Document:

EX-4.1

 EXHIBIT 4.1 

AMERICAN TOWER CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
 and 

Elavon Financial Services DAC, UK Branch 

As Paying Agent 
  

 
 SUPPLEMENTAL
INDENTURE NO. 5 
 Dated as of September 10, 2020 

to 
 BASE INDENTURE 

Dated as of June 4, 2019 

€1,400,000,000 Principal Amount 

€750,000,000 0.500% SENIOR NOTES DUE 2028 

€650,000,000 1.000% SENIOR NOTES DUE 2032 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
				
		 	Section 1.01.	 	Definitions	  	 	1	 
				
		 	Section 1.02.	 	Incorporation by Reference of Trust Indenture Act	  	 	9	 
				
		 	Section 1.03.	 	Rules of Construction	  	 	9	 
		
	Article II THE SECURITIES	  	 	10	 
				
		 	Section 2.01.	 	Form and Dating	  	 	10	 
				
		 	Section 2.02.	 	Execution and Authentication of Securities	  	 	10	 
				
		 	Section 2.03.	 	Registrar and Paying Agent	  	 	10	 
				
		 	Section 2.04.	 	Paying Agent to Hold Money in Trust	  	 	11	 
				
		 	Section 2.05.	 	Transfer and Exchange	  	 	11	 
				
		 	Section 2.06.	 	Outstanding Securities	  	 	11	 
				
		 	Section 2.07.	 	Interest Payment and Record Dates	  	 	12	 
				
		 	Section 2.08.	 	No Sinking Fund	  	 	12	 
				
		 	Section 2.09.	 	Defaulted Interest	  	 	12	 
				
		 	Section 2.10.	 	CUSIP and ISIN Numbers and Common Codes	  	 	12	 
				
		 	Section 2.11.	 	Global Securities	  	 	12	 
				
		 	Section 2.12.	 	Ranking	  	 	12	 
				
		 	Section 2.13.	 	Additional Securities	  	 	13	 
				
		 	Section 2.14.	 	Payment of Additional Amounts	  	 	13	 
				
		 	Section 2.15.	 	Unavailability of Euros	  	 	15	 
				
		 	Section 2.16.	 	Listing	  	 	15	 
		
	Article III OPTIONAL REDEMPTION; MANDATORY REDEMPTION	  	 	15	 
				
		 	Section 3.01.	 	Notice to Trustee and Paying Agent	  	 	15	 
				
		 	Section 3.02.	 	Optional Redemption	  	 	15	 
				
		 	Section 3.03.	 	Mandatory Redemption	  	 	16	 
				
		 	Section 3.04.	 	Redemption for Tax Reasons	  	 	16	 
		
	Article IV COVENANTS	  	 	17	 
				
		 	Section 4.01.	 	Additional Covenants	  	 	17	 
		
	Article V MISCELLANEOUS	  	 	18	 
				
		 	Section 5.01.	 	Conflict of Any Provision of Indenture with Trust Indenture Act	  	 	18	 
				
		 	Section 5.02.	 	Duplicate Originals	  	 	18	 
				
		 	Section 5.03.	 	New York Law to Govern	  	 	18	 
				
		 	Section 5.04.	 	No Adverse Interpretation of Other Agreements	  	 	18	 
				
		 	Section 5.05.	 	Successors and Assigns of Company, Trustee and Paying Agent Bound by Supplemental Indenture	  	 	18	 
				
		 	Section 5.06.	 	Severability	  	 	19	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
		 	Section 5.07.	  	Effect of Headings	  	19

 Exhibit A-1 — Form of Global Security for the 2028 Notes 

Exhibit A-2 — Form of Global Security for the 2032 Notes 

Exhibit B — Form of Legend for Global Securities 

  
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 SUPPLEMENTAL INDENTURE NO. 5 (the “Supplemental Indenture”), dated
as of September 10, 2020, between American Tower Corporation, a Delaware corporation (the “Company”), U.S. Bank National Association, a national banking association, as trustee (the “Trustee”), and Elavon
Financial Services DAC, UK Branch, as paying agent (the “Paying Agent”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered a base indenture, dated as of June 4, 2019 (the “Base
Indenture,” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior debt securities
to be issued from time to time in one or more series; 
 WHEREAS, the Company has duly determined to appoint the Paying Agent as the paying
agent under the Agency Agreement, dated as of the date hereof (the “Agency Agreement”), and the Paying Agent is willing to accept such appointment with respect to the Securities; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of two series of its Securities, to
be titled as its “0.500% Senior Notes due 2028” (the “2028 Notes”) and “1.000% Senior Notes due 2032” (the “2032 Notes”), the form and substance of such Securities and the terms, provisions and
conditions thereof to be set forth as provided in the Indenture; and 
 WHEREAS, all acts and requirements necessary to make this
Supplemental Indenture, when executed and delivered by the parties hereto, the legal, valid and binding obligation of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE: 
 Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities. 

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    DEFINITIONS. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following
definitions supplement, and, to the extent inconsistent with, replace the definitions in Article I of the Base Indenture: 

“Additional Security Board Resolution” means resolutions duly adopted by the Board of Directors of the Company and delivered
to the Trustee in an Officers’ Certificate providing for issuance of Additional Securities. 
 “Additional Security
Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article 7 of the Base Indenture. 

“Additional Securities” means the Company’s Securities originally issued hereunder after the Issue Date pursuant to
Section 2.13 hereof, except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Securities pursuant to Section 3.07, 3.09, 7.05 or 9.06 of the Base Indenture, or 4.01(b)
hereof, as specified in the relevant Additional Security Board Resolutions or Additional Security Supplemental Indenture issued therefor in accordance with this Indenture. 

“Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for
the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense,
including, without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation,
amortization of 

 
goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses,
(v) all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of Commodity Agreements, Currency Agreements or
Interest Rate Agreements, non-cash impairment charges, non-cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from the early extinguishment of Indebtedness) and (vi) non-recurring charges and expenses, restructuring charges, transaction
expenses (including, without limitation, transaction expenses incurred in connection with any merger or acquisition) and underwriters’ fees or discounts, and severance and retention payments in connection with any merger or acquisition, in each
case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining net income) made during such period with respect to non-cash charges that were added back in a prior
period; provided, however, (I) with respect to any Person that became a Subsidiary, or was merged with or consolidated into the Company or any Subsidiary, during such period, or any acquisition by the Company or any Subsidiary of
the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of the Company in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable,
during such period as if such acquisition, merger or consolidation had occurred on the first day of such period and (II) with respect to any Person that has ceased to be a Subsidiary during such period, or any material assets of the Company or
any Subsidiary sold or otherwise disposed of by the Company or any Subsidiary during such period, “Adjusted EBITDA” shall exclude the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if
such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 
 “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning. 
 “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on
which banking institutions in The City of New York or The City of London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system
(the TARGET2 system), or any successor thereto, operates. 
 “Capital Lease Obligation” means, at the time any
determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Change of Control” means the occurrence of
any of the following: 
 (1) the adoption of a plan relating to the liquidation or dissolution of the Company; 

(2) any “person,” as such term is used in Section 13(d)(3) of the Exchange Act, becomes the Beneficial Owner, directly or
indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided 

  
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that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change of Control if (a) the stockholders of the Company immediately prior to such
transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such other Person of whom the Company is a Subsidiary immediately following such transaction
and (b) immediately following such transaction no person (as defined above) other than such other Person, Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of the Company; or 

(3) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 

“Change of Control Offer” has the meaning set forth in Section 4.01(b). 

“Change of Control Payment” has the meaning set forth in Section 4.01(b). 

“Change of Control Payment Date” has the meaning set forth in Section 4.01(b). 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline (as defined
below). 
 “Clearstream” means Clearstream Banking, société anonyme. 

“Commodity Agreement” of any Person means any commodity forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement to which such Person is a party. 
 “Common Depositary” means any
Person acting as the common depositary for the Euroclear Operator and Clearstream, which initially shall be Elavon Financial Services DAC. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, another German government bond as
the Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond
Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage
(rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption,
would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined
by an Independent Investment Banker selected by the Company. 
 “Continuing Directors” means a director who either was a
member of the Company’s Board of Directors on the Issue Date or who becomes a member of the Company’s Board of Directors subsequent to the Issue Date and whose appointment, election or nomination for election by the Company’s
stockholders is duly approved by a majority of the Continuing Directors on the Company’s Board of Directors at the time of such approval, either by specific vote or by approval of the proxy statement issued by the Company on behalf of the
Company’s Board of Directors in which such individual is named as nominee for director. Solely for purposes of this definition, the term “Board of Directors” shall be defined without regard to the words “or any authorized
committee of the Board of Directors of such Person or any officer of such Person duly authorized by the Board of Directors of such Person to take a specific action” in such definition. 

“Currency Agreement” of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement as to which such Person is a party. 

  
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 “Default” means any event which is, or after notice or passage of time or
both would be, an Event of Default. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of
any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the Securities. 

“euro” or “€” means the currency of the member states of the European Monetary Union that have adopted
or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Euroclear Operator” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 

“Fair Market Value” means, with respect to any asset, the price that (after taking into account any liabilities relating to
such asset) would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in
good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 
 “First Par Call
Date” means, with respect to the 2028 Notes, October 15, 2027, and with respect to the 2032 Notes, October 15, 2031. 

“Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or
existing under the laws of, and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes of this definition only, the “United States”), or
(b) any Subsidiary of such Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting clause (a) of this definition. 

“GAAP” means generally accepted accounting principles set forth in the standards, statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date, provided,
however, that leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements of the Company for the fiscal year ended December 31, 2018 for all purposes, notwithstanding any
change in GAAP relating thereto, including with respect to Accounting Standards Codification 842. 
 “Guarantee” means a
guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term “Guarantee” used as a verb has a corresponding meaning. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 

(1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

  
 4 

 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued
expense or trade payable; 
 (6) representing obligations under any Interest Rate Agreements, Commodity Agreements and Currency Agreements
except for those entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange risk; or 

(7) in respect of all Disqualified Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Stock being
equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that (a) if the Disqualified Stock does not have a fixed repurchase
price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to the
applicable indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Stock, the fair market value shall be the Fair Market Value thereof; 

if and to the extent any of the preceding items (other than letters of credit and obligations under Interest Rate Agreements, Commodity
Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset
of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the Fair Market Value of such property or assets as of such date or the principal amount of
such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case
of any other Indebtedness. 
 “Independent Investment Banker” means one of the Reference Government Bond Dealers appointed
by the Company. 
 “Interest Expense” means, for any period, all cash interest expense (including imputed interest with
respect to Capital Lease Obligations and commitment fees) with respect to any Indebtedness of the Company and of its Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of such Indebtedness. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as to which such Person is
a party. 
 “Investment Grade Rating” means a rating equal to or greater than BBB-
by S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating or any other Ratings Agency selected by
the Company as provided in the definition of Ratings Agency. 
 “Issue Date” means September 10, 2020. 

  
 5 

 “Licenses” means, collectively, any telephone, microwave, radio
transmissions, personal communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the
Federal Communications Commission (or other similar or successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any of its Subsidiaries. 

“Lien” means, with respect to any property or assets, including Capital Stock, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, for any period of determination, net income (loss) of the Company and its Subsidiaries, on a
consolidated basis, determined in accordance with GAAP. 
 “Newly Created Subsidiary” means a newly created direct or
indirect Subsidiary of the Company that is formed or organized after the Issue Date; provided that neither the Company nor any Subsidiary of the Company shall have transferred, or may in the future transfer, any assets (other than cash or
cash equivalents) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary. 

“Original Securities” has the meaning set forth in Section 2.02. 

“Paying Agent” has the meaning set forth in Section 2.03. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter for
which financial statements of the Company are internally available immediately preceding such date. 
 “Permitted Liens”
means: 
 (1) Liens in favor of the Company or its Subsidiaries; 

(2) Liens existing on the Issue Date (other than those securing the SpectraSite ABS Facility) and renewals and replacements thereof; 

(3) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(4) Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred
in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

(5) Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social
security obligations, assessments or government charges which are not overdue for more than 60 days; 
 (6) restrictions on the transfer of
Licenses or assets of the Company or any of its Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the rules and regulations of the
Federal Communications Commission (or other similar 

  
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or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

(7) Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that
such Lien only encumbers the property being sold; 
 (8) Liens to secure performance of statutory obligations, surety or appeal bonds,
performance bonds, bids or tenders; 
 (9) judgment Liens; 

(10) Liens in connection with escrow or security deposits made in connection with any acquisition of assets; 

(11) Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or any Subsidiary of the Company in an
aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (11), not to exceed $500.0 million at any time outstanding for the Company and any
Subsidiaries of the Company; 
 (12) Liens securing obligations under Interest Rate Agreements, Commodity Agreements and Currency Agreements
not for speculative purposes; 
 (13) easements,
rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

(a) are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary
course of business); and 
 (b) do not in the aggregate materially detract from the value of the property or materially impair the use
thereof in the operation of business by the Company and its Subsidiaries; 
 (14) Liens on property of the Company or a Subsidiary of the
Company at the time the Company or such Subsidiary acquired the property, including acquisition by means of a merger or consolidation with or into the Company or any Subsidiary, or an acquisition of assets, and any replacement thereof,
provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by the Company
or any Subsidiary of the Company; 
 (15) leases and subleases of real or personal property in the ordinary course of business (for the
avoidance of doubt, excluding sale and lease-back transactions) which do not materially interfere with the ordinary conduct of the business; and 

(16) banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or
other funds maintained with a depositary institution; provided that: 
 (a) such deposit account is not a dedicated cash collateral
account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

(b) such deposit account is not intended to provide collateral to the depositary institution. 

  
 7 

 “Person” or “person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, estate, unincorporated organization or government or other agency or political subdivision thereof or any other entity. 

“Ratings Agencies” means (1) S&P, Moody’s and Fitch; and (2) if any of S&P, Moody’s and Fitch
ceases to rate the Securities or ceases to make a rating on the Securities publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Securities publicly available selected by the Company (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or
Fitch, as the case may be. 
 “Ratings Decline” means the occurrence of the following on, or within 90 days after, the date
of the public notice of the occurrence of a Change of Control or of the intention by the Company or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the securities is under publicly announced
consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Securities have an Investment Grade Rating by all three Ratings Agencies, the Securities cease to have an Investment Grade
Rating by two of the three Rating Agencies, (2) in the event that the Securities have an Investment Grade Rating by only two Ratings Agencies, the Securities cease to have an Investment Grade Rating by both such Rating Agencies, or (3) in
the event that the Securities do not have an Investment Grade Rating, the rating of the Securities by two of the three Ratings Agencies (or if there are less than three Rating Agencies rating the securities, the rating of each Rating Agency)
decreases by one or more gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn. 

“Reference Government Bond Dealer” means any of the primary European government securities dealers. 

“Registrar” has the meaning set forth in Section 2.03. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business
thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the 2028 Notes and the 2032 Notes established by this Supplemental Indenture and issued by the Company
pursuant to the Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder. 
 “Securities Agent” means any Registrar, Paying Agent, or co-Registrar or co-agent. 
 “SpectraSite ABS
Facility” means that certain mortgage loan more fully described in the Offering Memorandum dated March 27, 2018 regarding the $1,800,000,000 Secured Tower Revenue Securities, Series 2018-1A and 2013-2A. 
 “Stated Maturity” means, with respect to the payment of principal on the 2028
Notes, January 15, 2028, and with respect to the payment of principal on the 2032 Notes, January 15, 2032. 

“Subsidiary” means, with respect to any Person, (1) any corporation, limited liability company, association or other
business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person or (2) any partnership (A) the sole general
partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). The term
“Subsidiary” with respect to the Company shall not include any Unrestricted Subsidiary. 

  
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 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) as amended and in effect from time to time. 
 “Unrestricted Subsidiary” means (a) any Foreign
Subsidiary or Newly Created Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or Event of
Default would occur or be existing following such designation, and (b) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing a Board Resolution with the Trustee
giving effect to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the
election of the board of directors, managers or trustees of such Person. 
 Section 1.02.    INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture security holder” means a Securityholder or a Holder; 

“indenture to be qualified” means this Indenture; and 

“obligor” on the indenture securities means the Company or any successor. 

All other terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein have the meanings so assigned to them. 
 Section 1.03.    RULES
OF CONSTRUCTION. 
 Unless the context otherwise requires: 

(i)    a term has the meaning assigned to it; 

(ii)    an accounting term not otherwise defined has the meaning assigned to it in accordance with
generally accepted accounting principles in effect from time to time; 
 (iii)    “or” is not
exclusive; 
 (iv)    “including” means “including without limitation”; 

(v)    words in the singular include the plural and in the plural include the singular; 

(vi)    provisions apply to successive events and transactions; 

(vii)    “herein,” “hereof” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision of this Indenture; and 

  
 9 

 (viii)    references to currency shall mean the lawful
currency of the United States of America, unless the context requires otherwise. 
 In addition, to the extent that the terms of this
Supplemental Indenture are inconsistent or conflict with the terms of the Base Indenture, then, for purposes of the Securities, the terms of this Supplemental Indenture shall apply to the extent of such inconsistency or conflict. 

The terms of this Supplemental Indenture are subject to the terms of the Agency Agreement which shall be deemed incorporated herein. In the
event of an inconsistency between the terms of the Base Indenture, this Supplemental Indenture and the Agency Agreement, the terms of the Agency Agreement shall prevail, except that the rights, benefits, protections, indemnities and immunities of
the Trustee shall be governed by the Base Indenture and this Supplemental Indenture. 
 ARTICLE II THE SECURITIES 

Section 2.01.    FORM AND DATING. 

The Securities and the Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A-1 (in the case of the 2028 Notes) and Exhibit A-2 (in the case of the 2032 Notes), which are incorporated in and form a part of this Indenture. The Securities
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. 

The Securities shall be issued initially in the form of one or more Global Securities, substantially in the form set forth in Exhibit A-1 (in the case of the 2028 Notes) and Exhibit A-2 (in the case of the 2032 Notes), deposited with the Common Depositary and registered in the name of USB
Nominees (UK) Limited, as nominee of the Common Depositary, for, and in respect of interests held through, Clearstream and the Euroclear Operator, duly executed by the Company and authenticated by the Trustee and bearing the legend set forth in
Exhibit B. The aggregate principal amount of the Global Security may from time to time be increased or decreased by adjustments made on the records of the Registrar or the Paying Agent, at the direction of the Trustee, as hereinafter provided;
provided, that, except as permitted by Section 2.13, in no event shall (i) the aggregate principal amount of the Global Security or Global Securities for the 2028 Notes exceed €750,000,000 and (ii) the aggregate principal
amount of the Global Security or Global Securities for the 2032 Notes exceed €650,000,000. 
 Securities in the form of Physical
Securities issued in exchange for Securities represented by interests in a Global Security pursuant to Section 3.08 of the Base Indenture may be issued in the form of permanent certificated Securities in registered form in substantially the
form set forth in Exhibit A-1 (in the case of the 2028 Notes) and Exhibit A-2 (in the case of the 2032 Notes) and, if applicable, bearing any legends required
hereby. 
 The Securities shall be denominated in euros, and all cash payments due thereon shall be made in euros. The Securities shall be
issuable only in registered form without interest coupons and only in denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. 

Section 2.02.    EXECUTION AND AUTHENTICATION OF
SECURITIES. 
 Upon a Company Order, the Trustee shall authenticate the 2028 Notes for original issue in the aggregate
principal amount of €750,000,000 and the 2032 Notes for original issue in the aggregate principal amount of €650,000,000 (the “Original Securities”). 

Section 2.03.    REGISTRAR AND PAYING AGENT. 

The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Corporate Trust Office of the Trustee and the office of the Paying Agent, respectively, shall initially serve
as the offices or agencies for the aforementioned purposes. The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may appoint or change one or more
co-Registrars, one 

  
 10 

 
or more additional paying agents upon reasonable prior written notice to the Trustee or the Paying Agent, respectively, and may act in any such capacity on its own behalf. The term
“Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional paying agent. 

The Company shall enter into an appropriate agency agreement with any Securities Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to this Indenture. If the Company fails to maintain a
Registrar or Paying Agent, the Trustee shall act as such. 
 The Company initially appoints the Trustee as Registrar and the Paying Agent as
Paying Agent. 
 For purposes of the Securities, the payment office shall be the office of the Paying Agent located at 125 Old Broad Street,
Fifth Floor, London EC2N 1AR, United Kingdom. 
 Section 2.04.    PAYING AGENT TO
HOLD MONEY IN TRUST. 
 Each Paying Agent shall hold in trust for the benefit
of the Securityholders or the Trustee all moneys held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent shall have no further
liability for such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent. 

Section 2.05.    TRANSFER AND EXCHANGE. 

The Company or the Trustee, as the case may be, shall not be required to register the transfer of or exchange any Security selected for
redemption in whole or in part, in accordance with this Indenture, except the unredeemed portion of Securities being redeemed in part. 
 No
service charge shall be made for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer or exchange
of Securities, other than exchanges pursuant to Section 3.11 or Section 7.05 of the Base Indenture or Section 4.01(b) or Article III, not involving any transfer. 

Section 2.06.    OUTSTANDING SECURITIES. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section and the Base Indenture as not outstanding. Except as set forth in
Section 3.13 of the Base Indenture, a Security does not cease to be outstanding because the Company or an affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 3.09 of the Base Indenture, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any Security is
considered paid under Section 4.01 of the Base Indenture, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Company, a Subsidiary or an affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to
be no longer outstanding and shall cease to accrue interest. 

  
 11 

 Section 2.07.    INTEREST PAYMENT
AND RECORD DATES. 
 The Interest Payment Date for the 2028 Notes shall be January 15
of each calendar year, beginning with, and including, January 15, 2021, and the Interest Payment Date for the 2032 Notes shall be January 15 of each calendar year, beginning with, and including, January 15, 2021. The Regular Record
Date for an Interest Payment Date that falls on January 15 shall be the immediately preceding January 1. 

Section 2.08.    NO SINKING FUND. 

There shall be no sinking fund with respect to the Securities. 

Section 2.09.    DEFAULTED INTEREST. 

If and to the extent the Company defaults in a payment of interest on the Securities, the Company shall pay in cash the defaulted interest in
any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities and in this Section 2.09. The Company may pay the defaulted interest (plus
interest on such defaulted interest) to the persons who are Securityholders on a subsequent record date as provided in Section 3.05(c) of the Base Indenture. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on the
Securities at the rate equal to 1% per annum in excess of the then applicable interest rate on the Securities of that series to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) on the Securities of any series at the same rate to the extent lawful. 

Section 2.10.    CUSIP AND ISIN NUMBERS AND COMMON
CODES. 
 The Company in issuing the Securities may use one or more CUSIP and ISIN numbers and common codes, and, if so,
the Trustee shall use the CUSIP and ISIN numbers and common codes in notices of repurchase or exchange as a convenience to Holders; provided, however, that no representation is hereby deemed to be made by the Trustee as to the
correctness or accuracy of the CUSIP and ISIN numbers and common codes printed on the notice or on the Securities; provided further, that reliance may be placed only on the other identification numbers printed on the Securities, and the
effectiveness of any such notice shall not be affected by any defect in, or omission of, such CUSIP and ISIN numbers and common codes. The Company shall promptly notify the Trustee of any change in the CUSIP and ISIN numbers and common codes. 

Section 2.11.    GLOBAL SECURITIES. 

The Securities shall initially be issued in the form of one of more Global Securities, and the provisions of the Base Indenture (including, but
not limited to, Section 3.06 and Section 3.08) relating to Global Securities shall apply to the Securities. 

Section 2.12.    RANKING. 

The indebtedness of the Company arising under or in connection with this Indenture and every outstanding Security issued under this Indenture
from time to time constitutes and will constitute a senior unsecured obligation of the Company, ranking pari passu in right of payment with each other and with all other existing and future senior unsecured obligations of the Company. Unless
the context otherwise requires, the 2028 Notes shall be considered collectively to be a single class for all purposes of this Indenture and the 2032 Notes shall be considered collectively to be a single class for all purposes of this Indenture,
including without limitation waivers, amendments, redemptions and Change of Control Offers. 

  
 12 

 Section 2.13.    ADDITIONAL SECURITIES. 

The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the
Holders, create and issue pursuant to this Indenture additional securities (“Additional Securities”) having terms and conditions identical to those of the Securities, except that Additional Securities: 

(i)    may have a different issue date from the Securities; 

(ii)    may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable
on other Securities; and 
 (iii)    may have terms specified in the Additional Securities Board Resolution or
Additional Securities Supplemental Indenture for such Additional Securities making appropriate adjustments to Article II and Exhibit A (and related definitions) applicable to such Additional Securities in order to conform to and ensure compliance
with the Securities Act (or other applicable securities laws) and any other agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any Securities (other than such Additional Securities);

 provided, that no adjustment pursuant to this Section 2.13 shall cause such Additional Securities to constitute, as
determined pursuant to an Opinion of Counsel, a different class of securities than the Original Securities for U.S. federal income tax purposes. The Original Securities and any Additional Securities would rank equally and ratably and would be
treated as a single series of debt securities for all purposes under the Indenture. 
 Section 2.14.    PAYMENT
OF ADDITIONAL AMOUNTS. 
 (a)    All payments of principal and interest
in respect of the Securities will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or
withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law or the official interpretation or administration thereof. 

(b)    In the event any withholding or deduction on payments in respect of the Securities for or on account of any present
or future tax, assessment or other governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, the Company will pay such additional amounts on the Securities as
will result in receipt by each Holder of a Security that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such Holder had no such
withholding or deduction been required. The Company will not be required, however, to make any payment of additional amounts for or on account of: 

(i) any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any
present or former connection (other than a connection arising solely from the ownership of those Securities or the receipt of payments in respect of those Securities) between a Holder of a Security (or the beneficial owner for whose benefit such
Holder holds such Security), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, partnership or
corporation) and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or
being or having been engaged in a trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a Security for payment on a date more than 30 days after the later of
the date on which that payment becomes due and payable and the date on which payment is duly provided for; 
 (ii) any
estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other governmental charge; 

  
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 (iii) any tax, assessment, or other governmental charge imposed by reason of
the Holder’s or beneficial owner’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a
corporation that accumulates earnings to avoid U.S. federal income tax; 
 (iv) any tax, assessment or other governmental
charge which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on such Securities; 

(v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal
of and premium, if any, or interest on any Security if that payment can be made without withholding by at least one other paying agent; 

(vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a beneficial
owner or any Holder of Securities to comply with a request to satisfy certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial
owner or any Holder of the Securities (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN,
W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation
requirement under an applicable income tax treaty), provided such beneficial owner or Holder is legally able to so comply and compliance is a precondition to exemption from such tax, assessment or other governmental charge; 

(vii) any tax, assessment or other governmental charge imposed on interest received by or on behalf of
(1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated
thereunder) of the Company, (2) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code,
to the extent such tax, assessment or other governmental charge would not have been imposed but for the Holder’s or beneficial owner’s status as described in clauses (1) through (3) of this paragraph (vii); 

(viii) any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of
the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in
connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

(ix) any combination of items (i) through (viii) of this Section 2.14(b); 

nor will the Company pay any additional amounts any Holder that is not the sole beneficial owner of such Securities, or a portion of such Securities, or that
is a fiduciary or partnership or a limited liability company, to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or limited liability company or a beneficial owner thereof would not have been
entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the Holder of those Securities. 

(c)    The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable to the Securities. Except as specifically provided under this Section 2.14, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a
political subdivision or taxing authority of or in any government or political subdivision. 
 (d)    As used under this
Section 2.14 and under Section 3.04, the term “United States” means the United States of America, the states of the United States, and the District of Columbia, and the term “U.S. Person” means any individual who is a
citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia
(other than a partnership that is not treated as a United States person 

  
 14 

 
under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

(e)    Any reference in the terms of the Securities to any amounts in respect of the Securities shall be deemed also to
refer to any additional amounts which may be payable under this provision. 
 Section 2.15.    UNAVAILABILITY
OF EUROS. 
 If the euro is unavailable to the Company due to the imposition of exchange controls or other
circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions
of or within the international banking community, then all payments in respect of the Securities will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into
U.S. dollars at the rate reported by Bloomberg as of the close of business on the second Business Day prior to the relevant payment date or, in the event that event that Bloomberg has not reported a rate of conversion, on the basis of the most
recent U.S. dollar/euro exchange rate mandated by the U.S. Federal Reserve Board on or prior to the second Business Day prior to the relevant payment date, or in the event the U.S. Federal Reserve Board has not mandated that exchange rate, the rate
as determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the
Securities or the Indenture. Neither the Trustee nor the Paying Agent will have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations in connection with the foregoing. 

Section 2.16.    LISTING. 

The Company intends to apply to list each series of the Securities on the New York Stock Exchange (the “NYSE”). The listing
application will be subject to approval by the NYSE. If such a listing is obtained, the Company has no obligation to maintain such listing, and the Company may delist the Securities at any time. The Company currently expects trading in the
Securities on the NYSE to begin within 30 days after the initial issuance of the Securities. There is currently no public market for the Securities. 

ARTICLE III OPTIONAL REDEMPTION; MANDATORY REDEMPTION 

Section 3.01.    NOTICE TO TRUSTEE AND PAYING
AGENT. 
 If the Company elects to redeem Securities pursuant to the optional redemption provisions of Section 3.02
hereof, it shall furnish to the Trustee and the Paying Agent, at least 15 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal amount of the 2028
Notes and/or the 2032 Notes, as applicable, to be redeemed and (3) the redemption price for each of the 2028 Notes and/or the 2032 Notes, as applicable (expressed as a percentage of the principal amount). 

Section 3.02.    OPTIONAL REDEMPTION. 

(a) The 2028 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to time. If the Company
redeems the 2028 Notes prior to October 15, 2027 (three months prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the 2028 Notes to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest on the 2028 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date
on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 2028 Notes, plus 20 basis points; 

  
 15 

 plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 2028 Notes
to be redeemed. 
 (b) If the Company redeems the 2028 Notes on or after October 15, 2027 (three months prior to their maturity date),
it will pay a redemption price equal to 100% of the principal amount of the 2028 Notes to be redeemed plus accrued interest to the redemption date. 

(c) The 2032 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to time. If the Company
redeems the 2032 Notes prior to October 15, 2031 (three months prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the 2032 Notes to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest on the 2032 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date
on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for the 2032 Notes, plus 25 basis points; 
 plus, in either of
the above cases, accrued and unpaid interest to the date of redemption on the 2032 Notes to be redeemed. 
 (d) If the Company redeems the
2032 Notes on or after October 15, 2031 (three months prior to their maturity date), it will pay a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued interest to the redemption date. 

(e) If the optional redemption date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and
unpaid interest, if any, will be paid to the person in whose name the security is registered at the close of business on such Regular Record Date. 

(f) Any redemption pursuant to this Section 3.02 shall be made pursuant to Section 3.01 hereof and the provisions of Article 9 of
the Base Indenture. 
 Section 3.03.    MANDATORY REDEMPTION. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 

Section 3.04.    REDEMPTION FOR TAX REASONS 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or
any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced
or becomes effective on or after the date of this Supplemental Indenture, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, there is a substantial probability that the Company will become, obligated
to pay additional amounts as described under Section 2.14 with respect to any series of the Securities, then the Company may at any time at its option redeem, in whole, but not in part, the applicable series of Securities on not less than 30
nor more than 60 days’ prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the Securities to, but not including, the date fixed for redemption. 

  
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 ARTICLE IV COVENANTS 

Section 4.01.    ADDITIONAL COVENANTS. 

In addition to those Covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. 

The Company shall not, and shall not permit any of its Subsidiaries to, allow any Lien on any of the Company’s or its Subsidiaries’
property or assets (which includes Capital Stock) securing Indebtedness, unless the Lien secures the Securities equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured,
other than Permitted Liens. 
 Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, incur Liens
securing Indebtedness without equally and ratably securing the Securities if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the
property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing SpectraSite ABS Facility shall be deemed
to be incurred pursuant to this paragraph). For the avoidance of doubt, “incur” means to create, incur, issue, assume, guarantee or otherwise become directly liable, contingently or otherwise. 

(b) Repurchase of the Securities Upon a Change of Control Triggering Event. 

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require the Company to
repurchase all or any part, equal to €100,000 or an integral multiple of €1,000 thereafter, of that Holder’s Securities, provided that any unpurchased portion of the Securities shall equal €100,000 or an integral multiple
of €1,000 thereafter, pursuant to an offer (the “Change of Control Offer”) on the terms set forth in this Indenture at an offer price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus
accrued and unpaid interest on the Securities up to but excluding the applicable date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, if the Company had not, prior to
the Change of Control Triggering Event, sent a redemption notice for all the Securities in connection with an optional redemption permitted by Section 3.02 hereof, the Company shall mail or caused to be mailed a notice to each registered Holder
briefly describing the transaction or transactions that constitute a Change of Control Triggering Event and offering to repurchase Securities on the date specified in such notice (the “Change of Control Payment Date”), which date
shall be no earlier than 30 days and no later than 60 days from the date the notice is mailed, pursuant to the procedures required by this Indenture and described in such notice. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.01(b), the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this Section 4.01(b) by virtue of such conflict. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Securities or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions
thereof properly tendered; and 

  
 17 

 (3) deliver or cause to be delivered to the Trustee the Securities so
accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 

The Paying Agent will promptly mail to each registered Holder of Securities so tendered the Change of Control Payment for such Securities, and
the Trustee will promptly authenticate and mail (at the Company’s expense), or cause to be transferred by book entry, to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any;
provided that each such new Security shall be in a principal amount of €100,000 or an integral multiple of €1,000 thereafter. Any Security so accepted for payment shall cease to accrue interest on and after the Change of Control
Payment Date. 
 This Section 4.01(b) shall be applicable, except as described in this Section 4.01(b), regardless of whether or
not any other provisions of this Indenture are applicable. 
 Notwithstanding the foregoing, the Company shall not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01(b) applicable to a
Change of Control Offer made by the Company and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer. 

The Company may make a Change of Control Offer in advance of a Change of Control Triggering Event, and conditional upon the occurrence of such
Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. 

ARTICLE V MISCELLANEOUS 

Section 5.01.    CONFLICT OF ANY PROVISION OF
INDENTURE WITH TRUST INDENTURE ACT. 
 If and to the extent
that any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “incorporated
provision”), such incorporated provision shall control. 
 Section 5.02.    DUPLICATE
ORIGINALS. 
 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart thereof. 

Section 5.03.    NEW YORK LAW TO GOVERN. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES. 

Section 5.04.    NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 This Supplemental Indenture and the Base Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture or the Base Indenture. 

Section 5.05.    SUCCESSORS AND ASSIGNS OF COMPANY,
TRUSTEE AND PAYING AGENT BOUND BY SUPPLEMENTAL INDENTURE. 

All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Company shall bind its
successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Trustee shall 

  
 18 

 
bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Paying Agent
shall bind its successors and assigns, whether so expressed or not. 
 Section 5.06.    SEVERABILITY. 

If any provision of this Supplemental shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions
hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein. 

Section 5.07.    EFFECT OF HEADINGS. 

The Article and Section headings in this Supplemental Indenture and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	 /s/ Edmund DiSanto

		 	Name: Edmund DiSanto
		 	Title:   Executive Vice President,
		 	            Chief Administrative Officer,
		 	            General Counsel and Secretary
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title:   Vice President
	
	ELAVON FINANCIAL SERVICES DAC, UK BRANCH, AS PAYING AGENT
		
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title:   Vice President

 [Signature Page to Supplemental Indenture] 

 EXHIBIT A-1 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No.                 

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 

0.500% Senior Notes due 2028 

CUSIP No. 03027X BE9 
 ISIN No.
XS2227905903 
 COMMON CODE: 222790590 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of
                    euros
(€                  ) on [•] and to pay interest thereon, as provided on the reverse hereof, until the principal and any
unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: January 15, with the first payment to be made on
January 15, 2021. 
 Regular Record Date: January 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-1-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

Dated                     

  
 A-1-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

	
	
By:                  
                                         
         

	 Authorized Signatory            

	
	
Dated:                  
                                         
     

  
 A-1-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

0.500% Senior Notes due 2028 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on January 15 of each year, with the first payment to be made on January 15, 2021. Interest on the
Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, September 10, 2020, in each case to, but excluding,
the next Interest Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on
the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or September 10, 2020 if no interest has
been paid on the Securities), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on January 15, 2028. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 5 dated as of September 10, 2020 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €750,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Securities. All 

  
 A-1-4 

 
Securities, including any Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture
have the meanings assigned to them in the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the
Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 20 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on or after the
First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 
 “First Par Call Date” means
October 15, 2027. 

  
 A-1-5 

 “Independent Investment Banker” means one of the Reference Government Bond
Dealers appointed by the Company. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with
respect to the Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event,
and subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 15 days but
not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey
or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8
of the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or
supplemented as provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are
defined in Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any,
interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture
or the Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it 

  
 A-1-6 

 
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company,
as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. Abbreviations. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-1-7 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                                         
  
 (please print or type name and address) 
  

                          
                                         
  
  

                          
                                         
  
 the within Security and all rights thereunder, and hereby irrevocably constitute and appoint 

 

                          
                                         
  
 Attorney to transfer the Security on the books of the Company with full power of substitution in the premises. 

Dated:                         
                                         
       
 NOTICE: The signature on this assignment must correspond with the name as it appears upon the
face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee
program acceptable to the Trustee. 
 Signature
Guarantee:                                       
                              

  
 A-1-8 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

€                      
   

Date:                        

 Your
Signature:                                     

(Sign exactly as your name appears on 

the face of this Security) 

Tax Identification
No.:                                     

Signature
Guarantee*:                                     

 

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-1-9 

 SCHEDULE A-1 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is €    . The following exchanges of a part of this Global
Security for an interest in another Global Security or for Securities in certificated form, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount of
this Global
Security
	 	 Amount of increase in
Principal Amount of
this Global
Security
	  	 Principal Amount of
this Global Security
following such
decrease
(or increase)
	  	 Signature of
authorized officer of
Registrar or
Paying
Agent

  

	*	 This schedule should be included only if the Security is issued in global form. 

  
 A-1-10 

 EXHIBIT A-2 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No.                     

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 

1.000% Senior Notes due 2032 

CUSIP No. 03027X BF6 
 ISIN No.
XS2227906208 
 COMMON CODE: 222790620 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of
                    euros
(€                  ) on [•] and to pay interest thereon, as provided on the reverse hereof, until the principal and any
unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: January 15, with the first payment to be made on
January 15, 2021. 
 Regular Record Date: January 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-2-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

Dated                     

  
 A-2-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

	
	
By:                  
                                         
 

	 Authorized Signatory

	
	
Dated:                  
                                    

  
 A-2-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

1.000% Senior Notes due 2032 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on January 15 of each year, with the first payment to be made on January 15, 2021. Interest on the
Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, September 10, 2020, in each case to, but excluding,
the next Interest Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on
the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or September 10, 2020 if no interest has
been paid on the Securities), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on January 15, 2032. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 5 dated as of September 10, 2020 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €650,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Securities. All 

  
 A-2-4 

 
Securities, including any Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture
have the meanings assigned to them in the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the
Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and
interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption date on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 25 basis points; 
 plus, in either of the above cases, accrued
and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on or after the
First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 
 “First Par Call Date” means
October 15, 2031. 

