Document:

Exhibit 4.3

 

Execution
Version

 

CREDIT AGREEMENT

 

DATED AS OF

SEPTEMBER 29, 2020

 

AMONG

 

CABLEVISION LIGHTPATH LLC,

AS BORROWER

 

THE LENDERS PARTY HERETO

 

AND

 

GOLDMAN SACHS BANK USA,

AS ADMINISTRATIVE AGENT

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

AS COLLATERAL AGENT

 

GOLDMAN SACHS BANK USA,

 

RBC
Capital Markets, LLC1,

 

Deutsche
Bank Securities Inc.,

 

and

 

Morgan
Stanley Senior Funding, Inc.

 

AS JOINT BOOKRUNNERS AND JOINT LEAD

ARRANGERS

 

 

1 RBC Capital Markets is a brand name for the capital
markets activities of Royal Bank of Canada and its affiliates.

 

     

     

    

 

	Article I Definitions	6
	Section 1.01	Defined Terms	6
	Section 1.02	Terms Generally	49
	Section 1.03	Classification of Loans and Borrowings	50
	Section 1.04	Cashless Roll	51
	Section 1.05	Limited Condition Transaction	51
	Section 1.06	Letters of Credit	52
	Section 1.07	Libo Rate
    Discontinuation	52
	Section 1.08	Cured Defaults	53
	Article II The Credits	54
	Section 2.01	Commitments	54
	Section 2.02	Loans	54
	Section 2.03	Borrowing Procedure	55
	Section 2.04	Evidence of Debt; Repayment of Loans	56
	Section 2.05	Fees	57
	Section 2.06	Interest on Loans	59
	Section 2.07	Default Interest	59
	Section 2.08	Alternate Rate of Interest	59
	Section 2.09	Termination or Reduction of Commitments	60
	Section 2.10	Conversion and Continuation of Borrowings	60
	Section 2.11	Repayment of Borrowings	62
	Section 2.12	Voluntary Prepayments	63
	Section 2.13	Mandatory Prepayments	71
	Section 2.14	Reserve Requirements; Change in Circumstances	75
	Section 2.15	Change in Legality	76
	Section 2.16	Breakage	77
	Section 2.17	Pro Rata Treatment	77
	Section 2.18	Sharing of Setoffs	78
	Section 2.19	Payments	78
	Section 2.20	Taxes	79
	Section 2.21	Assignment of Commitments Under Certain Circumstances; Duty to Mitigate	82
	Section 2.22	Incremental Loans	84
	Section 2.23	Extension Amendments	89

 

    	 	i	 

     

    

 

	Section 2.24	Refinancing Amendments	91
	Section 2.25	Defaulting Lenders	96
	Section 2.26	Letters of Credit	97
	Section 2.27	Swing Line Loans	108
	Article III Representations and Warranties	112
	Section 3.01	Existence, Qualification and Power	112
	Section 3.02	Authorization; No Contravention	112
	Section 3.03	Governmental Authorization; Other Consents	113
	Section 3.04	Binding Effect	113
	Section 3.05	Financial Statements; No Material Adverse Effect	113
	Section 3.06	Litigation	114
	Section 3.07	No Default	114
	Section 3.08	Ownership of Properties; Liens; Debt	114
	Section 3.09	Environmental Compliance	115
	Section 3.10	Insurance	116
	Section 3.11	Taxes	116
	Section 3.12	Benefit Plans	116
	Section 3.13	Subsidiaries; Capital Stock	116
	Section 3.14	Margin Regulations; Investment Company Act	117
	Section 3.15	Disclosure	117
	Section 3.16	Compliance with Laws	117
	Section 3.17	Intellectual Property; Licenses, Etc.	117
	Section 3.18	Labor Matters	118
	Section 3.19	Security Documents	118
	Section 3.20	Solvency	118
	Section 3.21	Trade Relations	118
	Section 3.22	Material Contracts	118
	Section 3.23	Financial Sanctions List	118
	Section 3.24	Sanctions	118
	Section 3.25	Anti-Terrorism; Anti-Corruption	119
	Article IV Conditions of Lending	119
	Section 4.01	Conditions to Effectiveness	119
	Section 4.02	Conditions to Funding	119
	Section 4.03	Conditions to All Credit Extensions	122

 

    	 	ii	 

     

    

 

	Article V
    Covenants	123
	Section 5.01	Projections	123
	Section 5.02	Certificates;
    Other Information	123
	Section 5.03	Notices	124
	Section 5.04	Payment
    of Obligations	125
	Section 5.05	Preservation
    of Existence	125
	Section 5.06	Maintenance
    of Properties	125
	Section 5.07	Maintenance
    of Insurance	125
	Section 5.08	Compliance
    with Laws	125
	Section 5.09	Books
    and Records; Accountants;
    Maintenance of Ratings	126
	Section 5.10	Inspection
    Rights	126
	Section 5.11	Use
    of Proceeds	126
	Section 5.12	[Reserved.]	127
	Section 5.13	Further
    Assurances	127
	Section 5.14	Post-Closing
    Guarantee and Security
    Requirements	127
	Section 5.15	Sanctions	128
	Article VI
    Financial Covenant	129
	Section 6.01	Financial
    Covenant	129
	Article VII Events of Default	129
	Section 7.01	Events
    of Default	129
	Section 7.02	Application
    of Funds	133
	Section 7.03	Borrower’s
    Right to Cure	134
	Article VIII
    The Administrative Agent; etc.	135
	Article IX
    Miscellaneous	142
	Section 9.01	Notices;
    Electronic Communications	142
	Section 9.02	Survival
    of Agreement	145
	Section 9.03	Binding
    Effect	146
	Section 9.04	Successors
    and Assigns	146
	Section 9.05	Expenses;
    Indemnity	152
	Section 9.06	Right
    of Setoff	154
	Section 9.07	Applicable
    Law	155
	Section 9.08	Waivers;
    Amendments	155
	Section 9.09	Interest
    Rate Limitation	157
	Section 9.10	Entire
    Agreement	158

 

    	 	iii	 

     

    

 

	Section 9.11	Waiver
    of Jury Trial	158
	Section 9.12	Severability	158
	Section 9.13	Counterparts	158
	Section 9.14	Headings	159
	Section 9.15	Jurisdiction;
    Consent to Service of Process	159
	Section 9.16	Confidentiality	159
	Section 9.17	Lender
    Action; Intercreditor
    Agreement	160
	Section 9.18	USA
    PATRIOT Act Notice	161
	Section 9.19	No
    Fiduciary Duty	161
	Section 9.20	Release
    of Liens	161
	Section 9.21	Judgment
    Currency	163
	Section 9.22	Acknowledgement
    and Consent to Bail-In
    of Applicable Financial
    Institutions	163
	Section 9.23	Acknowledgement
    Regarding Any Supported
    QFCs	164
	Section 9.24	Certain
    ERISA Matters	165

 

ANNEXES

 

	Annex I	Covenants	174
	Annex II	Additional Definitions	209

 

SCHEDULES

 

	Schedule 2.01	Lenders and Commitments	256
	Schedule 3.01	Organizational Information of Loan Parties	257
	Schedule 3.08(c)	Existing Indebtedness	258
	Schedule 3.13	Subsidiaries and Capital Stock	259
	Schedule 5.14(a)	Initial Loan Parties	260
	Schedule 9.01(a)	Borrower’s Website Address	261
	Schedule 9.01(b)	Administrative Agent’s Notice and Account Information	261

 

    	 	iv	 

     

    

 

EXHIBITS

 

	Exhibit A	Form of Administrative
    Questionnaire	264
	Exhibit B	Form of Assignment and Acceptance	271
	Exhibit C-1	Form of Revolving Credit Borrowing
    Request	277
	Exhibit C-2	Form of Swing Line Borrowing Request	280
	Exhibit C-3	Form of Term Borrowing Request	283
	Exhibit D	Form of Intercreditor Agreement	286
	Exhibit E	Form of Affiliated Lender/Borrower
    Assignment and Acceptance	317
	Exhibit F-1	Form of Facility Guaranty	323
	Exhibit F-2	Form of Pledge and Security Agreement	342
	Exhibit F-3	Form of Loan Escrow Agreement	388
	Exhibit F-4	Form of Loan Escrow Guarantee Agreement	437
	Exhibit G	Form of Promissory Note	452
	Exhibit H-1	Form of Non-Bank Tax Certificate (For
    Non-U.S. Lenders that are not Partnerships)	456
	Exhibit H-2	Form of Non-Bank Tax Certificate (For
    Non-U.S. Participants that are not Partnerships)	457
	Exhibit H-3	Form of Non-Bank Tax Certificate (For
    Non-U.S. Participants that are Partnerships)	458
	Exhibit H-4	Form of Non-Bank Tax Certificate (For
    Non-U.S. Lenders that are Partnerships)	460
	Exhibit I	Form of Solvency Certificate	462
	Exhibit J	Form of Compliance Certificate	463

 

    	 	v	 

     

    

 

 

CREDIT AGREEMENT, dated as of September 29,
2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”),
among Cablevision Lightpath LLC, a Delaware limited liability company (the “Borrower”), the Lenders (such
term and each other capitalized term used but not defined in this introductory statement having the meaning given it in Article I)
party hereto and Goldman Sachs Bank USA (“GS Bank”), as administrative agent (in such capacity, including
any successor thereto, the “Administrative Agent”) for the Lenders and Deutsche Bank Trust Company Americas,
as collateral agent (in such capacity, including any successor thereto, the “Collateral Agent”) for the
Lenders.

 

WHEREAS, the Borrower
has requested the Lenders to extend credit in the form of (i) Initial Term Loans in an aggregate principal amount not in excess
of $600,000,000 and (ii) Revolving Credit Commitments in an initial aggregate principal amount not in excess of $100,000,000.
The Revolving Credit Commitments permit the issuance of one or more Letters of Credit from time to time and the making of one or
more Revolving Credit Loans and/or Swing Line Loans from time to time; and

 

WHEREAS, the Lenders
are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein.

 

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

 

Article I

 

Definitions

 

Section 1.01          Defined
Terms. Save where specified to the contrary or where defined in Annex II of this Agreement, defined terms used in this
Agreement shall have the meanings specified below:

 

“ABR”,
when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are
bearing interest at a rate determined by reference to the Alternate Base Rate.

 

“Acceptable
Discount” shall have the meaning assigned to such term in Section 2.12(c)(iv)(B).

 

“Acceptable
Prepayment Amount” shall have the meaning assigned to such term in Section 2.12(c)(iv)(C).

 

“Acceptance
Date” shall have the meaning assigned to such term in Section 2.12(c)(iv)(B).

 

“Additional
Lender” shall mean any Person that is not an existing Lender and has agreed to provide Incremental Loan Commitments
pursuant to Section 2.22 or Refinancing Commitments pursuant to Section 2.24.

 

“Adjusted
LIBO Rate” shall mean, with respect to any Eurodollar Borrowing for any Interest Period, (a) in the case of
the Initial Term Loans, an interest rate per annum equal to the

 

    	 	6	 

     

    

 

greater of (i) 0.50% per annum and (ii) the LIBO Rate
in effect for such Interest Period and (b) in the case of the Initial Revolving Credit Loans, an interest rate per annum equal
to the greater of (i) 0% per annum and (ii) the LIBO Rate in effect for such Interest Period.

 

“Administrative
Agent” shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Administrative
Questionnaire” shall mean an Administrative Questionnaire in the form of Exhibit A, or such other form as may
be supplied from time to time by the Administrative Agent.

 

“Affiliated
Lender” shall mean, at any time, any Lender that is the Investor or any of its Affiliates and funds or partnerships
managed or advised by them, but in any event excluding (a) any portfolio company of any of the forgoing and (b) any Group
Member.

 

“Affiliated
Lender Cap” shall have the meaning assigned to such term in Section 9.04(l)(iii).

 

“Affiliated
Lender/Borrower Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and the
Borrower or an Affiliated Lender, as applicable, and accepted by the Administrative Agent, in the form of Exhibit E or such
other form as shall be approved by the Administrative Agent.

 

“Agent
Fee Letter” shall mean the Agent Fee Letter, dated as of the date hereof, among the Borrower and the Administrative
Agent.

 

“Agents”
shall have the meaning assigned to such term in Article VIII.

 

“Aggregate
Revolving Credit Exposure” shall mean, at any time, the sum of the Revolving Credit Exposures of the Revolving Credit
Lenders at such time.

 

“Agreement
Currency” shall have the meaning assigned to such term in Section 9.21.

 

“All-In
Yield” shall mean, as to any indebtedness, the yield thereof, whether in the form of interest rate, margin, original
issue discount, upfront fees, an Adjusted LIBO Rate floor or an Alternate Base Rate floor (solely to the extent greater than any
then applicable LIBO Rate or the Alternate Base Rate, as applicable), or other fees paid ratably to all lenders of such indebtedness,
in each case, incurred or payable by the Borrower generally to all the lenders of such indebtedness; provided that (a) OID
and upfront fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less, the stated life to maturity
at the time of its incurrence of the applicable Indebtedness), (b) “All-In Yield” shall not include arrangement
fees, structuring fees, commitment fees, underwriting fees, success fees, ticking fees, consent or amendment fees and any similar
fees (regardless of whether shared with, or paid to, in whole or in part, any or all lenders) and any other fees not paid ratably
to all lenders of such indebtedness and (c) if any such indebtedness includes an Adjusted LIBO Rate or Alternate Base Rate
floor that is greater than the Adjusted LIBO Rate or Alternate Base Rate floor then applicable to any Term Loans, such differential
between interest rate floors shall be included in the calculation of the All-In Yield, but only to the extent an increase in the
Adjusted LIBO Rate or Alternate Base Rate floor applicable to the Term Loans would cause an increase in the interest rate then
in effect thereunder.

 

    	 	7	 

     

    

 

“Alternate
Base Rate” shall mean, for any day, a rate per annum equal to the greatest of (a) the rate recently announced
by the Administrative Agent at its principal office as its Prime Rate, which is not necessarily the lowest rate made available
by the Administrative Agent, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1.00% and
(c) the Adjusted LIBO Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the immediately
preceding Business Day) plus 1.00%; provided that, for the avoidance of doubt, the Adjusted LIBO Rate for
any day shall be based on the rate determined on such day at approximately 11:00 a.m. (London time) by reference to the ICE
Benchmark Administration LIBO Rate (or the successor thereto if the ICE Benchmark Administration is no longer making a LIBO Rate
available) for deposits in dollars (as set forth by any commercially available source providing quotations of LIBO Rate selected
by the Administrative Agent). The Prime Rate announced by the Administrative Agent is evidenced by the recording thereof after
its announcement in such internal publication as the Administrative Agent may designate. Any change in the interest rate resulting
from a change in the Prime Rate announced by the Administrative Agent shall become effective without prior notice to the Borrower
as of 12:01 a.m. (New York City time) on the Business Day on which each change in the Prime Rate is announced by the Administrative
Agent. The Administrative Agent may make commercial or other loans to others at rates of interest at, above or below the Prime
Rate. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it
is unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or failure of the Administrative
Agent to obtain sufficient quotations in accordance with the terms of the definition thereof, the Alternate Base Rate shall be
determined without regard to clause (b) of the first sentence of this paragraph until the circumstances giving rise to such
inability no longer exist.

 

“Applicable
Discount” shall have the meaning assigned to such term in Section 2.12(c)(iii)(B).

 

“Applicable
Financial Institution” shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Applicable
Margin” shall mean, for any day, (a) in respect of the Initial Term Loans, (i) with respect to any ABR
Loan, 2.25% per annum and (ii) with respect to any Eurodollar Loan, 3.25% per annum; and (b) in respect of Revolving
Credit Loans, (i) with respect to any ABR Loan, 2.25% per annum and (ii) with respect to any Eurodollar Loan, 3.25% per
annum. For the avoidance of doubt, (A) the Applicable Margin in respect of any Loans under any Extended Class shall be
the applicable percentages per annum set forth in the relevant Extension Amendment, or other documentation establishing such Extended
Class, (B) the Applicable Margin in respect of any Class of Incremental Loans shall be the applicable percentages per
annum set forth in the Incremental Loan Assumption Agreement or other documentation establishing such Class of Incremental
Loans and (C) the Applicable Margin in respect of any Class of Refinancing Loans shall be the applicable percentages
per annum set forth in the relevant Refinancing Amendment or other documentation establishing such Class of Refinancing Loans.

 

“Applicable
Revolving Commitment Fee Percentage” shall mean, for the period from the Closing Date until the date a compliance
certificate is delivered pursuant to Section 4.10 in Annex I calculating the Consolidated Net Senior Secured Leverage Ratio
for the Test Period ending as of the last day of the first full fiscal quarter following the Closing Date, a percentage, per annum

 

    	 	8	 

     

    

 

equal to 0.50%, and thereafter a rate determined by reference to the Consolidated Net Senior Secured Leverage Ratio in effect from
time to time as set forth below:

 

	Level	 	Consolidated Net Senior Secured 

Leverage Ratio	 	Applicable Revolving Commitment

 Fee Percentage	 
	I	 	≥ 3.75:1.00	 	0.500	%
	II	 	< 3.75:1.00	 	0.375	%

 

When calculating the
Consolidated Net Senior Secured Ratio for the purposes of this definition, the events described in clauses (a) through (c) of
the definition of “Pro Forma EBITDA” that occurred subsequent to the end of the applicable Test Period shall not be
given pro forma effect. No change in the Applicable Revolving Commitment Fee Percentage shall be effective until three Business
Days after the date on which Administrative Agent shall have received the applicable financial statements and the Compliance Certificate
pursuant to Section 4.10 in Annex I calculating the Consolidated Net Senior Secured Leverage Ratio. Furthermore no change
in the Applicable Revolving Commitment Fee Percentage to Level II shall be effective if at the time of the proposed change an Event
of Default has occurred and is continuing. At any time the Borrower has not submitted to Administrative Agent the applicable financial
statements and the Compliance Certificate as and when required under Section 4.10 in Annex I, at the option of the Required
Revolving Credit Lenders, the Applicable Revolving Commitment Fee Percentage shall be set at the percentage in the appropriate
column for Level I in the table above as of the third Business Day after the date such information was required to be delivered
until the date on which such information is delivered (on which date the Applicable Revolving Commitment Fee Percentage shall be
set at the percentage based upon the Consolidated Net Senior Secured Leverage Ratio disclosed by such information). Within five
Business Days of receipt of the applicable financial statements and the Compliance Certificate under Section 4.10 in Annex
I, Administrative Agent shall give the Borrower and each Revolving Credit Lender, fax, electronic mail or telephonic notice (confirmed
in writing) of the Applicable Revolving Commitment Fee Percentage in effect from such date. In the event that the Compliance Certificate
delivered pursuant to Section 4.10 in Annex I is shown to be inaccurate (at a time when this Agreement is in effect and unpaid
Obligations under this Agreement are outstanding (other than indemnities and other contingent obligations not yet due and payable)),
and such inaccuracy, if corrected, would have led to the application of a higher Applicable Revolving Commitment Fee Percentage
for any period (an “Applicable Commitment Period”) than the Applicable Revolving Commitment Fee Percentage
applied for such Applicable Commitment Period, then (a) Borrower shall immediately deliver to Administrative Agent a correct
Compliance Certificate required by Section 4.10 in Annex I for such Applicable Commitment Period, (b) the Applicable
Revolving Commitment Fee Percentage for such Applicable Commitment Period shall be determined based on the corrected Compliance
Certificate for that Applicable Commitment Period and (c) the Borrower shall immediately pay to Administrative Agent the accrued
additional interest owing as a result of such increased Applicable Revolving Commitment Fee Percentage for such Applicable Commitment
Period. Notwithstanding the foregoing, so long as an Event of Default described in Section 7.01(g) has not occurred with
respect to the Borrower, such shortfall shall be due and payable within five Business Days following the written demand therefor
by the Administrative Agent and, so long as the Compliance Certificate reflecting such inaccuracy was prepared by the Borrower
in good faith, no

 

    	 	9	 

     

    

 

Default or Event of Default shall be deemed to have occurred as a result of such non-payment (and no such shortfall
amount shall be deemed overdue or accrue interest at the rate calculated pursuant to Section 2.07) unless such shortfall amount
is not paid on or prior to the fifth Business Day of such five Business Day period.

 

“Appropriate
Lender” shall mean, at any time, (a) with respect to Loans of any Class, the Lenders of such Class of Loans,
(b) with respect to Letters of Credit, (i) the relevant L/C Issuers and (ii) the Revolving Credit Lenders and (c) with
respect to Swing Line Loans, (i) the Swing Line Lenders and (ii) if any Swing Line Loans are outstanding pursuant to
Section 2.27(a), the Revolving Credit Lenders.

 

“Arranger
Fee Letter” shall mean the Arranger Fee Letter, dated as of July 28, 2020, among the Borrower, the Parent Guarantor,
GS Bank, Royal Bank of Canada, Deutsche Bank AG New York Branch, RBC Capital Markets, LLC, Deutsche Bank AG Cayman Islands Branch,
Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., as may be amended prior to the date hereof.

 

“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted
by the Administrative Agent, in the form of Exhibit B or such other form as shall be approved by the Administrative Agent.

 

“Auction
Manager” shall mean (a) the Administrative Agent or any of its Affiliates or (b) any other financial institution
or advisor agreed by Borrower and Administrative Agent (whether or not an affiliate of the Administrative Agent) to act as an arranger
in connection with any repurchases pursuant to Section 2.12(c) or Section 9.04(k).

 

“Audited
Financial Statements” shall mean the audited consolidated balance sheets, consolidated statements of income, consolidated
statements of comprehensive income, consolidated statements of changes in shareholders’ equity and consolidated statement
of cash flows of the Borrower and its consolidated subsidiaries for the fiscal year ended December 31, 2019.

 

“Auto-Extension
Letter of Credit” shall have the meaning assigned to such term in Section 2.26(b)(iii).

 

“Available
Currency” shall mean Dollars.

 

“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 Applicable Financial Institution.

 

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

 

    	 	10	 

     

    

 

“Bank Meeting
Date” shall mean September 9, 2020.

 

“Bank Rate”
shall mean a rate per annum equal to the greater of (a) Federal Funds Effective Rate and (b) a rate reasonably determined
by the relevant L/C Issuer in accordance with banking industry rules on interbank compensation.

 

“Bankruptcy
Code” shall mean Title 11, United States Bankruptcy Code of 1978.

 

“Bankruptcy
Law” shall mean (a) the Bankruptcy Code of the United States and (b) any other law of the United States
(or, in each case, any political subdivision thereof) or any other jurisdiction or any political subdivision thereof relating to
bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession
to or change in any such law.

 

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

 

“Beneficial
Ownership Regulation” shall mean 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”.

 

“BHC Act
Affiliate” shall have the meaning assigned to such term in Section 9.23(b).

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrower”
shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Borrower
Group” shall mean the Borrower and each Restricted Subsidiary.

 

“Borrower
Materials” shall have the meaning assigned to such term in Section 9.01(f).

 

“Borrower
Offer of Specified Discount Prepayment” shall mean the offer by the Borrower to make a voluntary prepayment of Loans
at a Specified Discount to par pursuant to Section 2.12(c)(ii).

 

“Borrower
Solicitation of Discount Range Prepayment Offers” shall mean the solicitation by the Borrower of offers (such offers,
 “Discount Range Prepayment Offers”) for, and the corresponding acceptance by a Lender of, a voluntary
prepayment of Loans at a specified range of discounts to par pursuant to Section 2.12(c)(iii).

 

“Borrower
Solicitation of Discounted Prepayment Offers” shall mean the solicitation by the Borrower of offers (such offers,
 “Solicited Discounted Prepayment Offers”) for, and the

 

    	 	11	 

     

    

 

subsequent acceptance, if any, by a Lender of,
a voluntary prepayment of Loans at a discount to par pursuant to Section 2.12(c)(iv).

 

“Borrowing”
shall mean a Revolving Credit Borrowing, a Swing Line Borrowing or a Term Borrowing, as the context may require.

 

“Borrowing
Request” shall mean a request by the Borrower in accordance with the terms of Article II in relation to (a) a
Revolving Credit Borrowing, substantially in the form set out in Exhibit C-1, (b) a Swing Line Borrowing, substantially
in the form set out in Exhibit C-2 or (c) a Term Borrowing, substantially in the form set out in Exhibit C-3, or
in each case, such other form as shall be approved by the Administrative Agent.

 

“Breakage
Event” shall have the meaning assigned to such term in Section 2.16.

 

“Business
Day” shall mean (a) any day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close and (b) if the applicable Business Day relates to notices, determinations,
fundings or payments in connection with the LIBO Rate or any Eurodollar Loans, any day which is a Business Day described in clause (a) and
which is also a day on which dealings in Dollar deposits are also carried on the London interbank market.

 

“Captive
Insurance Affiliate” shall mean an Affiliate of the Borrower established for the purpose of, and to be engaged solely
in the business of, insuring the businesses or facilities owned or operated by Borrower or any of its Subsidiaries or Affiliates
or joint ventures or to insure related or unrelated businesses.

 

“Cash Collateral”
shall have the meaning assigned to such term in Section 2.26(g).

 

“Cash Collateralize”
shall have the meaning assigned to such term in Section 2.26(g).

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. § 9601 et seq.

 

“CERCLIS”
shall mean the Comprehensive Environmental Response, Compensation, and Liability Information System maintained by the United States
Environmental Protection Agency.

 

“Change
in Law” shall mean the occurrence, after the date of this Agreement, of any of the following: (a) the adoption
or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline
or directive (whether or not having the force of law) by any Governmental Authority. For purposes of this definition, the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all rules, regulations, orders, requests, guidelines or directives thereunder
or in connection therewith and all requests, rules, guidelines or directives concerning capital adequacy known as “Basel
III” and promulgated either by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or by the United States or foreign regulatory authorities pursuant thereto, are deemed to have
been adopted and gone into effect after the date of this Agreement.

 

    	 	12	 

     

    

 

“Charges”
shall have the meaning assigned to such term in Section 9.09.

 

“Class”
shall mean (a) with respect to Commitments or Loans, those of such Commitments or Loans that have the same terms and conditions
(without regard to differences in the Type of Loan, Interest Period, upfront fees, OID or similar fees paid or payable in
connection with such Commitments or Loans, or differences in tax treatment (e.g., “fungibility”)); provided
that such Commitments or Loans may be designated in writing by the Borrower and Lenders holding such Commitments or Loans as a
separate Class from other Commitments or Loans that have the same terms and conditions and (b) with respect to Lenders,
those of such Lenders that have Commitments or Loans of a particular Class.

 

“Closing
Date” shall mean the date on which the Disposition is consummated in accordance with the terms of the Purchase Agreement.

 

“Closing
Date Intercreditor Agreement” shall mean the intercreditor agreement substantially in the form of Exhibit D
hereto, dated as of the Closing Date, among, inter alios, Deutsche Bank Trust Company Americas, as Collateral Agent and
Authorized Representative for the Initial Additional Secured Parties referred to therein, and Deutsche Bank Trust Company Americas,
as Collateral Agent and Goldman Sachs Bank USA, as Authorized Representative, in each case for the Credit Agreement Secured Parties
referred to therein (in each case as such terms are defined therein).

 

“Closing
Date Intercreditor Agreement Supplement” shall mean an agreement, substantially in the form of Annex I to the Closing
Date Intercreditor Agreement, or in another form reasonably satisfactory to the Administrative Agent and the Borrower, pursuant
to which a Grantor becomes a party to, and bound by, the terms of the Closing Date Intercreditor Agreement.

 

“Closing
Date Revolving Available Amount” shall mean $10,000,000.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder (unless
otherwise provided herein).

 

“Collateral”
shall mean any and all “Collateral”, “Pledged Assets”, “Charged Property”, “Charged Assets”
and “Assigned Property” as defined in any applicable Security Document (or any similar or equivalent term used or referred
to in any applicable Security Document) and all other property that is or is intended under the terms of the Security Documents
to be subject to Liens in favor of the Administrative Agent or the Collateral Agent.

 

“Collateral
Agent” shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Commitment”
shall mean a Revolving Credit Commitment or a Term Commitment, as the context may require.

 

“Commitment
Letter” means that certain Commitment Letter dated as of July 28, 2020, among the Borrower, the Parent Guarantor,
GS Bank, Royal Bank of Canada, RBC Capital Markets, LLC, Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands Branch,
Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc.

 

    	 	13	 

     

    

 

“Commitment
Termination Date” shall mean the earliest to occur of (a) the later of (x) the termination of the Purchase
Agreement in accordance with its terms prior to the consummation of the Disposition and (y) the abandonment of the disposition
by CSC Holdings LLC of 49.99% of the equity interests of the Parent Guarantor and (b) (i) with respect to the Revolving
Credit Commitments, the Longstop Date solely in the event the Closing Date has not occurred on or prior thereto and (ii) with
respect to the Initial Term Loan Commitments, January 24, 2021; provided that if earlier (and solely with respect to
the Initial Term Loan Commitments), the Funding Date shall be deemed to be the Commitment Termination Date.

 

“Committed
Lender” means any “Initial Lender” under and as defined under the Commitment Letter.

 

“Communications”
shall have the meaning assigned to such term in Section 9.01(e).

 

“Compliance
Date” shall mean the last day of any Test Period (commencing with the first full fiscal quarter of the Borrower ending
after the Closing Date) if on such day the Compliance Date Condition is met.

 

“Compliance
Date Condition” means the condition that the Aggregate Revolving Credit Exposure is an aggregate principal amount
equal to or exceeding 35% of the amount of the aggregate outstanding Revolving Credit Commitments excluding, for purposes of calculating
such Aggregate Revolving Credit Exposure, any L/C Obligations (a) in respect of Cash Collateralized Letters of Credit and
(b) in respect of undrawn Letters of Credit, in an aggregate amount not exceeding the Letter of Credit Sublimit.

 

“Consolidated”
shall mean, when used to modify a financial term, test, statement or report of a Person, the application or preparation of such
term, test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition
or operating results of such Person and its Subsidiaries.

 

“Contract
Consideration” shall have the meaning assigned to such term in clause (b)(xii) in the definition of “Excess
Cash Flow”.

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of a Person, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

“Covered
Entity” shall have the meaning assigned to such term in Section 9.23(b).

 

“Credit
Extension” shall mean each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Cure Amount”
shall have the meaning assigned to such term in Section 7.03(a).

 

“Cure Expiration
Date” shall have the meaning assigned to such term in Section 7.03(a).

 

    	 	14	 

     

    

 

“Current
Assets” shall mean, with respect to the Borrower and the Restricted Subsidiaries on a Consolidated basis, at any
date of determination, all assets (other than cash, Cash Equivalents and Permitted Investments) that would, in accordance with
GAAP, be classified on a consolidated balance sheet of the Borrower and the Restricted Subsidiaries as “current assets”
(or similar term) at such date of determination, other than amounts related to current or deferred Taxes based on income, profits
or capital gains, assets held for sale, loans (permitted) to third parties, pension assets, deferred bank fees and derivative financial
instruments, and excluding the effects of adjustments pursuant to GAAP resulting from the application of recapitalization accounting
or purchase accounting, as the case may be, in relation to any consummated acquisition or Investment.

 

“Current
Liabilities” shall mean, with respect to the Borrower and the Restricted Subsidiaries on a Consolidated basis, at
any date of determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of
the Borrower and the Restricted Subsidiaries as “current liabilities” at such date of determination (including the
amount of short-term deferred revenue of the Borrower and its Restricted Subsidiaries in accordance with GAAP), other than (a) the
current portion of any long term Indebtedness and derivative financial instruments, (b) the current portion of accrued interest,
(c) liabilities relating to current or deferred Taxes based on income or profits, (d) accruals of any costs or expenses
related to restructuring reserves or severance payments, (e) any liabilities in respect of revolving loans, swing line loans
or letter of credit obligations under any revolving credit facility (including Revolving Credit Loans), (f) the current portion
of any Capitalized Lease Obligation, (g) the current portion of any other long-term liabilities, (h) liabilities in respect
of unpaid earn-outs, (i) amounts related to derivative financial instruments and assets held for sale and (j) any deferred
management, monitoring, consulting, advisory and other fees payable to any Permitted Holder, and excluding the effects of adjustments
pursuant to GAAP resulting from the application of recapitalization accounting or purchase accounting, as the case may be, in relation
to any consummated acquisition or Investment.

 

“Declined
Proceeds” shall have the meaning assigned to such term in Section 2.13(h).

 

“Default”
shall mean any event which is, or after giving notice or with the passage of time or both would be, an Event of Default.

 

“Default
Right” shall have the meaning assigned to such term in Section 9.23(b).

 

“Defaulting
Lender” shall mean, subject to Section 2.25(d), any Lender that, as reasonably determined by the Administrative
Agent (a) has refused (which refusal may be given verbally or in writing and has not been retracted) or failed to perform
any of its funding obligations hereunder, including in respect of its Loans or participations in respect of L/C Obligations or
Swing Line Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, (b) has
notified the Borrower or Administrative Agent that it does not intend to comply with its funding obligations or has made a public
statement to that effect with respect to its funding obligations hereunder, (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
funding obligations or (d) has, or has a direct or indirect parent company that has, after the date of this Agreement, (i) become
the subject of a proceeding under any Bankruptcy

 

    	 	15	 

     

    

 

Law, (ii) had a receiver, conservator, trustee, administrator, assignee for
the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed
for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding
or appointment or (iv) 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.

 

“Discount
Prepayment Accepting Term Lender” shall have the meaning assigned to such term in Section 2.12(c)(ii)(B).

 

“Discount
Range” shall have the meaning assigned to such term in Section 2.12(c)(iii)(A).

 

“Discount
Range Prepayment Amount” shall have the meaning assigned to such term in Section 2.12(c)(iii)(A).

 

“Discount
Range Prepayment Offers” shall have the meaning assigned to such term in the definition of Borrower Solicitation
of Discount Range Prepayment Offers.

 

“Discount
Range Prepayment Response Date” shall have the meaning assigned to such term in Section 2.12(c)(iii)(A).

 

“Discount
Range Proration” shall have the meaning assigned to such term in Section 2.12(c)(iii)(C).

 

“Discounted
Prepayment Determination Date” shall have the meaning assigned to such term in Section 2.12(c)(iv)(C).

 

“Discounted
Prepayment Effective Date” shall mean in the case of a Borrower Offer of Specified Discount Prepayment, Borrower
Solicitation of Discount Range Prepayment Offer or Borrower Solicitation of Discounted Prepayment Offer, five Business Days following
the Specified Discount Prepayment Response Date, the Discount Range Prepayment Response Date or the Solicited Discounted Prepayment
Response Date, as applicable, in accordance with Section 2.12(c)(ii)(A), Section 2.12(c)(iii)(A) or Section 2.12(c)(iv)(A),
respectively, unless a shorter period is agreed to between the Borrower and the Auction Manager.

 

“Discounted
Term Loan Prepayment” shall have the meaning assigned to such term in Section 2.12(c)(i).

 

“Disposition”
shall mean the issuance and sale of 49.99% of the equity interests of the Parent Guarantor to the Purchaser.

