict the intentions of the parties set forth in Section 2.01(c). Successor Adjusted LIBOR or LMIR.  Benchmark Replacement Setting.  Section 5.06 The Administrative Agent shall give prompt notice to the Seller and the(a) Group Agents of the applicable interest rate determined by the Administrative Agent for purposes of Section 5.04(a) or 5.04(b).Announcements Related to LIBOR.  On March 5, 2021, the ICE Benchmark Administration, the administrator of LIBOR (the “IBA”) and the U.K. Financial Conduct Authority, the regulatory supervisor for the IBA, announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month, 2-month, 3-month, 6-month and 12-month USD LIBOR tenor settings (collectively, the “Cessation Announcements”).  The parties hereto acknowledge that, as a result of the Cessation Announcements, a Benchmark Transition Event occurred on March 5, 2021 with respect to USD LIBOR under clauses (1) and (2) of the definition of Benchmark Transition Event below; provided however, no related Benchmark Replacement Date occurred as of such date. Notwithstanding anything to the contrary in this Agreement or any other(b) Transaction Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Seller or the Majority Group Agents notify the Administrative Agent (with, in the case of the Majority Group Agents, a copy to the Seller) that the Seller or Majority Group Agents (as applicable) have determined, that:Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other  53 742466544 16518096 

 

Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Group Agents without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Group Agents comprising the Majority Group Agents. (i) adequate and reasonable means do not exist for ascertaining Adjusted LIBOR or LMIR for such Yield Period or day, as applicable, including, without limitation, because Adjusted LIBOR or LMIR is not available or published on a current basis and such circumstances are unlikely to be temporary; or (ii) the supervisor for the administrator of the Purchaser Designated Reference Rate for the applicable currency or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which Adjusted LIBOR or LMIR shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); then, after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Seller may amend this Agreement to replace Adjusted LIBOR or LMIR with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) giving due consideration to the then prevailing market convention broadly accepted by the syndicated loan market for determining a rate of interest in respect of such currency for syndicated loans in the United States at such time (any such proposed rate, a “Successor Rate”), together with any proposed Successor Rate Conforming Changes and, notwithstanding anything to the contrary in Section 14.01, any such amendment shall become effective at 5:00 p.m. (New York City time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Group Agents and the Seller unless, prior to such time, Group Agents comprising the Majority Group Agents have delivered to the Administrative Agent written notice that such Majority Group Agents do not accept such amendment. Benchmark Replacement Conforming Changes. In connection with the(c) 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 Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. (c) If no Successor Rate has been determined and the circumstances under(d) Section 5.06(b)(i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Seller and each Group Agent. Thereafter, the obligation of the Purchasers to make or maintain Portions of Capital or Investments for which  54 742466544 16518096 

 

Yield would otherwise be determined with reference to Adjusted LIBOR or LMIR, as applicable, shall be suspended (to the extent of the affected Portions of Capital, Investments or Yield Periods) and the utilization of Adjusted LIBOR or LMIR, as applicable, in determining the Base Rate shall be suspended.  Upon receipt of such notice, the Seller may revoke any pending request for an Investment of, conversion to or continuation of Portions of Capital or Investments for which Yield would otherwise be determined with reference to Adjusted LIBOR or LMIR, as applicable (to the extent of the affected Portions of Capital, Investments or Yield Periods) or, failing that, will be deemed to have converted such request into a request to make Investments or continue such Portions of Capital for which Yield by reference to the Base Rate in the amount specified therein and, notwithstanding anything to the contrary in Section 14.01, such rate shall become effective at 5:00 p.m. (New York City time) on the fifth Business Day after the Agent shall have posted such proposed rate to all Group Agents unless, prior to such time, Group Agents comprising the Majority Group Agents have delivered to the Administrative Agent written notice that such Majority Group Agents do not accept such rate, in each case in the amount specified therein.Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Seller and the Group Agents of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to paragraph (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Group Agent (or Majority Group Agents) pursuant to this Section 5.06 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 5.06. (d) Notwithstanding anything to the contrary contained herein, if at any time the Successor Rate is less than zero, at such times, such rate shall be deemed to be zero for purposes of this Agreement. Unavailability of Tenor of Benchmark. Notwithstanding anything to the(e) contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Yield Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify  55 742466544 16518096 