  
 A-2-5 

 “Independent Investment Banker” means one of the Reference Government Bond
Dealers appointed by the Company. 
 “Reference Government Bond Dealer” means any of the primary European government
securities dealers. 
 7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with
respect to the Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event,
and subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest,
if any, thereon to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 15 days but
not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey
or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8
of the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or
supplemented as provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are
defined in Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any,
interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture
or the Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it 

  
 A-2-6 

 
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the
Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company,
as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. Abbreviations. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-2-7 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                                         
  
 (please print or type name and address) 
  

                          
                                         
  
  

                          
                                         
  
 the within Security and all rights thereunder, and hereby irrevocably constitute and appoint 

 

                          
                                         
  
 Attorney to transfer the Security on the books of the Company with full power of substitution in the premises. 

Dated:                         
                                         
       
 NOTICE: The signature on this assignment must correspond with the name as it appears upon the
face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee
program acceptable to the Trustee. 
 Signature
Guarantee:                                       
                              

  
 A-2-8 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

€                     

Date:                     

Your
Signature:                                       
                      
 (Sign
exactly as your name appears on 
 the face of this Security) 

Tax Identification
No.:                                        
           
 Signature
Guarantee*:                                       
      
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-2-9 

 SCHEDULE A-2 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is €    . The following exchanges of a part of this Global
Security for an interest in another Global Security or for Securities in certificated form, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount of
this Global
Security
	 	 Amount of increase in
Principal Amount of
this Global
Security
	  	 Principal Amount of
this Global Security
following such
decrease
(or increase)
	  	 Signature of
authorized officer of
Registrar or
Paying
Agent

  

	*	 This schedule should be included only if the Security is issued in global form. 

  
 A-2-10 

 EXHIBIT B 

FORM OF LEGEND FOR GLOBAL SECURITIES 

Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE COMMON
DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY, WHICH SHALL BE TREATED BY THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT HEREON IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN
INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
EUROCLEAR/CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

  
 B-1Exhibit 10.1

 

 

 

Published Deal CUSIP Number: 759510AR1

USD Revolver CUSIP Number: 759510AS9

MUL Revolver CUSIP Number: 759510AT7

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of September 3, 2020

 

among

 

RELIANCE STEEL & ALUMINUM CO.,

as Borrower,

 

BANK OF AMERICA, N.A.,

as Administrative Agent, Issuing Lender

and

Swing Line Lender,

 

JPMorgan
Chase Bank, N.A.

and

Wells
Fargo Bank, NATIONAL ASSOCIATION,

as Co-Syndication Agents,

 

PNC
BANK, NATIONAL ASSOCIATION 

and

td
bank, n.a.,

as Co-Documentation Agents,

 

and

 

THE OTHER FINANCIAL

INSTITUTIONS PARTY HERETO,

as Lenders

 

and

 

BofA SECURITIES, INC.,

J.P. MORGAN CHASE BANK, N.A.

and

WELLS FARGO SECURITIES, LLC

as Joint Lead Arrangers

and

Joint Bookrunners

 

 

 

     

     

    

 

	Table of Contents
	Page

 

	Section
    1	 	DEFINITIONS
    AND ACCOUNTING TERMS	1
	 	 		 
	1.1	 	Defined Terms	1
	1.2	 	Use of Defined Terms	33
	1.3	 	Accounting Terms	33
	1.4	 	Rounding	33
	1.5	 	Exhibits and Schedules	33
	1.6	 	Letter of Credit Amounts	33
	1.7	 	Miscellaneous Terms	34
	1.8	 	Exchange Rates; Currency
    Equivalents	34
	1.9	 	Additional Alternative
    Currencies	34
	1.10	 	Change of Currency	35
	1.11	 	Interest Rates	35
	1.12	 	Division	35
	 	 	 	 
	Section
    2	 	COMMITMENTS;
    INTEREST, FEES AND PAYMENT PROCEDURES	36
	 	 	 	 
	2.1	 	Loans	36
	2.2	 	Borrowings, Conversions
    and Continuations of Loans	36
	2.3	 	Swing Line	38
	2.4	 	Letters of Credit	39
	2.5	 	Prepayments	45
	2.6	 	Voluntary Reduction or
    Termination of Revolving Credit (USD Commitments / Revolving Credit (MC) Commitments	46
	2.7	 	Principal and Interest	46
	2.8	 	Fees	47
	2.9	 	Computation of Interest
    and Fees; Retroactive Adjustments of Applicable Margin	48
	2.10	 	Payments Generally; Administrative
    Agent’s Clawback	48
	2.11	 	Funding Sources	49
	2.12	 	Automatic Deduction	50
	2.13	 	Obligations of Lenders
    Several	50
	2.14	 	Sharing of Payments by
    Lenders	50
	2.15	 	Increase in Commitments	51
	2.16	 	Defaulting Lenders	51
	2.17	 	Cash Collateral	54
	2.18	 	Extension of Maturity
    Date	55
	 	 	 	 
	Section
    3	 	TAXES,
    YIELD PROTECTION AND ILLEGALITY	56
	 	 	 	 
	3.1	 	Taxes	56
	3.2	 	Illegality	60
	3.3	 	Inability to Determine
    Rates	61
	3.4	 	Increase Costs; Reserves
    on Eurocurrency Rate Loans	63
	3.5	 	Compensation for Losses	64
	3.6	 	Mitigation Obligations;
    Replacement of Lenders	65
	3.7	 	Survival	65
	 	 	 	 
	Section
    4	 	CONDITIONS	65
	 	 	 	 
	4.1	 	Conditions of Initial
    Extensions of Credit	65
	4.2	 	Any Extension of Credit	67
	 	 	 	 
	Section
    5	 	REPRESENTATIONS
    AND WARRANTIES	67

 

    -i-

     

    

 

	Table of Contents
	(continued)
	Page

 

	5.1	 	Existence and Qualification; Power; Compliance With Laws	67
	5.2	 	Authority; Compliance With Other Agreements and Instruments and Government Regulations	68
	5.3	 	No Governmental Approvals or Other Consents Required	68
	5.4	 	Binding Obligations	68
	5.5	 	Litigation	68
	5.6	 	No Default	69
	5.7	 	ERISA Compliance	69
	5.8	 	Use of Proceeds; Margin Regulations	69
	5.9	 	Title to Property	70
	5.10	 	Intangible Assets	70
	5.11	 	Tax Liability	70
	5.12	 	Financial Statements	70
	5.13	 	Environmental Compliance	70
	5.14	 	Investment Company Act	70
	5.15	 	Insurance	70
	5.16	 	Disclosure	71
	5.17	 	OFAC	71
	5.18	 	Anti-Corruption Laws; Sanctions	71
	5.19	 	Affected Financial Institutions	71
	5.20	 	Beneficial Ownership Certification	71
	5.21	 	Covered Entity	71
	 	 	 	 
	Section 6	 	AFFIRMATIVE COVENANTS	71
	 	 	 	 
	6.1	 	Financial Statements	71
	6.2	 	Certificates, Notices and Other Information	72
	6.3	 	Preservation of Existence	74
	6.4	 	Maintenance of Properties	74
	6.5	 	Maintenance of Insurance	74
	6.6	 	Payment of Tax Obligations	74
	6.7	 	Compliance With Laws	74
	6.8	 	Environmental Laws	74
	6.9	 	Inspection Rights	74
	6.10	 	Keeping of Records and Books of Account	75
	6.11	 	Compliance with ERISA	75
	6.12	 	Compliance With Agreements	75
	6.13	 	Use of Proceeds	75
	6.14	 	Anti-Corruption Laws; Sanctions	75
	 	 	 	 
	Section 7		NEGATIVE COVENANTS	76
	 	 	 	 
	7.1	 	Liens	76
	7.2	 	Investments	76
	7.3	 	Subsidiary Indebtedness	76
	7.4	 	Sales and Leasebacks	78
	7.5	 	Mergers	78
	7.6	 	Acquisitions	78
	7.7	 	ERISA	78
	7.8	 	Interest Coverage Ratio	79
	 	 	 	 

 

    -ii-

     

    

 

	Table of Contents
	(continued)
	Page

 

	7.9	 	Total Net Leverage Ratio	79
	7.10	 	Change in Nature of Business	79
	7.11	 	[Intentionally deleted.]	79
	7.12	 	Distributions	79
	7.13	 	Margin Regulations; Sanctions	79
	7.14	 	Anti-Corruption Laws	79
	 	 	 	 
	Section 8	 	EVENTS OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT	80
	 	 	 	 
	8.1	 	Events of Default	80
	8.2	 	Remedies Upon Event of Default	81
	8.3	 	Application of Funds	82
	 	 	 	 
	Section 9	 	ADMINISTRATIVE AGENT	82
	 	 	 	 
	9.1	 	Appointment and Authority	82
	9.2	 	Rights as a Lender	83
	9.3	 	Exculpatory Provisions	83
	9.4	 	Reliance by Administrative Agent	84
	9.5	 	Delegation of Duties	84
	9.6	 	Resignation of Administrative Agent	85
	9.7	 	Non-Reliance on Administrative Agent, the Arrangers and Other Lenders	86
	9.8	 	No Other Duties, Etc	86
	9.9	 	Administrative Agent May File Proofs of Claim	86
	9.10	 	Certain ERISA Matters	87
	 	 	 	 
	Section 10	 	MISCELLANEOUS	88
	 	 	 	 
	10.1	 	Amendments, Etc	88
	10.2	 	Notices; Effectiveness; Electronic Communication	89
	10.3	 	No Waiver; Cumulative Remedies	91
	10.4	 	Expenses; Indemnity; Damage Waiver	92
	10.5	 	Payments Set Aside	93
	10.6	 	Successors and Assigns	94
	10.7	 	Treatment of Certain Information; Confidentiality	99
	10.8	 	Right of Setoff	100
	10.9	 	Interest Rate Limitation	100
	10.10	 	Counterparts; Integration; Effectiveness	100
	10.11	 	Survival of Representations and Warranties	101
	10.12	 	Severability	101
	10.13	 	Replacement of Lenders	101
	10.14	 	Governing Law; Jurisdiction; Etc	102
	10.15	 	Waiver of Jury Trial	103
	10.16	 	USA PATRIOT Act Notice	103
	10.17	 	Time of the Essence	103
	10.18	 	Electronic Execution of Assignments and Certain Other Documents	103
	10.19	 	No Advisory or Fiduciary Responsibility	104
	10.20	 	Judgment Currency	104
	10.21	 	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	105
	10.22	 	Acknowledgement Regarding Any Supported QFCs	105
	10.23	 	Amendment and Restatement; No Novation	106
	10.24	 	Electronic Signatures, Etc	106

 

    -iii-

     

    

 

	EXHIBITS	
	 	 	 	Form of:

 

	Exhibit A	–	 	Request for Extension of Credit
	Exhibit B	–	 	Compliance Certificate
	Exhibit C-1	–	 	Revolving Credit (USD) Note
	Exhibit C-2	–	 	Revolving Credit (MC) Note
	Exhibit D	–	 	Assignment and Assumption
	Exhibit E	–	 	U.S. Tax Compliance Certificates
	Exhibit F	–	 	Opinion of Counsel

 

 

	SCHEDULES	 	 	 
	Schedule 2.1	–	 	Commitments
	Schedule 2.4	–	 	Existing Letters of Credit
	Schedule 5.5	–	 	Certain Litigation
	Schedule 5.9	–	 	Existing Liens
	Schedule 7.3	–	 	Existing Indebtedness
	Schedule 10.2	–	 	Administrative Agent’s Office; Certain Addresses
    for Notices
		 	 	 

 

    -iv-

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDED AND
RESTATED CREDIT AGREEMENT, dated as of September 3, 2020, is entered into by and among Reliance Steel & Aluminum Co., a
Delaware corporation (“Borrower”), each lender whose name is set forth on the signature pages of this
Agreement and each lender which may hereafter become a party to this Agreement (collectively, “Lenders”
and individually, a “Lender”), and Bank of America, N.A., as Administrative Agent, Issuing Lender and
Swing Line Lender.

 

PRELIMINARY
STATEMENTS:

 

WHEREAS, pursuant
to that certain Credit Agreement dated as of September 30, 2016 (as amended, restated, supplemented or otherwise modified from
time to time prior to the date hereof, the “Existing Credit Agreement”) among Borrower, the lenders party
thereto (the “Existing Lenders”) and Administrative Agent, the Existing Lenders have made available certain
credit facilities to Borrower; and

 

WHEREAS, Borrower
has requested that Administrative Agent and the Lenders amend and restate the Existing Credit Agreement, and Administrative Agent
and the Lenders have agreed to so amend and restate on the terms and conditions contained herein.

 

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

 

Section
1

DEFINITIONS AND ACCOUNTING TERMS

 

1.1              
Defined Terms. As used in this Agreement, the following terms shall have
the meanings set forth below:

 

“Accounting
Change” has the meaning specified in Section 1.3.

 

“Acquisition”
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person (other than a Person that is a Subsidiary) or any business or division of
a Person (other than a Person that is a Subsidiary), (b) the acquisition of in excess of 50% of the capital stock, partnership
interests, membership interests or equity of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a merger
or consolidation or any other combination with another Person (other than a Person that is a Subsidiary) provided that Borrower
or one of its Subsidiaries is the surviving entity.

 

“Additional
Commitment Lender” has the meaning specified in Section 2.18(d).

 

“Adjustment”
has the meaning set forth in Section 3.3(c).

 

“Administrative
Agent” means Bank of America, in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means, with respect to any currency, Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 10.2 with respect to such currency, or such other address or account with respect to such
currency as Administrative Agent hereafter may designate by written notice to Borrower and Lenders.

 

    

     

    

 

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

 

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

 

“Affiliate”
means, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled
by, such Person. As used in this definition, “control” (and the correlative terms, “controlled by” and
 “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise).

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

 

“Aggregate
Revolving Credit (MC) Commitments” means the Revolving Credit (MC) Commitments of all the Revolving Credit (MC) Lenders.

 

“Aggregate
Revolving Credit (USD) Commitments” means the Revolving Credit (USD) Commitments of all the Revolving Credit (USD)
Lenders.

 

“Agreement”
means this Agreement, as it may from time to time be supplemented, modified, amended, restated or extended.

 

“Alternative
Currency” means each of Canadian Dollars, Euro, Sterling and each other currency (other than Dollars) that is approved
in accordance with Section 1.9.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount
thereof in the applicable Alternative Currency as determined by Administrative Agent or Issuing Lender, as the case may be, at
such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative
Currency with Dollars.

 

“Applicable
Anniversary Date” has the meaning specified in Section 2.18(a).

 

“Applicable
Margin” means (a) from the Effective Date until the date that is the first Business Day after Administrative Agent’s
receipt of the Compliance Certificate required under Section 6.2(a) for the Fiscal Quarter ending September 30, 2020, the
applicable per annum amounts set forth below (in basis points per annum) opposite Pricing Level III and (b) thereafter, the applicable
per annum amounts set forth below (in basis points per annum) determined by reference to the Total Net Leverage Ratio as set forth
in the most recent Compliance Certificate received by Administrative Agent pursuant to Section 6.2(a):

 

	
        Pricing Level
	
        Total
        Net

        Leverage Ratio
	
        Letter
        of 

Credit Fee / 

Eurocurrency

 Rate +
	
        Base
        Rate

        +
	
        Commitment

        Fee

	I	>0.40:1.00	175.0	75.0	25.0
	II	<0.40:1.00 but >0.30:1.00	150.0	50.0	22.5
	III	<0.30:1.00 but >0.20:1.00	125.0	25.0	20.0
	IV	<0.20:1.00	100.0	0.0	17.5

 

    2

     

    

 

Any increase or decrease
in the Applicable Margin resulting from a change in the Total Net Leverage Ratio shall become effective on the first Business Day
after the date a Compliance Certificate is delivered pursuant to Section 6.2(a); provided, however, that if
a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Requisite Lenders,
subject to the other provisions of this Agreement, the highest Pricing Level shall apply as of the first Business Day after the
date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the
date on which such Compliance Certificate is delivered.

 

“Applicable
Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place
of settlement for such Alternative Currency as may be determined by Administrative Agent or Issuing Lender, as the case may be,
to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.

 

“Approved
Fund” has the meaning specified in Section 10.6(h).

 

“Arrangers”
means, collectively, each of BofA Securities, Inc., J.P. Morgan Chase Bank, N.A. and Wells Fargo Securities, LLC, in each case
in its capacity as joint lead arranger and joint bookrunner.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.

 

“Assignment
and Assumption” means an Assignment and Assumption substantially in the form of Exhibit D or any other form
(including electronic documentation generated by MarkitClear or other electronic platform) approved by the Administrative Agent.

 

“Attorney
Costs” means and includes all reasonable, documented and customary fees and disbursements of any law firm or other
external counsel.

 

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

 

“Auto-Extension
Letter of Credit” has the meaning specified in Section 2.4(g).

 

“Availability
Period” means (a) in the case of the Revolving Credit (USD) Facility, the period commencing on the Effective Date
and ending on the earliest of (i) the day before the Maturity Date, (ii) the date of termination of the Aggregate Revolving Credit
(USD) Commitments pursuant to Section 2.6 and (iii) the date on which the commitment of each Lender to make Revolving Credit
(USD) Loans and any obligations of the Issuing Lender to make Letter of Credit Extensions are terminated pursuant to Section
8.2 and (b) in the case of the Revolving Credit (MC) Facility, the period commencing on the Effective Date and ending on the
earliest of (i) the day before the Maturity Date, (ii) the date of termination of the Aggregate Revolving Credit (MC) Commitments
pursuant to Section 2.6 and (iii) the date on which the commitment of each Lender to make Revolving Credit (MC) Loans is
terminated pursuant to Section 8.2.

 

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

 

    3

     

    

 

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

 

“Bank of
America” means Bank of America, N.A.

 

“Bank of
America Fee Letter” means the letter agreement dated as of the Effective Date between Borrower and Bank of America.

 

“Base Rate”
means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate
of interest in effect for such day as publicly announced from time to time by Bank of America as its “Prime Rate” and
(c) the Eurocurrency Rate plus 1%. The “Prime Rate” is a rate set by Bank of America based upon various
factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above or below such announced rate. Any change in such Prime
Rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement
of such change. If the Base Rate is being used as an alternate rate of interest pursuant to Section 3.3 hereof, then the Base Rate
shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.

 

“Base Rate
Loan” means a Loan which bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

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

 

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

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for
purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such
 “employee benefit plan” or “plan”.

 

“Borrower”
has the meaning set forth in the introductory paragraph hereto.

 

“Borrower
Account” shall have the meaning specified in Section 2.12.

 

“Borrower
Materials” has the meaning specified in Section 6.2.

 

“Borrowing”
means a Revolving Credit (USD) Borrowing, a Revolving Credit (MC) Borrowing or a Swing Line Borrowing, as the context may require.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where Administrative Agent’s Office with respect to Obligations denominated
in Dollars is located and:

 

    4

     

    

 

(a)       if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Dollars, any fundings, disbursements,
settlements and payments in Dollars in respect of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried
out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means any such day that is also a London Banking
Day;

 

(b)       if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in Euro, any fundings, disbursements,
settlements and payments in Euro in respect of any such Eurocurrency Rate Loan, or any other dealings in Euro to be carried out
pursuant to this Agreement in respect of any such Eurocurrency Rate Loan, means a TARGET Day;

 

(c)       if
such day relates to any interest rate settings as to a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro,
means any such day on which dealings in deposits in the relevant currency are conducted by and between banks in the London or other
applicable offshore interbank market for such currency; and

 

(d)       if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of
a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than
Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Rate Loan (other than any interest
rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the
country of such currency.

 

“Canadian
Dollars” means the lawful currency of Canada.

 

“Capital
Lease” means any lease that has been or is required to be, in accordance with GAAP, recorded, classified and accounted
for as a capitalized lease or finance lease.

 

“Capital
Lease Obligations” means all monetary obligations of a Person under any leasing or similar arrangement which, in
accordance with GAAP, is classified as a Capital Lease.

 

“Cash”
means, when used in connection with any Person, all monetary and non-monetary items owned by that Person that are treated as cash
or cash equivalents in accordance with GAAP, consistently applied.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to Administrative Agent, for the benefit of the Issuing Lender and Lenders, as collateral
for the Letter of Credit Usage or obligations of the Lenders to fund participations in respect thereof, cash or deposit account
balances or, if the Administrative Agent and the Issuing Lender shall agree in their sole discretion, other credit support, in
each case pursuant to documentation in form and substance satisfactory to Administrative Agent and the Issuing Lender (which documents
are hereby consented to by Lenders). Derivatives of such term shall have corresponding meaning.

 

“Cash Management
Agreement” means any agreement that is not prohibited by the terms hereof to provide cash management services, including
treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements.

 

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

 

    5

     

    

 

“Change
of Control” means, with respect to any Person, an event or series of events by which:

 

(a)       any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934), directly or indirectly, of 40% or more of the equity securities
of such Person entitled to vote for members of the board of directors or equivalent governing body of such Person on a partially-diluted
basis (i.e., taking into account all such securities that such person or group has the right to acquire pursuant to any option
right); or

 

(b)       during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
such Person cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day
of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals
referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board
or equivalent governing body.

 

“Code”
means the Internal Revenue Code of 1986, as amended or replaced and as in effect from time to time.

 

“Commitment”
means a Revolving Credit (USD) Commitment or a Revolving Credit (MC) Commitment, as the context may require.

 

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

 

“Compliance
Certificate” means a certificate in the form of Exhibit B, properly completed and signed by a Responsible
Officer of Borrower.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes.

 

“Consolidated
Net Tangible Assets” means, as of the time of determination, the aggregate amount of the assets of Borrower and its
consolidated Subsidiaries after deducting (a) all goodwill, trade names, trademarks, service marks, patents, unamortized debt discount
and expense and other Intangible Assets and (b) all current liabilities (other than the current portion of any long term debt and
the current maturities of operating lease liabilities), as reflected on Borrower’s most recent consolidated balance sheet
prepared by Borrower in accordance with GAAP contained in an annual report on Form 10-K or a quarterly report on Form 10-Q timely
filed or any amendment thereto (and not subsequently disclaimed as being unreliable by Borrower) pursuant to the Securities Exchange
Act of 1934 by Borrower prior to the time as of which Consolidated Net Tangible Assets is being determined.

 

    6

     

    

 

“Continuation”
and “Continue” each mean, with respect to any Loan other than a Base Rate Loan, the continuation of such
Loan as the same type of Loan in the same principal amount, but with a new Interest Period and an interest rate determined as of
the first day of such new Interest Period. Continuations must occur, if at all, on the last day of the Interest Period for such
Loan.

 

“Contractual
Obligation” means, as to any Person, any provision of any outstanding security issued by that Person or of any material
agreement, instrument or undertaking to which that Person is a party or by which it or any of its Property is bound.

 

“Conversion”
and “Convert” each mean, with respect to any Revolving Credit (USD) Loan or Revolving Credit (MC) Loan, the
conversion of one type of Loan into another type of Loan. With respect to Eurocurrency Rate Loans, Conversions must occur on the
last day of the Interest Period for such Loan in order to avoid potential break-funding costs pursuant to Section 3.5.

 

“Covered
Entity” has the meaning specified in Section 10.22(b).

 

“Customer
Finance Program” means a supply chain financing or similar program established by a customer of the Borrower or any
Subsidiary pursuant to which the Borrower or one of its Subsidiaries may sell, assign or transfer receivables in connection with
such a financing program owing by such customer to the Borrower or any Subsidiary.

 

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

 

“Default”
means any event that, with the giving of any applicable notice or passage of time specified in Section 8.1, or both, would,
unless cured or waived, be an Event of Default.

 

“Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to
the Base Rate plus the Applicable Margin, if any, applicable to Base Rate Loans plus 2%; provided, however,
that with respect to a Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including
any Applicable Margin) otherwise applicable to such Loan plus 2%, and (b) when used with respect to Letter of Credit Fees,
a rate equal to the Applicable Margin plus 2%, in each case to the fullest extent permitted by applicable Laws.

 

    7

     

    

 

“Defaulting
Lender” means, subject to Section 2.16(b), any Lender
that, (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date required to
be funded by it hereunder, unless such Lender notifies the Administrative Agent and Borrower in writing that such
failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each
of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent, the Issuing Lender, the Swing Line Lender or any other
Lender any other amount required to be paid by it hereunder (including, in the case of any Revolving Credit (USD) Lender, in
respect of its participation in Letters of Credit or Swing Line Loans) within three Business Days of the date when due,
(b) has notified Borrower, the Administrative Agent, the Issuing Lender or the Swing Line Lender in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect
(unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that
such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent,
together with any applicable default, shall be specifically identified in such writing or public statement) cannot be
satisfied), (c) has failed, within three Business Days after request by the Administrative Agent, to confirm in a manner
satisfactory to the Administrative Agent that it will comply with its prospective funding obligations  hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent) or (d) has, or has a direct or indirect parent company that has, (i) become
the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator,
trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of
its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory
authority acting in such a capacity, or (iii) become the subject of a Bail-In Action; provided that a Lender shall not
be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct
or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or
provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any one or more clauses (a) through (d) above, and of the effective date of
such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender
(subject to Section 2.16(b) as of the date established therefor by the Administrative Agent in a written notice of
such determination, which shall be delivered by the Administrative Agent to Borrower, the Issuing Lender, the Swing
Line Lender and each Lender promptly following such determination.

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of
any Sanction.

 

“Disposition”
means the voluntary sale, transfer, or other disposition of any asset of Borrower or any of its Subsidiaries, including without
limitation any sale, assignment, pledge, hypothecation, transfer or other disposal with or without recourse of any notes or accounts
receivable or any rights and claims associated therewith.

 

“Distribution”
means, with respect to any shares of capital stock or any warrant or option to purchase an equity security or other equity security
issued by a Person, (a) the retirement, redemption, purchase, or other acquisition for Cash or for Property by such Person of any
such security, (b) the declaration or (without duplication) payment by such Person of any dividend in Cash or in Property on or
with respect to any such security, (c) any Investment by such Person in the holder of 5% or more of any such security if a purpose
of such Investment is to avoid characterization of the transaction as a Distribution and (d) any other payment in Cash or Property
by such Person constituting a distribution under applicable Laws with respect to such security.

 

“Dollars”
or “$” means United States Dollars.

 

“Dollar
Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with
respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by Administrative
Agent or Issuing Lender, as the case may be, in accordance with normal banking practice at such time on the basis of the Spot Rate
(determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

    8

     

    

 

“EBIT”
means, for any period for Borrower and its Subsidiaries on a consolidated basis, the sum of the following without duplication and
in accordance with GAAP: (a) Net Income of Borrower and its Subsidiaries for such period, plus (b) the sum of the following,
without duplication, to the extent deducted in determining Net Income for such period: (i) any unusual or non-recurring losses,
(ii) Interest Expense, (iii) the aggregate amount income tax expense of Borrower and its Subsidiaries for the applicable period
(whether or not payable during that period), (iv) non-recurring expenses which do not represent a cash item in such period or any
future period or prior period (excluding depreciation and amortization), (v) any foreign currency translation losses, (vi) all
reasonable and out-of-pocket fees and expenses incurred in connection with the closing of any permitted Acquisitions, financings
or other Investments during such period and (vii) any non-cash stock based compensation expenses, less (c) the sum of the
following, without duplication, to the extent included in determining Net Income for such period: (i) any unusual or non-recurring
gains, and (ii) any foreign currency translation gains.

 

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

 

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

 

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

 

“Effective
Date” means the time and Business Day on which the conditions set forth in Section 4.1 are satisfied or waived.
Administrative Agent shall notify Borrower and Lenders of the date that is the Effective Date.

 

“Eligible
Assignee” has the meaning specified in Section 10.6(h).

 

“EMJ”
means Earle M. Jorgensen Company, a Delaware corporation.

 

“EMJ COLI”
means those certain life insurance policies obtained in 1984, 1985 and 1986 by Kilsby-Roberts Holding Co. (“KR”)
from Phoenix Mutual Life Insurance Company covering participants in the KR employee stock ownership plan and certain other KR executives
owned by EMJ, each of which policies has EMJ as its sole beneficiary.

 

“Environmental
Laws” means all federal, state or local laws, statutes, common law duties, rules, regulations, ordinances and codes,
together with all administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with,
any Governmental Authorities, in each case relating to environmental, health, safety and land use matters applicable to any of
the Real Property.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of Borrower or any of its Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

    9

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, and any regulations issued pursuant thereto, as amended or replaced
and as in effect from time to time.

 

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

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section
4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete
or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is
in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan or Multiemployer Plan amendment
as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan
or Multiemployer Plan; (e) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA,
upon Borrower or any ERISA Affiliate.

 

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

 

“Euro”
and “€” mean the single currency of the Participating Member States.

 

“Eurocurrency
Rate” means:

 

(a)       With
respect to any Extension of Credit:

 

(i)       denominated
in a LIBOR Quoted Currency, the rate per annum equal to the London Interbank Offered Rate as administered by ICE Benchmark Administration
(or any other Person that takes over the administration of such rate) for a period equal in length to such Interest Period (“LIBOR”)
as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as
may be designated by Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior
to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period;

 

(ii)       denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dealer Offered Rate (“CDOR”), or a comparable
or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or
such other commercially available source providing such quotations as may be designated by Administrative Agent from time to time)
at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date with a term equivalent to such Interest Period; and

 

(iii)       
denominated in any other Non-LIBOR Quoted Currency, the rate per annum as designated with respect to such Alternative
Currency at the time such Alternative Currency is approved by Administrative Agent and the Revolving Credit (MC) Lenders
pursuant to Section 1.9;

 

    10

     

    

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day;

 

(c)       if
the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; and

 

(d)       to
the extent a comparable or successor rate is approved by Administrative Agent in connection with any rate set forth in this definition,
the approved rate shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for Administrative Agent, such approved rate shall be applied in a manner as otherwise
reasonably determined by Administrative Agent.

 

“Eurocurrency
Rate Loan” means a Revolving Credit (USD) Loan or Revolving Credit (MC) Loan that bears interest at a rate based
on clause (a) of the definition of Eurocurrency Rate. Revolving Credit (USD) Loans that are Eurocurrency Rate Loans must be denominated
in Dollars. Revolving Credit (MC) Loans that are Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency.
All Revolving Credit (MC) Loans denominated in an Alternative Currency must be Eurocurrency Rate Loans.

 

“Event
of Default” has the meaning specified in Section 8.1.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed
on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to
an assignment request by Borrower under Section 10.13) or (ii) such Lender changes its Lending Office, except in each case
to the extent that, pursuant to Section 3.1(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable
either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before
it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with Section 3.1(e) and
(d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Letters of Credit” has the meaning specified in Section 2.4(o).

 

“Existing
Maturity Date” has the meaning specified in Section 2.18(a).

 

“Extension
of Credit” means (a) the Borrowing of any Loans, (b) the Conversion or Continuation of any Loans or (c) the issuance,
renewal, increase continuation, amendment or other credit action with respect to any Letter of Credit, including Lenders acquiring
a participation in such Letters of Credit.

 

“Extending
Lender” has the meaning specified in Section 2.18(e).

 

    11

     

    

 

“Facility”
means the Revolving Credit (USD) Facility or the Revolving Credit (MC) Facility, as the context may require.

 

“FASB ASC”
means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Federal
Funds Rate” means, for any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such
day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of
New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal
Reserve Bank of New York as the federal funds effective rate; provided that if the Federal Funds Rate as so determined would
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fee Letters”
means, collectively, the fee letters entered into between Borrower and one or more of the Arrangers and Bank of America with respect
to fees payable under this Agreement (including, without limitation, the Bank of America Fee Letter).

 

“Fiscal
Quarter” means the fiscal quarter of Borrower consisting of a three-month fiscal period ending on each March 31,
June 30, September 30 and December 31.

 

“Fiscal
Year” means the fiscal year of Borrower consisting of a twelve-month period ending on each December 31.

 

“Foreign
Lender” means (a) if Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if Borrower is not a
U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which Borrower is resident
for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be
deemed to constitute a single jurisdiction.

 

“Foreign
Subsidiary” means, at any time, each Subsidiary of Borrower which is created, organized or domesticated in any jurisdiction
other than the United States or any state thereof.

 

“FRB”
means the Board of Governors of the Federal Reserve System or any Governmental Authority succeeding to its functions.

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender that is a Revolving Credit (USD) Lender, (a) with respect
to the Issuing Lender, such Defaulting Lender’s Pro Rata Share of the outstanding Letter of Credit Usage other than Letter
of Credit Usage as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving Credit
(USD) Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting
Lender’s Pro Rata Share of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation
obligation has been reallocated to other Revolving Credit (USD) Lenders in accordance with the terms hereof.

 

“Fund”
has the meaning specified in Section 10.6(h).

 

    12

     

    

 

“Funded
Debt” means, as of the date of determination, without duplication, the sum of (a) all principal Indebtedness
of Borrower and its Subsidiaries for borrowed money (including debt securities issued by Borrower or any of its Subsidiaries) on
that date plus (b) Guaranty Obligations in connection with Synthetic Leases, plus (c) the aggregate amount of all
Capital Lease Obligations of Borrower and its Subsidiaries on that date, plus (d) all Letter of Credit Usage and the face
amount of, and reimbursement obligations with respect to, any other letters of credit issued for the account of Borrower and its
Subsidiaries, but excluding (i) accounts payable incurred in the ordinary course of business and (ii) Indebtedness of any Subsidiary
to the Borrower or any other Subsidiary, or Indebtedness of the Company to any Subsidiary.

 

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

 

“Governmental
Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority,
instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, and any corporation or other
entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing (including any supra-national
bodies, such as the European Union or the European Central Bank and including 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).

 

“Granting
Lender” has the meaning specified in Section 10.6(i).

 

“Guaranty
Obligation” means, as to any Person, any obligation, contingent or otherwise, guaranteeing or having the economic
effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner whether directly
or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner
of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in
respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided that the term Guaranty
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount
of any Guaranty Obligation shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, covered by such Guaranty Obligation, and (ii) the maximum amount for which such Person
may be liable pursuant to the instrument embodying such Guaranty Obligation, unless such primary obligation and the maximum amount
for which such Person may be liable are not stated or determinable, in which case the amount of such Guaranty Obligation shall
be such Person’s maximum reasonably anticipated liability in respect thereof as determined by the Person in good faith. Notwithstanding
the foregoing definition, the term “Guaranty Obligation” shall not include any direct or indirect obligation of a Person
as a general partner of a general partnership or a joint venturer of a joint venture in respect of Indebtedness of such general
partnership or joint venture, to the extent such Indebtedness is contractually non-recourse to the assets of such Person as
a general partner or joint venturer (other than assets comprising the capital of such general partnership or joint venture).

 

    13

     

    

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hostile
Acquisition” means the acquisition of the capital stock or other equity interests of a Person through a tender offer
or similar solicitation of the owners of such capital stock or other equity interests which has not been approved (which approval
shall be obtained prior to such acquisition) by resolutions of the board of directors of such Person or by similar action if such
Person is not a corporation; except that with respect to any acquisition of a non-U.S. Person, an otherwise friendly acquisition
shall not be deemed to be unfriendly solely as a result of such approval not being obtained from to the first public announcement
of an offer relating to a friendly acquisition if it is not customary in such jurisdiction to obtain such approval prior thereto.

 

“IFRS”
has the meaning specified in Section 1.3.

 

“Impacted
Loans” has the meaning specified in Section 3.3(a).

 

“Indebtedness”
means, as to any Person (without duplication):

 

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

 

(b)       any
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments;

 

(c)       all
obligations of such Person as lessee under leases which have been or should be, in accordance with GAAP, recorded as Capital Lease
Obligations;

 

(d)       net
obligations under any Swap Contract in an amount equal to (i) if such Swap Contract has been closed out, the termination value
thereof, or (ii) if such Swap Contract has not been closed out, the mark-to-market value thereof determined on the basis of readily
available quotations provided by any recognized dealer in such Swap Contracts;

 

(e)       whether
or not so included as liabilities in accordance with GAAP, all obligations of such Person to pay the deferred purchase price of
property or services, and indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased
by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such
indebtedness shall have been assumed by such Person or is limited in recourse;

 

(f)        indebtedness
of such Person arising under facilities for the discount of accounts receivable of such Person in an amount equal to the present
value of the unpaid amount of all accounts receivable sold, determined by using a discount rate equal to the discount rate used
in determining the purchase price of such accounts receivable under such facilities;

 

(g)       indebtedness
relating to Synthetic Leases; and

 

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

 

    14

     

    

 

For all purposes hereof,
the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such
Indebtedness is expressly made non-recourse to such Person (subject only to customary exceptions acceptable to the Requisite Lenders).
The amount of any Capital Lease Obligation or Synthetic Lease as of any date shall be deemed to be the amount of Attributable Indebtedness
in respect thereof as of such date. Notwithstanding the foregoing, Life Insurance Policy Loans shall not constitute Indebtedness
so long as (1) such obligations are nonrecourse to Borrower, EMJ and their respective Subsidiaries, (2) each EMJ COLI policy is
owned by EMJ and has EMJ as its sole beneficiary, (3) the aggregate amount of such obligations outstanding thereunder at any time
does not exceed the cash surrender value of the EMJ COLI policies at such time, and (4) the proceeds of such loans incurred after
the Effective Date are not used for any purpose other than to pay the premiums, interest, taxes and expenses related to the EMJ
COLI policies. In no event shall Indebtedness include (A) trade payables, accrued expenses and intercompany liabilities arising
in the ordinary course of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase
price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy
unperformed obligations of the seller of such asset, or (D) earn-out obligations until such obligations become a liability
on the balance sheet of such person in accordance with GAAP.

 

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

 

“Indemnitee”
has the meaning specified in Section 10.4(b).

 

“Intangible
Assets” means assets that are considered intangible assets under GAAP, including customer lists, goodwill, computer
software (except for purchased or licensed software), copyrights, trade names, trademarks and patents.

 

“Interest
Coverage Ratio” means, as of the last day of any Fiscal Quarter (including the last day of a Fiscal Quarter which
is also the last day of a Fiscal Year), the ratio of (a) EBIT of Borrower and its Subsidiaries on a consolidated basis for the
fiscal period consisting of that Fiscal Quarter and the three immediately preceding Fiscal Quarters, excluding any portion of EBIT
allocable to any Person acquired by Borrower or any of its Subsidiaries for any portion of the fiscal period that occurs prior
to the date of the Acquisition of such Person to (b) Interest Expense of Borrower and its Subsidiaries on a consolidated
basis for such fiscal period.

 

“Interest
Expense” means, with respect to any Person and as of the last day of any fiscal period, the sum of (a) all interest,
fees, charges and related expenses paid or payable (without duplication) for that fiscal period by that Person to a lender in connection
with borrowed money (including any obligations for fees, charges and related expenses payable to the issuer of any letter of credit)
or the deferred purchase price of assets that are considered “interest expense” under GAAP plus (b) the portion of
rent paid or payable (without duplication) for that fiscal period by that Person under Capital Lease Obligations that should be
treated as interest in accordance with FASB ASC 840-10 and 840-20.

 

“Interest
Payment Date” means, (a) with respect to any Base Rate Loan, the last Business Day of each calendar quarter and the
Maturity Date, and (b) with respect to any other type of Loan (other than a Swing Line Loan), (i) any date that such Loan is prepaid
in whole or in part, (ii) the last day of each Interest Period applicable to, or the maturity of, such Loan; provided, however,
that if any Interest Period or the maturity of any such Loan exceeds three months, the date that falls three months after the beginning
of such Interest Period, shall also be an Interest Payment Date, and (iii) the Maturity Date.

 

    15

     

    

 

 

 

“Interest
Period” means, as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate Loan
is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months thereafter
(in each case, subject to availability), as selected by Borrower in the Request for Extension of Credit relating thereto; provided
 that:

 

(a)       Any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding
Business Day;

 

(b)       Any
Interest Period pertaining to a Eurocurrency Rate Loan that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the calendar month at the end of such Interest Period; and

 

(c)       No
Interest Period shall extend beyond the Maturity Date.