 

“Disqualified Person”
shall mean any Person, other than a Loan Party, who has been identified to the Lead Arrangers in writing on or prior to the Bank
Meeting Date and posted to both the “Public Lender” and “Non-Public Lender” portions of the Platform subject
to the confidentiality provisions thereof in accordance with Section 9.01(f) or otherwise made available to all Lenders
(the “DQ List”), and any Affiliate of any such Person clearly identifiable as such solely on the basis
of the similarity of its name to any Person set forth on the DQ List (other than its financial

 

    	 	16	 

     

    

 

investors and affiliated bona fide
diversified debt funds that are not operating companies or affiliates of operating companies) and/or any Person, other than a Loan
Party, who directly provides products or services that are the same or substantially similar to the products or services provided
by, and that constitute a material part of the business of, the Loan Parties taken as a whole (a “Competitor”),
and any Affiliate of any such Competitor clearly identifiable as such solely on the basis of the similarity of its name to such
Competitor (other than its financial investors and affiliated bona fide diversified debt funds that are not operating companies
or affiliates of operating companies), who has been identified to the Administrative Agent in writing from time to time and posted
to both the “Public Lender” and “Non-Public Lender” portions of the Platform subject to the confidentiality
provisions thereof in accordance with Section 9.01(f) or otherwise made available to all Lenders and/or in the case of
Persons referenced in clause (a) and (b) above, other Affiliates of any such Person (other than its financial investors
and affiliated bona fide diversified debt funds that are not operating companies or affiliates of operating companies) identified
to the Administrative Agent on or after the Bank Meeting Date, to the extent reasonably acceptable to the Administrative Agent.
Notwithstanding anything to the contrary herein, in no event shall the designation of a Person as a Disqualified Person apply (i) to
disqualify any Person until three Business Days after such Person shall have been identified in writing to the Administrative Agent
via electronic mail submitted to ficcthirdpartysettlements@ny.email.gs.com, gs-sbdagency-borrowernotices@ny.email.gs.com and gs-dallas-adminagency@ny.email.gs.com
(or such other address as the Administrative Agent may designate to the Borrower from time to time) (the “Designation
Effective Date”) or (ii) retroactively to disqualify any Person that, before the Designation Effective Date,
has (A) acquired an assignment or participation interest under this Agreement or (B) entered into a trade to acquire
an assignment or participation interest under this Agreement.

 

If a Disqualified Person
becomes a Lender hereunder in violation of the provisions of this Agreement and without the Borrower’s written consent, such
Disqualified Person shall not (1) be entitled to any of the rights or privileges enjoyed by the other Lenders with respect
to voting, information and lender meetings, (2) be entitled to any expense reimbursement or indemnification under the Loan
Documents, and nothing in the Loan Documents shall restrict the rights and remedies of the Loan Parties against such Disqualified
Person, (3) receive any other information or reporting provided by the Borrower, the Administrative Agent or any other Lender,
(4) attend or participate in meetings attended by the Lenders and the Administrative Agent or (5) be entitled to access
any electronic site established for Lenders or confidential communications from counsel to or financial advisors of the Administrative
Agent or the Lenders.

 

“Dollars”,
 “dollars” or “$” shall mean lawful money of the United States of America.

 

“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.

 

    	 	17	 

     

    

 

“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” shall mean the date on which the conditions precedent set forth in Section 4.01 have been satisfied, which
date is September 29, 2020.

 

“Eligible
Assignee” shall mean any Person other than a natural Person or a Defaulting Lender that is (a) a Lender, an
Affiliate of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes
hereof) or (b) a commercial bank, insurance company, investment or mutual fund or other entity that is an “accredited
investor” (as defined in Regulation D) and which extends credit or buys loans in the ordinary course; provided that
notwithstanding anything herein to the contrary, “Eligible Assignee” shall not include any Person that is a Loan Party
(other than the Borrower to the extent provided in Section 9.04(k)), any of the Loan Parties’ Affiliates (other than
Affiliated Lenders to the extent provided in Section 9.04(l)), any Subsidiaries or any Disqualified Person.

 

“Environmental
Laws” shall mean, with respect to any Person, any and all international, national, regional, local and other laws,
rules, regulations, decisions and orders, in each case applicable to and legally binding on such Person, relating to the protection
of human health and safety as related to hazardous materials exposure, the environment or hazardous or toxic substances or wastes,
pollutants or contaminants.

 

“Environmental
Liability” shall mean any liability, obligation, damage, loss, claim, action, suit, judgment, order, fine, penalty,
fee, expense, or cost, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines,
penalties or indemnities), of the Borrower, or any other Loan Party resulting from or based upon (a) violation of any Environmental
Law, (b) the generation, use, handling, transportation, labeling, storage, treatment, disposal or recycling of, or presence
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.

 

“Environmental
Permits” shall mean any permit and other authorization required under any Environmental Law for the operation of
the business of any Loan Party or its Restricted Subsidiaries conducted on or from the properties owned or used by any Loan Party
or its Restricted Subsidiaries.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations
promulgated thereunder.

 

“ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) that, together with the Borrower, is treated
as a single employer under Section 414(b) or (c) of the Code or Section 4001(a)(14) of ERISA or, solely for
purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414
of the Code.

 

“ERISA
Event” shall mean (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder, with respect to a Plan (other than an event for which

 

    	 	18	 

     

    

 

the 30-day notice period is waived); (b) the failure
to satisfy the “minimum funding standard” (as defined in Sections 412 or 430 of the Code or Sections 302 or 303 of
ERISA), whether or not waived or the failure to make by its due date a required installment under Section 430(j) of the
Code; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate
of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower
or any ERISA Affiliate from the PBGC or a plan administrator of any notice of an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliate of any liability with
respect to the withdrawal or partial withdrawal of the Borrower or any ERISA Affiliate from any Plan or Multiemployer Plan; (g) the
receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any
ERISA Affiliate of any notice, of the imposition upon the Borrower or any ERISA Affiliate of Withdrawal Liability (within the meaning
of Section 4201 of ERISA) or a determination that a Multiemployer Plan is, or is expected to be, (i) in “critical”
or “endangered” status under Section 432 of the Code or Section 305 of ERISA, or (ii) insolvent within
the meaning of Title IV of ERISA; (h) the imposition of a lien pursuant to Section 430(k) of the Code or Section 303(k) or
Section 4068 of the ERISA on the Borrower or any ERISA Affiliate with respect to any Plan or Multiemployer Plan; (i) a
violation of Section 436 of the Code; (j) a determination that a Plan is, or is expected to be in “at risk”
status (as defined in Section 430 of the Code or Section 303 of ERISA); or (k) the incurrence by the Borrower or
any ERISA Affiliate of any liability pursuant to Section 4063 or Section 4064 of ERISA or a cessation of operations with
respect to a Plan within the meaning of Section 4062(e) of ERISA.

 

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

 

“Eurodollar”,
when used in reference to any Loan or Borrowing, denominated in dollars, shall refer to whether such Loan, or the Loans comprising
such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Events
of Default” shall have the meaning assigned to such term in Section 7.01 of this Agreement.

 

“Excess
Cash Flow” shall mean, for any fiscal year of the Borrower (commencing with the fiscal year ending December 31,
2021):

 

(a)          the
sum, without duplication, of (i) Consolidated EBITDA for such period, (ii) reductions to noncash working capital of the
Borrower and its Restricted Subsidiaries for such period (i.e., the decrease, if any, in Current Assets minus Current Liabilities
from the beginning to the end of such period) and (iii) expenses reducing (or excluded from) the calculation of Consolidated
Net Income for such period with respect to amounts deducted in any prior calculation of Excess Cash Flow pursuant to clause (b)(iii),
(vi), (vii) and (ix) below, and minus:

 

    	 	19	 

     

    

 

(b)          the
sum, without duplication including with respect to amounts already reducing Consolidated Net Income and not added back to Consolidated
EBITDA, of:

 

(i)            the
amount of any Taxes payable or tax reserves set aside or payable (without duplication) in cash by the Borrower (or any direct or
indirect parent thereof) with respect to the Borrower and the Restricted Subsidiaries with respect to such period;

 

(ii)           Consolidated
Interest Expense for such period paid in cash;

 

(iii)          to
the extent not deducted in a prior period pursuant to clause (b)(vii) below, capital expenditures made in cash during such
period to the extent financed with Internally Generated Cash;

 

(iv)          (A) all
scheduled principal payments and repayments of Indebtedness and the principal component of payments in respect of Capitalized Lease
Obligations (other than Revolving Credit Loans if such scheduled payment and repayment does not occur at the final maturity thereof
concurrently with the permanent termination of all commitments in respect thereof), (B) all voluntary prepayments of Indebtedness
and the principal component of payments in respect of Capitalized Lease Obligations (other than Pari Passu Indebtedness) made in
cash by the Borrower and the Restricted Subsidiaries during such period, but only to the extent that the Indebtedness so repaid
by its terms cannot be reborrowed or redrawn and such repayments do not occur in connection with a refinancing of all or any portion
of such Indebtedness, (C) the amount of a mandatory prepayment of Term Loans pursuant to Section 2.13(a) and any
mandatory prepayment, repayment or redemption of Pari Passu Indebtedness pursuant to requirements under the agreements governing
such Pari Passu Indebtedness similar to the requirements set forth in Section 2.13(a), to the extent required due to an Asset
Disposition (or any disposition specifically excluded from the definition of the term “Asset Disposition”) that resulted
in an increase to Consolidated EBITDA and not in excess of the amount of such increase, and (D) the aggregate amount of any
premium, make-whole, penalty payments or the principal component of payments in respect of Capitalized Lease Obligations actually
paid in cash by the Borrower and its Restricted Subsidiaries during such period that are required to be made in connection with
any such prepayment of Indebtedness;

 

(v)           additions
to noncash working capital for such period (i.e., the increase, if any, in Current Assets minus Current Liabilities from the beginning
to the end of such period),

 

(vi)          to
the extent not deducted in a prior period pursuant to clause (b)(vii) below, the amount of any cash expense, charge or other
cost during such period related to any Equity Offering, Investment, acquisition, disposition, recapitalization, Incurrence
of any Indebtedness, amendment or modification of any debt instrument (including any amendment or other modification of this Agreement
and/or the other Loan Documents) or similar transaction permitted by this Agreement (whether or not successful) (including any
such fees, expenses or charges related to the Transactions) and any cash charges or non-recurring merger costs incurred during
such period as a result of any such transaction, in

 

    	 	20	 

     

    

 

each case as determined in good faith by the Borrower to the extent financed
with Internally Generated Cash;

 

(vii)         to
the extent not deducted in a prior period pursuant to this clause (b)(vii), the aggregate amount of expenditures actually made
by the Borrower and its Restricted Subsidiaries during such period, or at the option of the Borrower, after the end of such period
and prior to the date upon which a mandatory prepayment for such period would be required under Section 2.13(b), in each case,
from Internally Generated Cash (including expenditures for the payment of financing fees) to the extent that such expenditures
are not expensed during such period, are not deducted (or were excluded) in calculating Consolidated Net Income or were added back
in calculating Consolidated EBITDA;

 

(viii)        an
amount equal to (A) the amount of all non-cash credits included in arriving at Consolidated Net Income (but excluding any
non-cash credit to the extent representing the reversal of an accrual or reserve for potential cash items in any future period)
and (B) cash charges, losses or expenses excluded in arriving at Consolidated Net Income or added back in calculating Consolidated
EBITDA;

 

(ix)          without
duplication of any amount included in clause (iv) above, cash payments by the Borrower and its Restricted Subsidiaries during
such period in respect of long-term liabilities (including pension and other post-retirement obligations) of the Borrower and its
Restricted Subsidiaries (other than Indebtedness) to the extent such payments are not expensed during such period or are not deducted
(or were excluded) in calculating Consolidated Net Income and financed with Internally Generated Cash;

 

(x)           to
the extent added back to Consolidated EBITDA, the amount of management, monitoring, consultancy and advisory fees and related expenses
paid in such period (or accruals relating to such fees and related expenses) to any Permitted Holder (whether directly or indirectly,
through any Parent), financed with Internally Generated Cash;

 

(xi)          the
amount of any Permitted Investment (other than a Permitted Investment made pursuant to clause (c) of the definition thereof)
and any Restricted Payment pursuant to Section 4.05 of Article IV in Annex I hereof, in each case, that are made during
such period by the Borrower or any Restricted Subsidiary thereof with Internally Generated Cash;

 

(xii)         without
duplication of amounts deducted from Excess Cash Flow in prior periods and, at the option of the Borrower, (A) the aggregate
consideration required to be paid in cash by the Borrower and its Restricted Subsidiaries pursuant to binding contracts (the “Contract
Consideration”) entered into prior to or during such period or (B) any planned cash expenditures by the Borrower
or any of its Restricted Subsidiaries (the “Planned Expenditures”), in the case of each of the preceding
clauses (A) and (B), relating to acquisitions or other Investments, capital expenditures, Restricted Payments (described in
clause (xi) above), acquisitions of intellectual property, any scheduled payment, repurchase or redemption of Indebtedness
(described in clause (iv) above) that was permitted by the terms of this Agreement to be incurred and paid, repurchased or
redeemed

 

    	 	21	 

     

    

 

(collectively, “Permitted Expenditures”), in each case, to the extent expected to be consummated
or made, as applicable, during the period of four consecutive fiscal quarters of the Borrower following the end of such period,
and expected in good faith to be financed with Internally Generated Cash; provided that to the extent that the aggregate
amount of Permitted Expenditures financed with Internally Generated Cash and paid in cash during such following period of four
consecutive fiscal quarters is less than the aggregate amount of Planned Expenditures expected to be financed with Internally Generated
Cash, the amount of such shortfall shall be added to the calculation of Excess Cash Flow at the end of such following period of
four consecutive fiscal quarters; and

 

(xiii)        cash
expenditures in respect of Hedging Obligations during such period to the extent not deducted (or were excluded) in arriving at
Consolidated Net Income or added back to Consolidated EBITDA, to the extent financed with Internally Generated Cash.

 

Notwithstanding anything
else provided in this Agreement, (x) the amounts deducted under clause (b) above shall in no event be duplicative of
amounts deducted under clause (y) of the first proviso of Section 2.13(c) and (y) to the extent an amount is
eligible to be deducted under either clause (b) above or clause (y) of the first proviso of Section 2.13(c), such
amounts shall be deemed to have been deducted under clause (y) of the first proviso of Section 2.13(c) (and not,
for the avoidance of doubt, clause (b) above).

 

“Excluded
Accounts” means, collectively, (a) payroll accounts, (b) zero balance accounts, (c) any withholding
tax, benefits, escrow, trust, customs or any other fiduciary account and (d) any account having a balance that does not exceed
$2,500,000 for more than three consecutive Business Days at any time.

 

“Excluded
Assets” means each of the following: (a) any “intent-to-use” application for registration of a trademark
filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of
Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of
the Lanham Act with respect thereto, solely to the extent, if any, that and solely during the period, if any, in which, the grant
of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use
application under applicable federal law, (b) margin stock, (c) assets subject to certificates of title (including motor
vehicles (other than motor vehicles subject to certificates of title, provided that perfection of security interests in such motor
vehicles shall be limited to the filing of UCC financing statements), aircraft and aircraft engines), (d) letter-of-credit
rights (other than to the extent the security interest in such letter of credit right may be perfected by the filing of UCC financing
statements), (e) commercial tort claims with a value, individually, of less than $2,500,000, (f) any governmental or
regulatory licenses, authorizations, certificates, charters, franchises, approvals and consents (whether federal, state or otherwise)
to the extent a security interest therein is prohibited or restricted thereby or requires any consent, acknowledgment or authorization
from a Governmental Authority not obtained (without any requirement to obtain such consent, acknowledgment or authorization) after
giving effect to the applicable anti-assignment provisions of the UCC or other applicable Law other than proceeds and receivables
thereof, the assignment of which is expressly deemed effective under the UCC or other applicable Law notwithstanding such prohibition,
(g) any lease, license or agreement (not otherwise subject to clause (h) below) or any property that is subject to a
capital lease, purchase money security

 

    	 	22	 

     

    

 

interest or similar arrangement, in each case permitted by the Loan Documents, to the extent
that a grant of a security interest therein (x) would violate or invalidate such lease, license or agreement or purchase money
security interest or similar arrangement or create a right of termination in favor of any other party thereto (other than Parent
Guarantor, the Borrower or any of its Subsidiaries) after giving effect to the applicable anti-assignment provisions of the UCC
or other applicable Law (other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under
the UCC or other applicable Law notwithstanding such prohibition) to the extent such approval, consent or authorization is not
obtained or (y) would require governmental or regulatory approval, consent or authorization not obtained (without any requirement
to obtain such approval, consent or authorization) after giving effect to the applicable anti-assignment provisions of the UCC
or other applicable Law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under
the UCC or other applicable Law notwithstanding such prohibition, (h) assets to the extent the pledge thereof or grant of
security interests therein (x) is prohibited or restricted by any applicable Law, rule or regulation or would require
any consent, approval or authorization of any governmental or regulatory authority not obtained (without any requirement to obtain
such any consent, approval or authorization) after giving effect to the applicable anti-assignment provisions of the UCC or other
applicable Law (other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the UCC
or other applicable Law notwithstanding such prohibition), (y) would render such asset invalid or unenforceable under applicable
Law (solely with respect to any intellectual property) or (z) is prohibited by any contract or would require any consent,
approval, license or other authorization of any third party (provided that such requirement existed on the Closing Date or at the
time of the acquisition of such asset, as applicable, and was not incurred in contemplation thereof (other than in the case of
capital leases and purchase money financings)) or governmental or regulatory authority not obtained (without any requirement to
obtain such consent, approval, license or other authorization), other than to the extent such prohibition or restriction is ineffective
under the UCC or other applicable Law, (i) assets to the extent a security interest in such assets would result in material
adverse tax consequences to the Borrower or any of its Subsidiaries as reasonably determined by the Borrower in consultation with
the Administrative Agent, (j) any leasehold or freehold interest in any real property (and improvements and fixtures relating
thereto), (k) any Excluded Account, (l) Capital Stock in Immaterial Subsidiaries and Excluded Subsidiaries (other than
first tier CFCs and first tier CFC Holdcos that are Restricted Subsidiaries; provided that in the case of any first tier
CFC or first tier CFC Holdco, the pledge of the Capital Stock of such Subsidiary shall be limited to no more than 65% of the total
issued and outstanding Capital Stock of such first tier CFC or first tier CFC Holdco; provided, that, for the avoidance of doubt,
the pledged Capital Stock of the Guarantors shall not be subject to such limitation), (m) any assets located in, or governed
by, any non-U.S. jurisdiction law or regulation (other than (i) Capital Stock of CFCs that does not constitute an Excluded
Asset pursuant to clause (l) above and (ii) assets that can be perfected by the filing of a UCC financing statement and
(n) those assets as to which the Administrative Agent and the Borrower reasonably agree that the cost, burden or difficulty
of obtaining such a security interest or perfection thereof (including any material adverse tax consequences to the Parent Guarantor,
the Borrower, or any Subsidiary of the Borrower) are excessive in relation to the benefit to the Lenders of the security to be
afforded thereby. Notwithstanding the foregoing, Excluded Assets shall not include any proceeds, products, substitutions or replacements
of Excluded Assets (unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets).

 

    	 	23	 

     

    

 

“Excluded
Taxes” shall mean, with respect to the Administrative Agent or any Lender or any other recipient of any payment to
be made by or on account of any obligation of the Borrower hereunder, (a) Taxes imposed on (or measured by) net income (however
denominated), franchise Taxes, branch profits Taxes or any similar Tax, (i) by the jurisdiction under the laws of which such
recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending
office is located or (ii) that are Other Connection Taxes, (b) any withholding taxes attributable to the Lender’s
failure to comply with Section 2.20(e) or (f); (c) in the case of a Lender, U.S. federal withholding Taxes that
are (or would be) required to be withheld 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 the Borrower under Section 2.21) or (ii) such
Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.20, 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; (d) U.S. backup withholding Taxes; and (e) any Taxes imposed
under FATCA.

 

“Expiring
Credit Commitment” shall have the meaning assigned to such term in Section 2.27(g).

 

“Extended
Class” shall have the meaning assigned to such term in Section 2.23(a).

 

“Extended
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.23(a).

 

“Extended
Term Loans” assigned to such term in Section 2.23(a).

 

“Extending
Lender” shall have the meaning assigned to such term in Section 2.23(b).

 

“Extension
Amendment” shall have the meaning assigned to such term in Section 2.23(c).

 

“Extension
Arranger” shall have the meaning assigned to such term in Section 2.23(a).

 

“Extension
Election” shall have the meaning assigned to such term in Section 2.23(b).

 

“Extension
Request” shall have the meaning assigned to such term in Section 2.23(a).

 

“Facility
Guaranty” shall mean the Facility Guaranty made by the Guarantors in favor of the Administrative Agent and the other
Secured Parties, substantially in the form of Exhibit F-1 hereto, or in another form reasonably satisfactory to the Administrative
Agent and the Borrower.

 

“Facility
Guaranty Joinder” shall mean an agreement, substantially in the form of Annex I to the Facility Guaranty, or in another
form reasonably satisfactory to the Administrative Agent and the Borrower, pursuant to which a Subsidiary becomes a party to, and
bound by, the terms of the Facility Guaranty.

 

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

 

    	 	24	 

     

    

 

interpretations
thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered
into in connection with the implementation of such Sections of the Code and any fiscal or regulatory legislation, rules or
practices adopted pursuant to such intergovernmental agreement.

 

“FCPA”
shall have the meaning assigned to such term in Section 3.25.

 

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

 

“Financial
Covenant” shall have the meaning ascribed to it in Section 6.01.

 

“Foreign
Lender” shall mean a Lender that is not a U.S. Person.

 

“Fronting
Exposure” shall mean, at any time there is a Defaulting Lender, (a) with respect to the L/C Issuer, such Defaulting
Lender’s Pro Rata Share of the Outstanding Amount of L/C Obligations other than L/C Obligations as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms
hereof and (b) with respect to the 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 Lenders
or Cash Collateralized in accordance with the terms hereof.

 

“Funding
Date” shall mean the date on which the conditions precedent set forth in Section 4.02 have been satisfied.

 

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

 

“Granting
Lender” shall have the meaning assigned to such term in Section 9.04(i).

 

“Grantor”
shall mean each Person from time to time party to any Security Document, in its capacity as a grantor, pledgor, obligor, chargor
or similar capacity thereunder.

 

“Group
Member” shall mean the Borrower or any Restricted Subsidiary thereof, and “Group” shall
mean, collectively, the Borrower and its Restricted Subsidiaries.

 

“GS Bank”
shall mean Goldman Sachs Bank USA.

 

    	 	25	 

     

    

 

 

“Guarantor”
shall mean each Person from time to time party to the Facility Guaranty, in its capacity as a guarantor of the Obligations and
its respective successors and assigns, until the Loan Guarantee of such Person has been released in accordance with the provisions
of this Agreement.

 

“Hazardous
Materials” shall mean all chemicals, materials, substances or wastes of any nature that are listed, classified, regulated,
characterized or otherwise defined as “hazardous,” “toxic,” “radioactive,” a “pollutant,”
a “contaminant,” or terms of similar intent or meaning, by any Governmental Authority or that are otherwise prohibited,
limited or regulated pursuant to any Environmental Law, including petroleum or petroleum distillates, friable asbestos or friable
asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes.

 

“Hedge
Counterparty” shall mean each Person that is (a) a counterparty to a Swap Contract as of the Closing Date or
(b) an Agent or Lender or any Affiliate of an Agent or Lender counterparty to a Swap Contract (including any Person who was
an Agent or Lender (or any Affiliate thereof) as of the Closing Date or the date it enters into such Swap Contract but subsequently
ceases to be an Agent or Lender (or Affiliate thereof)) or (c) any other Person from time to time designated in writing by
the Borrower and approved in writing by the Administrative Agent; provided that, if such Person is not an Agent or a Lender,
such Person executes and delivers to the Administrative Agent and the Borrower a letter agreement in form and substance reasonably
acceptable to the Administrative Agent and the Borrower pursuant to which such Person (i) appoints the Administrative Agent
as its agent under the applicable Loan Documents and (ii) agrees to be bound by the provisions applicable to Hedge Counterparties.

 

“Honor
Date” shall have the meaning assigned to such term in Section 2.26(c)(i).

 

“Identified
Participating Term Lenders” shall have the meaning assigned to such term in Section 2.12(c)(iii)(C).

 

“Identified
Qualifying Term Lenders” shall have the meaning assigned to such term in Section 2.12(c)(iv)(C).

 

“Incremental
Arranger” shall have the meaning assigned to such term in Section 2.22(a).

 

“Incremental
Facility Closing Date” shall have the meaning assigned to such term in Section 2.22(a).

 

“Incremental
Lenders” shall mean collectively the Incremental Term Lenders and the Incremental Revolving Credit Lender.

 

“Incremental
Loan Amount” shall mean, at any time, without duplication, an amount not to exceed the amount of Indebtedness permitted
to be incurred by the Borrower as Pari Passu Indebtedness at such time pursuant to Section 4.04(a), 4.04(b)(1) and 4.04(b)(16)
of Annex I to this Agreement (together with any Refinancing Indebtedness of the foregoing that is permitted to be incurred by the
Borrower as Pari Passu Indebtedness at such time pursuant to Section 4.04(b)(4)(c)) of Annex I).

 

    	 	26	 

     

    

 

“Incremental
Loan Assumption Agreement” shall mean an Incremental Loan Assumption Agreement among, and in form and substance reasonably
satisfactory to, the Borrower, the Incremental Arranger and one or more Incremental Lenders and, to the extent required pursuant
to the third proviso of Section 9.08(b), the Administrative Agent.

 

“Incremental
Loan Commitment” shall have the meaning ascribed to such term in Section 2.22(a).

 

“Incremental
Loan Maturity Date” shall mean the final maturity date of any Incremental Term Loan or Incremental Revolving Credit
Commitment, as set forth in the applicable Incremental Loan Assumption Agreement.

 

“Incremental
Loans” shall have the meaning ascribed to such term in Section 2.22(a).

 

“Incremental
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.22(a).

 

“Incremental
Revolving Credit Lender” shall mean a Lender with an Incremental Revolving Credit Commitment or an outstanding Revolving
Credit Loan.

 

“Incremental
Revolving Loan” shall have the meaning assigned to such term in Section 2.22(a).

 

“Incremental
Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term Loan.

 

“Incremental
Term Loan” shall have the meaning assigned to such term in Section 2.22(a).

 

“Incremental
Term Loan Commitments” shall have the meaning assigned to such term in Section 2.22(a).

 

“Indemnified
Taxes” shall mean (a) Taxes other than Excluded Taxes and (b) to the extent not otherwise described in
clause (a) above, Other Taxes.

 

“Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b).

 

“Information”
shall have the meaning assigned to such term in Section 9.16.

 

“Initial
Loans” shall mean an Initial Term Loan or an Initial Revolving Credit Loan.

 

“Initial
Revolving Credit Commitment” shall mean, as to each Revolving Credit Lender, its Revolving Credit Commitment as of
the Effective Date, as set forth opposite such Lender’s name in Schedule 2.01 under the caption “Initial Revolving
Credit Commitment” or in the applicable Assignment and Acceptance, and as may be amended from time to time pursuant to the
terms hereof. The aggregate amount of Initial Revolving Credit Commitments as of the Effective Date is $100,000,000.

 

    	 	27	 

     

    

 

“Initial
Revolving Credit Commitment Maturity Date” shall mean the day that is five years after the Funding Date.

 

“Initial
Revolving Credit Lender” shall mean any Lender having any Initial Revolving Credit Commitments and/or Initial Revolving
Credit Loans made pursuant thereto.

 

“Initial
Revolving Credit Loan” shall have the meaning assigned to such term in Section 2.01(b).

 

“Initial
Term Loans” shall have the meaning assigned to such term in Section 2.01(a).

 

“Initial
Term Loan Commitment” shall mean, as to each Term Lender, its obligation to make an Initial Term Loan to the Borrower
pursuant to Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite such Lender’s name
in Schedule 2.01 under the caption “Initial Term Loan Commitment” or in the applicable Assignment and Acceptance. The
aggregate amount of the Initial Term Loan Commitments as of the Effective Date is $600,000,000.

 

“Initial
Term Loan Facility” shall mean the Initial Term Loan Commitments and the Initial Term Loans made pursuant thereto.

 

“Initial
Term Loan Lender” shall mean any Lender having any Initial Term Loan Commitments and/or Initial Term Loans made pursuant
thereto.

 

“Initial
Term Loan Maturity Date” shall mean the day that is seven years after the Funding Date.

 

“Intercreditor
Agreement” means, to the extent executed in connection with the incurrence of Indebtedness secured by Liens on the
Collateral which are intended to rank equal in priority to the Liens on the Collateral securing the Obligations under this Agreement
(but without regard to the control of remedies), at the option of the Borrower and the Administrative Agent acting together in
good faith, any of (a) the Closing Date Intercreditor Agreement or (b) (i) any other intercreditor agreement substantially
in the form of Exhibit D, together with any changes thereto which are reasonably acceptable to the Administrative Agent and
the Borrower or (ii) a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative
Agent and the Borrower, which agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank equal
in priority to the Liens on the Collateral securing the Obligations under this Agreement (but without regard to the control of
remedies), in each case with such modifications thereto as the Administrative Agent and the Borrower may agree.

 

“Interest
Payment Date” shall mean (a) with respect to any ABR Loan, April 15th, July 15th,
October 15th and January 15th and the Maturity Date; provided that if such day is not a
Business Day, the Interest Payment Date shall be the next succeeding Business Day and (b) with respect to any Eurodollar Loan,
the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing
with an Interest Period of more than three months’ duration (other than as may be provided with respect to the initial Interest
Period), each day that would have been an Interest Payment Date had successive Interest Periods of three months’ duration
been applicable to such Borrowing.

 

    	 	28	 

     

    

 

“Interest
Period” shall mean, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing
and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar
month that is one, two, three or six months (or 12 months if agreed to by all Lenders of such Loans) thereafter, as the Borrower
may elect; provided, however, that (a) if any Interest Period would end on a day other than a Business Day,
such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall
in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest
Period 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 for any Loan shall extend beyond the maturity date of such Loan. Interest
shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. For
purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing.

 

“Internal
Control Event” shall mean a material weakness in, or fraud that involves senior management or other employees who
have a significant role in, the Loan Parties or any of their Subsidiaries’ internal controls over financial reporting, in
each case as described in the Securities Laws.

 

“Internally
Generated Cash” shall mean, with respect to any Person, funds of such Person and its Restricted Subsidiaries not
constituting proceeds of the incurrence of Indebtedness (other than the incurrence of Revolving Credit Loans, extensions of credit
under any other revolving credit or similar facility or other short-term Indebtedness) by such Person or any of its Restricted
Subsidiaries.

 

“Interpolated
Screen Rate” shall mean, in relation to any Loan, the rate which results from interpolating on a linear basis between:
(a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest
Period of that Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available)
which exceeds the Interest Period of that Loan, each as of 11:00 a.m. London time on the Quotation Day for the currency of
that Loan.

 

“IRS”
shall mean the United States Internal Revenue Service.

 

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

 

“Issue
Price” shall mean a price equal to 99.50% of the face value of the Initial Term Loans.

 

“Issuer
Documents” shall mean with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the L/C Issuer 

 

    	 	29	 

     

    

 

and the Borrower (or any Restricted Subsidiary) or in favor of the L/C
Issuer and relating to such Letter of Credit.

 

“Judgment
Currency” shall have the meaning assigned to such term in Section 9.21.

 

“L/C Advance”
shall mean, with respect to each Revolving Credit Lender, such Lender’s funding of its participation in any L/C Borrowing
in accordance with its Pro Rata Share.

 

“L/C Borrowing”
shall mean 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 Borrowing.

 

“L/C Credit
Extension” shall mean, 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.

 

“L/C Exposure”
shall mean, as at any date of determination, the total L/C Obligations. The L/C Exposure of any Revolving Credit Lender at any
time shall be its Pro Rata Share of the total L/C Exposure at such time; provided that in the case of Section 2.01(b),
Section 2.26(a)(i) and clause (iii) of the proviso to Section 2.27(a) when a Defaulting Lender shall exist,
the L/C Exposure of any Revolving Credit Lender shall be adjusted to give effect to any reallocation effected in accordance with
Section 2.25(c).

 

“L/C Issuer”
shall mean GS Bank, Royal Bank of Canada, Deutsche Bank AG New York Branch and Morgan Stanley Senior Funding, Inc. (collectively,
the “Initial L/C Issuers”), and any other Lender that becomes an L/C Issuer in accordance with Section 2.26(k),
in its capacity as an issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder.

 

“L/C Obligations”
shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit
plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. 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 2.26.
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.

 

“Latest
Maturity Date” shall mean, at any date of determination, the latest maturity date applicable to any Class of
Loans or Commitments with respect to such Loans or Commitments at such date of determination, including, for the avoidance of doubt,
the latest maturity date of any Incremental Loans, Incremental Loan Commitments, Other Loans or Extended Term Loans, in each
case, as extended from time to time in accordance with this Agreement.

 

“Laws”
shall mean each international, foreign, Federal, state and local statute, treaty, rule, guideline, regulation, ordinance, code
and administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and each applicable administrative order, directed
duty, request, license, authorization and permit of, and agreement with, any Governmental Authority, in each case whether or not
having the force of law.

 

    	 	30	 

     

    

 

“Lead Arrangers”
shall mean GS Bank, RBC Capital Markets, LLC, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc., each
in its capacity as a lead bookrunner and lead arranger.

 

“Legal
Reservations” means (a) the principle that equitable remedies are remedies which may be granted or refused at
the discretion of the court and principles of good faith and fair dealing, (b) applicable Bankruptcy Laws, (c) the existence
of timing limitations with respect to the bringing of claims under applicable limitation laws and the defenses of acquiescence,
set-off or counterclaim and the possibility that an undertaking to assume liability for, or to indemnify a Person against, non-payment
of stamp duty may be void, (d) the principle that in certain jurisdictions and under certain circumstances a Lien granted
by way of fixed charge may be re-characterized as a floating charge or that security purported to be constituted as an assignment
may be re-characterized as a charge, (e) the principle that additional interest imposed pursuant to any relevant agreement
may be held to be unenforceable on the grounds that it is a penalty and thus void, (f) the principle that a court may not
give effect to an indemnity for legal costs incurred by an unsuccessful litigant, (g) the principle that the creation or purported
creation of collateral over any claim, other right, contract or agreement which is subject to a prohibition on transfer, assignment
or charging may be void, ineffective or invalid and may give rise to a breach of the contract or agreement (or contract or agreement
relating to or governing the claim or other right) over which collateral has purportedly been created, (h) similar principles,
rights and defenses under the laws of any relevant jurisdiction and (i) any other matters which are set out as qualifications
or reservations (however described) as to matters of law in any legal opinion delivered pursuant to the Loan Documents.

 

“Lenders”
shall mean (a) the Persons listed on Schedule 2.01 (other than any such Person that has ceased to be a party hereto pursuant
to an Assignment and Acceptance) and (b) any Person that has become a party hereto pursuant to an Assignment and Acceptance,
including, without limitation, the Initial Term Loan Lenders and the Initial Revolving Credit Lenders (including, as the context
so requires, any L/C Issuer and the Swing Line Lender).

 

“Letter
of Credit” shall mean any letter of credit issued hereunder. A Letter of Credit may be a standby letter of credit.

 

“Letter
of Credit Application” shall mean an application and agreement for the issuance or amendment of a Letter of Credit
in the form from time to time in use by the relevant L/C Issuer and reasonably satisfactory to the Borrower.

 

“Letter
of Credit Expiration Date” shall mean the day that is five Business Days prior to the scheduled Latest Maturity Date
then in effect for the Participating Revolving Credit Commitments (taking into account the Maturity Date of any conditional Participating
Revolving Credit Commitment that will automatically go into effect on or prior to such Maturity Date (or, if such day is not a
Business Day, the next preceding Business Day)).

 

“Letter
of Credit Issuer Sublimit” shall mean, at any time, with respect to (a) GS Bank, $12,500,000, (b) Royal
Bank of Canada, $5,000,000, (c) Deutsche Bank AG New York Branch, $3,750,000 and (d) Morgan Stanley Senior Funding, Inc.,
$3,750,000 (in each case, or such other amount as may be agreed between such L/C Issuer and the Borrower from time to time) and
(e)

 

    	 	31	 

     

    

 

any other Person that is a L/C Issuer, such other amount as may be agreed between such other L/C Issuer and the Borrower
at the time such Person becomes a L/C Issuer or from time to time thereafter.