 

the definition of “Yield Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.  Benchmark Unavailability Period. Upon the Seller’s receipt of notice of(f) the commencement of a Benchmark Unavailability Period, the Seller may revoke any request for an Investment accruing Yield based on USD LIBOR, conversion to or continuation of Investments accruing Yield based on USD LIBOR to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Seller will be deemed to have converted any such request into a request for an Investment of or conversion to Investments accruing Yield under the Base Rate. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. Term SOFR Transition Event. Notwithstanding anything to the contrary(g) herein or in any other Transaction Document and subject to the proviso below in this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such Benchmark setting (the “Secondary Term SOFR Conversion Date”) and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; and (ii) Investments outstanding on the Secondary Term SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted to Investments bearing interest at the Benchmark Replacement with a tenor approximately the same length as the interest payment period of the then-current Benchmark; provided that, this paragraph (g) shall not be effective unless the Administrative Agent has delivered to the Group Agents and the Seller a Term SOFR Notice.  For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. Certain Defined Terms. As used in this Section 5.06: (h) “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Yield Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Yield Period” pursuant to paragraph (e) of this Section 5.06, or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with reference to such Benchmark pursuant to this Agreement as of such date.  For the avoidance of doubt, the Available Tenor for LMIR is one month. “Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election, or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable  56 742466544 16518096 

 

Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to paragraph (b) or (g) of this Section 5.06. “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:  the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; (1) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement(2) Adjustment;  (3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Seller as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;  provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further, that in the case of an Other Benchmark Rate Election, the “Benchmark Replacement” shall mean the alternative set forth in clause (3) above and when such clause is used to determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Seller shall be the term benchmark rate that is used in lieu of a USD LIBOR based rate in relevant other U.S. dollar denominated syndicated credit facilities; provided, further, that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall  be determined as set forth in clause (1) of this definition. If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.  “Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor for any setting of such Unadjusted Benchmark Replacement:  for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the(1) applicable amount(s) set forth below:  Available Tenor Benchmark Replacement Adjustment* One-Week 0.03839%   (3.839 basis points)  57 742466544 16518096 

 

One-Month 0.11448%   (11.448 basis points) Two-Months 0.18456%   (18.456 basis points) Three-Months 0.26161%   (26.161 basis points) Six-Months 0.42826%   (42.826 basis points) * These values represent the ARRC/ISDA recommended spread adjustment values available here: https://assets.bbhub.io/professional/sites/10/IBOR-Fallbacks-LIBOR-Cessat ion_Announcement_20210305.pdf (2) for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Seller for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities;  provided that, if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark Replacement.  “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Yield Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).   58 742466544 16518096 

 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);  (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date determined by the Administrative Agent, which date shall promptly follow the date of the public statement or publication of information referenced therein;  (3) in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Group Agents and the Seller pursuant to this Section 5.06, which date shall be at least thirty (30) days from the date of the Term SOFR Notice; or (4) in the case of an Early Opt-in Election or an Other Benchmark Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Group Agents, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, is provided to the Group Agents, written notice of objection to such Early Opt-in Election or an Other Benchmark Rate Election, as applicable, from Group Agents comprising the Majority Group Agents.  For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:  (1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);   59 742466544 16518096 

 

(2) a public statement or publication of information by an Official Body having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or  (3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) or an Official Body having jurisdiction over the Administrative Agent announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.  For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).  “Benchmark Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 5.06 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 5.06. “Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.  “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion.   60 742466544 16518096 

 

“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of:  (1) a notification by the Administrative Agent to (or the request by the Seller to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and  (2) the joint election by the Administrative Agent and the Seller to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Group Agents.  “Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero.  “Official Body” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). “Other Benchmark Rate Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: (x) either (i) a request by the Seller to the Administrative Agent , or (ii) notice by the Administrative Agent to the Seller, that, at the determination of the Seller or the Administrative Agent, as applicable, U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a USD LIBOR based rate, a term benchmark rate as a benchmark rate, and (y) the Administrative Agent, in its sole discretion, and the Seller jointly elect to trigger a fallback from USD LIBOR and the provision, as applicable, by the Administrative Agent of written notice of such election to the Seller and the Group Agents. “Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.  “Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.   61 742466544 16518096 