 

“Investment”
means, as to any Person, any acquisition (other than an “Acquisition” as defined above) or investment by such Person,
whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance
or capital contribution to, guaranty of debt of, or purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest in such other Person, or (c) the purchase or other
acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit. For purposes
of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases
or decreases in the value of any such Investment.

 

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

 

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the Issuing Lender and Borrower (or any Subsidiary) or in favor of the Issuing Lender
and relating to such Letter of Credit.

 

“Issuing
Lender” means Bank of America, in its capacity as issuer of Letters of Credit hereunder, or any successor issuer
of Letters of Credit hereunder. The Issuing Lender may, in its discretion, arrange for one or more Letters of Credit to be issued
by Affiliates of the Issuing Lender, in which case the term “Issuing Lender” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, executive
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

“Lender”
has the meaning set forth in the introductory paragraph hereto, and unless the context otherwise requires includes the Swing Line
Lender.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as such Lender may from time to time notify Borrower and
Administrative Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender
or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending
Office.

 

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“Letter
of Credit” means any of the letters of credit issued by the Issuing Lender hereunder, including the Existing Letters
of Credit, either as originally issued or as the same may be supplemented, amended, renewed or extended. All Letters of Credit
shall be issued in Dollars or in an Alternative Currency approved by the Issuing Lender.

 

“Letter
of Credit Advance” means, with respect to each Revolving Credit (USD) Lender, such Lender’s funding of its
participation in any Letter of Credit Borrowing in accordance with its Pro Rata Revolving Credit (USD) Share. All Letter of Credit
Advances shall be denominated in Dollars.

 

“Letter
of Credit Application” means an application for issuances of, or amendments to, Letters of Credit as shall at any
time be in use at the Issuing Lender.

 

“Letter
of Credit Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not
been reimbursed on the date when made or refinanced as a Revolving Credit (USD) Borrowing. All Letter of Credit Borrowings shall
be denominated in Dollars.

 

“Letter
of Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such
day is not a Business Day, the next preceding Business Day).

 

“Letter
of Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry
date thereof, or the renewal or increase of the amount thereof.

 

“Letter
of Credit Fee” has the meaning specified in Section 2.4(n).

 

“Letter
of Credit Sublimit” means an amount equal to the lesser of (a) the Aggregate Revolving Credit (USD) Commitments
and (b) $150,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Credit (USD) Commitments.

 

“Letter
of Credit Usage” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate amount of all Unreimbursed Amounts, including all drawings under the Letters
of Credit honored by the Issuing Lender and not theretofore reimbursed or converted into Revolving Credit (USD) Loans. For purposes
of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined
in accordance with Section 1.6. For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter
of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“LIBOR”
has the meaning specified in the definition of “Eurocurrency Rate”.

 

“LIBOR
Quoted Currency” means each of the following currencies: Dollars; Euro; Sterling; Swiss Franc; and Yen; in each case
as long as there is a published LIBOR rate with respect thereto.

 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page Administrative Agent designates to determine LIBOR
(or such other commercially available source providing such quotations as may be designated by Administrative Agent from time to
time).

 

    17

     

    

 

“LIBOR
Successor Rate” has the meaning specified in Section 3.3(c).

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and
other technical, administrative or operational matters as may be appropriate, in the discretion of Administrative Agent in consultation
with the Borrower, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration thereof
by Administrative Agent in a manner substantially consistent with market practice (or, if 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 LIBOR Successor Rate exists, in such other manner of administration as Administrative Agent determines is reasonably necessary
in connection with the administration of this Agreement).

 

“Lien”
means any security interest, mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
otherwise), charge against or interest in property to secure payment of a debt or performance of an obligation or other priority
or preferential arrangement of any kind or nature whatsoever, including any agreement to grant any of the foregoing, any conditional
sale or other title retention agreement, any lease in the nature of a security interest, and/or the filing of or agreement to give
any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a
security interest) under the Uniform Commercial Code or comparable Laws of any jurisdiction with respect to any Property, including
the interest of a purchaser of accounts receivable; provided that in no event shall (a) the interest of a lessor under an
operating lease or (b) customary restrictions in purchase and sale agreements constitute a Lien.

 

“Life Insurance
Policy Loans” means obligations in respect of money borrowed by EMJ against the available cash surrender value of
any EMJ COLI policy in accordance with the terms of such policy, which obligations shall be nonrecourse to Borrower and its Subsidiaries.

 

“Loan”
means any advance made or to be made by any Lender to Borrower as provided in Section 2, and includes each Revolving Credit
(USD) Loan, Revolving Credit (MC) Loan and Swing Line Loan.

 

“Loan Documents”
means, collectively, this Agreement, the Notes, the Fee Letters, the Letters of Credit, the Swing Line Documents, any Request for
Extension of Credit, any Issuer Documents, any Compliance Certificate, any agreement creating or perfecting rights in Cash Collateral
pursuant to the provisions of Section 2.17 of this Agreement, and any other agreements of any type or nature hereafter executed
and delivered by Borrower or any of its Subsidiaries or Affiliates to Administrative Agent, the Issuing Lender or to any Lender
in any way relating to or in furtherance of this Agreement, in each case either as originally executed or as the same may from
time to time be supplemented, modified, amended, restated, extended or replaced.

 

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

 

“Margin
Stock” means “margin stock” as such term is defined in Regulation U of the FRB as in effect from
time to time.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations or financial condition of Borrower
and its Subsidiaries, taken as a whole; (b) the ability of Borrower to perform its obligations under the Loan Documents; or (c)
the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents.

 

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“Maturity
Date” means September 3, 2025; provided, however, that if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day.

 

“Minimum
Amount” means, with respect to each of the following actions, the following amounts set forth opposite such action
(a reference to “Minimum Amount” shall also be deemed a reference to the multiples in excess thereof
set forth below):

 

	Type of Action	Minimum Amount	
        Minimum 

Multiples
in excess of

Minimum Amount

	Borrowing of, prepayment of or Conversion into, Base Rate Loans	$2,000,000	$1,000,000
	Borrowing of, prepayment of, Continuation of, or Conversion into, Eurocurrency Rate Loans	$5,000,000	$1,000,000
	Borrowing of Revolving Credit (USD) Loans as Base Rate Loans to repay Swing Line Loans	Amount of Swing Line Loans being repaid	N/A
	Reduction in Revolving Credit (USD) Commitments or Revolving Credit (MC) Commitments	$10,000,000	$10,000,000
	Assignments with respect to the Revolving Credit (USD) Facility	$10,000,000	N/A
	Assignments with respect to the Revolving Credit (MC) Facility	$5,000,000	N/A

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA that is sponsored, maintained,
contributed to by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate has any liability (contingent or
otherwise).

 

“Net Cash
Proceeds” means Net Proceeds to the extent consisting of Cash less attorneys’ fees, accountants’ fees,
investment banking fees and other costs, fees and expenses actually incurred in connection therewith and net of taxes paid or reasonably
estimated to be payable as a result thereof.

 

“Net Income”
means, with respect to any fiscal period, the consolidated net income of Borrower and its Subsidiaries, excluding any consolidated
net income not attributable to Borrower and its Subsidiaries for that period, determined in accordance with GAAP, consistently
applied.

 

“Net Proceeds”
means, with respect to any Disposition, the gross sales proceeds received by Borrower and its Subsidiaries from such Disposition
(including Cash, Property and the assumption by the purchaser of any liability of Borrower or its Subsidiaries) net of brokerage
commissions, legal expenses and other transactional costs payable by Borrower and its Subsidiaries with respect to such Disposition
and net of an amount determined in good faith by Borrower to be the estimated amount of income taxes payable by Borrower attributable
to such Disposition.

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval
of all affected Lenders or each Lender affected by the applicable consent, waiver or amendment in accordance with the terms
of Section 10.1 and (ii) has been approved by the Requisite Lenders.

 

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“Non-Extending
Lender” has the meaning specified in Section 2.18(b).

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.4(g).

 

“Non-LIBOR
Quoted Currency” means any currency other than a LIBOR Quoted Currency.

 

“Notes”
means, collectively, the Revolving Credit (USD) Notes and the Revolving Credit (MC) Notes.

 

“Notice
Date” has the meaning specified in Section 2.18(b).

 

“Obligations”
means all present and future obligations of every kind or nature of Borrower at any time and from time to time owed to Administrative
Agent, any Lender, the Issuing Lender or any Person entitled to indemnification, or any one or more of them, under any one or more
of the Loan Documents or otherwise with respect to any Loan or Letter of Credit, in each case whether due or to become due, matured
or to become mature, liquidated or unliquidated, or contingent or actual, including obligations of performance as well as obligations
of payment, and including interest that accrues after the commencement of any proceeding under any Debtor Relief Law by or against
Borrower or any Subsidiary or Affiliate of Borrower.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Opinion
of Counsel” means the favorable written legal opinion of in-house counsel to the Borrower, who has acted as counsel
to Borrower, substantially in the form of Exhibit F, together with copies of all factual certificates and legal opinions
upon which such counsel has relied.

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.6).

 

“Outstanding
Amount” means (i) with respect to Revolving Credit (USD) Loans, Revolving Credit (MC) Loans and Swing Line
Loans on any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to
any borrowings and prepayments or repayments of Revolving Credit (USD) Loans, Revolving Credit (MC) Loans and Swing Line
Loans, as the case may be, occurring on such date; and (ii) with respect to any Letter of Credit Usage on any date, the
Dollar Equivalent amount of such Letter of Credit Usage on such date after giving effect to any Letter of Credit Extension
occurring on such date and any other changes in the aggregate amount of the Letter of Credit Usage as of such date, including
as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum
amount available for drawing under Letters of Credit taking effect on such date.

 

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“Outstanding
Obligations” means, as of any date, and after giving effect to making any Extensions of Credit requested on such
date and all payments, repayments and prepayments made on such date, the sum of (a) the aggregate outstanding principal
of all Loans, and (b) all Letter of Credit Usage.

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the
Federal Funds Rate and (ii) an overnight rate determined by the Administrative Agent, the Issuing Lender or the Swing Line
Lender, as the case may be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any
amount denominated in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative
Currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered
for such day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major
banks in such interbank market.

 

“Participant”
has the meaning specified in Section 10.6(d).

 

“Participant
Register” has the meaning specified in Section 10.6(c).

 

“Participating
Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance
with legislation of the European Union relating to Economic and Monetary Union.

 

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

 

“Pension
Act” means the Pension Protection Act of 2006.

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412,
430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension
Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other
than a Multiemployer Plan, which is subject to Title IV of ERISA and is maintained by Borrower or its ERISA Affiliates or to which
Borrower or any of its ERISA Affiliates contributes or has an obligation to contribute, or in the case of a multiple employer plan
(as described in Section 4064(a) of ERISA) has made contributions at any time during the immediately preceding five plan years.

 

“Permitted
Investment” means:

 

(a)      
Investments held by Borrower or any of its Subsidiaries in the form of cash equivalents or short-term marketable securities;

 

(b)     
advances or loans to officers, directors and employees of Borrower and its Subsidiaries in the ordinary course of business
in an aggregate amount not to exceed $10,000,000 at any time outstanding;

 

(c)      
consignments of inventory in the ordinary course of business;

 

    21

     

    

 

(d)       contributions to a “rabbi” trust for the benefit of employees or other grantor trust subject to claims of creditors
in the case of a bankruptcy of the Borrower or its Subsidiaries;

 

(e)       Investments
consisting of extension of credit in the nature of accounts receivable or notes receivable arising from the sale or lease of goods
or services in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from
financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(f)       
investments by the Borrower or a Subsidiary in the capital stock of its Subsidiaries;

 

(g)       loans or advances made by the Borrower to, and Guaranty Obligations by the Borrower of obligations of, any Subsidiary, and
loans or advances made by any Subsidiary to, and the Borrower by any Subsidiary of obligations of, the Borrower or any other Subsidiaries;

 

(h)       Guarantees
constituting Indebtedness permitted by Section 7.2;

 

(i)        Investments received in connection with the bona fide settlement of any defaulted Indebtedness or other liability owed
to the Borrower or any Subsidiary; and

 

(j)        Swap
Contracts not entered into for speculative purposes.

 

“Permitted
Liens” means:

 

(a)       inchoate
Liens incident to construction on or maintenance of Real Property; or Liens incident to construction on or maintenance of Real
Property now or hereafter filed of record for which adequate reserves have been set aside (or deposits made pursuant to applicable
Laws) and which are being contested in good faith by appropriate proceedings and have not proceeded to judgment; provided
that, by reason of nonpayment of the obligations secured by such Liens, no such Real Property is subject to a material risk of
loss or forfeiture;

 

(b)       Liens
for taxes and assessments on Real Property which are not past due; or Liens for taxes and assessments on Real Property for which
adequate reserves have been set aside and are being contested in good faith by appropriate proceedings;

 

(c)       minor
defects and irregularities in title, easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary
course of business which do not in any case materially detract from the value of the Property subject thereto or interfere with
the ordinary conduct of the businesses of Borrower and its Subsidiaries;

 

(d)       rights
reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties to any Governmental Authority
with respect to, the use of any Real Property;

 

(e)       rights
reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties to any Governmental Authority
with respect to, any right, power, franchise, grant, license, or permit;

 

(f)       present
or future zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of Real Property;

 

(g)       statutory
Liens, other than those described in subsections (a) or (b) above, arising in the ordinary course of business with respect to
obligations which are not delinquent or are being contested in good faith; provided that, if delinquent, adequate
reserves have been set aside with respect thereto and, by reason of nonpayment, no Property is subject to a material risk of
loss or forfeiture;

 

    22

     

    

 

(h)        covenants,
conditions, and restrictions affecting the use of Real Property which in the aggregate do not materially impair the fair market
value or use of the Real Property for the purposes for which it is held;

 

(i)         rights
of tenants under leases and rental agreements covering Real Property entered into in the ordinary course of business of the Person
owning such Real Property;

 

(j)         Liens
consisting of pledges or deposits to secure (i) obligations under workers’ compensation, unemployment insurance, social security
and other laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable and (ii) the
performance of statutory obligations, not incurred in connection with (A) the borrowing of money or (B) the deferred purchase price
of goods or inventory;

 

(k)        Liens
consisting of pledges or deposits of Property to secure performance in connection with operating leases made in the ordinary course
of business to which Borrower or any Subsidiary of Borrower is a party as lessee;

 

(l)         Liens
consisting of any right of offset, or statutory bankers’ lien, on bank deposit accounts maintained in the ordinary course
of business so long as such bank deposit accounts are not established or maintained for the purpose of providing such right of
offset or bankers’ lien;

 

(m)       Liens
consisting of deposits of Property to secure statutory obligations of Borrower or any Subsidiary of Borrower in the ordinary course
of its business;

 

(n)        Liens
consisting of deposits of Property to secure (or in lieu of) surety, appeal or customs bonds in proceedings to which Borrower or
any Subsidiary of Borrower is a party in the ordinary course of its business;

 

(o)        judgment,
attachment or other similar liens in respect of judgments that do not constitute an Event of Default;

 

(p)        other
non-consensual Liens incurred in the ordinary course of business but not in connection with an extension of credit, which do not
in the aggregate, when taken together with all other Liens, materially impair the value or use of the Property of Borrower and
its Subsidiaries, taken as a whole;

 

(q)        Liens
consisting of (i) an interest (other than a legal or equitable co-ownership interest, an option or right to acquire a legal or
equitable co-ownership interest and any interest of a ground lessor under a ground lease), that does not materially impair the
value or use of Property for the purposes for which it is or may reasonably be expected to be held, (ii) an option or right to
acquire a Lien that would be a Permitted Lien, (iii) the subordination of a lease or sublease in favor of a financing entity and
(iv) a license, or similar right, of or to Intangible Assets granted in the ordinary course of business;

 

(r)         carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law;

 

(s)         pledges
and deposits made (i) to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business and (ii) in
respect of letters of credit, bank guarantees or similar instruments issued for the account of the Borrower or any Subsidiary
thereof in the ordinary course of business supporting obligations of the type set forth in clause (i) above;

 

    23

     

    

 

(t)        Liens
representing any interest or title of a licensor, lessor or sub-licensor or sub-lessor, or a licensee, lessee or sub-licensee or
sub-lessee, in the property subject to any lease, license or sublicense or concession agreement not prohibited by this Agreement;

 

(u)       Liens
incurred or deposits made in the ordinary course of business in connection with operating leases;

 

(v)       Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
import or export of goods;

 

(w)       Liens
solely on any cash earnest money deposits made by the Borrower or any Subsidiary in connection with any letter of intent or purchase
agreement permitted hereunder;

 

(x)        the
prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business;

 

(y)       Liens
arising from precautionary Uniform Commercial Code financing statements, conditional sale, title retention, consignments or similar
arrangements entered into in connection with any transaction not prohibited by this Agreement;

 

(z)        Liens
securing insurance premiums financing arrangements, provided, that such Liens are limited to the applicable unearned insurance
premiums;

 

(aa)      Liens entered
into or granted in connection with Customer Finance Programs or the purchase and sale of inventory, or the sale of receivables
pursuant to non-recourse factoring arrangements; and

 

(cc)     encumbrances
or restrictions arising under any “rabbi trust” formed in connection with any deferred compensation arrangements.

 

“Person”
means any individual or entity, including a trustee, corporation, limited liability company, general partnership, limited partnership,
joint stock company, trust, estate, unincorporated organization, business association, firm, joint venture, Governmental Authority,
or other entity.

 

“Priority
Indebtedness” means, as of the time of determination, the aggregate amount of (a) unsecured Indebtedness of Borrower’s
Subsidiaries (excluding indebtedness owing to Borrower or any Subsidiary of Borrower) plus (b) all Indebtedness of Borrower
and its Subsidiaries that is secured by Liens (excluding Liens permitted by clauses (a) through (h) of Section 7.1).

 

“Pro Rata
Revolving Credit (USD) Share” means with respect to any Revolving Credit (USD) Lender at any time, such Revolving
Credit (USD) Lender’s Pro Rata Share in respect of the Revolving Credit (USD) Facility at such time.

 

    24

     

    

 

“Pro
Rata Share” means (a) in respect of the Revolving Credit (USD) Facility, with respect to any Revolving Credit
(USD) Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Revolving Credit (USD)
Commitments represented by such Revolving Credit (USD) Lender’s Revolving Credit (USD) Commitment at such time, in each
case, subject to adjustment as provided in Section 2.16 and (b) in respect of the Revolving Credit (MC) Facility, with
respect to any Revolving Credit (MC) Lender at any time, the percentage (carried out to the ninth decimal place) of the
Aggregate Revolving Credit (MC) Commitments represented by such Revolving Credit (MC) Lender’s Revolving Credit (MC)
Commitment at such time. If the commitment of each Revolving Credit (USD) Lender to make Revolving Credit (USD) Loans and the
obligation of the Issuing Lender to make Extensions of Credit with respect to Letters of Credit have been terminated pursuant
to Section 8.2, or if the Aggregate Revolving Credit (USD) Commitments have expired, then the Pro Rata Share of each
Revolving Credit (USD) Lender in respect of the Revolving Credit (USD) Facility shall be determined based on the Pro Rata
Share of such Revolving Credit (USD) Lender in respect of the Revolving Credit (USD) Facility most recently in effect, giving
effect to any subsequent assignments. If the commitment of each Revolving Credit (MC) Lender to make Revolving Credit (MC)
Loans has been terminated pursuant to Section 8.2, or if the Aggregate Revolving Credit (MC) Commitments have expired,
then the Pro Rata Share of each Revolving Credit (MC) Lender in respect of the Revolving Credit (MC) Facility shall be
determined based on the Pro Rata Share of such Revolving Credit (MC) Lender in respect of the Revolving Credit (MC) Facility
most recently in effect, giving effect to any subsequent assignments. The initial Pro Rata Share of each Lender in respect of
each Facility is set forth opposite the name of such Lender on Schedule 2.1 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.

 

“Property”
or “Properties” means any interest in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible.

 

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

 

“Quarterly
Payment Date” means the last Business Day of each calendar quarter.

 

“Rate Determination
Date” means two (2) Business Days prior to the commencement of such Interest Period (or such other day as is generally
treated as the rate fixing day by market practice in such interbank market, as determined by Administrative Agent; provided
that to the extent such market practice is not administratively feasible for Administrative Agent, such other day as otherwise
reasonably determined by Administrative Agent).

 

“Real Property”
means, as of any date of determination, all real Property then or theretofore owned, leased or occupied by Borrower or any of its
Subsidiaries.

 

“Recipient”
means the Administrative Agent, any Lender, the Issuing Lender or any other recipient of any payment to be made by or on account
of any obligation of Borrower hereunder.

 

“Register”
has the meaning specified in Section 10.6(c).

 

“Regulations
T, U and X” means Regulations T, U and X, as at any time amended, of the FRB, or any other regulations in substance
substituted therefor.

 

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

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a
benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

 

    25

     

    

 

“Reportable
Event” means, any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than any
such event for which the 30-day notice requirement under ERISA has been waived in regulations issued by the PBGC.

 

“Request
for Extension of Credit” means a written request substantially in the form of Exhibit A or
such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission
system as shall be approved by the Administrative Agent) or telephonic request followed by such written request, duly completed
and signed by a Responsible Officer of Borrower, in each case delivered to Administrative Agent by Requisite Notice.

 

“Requisite
Facility Lenders” means (a) for the Revolving Credit (USD) Facility, the Requisite Revolving Credit (USD) Lenders
and (b) for the Revolving Credit (MC) Facility, the Requisite Revolving Credit (MC) Lenders.

 

“Requisite
Lenders” means, at any time, Lenders having Total Credit Exposure representing more than 50% of the Total Credit
Exposure of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Requisite Lenders
at any time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed Amounts that any Defaulting
Lender has failed to fund that have not been reallocated to and funded by another Revolving Credit (USD) Lender shall be deemed
to be held by the Lender that is the Swing Line Lender or Issuing Lender, as the case may be, in making such determination.

 

“Requisite
Notice” means, unless otherwise provided herein, (a) irrevocable written notice to the intended recipient (which
may include any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent)
or (b) irrevocable telephonic notice to the intended recipient, promptly followed by a written notice to such recipient. Such notices
shall be (i) delivered or made to such recipient at the address, telephone number or facsimile number set forth on Schedule
10.2 or in the Administrative Questionnaire or as otherwise designated by such recipient by Requisite Notice to Administrative
Agent and (ii) if made by Borrower, given or made by a Responsible Officer. Any written notice shall be in the form, if any, prescribed
in the applicable section herein and may be given by facsimile; provided such facsimile is promptly confirmed by a telephone
call to such recipient or, in the case of any notices given pursuant to Section 2, any form on an electronic platform or
electronic transmission system as shall be approved by the Administrative Agent.

 

“Requisite
Revolving Credit (MC) Lenders” means, at any time, Lenders having more than 50% of the sum of the aggregate Outstanding
Amount of Revolving Credit (MC) Loans plus the aggregate unused Revolving Credit (MC) Commitments. The aggregate Outstanding
Amount of Revolving Credit (MC) Loans and unused Revolving Credit (MC) Commitment of any Defaulting Lender shall be disregarded
in determining Requisite Revolving Credit (MC) Lenders at any time.

 

“Requisite
Revolving Credit (USD) Lenders” means, at any time, Lenders having more than 50% of the sum of the aggregate Revolving
Credit (USD) Exposures plus the aggregate unused Revolving Credit (USD) Commitments. The Revolving Credit (USD) Exposure
and unused Revolving Credit (USD) Commitment of any Defaulting Lender shall be disregarded in determining Requisite Revolving
Credit (USD) Lenders at any time; provided that, the amount of any participation in any Swing Line Loan and Unreimbursed
Amounts that such Defaulting Lender has failed to fund that have not been reallocated to and funded by another Revolving Credit
(USD) Lender shall be deemed to be held by the Lender that is the Swing Line Lender or Issuing Lender, as the case may be, in making
such determination.

 

    26

     

    

 

“Requisite
Time” means, with respect to any of the actions listed below, the time set forth opposite such action (all times
are California time) on or prior to the date (the “relevant date”) of such action:

 

	Action	Time	Date
	Borrowing or prepayment of Base Rate Loans	9:00 a.m.	Relevant date
	Borrowing of, Continuation of, prepayment of, or Conversion into Eurocurrency Rate Loans denominated in Dollars	10:00 a.m.	3 Business Days prior to relevant date
	Borrowing of, Continuation of or prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies	10:00 a.m.	4 Business Days prior to relevant date 
	Borrowing of, Continuation of or prepayment of Eurocurrency Rate Loans denominated in Special Notice Currencies	10:00 a.m.	5 Business Days prior to relevant date 
	Voluntary Reduction or Termination of Revolving Credit (USD) Commitments or Revolving Credit (MC) Commitments	10:00 a.m.	2 Business Days prior to relevant date
	Letter of Credit action	10:00 a.m.	5 Business Days prior to relevant date
	Funds (including scheduled or required repayments and payments of principal and interest) made available by Lenders or Borrower to Administrative Agent	11:00 a.m.	Relevant date

 

 

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

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, chief operating officer, secretary,
corporate controller or treasurer of Borrower, or any other officer or partner having substantially the same authority and responsibility
and, solely for purposes of notices given pursuant to Section 2, any other officer or employee of Borrower so designated
by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of Borrower designated
in or pursuant to an agreement between Borrower and the Administrative Agent. Any document or certificate hereunder that is signed
or executed by a Responsible Officer of Borrower shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of Borrower and such Responsible Officer shall be conclusively presumed to have acted
on behalf of Borrower.

 

“Revaluation
Date” means, (a) with respect to any Revolving Credit (MC) Loan, each of the following: (i) each date
of a Borrowing of a Eurocurrency Rate Loan denominated in an Alternative Currency, (ii) each date of a Continuation of a
Eurocurrency Rate Loan denominated in an Alternative Currency pursuant to Section 2.2, and (iii) such
additional dates as Administrative Agent shall determine or the Requisite Revolving Credit (MC) Lenders shall require; and
(b) with respect to any Letter of Credit, each of the following: (i) each date of issuance of a Letter of Credit denominated
in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the
amount thereof, (iii) each date of any payment by the Issuing Lender under any Letter of Credit denominated in an Alternative
Currency, (iv) in the case of all Existing Letters of Credit denominated in Alternative Currencies (if any), the Effective
Date, and (v) such additional dates as the Administrative Agent or the Issuing Lender shall determine or the Required
Revolving Credit (USD) Lenders shall require.

 

    27

     

    

 

“Revolving
Credit (MC) Borrowing” means a borrowing consisting of simultaneous Revolving Credit (MC) Loans of the same type,
in the same currency and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Revolving
Credit (MC) Lenders pursuant to Section 2.1(b).

 

“Revolving
Credit (USD) Borrowing” means a borrowing consisting of simultaneous Revolving Credit (USD) Loans of the same type
and, in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Revolving Credit (USD) Lenders
pursuant to Section 2.1(a).

 

“Revolving
Credit (MC) Commitment” means, as to each Lender, its obligation to make Revolving Credit (MC) Loans to Borrower
pursuant to Section 2.1(b) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth
opposite such Lender’s name on Schedule 2.1 under the caption “Revolving Credit (MC) Commitment” or opposite
such caption or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

 

“Revolving
Credit (USD) Commitment” means, as to each Lender, its obligation to (a) make Revolving Credit (USD) Loans to Borrower
pursuant to Section 2.1(a), (b) purchase participations in Letter of Credit Usage, and (c) purchase participations in Swing
Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s
name on Schedule 2.1 under the caption “Revolving Credit (USD) Commitment” or opposite such caption or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement.

 

“Revolving
Credit (USD) Exposure” means, as to any Revolving Credit (USD) Lender at any time, the aggregate Outstanding Amount
at such time of Revolving Credit (USD) Loans and aggregate Outstanding Amount of such Revolving Credit (USD) Lender’s participation
in Letter of Credit Usage and Swing Line Loans at such time.

 

“Revolving
Credit (MC) Facility” means, at any time, the revolving credit facility provided in this Agreement pursuant to the
Aggregate Revolving Credit (MC) Commitments.

 

“Revolving
Credit (USD) Facility” means, at any time, the revolving credit facility provided in this Agreement pursuant to the
Aggregate Revolving Credit (USD) Commitments, including the participations in the Letter of Credit Usage and Swing Line Loans thereunder.

 

“Revolving
Credit (MC) Lender” means, at any time, any Lender that has a Revolving Credit (MC) Commitment or outstanding Revolving
Credit (MC) Loans at such time.

 

“Revolving
Credit (USD) Lender” means, at any time, any Lender that has a Revolving Credit (USD) Commitment or Revolving Credit
(USD) Exposure at such time.

 

“Revolving
Credit (MC) Loan” means a Loan of any type made to Borrower by any Revolving Credit (MC) Lender pursuant to Section
2.1(b). All Revolving Credit (MC) Loans may be denominated in Dollars or Alternative Currencies.

 

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“Revolving
Credit (USD) Loan” means a Loan of any type made to Borrower by any Revolving Credit (USD) Lender pursuant to Section
2.1(a). All Revolving Credit (USD) Loans shall be denominated in Dollars.

 

“Revolving
Credit (MC) Note” means a promissory note made by Borrower in favor of a Revolving Credit (MC) Lender evidencing
Revolving Credit (MC) Loans made by such Lender, substantially in the form of Exhibit C-2, either as originally executed
or as the same may from time to time be supplemented, modified, amended, renewed, extended or replaced.

 

“Revolving
Credit (USD) Note” means a promissory note made by Borrower in favor of a Revolving Credit (USD) Lender or the Swing
Line Lender evidencing Revolving Credit (USD) Loans or Swing Line Loans, as the case may be, made by such Lender, substantially
in the form of Exhibit C-1, either as originally executed or as the same may from time to time be supplemented, modified,
amended, renewed, extended or replaced.

 

“Same Day
Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative
Agent or the Issuing Lender, as the case may be, to be customary in the place of disbursement or payment for the settlement of
international banking transactions in the relevant Alternative Currency.

 

“Sanction(s)”
means any sanction administered or enforced by the United States Government (including without limitation, OFAC), the United Nations
Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 3.3(c).

 

“Senior
Note Indebtedness” means any Indebtedness outstanding or issued under any of the Senior Note Indentures.

 

“Senior
Note Indentures” means, collectively, (a) the Indenture dated as of November 20, 2006, made by Borrower, as Issuer,
and certain Subsidiaries from time to time parties thereto as guarantors, and Wells Fargo Bank, National Association, as Trustee,
pursuant to which Borrower issued its 6.850% Senior Notes due 2036, (b) the Indenture dated as of April 12, 2013, made by Borrower,
as Issuer, and certain Subsidiaries from time to time parties thereto as guarantors, and Wells Fargo Bank, National Association,
as Trustee, pursuant to which Borrower issued its 4.50% Senior Notes due April 15, 2023, (c) the Indenture dated as of August
3, 2020, made by Borrower, as Issuer, and Wells Fargo Bank, National Association, as Trustee, pursuant to which Borrower issued
its 1.300% Senior Notes due August 15, 2025 and its 2.150% Senior Notes due August 15, 2030 and (d) any additional indentures pursuant
to which Borrower or its Subsidiaries from time to time issue any senior notes in accordance with the provisions of this Agreement,
in each case, as amended, supplemented, refinanced, replaced, exchanged or otherwise modified from time to time.

 

“Significant
Subsidiary” means, as of any date of determination, any Subsidiary which (a) has Consolidated Net Tangible Assets
equal to or greater than 5% of the Consolidated Net Tangible Assets of Borrower and its Subsidiaries on a consolidated basis, (b)
has revenue equal to or greater than 5% of the total revenue of Borrower and its Subsidiaries on a consolidated basis (calculated
for the period of four fiscal quarters ending as of the last day of the most recently ended fiscal quarter on or before such date)
or (c) owns, directly or indirectly, any Subsidiary that is a Significant Subsidiary pursuant to clauses (a) or (b) above.

 

    29

     

    

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website (or
any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“SOFR-Based
Rate” means SOFR or Term SOFR.

 

“SPC”
has the meaning specified in Section 10.6(i).

 

“Special
Notice Currency” means at any time an Alternative Currency, other than the currency of a country that is a member
of the Organization for Economic Cooperation and Development at such time located in North America or Europe.

 

“Spot Rate”
for a currency means the rate determined by Administrative Agent or the Issuing Lender, as the case may be, to be the rate quoted
by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through
its principal foreign exchange trading office at approximately 11:00 a.m. (California time) on the date two Business Days prior
to the date as of which the foreign exchange computation is made; provided that Administrative Agent or the Issuing Lender,
as the case may be, may obtain such spot rate from another financial institution designated by Administrative Agent or the Issuing
Lender, as the case may be, if the Person acting in such capacity does not have as of the date of determination a spot buying rate
for any such currency; and provided further that the Issuing Lender may use such spot rate quoted on the date as of which the foreign
exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Stockholders’
Equity” means, as of any date of determination for Borrower and its Subsidiaries on a consolidated basis, stockholders’
equity as of that date determined in accordance with GAAP.

 

“Subsidiary”
means, as of any date of determination and with respect to any Person, any corporation, limited liability company or partnership
(whether or not, in either case, characterized as such or as a “joint venture”), whether now existing or hereafter
organized or acquired: (a) in the case of a corporation or limited liability company, of which a majority of the securities having
ordinary voting power for the election of directors or other governing body (other than securities having such power only by reason
of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, by such
Person and/or one or more Subsidiaries of such Person, or (b) in the case of a partnership, of which a majority of the partnership
or other ownership interests are at the time beneficially owned, or the management of which is otherwise controlled, by such Person
and/or one or more of its Subsidiaries.

 

“Swap
Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options,
bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether
or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement,
or any other master agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

 

    30

     

    

 

“Swing
Line” means the revolving line of credit established by the Swing Line Lender in favor of Borrower pursuant to Section
2.3.

 

“Swing
Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section 2.3.

 

“Swing
Line Documents” means a promissory note, if requested by the Swing Line Lender, and any other documents executed
by Borrower in favor of the Swing Line Lender in connection with the Swing Line, each in form and substance satisfactory to Borrower,
the Swing Line Lender, and Administrative Agent.

 

“Swing
Line Lender” means Bank of America, in its capacity as provider of Swing Line Loans, or any successor swing line
lender hereunder.

 

“Swing
Line Loans” means loans made by the Swing Line Lender to Borrower under the Swing Line.

 

“Swing
Line Outstandings” means, as of any date of determination, the aggregate principal Indebtedness of Borrower on all
Swing Line Loans then outstanding.

 

“Swing
Line Sublimit” means an amount equal to the lesser of (a) the Aggregate Revolving Credit (USD) Commitments and (b)
$50,000,000. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Revolving Credit (USD) Commitments.

 

“Synthetic
Lease” means, with respect to any Person, (a) a so-called synthetic lease, or (b) an agreement for the use or possession
of property creating obligations which do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy
of such Person, would be characterized as the Indebtedness of such Person (without regard to accounting treatment).

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET
Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system,
if any, determined by Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

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

 

“Term SOFR”
means the forward-looking term rate for any period that is approximately (as determined by Administrative Agent) as long as any
of the Interest Period options set forth in the definition of “Interest Period” and that is based on SOFR and that
has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected
by Administrative Agent from time to time in its reasonable discretion.

 

“Total
Credit Exposure” means, as to any Lender at any time, the unused Commitments, Revolving Credit (USD) Exposure and
outstanding Revolving Credit (MC) Loans of such Lender at such time.

 

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“Total
Net Leverage Ratio” means, as of the last day of any Fiscal Quarter (including the last day of a Fiscal Quarter which
is also the last day of a Fiscal Year), the ratio, calculated on a consolidated basis for Borrower and its Subsidiaries, of (a)
the positive difference of (i) Funded Debt as of such date minus (ii) Domestic Cash as of such date to (b) the sum of (i)
the positive difference of (A) Funded Debt as of such date minus (B) Domestic Cash as of such date plus (ii) Stockholders’
Equity as of such date. As used herein, “Domestic Cash” means the lesser of (a) 100% of unrestricted
and unencumbered Cash of Borrower and its Domestic Subsidiaries maintained in the United States and (b) $200,000,000.

 

“Total
Revolving Credit (USD) Outstandings” means the aggregate Outstanding Amount of all Revolving Credit (USD) Loans,
Swing Line Loans and Letter of Credit Usage.

 

“type”
of Revolving Credit (USD) Loan or Revolving Credit (MC) Loan, as the case may be, means (a) a Base Rate Loan or (b) an Eurocurrency
Rate Loan with an Interest Period of one, two, three, or six months thereafter, as selected by Borrower in the Request for Extension
of Credit relating thereto. “type” means, in respect of Revolving Credit (USD) Loans, Revolving Credit
(MC) Loans and Swing Line Loans, their character as such.

 

“UCP”
means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of
Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of
issuance).

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to
time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK Resolution
Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.

 

“Unfunded
Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of ERISA,
over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to the Pension Funding Rules for the applicable plan year.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.4(h).

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“Write-Down
and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers
of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

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

 

“Yen”
and “¥” mean the lawful currency of Japan.

 

1.2       
Use of Defined Terms. Any defined term used in the plural shall refer to
all members of the relevant class, and any defined term used in the singular shall refer to any one or more of the members of the
relevant class.

 

1.3       
Accounting Terms.

 

(a)        All
accounting terms not specifically defined in this Agreement shall be construed in conformity with, and all financial data required
to be submitted by this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, except as otherwise
specifically prescribed herein, and including, for the avoidance of doubt, giving effect to FASB ASC 842 as adopted by Borrower.

 

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

 

(c)       Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any
financial covenant) contained herein, Indebtedness of Borrower and its Subsidiaries shall be deemed to be carried at 100% of the
outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

 

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

 

1.5       Exhibits and Schedules. All Exhibits and Schedules to this Agreement, either
as originally existing or as the same may from time to time be supplemented, modified or amended, are incorporated herein by this
reference. A matter disclosed on any Schedule shall be deemed disclosed on all Schedules.

 

1.6       Letter
of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at
any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided,
however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto,
provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed
to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether
or not such maximum stated amount is in effect at such time.

 

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1.7        Miscellaneous Terms. The term “or” is disjunctive; the term
 “and” is conjunctive. The term “shall” is mandatory; the term “may” is permissive. Masculine
terms also apply to females; feminine terms also apply to males. The term “including” is by way of example and not
limitation. Unless the context requires otherwise, any definition of or reference to any agreement, instrument or other document
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, refinanced,
replaced, exchanged or otherwise modified (subject to any restrictions on such amendments, supplements, refinancings, replacements,
exchanges or modifications set forth herein or in any other Loan Document).

 

1.8       Exchange Rates; Currency Equivalents. 

 

(a)       Administrative
Agent or the Issuing Lender, as the case may be, shall determine the Spot Rates as of each Revaluation Date to be used for calculating
Dollar Equivalent amounts of Extensions of Credit and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates
shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the
applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Borrower
hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency
(other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative
Agent or the Issuing Lender, as the case may be.

 

(b)       Wherever
in this Agreement in connection with a Revolving Credit (MC) Borrowing, Conversion, Continuation or prepayment of a Eurocurrency
Rate Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount,
is expressed in Dollars, but such Revolving Credit Borrowing or Eurocurrency Rate Loan or Letter of Credit is denominated in an
Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the
nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by Administrative Agent or
the Issuing Lender, as the case may be.

 

1.9       Additional
Alternative Currencies. 

 

(a)        Borrower may from time to time request that Revolving Credit (MC) Loans that are Eurocurrency Rate Loans be made and/or
Letters of Credit be issued in a currency other than those specifically listed in the definition of “Alternative Currency;”
provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable
and convertible into Dollars. In the case of any such request with respect to the making of Eurocurrency Rate Loans, such request
shall be subject to the approval of Administrative Agent and the Revolving Credit (MC) Lenders; and in the case of any such request
with respect to the issuance of Letters of Credit, such request shall be subject to the approval of Administrative Agent and the
Issuing Lender.