 

“Letter
of Credit Sublimit” shall mean, at any time, an amount equal to the lesser of (a) $25,000,000 (as may be adjusted
pursuant to Section 2.26 and/or as may be modified by the Borrower and each L/C Issuer) and (b) the aggregate amount
of the Participating Revolving Credit Commitments at such time. The Letter of Credit Sublimit is part of, and not in addition to,
the Participating Revolving Credit Commitments.

 

“LIBO Rate”
shall mean, with respect to any Eurodollar Borrowing for any Interest Period, the rate per annum determined by the Administrative
Agent at approximately 11:00 a.m. (London time) on the date that is two Business Days prior to the commencement of such Interest
Period (a) by reference to ICE Benchmark Administration LIBO Rate for deposits in dollars (as set forth by any commercially
available source providing quotations of LIBO Rate selected by the Administrative Agent) for a period equal to such Interest Period;
or (b) if the rate in clause (a) is unavailable for the Interest Period, the Interpolated Screen Rate; or (c) if
the rate in clauses (a) and (b) are unavailable, the “LIBO Rate” shall be the interest rate per annum determined
by the Administrative Agent to be the average of the rates per annum at which deposits in Dollars are offered for such relevant
Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00
a.m. (London time) on the date that is two Business Days prior to the beginning of such Interest Period.

 

“Limited
Condition Transaction” shall mean (a) any acquisition of any assets, business or Person, other investment or
similar transaction (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital
Stock or otherwise) permitted hereunder by one or more of the Borrower and its Restricted Subsidiaries whose consummation is not
conditioned on the availability of, or on obtaining, third party financing, (b) any redemption, repurchase, defeasance, satisfaction
and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance,
satisfaction and discharge or repayment and (c) any Restricted Payment requiring irrevocable notice in advance thereof.

 

“Loan Documents”
shall mean, in each case on and after the execution thereof, this Agreement, the Facility Guaranty, any Intercreditor Agreement,
any Additional Intercreditor Agreement, the Security Documents, each Incremental Loan Assumption Agreement, each Refinancing Amendment,
each Extension Amendment, the promissory notes, if any, executed and delivered pursuant to Section 2.04(e) and together
with all schedules, exhibits, annexes and other attachments thereto.

 

“Loan Escrow
Account” shall mean the escrow account into which the Loan Escrowed Proceeds will be deposited pursuant to the Loan
Escrow Agreement.

 

“Loan Escrow
Agent” shall mean Goldman Sachs Bank USA as escrow agent under the Loan Escrow Agreement.

 

    	 	32	 

     

    

 

“Loan Escrow
Agreement” shall mean the loan escrow agreement to be dated as of the Funding Date among, inter alios, the
Borrower, the Collateral Agent and the Loan Escrow Agent, substantially in the form of Exhibit F-3 hereto.

 

“Loan Escrow
Guarantee Agreement” shall mean the guarantee agreement to be dated as of the Funding Date among the Loan Escrow
Guarantor and the other parties thereto, substantially in the form of Exhibit F-4 hereto.

 

“Loan Escrow
Guarantor” shall mean Altice USA, Inc.

 

“Loan Escrowed
Proceeds” shall mean the proceeds from the Initial Term Loans which will be deposited into the Loan Escrow Account
on the Funding Date pursuant to the Loan Escrow Agreement. The term “Loan Escrowed Proceeds” shall include any interest
earned on the amounts held in escrow.

 

“Loan Escrow
Termination Date” shall have the meaning assigned to such term in Section 2.13(i).

 

“Loan Parties”
shall mean, collectively, the Borrower and the Guarantors.

 

“Loans”
shall mean any Initial Loans, Other Loans, Incremental Loans, Extended Term Loans, Refinancing Loans or Swing Line Loans,
as the context may require.

 

“Longstop
Date” shall mean March 31, 2021.

 

“Major
Representations” shall mean those representations and warranties made by the Borrower in Sections 3.01(a)(i) (with
respect to the organizational existence of the Loan Parties only), 3.01(a)(ii)(B), 3.02(i), 3.02(ii)(a), 3.04, 3.14, 3.20(a), 3.24(a) and
the second sentence of Section 3.25 (in the case of Section 3.24(a) and 3.25 solely with respect to the use of the
proceeds of the Initial Loans).

 

“Master
Agreement” shall have the meaning assigned to such term in the definition of “Swap Contract.”

 

“Material
Adverse Effect” shall mean (a) a material adverse change in, or a material adverse effect upon, the operations,
business, properties or condition (financial or otherwise) of the Loan Parties and their Subsidiaries taken as a whole; (b) a
material impairment of the ability of the Loan Parties to perform their obligations under the Loan Documents; or (c) a material
impairment of the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents or a material adverse
effect upon the legality, validity, binding effect or enforceability against the Loan Parties of the Loan Documents. In determining
whether any individual event would result in a Material Adverse Effect, notwithstanding that such event in and of itself does not
have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other
then existing events described in the applicable provision since the applicable date would result in a Material Adverse Effect.

 

“Material
Contract” shall mean with respect to any Loan Party, each contract or agreement to which such Loan Party is a party
that is deemed to be a material contract or material definitive

 

    	 	33	 

     

    

 

agreement under any
Securities Laws, including the types of contracts specified in item 601(b)(10)(ii) of Regulation S-K, and in the event that
at any time hereafter the Borrower ceases to be required to comply with the Securities Laws, then the same definitions shall continue
to apply for purposes of this Agreement and the other Loan Documents.

 

“Material
Indebtedness” shall mean any Indebtedness (other than the Obligations) of the Restricted Subsidiaries in an aggregate
principal amount exceeding $35 million. For purposes of determining the amount of Material Indebtedness at any time, (a) the
amount of the obligations in respect of any Swap Contract at such time shall be calculated at the Swap Termination Value thereof,
(b) undrawn committed or available amounts shall be included and (c) all amounts owing to all creditors under any combined
or syndicated credit arrangement shall be included.

 

“Material
Subsidiary” shall mean each Restricted Subsidiary other than an Immaterial Subsidiary.

 

“Maturity
Date” shall mean (a) the Initial Term Loan Maturity Date, (b) the Initial Revolving Credit Commitment Maturity
Date, (c) with respect to any Class of Extended Term Loans or Extended Revolving Credit Commitments, the final maturity
date as specified in the applicable Extension Request accepted by the respective Lender or Lenders, (d) with respect to any
Refinancing Term Loans or Refinancing Revolving Credit Commitments, the final maturity date as specified in the applicable Refinancing
Amendment and (e) with respect to any Incremental Loans or Incremental Revolving Credit Commitments, the final maturity date
as specified in the applicable Incremental Loan Assumption Agreement; provided that, in each case, if such day is not a
Business Day, the immediately preceding Business Day shall be the Maturity Date.

 

“Maximum
Rate” shall have the meaning assigned to such term in Section 9.09.

 

“Merger
Sub” shall have the meaning assigned to such term in the introductory statement to this Agreement.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc., or any successor thereto.

 

“Multiemployer
Plan” shall mean any “multiemployer plan” as defined in Section 3(37) of ERISA.

 

“network
assets” means transport and distribution facilities and associated rights, equipment, electronics, devices, protocols,
code, software and licenses identified in the OSI model that are used and useful for the delivery of telecommunications, data, Internet
and other services by the Borrower and Subsidiaries to other providers and to customers, including without limitation fiber optic
cable, sheath, attachments, splice points, supports, pole licenses, easements, access and entry agreements, hubs, routers, switches,
optics, optolectronics, amplifiers, repeaters, power systems, leasehold facilities, colocation arrangements, colocation equipment,
distribution frames, cross connects, patches, monitoring and provisioning systems, network design and inventory systems, interconnection
agreements, peering agreements, and rights-of-way, and the systems, software, physical space, and services used to operate those
facilities.

 

“Non-Consenting
Lender” means, in the event that (a) the Borrower or the Administrative Agent has requested that the Lenders
consent to a departure or waiver of any provisions of the

 

    	 	34	 

     

    

 

Loan Documents or
agree to any amendment thereto, (b) the consent, waiver or amendment in question requires the agreement of each Lender, all
affected Lenders or all the Lenders with respect to a certain Class or Classes of the Loans and/or Commitments and (c) the
Required Lenders or Required Class Lenders, as applicable, have agreed to such consent, waiver or amendment, any Lender who
does not agree to such consent, waiver or amendment.

 

“Non-Defaulting
Lender” shall mean, at any time, a Lender that is not a Defaulting Lender.

 

“Non-Expiring
Credit Commitment” shall have the meaning assigned to such term in Section 2.27(g).

 

“Non-Extended
Class” shall have the meaning assigned to such term in Section 2.23(a).

 

“Non-Extended
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.23(a).

 

“Non-Extended
Term Loans” shall have the meaning assigned to such term in Section 2.23(a).

 

“Non-extension
Notice Date” shall have the meaning assigned to such term in Section 2.26(b)(iii).

 

“NPL”
shall mean the National Priorities List under CERCLA.

 

“Obligations”
shall mean all obligations, liabilities and indebtedness of every kind, nature and description owing by any Loan Party (or with
respect to any Swap Contracts or Treasury Services Agreement, any Restricted Subsidiary) to any Secured Party, including principal,
interest, charges, fees, premiums, indemnities and expenses, however evidenced, whether as principal, surety, endorser, guarantor
or otherwise, arising under any of the Loan Documents, the Swap Contracts or the Treasury Services Agreements (as applicable) whether
now existing or hereafter arising, whether arising before, during or after the initial or any renewal term of the Loan Documents,
the Swap Contracts or the Treasury Services Agreements (as applicable) or after the commencement of any case with respect to any
Loan Party under the Bankruptcy Code or any other Bankruptcy Law or any other insolvency proceeding (and including any principal,
interest, Letter of Credit fees, fees, costs, expenses and other amounts which would accrue and become due but for the commencement
of such case, whether or not such amounts are allowed or allowable in whole or in part in such case or similar proceeding), whether
direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated,
secured or unsecured.

 

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

 

“Offered
Amount” shall have the meaning assigned to such term in Section 2.12(c)(iv)(A).

 

“Offered
Discount” shall have the meaning assigned to such term in Section 2.12(c)(iv)(A).

 

    	 	35	 

     

    

 

“Offering
Memorandum” means the offering memorandum in relation to the Senior Secured Notes and the Senior Notes issued
on September 29, 2020.

 

“OID”
shall mean original issue discount.

 

“Organization
Documents” shall mean, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-US jurisdiction); (b) with respect
to any limited liability company, the certificate or articles of formation or organization and operating agreement; (c) with
respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection
with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity; and (d) in each case, all shareholder
or other equity holder agreements, voting trusts and similar arrangements to which such Person is a party.

 

“Original
Class” shall have the meaning assigned to such term in Section 2.23(a).

 

“Original
Financial Statements” shall mean (a) the Audited Financial Statements and (b) the unaudited interim consolidated
balance sheets and unaudited interim condensed consolidated statements of income, changes in cash flow and changes in shareholders’
equity of the Borrower and its consolidated subsidiaries, as of the end of, and for any interim period ending more than 45 days
prior to the Funding Date, and as of the end of, and for the comparable period of the prior fiscal year.

 

“Original
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.23(a).

 

“Original
Term Loans” shall have the meaning assigned to such term in Section 2.23(a).

 

“Other
Connection Taxes” shall mean, with respect to any Lender or the Administrative Agent, Taxes imposed as a result of
a present or former connection between such Lender or Administrative Agent, as applicable, and the jurisdiction imposing such Tax
(other than connections arising solely from such Lender or Administrative Agent, as applicable, 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).

 

“Other
Loans” shall have the meaning assigned to such term in Section 2.22(a).

 

“Other
Revolving Credit Loan Commitments” shall have the meaning assigned to such term in Section 2.22(b).

 

“Other
Revolving Credit Loans” shall have the meaning assigned to such term in Section 2.22(b).

 

    	 	36	 

     

    

 

“Other
Taxes” shall mean any and all present or future stamp or documentary, intangible, recording, filing Taxes or any
other excise or property Taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution,
delivery or enforcement of, or otherwise with respect to, any Loan Document except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment, grant of a participation, designation of a new office for receiving payments by or on account
of the Borrower or other transfer (other than an assignment or designation of a new office made pursuant to Section 2.21).

 

“Other
Term Loans” shall have the meaning assigned to such term in Section 2.22(b).

 

“Outstanding
Amount” shall mean (a) with respect to the Term Loans, Revolving Credit Loans and Swing Line Loans on any date,
the outstanding amount thereof after giving effect to any borrowings and prepayments or repayments of Term Loans, Revolving Credit
Loans (including any refinancing of outstanding Unreimbursed Amounts under Letters of Credit or L/C Credit Extensions as a Revolving
Credit Borrowing) and Swing Line Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations
on any date, the outstanding amount thereof on such date after giving effect to any related L/C Credit Extension occurring on such
date and any other changes thereto as of such date, including as a result of any reimbursements of outstanding Unreimbursed Amounts
under related Letters of Credit (including any refinancing of outstanding Unreimbursed Amounts under related Letters of Credit
or related L/C Credit Extensions as a Revolving Credit Borrowing) or any reductions in the maximum amount available for drawing
under related Letters of Credit taking effect on such date.

 

“Parent
Guarantor” shall mean Lightpath Holdings LLC, a Delaware limited liability company.

 

“Pari Passu
Indebtedness” shall mean (a) with respect to the Borrower, any Indebtedness that ranks pari passu in right of
payment and security to the Loans; and (b) with respect to the Guarantors, any Indebtedness that ranks pari passu in right
of payment and security to such Guarantor’s Loan Guarantee.

 

“Pari Ratable
Share” shall mean, as of any date of determination, (a) with respect to the Term Loans, a fraction, the numerator
of which is the aggregate outstanding principal amount of the Term Loans and the denominator of which is the total aggregate principal
amount of all then outstanding Pari Passu Indebtedness and Term Loans and (b) with respect to any other class of Pari Passu
Indebtedness, a fraction, the numerator of which is the aggregate principal amount of such class of Pari Passu Indebtedness and
the denominator of which is the total aggregate principal amount of all then outstanding Pari Passu Indebtedness and Term Loans.

 

“Participant
Register” shall have the meaning assigned to such term in Section 9.04(f).

 

“Participating
Revolving Credit Commitments” shall mean (a) the Initial Revolving Credit Commitments (including (unless otherwise
selected by the Borrower) any Extended Revolving Credit Commitments in respect thereof) and (b) those additional Revolving
Credit Commitments (including (unless otherwise selected by the Borrower) any Extended Revolving Credit Commitments in respect
thereof) established pursuant to an Incremental Loan Assumption Agreement, Refinancing Amendment or Extension Amendment for which
an election has been

 

    	 	37	 

     

    

 

made to include such Commitments for purposes of the issuance of Letters of Credit or the making of Swing
Line Loans; provided that, with respect to clause (b), the effectiveness of such election may be made conditional upon the
maturity of one or more other Participating Revolving Credit Commitments. At any time at which there is more than one Class of
Participating Revolving Credit Commitments outstanding, the mechanics and arrangements with respect to the allocation of Letters
of Credit and Swing Line Loans among such Classes will be subject to procedures agreed to by the Borrower and the Administrative
Agent.

 

“Participating
Revolving Credit Lender” shall mean any Lender holding a Participating Revolving Credit Commitment.

 

“Participating
Term Lender” shall have the meaning assigned to such term in Section 2.12(c)(iii)(B).

 

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

 

“PCAOB”
shall mean the Public Company Accounting Oversight Board.

 

“Permitted
Expenditures” shall have the meaning assigned to such term in clause (b)(xii) in the definition of “Excess
Cash Flow”.

 

“Person”
shall mean any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
limited partnership, Governmental Authority or other entity.

 

“Plan”
shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or
Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or,
if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

 

“Planned
Expenditures” shall have the meaning assigned to such term in clause (b)(xii) in the definition of “Excess
Cash Flow”.

 

“Platform”
shall have the meaning assigned to such term in Section 9.01(f).

 

“Pledge
and Security Agreement” shall mean the Pledge and Security Agreement made by the Loan Parties party thereto in favor
of the Administrative Agent and the other Secured Parties, substantially in the form of Exhibit F-2 hereto, or in another
form reasonably satisfactory to the Administrative Agent and the Borrower.

 

“Prime
Rate” shall mean the rate of interest per annum determined from time to time by the Administrative Agent as its prime
rate in effect at its principal office in New York City and notified to the Borrower.

 

“Pro Rata
Share” shall mean, at any time, (a) with respect to all payments, computations and other matters relating to
the Term Loans or Term Commitments of any Class held by any Lender, a fraction (expressed as a percentage, carried out to
the ninth decimal place), the numerator 

 

    	 	38	 

     

    

 

of which is the amount
of the Term Loans, and if applicable, Term Commitments of such Class held by such Lender at such time and the denominator
of which is the aggregate amount of all Term Loans, and if applicable, all Term Commitments of such Class at such time, (b) with
respect to all payments, computations and other matters (including participation in Letters of Credit) relating to the Revolving
Credit Loans or Revolving Credit Commitments of any Class held by any Lender, a fraction (expressed as a percentage, carried
out to the ninth decimal place), the numerator of which is the amount of the Revolving Credit Commitments of such Class held
by such Lender at such time and the denominator of which is the aggregate amount of all Revolving Credit Commitments of such Class at
such time (provided that if such Revolving Credit Commitments have been terminated, then the Pro Rata Share of such Lender shall
be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any
subsequent assignments made pursuant to the terms hereof) and (c) for all other purposes, a fraction (expressed as a percentage,
carried out to the ninth decimal place), the numerator of which is the aggregate amount of the Term Loans, and if applicable,
Term Commitments, of each Class, and of the Revolving Credit Commitments of each Class, in each case held by such Lender at such
time and the denominator of which is the aggregate amount of all Term Loans, and if applicable, all Term Commitments, of each
Class, and of all Revolving Credit Commitments of each Class at such time (provided that if the Commitments of any Class have
been terminated, then the Pro Rata Share of such Lender shall be determined based on the Pro Rata Share of such Lender immediately
prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof). During any
period in which there is a Defaulting Lender, for purposes of the defined term “L/C Advance” and Section 2.01(b),
Section 2.26(a)(i) and clause (iii) of the proviso to Section 2.27, each Participating Revolving Credit Lender’s
Pro Rata Share shall be adjusted to give effect to any reallocation effected in accordance with Section 2.25(c).

 

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

 

“Public
Lender” shall have the meaning assigned to such term in Section 9.01(f).

 

“Purchase
Agreement” shall mean the unit purchase agreement dated July 28, 2020 entered into among CSC Holdings LLC (an
indirect parent of the Parent Guarantor), the Parent Guarantor and the Purchaser in relation to the Disposition.

 

“Purchaser”
shall mean NHIP III Lantern Holding LLC.

 

“QFC”
shall have the meaning assigned to such term in Section 9.23(b).

 

“Qualifying
Term Lender” shall have the meaning assigned to such term in Section 2.12(c)(iv)(C).

 

“Quotation
Day” shall mean, in relation to any period for which interest is to be determined, two Business Days before the first
day of that period.

 

“Real Estate”
shall mean all right, title, and interest (including any leasehold, fee, mineral or other estate) in and to any and all parcels
of or interests in real property owned, leased or operated by the Borrower, any Group Member or any of their Subsidiaries, whether
by lease, 

 

    	 	39	 

     

    

 

license or other means, and the buildings, structures, parking areas and other improvements thereon, now or hereafter
owned by the Borrower, any Group Member or any of their Subsidiaries, including all fixtures, easements, hereditaments, appurtenances,
rights-of-way and similar rights relating thereto and all leases, tenancies and occupancies thereof now or hereafter owned by the
Borrower, any Group Member or any of their Subsidiaries.

 

“Refinanced
Debt” shall have the meaning assigned to such term in Section 2.24(a).

 

“Refinancing
Amendment” shall have the meaning assigned to such term in Section 2.24(f).

 

“Refinancing
Commitments” shall have the meaning assigned to such term in Section 2.24(a).

 

“Refinancing
Facility Closing Date” shall have the meaning assigned to such term in Section 2.24(d).

 

“Refinancing
Lenders” shall have the meaning assigned to such term in Section 2.24(c).

 

“Refinancing
Loan” shall mean any Refinancing Term Loans and/or any Refinancing Revolving Loans, as the context may require.

 

“Refinancing
Loan Request” shall have the meaning assigned to such term in Section 2.24(a).

 

“Refinancing
Revolving Credit Commitments” shall have the meaning assigned to such term in Section 2.24(a).

 

“Refinancing
Revolving Credit Lender” shall have the meaning assigned to such term in Section 2.24(c).

 

“Refinancing
Revolving Loan” shall have the meaning assigned to such term in Section 2.24(b).

 

“Refinancing
Term Commitments” shall have the meaning assigned to such term in Section 2.24(a).

 

“Refinancing
Term Lender” shall have the meaning assigned to such term in Section 2.24(c).

 

“Refinancing
Term Loan” shall have the meaning assigned to such term in Section 2.24(b).

 

“Register”
shall have the meaning assigned to such term in Section 9.04(d).

 

“Registered
Public Accounting Firm” shall have the meaning specified by the Securities Laws and shall be independent of the Borrower,
any Group Member and their Subsidiaries as prescribed by the Securities Laws.

 

    	 	40	 

     

    

 

“Regulation
D” shall mean Regulation D of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Rejection
Notice” shall have the meaning assigned to such term in Section 2.13(h).

 

“Related
Fund” shall mean, with respect to any Lender that is a fund or commingled investment vehicle that invests in bank
loans, any other fund that invests in bank loans and is managed or advised by the same investment advisor as such Lender or by
an Affiliate of such investment advisor.

 

“Related
Parties” shall mean, with respect to any Person, such Person’s Affiliates and the partners, members, controlling
persons, directors, officers, employees, agents, advisors, representatives and successors and assigns of such Person and of such
Person’s Affiliates.

 

“Release”
shall have the meaning assigned to such term in Section 101(22) of CERCLA.

 

“Repayment
Date” shall have the meaning given such term in Section 2.11(a).

 

“Repricing
Transaction” shall mean (a) the prepayment, refinancing, substitution or replacement of all or a portion of
the Initial Term Loans with the incurrence by the Borrower or any Subsidiary of any senior secured first lien term loan financing
that is (i) broadly syndicated to banks and other institutional investors and (ii) the primary purpose of which (as determined
in good faith by the Borrower) is to reduce the All-In Yield of such debt financing relative to the Initial Term Loans so repaid,
refinanced, substituted or replaced and (b) any amendment to this Agreement the primary purpose of which (as determined in
good faith by the Borrower) is to reduce the All-In Yield applicable to the Loans; provided that any refinancing or repricing
of Initial Term Loans in connection with (i) any Public Offering, (ii) any acquisition the aggregate consideration with
respect to which equals or exceeds $50,000,000 or (iii) a transaction that would result in a Change of Control shall not constitute
a Repricing Transaction.

 

“Request
for Credit Extension” shall mean (a) with respect to a Borrowing, continuation or conversion of Term Loans,
Revolving Credit Loans or Swing Line Loans, a Borrowing Request, and (b) with respect to an L/C Credit Extension, a Letter
of Credit Application.

 

“Required
Class Lenders” shall mean, as of any date of determination, with respect to one or more Classes, Lenders having
more than 50% of the sum of the (a) Total Outstandings under such Class or Classes (with the aggregate amount of each
Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans, if applicable, under such
Class or Classes being deemed “held” by such Lender for purposes of this definition) and (b) aggregate unused

 

    	 	41	 

     

    

 

Commitments
under such Class or Classes; provided that the unused Commitment of, and the portion of the Total Outstandings held
under such Class or Classes, or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Class Lenders.

 

“Required
Lenders” shall mean, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total
Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and
Swing Line Loans being deemed “held” by such Lender for purposes of this definition), (b) aggregate unused Term
Commitments and (c) aggregate unused Revolving Credit Commitments; provided that the unused Term Commitment and unused
Revolving Credit Commitment of, and the portion of the Total Outstandings held, or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders.

 

“Required
Revolving Credit Lenders” shall mean, as of any date of determination, Revolving Credit Lenders under the Revolving
Credit Commitments (including, for purposes of this definition of “Required Revolving Credit Lenders” (a) any
Extended Revolving Credit Commitments in respect thereof, and (b) Incremental Revolving Credit Commitments and (c) Refinancing
Revolving Credit Commitments in respect thereof) having more than 50% of the sum of the (i) Outstanding Amount of all Revolving
Credit Loans, Swing Line Loans and all L/C Obligations (with the aggregate amount of each Lender’s risk participation and
funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition) under the Initial Revolving Credit Commitments and (ii) aggregate unused Revolving Credit Commitments; provided
that unused Revolving Credit Commitments of, and the portion of the Outstanding Amount of all Revolving Credit Loans, Swing Line
Loans and all L/C Obligations held, or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination
of Required Revolving Credit Lenders.

 

“Requirements
of Law” means, with respect to any Person, collectively, the common law and all federal, state, local, foreign, national,
multinational or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances,
orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation
or administration thereof by, and other determinations, directives, requirements or requests of any Governmental Authority, in
each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its property
or to which such Person or any of its property is subject.

 

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

 

“Responsible
Officer” shall mean the chief executive officer, chief financial officer, vice president of tax, controller, treasurer,
assistant treasurer, secretary, assistant secretary of a Loan Party or, with the consent of the Administrative Agent (not to be
unreasonably withheld), any of the other individuals designated in writing to the Administrative Agent by an existing Responsible
Officer of a Loan Party as an authorized signatory of any certificate or other document to be delivered hereunder.

 

    	 	42	 

     

    

 

“Revolving
Credit Borrowing” shall mean a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and,
in the case of Eurodollar Loans, having the same Interest Period, made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

 

“Revolving
Credit Commitment” shall mean, as to each Revolving Credit Lender, its obligation to (a) make Revolving Credit
Loans to the Borrower, (b) purchase participations in L/C Obligations in respect of Letters of Credit and (c) purchase
participations in Swing Line Loans, as such commitment may be (i) reduced from time to time pursuant to Section 2.09
and (ii) reduced or increased from time to time pursuant to (A) assignments by or to such Revolving Credit Lender pursuant
to an Assignment and Acceptance, (B) an Incremental Loan Assumption Agreement, (C) a Refinancing Amendment or (D) an
Extension Amendment. The amount of each Revolving Credit Lender’s Commitment as of the Funding Date is its Initial Revolving
Credit Commitment, as may be amended pursuant to any Incremental Loan Assumption Agreement, Extension Amendment or Refinancing
Amendment pursuant to which such Lender shall have assumed, increased or decreased its Revolving Credit Commitment, as the case
may be.

 

“Revolving
Credit Exposure” shall mean, as to each Revolving Credit Lender, the sum of the Outstanding Amount of such Revolving
Credit Lender’s Revolving Credit Loans, its L/C Exposure and its Swing Line Exposure at such time; provided that in
the case of each of Section 2.26(a)(i) and Section 2.27(a) when a Defaulting Lender shall exist, the Revolving
Credit Exposure of any Revolving Credit Lender shall be adjusted to give effect to any reallocation effected in accordance with
Section 2.25(c).

 

“Revolving
Credit Facilities” shall mean the revolving loan facilities provided for by this Agreement.

 

“Revolving
Credit Lender” shall mean, at any time, any Lender that has a Revolving Credit Commitment at such time or, if Revolving
Credit Commitments have terminated, Revolving Credit Exposure.

 

“Revolving
Credit Loans” shall mean any loan made pursuant to the Initial Revolving Credit Commitments, any Incremental Revolving
Loan, any Refinancing Revolving Loan or any loan under any Extended Revolving Credit Commitments, as the context may require.

 

“S&P”
shall mean Standard & Poor’s Financial Services LLC.

 

“Sanctioned
Country” shall mean a country or territory which is subject to: (a) general trade, economic or financial sanctions
embargoes imposed, administered or enforced by: (i) the U.S. government and administered by OFAC, (ii) the United Nations
Security Council, (iii) the European Union or (iv) Her Majesty’s Treasury of the United Kingdom or (b) general
economic or financial sanctions embargoes imposed by the U.S. government and administered by the U.S. State Department, the U.S.
Department of Commerce or the U.S. Department of Treasury.

 

“Sanctions”
shall mean (a) economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by:
(i) the U.S. government and administered by OFAC, (ii) the United Nations Security Council, (iii) the European Union
or (iv) Her Majesty’s Treasury of the United Kingdom or (b) economic or financial sanctions imposed, administered
or

 

    	 	43	 

     

    

 

 enforced from time to time by the U.S. State Department, the U.S. Department of Commerce or the U.S. Department of the Treasury.

 

“Sanctions
List” shall mean the lists of specifically designated nationals or designated persons or entities (or equivalent)
held by: (a) the U.S. government and administered by OFAC, the US State Department, the U.S. Department of Commerce or the
U.S. Department of the Treasury, (b) the United Nations Security Council, (c) the European Union or (d) Her Majesty’s
Treasury of the United Kingdom, each as amended, supplemented or substituted from time to time.

 

“Screen
Rate” shall mean in relation to the LIBO Rate, the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) for the relevant period displayed on page LIBOR01
or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate); or, on the appropriate pages of
such other information service which publishes the LIBO Rate, from time to time in place of Reuters. If such page or service
ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower.

 

“Section 2.23
Additional Agreement” shall have the meaning assigned to such term in Section 2.23(d).

 

“Secured
Parties” shall mean the collective reference to (a) the Administrative Agent, (b) the Collateral Agent,
(c) the Lenders, (d) the beneficiaries of each indemnification or reimbursement obligation undertaken by any Loan Party
under any Loan Document, (e) the Hedge Counterparties, (f) the Treasury Services Providers and (g) the successors
and assigns of each of the foregoing.

 

“Securities
Laws” shall mean the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley, and the applicable
accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the PCAOB.

 

“Security
Documents” shall mean the Pledge and Security Agreement and any other document entered into by any person granting
a Lien over all or any part of its assets in respect of the Obligations, in each case as amended, restated, supplemented or otherwise
modified from time to time.

 

“Senior
Notes” shall mean the Borrower’s 5.625% senior notes
due 2028, governed by an indenture dated as of September 29, 2020, entered into among, inter alios, the Borrower as
Issuer and Deutsche Bank Trust Company Americas as trustee.

 

“Senior
Secured Notes” shall mean the Borrower’s 3.875% senior secured notes due 2027, governed by an indenture dated
as of September 29, 2020, entered into among, inter alios, the Borrower as Issuer and Deutsche Bank Trust Company
Americas as trustee.

 

“Solicited
Discount Proration” shall have the meaning assigned to such term in Section 2.12(c)(iv)(C).

 

    	 	44	 

     

    

 

“Solicited
Discounted Prepayment Amount” shall have the meaning assigned to such term in Section 2.12(c)(iv)(A).

 

“Solicited
Discounted Prepayment Offers” shall have the meaning assigned to such term in the definition of Borrower Solicitation
of Discounted Prepayment Offers.

 

“Solicited
Discounted Prepayment Notice” shall have the meaning assigned to such term in Section 2.12(c)(iv)(A).

 

“Solicited
Discounted Prepayment Response Date” shall have the meaning assigned to such term in Section 2.12(c)(iv)(A).

 

“Solvent”
shall mean, in respect of any Loan Party, that as of the date of determination: (a) the sum of such Loan Party’s debt
(including contingent liabilities) does not exceed the present fair saleable value of such Loan Party’s present assets; or
(b) such Loan Party’s capital is not unreasonably small in relation to its business as contemplated on such date of
determination or with respect to any transaction contemplated or undertaken after such date of determination; or (c) such
Person has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond
its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount
of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether
such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

 

“Special
Distribution” shall mean the distribution proposed to be made by the Borrower to the Parent Guarantor, and by the
Parent Guarantor to its shareholders, using the proceeds of the Initial Loans, the offering of the Senior Secured Notes and the
offering of the Senior Notes (or any senior bridge financing in lieu thereof), in connection with the Disposition.

 

“Special
Mandatory Repayment Amount” shall mean an amount equal to the Issue Price for the Initial Term Loan plus accrued
but unpaid interest to, but excluding, the Loan Escrow Termination Date.

 

“Specified
Purchase Agreement Representations” shall mean the representations made by CSC Holdings LLC with respect to CSC Holdings
LLC and its subsidiaries in the Purchase Agreement as are material to the interests of the Lenders, but only to the extent that
the Purchaser (or any of its Affiliates) has the right (taking into account any applicable cure provisions set forth in the Purchase
Agreement) to terminate its (or such Affiliates’) respective obligations under the Purchase Agreement or decline to consummate
the Disposition (in each case, in accordance with the terms of the Purchase Agreement) as a result of a breach of such representations
in the Purchase Agreement.

 

“Specified
Discount” shall have the meaning assigned to such term in Section 2.12(c)(ii)(A).

 

“Specified
Discount Prepayment Amount” shall have the meaning assigned to such term in Section 2.12(c)(ii)(A).

 

    	 	45	 

     

    

 

 

“Specified
Discount Prepayment Response” shall have the meaning assigned to such term in Section 2.12(c)(ii)(A).

 

“Specified
Discount Prepayment Response Date” shall have the meaning assigned to such term in Section 2.12(c)(ii)(A).

 

“Specified
Discount Proration” shall have the meaning assigned to such term in Section 2.12(c)(ii)(C).

 

“Specified
Event of Default” shall mean the occurrence of (a) any Event of Default described in Sections 7.01(a), 7.01(f) or
7.01(g) or (b) the Lender’s exercise of any of its remedies pursuant to the paragraph immediately following Section 7.01(j),
following any other Event of Default.

 

“SPV”
shall have the meaning assigned to such term in Section 9.04(i).

 

“SPV Register”
shall have the meaning assigned to such term in Section 9.04(i).

 

“Submitted
Amount” shall have the meaning assigned to such term in Section 2.12(c)(iii)(A).

 

“Submitted
Discount” shall have the meaning assigned to such term in Section 2.12(c)(iii)(A).

 

“Swap Contract”
shall mean (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.

 

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

 

    	 	46	 

     

    

 

“Swing
Line Borrowing” shall mean a borrowing of a Swing Line Loan pursuant to Section 2.27.

 

“Swing
Line Exposure” shall mean, at any time, the sum of the aggregate amount of all outstanding Swing Line Loans at such
time. The Swing Line Exposure of any Revolving Credit Lender at any time shall be the sum of (a) its Pro Rata Share of the
total Swing Line Exposure at such time related to Swing Line Loans other than any Swing Line Loans made by such Lender in its capacity
as a Swing Line Lender and (b) if such Lender shall be a Swing Line Lender, the principal amount of all Swing Line Loans made
by such Lender outstanding at such time (to the extent that the other Revolving Credit Lenders shall not have funded their participations
in such Swing Line Loans); provided that in the case of Section 2.01(b), Section 2.26(a)(i) and clause (iii) of
the proviso to Section 2.27(a) when a Defaulting Lender shall exist, the Swing Line Exposure of any Revolving Credit
Lender shall be adjusted to give effect to any reallocation effected in accordance with Section 2.25(c).

 

“Swing
Line Lender” shall mean GS Bank, Royal Bank of Canada, Deutsche Bank AG New York Branch and Morgan Stanley Senior
Funding, Inc., each in its capacity as a provider of Swing Line Loans or any successor swing line lender hereunder.

 

“Swing
Line Loan” shall have the meaning assigned to such term in Section 2.27(a).

 

“Swing
Line Loan Notice” shall have the meaning assigned to such term in Section 2.27(b).

 

“Swing
Line Obligations” shall mean, as at any date of determination, the aggregate Outstanding Amount of all Swing Line
Loans.

 

“Swing
Line Sublimit” shall mean an amount equal to the lesser of (a) $35,000,000 (as may be adjusted pursuant to Section 2.27)
and (b) the aggregate amount of the Participating Revolving Credit Commitments. The Swing Line Sublimit is part of, and not
in addition to, the Participating Revolving Credit Commitments.