 

“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.  “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).  “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.  “Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.  “Term SOFR Notice” means a notification by the Administrative Agent to the Group Agents and the Seller of the occurrence of a Term SOFR Transition Event. “Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance with Section 5.06 that is not Term SOFR. “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.  “USD LIBOR” means the London interbank offered rate for U.S. dollars. ARTICLE VI CONDITIONS TO EFFECTIVENESS AND INVESTMENTS Conditions Precedent to Effectiveness and the Initial Investment.  ThisSection 6.01 Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent and (b) all fees and expenses payable by the Seller on the Closing Date to the Purchaser Parties have been paid in full in accordance with the terms of the Transaction Documents. Conditions Precedent to All Investments.  Each Investment hereunder onSection 6.02 or after the Closing Date shall be subject to the conditions precedent that:  62 742466544 16518096 

 

of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint a successor Administrative Agent. Upon such acceptance of its appointment as Administrative Agent(b) hereunder by a successor Administrative Agent, such successor Administrative Agent shall succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning Administrative Agent shall be discharged from its duties and obligations under the Transaction Documents.  After any resigning Administrative Agent’s resignation hereunder, the provisions of this Article XI and Article XIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the Administrative Agent. Structuring Agent.  Each of the parties hereto hereby acknowledges andSection 11.10 agrees that the Structuring Agent shall not have any right, power, obligation, liability, responsibility or duty under this Agreement, other than the Structuring Agent’s right to receive fees pursuant to Section 2.03.  Each Purchaser Party acknowledges that it has not relied, and will not rely, on the Structuring Agent in deciding to enter into this Agreement and to take, or omit to take, any action under any Transaction Document. Milano Facility Intercreditor Agreement.  Each Purchaser and GroupSection 11.11 Agent is or that becomes a party hereto acknowledges and agrees that it (i) has received and reviewed a copy of the Milano Facility Intercreditor Agreement, (ii) consents to the Servicer’s, the Seller’s entry into the Milano Facility Intercreditor Agreement and (iii) will comply with the terms of the Milano Facility Intercreditor Agreement. LIBOR Notification.  Section 5.06 of this Agreement provides aSection 11.12 mechanism for determining an alternative rate of interest in the event that Adjusted LIBOR or LMIR, as applicable, is no longer available or in certain other circumstances.  The Administrative Agent does not warrant or accept any responsibility for and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of Adjusted LIBOR or LMIR, as applicable, or with respect to any alternative or successor rate thereto, or replacement rate therefor. Erroneous Payments.  Section 11.13 If the Administrative Agent notifies a Purchaser, a Group Agent or a(a) Secured Party, or any Person who has received funds on behalf of a Purchaser, a Group Agent or Secured Party (any such Purchaser, Group Agent, Secured Party or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Purchaser, Group Agent, Secured Party or other Payment Recipient on its behalf)  (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the 104 742466544 16518096 

 

benefit of the Administrative Agent, and such Purchaser, Group Agent or Secured Party shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Bank Funding Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (a) shall be conclusive, absent manifest error. Without limiting immediately preceding clause (a), each Purchaser, Group(b) Agent or Secured Party, or any Person who has received funds on behalf of a Purchaser, Group Agent or Secured Party such Purchaser, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Purchaser, Group Agent or Secured Party, or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part) in each case: (A) in the case of immediately preceding clauses (x) or (y), an error shall(i) be presumed to have been made (absent written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and such Purchaser, Group Agent or Secured Party shall (and shall cause any(ii) other recipient that receives funds on its respective behalf to) promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this Section 11.13(b). Each Purchaser, Group Agent or Secured Party hereby authorizes the(c) Administrative Agent to set off, net and apply any and all amounts at any time owing to such Purchaser or Secured Party under any Transaction Document, or otherwise payable or distributable by the Administrative Agent to such Purchaser, Group Agent or Secured Party from any source, against any amount due to the Administrative Agent under immediately preceding clause (a) or under the indemnification provisions of this Agreement. 105 742466544 16518096 