 

(b)       Any
such request shall be made to Administrative Agent not later than 11:00 a.m. (California time), 20 Business Days prior to the
date of the desired Extension of Credit (or such other time or date as may be agreed by the Administrative Agent and, in the
case of any such request pertaining to Letters of Credit, the Issuing Lender, in its or their sole discretion). In the case
of any such request pertaining to Eurocurrency Rate Loans, Administrative Agent shall promptly notify each Revolving Credit
(MC) Lender thereof; and in the case of any such request pertaining to Letters of Credit, Administrative Agent shall promptly
notify the Issuing Lender thereof. Each Revolving Credit (MC) Lender (in the case of any such request pertaining to
Eurocurrency Rate Loans) or the Issuing Lender (in the case of any such request pertaining to Letters of Credit) shall notify
Administrative Agent, not later than 11:00 a.m. (California time), ten Business Days after receipt of such request whether it
consents, in its sole discretion, to the making of Eurocurrency Rate Loans or the issuance of Letters of Credit, as the case
may be, in such requested currency.

 

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(c)         Any
failure by a Revolving Credit (MC) Lender or the Issuing Lender, as the case may be, to respond to such request within the time
period specified in subsection (b) above shall be deemed to be a refusal by such Lender or the Issuing Lender, as the case may
be, to permit Eurocurrency Rate Loans to be made or Letters of Credit to be issued in such requested currency. If Administrative
Agent and all the Revolving Credit (MC) Lenders consent to making Eurocurrency Rate Loans in such requested currency, Administrative
Agent shall so notify Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder
for purposes of any Revolving Credit (MC) Borrowings of Eurocurrency Rate Loans; and if Administrative and the Issuing Lender
consent to the issuance of Letters of Credit in such requested currency, Administrative Agent shall so notify Borrower and such
currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for purposes of any Letter of Credit
issuances. If Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section
1.9, Administrative Agent shall promptly so notify Borrower.

 

1.10    
Change of Currency. 

 

(a)       
Each obligation of Borrower to make a payment denominated in the national currency unit of any member state of the European
Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption.
If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect
of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual
of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the
date on which such member state adopts the Euro as its lawful currency; provided that if any Revolving Credit (MC) Borrowing
in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect
to such Revolving Credit (MC) Borrowing, at the end of the then current Interest Period.

 

(b)        Each provision of this Agreement pertaining to Alternative Currencies shall be subject to such reasonable changes of construction
as Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state
of the European Union and any relevant market conventions or practices relating to the Euro.

 

(c)       
Each provision of this Agreement pertaining to Alternative Currencies also shall be subject to such reasonable changes of
construction as Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any other
country and any relevant market conventions or practices relating to the change in currency.

 

1.11     
Interest Rates. The Administrative Agent does not warrant, nor accept responsibility,
nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related
to the rates in the definition of “Eurocurrency Rate” or with respect to any rate that is an alternative or replacement
for or successor to any of such rate (including, without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing,
or of any LIBOR Successor Rate Conforming Changes.

 

1.12      Division.
Any reference herein to a merger, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall
be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability
company (or the unwinding of such a division or allocation), as if it were a merger, amalgamation, consolidation, assignment,
sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability
company shall constitute a separate Person hereunder
(and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute
such a Person or entity).

 

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Section
2

COMMITMENTS; INTEREST, FEES AND PAYMENT PROCEDURES

 

2.1           Loans.

 

(a)           Revolving
Credit (USD) Loans. Subject to the terms and conditions set forth in this Agreement, each Revolving Credit (USD) Lender severally
agrees, to make, Convert and Continue Revolving Credit (USD) Loans to Borrower in Dollars during the Availability Period as Borrower
may request; provided, however, that after giving effect to any Revolving Credit (USD) Borrowing, (i) the aggregate
Total Revolving Credit (USD) Outstandings shall not exceed the Aggregate Revolving Credit (USD) Commitments and (ii) the Revolving
Credit (USD) Exposure of any Revolving Credit (USD) Lender shall not exceed such Lender’s Revolving Credit (USD) Commitment;
provided, further, that the Revolving Credit (USD) Commitments of Lenders shall be adjusted to give effect to any
assignments of the Revolving Credit (USD) Commitments pursuant to Section 10.6. Subject to the foregoing and other terms
and conditions hereof, Borrower may borrow, Convert, Continue, prepay and re-borrow Revolving Credit (USD) Loans as set forth
herein without premium or penalty.

 

(b)           Revolving
Credit (MC) Loans. Subject to the terms and conditions set forth in this Agreement, each Revolving Credit (MC) Lender severally
agrees, to make, Convert and Continue Revolving Credit (MC) Loans to Borrower in Dollars or in one or more Alternative Currencies
during the Availability Period with respect to the Revolving Credit (MC) Facility as Borrower may request; provided, however,
that after giving effect to any Revolving Credit (MC) Borrowing, (i) the aggregate Outstanding Amount of all Revolving Credit
(MC) Loans of all Revolving Credit (MC) Lenders shall not exceed the Aggregate Revolving Credit (MC) Commitments and (ii) the
aggregate Outstanding Amount of all Revolving Credit (MC) Loans of any Revolving Credit (MC) Lender shall not exceed such Lender’s
Revolving Credit (MC) Commitment; provided, further, that the Revolving Credit (MC) Commitments of Lenders shall
be adjusted to give effect to any assignments of the Revolving Credit (MC) Commitments pursuant to Section 10.6. Subject
to the foregoing and other terms and conditions hereof, Borrower may borrow, Convert, Continue, prepay and reborrow Revolving
Credit (MC) Loans as set forth herein without premium or penalty.

 

(c)           Evidence
of Debt. Loans made by each Lender shall be evidenced by one or more loan accounts or records maintained by such Lender in
the ordinary course of business. Upon the request of any Lender made through Administrative Agent, such Lender’s Loans may
be evidenced by one or more Notes, instead of or in addition to loan accounts. Each such Lender may endorse on the schedules annexed
to its Note(s) the date, amount, currency and maturity of its Loans and payments with respect thereto. Such loan accounts, records
or Notes shall be conclusive absent manifest error of the amount of such Loans and payments thereon. Any failure so to record
or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower to pay any amount owing with
respect to the Loans.

 

2.2           Borrowings,
Conversions and Continuations of Loans.

 

(a)            Borrower
may irrevocably request a Borrowing, Conversion or Continuation of Revolving Credit (USD) Loans or Revolving Credit (MC)
Loans, as the case may be, in a Minimum Amount therefor by delivering a duly completed Request for Extension of Credit
therefor by Requisite Notice to Administrative Agent not later than the Requisite Time therefor. Unless properly and timely
otherwise designated as set forth in the preceding sentence, (i) all requested Borrowings of Revolving Credit (USD) Loans or
Revolving Credit (MC) Loans shall be made as Base Rate Loans and (ii) on the last day of the Interest Period with respect to
any Eurocurrency Rate Loan, such Loan shall be automatically Converted into a Base Rate Loan; provided, however,
that in the case of a failure to timely request a Continuation of Revolving Credit (MC) Loans denominated in an Alternative
Currency, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with an Interest Period of one
month. If Borrower fails to specify a currency in a Request for Extension of Credit requesting a Revolving Credit (MC)
Borrowing, then the Revolving Credit (MC) Loans so requested shall be made in Dollars. No Revolving Credit (MC) Loan may be
Converted into or Continued as a Revolving Credit (MC) Loan denominated in a different currency, but instead must be prepaid
in the original currency of such Revolving Credit (MC) Loan and reborrowed in the other currency.

 

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(b)           Promptly
following receipt of a Request for Extension of Credit, Administrative Agent shall notify each Lender of the currency of such
Extension of Credit and its Pro Rata Share thereof by Requisite Notice. In the case of a Borrowing of Loans, each Lender shall
make its Loan available to Administrative Agent in Same Day Funds at Administrative Agent’s Office for the applicable currency
not later than the Requisite Time therefor (or, in the case of a Revolving Credit (MC) Loan in an Alternative Currency, not later
than the Applicable Time therefor) on the Business Day specified in such Request for Extension of Credit. Upon satisfaction or
waiver of the applicable conditions set forth in Section 4, all funds so received shall be made available to Borrower in
like funds received.

 

(c)           Administrative
Agent shall promptly notify Borrower and Lenders of the Eurocurrency Rate applicable to any Eurocurrency Rate Loan upon determination
thereof.

 

(d)           Unless Administrative Agent and the Requisite Revolving Credit (USD) Lenders otherwise consent, there shall not be more
than ten different Interest Periods in effect in respect of the Revolving Credit (USD) Facility at any one time. Unless Administrative
Agent and the Requisite Revolving Credit (MC) Lenders otherwise consent, there shall not be more than ten different Interest Periods
in effect in respect of the Revolving Credit (MC) Facility at any one time.

 

(e)           Without
limiting the requirements of Section 4.2, no Loans other than Base Rate Loans may be requested or continued during
the existence of an Event of Default. During the existence of an Event of Default, the Requisite Lenders may determine that any
or all of the then outstanding Eurocurrency Rate Loans shall be Converted to Base Rate Loans. Such Conversion shall be effective
upon notice to Borrower from Administrative Agent and shall continue so long as such Event of Default continues to exist. During
the existence of an Event of Default, the Requisite Revolving Credit (MC) Lenders may demand that any or all of the then outstanding
Eurocurrency Rate Loans denominated in an Alternative Currency be prepaid, or redenominated into Dollars in the amount of the
Dollar Equivalent thereof, on the last day of the then current Interest Period with respect thereto.

 

(f)            Subject to reallocation pursuant to Section 2.14 and 2.16, if a Loan is to be made on the same date that another
Loan of the same type and in the same currency is due and payable, Borrower or Lenders, as the case may be, shall make available
to Administrative Agent the net amount of funds giving effect to both such Loans and the effect for purposes of this Agreement
shall be the same as if separate transfers of funds had been made with respect to each such Loan.

 

(g)           The failure of any Lender to make any Loan on any date shall not relieve any other Lender of any obligation to make a Loan
on such date, but no Lender shall be responsible for the failure of any other Lender to so make its Loan.

 

(h)           Notwithstanding
anything to the contrary in this Agreement, any Lender may exchange, continue or rollover all of the portion of its Loans in
connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this
Agreement, pursuant to a cashless settlement mechanism approved by Borrower, the Administrative Agent, and such Lender.

 

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2.3           Swing Line.

 

(a)           Subject to the terms and conditions set forth herein, the Swing Line Lender may, in its sole discretion and in reliance
upon the agreements of the other Revolving Credit (USD) Lenders set forth in this Section 2.3, from time to time during
the Availability Period with respect to the Revolving Credit (USD) Facility, make Swing Line Loans to Borrower in Dollars in such
amounts as Borrower may request, provided that (i) after giving effect to any Swing Line Loan, the Swing Line Outstandings
do not exceed the Swing Line Sublimit and (ii) without the consent of all of Revolving Credit (USD) Lenders, no Swing Line Loan
may be made during the continuation of an Event of Default; provided, further, that after giving effect to any Swing
Line Loan, (x) the Total Revolving Credit (USD) Outstandings shall not exceed the Aggregate Revolving Credit (USD) Commitments,
and (y) the Revolving Credit (USD) Exposure of any Revolving Credit (USD) Lender shall not exceed such Lender’s Revolving
Credit (USD) Commitment; and provided, further, that the Swing Line Lender shall not make any Swing Line Loan to
refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, Borrower
may borrow, repay and reborrow under this Section. Unless notified to the contrary by the Swing Line Lender, Borrowings under the
Swing Line may be made in amounts which are integral multiples of $500,000 (“integral amount”) upon Requisite
Notice made to the Swing Line Lender not later than 1:00 p.m. California time. Promptly after receipt of such a request for Borrowing,
the Swing Line Lender shall obtain telephonic verification from Administrative Agent that, giving effect to such request, availability
for Loans will exist under Section 2.1(a) (and such verification shall be promptly confirmed in writing by facsimile or
other electronic means approved by the Swing Line Lender). Unless notified to the contrary by the Swing Line Lender, each repayment
of a Swing Line Loan shall be in an amount which is an integral multiple of the integral amount. The Swing Line Lender shall promptly
notify Administrative Agent of the Swing Line Outstandings each time there is a change therein.

 

(b)           Subject
to Section 2.7(c), Swing Line Loans shall bear interest at a fluctuating rate per annum equal to the Base Rate plus
the Applicable Margin or, if Borrower so requests, a fixed rate of interest quoted by Swing Line Lender and agreed to by Borrower,
for an interest period quoted by Swing Line Lender and agreed to by Borrower, but for a period not longer than ten Business Days,
payable on such dates, as may be specified by the Swing Line Lender and in any event on the Maturity Date. Interest on Swing Line
Loans shall be payable upon demand of the Swing Line Lender, and the Swing Line Lender shall be responsible for invoicing Borrower
for such interest. The interest payable on Swing Line Loans is solely for the account of the Swing Line Lender, until each Revolving
Credit (USD) Lender funds its Base Rate Loan or risk participation pursuant to subsection (d) or (e) below.

 

(c)           Each
Swing Line Loan shall be payable (and Borrower agrees to repay) on the earlier of demand made by the Swing Line Lender or the
tenth Business Day after the funding of the Swing Line Loan.

 

(d)           Upon the making of a Swing Line Loan, each Revolving Credit (USD) Lender shall be deemed to have purchased from the Swing
Line Lender a participation therein in an amount equal to that Revolving Credit (USD) Lender’s Pro Rata Revolving Credit
(USD) Share times the amount of the Swing Line Loan. Upon demand made by the Swing Line Lender, each Revolving Credit (USD)
Lender shall, according to its Pro Rata Revolving Credit (USD) Share, promptly provide to the Swing Line Lender its purchase price
therefor in an amount equal to its participation therein. The obligation of each Revolving Credit (USD) Lender to so provide its
purchase price to the Swing Line Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default,
an Event of Default or any other occurrence or event.

 

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(e)           In the event that any Swing Line Loan is outstanding for more than ten Business Days, then on the next Business Day (unless
Borrower has made other arrangements acceptable to the Swing Line Lender to repay the Swing Line Loan), Borrower shall request
a Revolving Credit (USD) Loan in a Minimum Amount necessary to repay the Swing Line Loan in full. In the event that Borrower fails
to request a Revolving Credit (USD) Loan within the Requisite Time therefor, Administrative Agent may, but is not required to,
without notice to or the consent of Borrower, cause Revolving Credit (USD) Loans that are Base Rate Loans to be made by Revolving
Credit (USD) Lenders in the Minimum Amount necessary to repay the Swing Line Loan in full and, for this purpose, the conditions
precedent set forth in Section 4 shall not apply. The proceeds of such Revolving Credit (USD) Loans shall be paid to the
Swing Line Lender for application to the applicable Swing Line Loan. Upon demand made by the Swing Line Lender, each Revolving
Credit (USD) Lender shall promptly fund its respective Pro Rata Revolving Credit (USD) Share of Revolving Credit (USD) Loans as
required to repay Swing Line Loans outstanding to the Swing Line Lender. The obligation of each Revolving Credit (USD) Lender
to make such Revolving Credit (USD) Loans shall be absolute and unconditional and shall not be affected by the occurrence of a
Default, an Event of Default or any other occurrence or event.

 

2.4           Letters of Credit.

 

(a)           Subject to the terms and conditions set forth herein, (i) the Issuing Lender agrees, in reliance upon the agreements of
Revolving Credit (USD) Lenders set forth in this Section 2.4, to (x) from time to time on any Business Day during the period
from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or an Alternative
Currency for the account of Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in
accordance with this Section, and (y) to honor drawings under the Letters of Credit; and (ii) the Revolving Credit (USD) Lenders
severally agree to participate in Letters of Credit issued for the account of Borrower or its Subsidiaries and any drawings thereunder;
provided that after giving effect to any Letter of Credit Extension with respect to any Letter of Credit (x) the Total Revolving
Credit (USD) Outstandings shall not exceed the Aggregate Revolving Credit (USD) Commitments, (y) the Revolving Credit (USD) Exposure
of any Revolving Credit (USD) Lender shall not exceed such Lender’s Revolving Credit (USD) Commitment, and (z) the Outstanding
Amount of the Letter of Credit Usage shall not exceed the Letter of Credit Sublimit. Each Letter of Credit shall be in a form acceptable
to the Issuing Lender. The term of a Letter of Credit shall not exceed the Letter of Credit Expiration Date unless (A) the Revolving
Credit (USD) Lenders and the Issuing Lender have approved the expiry date of such Letter of Credit, which expiry date shall be
no later than 180 days after the Letter of Credit Expiration Date, and (B) the Issuing Lender has entered into arrangements, including
the delivery of Cash Collateral, satisfactory to the Issuing Lender (in its sole discretion) with Borrower with respect to such
Letter of Credit (it being understood that the obligation of a Revolving Credit (USD) Lender to participate in any Letter of Credit
Usage with respect to any Letter of Credit so issued shall not extend beyond the Letter of Credit Expiration Date absent the express
written consent of such Lender to the contrary). Each commercial Letter of Credit will require drafts drawn at sight.

 

(b)           Borrower
may irrevocably request the issuance, supplement, modification, amendment, renewal, or extension of a Letter of Credit by
delivering a duly completed Letter of Credit Application therefor to the Issuing Lender, with a copy to Administrative Agent,
by Requisite Notice not later than the Requisite Time therefor; provided, however, that for such requests the
Requisite Notice must be in writing. In the case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the Issuing Lender: (A) the proposed issuance date of the
requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name
and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing
thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G)
the purpose and nature of the requested Letter of Credit; and (H) such other matters as the Issuing Lender may require. In
the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify
in form and detail satisfactory to the Issuing Lender: (A) the Letter of Credit to be amended; (B) the proposed date of
amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as
the Issuing Lender may require. Additionally, Borrower shall furnish to the Issuing Lender and the Administrative Agent such
other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer
Documents, as the Issuing Lender or the Administrative Agent may require. This Agreement shall control in the event of any
conflict with any Issuer Document.

 

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(c)           Promptly after receipt of any Letter of Credit Application, the Issuing Lender will confirm with the Administrative Agent
(by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from Borrower
and, if not, the Issuing Lender will provide the Administrative Agent with a copy thereof. Unless the Issuing Lender has received
written notice from any Revolving Credit (USD) Lender, the Administrative Agent or Borrower, at least one Business Day prior to
the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Section 4.2 shall not then be satisfied, then, subject to the terms and conditions hereof, the Issuing Lender shall,
on the requested date, issue a Letter of Credit for the account of Borrower (or the applicable Subsidiary) or enter into the applicable
amendment, as the case may be, in each case in accordance with the Issuing Lender’s usual and customary business practices.
Immediately upon the issuance of each Letter of Credit, each Revolving Credit (USD) Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the Issuing Lender a risk participation in such Letter of Credit in an amount equal
to the product of such Lender’s Pro Rata Revolving Credit (USD) Share times the amount of such Letter of Credit.

 

(d)           The
Issuing Lender shall not be under any obligation to issue any Letter of Credit if: (i) any order, judgment or decree of any Governmental
Authority or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender from issuing the Letter of Credit,
or any Law applicable to the Issuing Lender or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance
of letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing Lender with respect to the
Letter of Credit any restriction, reserve or capital requirement (for which the Issuing Lender is not otherwise compensated hereunder)
not in effect on the Effective Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was
not applicable on the Effective Date and which the Issuing Lender in good faith deems material to it; (ii) the issuance of the
Letter of Credit would violate one or more policies of the Issuing Lender applicable to letters of credit generally; (iii) the
Letter of Credit is to be denominated in a currency other than Dollars or an Alternative Currency approved by the Issuing Lender;
(iv) any Revolving Credit (USD) Lender is at that time a Defaulting Lender, unless the Issuing Lender has entered into arrangements,
including the delivery of Cash Collateral, satisfactory to the Issuing Lender (in its sole discretion) with Borrower or such Lender
to eliminate the Issuing Lender’s actual or potential Fronting Exposure (after giving effect to Section 2.16(a)(iv))
with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit
and all other Letter of Credit Usage as to which the Issuing Lender has actual or potential Fronting Exposure, as it may elect
in its sole discretion; (v) the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after
any drawing thereunder; or (vi) the Issuing Lender does not as of the issuance date of the requested Letter of Credit issue Letters
of Credit in the requested currency.

 

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

 

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(f)            The
Issuing Lender shall act on behalf of the Revolving Credit (USD) Lenders with respect to any Letters of Credit issued by it and
the documents associated therewith, and the Issuing Lender shall have all of the benefits and immunities (i) provided to the Administrative
Agent in Section 9 with respect to any acts taken or omissions suffered by the Issuing Lender in connection with Letters
of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if
the term “Administrative Agent” as used in Section 9 included the Issuing Lender with respect to such acts
or omissions, and (ii) as additionally provided herein with respect to the Issuing Lender. Without limitation of the foregoing,
each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, the Issuing Lender shall not have any responsibility
to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or
to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering
any such document. None of the Issuing Lender, the Administrative Agent, any of their respective Related Parties nor any correspondent,
participant or assignee of the Issuing Lender shall be liable to any Lender for (i) any action taken or omitted in connection
herewith at the request or with the approval of the Revolving Credit (USD) Lenders or the Requisite Revolving Credit (USD) Lenders,
as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Borrower
hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights and remedies
as it may have against the beneficiary or transferee at law or under any other agreement.

 

(g)           If Borrower so requests in any applicable Letter of Credit Application, the Issuing Lender may, in its sole discretion,
agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the Issuing Lender to prevent any such extension at least
once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the
beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month
period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Lender, Borrower
shall not be required to make a specific request to the Issuing Lender for any such extension. Once an Auto-Extension Letter of
Credit has been issued, the Revolving Credit (USD) Lenders shall be deemed to have authorized (but may not require) the Issuing
Lender to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration
Date; provided, however, that the Issuing Lender shall not permit any such extension if (A) the Issuing Lender has
determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as extended) under the
terms hereof, or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Requisite Revolving Credit (USD) Lenders have
elected not to permit such extension or (2) from the Administrative Agent, any Revolving Credit (USD) Lender or Borrower that one
or more of the applicable conditions specified in Section 4.2 is not then satisfied, and in each such case directing the
Issuing Lender not to permit such extension.

 

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(h)           Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Lender
shall notify Borrower and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency,
Borrower shall reimburse the Issuing Lender in such Alternative Currency, unless (i) the Issuing Lender (at its option) shall
have specified in such notice that it will require reimbursement in Dollars, or (ii) in the absence of any such requirement for
reimbursement in Dollars, Borrower shall have notified the Issuing Lender promptly following receipt of the notice of drawing
that Borrower will reimburse the Issuing Lender in Dollars. In the case of any such reimbursement in Dollars of a drawing under
a Letter of Credit denominated in an Alternative Currency, the Issuing Lender shall notify Borrower of the Dollar Equivalent of
the amount of the drawing promptly following the determination thereof. Not later than 11:00 a.m. California time on the date
of any payment by the Issuing Lender under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date
of any payment by the Issuing Lender under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an
 “Honor Date”), Borrower shall reimburse the Issuing Lender through the Administrative Agent in an amount
equal to the amount of such drawing and in the applicable currency. In the event that (A) a drawing or payment denominated in
an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.4(h) and (B) the
Dollar amount paid by Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase
in accordance with normal banking procedures a sum denominated in an Alternative Currency equal to the drawing or payment, Borrower
agrees, as a separate and independent obligation, to indemnify the Issuing Lender for the loss resulting from its inability on
that date to purchase such Alternative Currency in the full amount of the drawing or payment. If Borrower fails to so reimburse
the Issuing Lender by such time, the Administrative Agent shall promptly notify each Revolving Credit (USD) Lender of the Honor
Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Equivalent thereof in the case of a Letter
of Credit denominated in an Alternative Currency) the “Unreimbursed Amount”), and the amount of such
Lender’s Pro Rata Revolving Credit (USD) Share thereof. In such event, Borrower shall be deemed to have requested a Revolving
Credit (USD) Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without
regard to the minimum and multiples specified in Section 2.2 for the principal amount of Base Rate Loans, but subject to
the amount of the unutilized portion of the Aggregate Revolving Credit (USD) Commitments and the conditions set forth in Section
4.2 (other than the delivery of a Request for Extension of Credit). Any notice given by the Issuing Lender or the Administrative
Agent pursuant to this Section 2.4(h) may be given by telephone if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. Each Revolving
Credit (USD) Lender shall upon any notice pursuant to this Section 2.4(h) make funds available (and the Administrative
Agent may apply Cash Collateral provided for this purpose) for the account of the Issuing Lender at the Administrative Agent’s
Office for Dollar-denominated payments in an amount equal to its Pro Rata Revolving Credit (USD) Share of the Unreimbursed Amount
not later than 1:00 p.m. California time on the Business Day specified in such notice by the Administrative Agent, whereupon,
subject to the provisions of Section 2.4(i), each Revolving Credit (USD) Lender that so makes funds available shall be
deemed to have made a Revolving Credit (USD) Loan that is a Base Rate Loan to Borrower in such amount. The Administrative Agent
shall remit the funds so received to the Issuing Lender. Until each Revolving Credit (USD) Lender funds its Revolving Credit (USD)
Loan or Letter of Credit Advance pursuant to this Section 2.4(h) to reimburse the Issuing Lender for any amount drawn under
any Letter of Credit, interest in respect of such Lender’s Pro Rata Revolving Credit (USD) Share of such amount shall be
solely for the account of the Issuing Lender.

 

(i)            With
respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit (USD) Borrowing of Base Rate Loans because
the conditions set forth in Section 4.2 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred
from the Issuing Lender a Letter of Credit Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which
Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default
Rate. In such event, each Revolving Credit (USD) Lender’s payment to the Administrative Agent for the account of the Issuing
Lender pursuant to Section 2.4(h) shall be deemed payment in respect of its participation in such Letter of Credit Borrowing
and shall constitute a Letter of Credit Advance from such Lender in satisfaction of its participation obligation under this Section
2.4.

 

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(j)            Each
Revolving Credit (USD) Lender’s obligation to make Revolving Credit (USD) Loans or Letter of Credit Advances to reimburse
the Issuing Lender for amounts drawn under Letters of Credit, as contemplated by this Section 2.4, shall be absolute and
unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other
right which such Lender may have against the Issuing Lender, Borrower or any other Person for any reason whatsoever; (B) the occurrence
or continuance of a Default or an Event of Default, or (C) any other occurrence, event or condition, whether or not similar to
any of the foregoing; provided, however, that each Revolving Credit (USD) Lender’s obligation to make Revolving
Credit (USD) Loans pursuant to this Section 2.4 is subject to the conditions set forth in Section 4.2 (other than
delivery by Borrower of a Request for Extension of Credit). No such making of a Letter of Credit Advance shall relieve or otherwise
impair the obligation of Borrower to reimburse the Issuing Lender for the amount of any payment made by the Issuing Lender under
any Letter of Credit, together with interest as provided herein.

 

(k)           If
any Revolving Credit (USD) Lender fails to make available to the Administrative Agent for the account of the Issuing Lender any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.4 by the time specified
in Section 2.4(h), then, without limiting the other provisions of this Agreement, the Issuing Lender shall be entitled
to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period
from the date such payment is required to the date on which such payment is immediately available to the Issuing Lender at a rate
per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees
customarily charged by the Issuing Lender in connection with the foregoing. If such Revolving Credit (USD) Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit (USD) Loan included
in the relevant Revolving Credit (USD) Borrowing or Letter of Credit Advance in respect of the relevant Letter of Credit Borrowing,
as the case may be. A certificate of the Issuing Lender submitted to any Revolving Credit (USD) Lender (through the Administrative
Agent) with respect to any amounts owing under this Section shall be conclusive absent manifest error.

 

(l)            The obligation of Borrower to pay to the Issuing Lender the amount of any payment made by the Issuing Lender under any Letter
of Credit shall be absolute, unconditional, and irrevocable. Without limiting the foregoing, Borrower’s obligations shall
not be affected by any of the following circumstances:

 

(i)            any lack of validity or enforceability of the Letter of Credit, this Agreement, or any other agreement or instrument relating
thereto;

 

(ii)           any
amendment or waiver of or any consent to departure from the Letter of Credit, this Agreement, or any other agreement or instrument
relating thereto, with the consent of Borrower;

 

(iii)          the
existence of any claim, set-off, defense, or other rights which Borrower may have at any time against the Issuing Lender, Administrative
Agent or any Lender, any beneficiary of the Letter of Credit (or any persons or entities for whom any such beneficiary may be
acting) or any other Person, whether in connection with the Letter of Credit, this Agreement, or any other agreement or instrument
relating thereto, or any unrelated transactions;

 

(iv)          any
demand, statement, or any other document presented under the Letter of Credit proving to be forged, fraudulent, invalid, or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect whatsoever so long as any such document appeared
to comply with the terms of the Letter of Credit;

 

(v)           payment
by the Issuing Lender in good faith under the Letter of Credit against presentation of a draft or any accompanying document which
does not strictly comply with the terms of the Letter of Credit;

 

(vi)         the
existence, character, quality, quantity, condition, packing, value or delivery of any Property purported to be represented by
documents presented in connection with any Letter of Credit or for any difference between any such Property and the
character, quality, quantity, condition, or value of such Property as described in such documents;

 

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(vii)         the
time, place, manner, order or contents of shipments or deliveries of Property as described in documents presented in connection
with any Letter of Credit or the existence, nature and extent of any insurance relative thereto;

 

(viii)        the solvency or financial responsibility of any party issuing any documents in connection with a Letter of Credit;

 

(ix)           any
failure or delay in notice of shipments or arrival of any Property;

 

(x)            any
error in the transmission of any message relating to a Letter of Credit not caused by the Issuing Lender, or any delay or interruption
in any such message;

 

(xi)           any error, neglect or default of any correspondent of the Issuing Lender in connection with a Letter of Credit;

 

(xii)          any
consequence arising from acts of God, wars, insurrections, civil unrest, disturbances, labor disputes, emergency conditions or
other causes beyond the control of the Issuing Lender;

 

(xiii)         so
long as the Issuing Lender in good faith determines that the document appears to comply with the terms of the Letter of Credit,
the form, accuracy, genuineness or legal effect of any contract or document referred to in any document submitted to the Issuing
Lender in connection with a Letter of Credit;

 

(xiv)        any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to Borrower or any Subsidiary
or in the relevant currency markets generally; and

 

(xv)         where
the Issuing Lender has acted in good faith and observed general banking usage, any other circumstances whatsoever.

 

(m)         Unless
otherwise expressly agreed by the Issuing Lender and Borrower when a Letter of Credit is issued (including any such agreement
applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the
rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the Issuing Lender shall not
be responsible to Borrower for, and the Issuing Lender’s rights and remedies against Borrower shall not be impaired by,
any action or inaction of the Issuing Lender required or permitted under any law, order, or practice that is required or permitted
to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Issuing Lender
or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements,
or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial
Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit
chooses such law or practice.

 

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(n)           Borrower
shall pay directly to the Issuing Lender for its own account a fronting fee (i) with respect to each commercial Letter of Credit,
at the rate specified in the Bank of America Fee Letter, computed on the Dollar Equivalent of the amount of such Letter of Credit,
and payable upon the issuance thereof, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount
of such Letter of Credit, at a rate separately agreed between Borrower and the Issuing Lender, computed on the Dollar Equivalent
of the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter
of Credit, at the rate per annum specified in the Bank of America Fee Letter, computed on the Dollar Equivalent of the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. The fronting fee with respect to any standby
Letter of Credit shall be due and payable on the tenth Business Day after the end of each March, June, September and December
in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with
the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter
on demand. Borrower shall also pay to Administrative Agent, for the ratable account of the Revolving Credit (USD) Lenders in accordance
with their Pro Rata Revolving Credit (USD) Shares, a Letter of Credit fee (the “Letter of Credit Fee”)
for each Letter of Credit in an amount equal to the Applicable Margin times the Dollar Equivalent of the daily maximum
amount available to be drawn on such outstanding Letter of Credit; provided, however, any Letter of Credit Fees
otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit shall be subject to adjustment as
set forth in Section 2.16(a)(iii). Letter of Credit Fees shall be (i) due and payable on the first Business Day after the
end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter
of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.
Borrower shall also pay to the Issuing Lender for its own account, from time to time on demand, the Issuing Lender’s standard
processing fees, costs and charges with respect to Letters of Credit. The Letter of Credit fronting fees and the Letter of Credit
Fees are nonrefundable. Notwithstanding anything to the contrary contained herein, upon the request of the Requisite Revolving
Credit (USD) Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

(o)           As
of the Effective Date, Bank of America has issued for the account of Borrower certain existing letters of credit listed on Schedule
2.4 hereto (collectively, the “Existing Letters of Credit”). On the Effective Date, all Existing
Letters of Credit shall be deemed to have been issued pursuant hereto and each Revolving Credit (USD) Lender shall be deemed to
have purchased a participation in the Existing Letters of Credit in the same manner as if the Existing Letters of Credit had been
a Letter of Credit issued hereunder.

 

(p)           Notwithstanding
that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary,
Borrower shall be obligated to reimburse the Issuing Lender hereunder for any and all drawings under such Letter of Credit. Borrower
hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of Borrower,
and that Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

2.5           Prepayments.

 

(a)           Upon
Requisite Notice to Administrative Agent not later than the Requisite Time therefor, Borrower may at any time and from time to
time voluntarily prepay Revolving Credit (USD) Loans or Revolving Credit (MC) Loans in whole or in part, without premium or penalty
(other than under Section 3.5), in the Minimum Amount therefor. Administrative Agent will promptly notify each Revolving
Credit (USD) Lender or Revolving Credit (MC) Lender, as the case may be, thereof and of such Lender’s Pro Rata Share of
such prepayment.

 

(b)           If
for any reason the Total Revolving Credit (USD) Outstandings exceed the Aggregate Revolving Credit (USD) Commitments as in effect
or as reduced or because of any limitation set forth in this Agreement or otherwise, Borrower shall immediately prepay Revolving
Credit (USD) Loans or Swing Line Loans and/or deposit Cash Collateral to be held by Administrative Agent in an interest-bearing
cash collateral account as collateral for Letter of Credit Usage hereunder in an aggregate amount equal to such excess.

 

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(c)           If for any reason the Outstanding Amount of all Revolving Credit (MC) Loans exceeds an amount equal to the Aggregate Revolving
Credit (MC) Commitments as in effect or as reduced or because of any limitation set forth in this Agreement or otherwise, Borrower
shall immediately prepay Revolving Credit (MC) Loans in an aggregate amount equal to such excess.

 

(d)           Any
prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest thereon, together with the costs set forth
in Section 3.5.

 

2.6           Voluntary
Reduction or Termination of Revolving Credit (USD Commitments / Revolving Credit (MC) Commitments.
Upon Requisite Notice to Administrative Agent not later than the Requisite Time therefor, Borrower shall have the right, at any
time and from time to time, without penalty or charge, to permanently and irrevocably reduce the Aggregate Revolving Credit (USD)
Commitments or Aggregate Revolving Credit (MC) Commitments in a Minimum Amount therefor, or terminate the Aggregate Revolving
Credit (USD) Commitments or Aggregate Revolving Credit (MC) Commitments, provided, that Borrower shall not terminate or
reduce (a) the Aggregate Revolving Credit (USD) Commitments if, after giving effect thereto and any concurrent prepayment hereunder
and completion of arrangements made with respect to Letters of Credit approved by the Issuing Lender and the Administrative Agent,
(i) the Total Revolving Credit (USD) Outstandings would exceed the Aggregate Revolving Credit (USD) Commitments, (ii) the Outstanding
Amount of Letter of Credit Usage would exceed the Letter of Credit Sublimit or (iii) the Outstanding Amount of Swing Line Loans
would exceed the Swing Line Sublimit or (b) the Aggregate Revolving Credit (MC) Commitments if, after giving effect thereto and
any concurrent prepayment hereunder, the aggregate Outstanding Amount of Revolving Credit (MC) Loans of all Revolving Credit (MC)
Lenders would exceed the Aggregate Revolving Credit (MC) Commitments. Administrative Agent shall promptly notify Lenders of any
request for reduction or termination of the Aggregate Revolving Credit (USD) Commitments or Aggregate Revolving Credit (MC) Commitments
under this Section. Each Revolving Credit (USD) Lender’s Revolving Credit (USD) Commitment or each Revolving Credit (MC)
Lender’s Revolving Credit (MC) Commitment, as the case may be, shall be reduced by an amount equal to such Lender’s
Pro Rata Share with respect to the applicable Facility times the amount of such reduction. All fees accrued until the effective
date of any termination of the Aggregate Revolving Credit (USD) Commitments or Aggregate Revolving Credit (MC) Commitments, as
the case may be, shall be paid on the effective date of such termination.

 

2.7           Principal and Interest.

 

(a)            Revolving Credit (USD) Loans / Revolving Credit (MC) Loans. If not sooner paid, Borrower shall pay to (i) the Revolving
Credit (USD) Lenders the aggregate outstanding principal amount of all Revolving Credit (USD) Loans on the Maturity Date and (ii)
the Revolving Credit (MC) Lenders the aggregate outstanding principal amount of all Revolving Credit (MC) Loans on the Maturity
Date.

 

(b)           Interest.
Subject to subsection (c) below, Borrower agrees to pay interest on the unpaid principal amount of the Loans (before and after
default, before and after maturity, before and after judgment, and before and after the commencement of any proceeding under any
Debtor Relief Law) from the date borrowed until paid in full (whether by acceleration or otherwise) (i) in the case of Base Rate
Loans (other than Swing Line Loans), on each Interest Payment Date therefor at a rate per annum equal to the Base Rate plus the
Applicable Margin, (ii) in the case of Eurocurrency Rate Loans, on each Interest Payment Date therefor at the Eurocurrency Rate
for the applicable Interest Period plus the Applicable Margin and (iii) in the case of Swing Line Loans, at such times and at
such rates as set forth in Section 2.3.

 

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(c)           Default Rate. If (i) any amount payable by Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods) or (ii) upon the occurrence and during the continuance of any Event of Default occurring under
clauses (a), (b) or (i) of Section 8.1, the outstanding amount payable (in the case of clause (i) above) or all outstanding
Obligations (in the case of clause (ii) above) shall thereafter bear interest at a fluctuating interest rate per annum at all
times equal to the Default Rate to the fullest extent permitted by applicable Laws; provided that this subsection (c) shall
not apply to any Event of Default after the date that such Event of Default has been remedied or has been waived by the Lenders
pursuant to Section 10.4.

 

(d)           Canadian
Provisions. For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated
on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar
year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest
or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed
year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (iii) the
rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.

 

2.8           Fees.

 

(a)           Commitment
Fee.

 

(i)            Revolving
Credit (USD) Facility. Borrower agrees to pay to Administrative Agent for the account of each Revolving Credit (USD) Lender
pro rata according to its Pro Rata Revolving Credit (USD) Share, a commitment fee in Dollars equal to the Applicable Margin times
the actual daily amount by which the Aggregate Revolving Credit (USD) Commitments exceed the Total Revolving Credit (USD) Outstandings
(excluding Swing Line Loans), subject to adjustment as provided in Section 2.16. The commitment fee shall accrue at all
times from the Effective Date until the Maturity Date and shall be payable quarterly in arrears on each Quarterly Payment Date.
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Margin during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Margin separately for each period during such quarter
that such Applicable Margin was in effect. The commitment fee shall accrue at all times, including at any time during which one
or more conditions in Section 4 are not met.