 

“Tax Deduction”
shall mean a deduction or withholding for or on account of Indemnified Taxes from a payment under a Loan Document.

 

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

 

“Term Borrowing”
shall mean a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Loans, having the
same Interest Period, made by each of the Term Lenders pursuant to Section 2.01(a).

 

“Term Commitment”
shall mean, as to each Term Lender, its obligation to make Term Loans to the Borrower as such commitment may be (a) reduced
from time to time pursuant to Section 2.09 and (b) reduced or increased from time to time pursuant to (i) assignments
by or to such Term Lender pursuant to an Assignment and Acceptance, (ii) an Incremental Loan 

 

    	 	47	 

     

    

 

Assumption Agreement, (iii) a
Refinancing Amendment or (iv) an Extension Amendment. The amount of each Term Lender’s Commitment is set forth in Schedule
2.01 or in the Assignment and Acceptance, Incremental Loan Assumption Agreement, Extension Amendment or Refinancing Amendment
pursuant to which such Lender shall have assumed, increased or decreased its Term Commitment, as the case may be.

 

“Term Facilities”
shall mean the term loan facilities provided for by this Agreement, including, without limitation, the Initial Term Loan Facility.

 

“Term Lender”
shall mean, at any time, any Lender that has a Term Commitment or a Term Loan at such time.

 

“Term Loans”
shall mean any Initial Term Loans, Other Term Loans, Incremental Term Loans, Extended Term Loans, or Refinancing Term Loans,
as the context may require.

 

“Test Period”
shall mean for any date of determination under this Agreement, the four consecutive fiscal quarters of the Borrower most recently
ended as of such date of determination for which the financial statements set forth in Section 4.10(a)(1) and (2) of
Annex I shall have been delivered (or were required to be delivered) to the Administrative Agent.

 

“Total
Outstandings” shall mean the aggregate Outstanding Amount of all Loans and all L/C Obligations.

 

“Treasury
Services Agreement” shall mean any agreement between the Borrower or any Restricted Subsidiary and any Treasury Services
Provider relating to treasury, depository, credit card, debit card and cash management services (including controlled disbursement,
overdraft, automatic clearing house fund transfer services, return items and interstate depository network services), or foreign
exchange, netting and currency management services or, in each case, any similar services.

 

“Treasury
Services Provider” shall mean (a) each Person that is a counterparty to any Treasury Services Agreement as of
the Closing Date and/or (b) each Person that is an Agent or Lender or any Affiliate of an Agent or Lender counterparty to
a Treasury Services Agreement (including any Person who was an Agent or Lender (or any Affiliate thereof) as of the Closing Date
or the date it enters into such Treasury Services Agreement but subsequently ceases to be an Agent or Lender (or Affiliate thereof))
and/or (c) any other Person from time to time designated in writing by the Borrower and approved in writing by the Administrative
Agent; provided that, if such Person is not an Agent or a Lender, such Person executes and delivers to the Administrative
Agent and the Borrower a letter agreement in form and substance reasonably acceptable to the Administrative Agent and the Borrower
pursuant to which such Person (i) appoints the Administrative Agent as its agent under the applicable Loan Documents and (ii) agrees
to be bound by the provisions applicable to Treasury Services Providers in the applicable Loan Documents.

 

“Type”,
when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall mean the Adjusted LIBO Rate, and
the Alternate Base Rate.

 

“UCC”
shall have the meaning set forth in the Pledge and Security Agreement.

 

    	 	48	 

     

    

 

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

 

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

 

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

 

“U.S. Tax
Compliance Certificate” has the meaning specified in Section 2.20(e)(ii)(B)(3).

 

“Unreimbursed
Amount” shall have the meaning assigned to such term in Section 2.26(c)(i).

 

“USA PATRIOT
Act” shall mean The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“Weighted
Average Life to Maturity” shall mean, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as
the case may be, at any date, the number of years obtained by dividing (a) the sum of the products obtained by multiplying
(i) the amount of each then remaining scheduled installment, sinking fund, serial maturity or other required scheduled payments
of principal, including payment at final scheduled maturity, in respect thereof, by (ii) the number of years (calculated to
the nearest one-twelfth) that will elapse between such date and the making of such payment, by (b) the then outstanding principal
amount of such Indebtedness, Disqualified Stock or Preferred Stock; provided that for purposes of determining the Weighted
Average Life to Maturity of any Indebtedness, Disqualified Stock or Preferred Stock (the “Applicable Indebtedness”),
the effects of any prepayments or amortization made on such Applicable Indebtedness prior to the date of determination shall be
disregarded.

 

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

 

Section 1.02     Terms
Generally. The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms
defined. Whenever the context may

 

    	 	49	 

     

    

 

require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will”
shall be construed to have the same meaning and effect as the word “shall”; and the words “asset” and
 “property” shall be construed as having the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights. Any reference to any law, code, statute, treaty,
rule, guideline, regulation or ordinance of a Governmental Authority shall, unless otherwise specified, refer to such law, code,
statute, treaty, rule, guideline, regulation or ordinance as amended, supplemented or otherwise modified from time to time. Any
reference to any IRS form shall be construed to include any successor form. All references herein to Articles, Sections, Annexes,
Exhibits and Schedules shall be deemed references to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement
unless the context shall otherwise require. Except as otherwise expressly provided herein, (a) any reference in this Agreement
to any Loan Document or other agreement, document or instrument shall mean such agreement, document or instrument as amended,
restated, supplemented, replaced, refinanced or otherwise modified from time to time, to the extent not prohibited by this Agreement
and (b) all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement
shall be prepared in conformity with, GAAP; provided, however, that if the Borrower notifies the Administrative
Agent that the Borrower wishes to amend any calculation or any related definition to eliminate the effect of any changes in GAAP
(it being understood that for purposes of this proviso, any change in GAAP includes the application of IFRS in lieu of GAAP pursuant
to the definition of “GAAP” in Annex II) occurring after the date of this Agreement on the operation of such covenant
(or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend any calculation or any related definition),
then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before
the relevant change in GAAP became effective, until either such notice is withdrawn or such covenant or definition is amended
in a manner satisfactory to the Borrower and the Required Lenders. Neither this Agreement, nor any other Loan Document nor any
other agreement, document or instrument referred to herein or executed and delivered in connection herewith shall be construed
against any Person as the principal draftsperson hereof or thereof. For purposes of determining any financial ratio or making
any financial calculation for any fiscal quarter (or portion thereof) ending prior to the Closing Date, the components of such
financial ratio or financial calculation shall be determined on a pro forma basis to give effect to the Transactions as if they
had occurred at the beginning of such four-quarter period; and each Person that is a Restricted Subsidiary upon giving effect
to the Transactions shall be deemed to be a Restricted Subsidiary for purposes of the components of such financial ratio or financial
calculation as of the beginning of such four-quarter period. For purposes of the definition of “Excess Cash Flow”,
the principal component of payments in respect of Capitalized Lease Obligations will be, at the time any determination is to be
made, the amount of such obligation that would have been required to be capitalized on a balance sheet (excluding any notes thereto)
prepared in accordance with GAAP.

 

Section 1.03     Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., an
 “Other Term Loan”) or by Class and Type (e.g., a “Eurodollar Other Term Loan” or “ABR Loan”).
Borrowings also may be classified and referred to by Class (e.g., an “Other Borrowing”) or by Class and Type
(e.g., an “Other Eurodollar Borrowing” “ABR Borrowing”).

 

    	 	50	 

     

    

 

Section 1.04     Cashless
Roll. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover
all or a 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 the Borrower, the Administrative Agent
or the Additional Arranger, as the case may be, and such Lender.

 

Section 1.05     Limited
Condition Transaction. (a) In connection with any action being taken in connection with a Limited Condition Transaction,
for purposes of determining compliance with any provision of this Agreement which requires that no Default, Event of Default or
Specified Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable, such
condition shall, at the option of the Borrower, be deemed satisfied, so long as no Default, Event of Default or Specified Event
of Default, as applicable, exists on the date the definitive agreements or irrevocable notice, as applicable, for such Limited
Condition Transaction are entered into or has been delivered, as applicable. For the avoidance of doubt, if the Borrower has exercised
its option under the first sentence of this clause (a), and any Default, Event of Default or Specified Event of Default occurs
following the date the definitive agreements or irrevocable notice, as applicable, for the applicable Limited Condition Transaction
were entered into or has been delivered, as applicable, and prior to the consummation of such Limited Condition Transaction, any
such Default, Event of Default or Specified Event of Default shall be deemed to not have occurred or be continuing for purposes
of determining whether any action being taken in connection with such Limited Condition Transaction is permitted hereunder.

 

(b)            In
connection with any action being taken in connection with a Limited Condition Transaction, for purposes of (x) determining
compliance with any provision of this Agreement which requires the calculation of the Consolidated Net Senior Secured Leverage
Ratio or Consolidated Net Leverage Ratio; or (y) testing baskets set forth in this Agreement (including baskets measured as
a percentage of L2QA Pro Forma EBITDA); in each case, at the option of the Borrower (the Borrower’s election to exercise
such option in connection with any Limited Condition Transaction, an “LCT Election”), the date of determination
of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements or irrevocable notice,
as applicable, for such Limited Condition Transaction are entered into or has been delivered, as applicable (the “LCT
Test Date”). If, after giving pro forma effect to the Limited Condition Transaction and the other transactions to
be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they had
occurred at the beginning of the most recent four consecutive fiscal quarters ending prior to the LCT Test Date for which consolidated
financial statements of the Borrower are available, the Borrower could have taken such action on the relevant LCT Test Date in
compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt,
if the Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the
LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in L2QA Pro Forma
EBITDA at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have
been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction,
then in connection with any subsequent calculation of any ratio or basket availability with respect to the Incurrence of Indebtedness
or Liens or the making of Asset Dispositions, mergers, the conveyance, lease or other transfer of all or substantially all of 

 

    	 	51	 

     

    

 

the
assets of the Borrower or the designation of an Unrestricted Subsidiary or the making of Investments or Restricted Payments on
or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated
or the definitive agreement or irrevocable notice, as applicable, for such Limited Condition Transaction is terminated or expires
without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a pro forma basis assuming
such Limited Condition Transaction and other transactions in connection therewith (including any Incurrence of Indebtedness and
the use of proceeds thereof) have been consummated.

 

Section 1.06     Letters
of Credit. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the amount
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 amount 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.

 

Section 1.07     LIBO
Rate Discontinuation. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents,
if the LIBO Rate is not available at any time for any reason (including that adequate and reasonable means do not exist for ascertaining
the LIBO Rate for any requested Interest Period, including because the applicable screen rate is not available or published on
a current basis and such circumstances are unlikely to be temporary), as reasonably determined by the Borrower and the Administrative
Agent, then the “LIBO Rate” for such Interest Period shall be (a) a successor or alternative index rate as the
Administrative Agent (but not, for the avoidance of doubt, any other Lender) and the Borrower may reasonably determine or (b) absent
such mutual selection by the Borrower and the Administrative Agent, a comparable successor or alternative interbank rate for deposits
in dollars that is, at such time, broadly accepted as the prevailing market practice for syndicated leveraged loans of this type
in lieu of the “LIBO Rate” as reasonably determined by the Administrative Agent, in each case pursuant to an amendment
to this Agreement and each other applicable Loan Document, in each case among the Borrower and the Administrative Agent (but not,
for the avoidance of doubt, any Lender) that will become effective at 5:00 p.m., New York City time, on the fifth Business Day
after the Administrative Agent shall have posted such proposed amendment to the Lenders in respect of the Loans or Commitments
of all similarly and directly affected Classes unless, prior to such time, the Required Lenders in respect of all such affected
Classes (acting together as one Class) have delivered to the Administrative Agent written notice that such Lenders do not accept
such amendment (which such notice shall note with specificity the particular provisions of the amendment to which such Lenders
object); provided that (i) any such successor or alternative rate shall be applied by the Administrative Agent in a
manner consistent with market practice and (ii) to the extent such market practice is not administratively feasible for the
Administrative Agent, such successor or alternative rate shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent in consultation with the Borrower; provided, further, that, if no such successor LIBO Rate is able
to be reasonably determined in accordance with the foregoing proviso (or pending the resolution of any such determination) and
the circumstances described in such proviso continue to exist, then the Administrative Agent will promptly so notify the Borrower
and the applicable Lenders, after (or during, as applicable) which 

 

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time the provisions of Section 2.08 shall control with
respect to such applicable Classes of Loans and Commitments.

 

Section 1.08     Cured
Defaults. With respect to any Default or Event of Default, the words “exists,” “is continuing”
or similar expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured
or waived. If any Default or Event of Default occurs due to (a) the failure by any Loan Party to take any action by a specified
time, such Default or Event of Default shall be deemed to have been cured at the time, if any, that the applicable Loan Party takes
such action or (b) the taking of any action by any Loan Party that is not then permitted by the terms of this Agreement or
any other Loan Document, such Default or Event of Default shall be deemed to be cured on the earlier to occur of (i) the date
on which such action would be permitted at such time to be taken under this Agreement and the other Loan Documents and (ii) the
date on which such action is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such
time by this Agreement and the other Loan Documents. If any Default or Event of Default occurs that is subsequently cured (a “Cured
Default”), any other Default or Event of Default resulting from the making or deemed making of any representation
or warranty by any Loan Party or the taking of any action by any Loan Party or any Subsidiary of any Loan Party, in each case which
subsequent Default or Event of Default would not have arisen had the Cured Default not occurred, shall be deemed to be cured automatically
upon, and simultaneously with, the cure of the Cured Default.

 

Notwithstanding anything to the contrary
in this Section 1.08, a Default or Event of Default (the “Initial Default”) may not be cured pursuant
to this Section 1.08:

 

(a) in the case
of an Initial Default described in clause (b) of the second sentence of this Section 1.08, if a Responsible Officer of
the applicable Loan Party had Knowledge at the time of taking any such action that such Initial Default had occurred and was continuing;

 

(b) in the case
of an Event of Default under Section 7.01(e) that directly results in material impairment of the rights and remedies
of the Lenders, Collateral Agent and Administrative Agent under the Loan Documents;

 

(c) in the case
of an Event of Default arising due to the failure to perform or observe Section 5.05(a) or Section 5.07 that results
in a material adverse effect on the ability of the Borrower and the other Loan Parties (taken as a whole) to perform their respective
payment obligations under any Loan Document to which the Borrower or any of the other Loan Parties is a party; or

 

(d) if the Administrative
Agent shall have commenced any enforcement action set forth in Article VII prior to the date such Initial Default would have
been deemed to be cured under this Section 1.08.

 

For purposes of this Section 1.08,
 “Knowledge” shall mean, with respect to a Responsible Officer of the Borrower or other Loan Party, (i) the
actual knowledge of such individual or (ii) the knowledge that such individual would have obtained if such individual had
acted in good faith to discharge his or her duties with the same level of diligence and care as would reasonably be expected from
an officer in a substantially similar position.

 

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Article II

 

The
Credits

 

Section 2.01     Commitments.
(a) Subject to the terms and conditions set forth herein and relying upon the representations and warranties set forth herein,
each Lender having an Initial Term Loan Commitment agrees, severally and not jointly, to make Loans to the Borrower denominated
in Dollars in a single draw on the Funding Date, in an aggregate principal amount not to exceed its Initial Term Loan Commitment
(the Loans made pursuant to this Section 2.01(a) being the “Initial Term Loans”). Amounts paid
or prepaid in respect of the Initial Term Loans may not be reborrowed.

 

(b)            Subject
to the terms and conditions set forth herein, and relying upon the representations and warranties set forth herein, each Lender
having an Initial Revolving Credit Commitment agrees, severally and not jointly, to make Revolving Credit Loans denominated in
Dollars to the Borrower from time to time, on any Business Day during the period from and including the Funding Date until the
Initial Revolving Credit Commitment Maturity Date, in an aggregate outstanding amount not to exceed at any time the amount of the
Initial Revolving Credit Commitment; provided that on or prior to the Closing Date the aggregate Outstanding Amount of Revolving
Credit Loans that are borrowed to fund the Special Distribution and pay any fees and expenses in connection with the Transactions
shall not exceed the Closing Date Revolving Available Amount; provided, further, that after giving effect to any Revolving
Credit Borrowing (and the application of proceeds thereof), the aggregate Outstanding Amount of the Revolving Credit Loans of any
Lender, plus such Lender’s L/C Exposure, plus such Lender’s Swing Line Exposure, shall not exceed such Lender’s
Revolving Credit Commitment (the Revolving Credit Loans made pursuant to this Section 2.01(b), being the “Initial
Revolving Credit Loans”). Within the limits of each Revolving Credit Lender’s Revolving Credit Commitment,
and subject to the other terms and conditions hereof, the Borrower may borrow, prepay and reborrow Revolving Credit Loans. Revolving
Credit Loans may be ABR Loans or Eurodollar Loans as further provided herein.

 

(c)            Subject
to the terms and conditions set forth in any Incremental Loan Assumption Agreement, Refinancing Amendment or Extension Amendment,
as applicable, each Lender having an Incremental Loan Commitment, Refinancing Commitment or extending its Original Term Loans or
Original Revolving Credit Commitments, as the case may be, severally and not jointly, hereby agrees, subject to the terms and conditions
and relying upon the representations and warranties set forth in the applicable Incremental Loan Assumption Agreement, Refinancing
Amendment or Extension Amendment, to make Incremental Loans, Refinancing Loans or Extended Term Loans or Extended Revolving Credit
Commitments, as applicable, to the Borrower, in an aggregate principal amount not to exceed, as applicable, its Incremental Loan
Commitment, Refinancing Commitment, Original Revolving Credit Commitments or aggregate principal amount of Original Term Loans,
as applicable.

 

Section 2.02     Loans.
Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance with their applicable
Commitments; provided, however, that the failure of any Lender to make any Loan shall not in itself relieve any other
Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be 

 

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responsible for the failure of
any other Lender to make any Loan required to be made by such other Lender). The Loans comprising any Borrowing shall be in an
aggregate principal amount that is (a) an integral multiple of $1,000,000 and not less than $5,000,000 (except to the extent
otherwise provided in an Incremental Loan Assumption Agreement, Refinancing Amendment or Extension Amendment) or (b) equal
to the remaining available balance of the applicable Commitments.

 

(a)            Each
Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan
in accordance with the terms of this Agreement. The Borrower shall not be entitled to request any Borrowing that, if made, would
result in more than 10 Eurodollar Borrowings outstanding hereunder at any time. For purposes of the foregoing, Borrowings having
different Interest Periods, regardless of whether they commence on the same date, shall be considered separate Borrowings.

 

(b)            Each
Lender shall make each Loan to be made by it hereunder on the Funding Date or the proposed date of Borrowing thereof, as applicable,
by wire transfer of immediately available funds in Dollars, as the case may be, to such account in New York City as the Administrative
Agent may designate in advance, not later than 2:00 p.m., New York City time (or 12:00 p.m., New York City time in the case of
the Funding Date), and the Administrative Agent shall promptly wire transfer the amounts so received in accordance with instructions
received from the Borrower in the applicable Borrowing Request or, if a Borrowing shall not occur on such date because any condition
precedent herein specified shall not have been met, return the amounts so received to the respective Lenders.

 

(c)            Unless
the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not
make available to the Administrative Agent such Lender’s portion of such Borrowing, the Administrative Agent may assume that
such Lender has made such portion available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(b) and
the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount.
If the Administrative Agent shall have so made funds available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the Administrative Agent forthwith
on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to
the Borrower to but excluding the date such amount is repaid to the Administrative Agent at (i) in the case of the Borrower,
a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing and (ii) in
the case of such Lender, a rate determined by the Administrative Agent to represent its cost of overnight or short-term funds (which
determination shall be conclusive absent manifest error). If such Lender shall repay to the Administrative Agent such corresponding
amount, such amount shall constitute such Lender’s Loan as part of such Borrowing for purposes of this Agreement.

 

Section 2.03     Borrowing
Procedure. In order to request a Term Loan Borrowing or a Revolving Credit Borrowing, the Borrower shall notify the Administrative
Agent of such request by telephone not later than 12:00 p.m., New York time, (a) one Business Day before a proposed Borrowing
of Eurodollar Loans on the Funding Date and (b) three Business Days before a proposed Borrowing of Eurodollar Loans on any
other date (or, in each case, such shorter period

 

    	 	55	 

     

    

 

as may be agreed by the Administrative Agent) and no
later than 12:00 p.m., New York time, on the Business Day before the date of a proposed Borrowing in the case of a Borrowing of
ABR Loans. Each such telephonic Borrowing Request shall be irrevocable, and shall be confirmed promptly by hand delivery, e-mail
or fax to the Administrative Agent of a written Borrowing Request and shall specify the following information: (i) whether
the Borrowing then being requested is to be a Borrowing of Term Loans, Revolving Credit Loans, Incremental Term Loans or
Incremental Revolving Loans; (ii) the date of such Borrowing (which shall be a Business Day); (iii) the number and location
of the account to which funds are to be disbursed; (iv) the amount of such Borrowing (stated in the Available Currency);
and (v) whether the Loans being made pursuant to such Borrowings are to be initially maintained as ABR Loans or Eurodollar
Loans and, if Eurodollar Loans, the Interest Period with respect thereto; provided, however, that the initial Interest
Period of any Eurodollar Borrowing made on the Funding Date shall end on a date reasonably satisfactory to the Administrative
Agent specified by the Borrower in such Borrowing Request; provided, however, that, notwithstanding any contrary specification
in any Borrowing Request, each requested Borrowing shall comply with the requirements set forth in Section 2.02. If no Interest
Period with respect to any Eurodollar Borrowing is specified in any such notice, then the Borrower shall be deemed to have selected
an Interest Period of one month’s duration. The Administrative Agent shall promptly advise the applicable Lenders of any
notice given pursuant to this Section 2.03 (and the contents thereof), and of each Lender’s portion of the requested
Borrowing.

 

Section 2.04     Evidence
of Debt; Repayment of Loans. The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account
of each Lender the principal amount of each Loan of such Lender as provided in Section 2.11.

 

(a)            Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower
to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this Agreement.

 

(b)            The
Administrative Agent shall maintain the Register in which it will record (i) the amount of each Loan made hereunder, the Class and
Type thereof and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due
and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received
by the Administrative Agent hereunder from the Borrower or any Guarantor and each Lender’s share thereof.

 

(c)            In
addition to the accounts and records referred to in Section 2.04(a) and (b), each Lender and the Administrative Agent
shall maintain in accordance with its usual practice accounts or records and, in the case of the Administrative Agent, entries
in the Register, evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans.
In the event of any conflict between the Register and corresponding accounts and records maintained by the Administrative Agent
and the accounts and records of any Lender in respect of such matters, the Register shall control in the absence of manifest error.

 

(d)            The
entries made in the Register maintained pursuant to Section 2.04(b) and (c) shall be prima facie evidence
of the existence and amounts of the obligations therein recorded;

 

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provided,
however, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not
in any manner affect the obligations of the Borrower to repay the Loans in accordance with their terms.

 

(e)            Any
Lender may request that Loans made by it hereunder be evidenced by a promissory note. In such event, the Borrower shall execute
and deliver to such Lender a promissory note payable to such Lender or its registered assigns and in the form attached hereto as
Exhibit G. Notwithstanding any other provision of this Agreement, in the event any Lender shall request and receive such a
promissory note, the interests represented by such note shall at all times thereafter (including after any assignment of all or
part of such interests pursuant to Section 9.04) be represented by one or more promissory notes payable to the payee named
therein or its registered assigns.

 

Section 2.05     Fees.
(a) The Borrower agrees to pay to the Administrative Agent, for its own account, the administrative fees as are separately
agreed by the Administrative Agent in accordance with the Agent Fee Letter.

 

(b)            The
Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender under each Class of Revolving
Credit Commitments in accordance with its Pro Rata Share, a commitment fee equal to the Applicable Revolving Commitment Fee Percentage
times the actual daily amount by which the aggregate Revolving Credit Commitment for the applicable Class of Revolving Credit
Commitments exceeds the sum of (i) the Outstanding Amount of Revolving Credit Loans for such Class of Revolving Credit
Commitments and (ii) the Outstanding Amount of L/C Obligations for such Class of Revolving Credit Commitments; provided
that any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time
such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall
be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower
prior to such time; and provided, further, that no commitment fee shall accrue on any of the Commitments of a Defaulting
Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Class of Revolving Credit Commitments
shall accrue at all times from the Closing Date until the Maturity Date for such Class of Revolving Credit Commitments, including
at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable in arrears on
the 15th day of each of April, July, October and January, commencing with the first such date during the first
full fiscal quarter to occur after the Closing Date, and on the Maturity Date for such Class of Revolving Credit Commitments;
provided that if such day is not a Business Day, such commitment fee shall be payable on the next succeeding Business Day.
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Revolving Commitment
Fee Percentage during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Revolving Commitment
Fee Percentage separately for each period during such quarter that such Applicable Revolving Commitment Fee Percentage was in effect.

 

(c)            The
Borrower shall pay to the Administrative Agent for the account of each Initial Term Loan Lender (other than any Committed Lender),
a ticking fee (the “Ticking Fee”), accruing on the unutilized Initial Term Loan Commitments of the applicable
Lenders for each day, from (and including) September 15, 2020 (the “Commitment Allocation Date”)
to (but excluding) the

 

    	 	57	 

     

    

 

Ticking
Fee Payment Date equal to the applicable percentage set forth below of the Applicable Margin for Eurodollar Loans that would otherwise
be payable in respect of the Initial Term Loans:

 

	Period	Applicable Percentage
	From the Commitment Allocation Date through the date that is 45 days following the Commitment Allocation Date	0% per annum of Applicable Margin for Eurodollar Loans
	From the date that is 46 days following the Commitment Allocation Date until (and including) the earlier of (x) the date that is 90 days following the Commitment Allocation Date, (y) the Commitment Termination Date (solely with respect to such amount terminated or expired) and (z) the Funding Date (solely with respect to such amount funded)	50% per annum of Applicable Margin for Eurodollar Loans
	From the date that is 91 days following the Commitment Allocation Date until (and including) the earlier of (x) the Commitment Termination Date (solely with respect to such amount terminated or expired) and (y) the Funding Date (solely with respect to such amount funded)	100% per annum of Applicable Margin for Eurodollar Loans

 

The Administrative
Agent shall promptly notify the Borrower of the occurrence of the Commitment Allocation Date. The Ticking Fee will be determined
on the basis of a 360-day year and actual elapsed days and will be payable on the date (such date, the “Ticking Fee
Payment Date”) that is the earlier of (a) the date of termination or expiration of the Initial Term Loan Commitments
(solely with respect to such amount terminated or expired) and (b) the Funding Date (solely with respect to such amount funded).
Notwithstanding anything to the contrary in this Agreement, any Ticking Fee accrued with respect to any of the Commitments of a
Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not
be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Ticking Fee shall
otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no Ticking Fee shall
accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

 

(d)            The
Borrower shall pay to the Administrative Agent for the account of each Initial Term Loan Lender, a closing fee (the “Closing
Fee”) equal to 0.50% of the principal amount of the Initial Term Loans made by such Initial Term Loan Lender, which
shall be due and payable, with respect to the Initial Term Loans, on the Funding Date. The Initial Term Loan Lenders shall be permitted
to fund the Initial Term Loans net of the Closing Fee on the Funding Date.

 

(e)            All
fees under this Section 2.05 shall be paid on the dates due, in immediately available funds in Dollars, to the Administrative
Agent for distribution, if and as appropriate, among the Lenders. Once paid, no such fees shall be refundable under any circumstances.

 

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Section 2.06     Interest
on Loans. (a) Subject to the provisions of Section 2.07, the Loans comprising each ABR Borrowing shall bear interest
(computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when the Alternate
Base Rate is determined by reference to the Prime Rate and over a year of 360 days at all other times and calculated from and including
the date of such Borrowing to but excluding the date of repayment thereof) at a rate per annum equal to the Alternate Base
Rate plus the Applicable Margin.

 

(b)            Subject
to the provisions of Section 2.07, the Loans comprising each Eurodollar Borrowing shall bear interest (computed on the basis
of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the
Interest Period in effect for such Borrowing plus the Applicable Margin.

 

(c)            Interest
on each Loan shall be payable on the Interest Payment Dates applicable to such Loan except as otherwise provided in this Agreement.
The applicable Alternate Base Rate or Adjusted LIBO Rate for each Interest Period or day within an Interest Period, as the case
may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. Interest
shall be paid in the same currency as the Loan to which such interest relates.

 

Section 2.07     Default
Interest. If any Event of Default under Section 7.01(a) or 7.01(g) hereof has occurred and is continuing
then, until such defaulted amount shall have been paid in full, to the extent permitted by law, such defaulted amounts shall bear
interest (after as well as before judgment), payable on demand, (a) in the case of principal, at the rate otherwise applicable
to such Loan pursuant to Section 2.06 plus 2.00% per annum, (b) in the case of interest payable
on any Loan, at the rate otherwise applicable to an ABR Loan of the applicable Class plus 2.00% per annum
and (c) in all other cases, at a rate per annum (computed on the basis of the actual number of days elapsed over a year of
365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times)
equal to the rate that would be applicable to an ABR Loan that is an Initial Revolving Credit Loan plus 2.00% per
annum.

 

Section 2.08     Alternate
Rate of Interest. In the event, and on each occasion, that on the day two Business Days prior to the commencement of any
Interest Period for a Eurodollar Borrowing the Administrative Agent shall have determined (a) that Dollar deposits in the
principal amounts of the Loans comprising such Borrowing are not generally available in the London interbank market, (b) that
the rates at which such Dollar deposits are being offered will not adequately and fairly reflect the cost to the Required Lenders
of making or maintaining Eurodollar Loans during such Interest Period or (c) that reasonable means do not exist for ascertaining
the Adjusted LIBO Rate, the Administrative Agent shall, as soon as practicable thereafter, give written or fax notice of such determination
to the Borrower and the Lenders. In the event of any such determination, until the Administrative Agent shall have advised the
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, any request by the Borrower for a Eurodollar
Borrowing pursuant to Sections 2.03 or 2.10 shall be deemed to be a request for an ABR Borrowing. Each determination by the Administrative
Agent under this Section 2.08 shall be conclusive absent manifest error.

 

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Section 2.09     Termination
or Reduction of Commitments. (a) The Initial Term Loan Commitments and the Initial Revolving Credit Commitments shall
automatically terminate upon the Commitment Termination Date and any Incremental Loan Commitments, Refinancing Commitments, Extended
Revolving Credit Commitments or Commitments with respect to Extended Term Loans shall terminate as provided in the related Incremental
Loan Assumption Agreement, Refinancing Amendment or Extension Amendment, as applicable. The Revolving Credit Commitment of each
Revolving Credit Lender shall automatically terminate on the Maturity Date for the applicable Class of Revolving Credit Commitments;
provided that (x) the foregoing shall not release any Revolving Credit Lender from any liability it may have for its
failure to fund Revolving Credit Loans, L/C Advances or participations in Swing Line Loans that were required to be funded by it
on or prior to such Maturity Date and (y) the foregoing will not release any Revolving Credit Lender from any obligation to
fund its portion of L/C Advances or participations in Swing Line Loans with respect to Letters of Credit issued or Swing Line Loans
made prior to such Maturity Date.

 

(b)            Upon
at least three Business Days’ prior written or fax notice to the Administrative Agent, the Borrower may at any time in whole
permanently terminate, or from time to time in part permanently reduce, the unused Commitments of any Class; provided, however,
that (i) each partial reduction of Commitments shall be in an integral multiple of $1,000,000 and in a minimum amount of $5,000,000
(or in such lower minimum amounts or multiples as agreed to by the Administrative Agent in its reasonable discretion) and (ii) if,
after giving effect to any reduction of Revolving Credit Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit
exceeds the amount of the Participating Revolving Credit Commitments, such sublimit shall be automatically reduced by the amount
of such excess. Except as provided in the immediately preceding sentence, the amount of any such Revolving Credit Commitment reduction
shall not be applied to the Letter of Credit Sublimit or the Swing Line Sublimit unless otherwise specified by the Borrower. Any
such notice of termination or reduction pursuant to this Section 2.09(b) may state that it is conditioned upon the occurrence
or non-occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice
may be revoked by the Borrower or the Borrower may delay the date of prepayment identified therein to a later date reasonably acceptable
to the Administrative Agent (in each case by written notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied or the satisfaction of such condition is delayed.

 

(c)            Upon
any reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced on a pro rata
basis (determined on the basis of the aggregate Commitments under such Class) (other than the termination of the Commitment of
any Lender as provided in Section 2.21). Any commitment fees accrued until the effective date of any termination of the Revolving
Credit Commitments shall be paid on the effective date of such termination.

 

Section 2.10     Conversion
and Continuation of Borrowings. (a) The Borrower shall have the right at any time upon prior irrevocable notice (including
by telephone or e-mail, which in the case of telephonic notice, shall be promptly followed by written notice) to the Administrative
Agent (x) not later than 2:00 p.m., New York City time, one Business Day prior to conversion, to convert any Eurodollar Borrowing
into an ABR Borrowing, (y) not later than 2:00 p.m., New York City time, three Business Days prior to conversion or continuation
(or such shorter

 

    	 	60	 

     

    

 

  period as may be agreed by the Administrative Agent), to convert any ABR Borrowing into a Eurodollar Borrowing or
to continue any Eurodollar Borrowing as a Eurodollar Borrowing for an additional Interest Period and (z) not later than 2:00
p.m., New York City time, three Business Days prior to conversion (or such shorter period as may be agreed by the Administrative
Agent), to convert the Interest Period with respect to any Eurodollar Borrowing to another permissible Interest Period, subject
in each case to the following:

 

(i)            each
conversion or continuation shall be made pro rata among the Lenders in accordance with the respective principal amounts
of the Loans comprising the converted or continued Borrowing;

 

(ii)            if
less than all the outstanding principal amount of any Borrowing shall be converted or continued, then each resulting Borrowing
shall satisfy the limitations specified in Section 2.02 regarding the principal amount and maximum number of Borrowings of
the relevant Type;

 

(iii)            each
conversion shall be effected by each Lender and the Administrative Agent by recording for the account of such Lender the new Loan
of such Lender resulting from such conversion and reducing the Loan (or portion thereof) of such Lender being converted by an equivalent
principal amount; accrued interest on any Eurodollar Loan (or portion thereof) being converted shall be paid by the Borrower at
the time of conversion;

 

(iv)            if
any Eurodollar Borrowing is converted at a time other than the end of the Interest Period applicable thereto, the Borrower shall
pay, upon demand, any amounts due to the Lenders pursuant to Section 2.16;

 

(v)            any
portion of a Eurodollar or ABR Borrowing maturing or required to be repaid in less than one month may not be converted into or
continued as a Eurodollar Borrowing;

 

(vi)            any
portion of a Eurodollar Borrowing that cannot be converted into or continued as a Eurodollar Borrowing by reason of the immediately
preceding clause shall be automatically converted at the end of the Interest Period in effect into an ABR Borrowing;

 

(vii)            no
Interest Period may be selected for any Eurodollar Borrowing that would end later than a Repayment Date occurring on or after the
first day of such Interest Period if, after giving effect to such selection, the aggregate outstanding amount of (A) the Eurodollar
Borrowings comprised of Loans or Other Loans, as applicable, with Interest Periods ending on or prior to such Repayment Date and
(B) the ABR Borrowings comprised of Loans or Other Loans, as applicable, would not be at least equal to the principal amount
of Borrowings to be paid on such Repayment Date;

 

(viii)            upon
notice to the Borrower from the Administrative Agent given at the request of the Required Lenders, after the occurrence and during
the continuance of a Default or Event of Default, no outstanding Loan may be converted into, or continued as, a Eurodollar Loan;
and

 

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(ix)            all
Eurodollar Loans comprising a Borrowing shall at all times have the same Interest Period.