 

In the event that an Erroneous Payment (or portion thereof) is not(d) recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (a), from any Purchaser or Group Agent that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf)  (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Purchaser or Group Agent at any time, (i) such related Purchaser shall be deemed to have assigned its Capital (but not its Commitments) with respect to which such Erroneous Payment was made in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Capital (but not Commitments) the “Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Seller) deemed to execute and deliver an Assignment and Assumption with respect to such Erroneous Payment Deficiency Assignment, (ii) the Administrative Agent as the assignee Purchaser shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition, the Administrative Agent as the assignee Purchaser shall become a Purchaser hereunder, with respect to such Erroneous Payment Deficiency Assignment and the assigning Purchaser shall cease to be a Purchaser hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Purchaser and (iv) the Administrative Agent may reflect in the Register its ownership interest in the Capital subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Capital acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Purchaser shall be reduced by the net proceeds of the sale of such Capital (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Purchaser or related Group Agent (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Purchaser and such Commitments shall remain available in accordance with the terms of this Agreement.  In addition, each party hereto agrees that, except to the extent that the Administrative Agent has sold Capital (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be contractually subrogated to all the rights and interests of the applicable Purchaser, related Group Agent or Secured Party under the Transaction Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”). The parties hereto agree that an Erroneous Payment shall not pay, prepay,(e) repay, discharge or otherwise satisfy any Seller Obligations owed by the Seller or the Servicer, except, in each case, to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Seller or the Servicer for the purpose of making such Erroneous Payment.  106 742466544 16518096 

 

To the extent permitted by Applicable Law, no Payment Recipient shall(f) assert any right or claim to  an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine Each party’s obligations, agreements and waivers under this Section 11.13(g) shall survive the resignation or replacement of the Administrative Agent, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Seller Obligations (or any portion thereof) under any Transaction Document. ARTICLE XII THE GROUP AGENTS Authorization and Action.  Each Purchaser Party that belongs to a GroupSection 12.01 hereby appoints and authorizes the Group Agent for such Group to take such action as agent on its behalf and to exercise such powers under this Agreement as are delegated to such Group Agent by the terms hereof, together with such powers as are reasonably incidental thereto.  No Group Agent shall have any duties other than those expressly set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document, or otherwise exist, against any Group Agent.  No Group Agent assumes, nor shall it be deemed to have assumed, any obligation to, or relationship of trust or agency with the Seller or any Affiliate thereof, any Purchaser except for any obligations expressly set forth herein. Notwithstanding any provision of this Agreement or any other Transaction Document, in no event shall any Group Agent ever be required to take any action which exposes such Group Agent to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law. Group Agent’s Reliance, Etc.  No Group Agent nor any of its directors,Section 12.02 officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them as a Group Agent under or in connection with this Agreement or any other Transaction Documents in the absence of its or their own gross negligence or willful misconduct.  Without limiting the generality of the foregoing, a Group Agent: (a) may consult with legal counsel (including counsel for the Administrative Agent, the Seller or the Servicer), independent certified public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to any Purchaser Party (whether written or oral) and shall not be responsible to any Purchaser Party for any statements, warranties or representations (whether written or oral) made by any other party in or in connection with this Agreement or any other Transaction Document; (c) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any other Transaction Document on the part of the Seller or any Affiliate thereof or any other Person or to inspect the property (including the books and records) of the Seller or any Affiliate thereof; (d) shall not be responsible to any Purchaser Party for the due execution, 107 742466544 16518096 

 