 

(ii)           Revolving
Credit (MC) Facility. Borrower agrees to pay to Administrative Agent for the account of each Revolving Credit (MC) Lender
pro rata according to its Pro Rata Share with respect to the Revolving Credit (MC) Facility, a commitment fee in Dollars equal
to the Applicable Margin times the actual daily amount by which the Aggregate Revolving Credit (MC) Commitments exceed the aggregate
Outstanding Amount of Revolving Credit (MC) Loans of all Revolving Credit (MC) Lenders, subject to adjustment as provided in Section
2.16. The commitment fee shall accrue at all times from the Effective Date until the Maturity Date and shall be payable quarterly
in arrears on each Quarterly Payment Date. The commitment fee shall be calculated quarterly in arrears, and if there is any change
in the Applicable Margin during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Margin
separately for each period during such quarter that such Applicable Margin was in effect. The commitment fee shall accrue at all
times, including at any time during which one or more conditions in Section 4 are not met.

 

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(b)           Other
Fees. Borrower shall pay to the Arrangers, Administrative Agent and the Issuing Lender for their own respective accounts
(or, to the extent specified in the Bank of America Fee Letter, for the account of Lenders) fees in the amounts and at the
times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

 

2.9           Computation of Interest and Fees; Retroactive Adjustments of Applicable Margin.

 

(a)           Computation
of Interest and Fees. Computation of interest on Base Rate Loans (including Base Rate Loans determined by reference to the
Eurocurrency Rate) shall be calculated on the basis of a year of 365 or 366 days, as the case may be, and the actual number of
days elapsed; computation of interest on all other types of Loans and Obligations and all fees under this Agreement shall be calculated
on the basis of a year of 360 days and the actual number of days elapsed, which results in a higher yield to Lenders than a method
based on a year of 365 or 366 days or, in the case of interest in respect of Revolving Credit (MC) Loans denominated in Alternative
Currencies as to which market practice differs from the foregoing, in accordance with such market practice. Interest shall accrue
on each Loan for the day on which the Loan is made; interest shall not accrue on a Loan, or any portion thereof, for the day on
which the Loan or such portion is paid. Any Loan that is repaid on the same day on which it is made shall bear interest for one
day. Notwithstanding anything in this Agreement to the contrary, interest in excess of the maximum amount permitted by applicable
Laws shall not accrue or be payable hereunder, and any amount paid as interest hereunder which would otherwise be in excess of
such maximum permitted amount shall instead be treated as a payment of principal. With respect to all Non-LIBOR Quoted Currencies,
the calculation of the applicable interest rate shall be determined in accordance with market practice.

 

(b)           Retroactive
Adjustments of Applicable Margin. If, as a result of any restatement of or other adjustment to the financial statements of
Borrower or for any other reason, Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as calculated by Borrower
as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in
higher pricing for such period, Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for
the account of the applicable Lenders or the Issuing Lender, as the case may be, promptly on demand by the Administrative Agent
(or, after the occurrence of an actual or deemed entry of an order for relief with respect to Borrower under the Bankruptcy Code
of the United States, automatically and without further action by the Administrative Agent, any Lender or the Issuing Lender),
an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of
interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent, any Lender
or the Issuing Lender, as the case may be, under Section 2.4(i), 2.4(n) or 2.7(c) or under Section 8.
Borrower’s obligations under this paragraph shall survive the termination of the Aggregate Commitments and the repayment
of all other Obligations hereunder.

 

2.10         Payments
Generally; Administrative Agent’s Clawback.

 

(a)           All
payments to be made by Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense,
recoupment or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans
denominated in an Alternative Currency, all payments by Borrower hereunder shall be made to the Administrative Agent, for the
account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars
and in Same Day Funds not later than the Requisite Time on the date specified herein. Except as otherwise expressly provided herein,
all payments by Borrower hereunder with respect to principal and interest on Revolving Credit (MC) Loans denominated in an Alternative
Currency shall be made to Administrative Agent, for the account of the respective Revolving Credit (MC) Lenders to which such
payment is owed, at the applicable Administrative Agent’s Office in such Alternative Currency and in Same Day Funds not
later than the Applicable Time specified by Administrative Agent on the dates specified herein. Without limiting the generality
of the foregoing, Administrative Agent may require that any payments due under this Agreement be made in the United States. If,
for any reason, Borrower is prohibited by any Law from making any required payment hereunder in an Alternative Currency, Borrower
shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative Agent
will promptly distribute to each Lender any such payment made by Borrower for the account of Lenders such Lender’s Pro Rata
Share in respect of the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received
by wire transfer to such Lender’s Lending Office. All payments received (i) after such Requisite Time, in the case of payments
in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent, in the case of payments in an Alternative
Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue
to accrue.

 

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(b)           Upon satisfaction of any applicable terms and conditions set forth herein, Administrative Agent shall promptly make any
amounts received in accordance with the prior subsection available in like funds received, if payable to Borrower, by crediting
a deposit account maintained by Borrower with Bank of America, as from time to time designated by Borrower by written notification
to Administrative Agent. Administrative Agent’s determination, or any Lender’s determination not contradictory thereto,
of any amount payable hereunder shall be conclusive in the absence of manifest error.

 

(c)           Subject
to the definition of “Interest Period,” if any payment to be made by Borrower shall come due on a day other than a
Business Day, payment shall instead be considered due on the next succeeding Business Day and the extension of time shall be reflected
in computing interest and fees.

 

(d)           Unless
Borrower or any Lender have notified Administrative Agent prior to the time any payment to be made by them is due, that they do
not intend to remit such payment, Administrative Agent may, in its discretion, assume that Borrower or Lender, as the case may
be, have timely remitted such payment and may, in its discretion and in reliance thereon, make available such payment to the Person
entitled thereto. If such payment was not in fact remitted to Administrative Agent, then:

 

(i)            if Borrower failed to make such payment, each Lender shall forthwith on demand repay to Administrative Agent the amount
of such assumed payment made available to such Lender, together with interest thereon in respect of each day from and including
the date such amount was made available by Administrative Agent to such Lender to the date such amount is repaid to Administrative
Agent at the Overnight Rate; and

 

(ii)           if any Lender failed to make such payment, Administrative Agent shall be entitled to recover such corresponding amount on
demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand
therefor, Administrative Agent promptly shall notify Borrower, and Borrower shall pay such corresponding amount to Administrative
Agent. Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect
of each day from the date such corresponding amount was made available by Administrative Agent or Borrower to the date such corresponding
amount is recovered by Administrative Agent, (A) from such Lender at a rate per annum equal to the Overnight Rate, and (B) from
Borrower, at a rate per annum equal to the interest rate applicable to such Borrowing. Nothing herein shall be deemed to relieve
any Lender from its obligation to fulfill its Commitments or to prejudice any rights which Administrative Agent or Borrower may
have against any Lender as a result of any default by such Lender hereunder.

 

2.11         Funding Sources. Nothing in this Agreement shall be deemed to obligate any
Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that
it has obtained or will obtain the funds for any Loan in any particular place or manner.

 

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2.12         Automatic Deduction. On each date when the payment of any principal, interest
or fees are due hereunder or under any Note, Borrower agrees to maintain on deposit in an ordinary checking account maintained
by Borrower with Administrative Agent (as such account shall be designated by Borrower in a written notice to Administrative Agent
from time to time, the “Borrower Account”) an amount sufficient to
pay such principal, interest or fees in full. Borrower hereby authorizes Administrative Agent (i) to deduct automatically all
interest or fees when due hereunder or under the Notes from Borrower Account, and (ii) if and to the extent any payment under
this Agreement or any other Loan Document is not made when due, to deduct automatically any such amount from any or all of the
accounts of Borrower maintained with Administrative Agent. Administrative Agent agrees to provide timely notice to Borrower of
any automatic deduction made pursuant to this Section 2.12.

 

2.13         Obligations
of Lenders Several. The obligations of Lenders hereunder to make Revolving Credit (USD)
Loans and Revolving Credit (MC) Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant
to Section 10.4(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation
or to make any payment under Section 10.4(c) on any date required hereunder shall not relieve any other Lender of its corresponding
obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan,
to purchase its participation or to make its payment under Section 10.4(c).

 

2.14         Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of setoff or
counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any of the Facilities due and payable
to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the
proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of
the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at
such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder
and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any
of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in
excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and
payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but
not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the
Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan
Documents at such time obtained by all of the Lenders at such time, then, in each case under clauses (a) and (b) above, the
Lender receiving such greater proportion shall (A) notify Administrative Agent of such fact, and (B) purchase (for cash at
face value) participations in the Loans and sub-participations in Letter of Credit Usage and Swing Line Loans of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable
to the Lenders or owing (but not due and payable) to the Lenders, as the case may be; provided that:

 

(i)            if any such participations or sub-participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or sub-participations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(ii)           the
provisions of this Section shall not be construed to apply to (x) any payment by Borrower pursuant to and in accordance with
the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender),
(y) the application of Cash Collateral provided for in Section 2.17, or (z) any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or sub-participations in Letter of Credit
Usage or Swing Line Loans to any assignee or participant other than to Borrower or any of its Subsidiaries (as to which the
provisions of this Section apply).

 

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2.15         Increase in Commitments.

 

(a)           Request for Increase. Provided there exists no Default or Event of Default, upon notice to Administrative Agent,
Borrower may from time to time (and at any time) request an increase in the Aggregate Revolving Credit (USD) Commitments by an
amount for all such requests not exceeding $1,000,000,000; provided that (i) any such request for an increase shall be in
a minimum amount of $50,000,000, (ii) Borrower may make a maximum of ten such requests, (iii) any such increased or additional
Aggregate Revolving Credit (USD) Commitment shall be obtained from one or more existing Lenders (it being understood that no existing
Lender shall be required to increase its Commitment) and/or other Persons that qualify as Eligible Assignees and (iv) no increase
in the Aggregate Revolving Credit (USD) Commitments shall increase the Swing Line Sublimit or the Letter of Credit Sublimit.

 

(b)           Additional Lenders. Any Person that is to become a Lender pursuant to this Section 2.15 shall execute and
deliver a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent, the Borrower and their respective
counsel.

 

(c)           Effective
Date and Allocations. If the Aggregate Revolving Credit (USD) Commitments are increased in accordance with this Section, Administrative
Agent and Borrower shall determine the effective date (the “Increase Effective Date”) and the final
allocation of such increase. Administrative Agent shall promptly notify Borrower and the Lenders of the final allocation of such
increase and the Increase Effective Date.

 

(d)           Conditions
to Effectiveness of Increase. As a condition precedent to such increase, Borrower shall deliver to Administrative Agent a
certificate of Borrower dated as of the Increase Effective Date (with sufficient copies for each Revolving Credit (USD) Lender)
signed by a Responsible Officer of Borrower (i) certifying and attaching the resolutions adopted by Borrower approving or consenting
to such increase and (ii) certifying that, before and after giving effect to such increase, (A) the representations and warranties
contained in Section 5 and the other Loan Documents are true and correct on and as of the Increase Effective Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and
correct as of such earlier date, and except that for purposes of this Section 2.15, the representations and warranties
contained in clauses (a) and (b) of Section 5.12 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.1, and (B) no Default or Event of Default exists. Borrower shall prepay
any Revolving Credit (USD) Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant
to Section 3.5) to the extent necessary to keep the outstanding Revolving Credit (USD) Loans ratable with any revised Pro
Rata Revolving Credit (USD) Shares arising from any non-ratable increase in the Revolving Credit (USD) Commitments under this
Section.

 

(e)           Conflicting
Provisions. This Section shall supersede any provisions in Section 2.14 or 10.1 to the contrary.

 

2.16         Defaulting Lenders.

 

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

 

(i)            Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in the definitions of “Requisite Lenders”, “Requisite
Revolving Credit (USD) Lenders” and “Requisite Credit (MC) Lenders” and in Section 10.1.

 

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(ii)           Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 3 or otherwise, and including
any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.8), shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by that Defaulting Lender to the Issuing Lender or Swing Line Lender hereunder; third, to Cash Collateralize
the Issuing Lender’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.17; fourth,
as Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;
fifth, if so determined by the Administrative Agent and Borrower, to be held in a deposit account and released pro rata
in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (y) Cash Collateralize the Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect
to future Letters of Credit issued under this Agreement, in accordance with Section 2.17; sixth, to the payment
of any amounts owing to the Lenders, the Issuing Lender or the Swing Line Lender as a result of any judgment of a court of competent
jurisdiction obtained by any Lender under such Facility or, in the case of the Revolving Credit (USD) Facility, the Issuing Lender
or the Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to
Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against that Defaulting Lender
as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of
the principal amount of any Loans or in respect of any Letter of Credit Usage in respect of which that Defaulting Lender has not
fully funded its appropriate share and (y) such Loans were made or such Letter of Credit Usage incurred at a time when the conditions
set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and amounts
in respect of Letter of Credit Usage owed to, all non-Defaulting Lenders under the applicable Facility on a pro rata basis (and
ratably among all applicable Facilities computed in accordance with the Defaulting Lenders’ respective funding deficiencies)
prior to being applied to the payment of any Loans of, or amounts in respect of Letter of Credit Usage owed to, that Defaulting
Lender under the applicable Facility until such time as all Loans and funded and unfunded participations in Letter of Credit Usage
and Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to Section
2.16(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall be deemed
paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

 

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(iii)          Certain
Fees. That Defaulting Lender (x) shall not be entitled to receive any commitment fee pursuant to Section 2.8(a) for
any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise
would have been required to have been paid to that Defaulting Lender) and (y) shall be entitled to receive Letter of Credit Fees
for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Pro Rata Revolving Credit (USD)
Share of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.17. With
respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to this paragraph, Borrower shall
(x) pay to each non-Defaulting Lender in the Revolving Credit (USD) Facility that portion of any such fee otherwise payable to
such Defaulting Lender with respect to such Defaulting Lender’s participation in Letter of Credit Usage that has been reallocated
to such non-Defaulting Lender pursuant to clause (iv) below, and (y) pay to the Issuing Lender the amount of any such fee otherwise
payable to such Defaulting Lender to the extent allocable to the Issuing Lender’s Fronting Exposure to such Defaulting Lender,
and (z) not be required to pay the remaining amount of any such fee.

 

(iv)          Reallocation of Pro Rata Shares to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender,
for purposes of computing the amount of the obligation of each non-Defaulting Lender that is a Revolving Credit (USD) Lender to
acquire, refinance or fund participations in Swing Line Loans or Letters of Credit pursuant to Sections 2.3 and 2.4,
the “Pro Rata Share” of each non-Defaulting Lender that is a Revolving Credit (USD) Lender shall be computed without
giving effect to the Revolving Credit (USD) Commitment of that Defaulting Lender but only to the extent that such reallocation
does not cause the aggregate Revolving Credit (USD) Exposure of any non-Defaulting Lender to exceed such non-Defaulting Lender’s
Revolving Credit (USD) Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting
Lender as a result of such non-Defaulting Lender’s increased exposure following such reallocation. Subject to Section
10.21, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting
Lender arising from that Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of
such non-Defaulting Lender’s increased exposure following such reallocation.

 

(b)          Defaulting Lender Cure.
If Borrower, the Administrative Agent, and, in the case that a Defaulting Lender is a Revolving Credit (USD) Lender, the Swing
Line Lender and the Issuing Lender agree in writing in their sole discretion that a Lender is no longer a Defaulting Lender, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to
the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders in the respective Facilities or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations
in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their respective Pro
Rata Shares (without giving effect to Section 2.16(a)(iv)) in the respective Facilities, whereupon that Lender will cease
to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments
made by or on behalf of Borrower while that Lender was a Defaulting Lender; and provided, further, that except to
the extent otherwise expressly agreed by the affected parties, no change hereunder from a Defaulting Lender to a Lender will constitute
a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

(c)           New
Swing Line Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required
to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line
Loan and (ii) the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied
that it will have no Fronting Exposure after giving effect thereto.

 

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(d)           Rights and Remedies against a Defaulting Lender. The Borrower may replace any Defaulting Lender in accordance with
the terms of this Agreement. The rights and remedies against, and with respect to a Defaulting Lender under this Section 2.16
are in addition to, and cumulative and not in limitation of, all other rights and remedies that each of the Administrative Agent,
the Lenders and the Borrower may, at any time, have against, or with respect to, such Defaulting Lender.

 

2.17         Cash
Collateral.

 

(a)           Certain
Credit Support Events. (i) Upon the request of Issuing Lender, if Issuing Lender has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in Letter of Credit Usage in respect of such Letter of Credit, Borrower
shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all Letter of Credit Usage; (ii) if, as of
the Letter of Credit Expiration Date, any Letter of Credit Usage for any reason remains outstanding; or (iii) Borrower is required
to provide Cash Collateral pursuant to Section 8.2(c), Borrower shall, in each case, immediately Cash Collateralize all
Letter of Credit Usage. At any time that there shall exist a Defaulting Lender, immediately upon the request of the Administrative
Agent or the Issuing Lender, Borrower shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover
all Fronting Exposure of the Issuing Lender (after giving effect to Section 2.16(a)(iv) and any Cash Collateral provided
by the Defaulting Lender). 

 

(b)           Grant of Security Interest. All Cash Collateral (other than credit support not constituting
funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. Borrower, and
to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Administrative Agent,
for the benefit of the Administrative Agent, the Issuing Lender and the Lenders, and agrees to maintain, a first priority security
interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant
hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied
pursuant to Section 2.17(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right
or claim of any Person other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral
is less than the applicable Fronting Exposure of the Issuing Lender (after giving effect to Section 2.16(a)(iv)) and other
obligations secured thereby (as identified at the time such Cash Collateral is provided), Borrower or the relevant Defaulting Lender
will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in
an amount sufficient to eliminate such deficiency.

 

(c)           Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.17
or Sections 2.4, or 8.2 or any other provision of this Agreement in respect of Letters of Credit shall be held
and applied to the satisfaction of the specific Letter of Credit Usage, obligations to fund participations therein (including,
as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations (as identified
at the time of the provision thereof) for which the Cash Collateral was so provided, prior to any other application of such property
as may be provided for herein.

 

(d)           Release.
Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released
promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including
by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance
with Sections 10.6 and 10.13)) or (ii) the Administrative Agent’s good faith determination that there exists
excess Cash Collateral; provided, however, (x) that Cash Collateral furnished by or on behalf of Borrower shall
not be released during the continuance of a Default or Event of Default (and following application as provided in this Section
2.17 may be otherwise applied in accordance with Section 8.3), and (y) the Person providing Cash Collateral and the
Issuing Lender may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure
or other obligations.

 

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2.18         Extension of Maturity Date.

 

(a)           Requests for Extension. Borrower may, by notice to Administrative Agent (who shall promptly notify the Lenders) not
earlier than 60 days and not later than 30 days prior to any anniversary date of the Effective Date (each such anniversary date,
an “Applicable Anniversary Date”), request that each Lender extend such Lender’s Maturity Date
for an additional year from the Maturity Date then in effect hereunder (the “Existing Maturity Date”);
provided that (i) no such request shall be made hereunder until after the second anniversary of the Effective Date and (ii)
Borrower shall not be permitted to make more than two such requests hereunder during the term of this Agreement.

 

(b)           Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to Administrative
Agent given not later than the date (the “Notice Date”) that is 20 days prior to the Applicable Anniversary
Date, advise Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so
extend its Maturity Date (a “Non-Extending Lender”) shall notify Administrative Agent of such fact promptly
after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise Administrative
Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension
shall not obligate any other Lender to so agree.

 

(c)           Notification
by Administrative Agent. Administrative Agent shall notify Borrower of each Lender’s determination under this Section
no later than the date 15 days prior to the Applicable Anniversary Date (or, if such date is not a Business Day, on the next preceding
Business Day).

 

(d)           Additional
Commitment Lenders. Borrower shall have the right (but not the obligation) to replace each Non-Extending Lender with, and
add as “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (each, an “Additional
Commitment Lender”) as provided in Section 10.13; provided that each of such Additional Commitment
Lenders shall enter into an Assignment and Assumption pursuant to which such Additional Commitment Lender shall, effective as
of the Applicable Anniversary Date, undertake a Revolving Credit (USD) Commitment and/or a Revolving Credit (MC) Commitment
(and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s
Commitment hereunder on such date).

 

(e)           Minimum
Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Maturity
Date (each, an “Extending Lender”) and the additional Commitments of the Additional Commitment Lenders
shall be more than 50% of the aggregate amount of the Commitments in effect immediately prior to the Applicable Anniversary Date,
then, effective as of the Applicable Anniversary Date, the Maturity Date of each Extending Lender and of each Additional Commitment
Lender shall be extended to the date falling one year after the Existing Maturity Date (except that, if such date is not a Business
Day, such Maturity Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon
become a “Lender” for all purposes of this Agreement.

 

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(f)          Conditions
to Effectiveness of Extensions. As a condition precedent to such extension, Borrower shall deliver to Administrative
Agent a certificate of Borrower dated as of the Applicable Anniversary Date signed by a Responsible Officer of Borrower
(i) certifying and attaching the resolutions, if any are otherwise required, adopted by Borrower approving or
consenting to such extension and (ii) certifying that, before and after giving effect to such extension, (A) the
representations and warranties contained in Section 5 and the other Loan Documents are true and correct in all
material respects (or in all respects if such representation is qualified by materiality or Material Adverse Effect) on and
as of the Applicable Anniversary Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, and except that for purposes of this Section 2.18,
the representations and warranties contained in Section 5.12(a) shall be deemed to refer to the most recent
statements furnished pursuant to Section 6.1(a) and (b), and (B) no Default or Event of Defaults exists or
would result therefrom. In addition, on the Applicable Anniversary Date, the Borrower shall prepay any Loans outstanding on
such date (and pay any additional amounts required pursuant to Section 3.5) to the extent necessary to keep
outstanding Loans ratable with any revised Pro Rata Shares of the respective Lenders effective as of such date.

 

(g)          Amendment; Sharing of Payments. In connection with any extension of the Maturity Date, Borrower and Administrative
Agent may make such amendments to this Agreement as Administrative Agent determines to be reasonably necessary to evidence the
extension with the consent of the Borrower but without the consent of any other Lenders. This Section shall supersede any provisions
in Section 2.14 or 10.1 to the contrary.

 

Section
3

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.1         Taxes.

 

(a)          Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

 

(i)            Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without deduction
or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion
of the Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent
or Borrower, then the Administrative Agent or Borrower shall be entitled to make such deduction or withholding, upon the basis
of the information and documentation to be delivered pursuant to subsection (e) below.

 

(ii)           If Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United
States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or
make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section
3.1) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction
been made.

 

(iii)          If
Borrower or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any
Taxes from any payment, then (A) Borrower or the Administrative Agent, as required by such Laws, shall withhold or make such
deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection
(e) below, (B) Borrower or the Administrative Agent, to the extent required by such Laws, shall timely pay the full
amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that
the withholding or deduction is made on account of Indemnified Taxes, the sum payable by Borrower shall be increased as
necessary so that after any required withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section 3.1) the applicable Recipient receives an amount equal to the sum it would
have received had no such withholding or deduction been made.

 

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(b)          Payment of Other Taxes by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall
timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent
timely reimburse it for the payment of, any Other Taxes.

 

(c)          Tax Indemnifications.

 

(i)            Borrower shall, and does hereby, indemnify each Recipient, and shall make payment in respect
thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed
or asserted on or attributable to amounts payable under this Section 3.1) payable or paid by such Recipient or required
to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a Lender or the Issuing Lender
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the Issuing
Lender, shall be conclusive absent manifest error. Borrower shall, and does hereby, indemnify the Administrative Agent, and shall
make payment in respect thereof within 10 days after demand therefor, for any amount which a Lender or the Issuing Lender for any
reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.1(c)(ii) below.

 

(ii)           Each
Lender and the Issuing Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10
days after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender or the
Issuing Lender (but only to the extent that Borrower has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of Borrower to do so), (y) the Administrative Agent and Borrower, as applicable,
against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c) relating
to the maintenance of a Participant Register and (z) the Administrative Agent and Borrower, as applicable, against any
Excluded Taxes attributable to such Lender or the Issuing Lender, in each case, that are payable or paid by the Administrative
Agent or Borrower in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender and the Issuing Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender or the Issuing Lender, as the case may be, under this Agreement or any other Loan Document against
any amount due to the Administrative Agent under this clause (ii).

 

(d)          Evidence of Payments. As soon as practicable after any payment of Taxes by Borrower to a Governmental Authority as
provided in this Section 3.1, Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

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(e)          Status of Lenders; Tax Documentation.

 

(i)             Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Loan Document shall deliver to Borrower and the Administrative Agent, at the time or times reasonably requested by Borrower or
the Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable
law or reasonably requested by Borrower or the Administrative Agent as will enable Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 3.1(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(ii)            Without
limiting the generality of the foregoing, in the event that Borrower is a U.S. Person,

 

(A)          any
Lender that is a U.S. Person shall deliver to Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative
Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

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

 

I.       
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)
with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BENE (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BENE (or W-8BEN, as applicable) establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other
income” article of such tax treaty;

 

II.      executed
copies of IRS Form W-8ECI;

 

III.     in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x)
a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BENE (or W-8BEN, as
applicable); or

 

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IV.     to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BENE (or W-8BEN, as applicable), a U.S. Tax Compliance Certificate substantially in the form of Exhibit
E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided
that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming
the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form
of Exhibit E-4 on behalf of each such direct and indirect partner;

 

(C)               any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of Borrower or the Administrative Agent), executed
copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower
or the Administrative Agent to determine the withholding or deduction required to be made; and

 

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

 

(iii)          Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.1 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

(f)          Treatment
of Certain Refunds. Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to
file for or otherwise pursue on behalf of a Lender or the Issuing Lender, or have any obligation to pay to any Lender or the
Issuing Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender or the Issuing
Lender, as the case may be. If any Recipient determines that it has received a refund of any Taxes as to which it has been
indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section 3.1, it
shall pay to Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional
amounts paid, by Borrower under this Section 3.1 with respect to the Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund); provided that Borrower, upon the request of the
Recipient, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such
Governmental Authority. Notwithstanding anything to the contrary in this subsection, in no event will the applicable
Recipient be required to pay any amount to Borrower pursuant to this subsection the payment of which would place the
Recipient in a less favorable net after-Tax position than such Recipient would have been in if the Tax subject to
indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to
require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to Borrower or any other Person.

 

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(g)          Survival. Each party’s obligations under this Section 3.1 shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender or the Issuing Lender, the termination
of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

 

3.2          Illegality. If any Lender determines that any Law has made it unlawful,
or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to perform any of its
obligations hereunder or make, maintain or fund or charge interest with respect to any Extension of Credit or to determine or charge
interest rates based upon the Eurocurrency Rate, or any Governmental Authority has imposed material restrictions on the authority
of such Lender to purchase or sell, or to take deposits of, Dollars or any Alternative Currency in the applicable interbank market,
then, on notice thereof by such Lender to Borrower through the Administrative Agent, (i) any obligation of such Lender to issue,
make, maintain, fund or charge interest with respect to any such Extension of Credit or continue Eurocurrency Rate Loans in the
affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans to Eurocurrency
Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans
the interest rate on which is determined by reference to the Eurocurrency Rate component of the Base Rate, the interest rate on
which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurocurrency Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent
and Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) Borrower
shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable and such Loans are denominated
in Dollars, convert all Eurocurrency Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of
such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurocurrency
Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue
to maintain such Eurocurrency Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based
upon the Eurocurrency Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable
to such Lender without reference to the Eurocurrency Rate component thereof until the Administrative Agent is advised in writing
by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurocurrency Rate.
Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

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3.3         Inability to Determine Rates. 

 

(a)          If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, (i) the
Administrative Agent determines that (A) deposits (whether in Dollars or an Alternative Currency) are not being offered to
banks in the applicable offshore interbank market for such currency for the applicable amount and Interest Period of such
Eurocurrency Rate Loan, or (B) (x) adequate and reasonable means do not exist for determining the Eurocurrency Rate for
any requested Interest Period with respect to a proposed Eurocurrency Rate Loan (whether denominated in Dollars or an
Alternative Currency) or in connection with an existing or proposed Base Rate Loan and (y) the circumstances described in Section
3.3(c)(i) do not apply (in each case with respect to this clause (i), “Impacted Loans”), or
(ii) the Administrative Agent or the Requisite Lenders determine that for any reason the Eurocurrency Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Loan does not adequately and fairly reflect the cost
to such Lenders of funding such Eurocurrency Rate Loan, the Administrative Agent will promptly so notify Borrower and each
Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected
currency or currencies shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and
(y) in the event of a determination described in the preceding sentence with respect to the Eurocurrency Rate component
of the Base Rate, the utilization of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each
case until the Administrative Agent (or, in the case of a determination by the Requisite Lenders described in clause (ii) of
this Section 3.3(a), until the Administrative Agent upon the instruction of the Requisite Lenders) revokes such
notice. Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans in the affected currency or currencies (to the extent of the affected Eurocurrency
Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a
Borrowing of Base Rate Loans in the amount specified therein.

 

(b)          Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section
3.3(a), the Administrative Agent, in consultation with Borrower and the affected Lenders, may establish an alternative interest
rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until
(1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence
of Section 3.3(a), (2) the Requisite Lenders notify the Administrative Agent and Borrower that such alternative interest
rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines
that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its
applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of
interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions
on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and Borrower written notice thereof.

 

(c)          Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines
(which determination shall be conclusive absent manifest error), or the Borrower or Requisite Lenders notify the Administrative
Agent (with, in the case of the Requisite Lenders, a copy to the Borrower) that the Borrower or Requisite Lenders (as applicable)
have determined that:

 

(i)             adequate
and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary;

 

(ii)            the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available,
or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor
administrator that is satisfactory to the Administrative Agent that will continue to provide LIBOR after such specific date (such
specific date, the “Scheduled Unavailability Date”); or

 

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(iii)           syndicated
loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended
(as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR;

 

then, reasonably promptly
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the
Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR in accordance with this
Section 3.3 with (x) for Loans denominated in Dollars, one or more SOFR-Based Rates or (y) another alternate benchmark rate
giving due consideration to any evolving or then existing convention for similar syndicated credit facilities (whether in Dollars
or an Alternative Currency) for such alternative benchmarks and, in each case, including any mathematical or other adjustments
to such benchmark giving due consideration to any evolving or then existing convention for similar syndicated credit facilities
(whether in Dollars or an Alternative Currency) for such benchmarks, which adjustment or method for calculating such adjustment
shall be published on an information service as selected by the Administrative Agent from time to time in its reasonable discretion
and may be periodically updated (the “Adjustment;” and any such proposed rate, a “LIBOR Successor
Rate”), and any such amendment shall become effective at 5:00 p.m. (California time) on the fifth Business Day after
the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time,
Lenders comprising the Requisite Lenders have delivered to the Administrative Agent written notice that such Requisite Lenders
(A) in the case of an amendment to replace LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case
of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment; provided that for the avoidance
of doubt, in the case of clause (A), the Requisite Lenders shall not be entitled to object to any SOFR-Based Rate contained in
any such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that
to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall
be applied in a manner as otherwise reasonably determined by the Administrative Agent.

 

If no LIBOR Successor
Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as
applicable), the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the
Lenders to make or maintain Eurocurrency Rate Loans shall be suspended (to the extent of the affected Eurocurrency Rate Loans or
Interest Periods), and (y) the Eurocurrency Rate component shall no longer be utilized in determining the Base Rate. Upon receipt
of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate
Loans in the affected currency or currencies (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing
clause (y)) in the amount specified therein.

 

Notwithstanding anything
else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than
zero for purposes of this Agreement.

 

In connection with
the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor Rate Conforming
Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to
this Agreement; provided that, with respect to any such amendment effected, the Administrative Agent shall post each such
amendment implementing such LIBOR Successor Rate Conforming Changes to the Lenders reasonably promptly after such amendment becomes
effective.

 

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3.4          Increase
Costs; Reserves on Eurocurrency Rate Loans. 

 

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

 

(i)             impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve
requirement contemplated by Section 3.04(e)) or the Issuing Lender;

 

(ii)            subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(iii)           impose on any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense affecting
this Agreement or Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

and the result of any
of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan (or
of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the Issuing Lender of participating
in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit),
or to reduce the amount of any sum received or receivable by such Lender or the Issuing Lender hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or the Issuing Lender, Borrower will pay to such Lender or the
Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as
the case may be, for such additional costs incurred or reduction suffered; provided that (x) such Lender shall be generally
seeking comparable compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender has
the right under such similar credit facilities to do so) with respect to such Change in Law regarding such increased cost or reduction
and (y) that such additional amounts shall not be duplicative of any amounts to the extent otherwise paid by the Borrower under
any other provisions of this Agreement (including any reserve requirements included in determining the Eurocurrency Rate).

 

(b)          Capital Requirements. If any Lender or the Issuing Lender determines that any Change in Law affecting such Lender
or the Issuing Lender or any Lending Office of such Lender or such Lender’s or the Issuing Lender’s holding company,
if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s
or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if
any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit
or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such
Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or the Issuing Lender’s policies and the policies of such Lender’s
or the Issuing Lender’s holding company with respect to capital adequacy or liquidity), then from time to time Borrower will
pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered; provided
that (x) such Lender shall be generally seeking comparable compensation from similarly situated borrowers under similar credit
facilities (to the extent such Lender has the right under such similar credit facilities to do so) with respect to such Change
in Law regarding such increased cost or reduction and (y) such additional amounts shall not be duplicative of any amounts to the
extent otherwise paid by the Borrower under any other provision of this Agreement (including any reserve requirements included
in determining the Eurocurrency Rate).

 

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

 

(d)          Delay in Requests. Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant
to the foregoing provisions of this Section 3.4 shall not constitute a waiver of such Lender’s or the Issuing Lender’s
right to demand such compensation; provided that Borrower shall not be required to compensate a Lender or the Issuing Lender
pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months
prior to the date that such Lender or the Issuing Lender, as the case may be, notifies Borrower of the Change in Law giving rise
to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month
period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)          Reserves on Eurocurrency Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently
known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurocurrency Rate
Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan,
provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent)
of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date,
such additional interest shall be due and payable 10 days from receipt of such notice.

 

3.5          Compensation
for Losses. Upon demand of any Lender (with a copy to the Administrative Agent) from time
to time, Borrower shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred
by it as a result of:

 

(a)            any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)            any failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by Borrower;

 

(c)            any
failure by Borrower to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated in
an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

(d)            any assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result
of a request by Borrower pursuant to Section 10.13;

 

including any loss
of anticipated profits, any foreign exchange losses and any loss or expense arising from the liquidation or reemployment of
funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained
or from the performance of any foreign exchange contract. Borrower shall also pay any customary administrative fees charged
by such Lender in connection with the foregoing.

 

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For purposes of calculating
amounts payable by Borrower to the Lenders under this Section 3.5, each Lender shall be deemed to have funded each Eurocurrency
Rate Loan made by it at the Eurocurrency Base Rate used in determining the Eurocurrency Rate for such Loan by a matching deposit
or other borrowing in the offshore interbank market for such currency for a comparable amount and for a comparable period, whether
or not such Eurocurrency Rate Loan was in fact so funded.

 

3.6          Mitigation Obligations; Replacement of Lenders.

 

(a)          Designation of a Different Lending Office. Each Lender may make any Extension of Credit to Borrower through any Lending
Office, provided that the exercise of this option shall not affect the obligation of Borrower to repay the Extension of Credit
in accordance with the terms of this Agreement. If any Lender requests compensation under Section 3.4, or requires Borrower
to pay any Indemnified Taxes or additional amounts to any Lender, the Issuing Lender, or any Governmental Authority for the account
of any Lender or the Issuing Lender pursuant to Section 3.1, or if any Lender gives a notice pursuant to Section 3.2,
then at the request of Borrower such Lender or the Issuing Lender shall, as applicable, use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender or the Issuing Lender, such designation or assignment (i) would eliminate
or reduce amounts payable pursuant to Section 3.1 or 3.4, as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.2, as applicable, and (ii) in each case, would not subject such Lender or the Issuing
Lender, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or the
Issuing Lender, as the case may be. Borrower hereby agrees to pay all reasonable and documented costs and expenses incurred by
any Lender or the Issuing Lender in connection with any such designation or assignment.

 

(b)          Replacement of Lenders. If any Lender requests compensation under Section 3.4, or if Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.1 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with Section 3.6(a), Borrower may replace such Lender in accordance with Section 10.13.

 

3.7          Survival. All of Borrower’s obligations under this Section 3
shall survive termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative
Agent.

 

Section
4

CONDITIONS

 

4.1          Conditions of Initial Extensions of Credit. The effectiveness of this Agreement
is subject to the following conditions precedent, each of which shall be satisfied prior to or concurrently with the Effective
Date (unless all of Lenders, in their sole and absolute discretion, shall agree otherwise):

 

(a)          Administrative Agent shall have received all of the following, each properly executed by a Responsible Officer of Borrower,
each dated as of the Effective Date or, in the case of the documents required under subsection (iii) below, as of a recent date,
and each in form and substance satisfactory to Administrative Agent, each of the Lenders, and their respective legal counsel (unless
otherwise specified or, in the case of the date of any of the following, unless Administrative Agent otherwise agrees or directs):

 

(i)             at least one executed counterpart of this Agreement, together with arrangements satisfactory to Administrative Agent for
additional executed counterparts of this Agreement, sufficient in number for distribution to each Lender and Borrower;

 

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(ii)            Notes
executed by Borrower in favor of each Lender requesting a Note;

 

(iii)           A
copy of a certificate of the Secretary of State of the State of Delaware, dated reasonably near the date of the signing of this
Agreement, certifying (A) as to a true and correct copy of the certificate of incorporation of the Borrower and (B) that the Borrower
is duly incorporated and in good standing;

 

(iv)          the Opinion of Counsel;

 

(v)           a
certificate signed by a Responsible Officer of Borrower certifying that (i) the conditions specified in Sections 4.1(d)
and 4.1(e) have been satisfied, and (ii) since December 31, 2019, no event or condition shall have occurred that has had
or could reasonably be expected to have a Material Adverse Effect;

 

(vi)          a
certificate of the Secretary of the Borrower, dated as of the Effective Date, certifying as to (A) copies of the resolutions of
the board of directors of the Borrower approving the transactions contemplated by this Agreement and each Loan Document to which
it is a party, (B) the names and true signatures of the officers of the Borrower authorized to sign each Loan Document and the
other documents to be delivered hereunder and thereunder, (C) a true and correct copy of the bylaws of the Borrower as in effect
on the Effective Date, and (D) a true and correct copy of the certificate of incorporation of the Borrower in effect on the Effective
Date; and

 

(vii)         the Bank of America Fee Letter executed by each party thereto.

 

(b)          Any
fees required to be paid on or before the Effective Date under any Loan Document shall have been paid.

 

(c)          Costs
and expenses (including Attorney Costs) of Bank of America to the extent invoiced prior to or on the Effective Date (plus the
duly accrued and invoiced fees and expenses of counsel to Bank of America) shall have been paid.

 

(d)          The representations and warranties of Borrower contained in Section 5 shall be true and correct in all material respects
(without duplication of any materiality standards set forth therein).

 

(e)          Borrower shall be in compliance with all the terms and provisions of the Loan Documents, and giving effect to all Extensions
of Credit made on the Effective Date, no Default or Event of Default shall result therefrom on the Effective Date.

 

(f)           The
Administrative Agent shall have received evidence reasonably satisfactory to it that, concurrently with the Effective Date, (i)
all amounts owing under the Existing Credit Agreement to lenders thereunder who elect not to become Lenders hereunder, if any,
have been paid in full and (ii) all accrued and unpaid interest and fees owing to the Lenders under the Existing Credit Agreement
have been paid in full.