 

(b)            Each
notice pursuant to this Section 2.10 shall be irrevocable and shall refer to this Agreement and specify (i) the identity
and amount of the Borrowing that the Borrower requests be converted or continued, (ii) whether such Borrowing is to be converted
to or continued as a Eurodollar Borrowing or an ABR Borrowing, (iii) if such notice requests a conversion, the date of such
conversion (which shall be a Business Day) and (iv) if such Borrowing is to be converted to or continued as a Eurodollar Borrowing,
the Interest Period with respect thereto. If no Interest Period is specified in any such notice with respect to any conversion
to or continuation as a Eurodollar Borrowing, the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. The Administrative Agent shall advise the Lenders of any notice given pursuant to this Section 2.10 and of each
Lender’s portion of any converted or continued Borrowing. If the Borrower shall not have given notice in accordance with
this Section 2.10 to continue any Borrowing into a subsequent Interest Period (and shall not otherwise have given notice in
accordance with this Section 2.10 to convert such Borrowing), such Borrowing shall, at the end of the Interest Period applicable
thereto (unless repaid pursuant to the terms hereof), if a Eurodollar Borrowing, automatically be converted to an ABR Borrowing
effective as of the expiration date of such current Interest Period.

 

Section 2.11     Repayment
of Borrowings. (a) (i) The Borrower shall pay to the Administrative Agent, for the account of the Lenders holding
Initial Term Loans (A) on April 15th, July 15th, October 15th and January 15th
of each year (each such date being called a “Repayment Date”), commencing with the first such date occurring
during the first full fiscal quarter following the Closing Date, and on each such date thereafter through the Initial Term Loan
Maturity Date; provided that if such day is not a Business Day, the Repayment Date shall be the next succeeding Business
Day, amortization installments equal to 0.25% of the aggregate principal amount of such Initial Term Loans outstanding on the Funding
Date; as adjusted from time to time pursuant to Sections 2.12(b), 2.13(e) and 2.22(d), and which payments shall be further
reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.12 and
(B) on the Initial Term Loan Maturity Date, the aggregate unpaid principal amount of all Initial Term Loans on such date,
together with accrued and unpaid interest on the principal amount to be paid to but excluding such date. For the avoidance of doubt
the aggregate principal amount of the Loans extended on the draw date thereof shall be the face amount of such Loans without giving
effect to any upfront fees or OID.

 

(ii)            The
repayment dates and amounts for any Incremental Loans, Loans of an Extended Class or Refinancing Loans shall be set forth
in the applicable Incremental Loan Assumption Agreement, Extension Amendment or Refinancing Amendment, subject to any limitations
set forth, as applicable, in Sections 2.22, 2.23 or 2.24.

 

(iii)            The
Borrower shall repay to the Administrative Agent for the ratable account of the Appropriate Lenders on the Maturity Date for any
Class of Revolving Credit Commitments the aggregate outstanding principal amount of all Revolving Credit Loans made in respect
of such Revolving Credit Commitments.

 

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(iv)            The
Borrower shall repay the aggregate principal amount of each Swing Line Loan on the earlier to occur of (A) the date five Business
Days after such Loan is made, (B) the Latest Maturity Date for the Participating Revolving Credit Commitments and (C) the
date a Revolving Credit Loan is made to the Borrower pursuant to Section 2.01(b); provided that such repayment may
be made from the proceeds of a Revolving Credit Borrowing.

 

(b)            To
the extent not previously paid, all Initial Loans, Incremental Loans and Loans of an Extended Class shall be due and
payable on their respective Maturity Date, the Incremental Loan Maturity Date and the maturity date of the Loans of such Extended
Class, respectively, together with accrued and unpaid interest on the principal amount to be paid to but excluding the date of
payment.

 

(c)            All
repayments pursuant to this Section 2.11 shall be subject to Section 2.16, but shall otherwise be without premium or
penalty.

 

Section 2.12     Voluntary
Prepayments. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole
or in part, upon at least three Business Days’ prior written or fax notice (or telephone notice promptly confirmed by written
or fax notice) in the case of Eurodollar Loans, or written or fax notice (or telephone notice promptly confirmed by written or
fax notice) at least one Business Day prior to the date of prepayment in the case of ABR Loans, to the Administrative Agent before
12:00 noon, New York City time; provided, however, that each partial prepayment shall be in an amount that is an
integral multiple of $1,000,000 and not less than $5,000,000 (or in such lower minimum amounts or multiples as agreed to by the
Administrative Agent in its reasonable discretion). All voluntary prepayments, including all optional prepayments under this Section 2.12
shall be subject to Section 2.16, but otherwise without premium (except as set forth in Section 2.12(d)) or penalty.
Any such notice of prepayment pursuant to this Section 2.12(a) may state that it is conditioned upon the occurrence or
non-occurrence of any event specified therein (including the effectiveness of other credit facilities), in which case such notice
may be revoked by the Borrower or the Borrower may delay the date of prepayment identified therein to a later date reasonably acceptable
to the Administrative Agent (in each case by written notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied or the satisfaction of such condition is delayed.

 

(b)            Voluntary
prepayments of any Class of outstanding Loans shall be applied to such Classes of Loans as the Borrower may direct, or in
the absence of direction, ratable among the Classes, and thereafter to the remaining amortization payments under such Class, as
the Borrower may direct, and in the absence of such direction, in direct order of maturity thereof.

 

(c)            Notwithstanding
anything in any Loan Document to the contrary, so long as no Specified Event of Default has occurred and is continuing or would
result from such prepayment, the Borrower may prepay the outstanding Term Loans (which shall, for the avoidance of doubt, be automatically
and permanently cancelled immediately upon such prepayment) on the following basis:

 

(i)            The
Borrower shall have the right to make a voluntary prepayment of Term Loans at a discount to par pursuant to a Borrower Offer of
Specified Discount 

 

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Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted
Prepayment Offers (any such prepayment, the “Discounted Term Loan Prepayment”), in each case made in
accordance with this Section 2.12(c).

 

(ii)            (A) The
Borrower may from time to time offer to make a Discounted Term Loan Prepayment by providing the Auction Manager with three Business
Days’ notice in the form of a Specified Discount Prepayment Notice; provided that (1) any such offer shall be
made available, at the sole discretion of the Borrower, to (x) each Term Lender and/or (y) each Term Lender with respect
to any Class of Term Loans on an individual Class basis (but in any event such prepayment need not be pro rata
among all Classes), (2) any such offer shall specify the aggregate principal amount offered to be prepaid (the “Specified
Discount Prepayment Amount”) with respect to each applicable Class, the Class or Classes of Term Loans subject
to such offer and the specific percentage discount to par (the “Specified Discount”) of such Term Loans
to be prepaid (it being understood that different Specified Discounts and/or Specified Discount Prepayment Amounts may be offered
with respect to different Classes of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant
to the terms of this Section 2.12(c)(ii)), (3) the Specified Discount Prepayment Amount shall be in an aggregate amount
not less than $10,000,000 and whole increments of $1,000,000 in excess thereof (or in such lower minimum amounts or multiples as
agreed to by the Administrative Agent in its reasonable discretion) and (4) each such offer shall remain outstanding through
the Specified Discount Prepayment Response Date. The Auction Manager will promptly provide each Appropriate Lender with a copy
of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response (such form a “Specified
Discount Prepayment Response”) to be completed and returned by each such Term Lender to the Auction Manager (or its
delegate) by no later than 5:00 p.m., New York City time, on the third Business Day after the date of delivery of such notice to
such Term Lenders (which date may be extended for a period not exceeding three Business Days upon notice by the Borrower to, and
with the consent of, the Auction Manager) (the “Specified Discount Prepayment Response Date”).

 

(B)            Each
Term Lender receiving such offer shall notify the Auction Manager (or its delegate) by the Specified Discount Prepayment Response
Date whether or not it agrees to accept a prepayment of any of its applicable then outstanding Term Loans at the Specified Discount
and, if so (such accepting Term Lender, a “Discount Prepayment Accepting Term Lender”), the amount and
the Classes of such Term Lender’s Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term
Loan Prepayment by a Discount Prepayment Accepting Term Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment
Response is not received by the Auction Manager by the Specified Discount Prepayment Response Date shall be deemed to have declined
to accept the applicable Borrower Offer of Specified Discount Prepayment.

 

(C)            If
there is at least one Discount Prepayment Accepting Term Lender, the Borrower will make a prepayment of outstanding Term Loans
pursuant to this

 

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paragraph (ii) to each Discount Prepayment Accepting Term Lender on the Discounted Prepayment
Effective Date in accordance with the respective outstanding amount and Classes of Term Loans specified in such Term Lender’s
Specified Discount Prepayment Response given pursuant to subsection (B) above; provided that, if the aggregate principal
amount of Term Loans accepted for prepayment by all Discount Prepayment Accepting Term Lenders exceeds the Specified Discount
Prepayment Amount, such prepayment shall be made pro rata among the Discount Prepayment Accepting Term Lenders in accordance
with the respective principal amounts accepted to be prepaid by each such Discount Prepayment Accepting Term Lender and the Auction
Manager (in consultation with the Borrower and subject to rounding requirements of the Auction Manager made in its reasonable
discretion) will calculate such proration (the “Specified Discount Proration”). The Auction Manager
shall promptly, and in any case within three Business Days following the Specified Discount Prepayment Response Date, notify (1) the
Borrower of the respective Term Lenders’ responses to such offer, the Discounted Prepayment Effective Date and the aggregate
principal amount of the Discounted Term Loan Prepayment and the Classes to be prepaid, (2) each Term Lender of the Discounted
Prepayment Effective Date, and the aggregate principal amount and the Classes of Term Loans to be prepaid at the Specified Discount
on such date and (3) each Discount Prepayment Accepting Term Lender of the Specified Discount Proration, if any, and confirmation
of the principal amount, Class and Type of Term Loans of such Term Lender to be prepaid at the Specified Discount on such
date. Each determination by the Auction Manager of the amounts stated in the foregoing notices to the Borrower and such Term Lenders
shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice to the Borrower
shall be due and payable by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (iv) below
(subject to subsection (x) below).

 

(iii)            (A) The
Borrower may from time to time solicit Discount Range Prepayment Offers by providing the Auction Manager with three Business Days’
notice in the form of a Discount Range Prepayment Notice; provided that (1) any such solicitation shall be extended,
at the sole discretion of the Borrower, to (x) each Term Lender and/or (y) each Term Lender with respect to any Class of
Term Loans on an individual Class basis, (2) any such notice shall specify the maximum aggregate principal amount of
the relevant Term Loans (the “Discount Range Prepayment Amount”), the Class or Classes of Term
Loans subject to such offer and the maximum and minimum percentage discounts to par (the “Discount Range”)
of the principal amount of such Term Loans with respect to each relevant Class of Term Loans willing to be prepaid by the
Borrower (it being understood that different Discount Ranges and/or Discount Range Prepayment Amounts may be offered with respect
to different Classes of Term Loans and, in such event, each such offer will be treated as a separate offer pursuant to the terms
of this Section 2.12(c)(iii)), (3) the Discount Range Prepayment Amount shall be in an aggregate amount not less than
$10,000,000 and whole increments of $1,000,000 in excess thereof (or in such lower minimum amounts or multiples as agreed to by
the Administrative Agent in its reasonable discretion) and (4) each such solicitation by the Borrower shall remain outstanding
through the Discount Range Prepayment Response Date. The Auction Manager will promptly provide each Appropriate Lender with a
copy of such Discount 

 

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Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted by a responding Term
Lender to the Auction Manager (or its delegate) by no later than 5:00 p.m., New York City time, on the third Business Day after
the date of delivery of such notice to such Term Lenders (which date may be extended for a period not exceeding three Business
Days upon notice by the Borrower to, and with the consent of, the Auction Manager) (the “Discount Range Prepayment
Response Date”). Each Term Lender’s Discount Range Prepayment Offer shall be irrevocable and shall specify
a discount to par within the Discount Range (the “Submitted Discount”) at which such Term Lender is willing
to allow prepayment of any or all of its then outstanding Term Loans of the applicable Class or Classes and the maximum aggregate
principal amount and Classes of such Term Lender’s Term Loans (the “Submitted Amount”) such Term
Lender is willing to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received
by the Auction Manager by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term
Loan Prepayment of any of its Term Loans at any discount to their par value within the Discount Range.

 

(B)            The
Auction Manager shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment
Response Date and shall determine (in consultation with the Borrower and subject to rounding requirements of the Auction Manager
made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount in accordance
with this subsection (B). The Borrower agrees to accept on the Discount Range Prepayment Response Date all Discount Range Prepayment
Offers received by the Auction Manager within the Discount Range by the Discount Range Prepayment Response Date, in the order from
the Submitted Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to
and including the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that
is the smallest discount to par within the Discount Range being referred to as the “Applicable Discount”)
which yields a Discounted Term Loan Prepayment in an aggregate principal amount equal to the lower of (1) the Discount Range
Prepayment Amount and (2) the sum of all Submitted Amounts. Each Term Lender that has submitted a Discount Range Prepayment
Offer to accept prepayment at a discount to par that is larger than or equal to the Applicable Discount shall be deemed to have
irrevocably consented to prepayment of Term Loans equal to its Submitted Amount (subject to any required proration pursuant to
the following subsection (C)) at the Applicable Discount (each such Term Lender, a “Participating Term Lender”).

 

(C)            If
there is at least one Participating Term Lender, the Borrower will prepay the respective outstanding Term Loans of each Participating
Term Lender on the Discounted Prepayment Effective Date in the aggregate principal amount and of the Classes specified in such
Term Lender’s Discount Range Prepayment Offer at the Applicable Discount; provided that if the Submitted Amount by
all Participating Term Lenders offered at a discount to par greater than the Applicable

 

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Discount exceeds the Discount Range Prepayment
Amount, prepayment of the principal amount of the relevant Term Loans for those Participating Term Lenders whose Submitted Discount
is a discount to par greater than or equal to the Applicable Discount (the “Identified Participating Term Lenders”)
shall be made pro rata among the Identified Participating Term Lenders in accordance with the Submitted Amount of each such
Identified Participating Term Lender and the Auction Manager (in consultation with the Borrower and subject to rounding requirements
of the Auction Manager made in its sole reasonable discretion) will calculate such proration (the “Discount Range Proration”).
The Auction Manager shall promptly, and in any case within five Business Days following the Discount Range Prepayment Response
Date, notify (1) the Borrower of the respective Term Lenders’ responses to such solicitation, the Discounted Prepayment
Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan Prepayment and the Classes
to be prepaid, (2) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate
principal amount and Classes of Term Loans to be prepaid at the Applicable Discount on such date, (3) each Participating Term
Lender of the aggregate principal amount and Classes of such Term Lender to be prepaid at the Applicable Discount on such date
and (4) if applicable, each Identified Participating Term Lender of the Discount Range Proration. Each determination by the
Auction Manager of the amounts stated in the foregoing notices to the Borrower and Term Lenders shall be conclusive and binding
for all purposes absent manifest error. The payment amount specified in such notice to the Borrower shall be due and payable by
the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (vi) below (subject to subsection (x) below).

 

(iv)            (A) The
Borrower may from time to time solicit Solicited Discounted Prepayment Offers by providing the Auction Manager with three Business
Days’ notice (a “Solicited Discounted Prepayment Notice”); provided that (1) any such
solicitation shall be extended, at the sole discretion of the Borrower, to (x) each Term Lender and/or (y) each Term
Lender with respect to any Class of Term Loans on an individual Class basis, (2) any such notice shall specify the
maximum aggregate amount of the Term Loans (the “Solicited Discounted Prepayment Amount”) and the Class or
Classes of Term Loans the Borrower is willing to prepay at a discount (it being understood that different Solicited Discounted
Prepayment Amounts may be offered with respect to different Classes of Term Loans and, in such event, each such offer will be treated
as a separate offer pursuant to the terms of this Section 2.12(c)(iv)), (3) the Solicited Discounted Prepayment Amount
shall be in an aggregate amount not less than $10,000,000 and whole increments of $1,000,000 in excess thereof (or in such lower
minimum amounts or multiples as agreed to by the Administrative Agent in its reasonable discretion) and (4) each such solicitation
by the Borrower shall remain outstanding through the Solicited Discounted Prepayment Response Date. The Auction Manager will promptly
provide each Appropriate Lender with a copy of such Solicited Discounted Prepayment Notice and a form of the Solicited Discounted
Prepayment Offer to be submitted by a responding Term Lender to the Auction Manager (or its delegate) by no later than 5:00 p.m.,
New York City time, on the third Business Day after the date of delivery of such notice to such Term Lenders (which date may be

 

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extended for a period not exceeding three Business Days upon notice by the Borrower to the Auction Manager) (the “Solicited
Discounted Prepayment Response Date”). Each Term Lender’s Solicited Discounted Prepayment Offer shall (x) be
irrevocable, (y) remain outstanding until the Acceptance Date and (z) specify both a discount to par (the “Offered
Discount”) at which such Term Lender is willing to allow prepayment of its then outstanding Term Loan and the maximum
aggregate principal amount and Classes of such Term Loans (the “Offered Amount”) such Term Lender is
willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received by
the Auction Manager by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of
its Term Loans at any discount.

 

(B)            The
Auction Manager shall promptly provide the Borrower with a copy of all Solicited Discounted Prepayment Offers received on or before
the Solicited Discounted Prepayment Response Date. The Borrower shall review all such Solicited Discounted Prepayment Offers and
select the smallest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted Prepayment
Offers that is acceptable to the Borrower in its sole discretion (the “Acceptable Discount”), if any.
If the Borrower elects, in its sole discretion, to accept any Offered Discount as the Acceptable Discount, then as soon as practicable
after the determination of the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt
by the Borrower from the Auction Manager of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence
of this subsection (B) (the “Acceptance Date”), the Borrower shall submit a notice to the Auction
Manager setting forth the Acceptable Discount (an “Acceptance and Prepayment Notice”). If the Auction
Manager shall fail to receive an Acceptance and Prepayment Notice from the Borrower by the Acceptance Date, the Borrower shall
be deemed to have rejected all Solicited Discounted Prepayment Offers.

 

(C)            Based
upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Manager by the Solicited Discounted
Prepayment Response Date, within three Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted
Prepayment Determination Date”), the Auction Manager will determine (in consultation with the Borrower and subject
to rounding requirements of the Auction Manager made in its sole reasonable discretion) the aggregate principal amount and the
Classes of Term Loans (the “Acceptable Prepayment Amount”) to be prepaid by the Borrower at the Acceptable
Discount in accordance with this Section 2.12(c)(iv). If the Borrower elects to accept any Acceptable Discount, then the Borrower
agrees to accept all Solicited Discounted Prepayment Offers received by Auction Manager by the Solicited Discounted Prepayment
Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable Discount.
Each Term Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than or equal
to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered Amount
(subject to any required pro-rata

 

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reduction pursuant to the following sentence) at the Acceptable Discount (each such Term Lender,
a “Qualifying Term Lender”). The Borrower will prepay outstanding Term Loans pursuant to this subsection
(iv) to each Qualifying Term Lender in the aggregate principal amount and of the Classes specified in such Term Lender’s
Solicited Discounted Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all Qualifying
Term Lenders whose Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment
Amount, prepayment of the principal amount of the Term Loans for those Qualifying Term Lenders whose Offered Discount is greater
than or equal to the Acceptable Discount (the “Identified Qualifying Term Lenders”) shall be made pro
rata among the Identified Qualifying Term Lenders in accordance with the Offered Amount of each such Identified Qualifying
Term Lender and the Auction Manager (in consultation with the Borrower and subject to rounding requirements of the Auction Manager
made in its sole reasonable discretion) will calculate such proration (the “Solicited Discount Proration”).
On or prior to the Discounted Prepayment Determination Date, the Auction Manager shall promptly notify (1) the Borrower of
the Discounted Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the
Classes to be prepaid, (2) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the
Acceptable Prepayment Amount of all Term Loans and the Classes to be prepaid at the Applicable Discount on such date, (3) each
Qualifying Term Lender of the aggregate principal amount and the Classes of such Term Lender to be prepaid at the Acceptable Discount
on such date and (4) if applicable, each Identified Qualifying Term Lender of the Solicited Discount Proration. Each determination
by the Auction Manager of the amounts stated in the foregoing notices to the Borrower and Term Lenders shall be conclusive and
binding for all purposes absent manifest error. The payment amount specified in such notice to the Borrower shall be due and payable
by the Borrower on the Discounted Prepayment Effective Date in accordance with subsection (vi) below (subject to subsection
(x) below).

 

(v)            In
connection with any Discounted Term Loan Prepayment, the Group Members and the Term Lenders acknowledge and agree that the Auction
Manager may require as a condition to any Discounted Term Loan Prepayment, the payment of customary and documented fees and out-of-pocket
expenses from the Borrower in connection therewith.

 

(vi)            If
any Term Loan is prepaid in accordance with paragraphs (ii) through (iv) above, the Borrower shall prepay such Term Loans
on the Discounted Prepayment Effective Date without premium or penalty, except as set forth in Section 2.12(d). The Borrower
shall make such prepayment to the Administrative Agent, for the account of the Discount Prepayment Accepting Lenders, Participating
Term Lenders, or Qualifying Term Lenders, as applicable, at the Administrative Agent’s office in immediately available funds
not later than 1:00 p.m., New York City time, on the Discounted Prepayment Effective Date and all such prepayments shall be applied
to the remaining scheduled installments of principal of the relevant Class of Term Loans pursuant to Section 2.11 on
a pro rata basis across the installments applicable to the Class of Term

 

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Loans so prepaid. The Term Loans so prepaid
shall be, as set forth in this Section 2.12(c), accompanied by all accrued and unpaid interest on the par principal amount
so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of the outstanding Term Loans pursuant
to this Section 2.12(c) shall be paid to the Discount Prepayment Accepting Lenders, Participating Term Lenders, or Qualifying
Term Lenders, as applicable, and shall be applied to the relevant Borrowings of Term Loans of the applicable Class of such
Term Lenders ratably. The aggregate principal amount of the Classes and installments of the relevant Term Loans outstanding shall
be deemed reduced by the full par value of the aggregate principal amount of the Classes of Term Loans prepaid on the Discounted
Prepayment Effective Date in any Discounted Term Loan Prepayment.

 

(vii)            To
the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to procedures
consistent with the provisions in this Section 2.12(c), established by the Auction Manager acting in its reasonable discretion
and as reasonably agreed by the Borrower.

 

(viii)            Notwithstanding
anything in any Loan Document to the contrary, for purposes of this Section 2.12(c), each notice or other communication required
to be delivered or otherwise provided to the Auction Manager (or its delegate) shall be deemed to have been given upon the Auction
Manager’s (or its delegate’s) actual receipt during normal business hours of such notice or communication; provided
that any notice or communication actually received outside of normal business hours shall be deemed to have been given as of the
opening of business on the next Business Day.

 

(ix)            Each
of the Group Members and the Term Lenders acknowledge and agree that the Auction Manager may perform any and all of its duties
under this Section 2.12(c) by itself or through any Affiliate of the Auction Manager and expressly consents to any such
delegation of duties by the Auction Manager to such Affiliate and the performance of such delegated duties by such Affiliate. The
exculpatory provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Manager and its respective activities
in connection with any Discounted Term Loan Prepayment provided for in this Section 2.12(c) as well as activities of
the Auction Manager.

 

(x)            The
Borrower shall have the right, by written notice to the Auction Manager, to revoke or modify its offer to make a Discounted Term
Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment Notice or Solicited
Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified Discount Prepayment
Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by the Borrower to make any prepayment
to a Term Lender, as applicable, pursuant to this Section 2.12(c) shall not constitute a Default or Event of Default
under Section 7.01 of this Agreement or otherwise).

 

Notwithstanding anything to the
contrary contained in this Agreement, any Borrower Offer of Specified Discount Prepayment, Borrower Solicitation of Discount Range
Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers pursuant to this Section 

 

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2.12 may state that it
is conditioned upon the occurrence or non-occurrence of any event specified therein (including the effectiveness of other credit
facilities), in which case such notice may be revoked by the Borrower or the Borrower may delay the date of Borrower Offer of Specified
Discount Prepayment, Borrower Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment
Offers identified therein (by written notice to the Administrative Agent on or prior to the specified effective date) if such condition
is not satisfied or the satisfaction of such condition is delayed.

 

(d)            In
the event that on or prior to the date that is six months from the Funding Date either (i) the Borrower makes any prepayment
of Initial Term Loans in connection with a Repricing Transaction (including by way of a Refinancing Amendment) or (ii) effects
any amendment of this Agreement resulting in a Repricing Transaction, the Borrower shall pay to the Administrative Agent for the
ratable account of the Lenders, in the case of clause (i) 1.00% of the principal amount of the Initial Term Loans so repaid,
or in the case of clause (ii) a payment equal to 1.00% of the aggregate amount of the Initial Term Loans subject to such Repricing
Transaction.

 

Section 2.13     Mandatory
Prepayments. (a) (i) Any Net Available Cash from Asset Dispositions that is not applied or invested or committed
to be applied or invested as provided in Section 4.08(b) of Annex I hereof will be deemed to constitute “Excess
Proceeds”.

 

(ii)            On
or prior to the 366th day (or the 546th day, in the case of any Net Available Cash committed to be used pursuant to a definitive
binding agreement or commitment approved by the Board of Directors of the Borrower pursuant to clauses (2) or (3) of
Section 4.08(b) of Annex I hereof) after the later of (A) the date of such Asset Disposition and (B) the receipt
of such Net Available Cash, if the aggregate amount of Excess Proceeds exceeds $35 million, the Borrower shall (1) deliver
a notice of prepayment to the Administrative Agent in accordance with Section 2.13(g) and (2) to the extent the
Borrower elects, or the Borrower or a Guarantor is required by the terms of other outstanding Pari Passu Indebtedness, deliver
a notice of prepayment or redemption, or make an offer, to all holders of such other outstanding Pari Passu Indebtedness, in each
case, to prepay or purchase the maximum principal amount of Term Loans and any such Pari Passu Indebtedness to which such notice
or offer apply that may be prepaid or purchased out of the Excess Proceeds, on a pro rata basis, calculated in accordance
with Section 2.13(h).

 

(iii)            The
Borrower shall (x) in the case of Term Loans, no earlier than 10 days and no later than 35 days following the notice referred
to in Section 2.13(a)(ii)(B)(1) above and subject to Section 2.13(h) and (y) in the case of any Pari Passu
Indebtedness, within the time periods required by such Pari Passu Indebtedness and subject to any provisions under any agreement
or governing such Pari Passu Indebtedness that are analogous to Section 2.13(h), prepay or purchase the Term Loans and such
Pari Passu Indebtedness in accordance with such notice or offer at an offer price equal to (and, in the case of any Pari Passu
Indebtedness, an offer price of no more than) 100% of the principal amount of thereof, plus accrued and unpaid interest,
if any, to, but not including, the date of purchase, in accordance with the procedures set forth in this Agreement or the agreements
governing the Pari Passu Indebtedness, as applicable.

 

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(b)            If
the Borrower or any Restricted Subsidiary Incurs any Indebtedness (other than Indebtedness not prohibited to be Incurred under
Section 4.04 of Annex I of this Agreement), the Borrower shall cause to be offered to be prepaid an aggregate principal amount
of Term Loans in an amount equal to 100% of all Net Cash Proceeds received therefrom on or prior to the date which is five Business
Days after the receipt by the Borrower or such Restricted Subsidiary of such Net Cash Proceeds.

 

(c)            No
later than 10 days after the date on which the financial statements are required to be delivered pursuant to Section 4.10(a)(1) of
Annex I hereof (such date the “ECF Prepayment Date”), commencing with the financial statements delivered
with respect to the fiscal year of the Borrower ending December 31, 2021, the Borrower shall prepay outstanding Term Loans
in accordance with Section 2.13(f) with the Pari Ratable Share of an amount equal to 50% (the “ECF Percentage”)
of Excess Cash Flow for the fiscal year then ended; provided that (x) in calculating such Pari Ratable Share, outstanding
revolving indebtedness that is Pari Passu Indebtedness shall not be included in the calculation of outstanding Pari Passu Indebtedness
except to the extent such revolving indebtedness is prepaid or offered to be prepaid (with a permanent reduction of corresponding
commitments) no later than the ECF Prepayment Date with its Pari Ratable Share of an amount equal to 50% of Excess Cash Flow for
the fiscal year then ended and (y) such Pari Ratable Share shall be reduced by (without duplication of prepayments contemplated
in clause (x) above or by any such amounts deducted pursuant to this Section 2.13(c) in a previous year) (i) the
aggregate principal amount of any voluntary prepayments, repurchases or redemptions of Loans pursuant to Section 2.12 and
any voluntary prepayments, repurchases or redemptions of Pari Passu Indebtedness pursuant to any equivalent voluntary prepayment
provision in the documentation governing such other Pari Passu Indebtedness (and in the case of any revolving indebtedness, solely
to the extent the corresponding commitments are permanently reduced); (ii) repayments or prepayments of Revolving Credit Loans
made on the Closing Date, the proceeds of which were used to fund any original issue discount or upfront fees required in connection
with the “market flex” provisions of the Fee Letter or in connection with the issuance of the Senior Notes, the Senior
Secured Notes or otherwise were used to fund the Transactions on or prior to the Closing Date; (iii) the amount of any reductions
in the outstanding principal amount of any Loans and Pari Passu Indebtedness (and in the case of any revolving indebtedness, solely
to the extent the corresponding commitments are permanently reduced), in each case resulting from any assignments made in accordance
with Section 9.04(k) or (l) (or any equivalent provision in the documentation governing such other Pari Passu Indebtedness)
made or effected during such fiscal year and on or after the end of such fiscal year but prior to the ECF Prepayment Date (the
 “Applicable ECF Deduct Period”); (iv) the amount of any Permitted Investment made in cash (other
than any Permitted Investments pursuant to clauses (a)(i) and (c)  of the definition thereof) and any Restricted Payment
made in cash pursuant to Section 4.05 of Article IV in Annex I hereof, in each case, that are made during such Applicable
ECF Deduct Period by the Borrower or, in the case of Permitted Investments, the Borrower or any Restricted Subsidiary thereof with
Internally Generated Cash and (v) the aggregate amount of Permitted Expenditures to the extent expected to be consummated
or made, as applicable, during the period of four consecutive fiscal quarters of the Borrower following the end of such fiscal
year for which the Excess Cash Flow is being calculated, and expected in good faith to be financed with Internally Generated Cash;
provided that to the extent that the aggregate amount of Permitted Expenditures financed with Internally Generated Cash
and paid in cash during such following period of four consecutive fiscal quarters is less than the aggregate amount of Planned
Expenditures expected to be financed with Internally Generated

 

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Cash, the amount of such shortfall shall be added to the ECF Payment
Amount at the end of such following period of four consecutive fiscal quarters; provided that, in each case, such prepayments
are not funded with proceeds of long-term Indebtedness (other than revolving indebtedness) (the “ECF Payment Amount”);
provided, further, that (x) a prepayment of Term Loans pursuant to this Section 2.13(c) in respect
of any fiscal year shall only be required in the amount (if any) by which the ECF Payment Amount for such fiscal year exceeds $15.0
million, (y) the ECF Percentage for any fiscal year with respect to which Excess Cash Flow is measured shall be reduced to
(i) 25% if the Consolidated Net Senior Secured Leverage Ratio as of the last day of such fiscal year is less than or equal
to 4.50 to 1.00. and greater than 4.25 to 1.00 (with the ECF Percentage being calculated after giving effect to such prepayment
at a rate of 50%) and (ii) to zero if the Consolidated Net Senior Secured Leverage Ratio as of the last day of such fiscal
year is less than or equal to 4.25 to 1.00 (with the ECF Percentage being calculated after giving effect to such prepayment at
a rate of 25%). Notwithstanding anything to the contrary contained in this Agreement, when calculating the Consolidated Net Senior
Secured Leverage Ratio for the purposes of this Section 2.13(c), Specified Indebtedness shall be determined after giving pro
forma effect to any voluntary prepayments made pursuant to Section 2.12 and any voluntary prepayments of Pari Passu Indebtedness,
in each case, after the end of the Borrower’s most recently ended full fiscal year and prior to the ECF Prepayment Date and
assuming such payments had been made on the last day of such fiscal year. For purposes of this Section 2.13(c), any voluntary
prepayments of Loans or other Pari Passu Indebtedness shall include purchases of Loans or other Pari Passu Indebtedness by the
Borrower or any Restricted Subsidiary at or below par, in accordance with Section 2.12(c) in the case of the Term Loans,
or any equivalent provision in the documentation governing such other Pari Passu Indebtedness, in which case the amount of voluntary
prepayments of Loans or other Pari Passu Indebtedness shall be deemed not to exceed the actual purchase price of such Loans or
other Pari Passu Indebtedness below par.

 

(d)            Notwithstanding
anything to the contrary in this Agreement, for purposes of this Section 2.13, (i) to the extent that any or all of the
Excess Proceeds or Excess Cash Flow realized by a direct or indirect Subsidiary of the Borrower that is not a U.S. Person are prohibited
or delayed by applicable local law from being repatriated to the United States, the portion of such Excess Proceeds or Excess Cash
Flow so affected will not be required to be applied to repay Term Loans at the times provided in this Section 2.13(a) or
(c), as applicable, but may be retained by the applicable Subsidiary so long, but only so long, as the applicable local law will
not permit repatriation to the United States (the Borrower hereby agreeing to cause the applicable Subsidiary to promptly take
all actions reasonably required by the applicable local law to permit such repatriation), and once such repatriation of any of
such affected Excess Proceeds or Excess Cash Flow is permitted under the applicable local law, an amount equal to such Excess Proceeds
or Excess Cash Flow permitted to be repatriated will be promptly (and in any event no later than two Business Days after any such
repatriation) applied (net of additional taxes that are or would be payable or reserved against as a result thereof) to the repayment
of the Term Loans pursuant to this Section 2.13 to the extent otherwise provided herein or (ii) to the extent that the
Borrower determines in good faith that repatriation of an amount equal to any or all of the Excess Proceeds or Excess Cash Flow
by such Subsidiary that is not a U.S. person would have material adverse tax consequences with respect to such Excess Proceeds
or Excess Cash Flow, the Excess Proceeds or Excess Cash Flow so affected shall not be required to be applied to repay Loans at
the times provided in accordance with Sections 2.13(a) or (c), as applicable, and may be deducted from any amounts otherwise
due under Sections 2.13(a) or (c), as applicable, so long, but only so long, as

 

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the Borrower believes in good faith that repatriation
of such amount would have material adverse tax consequences; provided that if repatriation of any affected portion of the
Excess Proceeds or Excess Cash Flow would no longer have material adverse tax consequences, as determined by the Borrower in good
faith, the Borrower shall promptly (and in any event within five Business Days) prepay the Loans in an amount equal to any such
portion no longer affected.

 

(e)            In
the event and on such occasion that (i) the Revolving Credit Exposure of any Class exceeds the aggregate amount of the
Revolving Credit Commitments of such Class or (ii) the Revolving Credit Exposure under Participating Revolving Credit
Commitments exceeds the Participating Revolving Credit Commitments, the Borrower shall promptly (and in any event within five Business
Days) prepay (or in the case of L/C Exposure, cash collateralize) the Revolving Credit Loans, L/C Exposure and/or Swing Line Loans
in an aggregate amount equal to such excess (it being understood that the Borrower shall prepay Revolving Credit Loans and/or Swing
Line Loans prior to cash collateralization of L/C Exposure).

 

(f)            Mandatory
prepayments of outstanding Loans under this Agreement pursuant to Section 2.13(a) through (c) shall be allocated
to any Class of Term Loans outstanding as directed by the Borrower, shall be applied pro rata to Term Lenders within
such Class of Term Loans, based upon the outstanding principal amounts owing to each such Term Lender under such Class of
Term Loans, and shall be applied against the remaining scheduled installments of principal due in respect of such Class of
Term Loans as directed by the Borrower (and in the absence of such direction, in direct order of maturity); provided that,
unless otherwise permitted under this Agreement, such prepayments may not be directed to a later maturing Class of Term Loans
without at least a pro rata repayment of any earlier maturing Classes of Term Loans (except that any Class of Incremental
Term Loans, Extended Term Loans or Refinancing Term Loans may specify that one or more other Classes of later maturing Term Loans
may be prepaid prior to such Class of earlier maturing Term Loans).