SCHEDULE I Groups And Commitments Group of PNC Bank, National Association Party Capacity Commitment PNC Bank, National Association Committed Purchaser $125,000,000.00100,000,000.00 PNC Bank, National Association Group Agent N/A Group of Wells Fargo Bank, National Association Party Capacity Commitment Wells Fargo Bank, National Association Committed Purchaser $66,666,666.6753,333,333.34 Wells Fargo Bank, National Association Group Agent N/A Group of MUFG Bank, Ltd. Party Capacity Commitment MUFG Bank, Ltd. Committed Purchaser $125,000,000.00100,000,000.00 MUFG Bank, Ltd. Group Agent N/A Group of Fifth Third Bank, National Association Party Capacity Commitment Fifth Third Bank, National Association Committed Purchaser $50,000,000.0040,000,000.00 Fifth Third Bank, National Association Group Agent N/A Group of Mizuho Bank, Ltd. Party Capacity Commitment Mizuho Bank, Ltd. Committed Purchaser $66,666,666.6753,333,333.33 Mizuho Bank, Ltd. Group Agent N/A Group of The Toronto Dominion Bank Party Capacity Commitment The Toronto Dominion Bank Committed Purchaser $66,666,666.6653,333,333.33 Schedule I-  1 742466544 16518096 

 

SCHEDULE II-B Blocked Account and Blocked Account Bank Bank: Account # PNC Bank, National Association 5303623013 Schedule II-AB-  1 742466544 16518096 

 

Exhibit B  742465929 16518096  Exhibit B  Closing Memorandum  [Attached]  

 

742471322 16518096  CLOSING MEMORANDUM ELEVENTH AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT  among  DXC RECEIVABLES LLC,  as Seller  DXC TECHNOLOGY COMPANY,  as Servicer  THE PERSONS FROM TIME TO TIME PARTY THERETO,  as Committed Purchasers and Group Agents   and  PNC BANK, NATIONAL ASSOCIATION,  as Administrative Agent For July 30, 2021 Closing  

 

742471322 16518096 2 Parties and Abbreviations: Administrative Agent PNC  Blocked Account Bank(s) PNC Bank, National Association   Committed Purchasers PNC, Wells Fargo Bank, National Association, MUFG Bank, Ltd., Fifth Third Bank, Mizuho Bank, Ltd. and The Toronto  Dominion Bank DXC DXC Technology Company, a Nevada corporation  DXC Parties Each of the Servicer, the Originators, the Seller and the Performance Guarantor  Ferraiuoli Ferraiuoli LLC, Puerto Rico counsel to CSC Puerto Rico, LLC  Group Agents PNC, Wells Fargo Bank, National Association, MUFG Bank, Ltd., Fifth Third Bank, Mizuho Bank, Ltd. and The Toronto  Dominion Bank Honigman Honigman LLP, Michigan counsel to CSC Convansys Corporation  MB Mayer Brown LLP, special counsel to the Administrative Agent, Group Agents and Committed Lenders  Nutter Nutter, McClennen & Fish LLP, Massachusetts counsel to CSC Consulting  Originators CSC Puerto Rico, LLC, a Puerto Rico limited liability company, CSC Covansys Corporation, a Michigan corporation, DXC  Technology Services LLC, a Delaware limited liability company, Alliance-One Services, Inc., a Delaware corporation, Computer  Sciences Corporation, a Nevada corporation, CSC Consulting, Inc., a Massachusetts corporation, CSC Cybertek Corporation, a  Texas corporation, Mynd Corporation, a South Carolina corporation, and Tribridge Holdings, LLC, a Delaware limited liability  company   Performance Guarantor DXC   PNC PNC Bank, National Association  Reed Smith Reed Smith LLP, special counsel and Texas and California counsel to the DXC Parties  Seller DXC Receivables LLC, a Delaware limited liability company  Servicer DXC  Structuring Agent PNC Capital Markets LLC  Womble Womble Carlyle Sandridge & Rice, South Carolina counsel to Mynd Corporation  Woodburn and Wedge Woodburn and Wedge, Nevada counsel to DXC and Computer Sciences Corporation  

 

742471322 16518096 3 Document  A. BASIC DOCUMENTS 1. Eleventh Amendment to Receivables Purchase Agreement Exhibit A: Conformed Copy of Receivables Purchase Agreement 2. Eighth Amended and Restated Fee Letter

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