 

(g)          The
Lenders shall have received, prior to the Effective Date, all documentation and other information required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including,
without limitation, the US Patriot Act, and, if Borrower qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation, Borrower shall have delivered to each Lender that so requests a Beneficial Ownership
Certification at least three (3) Business Days prior to the Effective Date.

 

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Without limiting the
generality of the provisions of Section 9.4, for purposes of determining compliance with the conditions specified in this
Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to
be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless Administrative Agent shall have received notice from such Lender prior to the proposed Effective Date specifying
its objection thereto.

 

4.2          Any
Extension of Credit. In addition to the occurrence of the Effective Date, the obligation
of each Lender and the Issuing Lender to make any Extension of Credit, including on the Effective Date, is subject to the following
conditions precedent:

 

(a)           the
representations and warranties of Borrower contained in Section 5 are true and correct in all material respects (without
duplication of any materiality standards set forth therein) as though made on and as of such date (after giving effect to the
proposed Extension of Credit occurring on such date), except to the extent such representations and warranties expressly relate
solely to an earlier date (in which case such representations and warranties shall have been true and complete on and as of such
earlier date);

 

(b)           no
Default or Event of Default has occurred and is continuing, or would result from such proposed Extension of Credit;

 

(c)           Administrative Agent shall have timely received a duly completed Request for Extension of Credit or Letter of Credit Application,
as applicable, by Requisite Notice by the Requisite Time therefor; and

 

(d)           in the case of an Extension of Credit to be denominated in an Alternative Currency, there shall not have occurred any change
in national or international financial, political or economic conditions or currency exchange rates or exchange controls which
in the reasonable opinion of Administrative Agent or Requisite Revolving Credit (MC) Lenders (in the case of any Loan to be denominated
in an Alternative Currency) or the Issuing Lender (in the case of any Letter of Credit to be denominated in an Alternative Currency)
would make it impracticable for such Extension of Credit to be denominated in the relevant Alternative Currency.

 

Section
5

REPRESENTATIONS AND WARRANTIES

 

Borrower represents
and warrants to Administrative Agent and Lenders that:

 

5.1          Existence
and Qualification; Power; Compliance With Laws. Borrower and each of its Significant Subsidiaries
is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or
organization except where the failure to be in good standing could not reasonably be expected to have a Material Adverse Effect.
Borrower and each of its Significant Subsidiaries is duly qualified or registered to transact business and is in good standing
in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification
or registration necessary, except where the failure so to qualify or register and to be in good standing would not constitute
a Material Adverse Effect. Borrower and each of its Significant Subsidiaries has all requisite power and authority to (a) conduct
its business and to own and lease its Properties, except where the failure to do so would not result in a Material Adverse Effect
and (b) to execute and deliver each Loan Document to which it is a party and
to perform its Obligations hereunder and thereunder in all material respects. Borrower and each of its Significant Subsidiaries
is in compliance with all Laws and other legal requirements applicable to its business, has obtained all authorizations, consents,
approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained
exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business,
except where the failure so to comply, file, register, qualify or obtain
exemptions does not constitute a Material Adverse Effect.

 

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5.2          Authority;
Compliance With Other Agreements and Instruments and Government Regulations. The execution,
delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized by all necessary corporate
or other organizational action, and do not and will not:

 

(a)          Require any consent or approval not heretofore obtained of any partner, director, manager, stockholder, security holder
or creditor of such party;

 

(b)          Violate or conflict with any provision of such party’s charter, articles of incorporation, bylaws or other organizational
documents, as applicable;

 

(c)          Result in or require the creation or imposition of any Lien (other than Permitted Liens) upon or with respect to any Property
now owned or leased or hereafter acquired by such party;

 

(d)          Violate
any Laws applicable to such party; or

 

(e)          Result in a breach of or constitute a default under, or cause or permit the acceleration of any obligation owed under, any
indenture or loan or credit agreement or any other Contractual Obligation to which such party is a party or by which such party
or any of its Property is bound or affected.

 

5.3          No
Governmental Approvals or Other Consents Required. No authorization, consent, approval,
order, license or permit from, or filing, registration or qualification with, any Governmental Authority or any other Person is
or will be necessary or required to authorize or permit under applicable Laws the execution, delivery and performance by, or enforcement
against, Borrower of the Loan Documents to which it is a party. 

 

5.4          Binding
Obligations. Each of the Loan Documents to which Borrower is a party will, when executed
and delivered by it, constitute the legal, valid and binding obligation of Borrower, enforceable against it in accordance with
its terms, except as enforcement may be limited by Debtor Relief Laws or equitable principles relating to the granting of specific
performance and other remedies as a matter of judicial discretion, regardless of whether considered in a proceeding in law or
equity.

 

5.5          Litigation.
Except for (a) any matter fully covered as to subject matter and amount (subject to applicable deductibles and retentions) by
insurance for which the insurance carrier has not asserted lack of subject matter coverage or reserved its right to do so, (b)
any matter, or series of related matters, involving a claim against Borrower or any Significant Subsidiary thereof of less than
$100,000,000, (c) matters of an administrative nature not involving a claim or charge against Borrower or any of its Subsidiaries
and (d) matters set forth in Schedule 5.5, there are no actions, suits, proceedings or investigations pending as to which
Borrower or any of its Subsidiaries have been served or have received notice or, to the knowledge of Borrower, threatened against
or affecting Borrower or any of its Subsidiaries or any Property of any of them before any Governmental Authority, which if adversely
determined would have a Material Adverse Effect.

 

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5.6         No Default. No event has occurred and is continuing that is a Default or
Event of Default.

 

5.7         ERISA Compliance.

 

(a)          Each
 “employee benefit plan” (as defined by Section 3(3) of ERISA) sponsored or maintained by Borrower or any Subsidiary
is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state law. Each
Pension Plan or other “employee benefit plan” which is intended to qualify under Section 401(a) of the Code has received
a favorable determination letter from the United States Internal Revenue Service or an application for such a letter is currently
being processed by the United States Internal Revenue Service with respect thereto and, to the knowledge of Borrower, nothing
has occurred which would prevent, or cause the loss of, such qualification.

 

(b)          Borrower
and each ERISA Affiliate have met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan
and Multiemployer Plan, and no application for a funding waiver or an extension of any amortization period under the Pension Funding
Rules has been made with respect to any Pension Plan or Multiemployer Plan.

 

(c)          There
are no pending or, to the knowledge of Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Pension Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect. There
has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Pension Plan which has
resulted or could reasonably be expected to result in a Material Adverse Effect.

 

(d)           (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability,
other than Unfunded Pension Liability which, when aggregated with all Unfunded Pension Liability of all other Pension Plans, does
not exceed $100,000,000 in the aggregate at any time; (iii) neither Borrower nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent
under Section 4007 of ERISA); (iv) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability
(and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under
Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither Borrower nor any ERISA Affiliate has engaged
in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA, except in the cases of clauses (i), (iii), (iv) and
(v) above would not reasonably be expected to result in a Material Adverse Effect.

 

(e)          Borrower
represents and warrants as of the Effective Date that Borrower is not and will not be using “plan assets” (within
the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA or otherwise) of one or more Benefit Plans in connection
with the Loans, the Letters of Credit or the Commitments.

 

5.8          Use
of Proceeds; Margin Regulations. The Borrower is not engaged and will not engage, principally
or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation
U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. Following the application of
the proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of
the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 7.1
or subject to any restriction contained in any agreement or instrument between the Borrower and any Lender or any Affiliate
of any Lender relating to Indebtedness and within the scope of Section 8.1(f) will be margin stock.

 

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5.9          Title
to Property. Borrower and its Significant Subsidiaries have valid title to the Property
reflected in the balance sheet described in Section 5.12(a), other than (i) items of Property which are immaterial to Borrower and its Significant
Subsidiaries, taken as a whole, and Property subsequently sold or disposed of in the ordinary course of business, free and clear
of all Liens, other than Liens described in Schedule 5.9 or permitted by Section 7.1 or (ii) where the failure to
have such valid title would not reasonably be expected to result in a Material Adverse Effect.

 

5.10        Intangible Assets. Borrower and its Significant Subsidiaries own, or possess
the right to use to the extent necessary in their respective businesses, all material trademarks, trade names, copyrights, patents,
patent rights, computer software, licenses and other Intangible Assets that are used in the conduct of their businesses as now
operated, and no such Intangible Asset, to the best knowledge of Borrower, conflicts with the valid trademark, trade name, copyright,
patent, patent right or Intangible Asset of any other Person to the extent that such conflict constitutes a Material Adverse Effect.

 

5.11        Tax Liability. Borrower and its Subsidiaries have filed all tax returns
which are required to be filed, and have paid, or made provision for the payment of, all taxes with respect to the periods, Property
or transactions covered by said returns, or pursuant to any assessment received by Borrower or any of its Subsidiaries, except
(a) such taxes, if any, as are being contested in good faith by appropriate proceedings and as to which adequate reserves have
been established and maintained and (b) where the failure to file or pay such Taxes would not reasonably be expected to result
in a Material Adverse Effect.

 

5.12        Financial
Statements.

 

(a)          The
audited consolidated balance sheet dated December 31, 2019, the most recent audited consolidated balance sheet delivered
pursuant to Section 6.1(a), and the most recent quarterly consolidated balance sheet delivered pursuant to Section 6.1(b),
of Borrower and its Subsidiaries, and the related consolidated statements of income or operations, Stockholders’ Equity
and cash flows for the Fiscal Year or Fiscal Quarter, as applicable, ended on those dates (i) were prepared in accordance with
GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, (ii) fairly present
the financial condition, in all material respects, of Borrower and its Subsidiaries as of the date thereof and results of operations
for the period covered thereby; and (iii) show all material Indebtedness and other liabilities, direct or contingent, of Borrower
and its Subsidiaries as of the date thereof, including liabilities for taxes or other material commitments.

 

(b)          Since
December 31, 2019, there has been no event, circumstance or condition that has had or could reasonably be expected to have a Material
Adverse Effect.

 

5.13        Environmental Compliance. Borrower and its Subsidiaries conduct in the ordinary
course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility
for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof Borrower
has reasonably concluded that compliance with such Environmental Laws and claims could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

5.14        Investment Company Act. Neither Borrower nor any of its Subsidiaries is
or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.15        Insurance. The properties of Borrower and its Subsidiaries are insured with
financially sound and reputable insurance companies not Affiliates of Borrower, in such amounts and covering such risks as are
customarily carried by companies engaged in similar businesses and owning similar properties in localities where Borrower or such
Subsidiary operates.

 

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5.16        Disclosure. No written statement made by a Responsible Officer to Administrative
Agent or any Lender in connection with this Agreement, or in connection with any Loan, as of the date thereof contained any untrue
statement of a material fact or omitted a material fact necessary to make the statement made not misleading in light of all the
circumstances existing at the date the statement was made.

 

5.17        OFAC.
Neither Borrower, nor any of its Subsidiaries, nor, to the knowledge of Borrower and its Subsidiaries, any director, officer,
employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual
or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated
Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced
by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction. 

 

5.18        Anti-Corruption Laws; Sanctions. Borrower and its Subsidiaries have conducted
their businesses in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery
Act 2010, and other similar anti-corruption legislation in other jurisdictions and all applicable Sanctions, and have instituted
and maintained policies and procedures reasonably designed to promote and achieve compliance with such laws and such Sanctions
in all material respects.

 

5.19        Affected
Financial Institutions. Borrower is not an Affected Financial Institution.

 

5.20        Beneficial
Ownership Certification. As of the Effective Date, the information included in the Beneficial
Ownership Certification, if applicable, is true and correct in all material respects.

 

5.21        Covered
Entity. Borrower is not a Covered Entity.

 

Section
6

AFFIRMATIVE COVENANTS

 

So long as any Loan
remains unpaid, or any other Obligation remains unpaid or unperformed under any Loan Document, any Letter of Credit remains outstanding,
or any portion of the Commitments remains in force, Borrower shall, and shall cause each of its Subsidiaries to:

 

6.1          Financial
Statements. Deliver to Administrative Agent in form and detail reasonably satisfactory to
Administrative Agent and the Requisite Lenders, with sufficient copies for each Lender:

 

(a)           As soon as practicable, and in any event within 95 days after the end of each Fiscal Year, the consolidated balance sheet
of Borrower and its Subsidiaries as at the end of such Fiscal Year and the consolidated statements of operations, Stockholders’
Equity and cash flows, in each case of Borrower and its Subsidiaries for such Fiscal Year, all in reasonable detail. Such financial
statements shall be prepared in accordance with U.S. GAAP, consistently applied, and such consolidated balance sheet and consolidated
statements shall be accompanied by a report of independent registered public accounting firm of recognized standing selected by
Borrower, which report shall be prepared in accordance with the standards of the Public Company Accounting Oversight Board and
applicable securities laws as at such date, and shall not be subject to any qualifications or exceptions as to the scope of the
audit nor to any “going concern” or like qualification or exception nor to any other qualification or exception that
are reasonably determined by the Requisite Lenders in their good faith business judgment to be materially adverse to the interests
of Lenders.

 

(b)           As
soon as practicable, and in any event within 50 days after the end of each Fiscal Quarter (other than the fourth Fiscal
Quarter in any Fiscal Year), the consolidated balance sheet of Borrower and its Subsidiaries as at the end of such Fiscal
Quarter and the consolidated statement of operations for such Fiscal Quarter, and its statement of cash flows for the portion
of the Fiscal Year ended with such Fiscal Quarter, all in reasonable detail.

 

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6.2          Certificates,
Notices and Other Information. Deliver to Administrative Agent in form and detail satisfactory
to Administrative Agent and the Requisite Lenders, with sufficient copies for each Lender:

 

(a)           Concurrently with the financial statements required pursuant to Sections 6.1(a) and 6.1(b), a Compliance Certificate
signed by a Responsible Officer of Borrower;

 

(b)           Promptly
after any reasonable request by Administrative Agent or any Lender through the Administrative Agent, copies of any detailed audit
reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors)
of Borrower by independent accountants in connection with the accounts or books of Borrower or any of its Subsidiaries, or any
audit of any of them;

 

(c)           Promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication
sent to the stockholders of Borrower, and copies of all annual, regular, periodic and special reports and registration statements
which Borrower may file or be required to file with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended, and not otherwise required to be delivered to Lenders pursuant to other provisions of this Section;

 

(d)           Promptly
after request by Administrative Agent or any Lender through the Administrative Agent, copies of any other report or other document
that was filed by Borrower or any of its Significant Subsidiaries with any Governmental Authority, other than routine reports
or documents filed in connection with Taxes;

 

(e)           As
soon as practicable, notice of the occurrence of any (i) ERISA Event, other than with respect to the standard termination of a
Pension Plan as to which neither Borrower nor any of its ERISA Affiliates has any liability (contingent or otherwise) and to which
Borrower has contributed less than $100,000,000 in the aggregate with respect to all such Pension Plans, (ii) “prohibited
transaction” (as such term is defined in Section 406 of ERISA or Section 4975 of the Code) in connection with any Pension
Plan or any trust created thereunder, (iii) the adoption of, or the commencement of contributions to, any Pension Plan or Multiemployer
Plan subject to the Pension Funding Rules by Borrower or any ERISA Affiliate, or (iv) the adoption of any amendment to a Pension
Plan subject to the Pension Funding Rules, if such amendment results in a material increase in contributions or Unfunded Pension
Liability, telephonic notice specifying the nature thereof, and, no more than five Business Days after such telephonic notice,
written notice again specifying the nature thereof and specifying what action Borrower or any of its Subsidiaries are taking or
propose to take with respect thereto, and, when known, any action taken by the Internal Revenue Service with respect thereto;

 

(f)            With
reasonable promptness copies of (i) all notices received by Borrower or any of its ERISA Affiliates of the PBGC’s intent
to terminate any Pension Plan or to have a trustee appointed to administer any Pension Plan; (ii) each Schedule B (Actuarial Information)
to the annual report (Form 5500 Series) filed by Borrower or any of its ERISA Affiliates with the Internal Revenue Service with
respect to each Pension Plan, other than a Pension Plan to which Borrower does not contribute or as to which Borrower has no liability
(contingent or otherwise); and (iii) all notices received by Borrower or any of its ERISA Affiliates from a Multiemployer Plan
sponsor concerning the imposition or amount of withdrawal liability pursuant to Section 4202 of ERISA;

 

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(g)           As
soon as practicable, notice of the occurrence of any Default or Event of Default, and of the occurrence or existence of any event
or circumstance that foreseeably will become a Default or Event of Default, specifying the nature and period of existence thereof
and specifying what action Borrower is taking or propose to take with respect thereto;

 

(h)           As
soon as practicable, notice of (i) the commencement of a legal proceeding or investigation (which investigation is known to Borrower)
with respect to a claim against Borrower or any of its Subsidiaries that is $100,000,000 or more in excess of the amount thereof
that is fully covered by insurance, including pursuant to any applicable Environmental Laws or (ii) commencement of a legal proceeding
with respect to a claim against Borrower or any of its Subsidiaries in excess of $100,000,000 or which otherwise may reasonably
be expected to result in a Material Adverse Effect;

 

(i)            Notice
of any material change in accounting policies or financial reporting practices by Borrower or any of its Significant Subsidiaries
(other than changes required by GAAP or by regulations promulgated by the Securities and Exchange Commission);

 

(j)            Promptly,
such information and documentation as may be requested by Administrative Agent or any Lender for purposes of compliance with applicable
 “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the Act and the
Beneficial Ownership Regulation; and

 

(k)           Promptly, such other data and information (other than materials protected by the attorney-client privilege and materials
which the Company or such Subsidiary, as applicable, may not disclose without violation of a confidentiality obligation binding
upon it) and as from time to time may be reasonably requested by Administrative Agent, any Lender (through Administrative Agent)
or the Requisite Lenders.

 

Documents required to be delivered pursuant
to Section 6.1 or Section 6.2(c) may be delivered electronically, and if so delivered shall be deemed to have been
delivered on the date (i) on which Borrower posts such documents, or provides a link thereto on Borrower’s website on the
Internet at the website address listed on Schedule 10.2 or such documents shall be available on the Website of the Securities
and Exchange Commission at http://www.sec.gov; or (ii) on which such documents are posted on Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent); provided that (i) Borrower shall deliver paper copies of such documents
to the Administrative Agent or any Lender upon its request to Borrower to deliver such paper copies until a written request to
cease delivering paper copies is given by the Administrative Agent or such Lender and (ii) Borrower shall notify the Administrative
Agent and each Lender (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative
Agent by electronic mail electronic versions (i.e. soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by Borrower with any such request for delivery by a Lender and each Lender shall be solely responsible for
requesting delivery to it or maintaining it copies of such documents.

 

Borrower hereby acknowledges that (a)
Administrative Agent and/or the Arrangers may, but shall not be obligated to, make available to Lenders and the Issuing
Lender materials and/or information provided by or on behalf of Borrower hereunder (collectively, “Borrower
Materials”) by posting Borrower Materials on Debt Domain, IntraLinks, SyndTrak or another similar electronic
system (the “Platform”) and (b) certain of Lenders may be “public-side” Lenders (i.e.,
Lenders that do not wish to receive material non-public information with respect to Borrower or its securities) (each, a
 “Public Lender”). Borrower hereby agrees that so long as Borrower is the issuer of any outstanding
debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing
any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” Borrower shall be deemed to
have authorized Administrative Agent, the Arrangers, the Issuing Lender and Lenders to treat such Borrower Materials as not
containing any material non-public information with respect to Borrower or its securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute
Information, they shall be treated as set forth in Section 10.7); (y) all Borrower Materials marked
 “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (z) Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are
not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public
Side Information.” Notwithstanding the foregoing, Borrower shall be under no obligation to mark any Borrower Materials
 “PUBLIC.”

 

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6.3          Preservation
of Existence. Preserve and maintain its existences in the jurisdiction of their formation
and all material authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations
from any Governmental Authority that are necessary for the transaction of its business, except where the failure to so preserve
and maintain the existence of any of Borrower’s Significant Subsidiaries and such authorizations would not constitute a
Material Adverse Effect and except that a merger permitted hereunder shall not constitute a violation of this covenant; and qualify
and remain qualified to transact business in each jurisdiction in which such qualification is necessary in view of their respective
business or the ownership or leasing of their respective Properties except where the failure to so qualify or remain qualified
would not constitute a Material Adverse Effect. 

 

6.4          Maintenance of Properties. Maintain, preserve and protect all of its depreciable
Properties in good order and condition, subject to normal wear and tear in the ordinary course of business, and not permit any
waste of its Properties, except that the failure to maintain, preserve and protect such Property would not reasonably be expected
to result in a Material Adverse Effect.

 

6.5          Maintenance
of Insurance. Maintain liability, casualty and other insurance (subject to customary deductibles,
self-insurance, and retentions) with reputable insurance companies in such amounts and against such risks as is carried by companies
engaged in similar businesses and owning similar assets in the general areas in which Borrower and its Subsidiaries operate.

 

6.6          Payment
of Tax Obligations. Pay and discharge all tax liabilities, assessments and governmental
charges or levies upon it or its properties or assets as the same shall become due and payable, unless the same are being contested
in good faith by appropriate proceedings and adequate reserves in accordance with GAAP are being maintained by Borrower or such
Significant Subsidiary.

 

6.7          Compliance
With Laws. Comply, within the time period, if any, given for such compliance by the relevant
Governmental Authority, with all Laws noncompliance with which constitutes a Material Adverse Effect, except that Borrower and
its Subsidiaries need not comply with Laws then being contested by any of them in good faith by appropriate proceedings.

 

6.8          Environmental
Laws. Conduct its operations and keep and maintain its property in compliance in all respects
with all Environmental Laws, except where the failure to comply would not reasonably be expected to result in a Material Adverse
Effect.

 

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6.9          Inspection
Rights. Subject to the confidentiality provisions of Section 10.7, upon reasonable notice, at any time during regular
business hours and as often as requested (but not so as to materially interfere with the business of Borrower or any of its Significant
Subsidiaries or the performance by any officer of his or her responsibilities), permit Administrative Agent, accompanied by any
Lender which so elects, or any authorized employee, agent or representative thereof, to examine, audit and make copies and abstracts
from the records and books of account of, and to visit and inspect the Properties of, Borrower and its Significant Subsidiaries
and to discuss the affairs, finances and accounts of Borrower and its Significant Subsidiaries with any of their officers, key
employees or accountants and, upon request, furnish promptly to Administrative Agent or any Lender true copies of all financial
information made available to the board of directors or audit committee of the board of directors of Borrower; provided
that, at any time other than during the existence of any Default or Event of Default, such visits, examinations and inspections
shall (i) be at the expense of the requesting party and (ii) be limited to two instances in any calendar year.

 

6.10        Keeping
of Records and Books of Account. Keep adequate records and books of account reflecting all
financial transactions in conformity with GAAP, consistently applied, and in material conformity with all applicable requirements
of any Governmental Authority having regulatory jurisdiction over Borrower or any of its Significant Subsidiaries.

 

6.11        Compliance
with ERISA. Cause, and cause each of its ERISA Affiliates to: (a) maintain each Pension
Plan in compliance with the applicable provisions of ERISA, the Code and other federal or state law; (b) cause each Pension Plan
which is qualified under Section 401(a) of the Code to maintain such qualification; and (c) make all required contributions to
any Pension Plan subject to Section 412 of the Code, except where the failure to do so, whether individually or taken in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect.

 

6.12        Compliance
With Agreements. Promptly and fully comply with all Contractual Obligations under all material
agreements, indentures, leases and/or instruments to which Borrower or any of its Significant Subsidiaries is a party, whether
such material agreements, indentures, leases or instruments are with a Lender or another Person, except for any such Contractual
Obligations (a) the performance of which would cause a Default or an Event of Default or (b) then being contested by any of them
in good faith by appropriate proceedings or if the failure to comply with such Contractual Obligations, agreements, indentures,
leases or instruments does not constitute a Material Adverse Effect.

 

6.13        Use
of Proceeds. Use the proceeds of all Extensions of Credit for working capital, capital expenditures,
Acquisitions, Investments, stock repurchases, dividends, and general corporate purposes of Borrower and its Subsidiaries.

 

6.14        Anti-Corruption
Laws; Sanctions. Conduct its businesses in compliance with the United States Foreign Corrupt
Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and with
all applicable Sanctions, and maintain policies and procedures designed to promote and achieve compliance with such laws and Sanctions
in all material respects. 

 

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Section
7 

NEGATIVE
COVENANTS

 

So long as any Loan
remains unpaid, or any other Obligation remains unpaid or unperformed under any Loan Document, any Letter of Credit remains outstanding,
or any portion of the Commitments remains in force, Borrower shall not, and shall not permit any of its Subsidiaries to, directly
or indirectly:

 

7.1            Liens.
Create, incur, assume or suffer to exist any Lien of any nature upon or with respect to any of their respective Properties, whether
now owned or hereafter acquired, except:

 

(a)             Permitted
Liens;

 

(b)             Liens under the Loan Documents;

 

(c)             Liens
existing on the Effective Date and disclosed in Schedule 5.9 and any renewals, extensions, refinancings, exchanges or amendments
thereof; provided that the obligations secured or benefited thereby are not increased except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing;

 

(d)             Liens
on Property acquired by Borrower or any of its Subsidiaries that were in existence at the time of the acquisition of such Property
and were not created in contemplation of such acquisition and any renewals, extensions, refinancings, exchanges or amendments
thereof; provided that the obligations secured or benefited thereby are not increased except by an amount equal to a reasonable
premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing;

 

(e)             any
Lien created by an agreement or instrument entered into by Borrower or any of its Subsidiaries in the ordinary course of its business
which consists of a restriction on the assignability, transfer or hypothecation of such agreement or instrument;

 

(f)              Liens
solely on the assets of Foreign Subsidiaries of Borrower securing Indebtedness of such Foreign Subsidiaries of Borrower not exceeding
$150,000,000 in the aggregate at any time;

 

(g)             operating
leases entered into from time to time, in the ordinary course of business, by Borrower or any Subsidiary for equipment or vehicles,
which may have Liens on the leased personal property;

 

(h)             Liens
on the EMJ COLI policies (but on no other assets of Borrower, EMJ or any of their respective Subsidiaries) to the extent granted
for the benefit of the holders of the Life Insurance Policy Loans that comply with the requirements of clauses (1) through (4)
of the last sentence of the definition of the term “Indebtedness” to secure EMJ’s obligations under such Life
Insurance Policy Loans; and

 

(i)              other
Liens (in addition to those permitted by clauses (a) through (h) above) securing Indebtedness and other obligations, so long as
the aggregate outstanding amount of Priority Indebtedness at any time does not exceed 15% of Consolidated Net Tangible Assets.

 

7.2             Investments.
Make any Investment (other than Permitted Investments) as of any date if, after giving effect thereto, Borrower would not be in
compliance with the terms and conditions of this Agreement on a pro forma basis.

 

7.3             Subsidiary
Indebtedness. Permit any Subsidiary of Borrower to create, incur, assume, suffer to exist,
or otherwise be liable with respect to, any Indebtedness except:

 

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(a)             Indebtedness existing on the Effective Date and disclosed in Schedule 7.3, and any refinancings, refundings, renewals
or extensions thereof; provided that the amount of such Indebtedness is not increased at the time of such refinancing,
refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and
expenses reasonably incurred, in connection with such refinancing;

 

(b)             Indebtedness
under the Loan Documents;

 

(c)             Indebtedness
of any Subsidiary to the Borrower or any other Subsidiary of the Borrower;

 

(d)             Indebtedness
owed under Cash Management Agreements entered into by such Person in the ordinary course of business;

 

(e)             obligations
(contingent or otherwise) existing or arising under any Swap Contract; provided that (i) such obligations are (or were)
entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with fluctuations
in interest rates, commodity prices or foreign exchange rates and (ii) such Swap Contract does not contain any provision exonerating
the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;

 

(f)              Indemnification
or similar provisions in leases entered into from time to time, in the ordinary course of business, by any Subsidiary for equipment
or vehicles;

 

(g)             Indebtedness in respect of any Customer Finance Program;

 

(h)             Indebtedness
of any Person acquired by Borrower or any of its Subsidiaries that becomes a Subsidiary after the date hereof that is outstanding
at the time such Person becomes a Subsidiary and was not incurred in contemplation of such Person becoming a Subsidiary and any
refinancings, refundings, renewals or extensions thereof; provided that the amount of such Indebtedness is not increased
at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable
amount paid, and fees and expenses reasonably incurred, in connection with such refinancing;

 

(i)              obligations
in respect of Swap Contracts entered into for the purpose of hedging or to mitigate risks to which the Borrower or any Subsidiary
is exposed in the conduct of its business or the management of its liabilities (including currency, interest rate and commodity
pricing risks);

 

(j)              Indebtedness incurred under sale and leaseback transactions permitted under Section 7.4;

 

(k)             Indebtedness
owed to (including obligations in respect of letters of credit or bank Guaranties or similar instruments for the benefit of) any
person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability
insurance to the Borrower or any Subsidiary pursuant to reimbursement or indemnification obligations to such person;

 

(l)              Indebtedness
consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligation contained in supply agreements,
in each case, in the ordinary course of business;

 

(m)            Indebtedness
in respect of performance, bid, appeal and surety bonds, completion Guaranties and similar obligations provided by the Borrower
or any Subsidiary, including those to secure workers’ compensation, disability, health, safety and environmental obligations
in the ordinary course of business;

 

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(n)             Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds or other cash management services in the ordinary course of business; provided, that such Indebtedness is extinguished
within five (5) Business Days of its incurrence;

 

(o)             to
the extent the guarantee contemplated by the final sentence of this Section 7.3 has been executed, delivered and is effective,
Guaranty Obligations with respect to the Senior Note Indentures; and

 

(p)             other
Indebtedness in addition to that described in Sections 7.3(a) through 7.3(o) above so long as the aggregate outstanding
amount of Priority Indebtedness at any time does not exceed 15% of Consolidated Net Tangible Assets.

 

Notwithstanding the foregoing,
in no event shall any Subsidiary permit to exist any Guaranty Obligation with respect to (i) any Senior Note Indebtedness or (ii)
any other Indebtedness of the Borrower in excess of $50,000,000, in each case without such Subsidiary also guaranteeing the Indebtedness
under the Loan Documents pursuant to a guarantee in form and substance reasonably satisfactory to the Administrative Agent.

 

7.4             Sales
and Leasebacks. Become or remain liable as lessee or as guarantor or other surety with respect
to any lease with any Person, whether an operating lease or a Capital Lease, of any property (whether real or personal or mixed)
whether now owned or hereafter acquired, (a) which Borrower or any of its Subsidiaries has sold or transferred or are to sell
or transfer to such Person or such Person’s Affiliate, or (b) which Borrower or any such Subsidiary thereof intend to use
for substantially the same purpose as any other property which has been or is to be sold or transferred by Borrower or any such
Subsidiary thereof to such Person or such Person’s Affiliate in connection with such lease; provided that Borrower
may enter into any sale and leaseback of real property, improvements thereon and equipment of Borrower entered into to finance
or refinance the purchase price or construction of such real property, improvements and equipment; provided that the Net
Cash Proceeds of each such transaction during any Fiscal Year together with aggregate Net Cash Proceeds from other sales and leasebacks
consummated during such Fiscal Year do not exceed 15% of Consolidated Net Tangible Assets as of the end of the Fiscal Quarter
immediately preceding such transaction.

 

7.5             Mergers.
Merge or consolidate with or into any Person or sell, lease or convey all or substantially all of its Properties or assets to
any other Person, unless (a) with respect to any such merger or consolidation including Borrower, the surviving entity is Borrower,
and (b) after giving effect to such transaction on a pro forma basis, no Default or Event of Default exists or would result therefrom.

 

7.6             Acquisitions.

 

(a)             Make
or agree to make any Acquisition as of any date if, after giving effect thereto, Borrower would not be in compliance with the
terms and conditions of this Agreement on a pro forma basis; or

 

(b)             Directly
or indirectly use the proceeds of any Loan in connection with any Hostile Acquisition.

 

7.7             ERISA. (a) At any time, permit any Pension Plan to: (i) engage in
any non-exempt “prohibited transaction” (as defined in Section 4975 of the Code); (ii) fail to comply with ERISA or
any other applicable Laws; (iii) fail to satisfy the minimum funding standard under the Pension Funding Rules; or (iv) terminate
in any manner, which, in each case individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect, or (b) withdraw, completely or partially, from any Multiemployer Plan if to do so could reasonably be expected
to result in a Material Adverse Effect.

 

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7.8            
Interest Coverage Ratio. Permit the Interest Coverage Ratio, as of the last
day of any Fiscal Quarter, to be less than 3.00 to 1.00.

 

7.9            
Total Net Leverage Ratio. Permit the Total Net Leverage Ratio, as of the
last day of any Fiscal Quarter, to be greater than 0.60 to 1.00.

 

7.10          
Change in Nature of Business. Make any material change in the nature of
business that Borrower and its Subsidiaries, taken as a whole, are engaged in on the Effective Date and any business activities
that are substantially similar thereto, related, or incidental thereto or a reasonable extension, development or expansion thereto.

 

7.11          
[Intentionally deleted.]

 

7.12          
Distributions. Make, directly or indirectly, any Distribution, except (a) Borrower
may declare and pay dividends with respect to its equity interests payable solely in additional shares of its common stock, (b) Subsidiaries
may declare and pay dividends ratably with respect to their equity interests, (c) Borrower may make Distributions pursuant
to and in accordance with stock option plans or other benefit plans for management or employees of Borrower and its Subsidiaries
and (d) Borrower and its Subsidiaries may make any other Distribution at any time, whether from capital, income or otherwise,
and whether in Cash or other Property if, after giving effect thereto, Borrower would be in compliance with the terms and conditions
of this Agreement on a pro forma basis.

 

7.13          
Margin Regulations; Sanctions. 

 

(a)            
Margin Regulations. Use the proceeds of any Extension of Credit, whether directly or indirectly, and whether immediately,
incidentally or ultimately, to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying
Margin Stock or to refund indebtedness originally incurred for such purpose.

 

(b)            
Sanctions. Directly or indirectly, use the proceeds of any Extension of Credit, or lend, contribute or otherwise
make available such proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of
or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject
of Sanctions, or in any other manner that will result in a violation by any individual or entity (including any individual or entity
participating in the transaction, whether as Lender, Arranger, Administrative Agent, Issuing Lender, Swing Line Lender, or otherwise)
of Sanctions or any applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act or any
regulations issued pursuant to it.

 

7.14         
Anti-Corruption Laws. Directly or indirectly use the proceeds of any Extension
of Credit for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010,
or other similar anti-corruption legislation in other jurisdictions.

 

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Section
8 

EVENTS
OF DEFAULT AND REMEDIES UPON EVENT OF DEFAULT

 

8.1             Events of Default. The existence or occurrence of any one or more of the
following events, whatever the reason therefor and under any circumstances whatsoever, shall constitute an Event of Default:

 

(a)             Borrower
fails to pay any principal on any of the Loans, or any portion thereof, or any reimbursement obligations with respect to any Letter
of Credit, on the date when due and in the currency required hereunder; or

 

(b)             Borrower
fails to pay any interest on any of the Loans, or any reimbursement obligations with respect to any Letter of Credit, or any fees
due hereunder, or any portion thereof, within five Business Days after the date when due and in the currency required hereunder;
or

 

(c)             Borrower
fails to comply with any of the covenants contained in Section 7; or

 

(d)             Borrower
fails to perform or observe any other covenant or agreement (not specified above) contained in any Loan Document on its part to
be performed or observed and such failure continues for a period of 30 days after the earlier of (i) notice thereof from Administrative
Agent to Borrower (which notice will be given at the request of any Lender) or (ii) Borrower having actual knowledge of such failure;
or

 

(e)             Any
representation or warranty of Borrower made in any Loan Document, or in any certificate or other writing delivered by Borrower
pursuant to any Loan Document, proves to have been incorrect when made or reaffirmed in any respect that is materially adverse
to the interests of Lenders; or

 

(f)              Borrower
or any of its Subsidiaries (i) fails to make any payment in respect of any Indebtedness (other than Indebtedness hereunder and
Indebtedness under Swap Contracts) having an aggregate principal amount of more than $100,000,000 when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice
period, if any, specified in the relevant document on the date of such failure; or (ii) fails to perform or observe any other
condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such
Indebtedness, and such failure continues after the applicable grace or notice period, if any, specified in the relevant document
on the date of such failure, if the effect of such failure, event or condition is to cause or to permit (A) the holder or holders
of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (or a trustee or agent on behalf of such holder or holders
or beneficiary or beneficiaries) to declare such Indebtedness to be due and payable prior to its stated maturity, or (B) any Guaranty
Obligation to become payable or cash collateral in respect thereof to be demanded; or (iii) there occurs under any Swap Contract
an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract
as to which Borrower or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as so defined) under such Swap Contract as to which Borrower or any Subsidiary thereof is an Affected Party (as so defined)
and, in either event, the termination value owed by Borrower or such Subsidiary as a result thereof is greater than $100,000,000;
or

 

(g)             Any
material provision of any Loan Document, at any time after its execution and delivery and for any reason other than the agreement
or action (or omission to act) of Lenders or satisfaction in full of all the Obligations hereunder and thereunder, ceases to be
in full force and effect or is declared by a court of competent jurisdiction to be null and void, invalid or unenforceable in
any respect which, in any such event in the reasonable opinion of the Requisite Lenders, is materially adverse to the interests
of Lenders; or

 

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(h)             A final judgment against Borrower or any of its Subsidiaries is entered for the payment of money in excess of $100,000,000
(to the extent not covered by insurance) and, absent procurement of a stay of execution, such judgment remains unsatisfied for
60 calendar days after the date of entry of judgment, or in any event later than five days prior to the date of any proposed sale
thereunder; or any writ or warrant of attachment or execution or similar process is legally issued or levied against all or any
material part of the Property of any such Person to enforce such judgment and is not released, vacated or fully bonded within
30 calendar days after its issue or levy; or

 

(i)             
Borrower or any of its Significant Subsidiaries institutes or consents to the institution of any proceeding under a Debtor
Relief Law relating to it or to all or any material part of its Property, or is unable or admits in writing its inability to pay
its debts as they mature, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of
any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part
of its Property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without
the application or consent of that Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding
under a Debtor Relief Law relating to any such Person or to all or any part of its Property is instituted without the consent of
that Person and continues undismissed or unstayed for 60 calendar days; or

 

(j)              Any
ERISA Event occurs (either individually or when taken together with all other ERISA Events that have occurred) with respect to
a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect;
or

 

(k)            
There occurs any Change of Control of Borrower.

 

8.2             Remedies
Upon Event of Default. If any Event of Default occurs, Administrative Agent shall, at the
request of, or may, with the consent of, the Requisite Lenders,

 

(a)             declare
the commitment of each Lender to make Loans and any obligation of the Issuing Lender to make Letter of Credit Extensions to be
terminated, whereupon such commitments and obligation shall be terminated;

 

(b)             declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by Borrower;

 

(c)             require
that Borrower Cash Collateralize the Letter of Credit Usage (in an amount equal to the then Outstanding Amount thereof); and

 

(d)             exercise
on behalf of itself, Lenders and Issuing Lender all rights and remedies available to itself, Lenders and Issuing Lender under
the Loan Documents or applicable law;

 

provided, however, that upon
the occurrence of any event specified in subsection (i) of Section 8.1, the obligation of each Lender to make Loans and
any obligation of the Issuing Lender to make Letter of Credit Extensions shall automatically terminate, the unpaid principal amount
of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation
of Borrower to Cash Collateralize the Letter of Credit Usage as aforesaid shall automatically become effective, in each case without
further act of Administrative Agent, any Lender or Issuing Lender.