 

(g)            The
Borrower shall deliver to the Administrative Agent, at the time of each prepayment required under this Section 2.13 (other
than Section 2.13(e)), (i) a certificate signed by a Responsible Officer of the Borrower setting forth in reasonable
detail the calculation of the amount of such prepayment and (ii) to the extent practicable (except in respect of prepayments
required under Section 2.13(a)), at least three Business Days prior written notice of such prepayment. Any such notice of
prepayment may state that such notice is conditioned upon the occurrence or non-occurrence of any event specified therein (including
the effectiveness of other credit facilities), in which case such notice may be revoked by the Borrower or the Borrower may delay
the date of prepayment identified therein (by written notice to the Administrative Agent, on or prior to the specified effective
date) if such condition is not satisfied or the satisfaction of such condition is delayed. Each notice of prepayment shall specify
the prepayment date, the Type of each Loan being prepaid and the principal amount of each Loan (or portion thereof) to be prepaid.
All prepayments of Borrowings under this Section 2.13 shall be subject to Section 2.16, but shall otherwise be without
premium or penalty, and shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding
the date of payment.

 

(h)            The
Administrative Agent shall promptly notify each Lender of the contents of any prepayment notices delivered to the Administrative
Agent pursuant to clause (a) of this Section 2.13 and of such Lender’s Pro Rata Share of the prepayment. Each Lender
may reject all or a

 

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portion of its Pro Rata Share of any mandatory prepayment (such declined amounts, the “Declined
Proceeds”) of Term Loans required to be made pursuant to clause (a) of this Section 2.13 by providing written
notice (each, a “Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00 p.m.,
New York City time, on the date that is three Business Days (or such shorter period as may be agreed by the Administrative Agent
in its reasonable discretion) prior to the proposed prepayment date. Each Rejection Notice from a given Lender shall specify the
principal amount of the mandatory repayment of Loans to be rejected by such Lender. If a Lender fails to deliver a Rejection Notice
to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount
of the Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory prepayment of
Loans. Any Declined Proceeds shall be retained by the Borrower and may be applied in any manner that is not prohibited by this
Agreement. If the aggregate principal amount of the Term Loans to be prepaid and other Pari Passu Indebtedness required to be prepaid
or redeemed or in respect of which the Borrower is required to make an offer to purchase or redeem, collectively, exceeds the amount
of Excess Proceeds, the Excess Proceeds shall be allocated among the Term Loans and Pari Passu Indebtedness to be purchased on
a pro rata basis on the basis of the aggregate principal amount of Loans and Pari Passu Indebtedness to be prepaid or purchased.
Upon making any prepayment required by Section 2.13(a), subject to this clause (h), the amount of Excess Proceeds shall be
reset at zero.

 

(i)            In
the event that any portion of the Initial Term Loans have funded into the Loan Escrow Account and have not yet been released from
the Loan Escrow Agreement and (i) the Disposition does not take place on or prior to the Longstop Date; (ii) the Disposition
is abandoned; or (iii) there is an Event of Default under Section 7.01(g) with respect to the Borrower (the date
of any such event being the “Loan Escrow Termination Date”), the Borrower will no later than one Business
Day following the Loan Escrow Termination Date deliver notice of the Loan Escrow Termination Date to the Loan Escrow Agent and
the Administrative Agent and will provide that the Initial Term Loans outstanding at such time shall be repaid at a price equal
to the Special Mandatory Repayment Amount for such Term Loans no later than the fifth Business Day after such notice is given by
the Borrower in accordance with the terms of the Loan Escrow Agreement. Notwithstanding anything herein to the contrary, the Lenders
hereby agree that upon payment of the Special Mandatory Repayment Amount (which the Lenders acknowledge and agree may be less than
the face value of the Initial Term Loans), the full principal amount of such Term Loans will be deemed to have been paid in full
and discharged.

 

Section 2.14     Reserve
Requirements; Change in Circumstances. (a) Notwithstanding any other provision of this Agreement, if any Change in
Law shall impose, modify or deem applicable any reserve, special deposit, liquidity requirement, Tax (other than Indemnified Taxes
indemnified pursuant to Section 2.20 and Excluded Taxes) or similar requirement against assets of, deposits with or for the
account of or credit extended by any Lender or shall impose on such Lender or the London interbank market any other condition affecting
this Agreement, Eurodollar Loans made by such Lender, and the result of any of the foregoing shall be to increase the cost to such
Lender of making or maintaining any Eurodollar Loan or increase the cost to any Lender or to reduce the amount of any sum received
or receivable by such Lender hereunder (whether of principal, interest or otherwise) by an amount deemed by such Lender to be material,
then the Borrower will pay to such Lender upon demand such additional amount or amounts as will compensate such Lender for such
additional costs incurred or reduction suffered.

 

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(b)            If
any Lender shall have determined that any Change in Law (other than a Change in Law relating to Taxes) regarding capital adequacy
or liquidity has had or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of
such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by such Lender pursuant hereto
to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital
adequacy and liquidity) by an amount deemed by such Lender to be material, then from time to time the Borrower shall pay to such
Lender upon demand such additional amount or amounts as will compensate such Lender or such Lender’s holding company for
any such reduction suffered.

 

(c)            A
certificate of a Lender setting forth (i) the amount or amounts necessary to compensate such Lender or its holding company,
as applicable, and (ii) the calculations supporting such amount or amounts, as specified in Sections 2.14(a) or (b) shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate delivered by it within 10 days after its receipt of the same.

 

(d)            Failure
or delay on the part of any Lender to demand compensation for any increased costs or reduction in amounts received or receivable
or reduction in return on capital shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that the Borrower shall not be under any obligation to compensate any Lender under Sections 2.14(a) or (b) with respect
to increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if such Lender
knew or would reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and
of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions;
provided, further, that the foregoing limitation shall not apply to any increased costs or reductions arising out of the
retroactive application of any Change in Law within such 180-day period. The protection of this Section 2.14 shall be available
to each Lender regardless of any possible contention of the invalidity or inapplicability of the Change in Law that shall have
occurred or been imposed.

 

Section 2.15     Change
in Legality. (a) Notwithstanding any other provision of this Agreement, if any Change in Law shall make it unlawful
for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect
to any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent:

 

(i)            such
Lender may declare that Eurodollar Loans will not thereafter (for the duration of such unlawfulness) be made by such Lender hereunder
(or be continued for additional Interest Periods) and ABR Loans will not thereafter (for such duration) be converted into Eurodollar
Loans, whereupon any request for a Eurodollar Borrowing (or to convert an ABR Borrowing to a Eurodollar Borrowing or to continue
a Eurodollar Borrowing for an additional Interest Period) shall, as to such Lender only be deemed in the event of Eurodollar Borrowings,
a request for an ABR Loan (or a request to continue an ABR Loan as such for an additional Interest Period or to convert a Eurodollar
Loan into an ABR Loan, as the case may be); and

 

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(ii)            such
Lender may require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar
Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in Section 2.15(b).

 

In the event any Lender
shall exercise its rights under clauses (i) or (ii) above, all payments and prepayments of principal that would otherwise
have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such
Lender shall instead be applied to repay the ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such
Eurodollar Loans.

 

(b)            For
purposes of this Section 2.15, a notice to the Borrower by any Lender shall be effective as to each Eurodollar Loan made by
such Lender, if lawful, on the last day of the Interest Period then applicable to such Eurodollar Loan; in all other cases such
notice shall be effective on the date of receipt by the Borrower.

 

Section 2.16     Breakage.
The Borrower shall indemnify each Lender against any loss or expense that such Lender may sustain or incur as a consequence of
(a) any event, other than a default by such Lender in the performance of its obligations hereunder, which results in (i) such
Lender receiving or being deemed to receive any amount on account of the principal of any Eurodollar Loan prior to the end of the
Interest Period in effect therefor, (ii) the conversion of any Eurodollar Loan to an ABR Loan, or the conversion of the Interest
Period with respect to any Eurodollar Loan, in each case other than on the last day of the Interest Period in effect therefor or
(iii) any Eurodollar Loan to be made by such Lender (including any Eurodollar Loan to be made pursuant to a conversion or
continuation under Section 2.10) not being made after notice of such Loan shall have been given by the Borrower hereunder
(any of the events referred to in this clause (a) being called a “Breakage Event”) or (b) any
default in the making of any payment or prepayment of any Eurodollar Loan required to be made hereunder. In the case of any Breakage
Event, such loss shall include an amount equal to the excess, as reasonably determined by such Lender, of (i) its cost of
obtaining funds for the Eurodollar Loan that is the subject of such Breakage Event for the period from the date of such Breakage
Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount
of interest likely to be realized by such Lender in redeploying the funds released or not utilized by reason of such Breakage Event
for such period. Each Lender shall provide a certificate setting forth any amount or amounts which such Lender is entitled to receive
pursuant to this Section 2.16 to the Borrower within 180 days after the Breakage Event and such certificate shall be conclusive
absent manifest error.

 

Section 2.17     Pro
Rata Treatment. Except as set forth in Section 2.12, as required under Section 2.15 or otherwise stated herein,
each Borrowing, each payment or prepayment of principal of any Borrowing, each payment of interest on the Loans and each conversion
of any Borrowing to or continuation of any Borrowing as a Borrowing of any Type shall be allocated pro rata among the Lenders
in accordance with their respective applicable Commitments (or, if such Commitments shall have expired or been terminated, in accordance
with the respective principal amounts of their outstanding Loans). Each Lender agrees that in computing such Lender’s portion
of any Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of
such Borrowing to the next higher or lower whole Dollar amount.

 

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Section 2.18     Sharing
of Setoffs. Each Lender agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim
against the Borrower or any other Loan Party, or pursuant to a secured claim under Section 506 of Title 11 of the United States
Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable
bankruptcy, insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect
of any Loan or Loans, or participations in L/C Obligations and Swing Line Loans held by it, as a result of which the unpaid principal
portion of its Loans, or participations in L/C Obligations and Swing Line Loans held by it, shall be proportionately less than
the unpaid principal portion of the Loans of any other Lender, or participations in L/C Obligations and Swing Line Loans held by
such other Lender, it shall be deemed simultaneously to have purchased from such other Lender at face value, and shall promptly
pay to such other Lender the purchase price for, a participation in the Loans of such other Lender (or a sub-participation in the
participations in L/C Obligations and Swing Line Loans held by such other Lender), so that the aggregate unpaid principal amount
of the Loans and participations held by each Lender shall be in the same proportion to the aggregate unpaid principal amount of
all Loans and participations then outstanding as the principal amount of its Loans and participations prior to such exercise of
banker’s lien, setoff or counterclaim or other event was to the principal amount of all Loans and participations outstanding
prior to such exercise of banker’s lien, setoff or counterclaim or other event; provided, however, that (a) if
any such purchase or purchases or adjustments shall be made pursuant to this Section 2.18 and the payment giving rise thereto
shall thereafter be recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and
the purchase price or prices or adjustment restored without interest and (b) the provisions of this Section 2.18 shall
not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement
or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any
assignee or participant, other than to any Affiliates of the Borrower (as to which the provisions of this Section 2.18 shall
apply); provided, further, 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 2.25 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 Borrower expressly consents to the foregoing arrangements and agrees that any Lender holding
a participation in a Loan deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim
with respect to any and all moneys owing by the Borrower to such Lender by reason thereof as fully as if such Lender had made a
Loan directly to the Borrower in the amount of the participation.

 

Section 2.19     Payments.
(a) The Borrower shall make each payment (including principal of or interest on any Borrowing or any fees or other amounts)
hereunder and under any other Loan Document not later than 1:00 p.m., New York City time, on the date when due in immediately available
Dollars, without setoff, defense or counterclaim. Each such payment shall be made to the Administrative Agent at its offices described
on Schedule 9.01(b) (or as otherwise notified by the Administrative Agent in writing to the Borrower from time to time). Any
payments received by the Administrative Agent after 1:00 p.m., New York City time, may, in the Administrative Agent’s sole
discretion, be deemed received on the next succeeding Business Day.

 

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Subject to Article VIII, the Administrative Agent shall
promptly distribute to each Lender any payments received by the Administrative Agent on behalf of such Lender.

 

(b)            Except
as otherwise expressly provided herein, whenever any payment (including principal of or interest on any Borrowing or any fees or
other amounts) hereunder or under any other Loan Document shall become due, or otherwise would occur, on a day that is not a Business
Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in
the computation of interest or fees, if applicable. Except as otherwise expressly provided herein, all fees referred to herein
(including in Sections 2.05, 2.26(h) and 2.26(i)) shall be calculated on the basis of a 360-day year and the actual number
of days elapsed.

 

Section 2.20     Taxes.
(a) Any and all payments by or on account of any obligation of the Borrower or any other Loan Party hereunder or under any
other Loan Document shall, except to the extent required by law, be made without any Tax Deduction; provided that, if any
Indemnified Taxes are required to be deducted from such payments, then (i) the sum payable by the Borrower or other Loan Party
shall be increased as necessary so that after making all required deductions, (including deductions applicable to additional sums
payable under this Section 2.20) the Administrative Agent and each Lender (as the case may be) receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the Administrative Agent or such Loan Party shall make
such Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount
required by law and (iii) the Administrative Agent or such Loan Party shall pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law.

 

(b)            In
addition, and without duplication of any other amounts hereunder, the Borrower and any other Loan Party, as the case may be, shall
pay any Other Taxes 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)            The
Loan Parties shall jointly and severally indemnify the Administrative Agent and each Lender, within 30 days after written demand
therefor, for the full amount of any Indemnified Taxes paid by the Administrative Agent or such Lender, as the case may be, on
or with respect to any payment by or on account of any obligation of the Borrower or any other Loan Party hereunder or otherwise
with respect to any Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under
this Section 2.20) and, to the extent not arising due to the gross negligence or willful neglect of the Administrative Agent
or Lenders, 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 the Borrower by a Lender (with a copy to the Administrative Agent) or by the Administrative Agent
on behalf of itself or a Lender shall be conclusive absent manifest error. The Administrative Agent and each Lender shall not be
indemnified for any Indemnified Taxes that have already been compensated for by an increased payment in accordance with Section 2.20(a) above.

 

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(d)            Not
later than 30 days after a Tax Deduction or any payment required in connection with a Tax Deduction by the Borrower or any other
Loan Party to a Governmental Authority, the Borrower shall deliver to the Administrative Agent evidence reasonably satisfactory
that the Tax Deduction has been made or (as applicable) that any appropriate payment to the Governmental Authority has been paid.

 

(e)            (i) Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in clause (ii)(A) and (ii)(B) 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, (it being understood that the completion, execution and submission of any documentation
no more burdensome than that required for U.S. federal income tax withholding will not give rise to an exception from the preceding
sentence or otherwise be considered prejudicial to the position of a Lender).

 

(ii)            Without
limiting the generality of the foregoing,

 

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

 

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

 

(1)            in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with
respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or W-8BEN-E 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

 

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Loan Documents, IRS Form W-8BEN or W-8BEN-E 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;

 

(2)            executed
copies of IRS Form W-8ECI;

 

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

 

(4)            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-8BEN or W-BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-2 or Exhibit H-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign
Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit H-4 on behalf
of each such direct and indirect partner;

 

(C)            any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent),
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
the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

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

 

(f)            If
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the

 

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Administrative Agent at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent, as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(g)            On
or before the date the Administrative Agent becomes a party to this Agreement, the Administrative Agent shall provide to the Borrower,
two duly signed, properly completed copies of the documentation prescribed in clause (i) or (ii) below, as applicable
(together with all required attachments thereto): (i) IRS Form W-9 or any successor thereto, or (ii) (A) IRS
Form W-8ECI or any successor thereto, and (B) with respect to payments received on account of any Lender, a U.S. branch
withholding certificate on IRS Form W-8IMY or any successor thereto evidencing its agreement with the Borrower to be treated
as a U.S. Person for U.S. federal withholding purposes. At any time thereafter, the Administrative Agent shall provide updated
documentation previously provided (or, a successor form thereto) when any documentation previously delivered has expired or become
obsolete or invalid or otherwise upon a reasonable request of the Borrower.

 

(h)            If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20)
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to the first sentence of this paragraph (h) (plus any penalties, interest or other charges imposed by the
relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to paragraph (h) the payment of which would place the indemnified party in
a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and
giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This paragraph (h) shall not be construed to require any indemnified
party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying
party or any other Person.

 

Section 2.21     Assignment
of Commitments Under Certain Circumstances; Duty to Mitigate. (a) In the event (i) any Lender delivers a certificate
requesting compensation pursuant to Section 2.14, (ii) any Lender delivers a notice described in Section 2.15, (iii) the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority on account

 

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of any Lender pursuant
to Section 2.20, (iv) any Lender is a Non-Consenting Lender or (v) any Lender becomes a Defaulting Lender, then,
in each case, the Borrower may, at its sole expense and effort (including with respect to the processing and recordation fee referred
to in Section 9.04(b)), upon notice to such Lender and the Administrative Agent, (A) require such Lender to transfer
and assign, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all of its interests,
rights and obligations under this Agreement (or, in the case of clause (iv) above, all of its interests, rights and obligations
with respect to the Class of Loans or Commitments that is the subject of the related consent, amendment, waiver or other modification)
to an Eligible Assignee that shall assume such assigned obligations and, with respect to clause (iv) above, shall consent
to such requested amendment, waiver or other modification of any Loan Documents (which assignee may be another Lender, if a Lender
accepts such assignment); provided that (x) such assignment shall not conflict with any law, rule or regulation
or order of any court or other Governmental Authority having jurisdiction, (y) the Borrower shall have received the prior
written consent of the Administrative Agent, which consent shall not unreasonably be withheld or delayed and (z) the Borrower
or such assignee shall have paid to the affected Lender in immediately available funds an amount equal to the sum of the principal
of and interest accrued to the date of such payment on the outstanding Loans of such Lender plus all fees and other amounts accrued
for the account of such Lender hereunder with respect thereto (including any amounts under Sections 2.14 and 2.16 and, in the case
of any such assignment occurring in connection with a Repricing Transaction occurring prior to the six-month anniversary of the
Funding Date, the prepayment fee pursuant to Section 2.12(d) (with such assignment being deemed to be a voluntary prepayment
for purposes of determining the applicability of Section 2.12(d), such amount to be payable by the Borrower)), or (B) terminate
the Commitment of such Lender and (x) in the case of a Lender other than an L/C Issuer, repay all Obligations of the Borrower
owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (y) in the
case of an L/C Issuer, repay all Obligations of the Borrower owing to such L/C Issuer relating to the Loans and participations
held by such L/C Issuer as of such termination date and Cash Collateralize, cancel or backstop, or provide for the deemed reissuance
under another facility, on terms satisfactory to such L/C Issuer any Letters of Credit issued by it; provided, further,
that if prior to any such transfer and assignment the circumstances or event that resulted in such Lender’s claim for compensation
under Section 2.14, notice under Section 2.15 or the amounts paid pursuant to Section 2.20, as the case may be,
cease to cause such Lender to suffer increased costs or reductions in amounts received or receivable or reduction in return on
capital, or cease to have the consequences specified in Section 2.15, or cease to result in amounts being payable under Section 2.20,
as the case may be (including as a result of any action taken by such Lender pursuant to Section 2.21(b)), or if such Lender
shall waive its right to claim further compensation under Section 2.14 in respect of such circumstances or event or shall
withdraw its notice under Section 2.15 or shall waive its right to further payments under Section 2.20 in respect of
such circumstances or event or shall consent to the proposed amendment, waiver, consent or other modification, as the case may
be, then such Lender shall not thereafter be required to make any such transfer and assignment hereunder. Each Lender hereby grants
to the Administrative Agent an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver,
on behalf of such Lender, as assignor, any Assignment and Acceptance necessary to effectuate any assignment of such Lender’s
interests hereunder in the circumstances contemplated by this Section 2.21(a).

 

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(b)            If
(i) any Lender shall request compensation under Section 2.14, (ii) any Lender delivers a notice described in Section 2.15
or (iii) the Borrower is required to pay any additional amount to any Lender or any Governmental Authority on account of any
Lender pursuant to Section 2.20, then such Lender or Administrative Agent shall use reasonable efforts (which shall not require
such Lender or Administrative Agent to incur an unreimbursed loss or unreimbursed cost or expense or otherwise take any action
inconsistent with its internal policies or legal or regulatory restrictions or suffer any disadvantage or burden deemed by it to
be significant) (x) to file any certificate or document reasonably requested in writing by the Borrower or (y) to assign
its rights and delegate and transfer its obligations hereunder to another of its offices, branches or affiliates, if such filing
or assignment would reduce its claims for compensation under Section 2.14 or enable it to withdraw its notice pursuant to
Section 2.15 or would reduce amounts payable pursuant to Section 2.20, as the case may be, in the future. The Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such filing or assignment,
delegation and transfer.

 

Section 2.22     Incremental
Loans. (a) The Borrower may, by written notice to the Administrative Agent and the Person appointed by the Borrower
to arrange Incremental Loan Commitments (such Person (who may be (i) the Administrative Agent, if it so agrees or (ii) any
other Person appointed by the Borrower after consultation with the Administrative Agent), the “Incremental Arranger”)
from time to time, request from one or more existing or additional Lenders, all of which must be Eligible Assignees: (A) one
or more new commitments for new Term Loans which may be of the same Class as any outstanding Class of Term Loans or a
new Class of Term Loans (the “Incremental Term Loan Commitments”) and/or (B) the establishment
of one or more new revolving credit commitments (any such new commitments, the “Incremental Revolving Credit Commitments”
and the Incremental Revolving Credit Commitments, collectively with any Incremental Term Loan Commitments, the “Incremental
Loan Commitments”), in an amount not to exceed the Incremental Loan Amount (in the case of Incremental Revolving
Credit Commitments, assuming a borrowing of the maximum amount of Incremental Revolving Loans available); provided that
Incremental Loan Commitments may be incurred in the Available Currency or an alternative currency pursuant to procedures and on
terms to be agreed with the applicable Incremental Arranger. The Incremental Arranger shall promptly deliver a copy of such notice
to each of the Lenders. Such notice shall set forth (i) the amount of the Incremental Loan Commitments being requested (which
shall be in minimum increments of, $1,000,000 and a minimum amount of $5,000,000 (or in such lower minimum amounts or multiples
as agreed to by the Incremental Arranger in its reasonable discretion), or such lesser amount equal to the Incremental Loan Amount
at such time), (ii) the date on which such Incremental Loan Commitments are requested to become effective (which shall not
be less than five Business Days (or such shorter period as agreed by the Incremental Arranger) after the date of such notice) and
(iii) whether such Incremental Loan Commitments are commitments to make additional Loans of the same Class which shall
be extended in a manner so as to be fungible with an existing Class of Loans hereunder or commitments to make Loans with terms
different from such Loans which shall constitute a separate Class of Loans hereunder (“Other Loans”).
On the applicable date specified in any Incremental Loan Assumption Agreement (the “Incremental Facility Closing Date”),
subject only to the satisfaction of the terms and conditions in this Section 2.22 and in the applicable Incremental Loan Assumption
Agreement, (A) (1) each Incremental Term Lender of such Class shall make a Loan to the Borrower (an “Incremental
Term Loan”) in an amount equal to its Incremental Term Loan Commitment of such Class and (2) each Incremental

 

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Term Lender of such Class shall become a Lender hereunder with respect to the Incremental Term Loan Commitment of such Class and
the Incremental Term Loans of such Class made pursuant thereto and (B) (1) each Incremental Revolving Credit Lender
of such Class shall make its Commitment available to the Borrower (when borrowed, an “Incremental Revolving Loan”
and collectively with any Incremental Term Loan, an “Incremental Loan”) in an amount equal to its Incremental
Revolving Credit Commitment of such Class and (2) each Incremental Revolving Credit Lender of such Class shall become
a Lender hereunder with respect to the Incremental Revolving Credit Commitment of such Class and the Incremental Revolving
Loans of such Class made pursuant thereto.

 

(b)            The
Borrower may seek Incremental Loan Commitments from existing Lenders (each of which shall be entitled to agree or decline to participate
in its sole discretion) and additional banks, financial institutions and other institutional lenders who will become Incremental
Lenders in connection therewith; provided that (i) the Borrower and the Administrative Agent shall have consented to
such additional banks, financial institutions and other institutional lenders to the extent the consent of the Borrower or the
Administrative Agent, as applicable, would be required if such institution were receiving an assignment of Loans pursuant to Section 9.04
(provided, further, that the consent of the Administrative Agent shall not be required with respect to an additional
bank, financial institution, or other institutional lender that is an Affiliate of a Lender or a Related Fund), (ii) with
respect to Incremental Term Loan Commitments, any Affiliated Lender providing an Incremental Term Loan Commitment shall be subject
to the same restrictions set forth in Section 9.04 as they would otherwise be subject to with respect to any purchase by or
assignment to such Affiliated Lender of Term Loans and (iii) Affiliated Lenders may not provide Incremental Revolving Credit
Commitments. The Borrower and each Incremental Lender shall execute and deliver to the Administrative Agent and the Incremental
Arranger an Incremental Loan Assumption Agreement and such other documentation as the Incremental Arranger shall reasonably specify
to evidence the Incremental Loan Commitment of each Incremental Lender. The Other Loans and any Incremental Revolving Credit Commitments
providing for Incremental Revolving Loans that are Other Loans (such commitments, “Other Revolving Credit Loan Commitments”
and such loans, “Other Revolving Credit Loans”) (i) shall have fees and margin and/or interest rate
determined by the Borrower and the Incremental Lenders providing such Loans, (ii) shall rank pari passu in right of
payment with the Loans or Commitments existing prior the incurrence of such Other Loans and Other Revolving Credit Loan Commitments
and be secured by the Collateral on a pari passu basis and (iii) (A) in the case of Incremental Term Loans, (x) may
participate on a pro rata basis, less than pro rata basis or greater than pro rata basis in any mandatory
prepayment of Term Loans (except that, unless otherwise permitted under this Agreement, such Incremental Term Loans may not participate
on a greater than pro rata basis as compared to any earlier maturing Class of Term Loans) and (y) may participate
on a pro rata basis, less than pro rata basis or greater than pro rata basis in any voluntary prepayment of
Term Loans and (B) in the case of Incremental Revolving Credit Commitments and Incremental Revolving Loans, (x) shall
provide that the borrowing and repayment (except for (A) payments of interest and fees at different rates on Incremental Revolving
Credit Commitments (and related outstandings), (B) repayments required upon the Maturity Date of the Incremental Revolving
Credit Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject
to clause (y) below)) of Loans with respect to Incremental Revolving Credit Commitments after the associated Incremental Facility
Closing Date shall be made on a pro rata basis or less than pro rata basis (but not more than a pro rata basis)
with all

 

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other Revolving Credit Commitments then existing on the Incremental Facility Closing Date and (y) may provide that
the permanent repayment of Revolving Credit Loans with respect to, and termination or reduction of, Incremental Revolving
Credit Commitments after the associated Incremental Facility Closing Date be made on a pro rata basis, less than pro
rata basis or greater than pro rata basis with all other Revolving Credit Commitments. Without the prior written consent
of the Administrative Agent, (A) the final maturity date of any Other Loans that are Term Loans (the “Other Term
Loans”), shall be no earlier than the Initial Term Loan Maturity Date, (B) the final maturity date of any Other
Revolving Credit Loans or Other Revolving Credit Loan Commitments shall be no earlier than the Initial Revolving Credit Commitment
Maturity Date, (C) the Weighted Average Life to Maturity of the Other Term Loans shall be no shorter than the remaining Weighted
Average Life to Maturity of the Initial Term Loans, (D) the All-In Yield applicable to the Other Loans shall be determined
by the Borrower and the applicable Incremental Lenders and shall be set forth in each applicable Incremental Loan Assumption Agreement;
provided, however, that on or prior to the date that is 12 months from the Funding Date, the All-In Yield applicable
to such Other Term Loans of the same currency as the Initial Term Loans (other than Other Term Loans (w) Incurred pursuant
to Section 4.04(a) of Annex I, Section 4.04(b)(1)(B)(y) of Annex I, (x) having a maturity date that is
more than two years after the Initial Term Loan Maturity Date or (y) Incurred in connection with an acquisition or other Investment)
shall not be greater than the applicable All-In Yield payable pursuant to the terms of this Agreement as amended through the date
of such calculation with respect to the Initial Term Loans plus 75 basis points per annum unless the interest rate (together with,
as provided in the proviso below, the Adjusted LIBO Rate floor) with respect to such Loans is increased so as to cause the then
applicable All-In Yield under this Agreement on such Loans to equal the All-In Yield then applicable to the Other Term Loans minus
75 basis points; provided that any increase in All-In Yield to any Loan due to the application or imposition of an Adjusted
LIBO Rate floor or an Alternate Base Rate floor on any Other Term Loans shall be effected, at the Borrower’s option, (x) through
an increase in (or implementation of, as applicable) any Adjusted LIBO Rate floor or Alternate Base Rate floor, as applicable,
applicable to such Loan, (y) through an increase in the Applicable Margin for such Loan or (z) any combination of (x) and
(y) above and (E) the other terms and documentation in respect of such Other Loans (except for covenants or other provisions
(i) conformed (or added) in the Loan Documents pursuant to the related Incremental Loan Assumption Agreement for the benefit
of all of the Lenders; provided that (x) in the case of any Class of Incremental Term Loans and Incremental Term
Loan Commitments, “soft-call” provisions may be added solely for the benefit of the Term Lenders and (y) in the
case of any Class of Incremental Revolving Loans and Incremental Revolving Credit Commitments, financial maintenance covenants
may be added solely for the benefit of the Revolving Credit Lenders or (ii) applicable only to periods after the Latest Maturity
Date as of the Incremental Facility Closing Date (collectively the “Additional Covenants”) which may
be added without the consent of any other party)), to the extent not consistent with the Term Facilities or the Revolving Credit
Facilities, as applicable, shall be reasonably satisfactory to the Incremental Arranger; provided that such other terms
and documentation shall be deemed to be reasonably satisfactory to such Incremental Arranger if they reflect market terms and conditions
(taken as a whole) at the time of incurrence of such Other Loans (as determined by the Borrower in good faith)). The Incremental
Arranger shall promptly notify each Lender that has Incremental Loan Commitments and the Borrower as to the effectiveness of each
Incremental Loan Assumption Agreement and each such effective Incremental Loan Assumption Agreement may be provided to the Lenders
and the

 

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Administrative Agent. Notwithstanding anything in Section 9.08 to the contrary, each of the parties hereto hereby
agrees that, upon the effectiveness of any Incremental Loan Assumption Agreement, (i) this Agreement shall be deemed amended
to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Loan Commitment and the
Incremental Loans evidenced thereby including the Additional Covenants, (ii) each Incremental Loan Assumption Agreement may,
without the consent of any other Loan Party, Agent or Lender, effect such amendments to this Agreement and the other Loan Documents
as may be necessary or appropriate, in the reasonable opinion of the applicable Incremental Arranger and the Borrower, to effect
the provisions of this Section 2.22, including to effect technical and corresponding amendments to this Agreement and the
other Loan Documents and (iii) at the option of the Borrower in consultation with the applicable Incremental Arranger, incorporate
terms that would be favorable to existing Lenders of the applicable Class or Classes for the benefit of such existing Lenders
of the applicable Class or Classes, in each case under this clause (iii), so long as the applicable Incremental Arranger reasonably
agrees that such modification is favorable to the applicable Lenders. Incremental Loans and Other Loans shall rank pari passu
in right of payment and security (but without regard to the control of remedies) with the other Obligations under this Agreement,
shall not at any time be guaranteed by any Subsidiary of the Borrower other than Subsidiaries that are Guarantors, and the obligations
in respect thereof shall not be secured by any property or assets of the Borrower or any Restricted Subsidiary other than the Collateral.

 

(c)          Notwithstanding
the foregoing, no Incremental Loan Commitment shall become effective under this Section 2.22 unless on the date of such effectiveness
(or earlier, as determined in accordance with Section 1.05, in the case of an Incremental Loan Assumption Agreement the primary
purpose of which is to finance a Limited Condition Transaction), (i) (x) the representations and warranties set forth
in Article III and in each other Loan Document shall be true and correct in all material respects (or in all respects to the
extent qualified by materiality or Material Adverse Effect) on and as of such date with the same effect as though made on and as
of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects (or in all respects to the extent qualified by
materiality or Material Adverse Effect) on and as of such earlier date; provided that, with respect to any Incremental Loan
Assumption Agreement the primary purpose of which is to finance a Limited Condition Transaction, a Permitted Investment or an acquisition
not prohibited by this Agreement, the condition set forth in this sub-clause (i)(x) shall only be required to the extent included
(and in the form set forth in) in the relevant Incremental Loan Assumption Agreement (and, if included, may be waived by Incremental
Lenders holding more than 50% of the applicable aggregate Incremental Loan Commitments); and (y) no Event of Default shall
have occurred and be continuing; provided that (other than in the case of an Event of Default specified in Section 7.01(a) and
(g)), the condition in this sub-clause (i)(x) may be waived by Incremental Lenders holding more than 50% of the applicable
aggregate Incremental Loan Commitments, and the Administrative Agent shall have received a certificate to that effect dated such
date and executed by a Responsible Officer of the Borrower, (ii) all fees and expenses owing to the Administrative Agent in
respect of such increase shall have been paid, (iii) the Incremental Arranger shall have received legal opinions addressed
to the Incremental Lenders and the Incremental Arranger, board resolutions and other closing certificates reasonably requested
by the Incremental Arranger and consistent with those delivered on the Funding Date under Section 4.02, other than changes
to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion reasonably satisfactory
to the Incremental Arranger and (iv) the

 

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Incremental Arranger shall have received reaffirmation agreements and/or such amendments
to the Security Documents as may be reasonably requested by the Incremental Arranger in order to ensure that such Incremental Lenders
are provided with the benefit of the applicable Loan Documents.

 

(d)          Each
of the parties hereto hereby agrees that the Administrative Agent and the Incremental Arranger, as applicable, may, in consultation
with the Borrower, take any and all action as may be reasonably necessary to ensure that all Incremental Loans (other than Other
Loans), when originally made, are included in each Borrowing of outstanding Loans of the same currency on a pro rata basis.
This may be accomplished by requiring each outstanding Eurodollar Borrowing to be converted into an ABR Borrowing on the date of
each Incremental Loan, or by allocating a portion of each Incremental Loan to each outstanding Eurodollar Borrowing on a pro
rata basis. Any conversion of Eurodollar Loans to ABR Loans required by the preceding sentence (unless, solely with respect
to Incremental Lenders, as otherwise agreed by the Incremental Lenders) shall be subject to Section 2.16. If any Incremental
Loan is to be allocated to an existing Interest Period for a Eurodollar Borrowing, then the interest rate thereon for such Interest
Period and the other economic consequences thereof shall be as set forth in the applicable Incremental Loan Assumption Agreement.
In addition, to the extent any Incremental Loans are not Other Loans and are fungible with any other Class of Term Loans,
the scheduled amortization payments under Section 2.11(a)(i) required to be made to such other Class after the making
of such Incremental Loans may be ratably increased by the aggregate principal amount of such Incremental Loans and may be further
increased for all Lenders of such other Class on a pro rata basis to the extent necessary to avoid any reduction in
the amortization payments to which the Lenders of such other Class were entitled before such recalculation.

 

(e)          Upon
any Incremental Facility Closing Date on which Incremental Revolving Credit Commitments are effected through an increase of an
existing Loan pursuant to this Section 2.22, (i) each of the Revolving Credit Lenders shall assign to each of the Incremental
Revolving Credit Lenders, and each of the Incremental Revolving Credit Lenders shall purchase from each of the Revolving Credit
Lenders, at the principal amount thereof, such interests in the Incremental Revolving Loans outstanding on such Incremental Facility
Closing Date as shall be necessary in order that, after giving effect to all such assignments and purchases, such Revolving Credit
Loans will be held by existing Revolving Credit Lenders and Incremental Revolving Credit Lenders ratably in accordance with their
Revolving Credit Commitments after giving effect to the addition of such Incremental Revolving Credit Commitments to the Revolving
Credit Commitments, (ii) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit
Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and (iii) each Incremental
Revolving Credit Lender shall become a Lender with respect to the Incremental Revolving Credit Commitments and all matters relating
thereto. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in Sections
2.02 and 2.09 of this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentence.

 

(f)          Other
Revolving Credit Loan Commitments may be elected to be included as additional Participating Revolving Credit Commitments under
the applicable Incremental Loan Assumption Agreement, subject to the consent of each Swing Line Lender and each L/C Issuer, and
on the Incremental Facility Closing Date on which such Incremental Revolving Credit

 

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Commitments are effected, all Swing Line Loans
and Letters of Credit shall be participated on a pro rata basis by all Participating Revolving Credit Lenders in accordance
with their percentage of the Participating Revolving Credit Commitments existing after giving effect to such Incremental Loan Assumption
Agreement, provided, such election may be made conditional upon the termination of one or more other Participating Revolving Credit
Commitments.

 

(g)          This
Section 2.22 shall supersede any provisions in Section 2.17 or 9.08 to the contrary.

 

Section 2.23          Extension
Amendments. (a) So long as no Event of Default has occurred and is continuing (after giving effect to any amendments
and/or waivers that are or become effective on the date of the relevant conversion), the Borrower may at any time and from time
to time request that (i) all or a portion of any Class of Term Loans then outstanding selected by the Borrower (the “Original
Term Loans”) and/or (ii) all or a portion of any Class of Revolving Credit Commitments then outstanding
selected by the Borrower (such Revolving Credit Commitments, the “Original Revolving Credit Commitments”,
collectively with the Original Term Loans, an “Original Class”) be converted to extend the maturity date
thereof and to provide for other terms permitted by this Section 2.23 (any portion thereof that have been so extended, the
 “Extended Term Loans” or “Extended Revolving Credit Commitments”, as the case
may be, and collectively, the “Extended Class” and the remainder not so extended, the “Non-Extended
Term Loans” or “Non-Extended Revolving Credit Commitments”, as the case may be, and collectively,
the “Non-Extended Class”); provided that, with the consent of the Administrative Agent, the Extended
Term Loans or Extended Revolving Credit Commitments, as applicable, may be designated as part of an existing Class of Loans.
Prior to entering into any Extension Amendment with respect to any Original Class, the Borrower shall appoint a Person that is
a financial institution or Affiliate thereof to arrange the Extended Term Loans or Extended Revolving Credit Commitments (who may
be (i) the Administrative Agent, or (ii) any other Person appointed by the Borrower in consultation with the Administrative
Agent) (the “Extension Arranger”). The Extension Arranger shall provide a copy of such notice to each
Lender who has Loans or Commitments of the Original Class and the Administrative Agent in such form as approved from time
to time by the Borrower and the applicable Extension Arranger (each, an “Extension Request”) setting
forth the terms of the proposed Extended Class, as applicable, which terms shall be identical to those applicable to the Original
Class, except for Section 2.23 Additional Agreements or as otherwise permitted by this Section 2.23 and except (w) the
maturity date of the Extended Class may be delayed to a date after the Maturity Date of the Original Class, (x) Extended
Term Loans may have different amortization payments than the Original Term Loans; provided that the Weighted Average Life
to Maturity of such Extended Term Loans shall be no shorter than the Weighted Average Life to Maturity of the Original Term Loans
from which they were converted, (y) All-In Yield with respect to any Loans or Commitments of the Extended Class may be
higher or lower than the All-In Yield with respect to any Loans or Commitments of the Original Class and (z) (A) the
Extended Term Loans (i) may participate on a pro rata basis, less than pro rata basis or greater than pro rata
basis in any mandatory prepayment of Term Loans (except that, unless otherwise permitted under this Agreement, such Extended Term
Loans may not participate on a greater than pro rata basis as compared to any earlier maturing Class of Term Loans)
and (ii) may participate on a pro rata basis, less than pro rata basis or greater than pro rata basis
in any voluntary prepayment of Term Loans and (B) the Extended Revolving Credit Commitments (i) shall provide that the
borrowing and repayment (except for (A) payments of interest and fees at

 

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different rates on Extended Revolving Credit Commitments
(and related outstandings), (B) repayments required upon the Maturity Date of the Extended Revolving Credit Commitments and
(C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (ii) below))
of Loans with respect to Extended Revolving Credit Commitments after the associated Extended Facility Closing Date shall be made
on a pro rata basis or less than pro rata basis (but not more than a pro rata basis) with all other Revolving
Credit Commitments then existing on the Extended Facility Closing Date and (ii) may provide that the permanent repayment of
Revolving Credit Loans with respect to, and termination or reduction of, Extended Revolving Credit Commitments after the associated
Extended Facility Closing Date be made on a pro rata basis, less than pro rata basis or greater than pro rata
basis with all other Revolving Credit Commitments. In addition to any other terms and changes required or permitted by this Section 2.23,
each Extension Amendment establishing a Class of Extended Term Loans shall amend the scheduled amortization payments provided
under Section 2.11 with respect to the related Non-Extended Term Loans to reduce each scheduled installment for such Non-Extended
Term Loans to an aggregate amount equal to the product of (A) the original aggregate amount of such installment with respect
to the Original Term Loans, multiplied by (B) a fraction, the numerator of which is the aggregate principal amount of such
related Non-Extended Term Loans and (C) the denominator of which is the aggregate principal amount of such Original Term Loans
prior to the effectiveness of such Extension Amendment (it being understood that the amount of any installment payable with respect
to any individual Non-Extended Term Loan shall not be reduced as a result thereof without the consent of the holder of such individual
Non-Extended Term Loan). No Lender shall have any obligation to agree to have any of its Original Term Loans or Original Revolving
Credit Commitments converted into Extended Term Loans or Extended Revolving Credit Commitments pursuant to any Extension Request.

 

(b)          The
Borrower shall provide the applicable Extension Request at least five Business Days prior to the date on which the applicable Lenders
are requested to respond (or such shorter date as the applicable Extension Arranger may agree). Any Lender wishing to have all
or a portion of its Original Term Loans or Original Revolving Credit Commitments converted into Extended Term Loans or Extended
Revolving Credit Commitments (an “Extending Lender”) shall notify the applicable Extension Arranger (such
notice to be in such form as approved from time to time by the Borrower and the Extension Arranger) (each, an “Extension
Election”) on or prior to the date specified in such Extension Request (which shall in any event be no less than
three Business Days prior to the effectiveness of the applicable Extension Amendment unless otherwise agreed by the Borrower) of
the amount of its Original Term Loans or Original Revolving Credit Commitments that it has elected to convert into Extended Term
Loans or Extended Revolving Credit Commitments. In the event that the aggregate amount of the applicable Original Term Loans or
Original Revolving Credit Commitments subject to Extension Elections exceeds the amount of the applicable Extended Term Loans or
Extended Revolving Credit Commitments requested pursuant to the Extension Request, the applicable Original Term Loans or Original
Revolving Credit Commitments subject to such Extension Elections shall be converted to Extended Term Loans or Extended Revolving
Credit Commitments on a pro rata basis based on the amount of the applicable Original Term Loans or Original Revolving Credit
Commitments included in each such Extension Election.

 

(c)          Subject
to the requirements of this Section 2.23, an Extended Class may be established pursuant to a supplement (which shall
set forth the effective date of such extension) to

 

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this Agreement (which, except to the extent otherwise expressly contemplated
by this Section 2.23(c), shall require the consent only of the Lenders who elect to make the Extended Term Loans or Extended
Revolving Credit Commitments established thereby) in such form as approved from time to time by the Borrower and the applicable
Extension Arranger in the reasonable exercise of such applicable Person’s discretion (each, an “Extension Amendment”)
executed by the Loan Parties, the applicable Extension Arranger and the Extending Lenders, so long as (i) no Default or Event
of Default has occurred and is continuing (after giving effect to any amendments and/or waivers that are or become effective on
the date that such Extended Term Loans are established) and (ii) the applicable Extension Arranger shall have received legal
opinions addressed to such Extension Arranger and the Extending Lenders, board resolutions and other closing certificates reasonably
requested by the applicable Extension Arranger and consistent with those delivered on the Funding Date under Section 4.02,
other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion
reasonably satisfactory to the applicable Extension Arranger (the date on which such conditions, together with any other conditions
set forth in the Extension Amendment, are satisfied shall be referred to as the “Extended Facility Closing Date”).

 

(d)          Any
Extension Amendment may provide for additional terms, including different covenants and call protection (other than those referred
to or contemplated in this Section 2.23) (each, a “Section 2.23 Additional Agreement”) to this
Agreement and the other Loan Documents; provided that no such Section 2.23 Additional Agreement shall become effective
prior to the time that such Section 2.23 Additional Agreement has been consented to by such of the Lenders, Loan Parties and
other parties (if any) as would be required (including under the requirements of Section 9.08) if such Section 2.23 Additional
Agreement were a separate and independent amendment of this Agreement.

 

(e)          Notwithstanding
anything to the contrary in Section 9.08, (i) each Extension Amendment may, without the consent of any other Loan Party,
Agent or Lender, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
reasonable opinion of the applicable Extension Arranger and the Borrower, to effect the provisions of this Section 2.23, including
to effect technical and corresponding amendments to this Agreement and the other Loan Documents and (ii) at the option of
the Borrower in consultation with the applicable Extension Arranger incorporate terms that would be favorable to existing Lenders
of the applicable Class or Classes for the benefit of such existing Lenders of the applicable Class or Classes, in each
case under this clause (ii), so long as the applicable Extension Arranger reasonably agrees that such modification is favorable
to the applicable Lenders.

 

(f)          This
Section 2.23 shall supersede any provisions in Section 2.17 or 9.08 (other than in the case of paragraph(e) above)
to the contrary.

 

Section 2.24          Refinancing
Amendments. (a) Refinancing Commitments. The Borrower may, at any time or from time to time, by notice to any
Person appointed by the Borrower to arrange Refinancing Commitments (such Person (who may be (i) the Administrative Agent,
if it so agrees, or (ii) any other Person appointed by the Borrower in consultation with the Administrative Agent, the “Refinancing
Arranger”, and together with any Incremental Arranger and any Extension Arranger, the “Additional Arranger”)
(a “Refinancing Loan Request”), request (A) a new Class of term loans (any such commitment
to make sure new Loans,

 

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“Refinancing Term Commitments”) or (B) the establishment of a new Class of
revolving credit commitments (any such new Class, “Refinancing Revolving Credit Commitments” and collectively
with any Refinancing Term Commitments, “Refinancing Commitments”), in each case, established in exchange
for, or to extend, renew, replace, repurchase, retire or refinance, in whole or in part, any Class of existing Loans or Commitments
(with respect to a particular Refinancing Commitment or Refinancing Loan, such existing Loans or Commitments, “Refinanced
Debt”), whereupon the Refinancing Arranger shall promptly deliver a copy to each of the Lenders and the Administrative
Agent.

 

(b)          Refinancing
Loans. Each Class of Refinancing Loans made on any Refinancing Facility Closing Date shall be designated a separate Class of
Loans for all purposes of this Agreement; provided that, with the consent of the Administrative Agent, Refinancing Loans
may be designated as part of an existing Class of Loans. On any Refinancing Facility Closing Date on which any Refinancing
Term Commitments of any Class are effected, subject to the satisfaction of the terms and conditions in this Section 2.24,
(i) each Refinancing Term Lender of such Class shall make a Loan to the Borrower (a “Refinancing Term Loan”)
in an amount equal to its Refinancing Term Commitment of such Class and (ii) each Refinancing Term Lender of such Class shall
become a Lender hereunder with respect to the Refinancing Term Commitment of such Class and the Refinancing Term Loans of
such Class made pursuant thereto. On any Refinancing Facility Closing Date on which any Refinancing Revolving Credit Commitments
of any Class are effected, subject to the satisfaction of the terms and conditions in this Section 2.24, (A) each
Refinancing Revolving Credit Lender of such Class shall make its Commitment available to the Borrower (when borrowed, a “Refinancing
Revolving Loan” and collectively with any Refinancing Term Loan, a “Refinancing Loan”)
in an amount equal to its Refinancing Revolving Credit Commitment of such Class and (B) each Refinancing Revolving Credit
Lender of such Class shall become a Lender hereunder with respect to the Refinancing Revolving Credit Commitment of such Class and
the Refinancing Revolving Loans of such Class made pursuant thereto.

 

(c)          Refinancing
Loan Request. Each Refinancing Loan Request from the Borrower pursuant to this Section 2.24 shall set forth the requested
amount and proposed terms of the relevant Refinancing Term Loans or Refinancing Revolving Credit Commitments. Refinancing Term
Loans may be made, and Refinancing Revolving Credit Commitments may be provided, by any existing Lender (but no existing Lender
will have an obligation to make any Refinancing Commitment, nor will the Borrower have any obligation to approach any existing
Lender to provide any Refinancing Commitment) or by any Additional Lender (each such existing Lender or Additional Lender providing
such Commitment or Loan, a “Refinancing Revolving Credit Lender” or “Refinancing Term Lender”
as applicable, and, collectively, “Refinancing Lenders”); provided that (i) the Administrative
Agent shall have consented (not to be unreasonably withheld or delayed) to such Additional Lender’s making such Refinancing
Term Loans or providing such Refinancing Revolving Credit Commitments, to the extent such consent, if any, would be required under
Section 9.04 for an assignment of Term Loans or Revolving Credit Commitments, as applicable, to such Lender or Additional
Lender, (ii) with respect to Refinancing Term Commitments, any Affiliated Lender providing a Refinancing Term Commitment shall
be subject to the same restrictions set forth in Section 9.04 as they would otherwise be subject to with respect to any purchase
by or assignment to such Affiliated Lender of Term Loans and (iii) Affiliated Lenders may not provide Refinancing Revolving
Credit Commitments.

 

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(d)          Effectiveness
of Refinancing Amendment. The effectiveness of any Refinancing Amendment, and the Refinancing Commitments thereunder, shall
be subject to the satisfaction on the date thereof (a “Refinancing Facility Closing Date”) of each of
the following conditions, together with any other conditions set forth in the Refinancing Amendment:

 

(i)            unless
otherwise agreed by the Refinancing Arranger, each Refinancing Commitment shall be in an aggregate principal amount that is not
less than $25,000,000 and shall be in an increment of $1,000,000 (provided that such amount may be less than $25,000,000,
and not in an increment of $1,000,000, if such amount is equal to the entire outstanding principal amount of Refinanced Debt);
and

 

(ii)           to
the extent reasonably requested by the Refinancing Arranger, receipt by the Refinancing Arranger of (A) customary legal opinions,
board resolutions and officers’ certificates consistent with those delivered on the Funding Date (conformed as appropriate)
other than changes to such legal opinions resulting from a change in law, change in fact or change to counsel’s form of opinion
reasonably satisfactory to the Refinancing Arranger and (B) reaffirmation agreements and/or such amendments to the Security
Documents as may be reasonably requested by the Refinancing Arranger in order to ensure that such Refinancing Lenders are provided
with the benefit of the applicable Loan Documents.

 

(e)          Required
Terms. The terms, provisions and documentation of the Refinancing Term Loans and Refinancing Term Commitments or the Refinancing
Revolving Loans and Refinancing Revolving Credit Commitments, as the case may be, of any Class shall be as agreed between
the Borrower and the applicable Refinancing Lenders providing such Refinancing Commitments, and except as otherwise set forth herein,
to the extent not identical to any Class of Term Loans or Revolving Credit Commitments, as applicable, each existing on the
Refinancing Facility Closing Date, shall be consistent with clauses (i)(A)-(G) below, as applicable and (i) reflect market
terms and conditions (taken as a whole) at the time of incurrence of such Indebtedness (as determined by the Borrower in good faith)
or (ii) otherwise reasonably satisfactory to the Refinancing Arranger (except for covenants or other provisions (i) conformed
(or added) in the Loan Documents pursuant to the related Refinancing Amendment, (x) in the case of any Class of Refinancing
Term Loans and Refinancing Term Commitments, for the benefit of the Term Lenders and (y) in the case of any Class of
Refinancing Revolving Loans and Refinancing Revolving Credit Commitments, for the benefit of the Revolving Credit Lenders or (ii) applicable
only to periods after the Latest Maturity Date as of the Refinancing Facility Closing Date) which may be added without the consent
of any other party.

 

In any event, (i) the
Refinancing Term Loans:

 

(A)          as
of the Refinancing Facility Closing Date, shall not have a final scheduled maturity date earlier than the Maturity Date of the
Refinanced Debt,

 

(B)          as
of the Refinancing Facility Closing Date, shall not have a Weighted Average Life to Maturity shorter than the remaining Weighted
Average Life to Maturity of the Refinanced Debt,

 

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(C)          shall
have an interest rate (which may be fixed or variable), margin (if any) and interest rate floor (if any), and subject to clause
(e)(i)(B) above, amortization determined by the Borrower and the applicable Refinancing Term Lenders,

 

(D)          shall
have fees determined by the Borrower and the applicable Refinancing Arrangers,

 

(E)          (1) may
participate on a pro rata basis, less than pro rata basis or greater than pro rata basis (except that, unless
otherwise permitted under this Agreement, such Refinancing Term Loans may not participate on a greater than a pro rata basis
as compared to any earlier maturing Class of Term Loans) in any mandatory prepayments of Term Loans and (2) may participate
on a pro rata basis, less than pro rata basis or greater than pro rata basis in any voluntary prepayment of
Term Loans,

 

(F)          shall
not have a greater principal amount than the principal amount of the Refinanced Debt plus accrued but unpaid interest, fees, premiums
(if any) and penalties thereon and reasonable fees, expenses, OID and upfront fees associated with the refinancing, and

 

(G)          shall
rank pari passu in right of payment and security (but without regard to the control of remedies) with the other Obligations
under this Agreement, shall not at any time be guaranteed by any Subsidiary of the Borrower other than Subsidiaries that are Guarantors,
and the obligations in respect thereof shall not be secured by any property or assets of the Borrower or any Restricted Subsidiary
other than the Collateral; and

 

(ii)           the
Refinancing Revolving Credit Commitments and Refinancing Revolving Loans:

 

(A)          shall
rank pari passu in right of payment and security (but without regard to the control of remedies) with the other Obligations
under this Agreement, shall not at any time be guaranteed by any Subsidiary of the Borrower other than Subsidiaries that are Guarantors,
and the obligations in respect thereof shall not be secured by any property or assets of the Borrower or any Restricted Subsidiary
other than the Collateral,

 

(B)          shall
not have a final scheduled maturity date or commitment reduction date earlier than the Maturity Date or commitment reduction date,
respectively, with respect to the Refinanced Debt and shall not have any scheduled amortization or mandatory Commitment reductions
prior to the maturity date of the Refinanced Debt,

 

(C)          shall
provide that the borrowing and repayment (except for (1) payments of interest and fees at different rates on Refinancing Revolving
Credit Commitments (and related outstandings), (2) repayments required upon the Maturity Date of the Refinancing Revolving
Credit Commitments and

 

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(3) repayment made in connection with a permanent repayment and termination of commitments (subject
to clause (E) below)) of Loans with respect to Refinancing Revolving Credit Commitments after the associated Refinancing Facility
Closing Date shall be made on a pro rata basis or less than a pro rata basis (but not more than a pro rata
basis) with all other Revolving Credit Commitments then existing on the Refinancing Facility Closing Date,

 

(D)          may
be elected to be included as additional Participating Revolving Credit Commitments under the Refinancing Amendment, subject to
the consent of each Swing Line Lender and each L/C Issuer, and on the Refinancing Facility Closing Date all Swing Line Loans and
Letters of Credit shall be participated on a pro rata basis by all Participating Revolving Credit Lenders in accordance
with their percentage of the Participating Revolving Credit Commitments existing after giving effect to such Refinancing Amendment,
provided, such election may be made conditional upon the termination of one or more other Participating Revolving Credit
Commitments,

 

(E)          may
provide that the permanent repayment of Revolving Credit Loans with respect to, and termination or reduction of, Refinancing Revolving
Credit Commitments after the associated Refinancing Facility Closing Date be made on a pro rata basis, less than pro
rata basis or greater than pro rata basis with all other Revolving Credit Commitments,

 

(F)          shall
provide that assignments and participations of Refinancing Revolving Credit Commitments and Refinancing Revolving Loans shall be
governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and Revolving Credit Loans
then existing on the Refinancing Facility Closing Date,

 

(G)          shall
have an interest rate (which may be fixed or variable), margin (if any) and interest rate floor (if any), determined by the Borrower
and the applicable Refinancing Revolving Credit Lenders,

 

(H)          shall
have fees determined by the Borrower and the applicable Refinancing Arrangers, and

 

(I)           shall
not have a greater principal amount of Commitments than the principal amount of the Commitments of the Refinanced Debt plus accrued
but unpaid interest, fees, premiums (if any) and penalties thereon and reasonable fees, expenses, OID and upfront fees associated
with the refinancing.

 

(f)          Refinancing
Amendment. Commitments in respect of Refinancing Term Loans and Refinancing Revolving Credit Commitments shall become additional
Commitments pursuant to an amendment (a “Refinancing Amendment”) to this Agreement and, as appropriate,
the other Loan Documents, executed by the Borrower, each Refinancing Lender providing such Commitments, and the Refinancing Arranger.
The Refinancing Amendment may, without the consent of other Loan Party, Agent or Lender, (i) effect such amendments to this
Agreement and

 

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the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Refinancing Arranger
and the Borrower, to effect the provisions of this Section 2.24, including amendments as deemed necessary by the Refinancing
Arranger in consultation with the Administrative Agent in its reasonable judgment to address technical issues relating to funding
and payments, including adjusting Interest Periods and other provisions to allow such Refinancing Loans to be part of an Existing
Class of Loans and (ii) at the option of the Borrower in consultation with the applicable Refinancing Arranger, incorporate
terms that would be favorable to existing Lenders of the applicable Class or Classes for the benefit of such existing Lenders
of the applicable Class or Classes, in each case under this clause (ii), so long as the applicable Refinancing Arranger reasonably
agrees that such modification is favorable to the applicable Lenders. The Borrower will use the proceeds of the Refinancing Term
Loans and Refinancing Revolving Credit Commitments to extend, renew, replace, repurchase, retire or refinance the applicable Refinanced
Debt no later than the later to occur of (a) five Business Days following the incurrence of such Refinancing Term Loans or
Refinancing Revolving Credit Commitments and (b) the last day of the interest period applicable to the loans outstanding in
respect of such Refinanced Debt.

 

(g)          This
Section 2.24 shall supersede any provisions in Section 2.17 or 9.08 to the contrary.

 

Section 2.25          Defaulting
Lenders. 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:

 

(a)          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 Section 9.08.

 

(b)          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 Article VII or otherwise), 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, as the Borrower may request (so long as no Default or Event of Default
has occurred and is continuing), 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; third, if so determined by the Administrative
Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that
Defaulting Lender to fund Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result
of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as no Default or Event of Default
has occurred and is continuing, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; and sixth, 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 in respect of which
that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions
set forth in Sections 4.02 or 4.03, as applicable, were satisfied or waived, such payment shall be applied solely to pay the Loans

 

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of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of that Defaulting
Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts
owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents
hereto.

 

(c)          During
any period in which there is a Defaulting Lender, such Defaulting Lender’s participation Letters of Credit and Swingline
Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without
regard to such Defaulting Lender’s Commitment); provided that after giving effect to such reallocation, each Non-Defaulting
Lender’s Revolving Credit Exposure shall not exceed (i) the Participating Revolving Credit Commitment of that Non-Defaulting
Lender minus (ii) the sum of (A) the aggregate Outstanding Amount of the Loans of that Non-Defaulting Lender under such
Participating Revolving Credit Commitments plus (B) such Non-Defaulting Lender’s Pro Rata Share of the Outstanding Amount
of L/C Obligations and Swing Line Obligations at such time. Subject to Section 9.22, no reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from the 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.

 

(d)          If
the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender should no longer be
deemed to be 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, that Lender will, to the extent applicable, purchase
that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to
be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Share of
Commitments, 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 the Borrower while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender
to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been
a Defaulting Lender.

 

Section 2.26          Letters
of Credit. (a) The Letter of Credit Commitment. (i) Subject to the terms and conditions set forth herein,
(A) each L/C Issuer agrees, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this Section 2.26,
(1) from time to time on any Business Day during the period from and including the Closing Date until the Letter of Credit
Expiration Date, to issue Letters of Credit at sight denominated in Dollars for the account of the Borrower (or so long as the
Borrower is the primary obligor, for the account of any Subsidiary or the Parent Guarantor) and to amend or renew Letters of Credit
previously issued by it, in accordance with Section 2.26(b) and (2) to honor drawings under the Letters of Credit
and (B) the Participating Revolving Credit Lenders severally agree to participate in Letters of Credit issued pursuant to
this Section 2.26; provided that no L/C Issuer shall be obligated to issue trade or commercial Letters of Credit; and
provided, further, that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter
of Credit, and no Lender shall be obligated to participate in any Letter of Credit if as of the date of such L/C Credit Extension,
(x) 

 

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the Revolving Credit Exposure of any Revolving Credit Lender under its Participating Revolving Credit Commitments would
exceed its Participating Revolving Credit Commitments (it being understood that with respect to a Swing Line Lender, its Swing
Line Exposure for purposes of this clause (x) shall be deemed to be its Pro Rata Share (after giving effect when a Defaulting
Lender shall exist to any reallocation effected in accordance with Section 2.25(c)) of the total Swing Line Exposure), (y) with
respect to any Swing Line Lender that is a Participating Revolving Credit Lender, the aggregate of its Swing Line Exposure (in
its capacity as a Swing Line Lender and a Revolving Credit Lender), plus the aggregate principal amount of its outstanding
Revolving Credit Loans (in its capacity as a Revolving Credit Lender), plus its L/C Exposure would exceed its Revolving
Credit Commitment or (z) the Outstanding Amount of the L/C Obligations would exceed the Letter of Credit Sublimit; provided,
further, that no L/C Issuer shall be obligated to make any L/C Credit Extension with respect to any Letter of Credit if
as of the date of such L/C Credit Extension, after such L/C Credit Extension, the Outstanding Amount of the L/C Obligations in
respect of Letters of Credit issued by such L/C Issuer would exceed such L/C Issuer’s Letter of Credit Issuer Sublimit. Within
the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit
shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters
of Credit that have expired or that have been drawn upon and reimbursed.

 

(ii)           An
L/C Issuer shall be under no obligation to issue any Letter of Credit if:

 

(A)          any
order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such L/C
Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or direct that such L/C Issuer
refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C
Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not
otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such L/C Issuer any unreimbursed loss,
cost or expense which was not applicable on the Effective Date (for which such L/C Issuer is not otherwise compensated hereunder);

 

(B)          subject
to Section 2.26(b)(iii), the expiry date of such requested Letter of Credit would occur more than 12 months after the date
of issuance or then-current expiration date unless (1) each Appropriate Lender has approved of such expiration date or (2) the
Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit has been Cash Collateralized or back-stopped
by a letter of credit reasonably satisfactory to such L/C Issuer;

 

(C)          (1) the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless (I) each Appropriate
Lender has approved such expiry date or (II) the Outstanding Amount of L/C Obligations in respect of such requested Letter
of Credit has been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to such L/C Issuer and the

 

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Administrative Agent or (2) at any time when there is more than one Maturity Date in effect in respect of Revolving Credit
Commitments, there are not sufficient Participating Revolving Credit Commitments maturing more than five Business Days after the
expiry date of such requested Letter of Credit to cover the L/C Obligations in respect of such Letter of Credit (after taking into
account all other outstanding Letters of Credit and their respective expiry dates), unless (I) each Appropriate Lender has
approved such expiry date or (II) the Outstanding Amount of L/C Obligations in respect of such requested Letter of Credit
has been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to such L/C Issuer and the Administrative
Agent;

 

(D)          the
issuance of such Letter of Credit would violate any policies of the L/C Issuer applicable to letters of credit generally;

 

(E)          any
Participating Revolving Credit Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements
reasonably satisfactory to it and the Borrower to eliminate such L/C Issuer’s actual or potential Fronting Exposure (after
giving effect to Section 2.25(c)) with respect to the participation in Letters of Credit by such Defaulting Lender, including
by cash collateralizing such Defaulting Lender’s Pro Rata Share of the L/C Obligations;

 

(F)          such
Letter of Credit is denominated in a currency other than an Available Currency; or

 

(G)          such
Letter of Credit is a trade letter of credit or a bank guarantee.

 

(iii)          An
L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such
time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit.

 

(b)            Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. (i) Each Letter of Credit shall be
issued or amended, as the case may be, upon the request of the Borrower delivered to an L/C Issuer (with a copy to the Administrative
Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower.
Such Letter of Credit Application must be received by the relevant L/C Issuer and the Administrative Agent not later than 12:30
p.m., New York City time, at least two Business Days prior to the proposed issuance date or date of amendment, as the case may
be; or, in each case, such later date and time as the relevant L/C Issuer may agree in a particular instance in its sole discretion.
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 reasonably satisfactory to the relevant L/C Issuer: (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 Available Currency
in which the requested Letter of Credit is

 

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to be issued will be denominated; and (H) such other matters as the relevant L/C
Issuer may reasonably request. 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 reasonably satisfactory to the relevant L/C Issuer (1) the Letter of Credit to
be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed
amendment; and (4) such other matters as the relevant L/C Issuer may reasonably request.

 

(ii)           Promptly
after receipt of any Letter of Credit Application, the relevant L/C Issuer 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 the Borrower and, if
not, such L/C Issuer will provide the Administrative Agent with a copy thereof. Upon receipt by the relevant L/C Issuer of confirmation
from the Administrative Agent that the requested issuance or amendment is permitted in accordance with the terms hereof, then,
subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account
of the Borrower (and, if applicable, its applicable Subsidiary) or enter into the applicable amendment, as the case may be. Immediately
upon the issuance of each Letter of Credit, each Participating Revolving Credit Lender shall be deemed to, and hereby irrevocably
and unconditionally agrees to, purchase from the relevant L/C Issuer a risk participation in such Letter of Credit in an amount
equal to the product of such Lender’s Pro Rata Share times the stated amount of such Letter of Credit.

 

(iii)          If
the Borrower so requests in any applicable Letter of Credit Application, the relevant L/C Issuer shall 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 relevant L/C Issuer to prevent any such extension at least once in
each 12-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 12-month period to be agreed
upon at the time such Letter of Credit is issued. Unless otherwise directed by the relevant L/C Issuer, the Borrower shall not
be required to make a specific request to the relevant L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit
has been issued, the Lenders shall be deemed to have authorized (but may not require) the relevant L/C Issuer to permit the extension
of such Letter of Credit at any time to an expiry date that is, unless the Outstanding Amount of L/C Obligations in respect of
such requested Letter of Credit has been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to the
relevant L/C Issuer, not later than the Letter of Credit Expiration Date; provided that the relevant L/C Issuer shall not
permit any such extension if (A) the relevant L/C Issuer has determined that it would not be permitted at such time to issue
such Letter of Credit in its extended form under the terms hereof (by reason of the provisions of Section 2.26(a)(ii) or
otherwise) or (B) it has received notice on or before the day that is seven Business Days before the Non-extension Notice
Date from the Administrative Agent, any Participating Revolving Credit Lender or the Borrower that one or more of the applicable
conditions specified in Section 4.03 is not then satisfied.

 

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(iv)          Promptly
after issuance of any Letter of Credit or any amendment to a Letter of Credit, the relevant L/C Issuer will also deliver to the
Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

 

(c)          Drawings
and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice
of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower and the Administrative Agent
thereof. Not later than 12:00 noon, New York City time, on the second Business Day following any payment by an L/C Issuer under
a Letter of Credit with notice to the Borrower (each such date, an “Honor Date”), the Borrower shall
reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in Dollars; provided
that if such reimbursement is not made on the date of drawing, the Borrower shall pay interest to the relevant L/C Issuer on such
amount at the rate applicable to ABR Loans under the applicable Participating Revolving Credit Commitments (without duplication
of interest payable on L/C Borrowings). The L/C Issuer shall notify the Borrower of the amount of the drawing promptly following
the determination or revaluation thereof. If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative
Agent shall promptly notify each Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Appropriate Lender’s Pro Rata Share or other applicable share provided for
under this Agreement thereof. In such event, the Borrower shall be deemed to have requested a Revolving Credit Borrowing of ABR
Loans under the Participating Revolving Credit Commitments 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 2.02 for the principal amount of ABR Loans or Eurodollar
Loans, as the case may be, but subject to the amount of the unutilized portion of the Participating Revolving Credit Commitments
of the Appropriate Lenders and the conditions set forth in Section 4.03 (other than the delivery of a Borrowing Request).
Any notice given by an L/C Issuer or the Administrative Agent pursuant to this Section 2.26(c)(i) 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.

 

(ii)           Each
Appropriate Lender (including any Lender acting as an L/C Issuer) shall upon any notice pursuant to Section 2.26(c)(i) make
funds available to the Administrative Agent for the account of the relevant L/C Issuer in Dollars, at the Administrative Agent’s
office for payments in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m., New York City
time, on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.26(c)(iii),
each Appropriate Lender that so makes funds available shall be deemed to have made an ABR Loan under the Participating Revolving
Credit Commitments to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the relevant L/C
Issuer.

 

(iii)          With
respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of ABR Loans because the conditions
set forth in Section 4.03 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from
the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing
shall be due and payable on demand (together with interest) and shall bear interest at the rate calculated

 

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pursuant to Section 2.07.
In such event, each Appropriate Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant
to Section 2.26(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute
an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.26.

 

(iv)          Until
each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.26(c) to reimburse
the relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Pro Rata Share
of such amount shall be solely for the account of the relevant L/C Issuer.

 

(v)           Each
Participating Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse an L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.26(c), 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 relevant L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default or an Event of Default; (C) any adverse change in the condition (financial or otherwise)
of the Loan Parties; (D) any breach of this Agreement or any other Loan Document by the Borrower, any other Loan Party or
any other L/C Issuer; or (E) any other circumstance, occurrence, event or condition, whether or not similar to any of the
foregoing; provided that each Participating Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant
to this Section 2.26(c) is subject to the conditions set forth in Section 4.03 (other than delivery by the Borrower
of a Borrowing Request). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse
the relevant L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest
as provided herein.

 

(vi)          If
any Participating Revolving Credit Lender fails to make available to the Administrative Agent for the account of the relevant L/C
Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.26(c) by
the time specified in Section 2.26(c)(ii), such L/C Issuer 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 such L/C Issuer at the Bank Rate. A certificate of the relevant L/C Issuer
submitted to any Participating Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under
this Section 2.26(c)(vi) shall be conclusive absent manifest error.

 

(d)          Repayment
of Participations. (i) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received
from any Participating Revolving Credit Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.26(c),
the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount
or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by
the Administrative Agent), the Administrative Agent will distribute to such Lender its Pro Rata Share thereof (appropriately

 

    	 	102	 

     

    

 

adjusted
to reflect (x) any reallocation effected in accordance with Section 2.25(c) and (y) in the case of interest
payments, the period of time during which such Lender’s L/C Advance was outstanding) in the amount received by the Administrative
Agent.

 

(ii)           If
any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.26(c)(i) is required
to be returned under any of the circumstances described in Section 9.06 (including pursuant to any settlement entered into
by such L/C Issuer in its discretion), each Appropriate Lender shall pay to the Administrative Agent for the account of such L/C
Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Lender, at the Bank Rate.