 

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8.3           
 Application of Funds. After the exercise of remedies provided for in Section
8.2 (or after the Loans have automatically become immediately due and payable and the Letter of Credit Usage has automatically
been required to be Cash Collateralized as set forth in the proviso to Section 8.2), any amounts received on account of
the Obligations shall, subject to the provisions of Sections 2.16 and 2.17, be applied by the Administrative Agent
in the following order:

 

First, to payment
of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements
of counsel to Administrative Agent and amounts payable under Section 3) payable to Administrative Agent in its capacity
as such;

 

Second, to payment
of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter
of Credit Fees) payable to the Lenders and the Issuing Lender (including fees, charges and disbursements of counsel to the respective
Lenders and the Issuing Lender and amounts payable under Section 3), ratably among them in proportion to the respective
amounts described in this clause Second payable to them;

 

Third, to payment
of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on (i) the Loans, (ii) the
aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender and not theretofore reimbursed or converted
into Revolving Credit (USD) Loans and (iii) other Obligations arising under the Loan Documents, ratably among the Lenders and the
Issuing Lender in proportion to the respective amounts described in this clause Third payable to them;

 

Fourth, to payment
of that portion of the Obligations constituting unpaid principal of the Loans and the aggregate amount of all drawings under Letters
of Credit honored by the Issuing Lender and not theretofore reimbursed or converted into Revolving Credit (USD) Loans, ratably
among the Lenders and the Issuing Lender in proportion to the respective amounts described in this clause Fourth held by
them;

 

Fifth, to the
Administrative Agent for the account of the Issuing Lender, to Cash Collateralize that portion of Letter of Credit Usage comprised
of the aggregate undrawn amount of Letters of Credit; and

 

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

 

Subject to Sections
2.17 and 2.4(h), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause
Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit
as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied
to the other Obligations, if any, in the order set forth above.

 

Section
9

ADMINISTRATIVE AGENT

 

9.1            
Appointment and Authority.

 

(a)             Each
of the Lenders and the Issuing Lender hereby irrevocably appoints Bank of America to act on its behalf as Administrative
Agent hereunder and under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Section 9 (other than the consent rights in Section
9.6) are solely for the benefit of Administrative Agent, Lenders and the Issuing Lender, and Borrower shall not have
rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
 “agent” herein or in any other Loan Documents (or any other similar term) with reference to Administrative Agent
is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an
administrative relationship between contracting parties.

 

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(b)             The
Issuing Lender shall act on behalf of Lenders with respect to any Letters of Credit issued by it and the documents associated
therewith until such time and except for so long as Administrative Agent may agree at the request of the Requisite Lenders to
act for such Issuing Lender with respect thereto; provided, however, that the Issuing Lender shall have all of the
benefits and immunities (i) provided to Administrative Agent in this Section 9 with respect to any acts taken or omissions
suffered by the Issuing Lender in connection with Letters of Credit issued by it or proposed to be issued by it and the application
and agreements for letters of credit pertaining to the Letters of Credit as fully as if the term “Administrative Agent”,
as used in this Section 9, included the Issuing Lender with respect to such acts or omissions, and (ii) as additionally
provided in this Agreement with respect to the Issuing Lender.

 

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

 

9.3             Exculpatory
Provisions. Administrative Agent or the Arrangers, as applicable, shall not have any duties
or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative
in nature. Without limiting the generality of the foregoing, Administrative Agent or the Arrangers, as applicable:

 

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

 

(b)             shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in
writing by the Requisite Lenders (or such other number or percentage of Lenders as shall be expressly provided for herein or in
the other Loan Documents), provided that Administrative Agent shall not be required to take any action that, in its opinion
or the opinion of its counsel, may expose Administrative Agent to liability or that is contrary to any Loan Document or applicable
law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law
or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief
Law; and

 

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

 

Administrative
Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Requisite
Lenders (or such other number or percentage of Lenders as shall be necessary, or as Administrative Agent shall believe in
good faith shall be necessary, under the circumstances as provided in Sections 10.1 and 8.2) or (ii) in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and
nonappealable judgment. Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless
and until notice describing such Default or Event of Default is given in writing to Administrative Agent by Borrower, a
Lender or the Issuing Lender.

 

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Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to Administrative Agent.

 

9.4            
Reliance by Administrative Agent. Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed
by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall
not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or
the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of
a Lender or the Issuing Lender, Administrative Agent may presume that such condition is satisfactory to such Lender or the Issuing
Lender unless Administrative Agent shall have received notice to the contrary from such Lender or the Issuing Lender prior to the
making of such Loan or the issuance of such Letter of Credit. Administrative Agent may consult with legal counsel (who may be counsel
for Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken
by it in accordance with the advice of any such counsel, accountants or experts.

 

9.5            
Delegation of Duties. Administrative Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed
by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights
and powers by or through their respective Related Parties. The exculpatory provisions of this Section 9 shall apply to any
such sub-agent and to the Related Parties of Administrative Agent and any such sub-agent, and shall apply to their respective activities
in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except
to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that Administrative Agent
acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

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9.6            
Resignation of Administrative Agent. Administrative Agent may at
any time give notice of its resignation to Lenders, the Issuing Lender and Borrower. Upon receipt of any such notice of resignation,
the Requisite Lenders shall have the right to appoint a successor among the Lenders which shall be a bank with an office in the
United States, or an Affiliate of any such bank with an office in the United States. Unless an Event of Default shall have occurred
and be continuing, such successor administrative agent shall be subject to the consent of the Borrower (which shall not be unreasonably
withheld). If no such successor shall have been so appointed by the Requisite Lenders and shall have accepted such appointment
within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent
may on behalf of Lenders and the Issuing Lender, appoint a successor Administrative Agent meeting the qualifications set forth
above (excluding any required consent of the
Borrower); provided that if Administrative Agent shall notify Borrower and Lenders that no qualifying Person has accepted
such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2)
except for any indemnity payments or other amounts then owed to the retiring Administrative Agent, all payments, communications
and determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender and the
Issuing Lender directly, until such time as the Requisite Lenders appoint a successor Administrative Agent as provided for above
in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative
Agent (other than any rights to indemnity payments or other amounts
owed to the retiring Administrative Agent as of the effective date of its resignation), and the retiring Administrative Agent
shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 9 and Section
10.4 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting
as Administrative Agent.

 

Any resignation by
Bank of America as Administrative Agent pursuant to this Section shall also constitute its resignation as Issuing Lender and Swing
Line Lender. If Bank of America resigns as Issuing Lender, it shall retain all the rights, powers, privileges and duties of Issuing
Lender hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Issuing Lender
and all Letter of Credit Usage with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund
risk participations in Unreimbursed Amounts pursuant to Section 2.4(h) or (i). If Bank of America resigns as Swing
Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made
by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate
Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section 2.3(d) or (e). Upon the appointment
by Borrower of a successor Issuing Lender or Swing Line Lender hereunder (which successor shall in all cases be a Lender other
than a Defaulting Lender), (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring Issuing Lender and Swing Line Lender, (b) the retiring Issuing Lender and Swing Line Lender shall be discharged
from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor Issuing
Lender shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession
or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring Issuing
Lender with respect to such Letters of Credit.

 

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9.7            
Non-Reliance on Administrative Agent, the Arrangers and Other Lenders.
Each Lender and the Issuing Lender acknowledges that none of Administrative Agent nor any Arranger has made any representation
or warranty to it, and that no act by Administrative Agent or any Arranger hereafter taken, including any consent to, and acceptance
of any assignment or review of the affairs or Borrower or any Affiliate thereof, shall be deemed to constitute any representation
or warranty by Administrative Agent or any Arranger to any Lender or the Issuing Lender as to any matter, including whether Administrative
Agent or any Arranger have disclosed material information in their (or their Related Parties’) possession. Each Lender and
the Issuing Lender represents to Administrative Agent and the Arrangers that it has, independently and without reliance upon Administrative
Agent, the Arrangers or any other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis of, appraisal of, and investigation into, the business, prospects, operations,
property, financial and other condition and creditworthiness of Borrower and its Subsidiaries, and all applicable bank
or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement
and to extend credit to Borrower hereunder. Each Lender and the Issuing Lender also acknowledges that it will, independently and
without reliance upon Administrative Agent, any Arranger or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder, and to make such investigations as it deems necessary to inform itself as to
the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower. Each Lender and
the Issuing Lender represents and warrants that (i) the Loan Documents set forth the terms of a commercial lending facility and
(ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering into this Agreement
as a Lender or Issuing Lender for the purpose of making, acquiring or holding commercial loans and providing other facilities
set forth herein as may be applicable to such Lender or Issuing Lender, and not for the purpose of purchasing, acquiring or holding
any other type of financial instrument, and each Lender and the Issuing Lender agrees not to assert a claim in contravention of
the foregoing. Each Lender and the Issuing Lender represents and warrants that it is sophisticated with respect to decisions to
make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender
or the Issuing Lender, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold
such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans
or providing such other facilities.

 

9.8           
No Other Duties, Etc. Anything herein to the contrary notwithstanding, none
of the Arrangers or other agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as Administrative Agent, a Lender or the Issuing Lender
hereunder.

 

9.9           
Administrative Agent May File Proofs of Claim. In case of the pendency of
any proceeding under any Debtor Relief Law or any other judicial proceeding relative to Borrower, Administrative Agent (irrespective
of whether the principal of any Loan or Letter of Credit Usage shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:

 

(a)            
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter
of Credit Usage and all other Obligations that are owing and unpaid under the Loan Documents and to file such other documents as
may be necessary or advisable in order to have the claims of Lenders, the Issuing Lender and Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of Lenders, the Issuing Lender and Administrative Agent
and their respective agents and counsel and all other amounts due Lenders, the Issuing Lender and Administrative Agent under Sections
2.4(n), 2.8 and 10.4) allowed in such judicial proceeding; and

 

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

 

Any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender and the Issuing Lender to make such payments to Administrative Agent and, in the event that Administrative Agent shall
consent to the making of such payments directly to Lenders and the Issuing Lender, to pay to Administrative Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel,
and any other amounts due Administrative Agent under Sections 2.8 and 10.4.

 

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Nothing contained herein
shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the
Issuing Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or the Issuing Lender or to authorize Administrative Agent to vote in respect of the claim of any Lender or the Issuing
Lender in any such proceeding. No Lender shall have any right individually to enforce any guarantee
of the Obligations, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised
solely by the Administrative Agent on behalf of the Lenders in accordance with the terms thereof. Each Lender will be deemed, by
its acceptance of the benefits of the guarantees of the Obligations provided under the Loan Documents, to have agreed to the foregoing
provisions.

 

9.10          Certain
ERISA Matters.

 

(a)            Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any of its Affiliates,
that at least one of the following is and will be true:

 

(i)              such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the
Letters of Credit, the Commitments or this Agreement,

 

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

 

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

 

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

 

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(b)             In addition, unless either (1) clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2)
a Lender has provided another representation, warranty and covenant in accordance with clause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)
covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for
the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any of its
Affiliates, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto).

 

Section
10

MISCELLANEOUS

 

10.1           Amendments,
Etc. Subject to Sections 2.15, 2.18 and 3.3(c) and the last paragraph
of this Section 10.1, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
to any departure by Borrower therefrom, shall be effective unless in writing signed by the Requisite Lenders and Borrower and
acknowledged by Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)             waive any condition set forth in Section 4.1(a) without the written consent of each Lender;

 

(b)             without
limiting the generality of clause (a) above, waive any condition set forth in Section 4.2 as to any Extension of Credit
under a particular Facility without the written consent of the Requisite Facility Lenders under such Facility;

 

(c)             extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.2), without the
written consent of such Lender;

 

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

 

(e)             reduce
the principal of, or the rate of interest specified herein on, any Loan or Letter of Credit Usage, or (subject to clause (v) of
the second proviso to this Section 10.1) any fees or other amounts payable hereunder or under any other Loan Document without
the written consent of each Lender directly adversely affected thereby; provided, however, that only the consent
of the Requisite Lenders shall be necessary to (i) amend or change the manner of computation of any financial ratio (including
any change in any applicable defined term) used in determining the Applicable Margin even if that amendment or change would result
in a reduction of any interest rate on any Loan or any fee payable hereunder after the effective date thereof or (ii) amend or
change the definition of “Default Rate” or to waive any obligation of Borrower to pay interest or Letter of Credit
Fees at the Default Rate;

 

(f)              change
the order in which funds are applied pursuant to Section 8.3 without the written consent of each Lender directly adversely
affected thereby;

 

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(g)             change
(i) any provision of this Section or the definition of “Requisite Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder (other than the definitions specified in clause (ii) of this Section
10.1(g)), without the written consent of each Lender or (ii) the definition of “Requisite Facility Lenders”
as it relates to a Facility (or the constituent definition therein relating to such Facility) without the written consent of
each Lender under such Facility;

 

(h)            
amend Section 1.9 or the definition of “Alternative Currency” without the written consent of each Revolving
Credit (MC) Lender; or

 

(i)             
impose any greater restriction on the ability of any Lender under a Facility to assign any of its rights or obligations
hereunder without the written consent of the Requisite Facility Lenders under such Facility;

 

and, provided further, that (i)
no amendment, waiver or consent shall, unless in writing and signed by the Issuing Lender in addition to Lenders required above,
affect the rights or duties of the Issuing Lender under this Agreement or any Issuer Document relating to any Letter of Credit
issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender
in addition to Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment,
waiver or consent shall, unless in writing and signed by Administrative Agent in addition to Lenders required above, affect the
rights or duties of Administrative Agent under this Agreement or any other Loan Document; (iv) Section 10.6(i) may not be
amended, waived or otherwise modified without the consent of each Granting Lender all or any part of whose Loans are being funded
by an SPC at the time of such amendment, waiver or other modification; and (v) the Fee Letters may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting
Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (x) the Commitment
of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender or all Lenders or each affected Lender under a Facility that by its
terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

 

Notwithstanding any provision herein to
the contrary, if Administrative Agent and Borrower acting together identify any ambiguity, omission, mistake, typographical error
or other defect in any provision of this Agreement or any other Loan Document (including the schedules and exhibits thereto), then
Administrative Agent and Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission,
mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of
any other party to this Agreement.

 

10.2          
Notices; Effectiveness; Electronic Communication. 

 

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

 

(i)             
if to Borrower, Administrative Agent, the Issuing Lender or the Swing Line Lender, to the address, facsimile number, electronic
mail address or telephone number specified for such Person on Schedule 10.2; and

 

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(ii)             if
to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its
Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain material non-public information
relating to Borrower).

 

Notices and other communications sent by
hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day
for the recipient). Notices and other communications delivered through electronic communications to the extent provided in subsection
(b) below, shall be effective as provided in such subsection (b).

 

(b)             Electronic
Communications. Notices and other communications to Lenders and the Issuing Lender hereunder may be delivered or furnished
by electronic communication (including e-mail, FpML messaging and Internet or intranet websites) pursuant to procedures approved
by Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or the Issuing Lender pursuant
to Section 2 if such Lender or the Issuing Lender, as applicable, has notified Administrative Agent that it is incapable
of receiving notices under such Section by electronic communication. Administrative Agent, Swing Line Lender, Issuing Lender or
Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications. Unless Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying
the web site address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication
is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been
sent at the opening of business on the next Business Day for the recipient.

 

(c)             The
Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW)
DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability
to Borrower, any Lender, the Issuing Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind
(whether in tort, contract or otherwise) arising out of Borrower’s or the Administrative Agent’s transmission of Borrower
Materials or notices through the Platform, any other electronic platform or electronic messaging service, or through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction
by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided,
however, that in no event shall any Agent Party have any liability to Borrower, any Lender, the Issuing Lender or any other
Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

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(d)             Change of Address, Etc. Each of Borrower, Administrative Agent, the Issuing Lender and the Swing Line Lender may
change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, facsimile or telephone number for notices and other communications hereunder
by notice to Borrower, Administrative Agent, the Issuing Lender and the Swing Line Lender. In addition, each Lender agrees to
notify Administrative Agent from time to time to ensure that Administrative Agent has on record (i) an effective address, contact
name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and
(ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or
on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation
on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such
Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to
make reference to Borrower Materials that are not made available through the “Public Side Information” portion of
the Platform and that may contain material non-public information with respect to Borrower or its securities for purposes of United
States Federal or state securities laws.

 

(e)            
Reliance by Administrative Agent, Issuing Lender and Lenders. Administrative Agent, the Issuing Lender and Lenders
shall be entitled to rely and act upon any notices purportedly given by or on behalf of Borrower which are reasonably believed
to be genuine and correct even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded
or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from
any confirmation thereof. Borrower shall indemnify Administrative Agent, the Issuing Lender, each Lender and the Related Parties
of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly
given by or on behalf of Borrower. All telephonic notices to and other telephonic communications with Administrative Agent may
be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording.

 

10.3          
No Waiver; Cumulative Remedies. No failure by any Lender, the Issuing Lender
or Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder
or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against Borrower shall be vested exclusively in, and all actions and proceedings
at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent in
accordance with Section 8.2 for the benefit of all the Lenders and the Issuing Lender; provided, however,
that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies
that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b)
the Issuing Lender or the Swing Line Lender from exercising the rights and remedies that inure to its benefit (solely in its
capacity as Issuing Lender or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any
Lender from exercising setoff rights in accordance with Section 10.8 (subject to the terms of Section 2.14), or
(d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to Borrower under any Debtor Relief Law; and provided, further, that if at any time there
is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Requisite Lenders
shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 8.2 and (ii) in addition to
the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.14, any Lender
may, with the consent of the Requisite Lenders, enforce any rights and remedies available to it and as authorized by the
Requisite Lenders.

 

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10.4          
Expenses; Indemnity; Damage Waiver. 

 

(a)            
Costs and Expenses. Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by Administrative
Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of one primary counsel for Administrative
Agent and one local counsel for Administrative Agent in each applicable jurisdiction), in connection with the syndication of the
credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and
the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the
Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all out-of-pocket expenses incurred by Administrative Agent, any Lender or the Issuing Lender (including the
fees, charges and disbursements of one primary counsel and of any special and local counsel for the Administrative Agent and the
Issuing Lender and one additional counsel for all Lenders and additional counsel in light of actual or potential conflicts of interest
or the availability of different claims or defenses), in connection with the enforcement or protection of its rights (A) in connection
with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans
made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit.

 

(b)            Indemnification
by Borrower. Borrower shall indemnify Administrative Agent (and any sub-agent thereof), each Lender and the Issuing
Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
 “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
penalties, liabilities and related expenses (other than the allocated costs of in-house counsel but including the reasonable
and documented out-of-pocket fees, charges and disbursements of (x) one counsel for all Indemnitees, (y) if deemed necessary
by the Administrative Agent, one firm of local counsel in each appropriate jurisdiction for all Indemnitees and (z) in the
case of an actual or perceived conflict of interest with respect to any Indemnitee, of another firm of counsel for such
affected Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrower arising
out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the
other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection
with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Hazardous Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by Borrower, and regardless of whether any Indemnitee is a party thereto, in all
cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of
the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and
non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (y) result from
a claim brought by Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or
under any other Loan Document, if Borrower has obtained a final and non-appealable judgment in its favor on such claim as
determined by a court of competent jurisdiction or (z) result from or related to any dispute that does not arise out of any
act or omission on the part of the Borrower or its Subsidiaries or Affiliates brought by one Indemnitee against any other
Indemnitee (other than any dispute against the Administrative Agent or any arranger in its capacity as such). Without
limiting the provisions of Section 3.1, this Section 10.4(b) shall not apply with respect to Taxes other than
any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)             Reimbursement
by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) of this Section to be paid by it to Administrative Agent (or any sub-agent thereof), the Issuing Lender, the Swing Line
Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to Administrative Agent (or any such
sub-agent), the Issuing Lender, the Swing Line Lender or such Related Party, as the case may be, such Lender’s Pro Rata
Share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s
share of the Total Credit Exposure at such time) of such unpaid amount (including any such unpaid amount in respect of a claim
asserted by such Lender), such payment to be made severally among them based on such Lenders’ Pro Rata Share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
Administrative Agent (or any such sub-agent), the Swing Line Lender or the Issuing Lender in its capacity as such, or against
any Related Party of any of the foregoing acting for Administrative Agent (or any such sub-agent), the Swing Line Lender or Issuing
Lender in connection with such capacity. The obligations of Lenders under this subsection (c) are subject to the provisions of
Section 2.14.

 

(d)             Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising
from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

(e)             Payments.
All amounts due under this Section shall be payable not later than 30 days after demand therefor.

 

(f)              Survival.
The agreements in this Section shall survive the resignation of Administrative Agent, the Issuing Lender and the Swing Line Lender,
the replacement of any Lender, the termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all
the other Obligations.

 

10.5           Payments
Set Aside. To the extent that any payment by or on behalf of Borrower is made to Administrative
Agent, the Issuing Lender or any Lender, or Administrative Agent, the Issuing Lender or any Lender exercises its right of setoff,
and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by Administrative Agent, the Issuing Lender
or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under
any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender and the Issuing Lender severally agrees to pay to Administrative Agent upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by Administrative Agent, plus interest thereon
from the date of such demand to the date such payment is made at a rate per annum equal to applicable Overnight Rate from time
to time in effect, in the applicable currency of such recovery or payment. The obligations of Lenders and the Issuing Lender under
clause (b) of the preceding sentence shall survive the payment in full of the Obligations and
the termination of this Agreement.

 

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10.6           Successors
and Assigns. 

 

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

 

(b)             Assignments
by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in Letter of Credit Usage and in Swing Line Loans) at the time owing to it); provided that:

 

(i)              except
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment under any Facility and
the Loans at the time owing to it (in each case with respect to any Facility) or in the case of an assignment to a Lender or an
Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than the Minimum Amount with respect to such Facility unless each of Administrative
Agent and, so long as no Event of Default has occurred and is continuing, Borrower otherwise consents (each such consent not to
be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group
and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members
of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been
met;

 

(ii)             each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights
in respect of Swing Line Loans;

 

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(iii)            any assignment of a Revolving Credit (USD) Commitment or Revolving Credit (MC) Commitment must be approved by Administrative
Agent (which approval will not be unreasonably withheld or delayed) and, in the case of the Revolving Credit (USD) Commitment,
the Issuing Lender and the Swing Line Lender (each such approval not to be unreasonably withheld or delayed) unless the Person
that is the proposed assignee is itself a Lender with respect to the applicable Facility (whether or not the proposed assignee
would otherwise qualify as an Eligible Assignee); and

 

(iv)           
the parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may,
in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it shall
not be a Lender, shall deliver to Administrative Agent an Administrative Questionnaire.

 

Subject to acceptance and recording thereof
by Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment
and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.1
through 3.4, 3.5 and 10.4 with respect to facts and circumstances occurring prior to the effective date of
such assignment; provided that, except to the extent otherwise expressly agreed by the affected parties, no assignment by
a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having
been a Defaulting Lender. Upon request, Borrower (at its expense) shall execute and deliver new or replacement Notes to the assigning
Lender and the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does
not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in
such rights and obligations in accordance with subsection (d) of this Section.

 

(c)             Register.
Administrative Agent, acting solely for this purpose as an agent of Borrower (and such agency being solely for tax purposes),
shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the
equivalent thereof in electronic form) and a register for the recordation of the names and addresses of Lenders, and the
Commitments of, and principal amounts (and stated interest) of the Loans and Letter of Credit Usage owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). Upon its receipt of a duly
completed Assignment and Assumption executed by an assigning Lender and an Eligible Assignee, the Eligible Assignee’s
completed administrative questionnaire (unless such Eligible Assignee shall already be a Lender hereunder), any processing
and recordation fee and any written consent to such assignment required hereunder, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register as provided in this clause (c). The
entries in the Register shall be conclusive, and Borrower, Administrative Agent and Lenders shall treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available for inspection by Borrower and the Issuing Lender at
any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request for a consent
or a material or substantive change to the Loan Documents is pending, any Lender may request and receive from Administrative
Agent a copy of the Register. Each Lender that grants a participation shall, acting solely for this purpose as a
non-fiduciary agent of Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Lender’s rights and/or obligations
under this Agreement (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant's interest in any commitments, loans, letters of credit or other obligations under this
Agreement) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan,
letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat
each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity
as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(d)           
Participations. Any Lender may at any time, without the consent of, or notice to, Borrower or Administrative Agent,
sell participations to any Person (other than a natural person, or a holding company investment vehicle or trust for, or owned
and operated for the primary benefit of, a natural Person, a Defaulting Lender, or Borrower or any of Borrower’s Affiliates
or Subsidiaries) (each, a “Participant”); in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations
in Letter of Credit Usage and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under
this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) Borrower, Administrative Agent, Lenders and the Issuing Lender shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance
of doubt, each Lender shall be responsible for the indemnity under Section 10.4(c) without regard to the existence of any
participation.

 

Any agreement or instrument
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement
or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
other modification described in the first proviso to Section 10.1 that affects such Participant. Subject to subsection (e)
of this Section, Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.4 and
3.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of
this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.8 as
though it were a Lender, provided such Participant agrees to be subject to Section 2.14 as though it were a Lender.

 

(e)           
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections
3.1 or 3.4 than the applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with Borrower’s prior written consent.
A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.1 unless
Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower, to
comply with Section 3.1 as though it were a Lender.

 

(f)           
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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(g)          
 Electronic Execution of Assignments and Certain Other Documents. The words “execute”, “execution,”
 “signed,” “signature,” and words of like import in or related to any document to be signed in connection
with this Agreement and the transactions contemplated hereby (including, without limitation, Assignment and Assumptions, amendments
or other modifications, Required Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent or the keeping
of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding
anything contained herein to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

(h)           
As used herein, the following terms have the following meaning:

 

“Eligible
Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other
than a natural Person or a holding company investment vehicle or trust for, or owned and operated for the primary benefit of, a
natural Person) approved by (i) Administrative Agent and, in the case of an assignment in respect of the Revolving Credit (USD)
Facility, the Issuing Lender and the Swing Line Lender, and (ii) unless (A) such Person is taking delivery of an assignment in
connection with physical settlement of a credit derivative transaction or (B) an Event of Default has occurred and is continuing,
Borrower (each such approval not to be unreasonably withheld or delayed), which approval of any such assignment shall be deemed
given by Borrower unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after
having received notice thereof; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include
(x) Borrower or any of its Affiliates or Subsidiaries or (y) any Defaulting Lender or any of its Subsidiaries, or any Person who,
upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (y); provided further
that, unless an Event of Default has occurred and is continuing, an Eligible Assignee under clause (d) of this definition shall
have a minimum of $500,000,000 of combined capital and surplus.

 

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

 

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

 

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(i)             Special
Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the
Granting Lender to Administrative Agent and Borrower (an “SPC”) the option to provide all or any
part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise
such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan
pursuant to the terms hereof or, if it fails to do so, to make such payment to Administrative Agent as is required under Section
2.10(d). Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option
shall increase the costs or expenses or otherwise increase or change the obligations of Borrower under this Agreement
(including its obligations under Section 3.4), (ii) no SPC shall be liable for any indemnity or similar payment
obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes,
including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the
lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the applicable Commitment of the Granting
Lender to the same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each
party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is
one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will
not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to
the contrary contained herein, any SPC may (i) with notice to, but without prior consent of Borrower or Administrative Agent
and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative
Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to the
Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Loans to any
rating agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such
SPC.

 

(j)            
Resignation as Issuing Lender or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained
herein, if at any time Bank of America assigns all of its Revolving Credit (USD) Commitment and Revolving Credit (USD) Loans pursuant
to subsection (b) above, Bank of America may, (i) upon 30 days’ notice to Borrower and Lenders, resign as Issuing Lender
and/or (ii) upon 30 days’ notice to Borrower, resign as Swing Line Lender. In the event of any such resignation as Issuing
Lender or Swing Line Lender, Borrower shall be entitled to appoint from among Lenders a successor Issuing Lender or Swing Line
Lender hereunder; provided, however, that no failure by Borrower to appoint any such successor shall affect the resignation
of Bank of America as Issuing Lender or Swing Line Lender, as the case may be. If Bank of America resigns as Issuing Lender, it
shall retain all the rights, powers, privileges and duties of the Issuing Lender hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as Issuing Lender and all Letter of Credit Usage with respect thereto (including
the right to require Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section
2.4). If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for
hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the
right to require Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.3. Upon the appointment of a successor Issuing Lender and/or Swing Line Lender, (a) such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring Issuing Lender or Swing Line Lender, as the case may
be, and (b) the successor Issuing Lender shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations
of Bank of America with respect to such Letters of Credit.

 

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

 

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10.7         
Treatment of Certain Information; Confidentiality. Each of Administrative
Agent, Lenders and the Issuing Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as
those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.15 or (ii) any
actual or prospective counterparty (or its Related Parties) to any swap or derivative transaction relating to Borrower and its
obligations, (g) on a confidential basis to (i) any rating agency in connection with rating Borrower or its Subsidiaries or the
credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the
consent of Borrower or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of
this Section or (y) becomes available to Administrative Agent, any Lender, the Issuing Lender or any of their respective Affiliates
on a non-confidential basis from a source other than Borrower. In addition, the Administrative Agent and the Lenders may disclose
the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this
Agreement, the other Loan Documents and the Commitments.

 

For purposes of this
Section, “Information” means all information received from Borrower or any of its Subsidiaries relating
to Borrower or any Subsidiary or any of their respective businesses, other than any such information that is available to Administrative
Agent, any Lender or the Issuing Lender on a non-confidential basis prior to disclosure by Borrower or any Subsidiary thereof,
provided that, in the case of information received from Borrower or any Subsidiary thereof after the date hereof, such information
is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information
as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Each of Administrative
Agent, Lenders and the Issuing Lender acknowledges that (a) the Information may include material non-public information concerning
Borrower or a Subsidiary thereof, as the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including
Federal and state securities Laws.

 

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10.8        
Right of Setoff. If an Event of Default shall have occurred and be continuing,
each Lender, the Issuing Lender and each of their respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by
such Lender, the Issuing Lender or any such Affiliate to or for the credit or the account of Borrower against any and all of the
obligations of Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or the Issuing
Lender or their respective Affiliates, irrespective of whether or not such Lender, the Issuing Lender or such Affiliate shall
have made any demand under this Agreement or any other Loan Document and although such obligations of Borrower may be contingent
or unmatured or are owed to a branch or office of such Lender, the Issuing Lender or Affiliate different from the branch or office
holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise
any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.16 and, pending such payment, shall be segregated by such Defaulting Lender
from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the Issuing Lender and their
respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that
such Lender, the Issuing Lender or their respective Affiliates may have. Each Lender and the Issuing Lender agrees to notify Borrower
and Administrative Agent promptly after any such setoff and application, provided that the failure to give such notice
shall not affect the validity of such setoff and application.

 

10.9         
Interest Rate Limitation. Notwithstanding anything to the contrary contained
in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If Administrative
Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to
the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest contracted
for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted
by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b)
exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts
the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

10.10      
Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter
agreements with respect to fees payable to the Administrative Agent, the arrangers or the Issuing Lender, constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become effective
when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

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10.11       Survival
of Representations and Warranties. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith
shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied
upon by Administrative Agent and each Lender, regardless of any investigation made by Administrative Agent or any Lender or
on their behalf and notwithstanding that Administrative Agent or any Lender may have had notice or knowledge of any Default
or Event of Default at the time of any Extension of Credit, and shall continue in full force and effect as long as any Loan
or any other Obligation hereunder shall remain unpaid or unsatisfied or any Letter of Credit shall remain
outstanding.

 

10.12      
Severability. If any provision of this Agreement or the other Loan Documents
is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith
negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing
provisions of this Section 10.12, if and to the extent that the enforceability of any provisions in this Agreement relating
to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by Administrative Agent, the Issuing
Issuer or the Swing Line Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so
limited. 

 

10.13       
Replacement of Lenders. If any Lender requests compensation under Section
3.4, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.1, or if any Lender is a Defaulting Lender or a Non-Consenting Lender or if any other circumstance
exists hereunder that gives Borrower the right to replace a Lender as a party hereto, then Borrower may, at its sole expense and
effort, upon notice to such Lender and Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance
with and subject to the restrictions contained in, and consents required by, Section 10.6), all of its interests, rights
(other than its existing rights to payments pursuant to Section 3.1 and 3.4) and obligations under this Agreement
and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that: 

 

(a)           
Borrower shall have paid to Administrative Agent the assignment fee specified in Section 10.6(b);

 

(b)          
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and its Pro Rata Revolving
Credit (USD) Share of Letter of Credit Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder
and under the other Loan Documents (including any amounts under Section 3.5) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or Borrower (in the case of all other amounts);

 

(c)           
in the case of any such assignment resulting from a claim for compensation under Section 3.4 or payments required
to be made pursuant to Section 3.1, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)           
such assignment does not conflict with applicable Laws; and

 

(e)           
in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver or consent.

 

A Lender shall not
be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling Borrower to require such assignment and delegation cease to apply. Each party hereto agrees that (i) an
assignment required pursuant to this Section 10.13 may be effected pursuant to an Assignment and Assumption executed by
the Borrower, the Administrative Agent and the assignee and (ii) the Lender required to make such assignment need not be a party
thereto in order for such assignment to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided
that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and deliver such
documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided, further
that any such documents shall be without recourse to or warranty by the parties thereto. Notwithstanding anything in this Section
to the contrary, (i) the Lender that acts as the Issuing Lender may not be replaced hereunder at any time it has any Letter of
Credit outstanding hereunder unless arrangements satisfactory to such Lender (including the furnishing of a backstop standby letter
of credit in form and substance, and issued by an issuer, reasonably satisfactory to such Lender or the depositing of cash collateral
into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory to such Lender) have been made with
respect to such outstanding Letter of Credit and (ii) the Lender that acts as the Administrative Agent may not be replaced hereunder
except in accordance with the terms of Section 9.6.

 

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10.14       
Governing Law; Jurisdiction; Etc. 

 

(a)           
GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW.

 

(b)           
SUBMISSION TO JURISDICTION. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN AND OF THE
UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY
BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER
LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT, ANY LENDER OR THE ISSUING LENDER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.

 

(c)           
WAIVER OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT
FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          
SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 10.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT
OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

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10.15     
Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (1) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (2) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.16       
USA PATRIOT Act Notice. Each Lender that is subject to the US Patriot Act
(as hereinafter defined) and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant
to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “US
Patriot Act”), it is required to obtain, verify and record information that identifies
Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Administrative
Agent, as applicable, to identify Borrower in accordance with the US Patriot Act. Borrower shall, promptly following a request
by Administrative Agent or any Lender, provide all documentation and other information that Administrative Agent or such Lender
reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money
laundering rules and regulations, including the US Patriot Act.

 

10.17       
Time of the Essence. Time is of the essence of the Loan Documents.

 

10.18       
Electronic Execution of Assignments and Certain Other Documents. The words
 “execute,” “execution,” “signed,” “signature,” and words of like import in or related
to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without limitation
Assignment and Assumptions, amendments or other modifications, any Request for Extension of Credit and any waivers and consents)
shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as
the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the
Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative
Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by
the Administrative Agent pursuant to procedures approved by it.

 

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10.19        No
Advisory or Fiduciary Responsibility. In connection with all aspects of each
transaction contemplated hereby, Borrower acknowledges and agrees that: (i) the credit facilities provided for hereunder and
any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between Borrower and its
Affiliates, on the one hand, and the Administrative Agent, the Arrangers and the Lenders, on the other hand, and Borrower is
capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or
thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent, the Arrangers and the
Lenders each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for Borrower
or any of its Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the Administrative Agent,
the Arrangers nor the Lenders has assumed or will assume an advisory, agency or fiduciary responsibility in favor of Borrower
or any of its Affiliates with respect to any of the transactions contemplated hereby or the process leading thereto,
including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of
whether the Administrative Agent, the Arrangers or the Lenders has advised or is currently advising Borrower or any of its
Affiliates on other matters) and neither the Administrative Agent, the Arrangers nor the Lenders has any obligation to
Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; (iv) the Administrative Agent, the Arrangers and the Lenders and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
Borrower and its Affiliates, and neither the Administrative Agent, the Arrangers nor the Lenders has any obligation to
disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) neither the
Administrative Agent, the Arrangers nor the Lenders has provided nor will any of them provide any legal, accounting,
regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or
other modification hereof or of any other Loan Document) and Borrower has consulted its own legal, accounting, regulatory and
tax advisors to the extent it has deemed appropriate. Borrower hereby waives and releases, to the fullest extent permitted by
law, any claims that it may have against the Administrative Agent, the Arrangers and the Lenders with respect to any breach
or alleged breach of agency or fiduciary duty.

 

10.20       
Judgment Currency. If, for the purposes of obtaining judgment in any court,
it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange
used shall be that at which in accordance with normal banking procedures Administrative Agent could purchase the first currency
with such other currency on the Business Day preceding that on which final judgment is given. The obligation of Borrower in respect
of any such sum due from it to Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding
any judgment in a currency (the “Judgment Currency”) other than that
in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt
by Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, Administrative
Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to Administrative
Agent or any Lender from Borrower in the Agreement Currency, Borrower agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to Administrative Agent or any Lender in such currency, Administrative
Agent or such Lender, as the case may be, agrees to return the amount of any excess to Borrower (or to any other Person who may
be entitled thereto under applicable law).

 

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10.21      
Acknowledgement and Consent to Bail-In of Affected Financial Institutions.
Solely to the extent any Lender or Issuing Lender that is an Affected Financial Institution is a party to this Agreement and notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any Lender or Issuing Lender that is an Affected Financial Institution arising
under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the
applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          
 the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any Lender or Issuing Lender that is an Affected Financial Institution; and

 

(b)          
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)               
a reduction in full or in part or cancellation of any such liability;

 

(ii)             
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

 

(iii)            
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
the applicable Resolution Authority.

 

10.22      
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is
a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with
the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States):

 

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

 

(b)           
As used in this Section 10.22, the following terms have the following meanings:

 

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

 

    105

     

    

 

“Covered
Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 382.2(b).

 

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

 

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

 

10.23      
Amendment and Restatement; No Novation. This Agreement constitutes an amendment
and restatement of the Existing Credit Agreement, effective from and after the Effective Date. The execution and delivery of this
Agreement shall not constitute a novation of any indebtedness or other obligations owing to the Lenders or Administrative Agent
under the Existing Credit Agreement based on facts or events occurring or existing prior to the execution and delivery of this
Agreement. On the Effective Date, the credit facilities described in the Existing Credit Agreement, shall be amended, supplemented,
modified and restated in their entirety by the facilities described herein, and all loans and other obligations of Borrower outstanding
as of such date under the Existing Credit Agreement, shall be deemed to be loans and obligations outstanding under the facility
described herein, without any further action by any Person, except that Administrative Agent shall make such transfers of funds
as are necessary in order that the outstanding balance of such loans and obligations reflect the respective Loans and Commitments
of the Lenders hereunder in accordance with Schedule 2.1 (it being understood that to effect the Loans, Commitments and
Applicable Percentages, as applicable, in accordance with Schedule 2.1, (x) all requisite assignments of commitments and/or
loans shall be deemed to be made in such amounts among the Lenders and from each Lender to each other Lender, with the same force
and effect as if such assignments were evidenced by applicable Assignments and Assumptions (as defined in the Existing Credit Agreement)
under the Existing Credit Agreement (but without the payment of any related assignment fee) and (y) the parties hereby consent
to all reallocations and assignments of commitments and loans effected on the Effective Date pursuant to this Section 10.23
and waive any requirement for any other document or instrument, including any Assignment and Assumption (as defined in the Existing
Credit Agreement) under the Existing Credit Agreement or any Assignment and Assumption hereunder, necessary to give effect to any
reallocation or assignment). 

 

10.24      
Electronic Signatures, Etc. This Agreement and any document, amendment,
approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement
(each a “Communication”), including Communications required to be in writing, may be in the form of an Electronic
Record and may be executed using Electronic Signatures. Borrower agrees that any Electronic Signature on or associated with any
Communication shall be valid and binding on Borrower to the same extent as a manual, original signature, and that any Communication
entered into by Electronic Signature, will constitute the legal, valid and binding obligation of Borrower enforceable against
such in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.  
Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts,
but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph
may include, without limitation, use or acceptance by Administrative Agent and each of the Lenders of a manually signed paper
Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication
converted into another format, for transmission, delivery and/or retention. Administrative Agent and each of the Lenders may,
at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic
Copy”), which shall be deemed created in the ordinary course of the such Person’s business, and destroy the original
paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered
an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record. Notwithstanding
anything contained herein to the contrary, Administrative Agent is under no obligation to accept an Electronic Signature in any
form or in any format unless expressly agreed to by Administrative Agent pursuant to procedures approved by it; provided
that, without limiting the foregoing, (a) to the extent Administrative Agent has agreed to accept such Electronic Signature, Administrative
Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of
Borrower without further verification and (b) upon the request of Administrative Agent or any Lender, any Electronic Signature
shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record”
and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as
it may be amended from time to time.

 

[Remainder of page left intentionally blank]

 

    106

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amended and Restated Credit Agreement to be duly executed as of the date first above written.

 

	 	BORROWER:
	 	 
	 	RELIANCE STEEL & ALUMINUM CO., a Delaware
corporation
	 	 	 
	 	By:	/s/ Karla R.Lewis	 
	 	Name:	Karla R.Lewis
	 	Title:	Senior Executive Vice President, Chief Financial Officer

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 
	 	 
	 	By:	/s/ Maurice Washington	 
	 	Name:	Maurice Washington
	 	Title:	Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Issuing Lender, Swing Line
Lender and a Lender
	 	 
	 	 	 
	 	By:	/s/ Sophia Chen	 
	 	Name:	Sophia Chen
	 	Title:	Senior Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as a Lender
	 	 
	 	 	 
	 	By:	/s/ Peter S. Predun	 
	 	Name:	Peter S. Predun
	 	Title:	Executive Director

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a
Lender
	 	 
	 	 	 
	 	By:	/s/ Kendall Simmonds	 
	 	Name:	Kendall Simmonds
	 	Title:	Senior Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
	 	
	 	 	 
	 	By:	/s/ Joseph McElhinny	 
	 	Name:	Joseph McElhinny
	 	Title:	Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	TD BANK, N.A., as a Lender
	 	 
	 	 	 
	 	By:	/s/ Uk-Sun Kim	 
	 	Name:	Uk-Sun Kim
	 	Title:	Senior Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender
	 	
	 	 	 
	 	By:	/s/ Kurban H. Merchant	 
	 	Name:	Kurban H. Merchant
	 	Title:	Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	BANK OF THE WEST, as a Lender
	 	 
	 	 	 
	 	By:	/s/ Shikha Rehman	 
	 	Name:	Shikha Rehman
	 	Title:	Director

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 	 
	 	By:	/s/ Andrew W. Hietala	 
	 	Name:	Andrew W. Hietala
	 	Title:	Senior Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION, as a Lender
	 	
	 	 	 
	 	By:	/s/ Marc Evans	 
	 	Name:	Marc Evans
	 	Title:	Senior Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	TRUIST BANK (formely known as Branch Banking and Trust Company),
    as a Lender
	 	 
	 	 	 
	 	By:	/s/ Alfonso Brigham	 
	 	Name:	Alfonso Brigham
	 	Title:	Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

	 	COMERICA BANK, as a Lender
	 	 
	 	 	 
	 	By:	/s/ Liz V Hulley	 
	 	Name:	Liz V Hulley
	 	Title:	Vice President

 

Reliance Steel & Aluminum Co.

Amended and Restated Credit Agreement

Signature Page

 

    

     

    

 

 

	SCHEDULE 2.1
	COMMITMENTS AND PRO RATA SHARES

 

	Lender	 	Revolving
 Credit (USD)
 Commitment
	 	 	Pro Rata Share Revolving
 Credit
(USD) Facility
		 	Revolving
 Credit (MC)
 Commitment
	 	 	Pro Rata Share
 Revolving Credit
 (MC) Facility
	 
	Bank of America, N.A.	 	$	220,500,000.00	 	 	 	                  16.333333333	%	 	$	24,500,000.00	 	 	 	16.333333333	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank, N.A.	 	$	220,500,000.00	 	 	 	16.333333333	%	 	$	24,500,000.00	 	 	 	16.333333333	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells Fargo Bank, National Association	 	$	220,500,000.00	 	 	 	16.333333333	%	 	$	24,500,000.00	 	 	 	16.333333333	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PNC Bank, National Association	 	$	135,000,000.00	 	 	 	10.000000000	%	 	$	15,000,000.00	 	 	 	10.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TD Bank, N.A.	 	$	135,000,000.00	 	 	 	10.000000000	%	 	$	15,000,000.00	 	 	 	10.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	U.S. Bank National Association	 	$	99,000,000.00	 	 	 	7.333333333	%	 	$	11,000,000.00	 	 	 	7.333333333	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of the West	 	$	90,000,000.00	 	 	 	6.666666667	%	 	$	10,000,000.00	 	 	 	6.666666667	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	HSBC Bank USA, National Association	 	$	67,500,000.00	 	 	 	5.000000000	%	 	$	7,500,000.00	 	 	 	5.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	KeyBank National Association	 	$	54,000,000.00	 	 	 	4.000000000	%	 	$	6,000,000.00	 	 	 	4.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Truist Bank	 	$	54,000,000.00	 	 	 	4.000000000	%	 	$	6,000,000.00	 	 	 	4.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Comerica Bank	 	$	54,000,000.00	 	 	 	4.000000000	%	 	$	6,000,000.00	 	 	 	4.000000000	%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	$	1,350,000,000.00	 	 	 	100.000000000	%	 	$	150,000,000.00	 	 	 	100.000000000	%

  

     

     

    

 

SCHEDULE 2.4

 

EXISTING LETTERS OF CREDIT

 

	L/C Number	 	 	Issuance Date	 	Expiry Date	 	Beneficiary Name	 	Currency	 	USD Amount	 
	217917	 	 	4/2/1996	 	4/1/2021	 	INSURANCE COMPANY OF	 	USD	 	$	895,804.00	 
	3013140	 	 	4/30/2006	 	9/30/2020	 	LUMBERMENS MUTUAL CA	 	USD	 	$	83,673.23	 
	3014920	 	 	4/30/2006	 	9/23/2020	 	XL SPECIALTY INSURAN	 	USD	 	$	329,000.00	 
	3054787	 	 	3/18/2003	 	11/30/2021	 	THE BANK OF NEW YORK	 	USD	 	$	5,770,274.00	 
	3066349	 	 	10/27/2004	 	9/30/2020	 	ACE AMERICAN INSURAN	 	USD	 	$	1,450,904.00	 
	3069276	 	 	8/25/2016	 	9/2/2020	 	HARTFORD FIRE INSURA	 	USD	 	$	9,815,000.00	 
	3069278	 	 	2/2/2012	 	2/1/2021	 	DUCK RIVER ELECTRIC	 	USD	 	$	23,200.00	 
	3082336	 	 	6/6/2006	 	6/1/2021	 	AMERICAN ELECTRIC PO	 	USD	 	$	62,250.00	 
	3084756	 	 	11/3/2006	 	10/31/2020	 	ZURICH AMERICAN INSU	 	USD	 	$	8,100,000.00	 
	3086487	 	 	1/26/2007	 	1/31/2021	 	FIREMAN'S FUND INSUR	 	USD	 	$	200,000.00	 
	3120492	 	 	6/25/2013	 	6/17/2021	 	U.S. ENVIRONMENTAL	 	USD	 	$	7,100,000.00	 
	7420494	 	 	4/30/2006	 	6/30/2021	 	THE TRAVELERS INDEMN	 	USD	 	$	184,000.00	 
	68017460	 	 	2/28/2007	 	1/1/2021	 	XL SPECIALTY INSURAN	 	USD	 	$	150,000.00	 
	68061849	 	 	9/30/2011	 	10/15/2021	 	THE BANK OF NEW YORK	 	USD	 	$	369,500.00	 
	68061850	 	 	12/15/2011	 	12/14/2020	 	THE BANK OF NEW YORK	 	USD	 	$	2,571,315.07	 
	 	 	 	 	 	 	 	 	 	 	 	$	37,104,920.30	 

 

    

     

    

 

SCHEDULE 5.5

 

LITIGATION

 

None.

 

    3

     

    

 

SCHEDULE 5.9

 

EXISTING LIENS

 

Liens in connection with the following Indebtedness:

 

		1.	$54,400,000 RMB in respect of a short term credit facility entered into by Valex Semiconductor Materials (Zhejiang) Co., Ltd.

 

		2.	1,000,000 MYR in respect of a line of credit entered into by Earle M. Jorgensen (Asia) Sdn. Bhd.

 

		3.	$8,605,000 in respect of industrial revenue bond obligations
issued by the municipalities of Muskogee, Oklahoma and Jeffersonville, Indiana.

 

    4

     

    

 

SCHEDULE 7.3

EXISTING INDEBTEDNESS

 

		1.	$54,400,000 RMB in respect of a short term credit facility entered into by Valex Semiconductor Materials (Zhejiang) Co., Ltd.

 

		2.	1,000,000 MYR in respect of a line of credit entered into by Earle M. Jorgensen (Asia) Sdn. Bhd.

 

		3.	$8,605,000 in respect of industrial revenue bond obligations issued by the municipalities of Muskogee, Oklahoma and Jeffersonville,
Indiana.

 

		4.	Letters of Credit set forth on Schedule 2.4.

 

    5

     

    

 

Exhibit
A

 

FORM OF REQUEST FOR EXTENSION OF CREDIT

 

Date: ___________, _____

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Amended and Restated Credit Agreement, dated as of [________], 2020 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), among Reliance Steel & Aluminum Co., a Delaware corporation (the “Borrower”), the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Issuing Lender and Swing Line Lender.

 

The undersigned hereby requests (select one):

 

  ̈ A
Borrowing of [Revolving Credit (USD) Loans] [Revolving Credit (MC) Loans] 

 

  ̈ A
Conversion or Continuation of [Revolving Credit (USD) Loans] 

[Revolving Credit (MC) Loans]

 

	1.	On                                                                                                                      	(a Business Day).
	 	 	 
	2.	In the amount of $                                                                                            	.
	 	 	 
	3.	Comprised of:                                                                                                   	.
	 	[Type of Loan requested (e.g., Base Rate Loans or Eurocurrency Rate Loans)]
	 	 	 
	4.	In the following currency1:                                                                           	.
	 	 	 
	5.	For Eurocurrency Rate Loans: with an Interest
    Period of                                 	months.

 

The [Revolving Credit
(USD) Borrowing][Revolving Credit (MC) Borrowing] requested herein complies with the proviso to the first sentence of Section
[2.1(b)][2.1(c)] of the Agreement. The undersigned hereby certifies that the following statements are true on the date hereof,
and will be true on the above date, before and after giving effect and to the application of the proceeds of the Borrowing requested
hereby:

 

(a)       the
representations and warranties of the Borrower contained in Section 5 of the Agreement are true and correct in all material
respects as though made on and as of the above date (except to the extent such representations and warranties expressly refer to
an earlier date, in which case they are true and correct as of such earlier date); and

 

(b)       no
Default or Event of Default has occurred and is continuing, or would result from such proposed Extension of Credit.

 

[Signature page to follow.]

  

 

1
For Revolving Credit (MC) Borrowings only.

 

Exhibit A

Form of Request for Extension of Credit

 

    

     

    

 

IN WITNESS WHEREOF,
the undersigned has executed this Request for Extension of Credit as of the date first set forth above.

 

	 	RELIANCE STEEL & ALUMINUM CO.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Exhibit A

Form of Request for Extension of Credit

 

    

     

    

 

Exhibit
B

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: ___________, _____

 

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Amended and Restated Credit Agreement, dated as of [_________], 2020 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein
as therein defined), among Reliance Steel & Aluminum Co., a Delaware corporation (the “Borrower”), the Lenders
from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Issuing Lender and Swing Line Lender.

 

The undersigned Responsible Officer
hereby certifies (solely in his/her capacity as a Responsible Officer and not in his/her individual capacity) as of the date hereof
that he/she is the ____________________________________ of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate
to the Administrative Agent on the behalf of the Borrower, and that:

 

[Use following paragraph
1 for fiscal year-end financial statements]

 

1.       The
Borrower has delivered the year-end audited financial statements required by Section 6.1(a) of the Agreement for the fiscal
year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant
required by such section.

 

[Use following paragraph 1 for fiscal
quarter-end financial statements]

 

1.       The
Borrower has delivered the unaudited financial statements required by Section 6.1(b) of the Agreement for the fiscal quarter
of the Borrower ended as of the above date. Such financial statements fairly present the financial condition, results of operations
and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to
normal year-end audit adjustments and the absence of footnotes.

 

2.       The
undersigned has reviewed the terms of the Agreement and has made, or has caused to be made under his/her supervision, a review
in reasonable detail of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered
by such financial statements, and:

 

[select one:]

 

[to the knowledge of the undersigned,
during such fiscal period the Borrower performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default or Event of Default has occurred and is continuing.]

 

--or—

 

Exhibit B

Form of Compliance Certificate

 

    

     

    

 

[to the knowledge of the undersigned,
during such fiscal period the following covenants or conditions have not been performed or observed and the following is a list
of each such Default or Event of Default, as the case may be, and its nature and status:]

 

4.       The
representations and warranties of the Borrower contained in Section 5 of the Agreement, and any representations and warranties
of the Borrower that are contained in any document furnished at any time under or in connection with the Loan Documents, are true
and correct in all material respects (without duplication of any materiality standards set forth therein) on and as of the date
hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they
are true and correct as of such earlier date, and except that for purposes of this Compliance Certificate, the representations
and warranties contained in subsections (a) and (b) of Section 5.12 of the Agreement shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.1 of the Agreement, including the
statements in connection with which this Compliance Certificate is delivered.

 

5.       The
financial covenant analyses and information set forth on Schedule 1 attached hereto are true and accurate on and as of the
date of this Compliance Certificate.

 

IN WITNESS WHEREOF, the undersigned
has executed this Compliance Certificate as of

                                   ,                             .

 

	 	RELIANCE STEEL & ALUMINUM CO.
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Exhibit B

Form of Compliance Certificate

 

    

     

    

 

For the Quarter/Year ended ___________________
(“Statement Date”)

 

SCHEDULE 1

to the Compliance Certificate

($ in 000,000’s)

 

		I.	Section 7.8 – Interest Coverage Ratio.

 

	A. 	EBIT of the Borrower and its Subsidiaries on a consolidated basis for four consecutive fiscal quarters ending on above date (“Subject Period”):	 
	 	1.	Net Income for Subject Period:	$	
	 	2.	unusual or non-recurring losses for Subject Period:	$	
	 	3.	Interest Expense for Subject Period:	$	
	 	4.	aggregate amount of income tax expense for Subject Period:	$	
	 	5.	non-recurring expenses which are not a cash item in the Subject Period or any future period or prior period (excluding depreciation and amortization) for Subject Period:	$	
	 	6.	foreign currency translation losses for Subject Period:	$	
	 	7.	reasonable and out-of-pocket fees and expenses incurred in connection with the closing of any permitted Acquisition, financings, or other Investments during the Subject Period:	$	
	 	8.	non-cash stock-based compensation expenses for Subject Period:	$	
	 	9.	unusual or non-recurring gains for Subject Period:	$	
	 	10.	foreign currency translation gains for Subject Period:	$	
	 	11.	EBIT (Line I.A.1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 – 9 - 10):	$	
	B.	Interest Expense of the Borrower and its Subsidiaries on a consolidated basis for Subject Period:	$	
	C.	Interest Coverage Ratio (Line I.A.11 ÷ I.B):	____ to 1.00
	 	 	 	 
	 	Minimum permitted:	3.00 to 1.00

 

		II.	Section 7.9 – Total Net Leverage Ratio.

 

	A. 	Funded Debt as of the Statement Date:	 
	 	1.	all principal Indebtedness of the Borrower and its Subsidiaries for borrowed money (including debt securities issued by the Borrower or any of its Subsidiaries):	$	
	 	2.	Guaranty Obligations in connection with Synthetic Leases:	$	
	 	3.	aggregate amount of all Capital Lease Obligations of the Borrower and its Subsidiaries:	$	
	 	4.	all Letter of Credit Usage:	$	
	 	5.	the face amount of, and reimbursement obligations with respect to, any other letters of credit issued for the account of the Borrower and its Subsidiaries:	$	
	 	6.	Funded Debt (Line II.A.1 + 2 + 3 + 4 + 5):	$	

 

Exhibit B

Form of Compliance Certificate

 

    

     

    

 

	B. 	Domestic Cash as of the Statement
Date:2	$	
	C. 	Funded Debt minus Domestic Cash:	 
	 	1.	Funded Debt (Line II.A.6):	$	
	 	2.	Domestic Cash (Line II.B):	$	
	 	3.	Total (Line II.C.1 - 2):	$	
	D. 	Funded Debt minus Domestic Cash plus Shareholders’ Equity (for Borrower and
its Subsidiaries on a consolidated basis) as of the Statement Date:	 
	 	1.	Funded Debt minus Domestic Cash (Line II.C.3):	$	
	 	2.	Shareholders’ Equity:	$	
	 	3.	Total (Line II.D.1 + 2):	$	
	E.	Total Net Leverage Ratio (Line II.C.3 ÷ Line II.D.3):	____ to 1.00
	 	 	 	 
	 	Maximum permitted:	0.60 to 1.00

 

 

2 Domestic Cash
means the lesser of (a) 100% of unrestricted and unencumbered Cash of Borrower and its Domestic Subsidiaries maintained in the
United States and (b) $200,000,000.

 

Exhibit B

Form of Compliance Certificate

 

    

     

    

 

Exhibit
C-1

 

FORM OF REVOLVING CREDIT (USD) NOTE

 

____________, 20__

 

FOR VALUE RECEIVED,
the undersigned (the “Borrower”), hereby promises to pay to _____________________ or registered assigns (the
 “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount
of each Revolving Credit (USD) Loan and/or Swing Line Loan, as applicable (each referred to herein as a “Loan”),
from time to time made by the Lender to the Borrower under that certain Amended and Restated Credit Agreement, dated as of [_______],
2020 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;”
the terms defined therein being used herein as therein defined), among the Borrower, the Lenders from time to time party thereto,
and Bank of America, N.A., as Administrative Agent, Issuing Lender and Swing Line Lender.

 

The Borrower promises
to pay interest on the unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full,
at such interest rates and at such times as provided in the Agreement. Except as otherwise directed by the Swing Line Lender in
the case of Swing Line Loans, all payments of principal and interest shall be made to the Administrative Agent for the account
of the Lender in Dollars and in Same Day Funds at the Administrative Agent’s Office for Dollars. If any amount is not paid
in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the
date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the Agreement.

 

This Revolving Credit
(USD) Note is one of the Revolving Credit (USD) Notes referred to in the Agreement, is entitled to the benefits thereof and may
be prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one
or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Credit (USD) Note
shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Loans made by the Lender
shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender
may also attach schedules to this Revolving Credit (USD) Note and endorse thereon the date, amount, currency and maturity of its
Loans and payments with respect thereto.

 

The Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Revolving Credit (USD) Note. Except as permitted under Section 10.6 of the Agreement, this Revolving
Credit (USD) Note may not be assigned by the Lender to any other Person.

 

Exhibit C-1

Form of Revolving Credit (USD) Note

 

    

     

    

 

THIS REVOLVING CREDIT
(USD) NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	RELIANCE STEEL & ALUMINUM CO.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Exhibit C-1

Form of Revolving Credit (USD) Note

 

    

     

    

 

 

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type of
 Loan Made	 	Currency 
 and Amount
 of Loan 
 Made	 	End of
 Interest
 Period	 	Amount of
 Principal or
 Interest
 Paid This Date	 	Outstanding 
 Principal 
 Balance This
 Date	 	Notation
 Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Exhibit C-1

Form of Revolving Credit (USD) Note

 

    

     

    

 

Exhibit
C-2

 

FORM OF REVOLVING CREDIT (MC) NOTE

 

____________, 20__

 

FOR VALUE RECEIVED,
the undersigned (the “Borrower”), hereby promises to pay to _____________________ or registered assigns (the
 “Lender”), in accordance with the provisions of the Agreement (as hereinafter defined), the principal amount
of each Revolving Credit (MC) Loan, from time to time made by the Lender to the Borrower under that certain Amended and Restated
Credit Agreement, dated as of [_______], 2020 (as amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among the Borrower,
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Issuing Lender and Swing Line
Lender.

 

The Borrower promises
to pay interest on the unpaid principal amount of each Revolving Credit (MC) Loan from the date of such Revolving Credit (MC) Loan
until such principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments
of principal and interest shall be made to the Administrative Agent for the account of the Lender in the currency in which such
Revolving Credit (MC) Loan was denominated and in Same Day Funds at the Administrative Agent’s Office for such currency.
If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the
due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Agreement.

 

This Revolving Credit
(MC) Note is one of the Revolving Credit (MC) Notes referred to in the Agreement, is entitled to the benefits thereof and may be
prepaid in whole or in part subject to the terms and conditions provided therein. Upon the occurrence and continuation of one or
more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Revolving Credit (MC) Note
shall become, or may be declared to be, immediately due and payable all as provided in the Agreement. Revolving Credit (MC) Loans
made by the Lender shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary course of
business. The Lender may also attach schedules to this Revolving Credit (MC) Note and endorse thereon the date, amount, currency
and maturity of its Revolving Credit (MC) Loans and payments with respect thereto.

 

The Borrower, for itself,
its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Revolving Credit (MC) Note. Except as permitted under Section 10.6 of the Agreement, this Revolving
Credit (MC) Note may not be assigned by the Lender to any other Person.

 

Exhibit C-2

Form of Revolving Credit (MC) Note

 

    

     

    

 

THIS REVOLVING CREDIT
(MC) NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

	 	RELIANCE STEEL & ALUMINUM CO.

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Exhibit C-2

Form of Revolving Credit (MC) Note

 

    

     

    

 

LOANS AND PAYMENTS WITH RESPECT THERETO

 

	Date	 	Type of 

Loan Made	 	Currency

 and Amount

 of Loan

 Made	 	End of

 Interest 

Period	 	Amount of

 Principal or

 Interest 

Paid This 

Date	 	Outstanding Principal 

Balance This 

Date	 	Notation 

Made By
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Exhibit C-2

Form of Revolving Credit (MC) Note

 

    

     

    

 

EXHIBIT D

 

FORM OF ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [the][each]3 Assignor identified
in item 1 below ([the][each, an] “Assignor”) and [the][each]4
Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed
that the rights and obligations of [the Assignors][the Assignees]5
hereunder are several and not joint.]6
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the
 “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms
and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part
of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
[the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee
hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard
Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective
capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the
respective Assignors] under the respective facilities identified below (including, without limitation, the Letters of Credit and
the Swing Line Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their
respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit
Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way
based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i)
above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii)
above being referred to herein collectively as [the][an] “Assigned Interest”). Each such sale and assignment
is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation
or warranty by [the][any] Assignor.

 

 

3
For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single
Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose the second bracketed language.

4
For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single
Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the second bracketed language.

5
Select as appropriate.

6
Include bracketed language if there are either multiple Assignors or multiple Assignees.

 

Exhibit D

Form of Assignment and Assumption

 

    

     

    

 

		1.	Assignor[s]:	______________________________	 

		 	 	______________________________	 

 

		2.	Assignee[s]:	______________________________	 

		 	 	______________________________	 

			 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]]	 

 

		3.	Borrower:	Reliance Steel & Aluminum Co., a Delaware corporation

 

		4.	Administrative Agent:	Bank of America, N.A., as the administrative agent under the Credit Agreement

 

		5.	Credit Agreement:	Amended and Restated Credit Agreement, dated as of [_______], 2020, among Reliance Steel & Aluminum Co., a Delaware corporation,
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent, Issuing Lender, and Swing Line
Lender.

 

		6.	Assigned Interest[s]:	 

 

	 
Assignor[s]7
	 	 
Assignee[s]8
	 	Facility	 	Aggregate

 Amount of

 Commitment/

 Loans

 for
                                         all 

Lenders9
	 	Amount of

 Commitment/ 

Loans
 Assigned
	 	Percentage
 Assigned of
 Commitment/

                                         Loans10
	 	 
 
CUSIP
 Number

	 	 	 	 	 	 	$	 	$	 	%	 	 
	 	 	 	 	 	 	$	 	$	 	%	 	 
	 	 	 	 	 	 	$	 	$	 	%	 	 

 

		[7.	Trade Date:	__________________]11	 

 

Effective Date: __________________, 20__
[TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

 

7
List each Assignor, as appropriate.

8
List each Assignee, as appropriate.

9
Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any
payments or prepayments made between the Trade Date and the Effective Date.

10
Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.

11
To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade
Date.

 

Exhibit D

Form of Assignment and Assumption

 

    

     

    

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 
	 	[NAME OF ASSIGNOR]
	 
	 	By:	
	 	 	Title:

 

	 	ASSIGNEE
	 
	 	[NAME OF ASSIGNEE]
	 
	 	By:	
	 	 	Title:

 

[Consented to and]12
Accepted:

 

	BANK OF AMERICA, N.A., as
	Administrative Agent
	 
	By:		 	 	 
	 	Title:

 

[Consented to:

 

	RELIANCE STEEL & ALUMINUM CO.
	 
	By:		 	 	 
	 	Title:

 

	BANK OF AMERICA, N.A., as Swing Line
	Lender and Issuing Lender
	 
	By:		 
	 	Title:]13

 

 

12
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

13
To be added only if the consent of the Borrower and/or other parties (e.g. Swing Line Lender, Issuing Lender) is required by the
terms of the Credit Agreement.

 

Exhibit D

Form of Assignment and Assumption

 

    

     

    

 

ANNEX 1 

TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION

 

1.          Representations
and Warranties.

 

1.1.       Assignor.
[The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned
Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has
full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate
the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower,
any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2.       Assignee.
[The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 10.6(b) of the Credit Agreement
(subject to such consents, if any, as may be required under Section 10.6(b)(iii) of the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect
to decisions to acquire assets of the type represented by [the][such] Assigned Interest and either it, or the Person exercising
discretion in making its decision to acquire [the][such] Assigned Interest, is experienced in acquiring assets of such type, (v)
it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the
most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and
information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and
to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender,
attached hereto is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed
and executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance upon the Administrative
Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by
it as a Lender.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued
to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective
Date.

 

Exhibit D

Form of Assignment and Assumption

 

    

     

    

 

3.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York.

 

Exhibit D

Form of Assignment and Assumption

 

    

     

    

 

Exhibit
E-1

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of [_________], 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Reliance Steel & Aluminum Co., a Delaware corporation
(the “Borrower”), each lender party thereto from time to time (the “Lenders”) and Bank of
America, N.A., as Administrative Agent for the Lenders.

 

Pursuant to the provisions
of Section 3.1(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower
as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]
	 
	By:	 	 
	 	Name: 	 	
	 	Title: 	 	
	Date:	 ________ __, 20[  ]

 

Exhibit E

Form
of Tax Compliance Certificate

 

    

     

    

 

Exhibit
E-2

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of [_________], 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Reliance Steel & Aluminum Co., a Delaware corporation
(the “Borrower”), each lender party thereto from time to time (the “Lenders”) and Bank of
America, N.A., as Administrative Agent for the Lenders.

 

Pursuant to the provisions
of Section 3.1(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial
owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BENE (or W-8BEN, as applicable).
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]
	 
	By:  		 	 
	 	Name:		 
	 	Title: 		 
	Date: 	________ __, 20[  ]

 

Exhibit E

Form
of Tax Compliance Certificate

 

    

     

    

 

Exhibit
E-3

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of [_________], 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Reliance Steel & Aluminum Co., a Delaware corporation
(the “Borrower”), each lender party thereto from time to time (the “Lenders”) and Bank of
America, N.A., as Administrative Agent for the Lenders.

 

Pursuant to the provisions
of Section 3.1(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s beneficial owners
that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at
all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]
	 
	By: 		 
	 	Name: 	 	 
	 	Title: 	 	 
	Date:	 ________ __, 20[  ]

 

Exhibit E

Form
of Tax Compliance Certificate

 

    

     

    

 

Exhibit
E-4

 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Amended and Restated Credit Agreement dated as of [_________], 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Reliance Steel & Aluminum Co., a Delaware corporation
(the “Borrower”), each lender party thereto from time to time (the “Lenders”) and Bank of
America, N.A., as Administrative Agent for the Lenders.

 

Pursuant to the provisions
of Section 3.1(e) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct
or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii)
with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor
any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BENE (or W-8BEN, as applicable) or (ii)
an IRS Form W-8IMY accompanied by an IRS Form W-8BENE (or W-8BEN, as applicable) from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]
	 
	By:		 
	 	Name:		 
	 	Title: 		 
	Date: 	________ __, 20[  ]

 

Exhibit E

Form
of Tax Compliance Certificate

 

    

     

    

 

Exhibit
F

 

FORM OF OPINION OF COUNSEL

 

See attached.

 

Exhibit F

Form of Opinion of Counsel

 

    

     

    

 

 

 

 

September 3, 2020

 

Bank of America, N.A,

as Administrative Agent

Building C

2380 Performance Drive

Richardson, TX 75082

 

Each of the Lenders

Listed on Schedule A Attached Hereto

 

		Re:	Reliance Steel & Aluminum Co. Credit Agreement

 

I am the Senior Vice President, General
Counsel and Corporate Secretary of Reliance Steel & Aluminum Co., a Delaware corporation (the “Company”),
and have acted as counsel to the Company in connection with the Amended and Restated Credit Agreement (the “Credit
Agreement”), dated as of the date hereof, among the Company, Bank of America, N.A., as administrative agent (the
 “Administrative Agent”) and the other lenders party thereto. Capitalized terms used but not defined herein
have the respective meanings given them in the Credit Agreement. This letter is being delivered at the request of the Company pursuant
to Section 4.1(a)(iv) of the Credit Agreement.

 

As to matters of fact relevant to the opinions
expressed herein, I have relied upon, and assumed the accuracy of, the representations and warranties contained in the Transaction
Documents and I have relied upon certificates and oral or written statements and other information obtained from the Company, the
other parties to the transaction referenced herein, and public officials.

 

Except as expressly set forth herein, I
have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation
of any public files, records or dockets) to determine the existence or absence of the facts that are material to my opinions, and
no inference as to my knowledge concerning such facts should be drawn from my reliance on the representations of the Company in
connection with the preparation and delivery of this letter.

 

In connection with the delivery of this
opinion, I have examined or caused to be examined the following agreements, instruments and other documents:

 

		(a)	the Credit Agreement;

 

		(b)	the Notes; and

 

		(c)	a certificate of good standing of the Company issued by the Secretary of State
for the State of Delaware.

 

Items (a) through (b) above are referred to in this opinion
letter as the “Transaction Documents”.

 

 

 

    

     

    

 

 

 

In addition to the documents listed
above, I have reviewed such documents, corporate records, certificates of public officials and other instruments or
agreements, and such provisions of law, as I have deemed relevant and appropriate as a basis for the opinions expressed
herein. In such review, I have assumed (a) the authenticity of all documents submitted to me as originals and the conformity
to original documents of all documents submitted to me as copies; (b) the due authorization, execution and delivery of the
Transaction Documents by each of the parties thereto, other than the Company, and that such parties had the power, corporate
or otherwise, and authority to enter into and perform all obligations thereunder; and (c) that the signatures (other than
signatures of officers of the Company) on all documents that I have examined are genuine. As to matters of fact relevant to
the opinions expressed herein, I have relied upon, and assumed the accuracy of, the representations and warranties contained
in the Transaction Documents and I have relied upon certificates and oral or written statements and other information
obtained from the Company, the other parties to the transaction referenced herein, and public officials. During the course of
my representation of the Company, nothing has come to my attention that would cause me to believe that such reliance is
unreasonable. As used herein, “to my knowledge”, “known to me” or words of similar import mean my
actual knowledge, after due inquiry.

 

References in this letter to “Applicable
Laws” are to those laws, rules and regulations of the State of New York and of the United States of America which,
in my experience, are normally applicable to transactions of the type contemplated by the Transaction Documents. References in
this letter to “Governmental Authorities” are to any executive, legislative, judicial, administrative
or regulatory body of the State of New York or the United States of America. References in this letter to “Governmental
Approval” are to any consent, approval, license, authorization or validation of, or filing, recording or registration
with, any Governmental Authorities pursuant to Applicable Laws. I express no opinion concerning the laws of any jurisdiction other
than the laws of the State of New York, the Federal laws of the United States and the General Corporation Law of the State of Delaware.
While I am not licensed to practice law in the States of New York or Delaware, I am a member of the bar of the District of Columbia
and have assumed, with your consent and without investigation, that the laws of the States of New York and Delaware are the same
as the laws of the District of Columbia on the matters addressed by this opinion.

 

I have also assumed, for purposes of paragraph
5 below, that each of the Transaction Documents is in consideration of or relates to an obligation arising out of a transaction
covering in the aggregate not less than $1,000,000.

 

Based on the foregoing and subject to the
assumptions and qualifications set forth herein, I am of the opinion that:

 

	1.	The Company is a corporation validly existing and in good standing under the laws of the State
of Delaware.

 

	2.	The Company has all requisite corporate power to execute and deliver the Transaction Documents
and to perform its obligations thereunder.

 

	3.	The Transaction Documents have been duly authorized, executed and delivered by the Company.

 

	4.	None of the Company’s execution, delivery and performance of the Transaction Documents, and
the consummation of the transactions contemplated thereby, (a) violates any provision of the Company’s certificate of incorporation or by-laws,
or (b) results in a breach of or constitutes a default under any agreement or instrument governing material Indebtedness of the
Company.

 

    

     

    

 

 

 

	5.	Each of the Transaction Documents to which the Company is a party constitutes a legal, valid
                                                                     and binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to applicable
                                                                     bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, receivership or other laws relating to or
                                                                     affecting creditors’ rights generally, and to general principles of equity (regardless of whether enforcement is sought
                                                                     in a proceeding at law or in equity), and except that the enforcement of rights with respect to indemnification and
                                                                     contribution obligations and the following provisions may be limited by applicable law or considerations of public policy:
                                                                     (a) any provision purporting to waive or limit rights to trial by jury, oral amendments to written agreements or rights of
                                                                     set-off; (b) any provision relating to submission to jurisdiction, venue or service of process; (c) any provision purporting
                                                                     to prohibit, restrict or condition the assignment of, or the grant of a security interest in, rights under the Transaction
                                                                     Documents, or property subject thereto; (d) any provision granting or purporting to establish special or unusual remedies;
                                                                     (e) any interest on interest provisions; (f) any provision that may be construed as penalties or forfeitures; (g) any
                                                                     provision waiving rights or protective legal requirements; (h) limitations of liability; (i) severability clauses; (j) time
                                                                     is of the essence clauses; (k) any power of attorney granted under the Transaction
                                                                     Documents; (l) any provision insofar as it provides for the payment or reimbursement of costs and expenses or for claims,
                                                                     losses or liabilities in excess of a reasonable amount determined by any court or other tribunal; (m) interest rates which
                                                                     may be usurious (other than under the laws of the State of New York); (n) any waiver of statute of limitations; (o) waiver of
                                                                     the requirement of a commercially reasonable sale; and (p) indemnification or exculpation for a party’s own wrongful or grossly negligent acts.

 

	6.	Neither the execution and delivery by the Company of each of the Transaction Documents, nor the
performance by the Company of its obligations under the Transaction Documents (a) requires any Governmental Approval to be obtained
on the part of the Company, except those that have been obtained and, to my knowledge, are in effect; and (b) results in a violation
of any Applicable Laws applicable to the Company (including, without limitation, Regulations U and X of the Federal Reserve Board).

 

	7.	The Company is not an “investment company” within the meaning of the Investment Company
Act of 1940, as amended.

 

The opinions expressed above regarding
the validity, legally binding effect and enforceability of the Transaction Documents mean that, subject to the other qualifications
herein set forth, one or more remedies for which provision is made in a Transaction Document will be available in the event of
a material default by the Company, which will permit the practical realization of the benefits intended to be provided thereby.
However, these opinions do not mean that any particular remedy for which provision is made in a Transaction Document will be available
upon a default, or that every provision of a Transaction Document will be upheld or enforced in any particular circumstance by
a court.

 

I express no opinion regarding: (a) interest
rates which may be usurious; (b) interest on interest provisions; (c) judgment in foreign currency provisions; (d) any provision
purporting to waive or limit rights to trial by jury; (e) any provisions waiving rights or protective legal requirements; (f) any
provisions that may be construed as penalties or forfeitures; (g) any provision granting or purporting to establish special or
unusual remedies; (h) any waiver of statute of limitations; (i) any provision purporting to
waive or limit any right of setoff; (j) limitations of liability; (k) indemnification or exculpation for a party's own wrongful
or grossly negligent acts: (1) severability clauses; (m) time is of the essences clauses; (n) any power of attorney granted under
the Loan Documents; (o) any provision insofar as it provides for the payment or reimbursement of costs and expenses or for claims,
losses or liabilities in excess of a reasonable amount determined by any court or other tribunal; (p) any provision purporting
to waive or limit oral amendments of written agreements; or (q) provisions relating to jurisdiction, venue or service of process.

 

    

     

    

 

 

 

I am
furnishing this letter to you solely for your benefit in connection with the transactions referred to herein. Without my prior
written consent, this letter is not to be relied upon, used, circulated, quoted or otherwise referred to by, or assigned to, any
other person (including any person that seeks to assert your rights in respect of this letter (other than your successor in interest
by means of merger, consolidation, transfer of a business or other similar transaction)) or for any other purpose, except that
(a) any Person that becomes a Lender in accordance with the Credit Agreement may rely on this letter as if it were addressed and
delivered to such Person on the date hereof; and (b) this letter may be disclosed to (i) governmental or regulatory authorities
having jurisdiction over you, (ii) designated Persons pursuant to an order or legal process of any court or governmental agency,
and (iii) any of your accountants and attorneys, provided, in each case, that (A) such disclosure is made solely to enable any
such Person to be informed that a letter has been given and to be made aware of its contents but not for the purposes of reliance,
(B) I do not assume any duty or liability to any Person to whom such disclosure is made, and (C) such Person agrees not to further
disclose this letter or its contents to any other Person, other than as permitted above, without my prior written consent. The
opinions expressed herein are as of the date hereof and I assume no obligation to update or supplement such opinions to reflect
any fact or circumstances that may hereafter come to my attention or any changes in law that may hereafter occur. It is also expressly
understood, and by your acceptance hereof you expressly acknowledge and accept, that you will look solely to the Company and its
assets with respect to any claims under this opinion.

 

Very truly yours,

/s/ William A. Smith II

William A. Smith II

Senior Vice President, General
Counsel and Corporate Secretary

 

    

     

    

 

 

 

Schedule A

 

Bank of America, N.A.

JPMorgan Chase Bank, N.A.

Wells Fargo Bank, National Association

PNC Bank, National Association

TD Bank, N.A.

U.S. Bank National Association

Bank of the West

HSBC Bank USA, National Association

KeyBank National Association

Branch Banking and Trust Company

Comerica Bank

 

    A-1

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