 

(e)          Obligations
Absolute. The obligation of the Borrower to reimburse the relevant L/C Issuer for each drawing under each Letter of Credit
issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

 

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

 

(ii)           the
existence of any claim, counterclaim, setoff, defense or other right that any Loan Party may have at any time against any beneficiary
or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting),
the relevant L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or
by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)          any
draft, demand, certificate or other document presented under such 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; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)          any
payment by the relevant L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly
comply with the terms of such Letter of Credit; or any payment made by the relevant L/C Issuer under such Letter of Credit to any
Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver
or other representative of or successor to any beneficiary or any transferee of such Letter of Credit;

 

(v)           any
exchange, release or non-perfection of any Collateral, or any release or amendment or waiver of or consent to departure from the
Guaranty or any other guarantee, for all or any of the Obligations of any Loan Party in respect of such Letter of Credit; or

 

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(vi)          any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, any Loan Party;

 

provided that the foregoing
shall not excuse any L/C Issuer from liability to Borrower to the extent of any direct damages (as opposed to consequential, punitive,
special or exemplary damages, claims in respect of which are waived by the Borrower to the extent permitted by applicable Law)
suffered by the Borrower that are caused by such L/C Issuer’s gross negligence or willful misconduct as determined in a final
and non-appealable judgment by a court of competent jurisdiction when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof.

 

(f)          Role
of L/C Issuers. Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the relevant L/C Issuer
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 L/C Issuers, nor any of the respective correspondents, participants
or assignees of any L/C Issuer 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 Lenders or the Lenders holding a majority of the Participating Revolving Credit Commitments,
as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in
a final and non-appealable judgment by a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity
or enforceability of any document or instrument related to any Letter of Credit or Letter of Credit Application. The 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 the Borrower’s pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuers, nor any of the respective
correspondents, participants or assignees of any L/C Issuer, shall be liable or responsible for any of the matters described in
clauses (i) through (vi) of Section 2.26(e); provided that anything in such clauses to the contrary notwithstanding,
the Borrower may have a claim against an L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only
to the extent, of any direct, as opposed to consequential, punitive or exemplary, damages suffered by the Borrower which the Borrower
proves were caused by such L/C Issuer’s willful misconduct or gross negligence or such L/C Issuer’s willful or grossly
negligent failure to pay under any Letter of Credit after the presentation to it by the beneficiary of document(s) strictly
complying with the terms and conditions of a Letter of Credit, in each case as determined in a final and non-appealable judgment
by a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, each L/C Issuer may accept documents
that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information
to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning
or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in
part, which may prove to be invalid or ineffective for any reason.

 

(g)          Cash
Collateral. (i) If, as of any Letter of Credit Expiration Date, any applicable Letter of Credit for any reason remains
outstanding and partially or wholly undrawn, (ii) if any

 

    	 	104	 

     

    

 

Event of Default occurs and is continuing and the Administrative
Agent or the Lenders holding a majority of the Participating Revolving Credit Commitments, as applicable, require the Borrower
to Cash Collateralize the L/C Obligations pursuant to Section 7.01 or (iii) if an Event of Default set forth under Section 7.01(g) occurs
and is continuing, the Borrower shall Cash Collateralize the then Outstanding Amount of all of its (or, in the case of clause (i),
the applicable) L/C Obligations (in an amount equal to such Outstanding Amount determined as of the date of such Event of Default
or the applicable Letter of Credit Expiration Date, as the case may be), and shall do so not later than 2:00 p.m., New York City
time, on (x) in the case of the immediately preceding clauses (i) or (ii), (A) the Business Day that the Borrower
receives notice thereof, if such notice is received on such day prior to 12:00 noon, New York City time, or (B) if clause
(A) above does not apply, the Business Day immediately following the day that the Borrower receives such notice and (y) in
the case of the immediately preceding clause (iii), the Business Day on which an Event of Default set forth under Section 7.01(g) occurs
or, if such day is not a Business Day, the Business Day immediately succeeding such day. At any time that there shall exist a Defaulting
Lender, immediately upon the request of the Administrative Agent, the L/C Issuer or the Swing Line Lender, the Borrower shall deliver
to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.25
and any Cash Collateral provided by the Defaulting Lender). For purposes hereof, “Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the relevant L/C Issuer and the Appropriate
Lenders, as collateral for the relevant L/C Obligations, cash or deposit account balances (“Cash Collateral”)
pursuant to documentation in form, amount and substance reasonably satisfactory to the Administrative Agent and the relevant L/C
Issuer (which documents are hereby consented to by the Appropriate Lenders). Derivatives of such term have corresponding meanings.
The Borrower hereby grants to the Administrative Agent, for the benefit of the L/C Issuers and the Participating Revolving Credit
Lenders, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash
Collateral shall be maintained in blocked accounts at the Administrative Agent and may be invested in readily available Cash Equivalents.
If at any time the Administrative Agent determines that any funds held as Cash Collateral are expressly subject to any right or
claim of any Person other than the Administrative Agent (on behalf of the Secured Parties) or that the total amount of such funds
is less than the aggregate Outstanding Amount of all relevant L/C Obligations, the Borrower will, forthwith upon demand by the
Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the deposit accounts at
the Administrative Agent as aforesaid, an amount equal to the excess of (1) such aggregate Outstanding Amount over (2) the
total amount of funds, if any, then held as Cash Collateral that the Administrative Agent reasonably determines to be free and
clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral,
such funds shall be applied, to the extent permitted under applicable Law, to reimburse the relevant L/C Issuer. To the extent
the amount of any Cash Collateral exceeds the then Outstanding Amount of such L/C Obligations and so long as no Event of Default
has occurred and is continuing, the excess shall be refunded to the Borrower. To the extent any Event of Default giving rise to
the requirement to Cash Collateralize any Letter of Credit pursuant to this Section 2.26(g) is cured or otherwise waived,
then so long as no other Event of Default has occurred and is continuing, all Cash Collateral pledged to Cash Collateralize such
Letter of Credit shall be refunded to the Borrower. 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

 

    	 	105	 

     

    

 

 

than the applicable Fronting Exposure and other obligations secured thereby, the 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. In addition, the Administrative Agent may request at any
time and from time to time after the initial deposit of Cash Collateral that additional Cash Collateral be provided by the Borrower
in order to protect against the results of exchange rate fluctuations with respect to Letters of Credit denominated in currencies
other than Dollars.

 

(h)          Letter
of Credit Fees. The Borrower shall pay to the Administrative Agent for the account of each Participating Revolving Credit Lender
in accordance with its Pro Rata Share a Letter of Credit fee for each Letter of Credit issued pursuant to this Agreement equal
to the Applicable Margin then in effect for Eurodollar Loans that are Revolving Credit Loans times the daily maximum amount then
available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit
if such maximum amount increases periodically pursuant to the terms of such 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 as to which such Defaulting
Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this Section 2.26 shall be payable, to
the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in their respective
Pro Rata Share allocable to such Letter of Credit pursuant to Section 2.25, with the balance of such fee, if any, payable
to the L/C Issuer for its own account. Such Letter of Credit fees shall be computed on a quarterly basis in arrears. Such Letter
of Credit fees shall be due and payable in Dollars on the 15th day of each of April, July, October and January, commencing
with the first such date to occur after the issuance of such Letter of Credit, on the applicable Letter of Credit Expiration Date
and thereafter on demand; provided that if any such day is not a Business Day, payment shall be due on the next succeeding
Business Day. If there is any change in the applicable Rate during any quarter, the daily maximum amount of each Letter of Credit
shall be computed and multiplied by the applicable Rate separately for each period during such quarter that such applicable Rate
was in effect.

 

(i)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuers. The Borrower shall pay directly to each L/C Issuer for its
own account a fronting fee with respect to each Letter of Credit issued by it equal to 0.125% per annum of the maximum amount available
to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit if such
maximum amount increases periodically pursuant to the terms of such Letter of Credit). Such fronting fees shall be computed on
a quarterly basis in arrears. Such fronting fees shall be due and payable in Dollars on the 15th day of each of April,
July, October and January, 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; provided that if any such day is not a Business Day, payment
shall be due on the next succeeding Business Day. In addition, the Borrower shall pay directly to each L/C Issuer for its own account
with respect to each Letter of Credit the customary issuance, presentation, amendment and other processing fees, and other standard
costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard
costs and charges are due and payable within 10 Business Days of demand and are non-refundable.

 

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(j)          Conflict
with Letter of Credit Application. Notwithstanding anything else to the contrary in this Agreement or any Letter of Credit
Application, in the event of any conflict between the terms hereof and the terms of any Letter of Credit Application, the terms
hereof shall control.

 

(k)          Addition
or Replacement of an L/C Issuer.

 

(i)          A
Revolving Credit Lender reasonably acceptable to the Borrower and the Administrative Agent may become an additional L/C Issuer
hereunder pursuant to a written agreement among the Borrower, the Administrative Agent and such Revolving Credit Lender. The Administrative
Agent shall notify the Participating Revolving Credit Lenders of any such additional L/C Issuer.

 

(ii)           Any
L/C Issuer may resign in its capacity as an L/C Issuer hereunder solely with the consent of the Borrower (not to be unreasonably
withheld or delayed), and any L/C Issuer may be replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Participating Revolving
Credit Lenders of any such resignation or replacement. At the time any such resignation or replacement shall become effective,
the Borrower shall pay all unpaid fees accrued for the account of the resigning or replaced L/C Issuer, as applicable, pursuant
to Section 2.26(h). In the case of the replacement of an L/C Issuer, from and after the effective date of any such replacement,
(A) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under this Agreement with respect
to Letters of Credit to be issued thereafter and (B) references herein to the term “L/C Issuer” shall be deemed
to refer to such successor L/C Issuer or to such replaced L/C Issuer, or to such successor L/C Issuer and such replaced L/C Issuer,
as the context shall require. After the resignation or replacement of an L/C Issuer hereunder, the resigned or replaced L/C Issuer,
as applicable, shall remain a party hereto and shall continue to have all the rights and obligations of an L/C Issuer under this
Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to
issue additional Letters of Credit.

 

(l)          Provisions
Related to Extended Revolving Credit Commitments. If the Maturity Date in respect of any Participating Revolving Credit Commitments
occurs prior to the expiry date of any Letter of Credit, then (i) if one or more other Participating Revolving Credit Commitments
are then in effect (or will automatically be in effect upon such maturity), such Letters of Credit shall automatically be deemed
to have been issued (including for purposes of the obligations of the Participating Revolving Credit Lenders to purchase participations
therein and to make Revolving Credit Loans and payments in respect thereof pursuant to Sections 2.26(c) and (d)) under (and
ratably participated in by Participating Revolving Credit Lenders pursuant to) the non-terminating Participating Revolving Credit
Commitments up to an aggregate amount not to exceed the aggregate principal amount of the unutilized Participating Revolving Credit
Commitments continuing at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated)
and (ii) to the extent not reallocated pursuant to immediately preceding clause (i) and unless provisions reasonably
satisfactory to the applicable L/C Issuer for the treatment of such Letter of Credit as a letter of credit under a successor credit
facility have been agreed upon, the Borrower shall, on or prior to the applicable Maturity Date, cause all such Letters

 

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of Credit
to be replaced and returned to the applicable L/C Issuer undrawn and marked “cancelled” or to the extent that the Borrower
is unable to so replace and return any Letter(s) of Credit, such Letter(s) of Credit shall be secured by a “back
to back” letter of credit reasonably satisfactory to the applicable L/C Issuer or the Borrower shall Cash Collateralize any
such Letter of Credit in accordance with Section 2.26(g). Commencing with the Maturity Date of any Class of Revolving
Credit Commitments, the Letter of Credit Sublimit shall be in an amount agreed solely with the L/C Issuers.

 

(m)          Letters
of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary or the Parent Guarantor, the Borrower shall be obligated to reimburse
the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that
the issuance of Letters of Credit for the account of Subsidiaries or the Parent Guarantor inures to the benefit of the Borrower,
and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

Section 2.27          Swing
Line Loans. (a) The Swing Line. Subject to the terms and conditions set forth herein, each Swing Line Lender
severally agrees to make loans in Dollars to the Borrower (each such loan, a “Swing Line Loan”), from
time to time on any Business Day during the period beginning on the Business Day after the Closing Date until the date which is
one Business Day prior to the Maturity Date of the Participating Revolving Credit Commitments (taking into account the Maturity
Date of any Participating Revolving Credit Commitment that will automatically come into effect on such Maturity Date) in an aggregate
amount not to exceed at any time outstanding the amount of the Swing Line Sublimit; provided that, after giving effect to
any Swing Line Loan (i) with respect to any Revolving Credit Lender, the Revolving Credit Exposure under its Participating
Revolving Credit Commitments shall not exceed its aggregate Participating Revolving Credit Commitments (it being understood that
with respect to a Swing Line Lender, its Swing Line Exposure for purposes of this clause (i) shall be deemed to be its Pro
Rata Share (after giving effect when a Defaulting Lender shall exist to any reallocation effected in accordance with Section 2.25(c))
of the total Swing Line Exposure), (ii) with respect to any Revolving Credit Lender, the aggregate Outstanding Amount of the
Revolving Credit Loans of such Lender, plus such Lender’s L/C Exposure, plus such Lender’s
Pro Rata Share (after giving effect when a Defaulting Lender shall exist to any reallocation effected in accordance with Section 2.25(c))
of the Outstanding Amount of the Swing Line Loans shall not exceed such Lender’s Revolving Credit Commitment then in effect
and (iii) with respect to any Swing Line Lender, the aggregate of its Swing Line Exposure (in its capacity as a Swing Line
Lender and a Revolving Credit Lender), plus the aggregate principal amount of its outstanding Revolving Credit Loans
(in its capacity as a Revolving Credit Lender), plus its L/C Exposure shall not exceed its Revolving Credit Commitment;
provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing
Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow, prepay and
reborrow Swing Line Loans. Each Swing Line Loan shall be an ABR Loan. Immediately upon the making of a Swing Line Loan by any Swing
Line Lender, each Participating Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to,
purchase from such Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s
Pro Rata Share times the amount of such Swing Line Loan.

 

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(b)          Borrowing
Procedures. Each Swing Line Borrowing shall be made upon the Borrower’s irrevocable written notice (such notice a “Swing
Line Loan Notice”) to the Swing Line Lenders and the Administrative Agent. Each such notice must be appropriately
completed and signed by a Responsible Officer of the Borrower and received by the Swing Line Lenders and the Administrative Agent
not later than 1:00 p.m., New York City time, on the requested borrowing date and shall specify (i) the amount to be borrowed,
which shall be a minimum of $500,000 (and any amount in excess of $500,000 shall be an integral multiple of $100,000) and (ii) the
requested borrowing date, which shall be a Business Day. Promptly after receipt by any Swing Line Lender of any Swing Line Loan
Notice, such Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has also received such Swing Line Loan Notice and such Swing Line Lender’s ratable portion of the amount of the Swing
Line Loan to be made (and if the Administrative Agent has not received such Swing Line Loan Notice, such Swing Line Lender will
notify the Administrative Agent (by telephone or in writing) of the contents thereof). Unless a Swing Line Lender has received
notice (by telephone (if such Swing Line Lender agrees to accept telephonic notice) or in writing) from the Administrative Agent
(including at the request of any Revolving Credit Lender) prior to 2:00 p.m., New York City time, on the date of the proposed Swing
Line Borrowing (A) directing the Swing Line Lenders not to make such Swing Line Loan as a result of the limitations set forth
in the first proviso to the first sentence of Section 2.27(a) or (B) that one or more of the applicable conditions
specified in Section 4.03 is not then satisfied, then, subject to the terms and conditions hereof, such Swing Line Lender
will, not later than 4:00 p.m., New York City time, on the borrowing date specified in such Swing Line Loan Notice, make its ratable
portion of the amount of the Swing Line Loan available to the Borrower (such ratable portion to be calculated based upon such Swing
Line Lender’s Revolving Credit Commitment (in its capacity as a Revolving Credit Lender) to the total Revolving Credit Commitments
of all of the Swing Line Lenders (in their respective capacities as Revolving Credit Lenders)). Notwithstanding anything to the
contrary contained in this Section 2.27 or elsewhere in this Agreement, no Swing Line Lender shall be obligated to make any
Swing Line Loan at a time when a Participating Revolving Credit Lender is a Defaulting Lender unless such Swing Line Lender has
entered into arrangements reasonably satisfactory to it and the Borrower to eliminate such Swing Line Lender’s Fronting Exposure
(after giving effect to Section 2.25) with respect to the Defaulting Lender’s or Defaulting Lenders’ participation
in such Swing Line Loans, including by Cash Collateralizing, or obtaining a backstop letter of credit from an issuer reasonably
satisfactory to such Swing Line Lender to support, such Defaulting Lender’s or Defaulting Lenders’ Pro Rata Share of
the outstanding Swing Line Loans or other applicable share provided for under this Agreement. The Borrower shall repay to the Swing
Line Lenders each Defaulting Lender’s portion (after giving effect to Section 2.25) of each Swing Line Loan promptly
following demand by any Swing Line Lender.

 

(c)          Refinancing
of Swing Line Loans.

 

(i)          Each
Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the Borrower (which hereby irrevocably
authorizes the Swing Line Lenders to so request on its behalf), that each Participating Revolving Credit Lender make an ABR Loan
in an amount equal to such Lender’s Pro Rata Share of the amount of Swing Line Loans of the Borrower then outstanding. Such
request shall be made in writing (which written request shall be deemed to be a Borrowing Request for purposes hereof) and in accordance
with the requirements of Section 2.02, without

 

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regard to the minimum and multiples specified therein for the principal amount
of ABR Loans, but subject to the unutilized portion of the aggregate Participating Revolving Credit Commitments and the conditions
set forth in Section 4.03. Such Swing Line Lender shall furnish the Borrower with a copy of the applicable Borrowing Request
promptly after delivering such notice to the Administrative Agent. Each Participating Revolving Credit Lender shall make an amount
equal to its Pro Rata Share of the amount specified in such Borrowing Request available to the Administrative Agent in Same Day
Funds for the account of the Swing Line Lenders at the Administrative Agent’s office not later than 1:00 p.m., New York City
time, on the day specified in such Borrowing Request, whereupon, subject to Section 2.27(c)(ii), each Participating Revolving
Credit Lender that so makes funds available shall be deemed to have made an ABR Loan, as applicable, to the Borrower in such amount.
The Administrative Agent shall remit the funds so received ratably to the Swing Line Lenders in accordance with their outstanding
Swing Line Loans. Upon the remission by the Administrative Agent to the Swing Line Lenders of the full amount specified in such
Borrowing Request, the Borrower shall be deemed to have repaid the applicable Swing Line Loan.

 

(ii)         If
for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Borrowing in accordance with Section 2.27(c)(i),
the request for ABR Loans submitted by a Swing Line Lender as set forth herein shall be deemed to be a request by such Swing Line
Lender that each of the Participating Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and
each Participating Revolving Credit Lender’s payment to the Administrative Agent for the account of the Swing Line Lenders
pursuant to Section 2.27(c)(i) shall be deemed payment in respect of such participation.

 

(iii)        If
any Participating Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line
Lenders any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.27(c) by
the time specified in Section 2.27(c)(i), the Swing Line Lenders 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 Swing Line Lenders at the Bank Rate. If such Participating Revolving
Credit Lender pays such amount, the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant
Borrowing or funded participation in the relevant Swing Line Loan, as the case may be. A certificate of any Swing Line Lender submitted
to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive
absent manifest error.

 

(iv)        Each
Participating Revolving Credit Lender’s obligation to make Revolving Credit Loans or to purchase and fund risk participations
in Swing Line Loans pursuant to this Section 2.27(c) 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
any Swing Line Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a
Default or the failure to satisfy any condition in Article IV, (C) any

 

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adverse change in the condition (financial or
otherwise) of the Loan Parties, (D) any breach of this Agreement or (E) any other occurrence, event or condition, whether
or not similar to any of the foregoing; provided that each Participating Revolving Credit Lender’s obligation to make
Revolving Credit Loans pursuant to this Section 2.27(c) (but not to purchase and fund risk participations in Swing Line
Loans) is subject to the conditions set forth in Section 4.03. No such funding of risk participations shall relieve or otherwise
impair the obligation of the Borrower to repay the applicable Swing Line Loans, together with interest as provided herein.

 

(d)          Repayment
of Participations.

 

(i)          At
any time after any Participating Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if
any Swing Line Lender receives any payment on account of such Swing Line Loan, such Swing Line Lender will distribute to such Lender
its Pro Rata Share of such payment (appropriately adjusted to reflect (x) any reallocation effected in accordance with Section 2.25(c) and
(y) in the case of interest payments, to reflect the period of time during which such Lender’s risk participation was
funded) in the same funds as those received by such Swing Line Lender.

 

(ii)         If
any payment received by any Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned
by such Swing Line Lender under any of the circumstances described in Section 9.06 (including pursuant to any settlement entered
into by such Swing Line Lender in its discretion), each Participating Revolving Credit Lender shall pay to such Swing Line Lender
its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned, at a rate per annum equal to the Bank Rate. The Administrative Agent will make such demand upon the request
of any Swing Line Lender.

 

(e)          Interest
for Account of Swing Line Lenders. Each Swing Line Lender shall be responsible for invoicing the Borrower for interest on the
Swing Line Loans made by it. Until each Participating Revolving Credit Lender funds its ABR Loan or risk participation pursuant
to this Section 2.27 to refinance such Lender’s Pro Rata Share of any Swing Line Loan, interest in respect of such Pro
Rata Share shall be solely for the ratable account of the Swing Line Lenders.

 

(f)          Payments
Directly to Swing Line Lenders. The Borrower shall make all payments of principal and interest in respect of the Swing Line
Loans directly to the Swing Line Lenders.

 

(g)          Provisions
Related to Extended Revolving Credit Commitments. If the Maturity Date shall have occurred in respect of any Participating
Revolving Credit Commitments (the “Expiring Credit Commitment”) at a time when other Participating Revolving
Credit Commitments are in effect (or will automatically be in effect upon such maturity) with a longer maturity date (each a “Non-Expiring
Credit Commitment” and collectively, the “Non-Expiring Credit Commitments”), then each
outstanding Swing Line Loan on the earliest occurring Maturity Date shall be deemed reallocated to the Non-Expiring Credit Commitments
on a pro rata basis; provided that (x) to the extent that the amount of such reallocation would cause the aggregate
credit

 

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exposure to exceed the aggregate amount of such Non-Expiring Credit Commitments, immediately prior to such reallocation
(after giving effect to any repayments of Revolving Credit Loans and any reallocation of Letter of Credit participations as contemplated
in Section 2.26(l)) the amount of Swing Line Loans to be reallocated equal to such excess shall be repaid or cash collateralized
in a manner reasonably satisfactory to the Swing Line Lender and (y) notwithstanding the foregoing, if a Default or Event
of Default has occurred and is continuing, the Borrower shall still be obligated to pay Swing Line Loans allocated to the Participating
Revolving Credit Lenders holding the Expiring Credit Commitments at the Maturity Date of the Expiring Credit Commitment or if the
Loans have been accelerated prior to the Maturity Date of the Expiring Credit Commitment.

 

Article III

 

Representations
and Warranties

 

To induce the Secured
Parties to enter into this Agreement and to make Credit Extensions hereunder, each Loan Party represents and warrants to the Administrative
Agent and the other Secured Parties on the date of each Credit Extension hereunder that:

 

Section 3.01          Existence,
Qualification and Power. (a) Each Loan Party and each Restricted Subsidiary (i) is a corporation, limited liability
company, trust, partnership or limited partnership, duly incorporated, organized or formed, validly existing and, where applicable,
in good standing under the Laws of the jurisdiction of its incorporation, organization, or formation; (ii) has all requisite
power and authority to (A) own or lease its assets and carry on its business and (B) execute, deliver and perform its
obligations under the Loan Documents to which it is a party; (iii) has all requisite governmental licenses, permits, authorizations,
consents and approvals to carry on its business and (iv) is duly qualified and is licensed and, where applicable, in good
standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license; except in each case referred to in clauses (i) (other than with respect to the Borrower),
(ii)(A), (iii) and (iv), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

(b)          As
of the Effective Date, Schedule 3.01 annexed hereto sets forth each Loan Party’s name as it appears in official filings,
state of incorporation or organization, organization type, organization number, if any, issued by its state of incorporation or
organization, and its federal employer identification number, if any.

 

Section 3.02          Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person
is a party, have (i) been duly authorized by all necessary corporate or other organizational action, and (ii) do not
and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result
in any breach, termination, or contravention of, or constitute a default under or require any payment to be made under (1) any
Material Contract or any Material Indebtedness to which such Person is a party or affecting such Person or the properties of such
Person or any of its Subsidiaries or (2) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Person or its property is subject, in each case under this clause (b), which has had or would reasonably be
expected to have a Material Adverse Effect; (c) result in or

 

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require the creation of any Lien upon any asset of any Loan Party
or any guarantee by any Loan Party (other than Liens in favor of the Collateral Agent under the Security Documents or otherwise
permitted to be incurred under Section 4.06 of Annex I and guarantees in favor of the Administrative Agent or otherwise permitted
to be incurred under Sections 4.04 or 4.05 of Annex I); (d) violate any applicable Law where such violation has had or would
reasonably be expected to have a Material Adverse Effect; (e) result in any “change of control” offer or similar
offer being required to be made under any Material Indebtedness to which such Person is a party or affecting such Person or the
properties of such Person or any of its Subsidiaries; or (f) result in the application of any of the consolidation, merger,
conveyance, transfer or lease of assets (however so denominated) provisions of any Material Indebtedness to which such Person is
a party or affecting such Person or the properties of such Person or any of its Subsidiaries, where in case of clauses (e) and
(f), any such requirement or the application of any such provision has had or would reasonably be expected to have a Material Adverse
Effect.

 

Section 3.03          Governmental
Authorization; Other Consents. No approval, consent (including, the consent of equity holders or creditors of any Loan
Party or a Restricted Subsidiary), exemption, authorization, license or other action by, or notice to, or filing with, any Governmental
Authority or regulatory body or any other Person is necessary or required for the grant of the security interest by such Loan Party
or such Restricted Subsidiary of the Collateral pledged by it pursuant to the Security Documents or for the execution, delivery
or performance by, or enforcement against, any Loan Party or any Restricted Subsidiary of this Agreement or any other Loan Document,
except for (a) filings or registrations necessary to perfect the Liens created under the Security Documents (including the
first priority (subject to any Intercreditor Agreement (on and after the execution thereof)) nature thereof), (b) such approvals,
consents, exemptions, authorizations, licenses, actions, notices or filings which have been obtained or made prior to the date
of such pledge, execution, delivery or performance and are in full force and effect and (c) such approval, consent, exemption,
authorization, license or other action by the failure of which to obtain or make has not had or would not reasonably be expected
to have a Material Adverse Effect.

 

Section 3.04          Binding
Effect. This Agreement has been, and each other Loan Document, when delivered, will have been, duly executed and delivered
by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute,
a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

 

Section 3.05          Financial
Statements; No Material Adverse Effect. (a) The Original Financial Statements delivered to the Lead Arrangers as of
the Effective Date (i) were prepared in accordance with GAAP, as applicable, consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of the entities therein
(prior to giving effect to the Transactions) as of the date thereof and their results of operations for the period covered thereby
in accordance with GAAP, as applicable, consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein, subject to, with respect to financial statements that are not Audited

 

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Financial Statements, the absence of footnotes
and to normal year-end audit adjustments; provided ̧ however, that this representation is made only to the knowledge
of the Borrower with respect to financial statements of entities that were not Subsidiaries of the Borrower as of the date of such
financial statements.

 

(b)          Since
January 1, 2020, there has not occurred any Material Adverse Effect or any event, condition, change or effect that would reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(c)          As
of the Funding Date, to the best knowledge of the Borrower, no Internal Control Event exists or has occurred since the date of
the Audited Financial Statements that has resulted in or would reasonably be expected to result in a misstatement in any material
respect, in any financial information contained in the Audited Financial Statements delivered or to be delivered to the Administrative
Agent or the Lenders, of the assets, liabilities, financial condition or results of operations of the Group Members on a Consolidated
basis.

 

Section 3.06          Litigation.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties after due and diligent
investigation, overtly threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan
Party or any of its Subsidiaries or against any of its properties, rights or revenues that (a) purport to materially and adversely
affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.

 

Section 3.07          No
Default. No Loan Party or Restricted Subsidiary is in default under or with respect to any Material Indebtedness. No Event
of Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement
or any other Loan Document.

 

Section 3.08          Ownership
of Properties; Liens; Debt. (a) Each Loan Party and each Restricted Subsidiary has good and marketable title in fee
simple to or valid leasehold interests in, or easements or other limited property interests in, all Real Estate necessary or used
in the ordinary conduct of its business, free and clear of all Liens except for minor defects in title that do not materially interfere
with its ability to conduct its business or to utilize such assets for their intended purposes and Liens permitted by Section 4.06
of Annex I and except as does not have and would not reasonably be expected to have a Material Adverse Effect.

 

(b)          There
are no Liens on property or assets material to the conduct of the business of each Loan Party and each Restricted Subsidiary, other
than Liens permitted pursuant to Section 4.06 of Annex I.

 

(c)          As
of the Effective Date, Schedule 3.08(c) sets forth a complete and accurate list of all Indebtedness of each Loan Party and
its Restricted Subsidiaries, in each case in excess of $35 million, showing the amount, obligor or issuer and maturity thereof
and whether such Indebtedness is secured by a Lien. As of the Closing Date, no Loan Party has incurred any Indebtedness since the
Effective Date, except for Indebtedness pursuant to this Agreement and the issuance of the

 

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Senior Notes and Senior Secured Notes
or as would have been permitted pursuant to Section 4.04 of Annex I.

 

Section 3.09          Environmental
Compliance. (a) No Loan Party or Restricted Subsidiary (i) has failed to comply in all material respects with
applicable Environmental Law or to obtain, maintain or comply with any Environmental Permit, (ii) has become subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any material Environmental Liability or (iv) has
a Responsible Officer with knowledge of any basis for any material Environmental Liability, except, in each case, as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)          (i) None
of the properties currently or formerly owned or operated by any Loan Party or Restricted Subsidiary is or was listed or, to the
knowledge of any Responsible Officer was proposed for listing on the NPL or on the CERCLIS or any analogous state or local list
at any time while such property was owned by such Loan Party or, to the knowledge of any Responsible Officer, at any time prior
to or after such property was owned by such Loan Party, and, to the knowledge of any Responsible Officer, no property currently
owned or operated by any Loan Party or Restricted Subsidiary is adjacent to any such property, in each case in connection with
any matter for which any Loan Party or Restricted Subsidiary would have any material Environmental Liability; (ii) there are
no, or, to the knowledge of any Responsible Officer, never have been any underground or above-ground storage tanks or any surface
impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being or have been treated, stored or disposed
on any property currently owned or operated by any Loan Party or Restricted Subsidiary in violation of any Environmental Laws or,
to the knowledge of any Responsible Officer, on any property formerly owned or operated by any Loan Party or Restricted Subsidiary;
(iii) there is no friable asbestos or friable asbestos-containing material on any property currently owned or operated by
any Loan Party or Restricted Subsidiary; (iv) Hazardous Materials have not been Released, discharged or disposed of on any
property currently or formerly owned or operated by any Loan Party or Restricted Subsidiary in violation of any Environmental Laws;
and (v) to the knowledge of any Responsible Officer, there are no pending or threatened Liens under or pursuant to any applicable
Environmental Laws on any real property or other assets owned or leased by any Loan Party or Restricted Subsidiary, and to the
knowledge of any Responsible Officer, no actions by any Governmental Authority have been taken or are in process which would subject
any of such properties or assets to such Liens, except, in the case of clauses (i) through (v) above, as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(c)          No
Loan Party or Restricted Subsidiary is undertaking, and no Loan Party or Restricted Subsidiary has completed, either individually
or together with other potentially responsible parties, any investigation or assessment or remedial or response action relating
to any actual or threatened Release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily
or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law that has or would reasonably
be expected to have a Material Adverse Effect; and all Hazardous Materials generated, used, treated, handled or stored at, or transported
to or from, any property currently or formerly owned or operated by any Loan Party or Restricted Subsidiary have been disposed
of in a manner not reasonably expected, individually or in the aggregate, to have a Material Adverse Effect.

 

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Section 3.10         Insurance.
The properties of the Loan Parties and the Restricted Subsidiaries are insured with financially sound and reputable insurance companies
(including any Captive Insurance Affiliate) in such amounts (after giving effect to any self-insurance), with such deductibles
and covering such risks (including workers’ compensation, commercial general liability, business interruption and property
damage insurance) as are customarily carried by companies engaged in similar businesses and owning similar properties in localities
where the applicable Loan Party or Restricted Subsidiary operates. As of the Closing Date, each material insurance policy required
to be maintained pursuant to Section 5.07 is in full force and effect and all premiums in respect thereof that are due and
payable have been paid.

 

Section 3.11         Taxes.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Loan Parties
and the Restricted Subsidiaries have filed all US federal, state and other tax returns and reports (collectively, the “Tax
Returns”) required to be filed, and all such Tax Returns are true, correct and complete in all respects, and have
paid when due and payable (subject to any grace periods) all US federal, state and other Taxes, assessments, fees and other governmental
charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings being diligently conducted, for which adequate reserves have been provided in
accordance with GAAP, as to which Taxes no Lien has been filed and which contest effectively suspends the collection of the contested
obligation and the enforcement of any Lien securing such obligation. There is no proposed tax assessment against any Loan Party
or any Restricted Subsidiary that would, if made, have a Material Adverse Effect.

 

Section 3.12         Benefit
Plans. No ERISA Event has occurred or is reasonably expected to occur that, when taken individually or together with all
other such ERISA Events, would reasonably be expected to result in a Material Adverse Effect. Except as would not reasonably be
expected to result in a Material Adverse Effect, the present value of all accumulated benefit obligations under each Plan, if such
Plan or Plans were to be terminated (based on the assumptions used for purposes of Statement of Financial Accounting Standards
No. 87 or any successor thereto) did not, as of the date of the most recent financial statements reflecting such amounts,
exceed the fair market value of the assets of such Plan allocable to such accumulated benefit obligations.

 

Section 3.13         Subsidiaries;
Capital Stock. As of the Effective Date, (a) the Loan Parties have no Subsidiaries other than those specifically disclosed
in Part (a) of Schedule 3.13, which Schedule sets forth the legal name, jurisdiction of incorporation or formation and
the percentage interest of such Loan Party therein; (b) the outstanding Capital Stock in such Subsidiaries described on Part (a) of
Schedule 3.13 as owned by a Loan Party (or a Subsidiary of a Loan Party) have been validly issued, are fully paid and non-assessable
and are owned by a Loan Party (or a Subsidiary of a Loan Party) free and clear of all Liens, other than Permitted Liens; (c) except
as set forth in Schedule 3.13, there are no outstanding rights to purchase any Capital Stock in any Restricted Subsidiary and (d) all
of the outstanding Capital Stock in the Loan Parties have been validly issued, and are fully paid and non-assessable and, with
respect to the Loan Parties and their direct Subsidiaries, are owned in the amounts specified on Part (c) of Schedule
3.13 free and clear of all Liens other than Permitted Liens permitted to be incurred pursuant to Section 4.06 of Annex I;
in each of the foregoing clauses (a) through (d), including such modifications or supplements to Schedule 3.13 as have been
delivered by the Borrower to the

 

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Administrative Agent from time to time. As of the Funding Date, the copies of the Organization
Documents of each Loan Party and each amendment thereto provided pursuant to Section 4.02 are true and correct copies of each
such document, each of which is valid and in full force and effect.

 

Section 3.14         Margin
Regulations; Investment Company Act. (a) No Loan Party or Restricted Subsidiary is engaged or will be engaged, principally
or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation
U), or extending credit for the purpose of purchasing or carrying margin stock. None of the proceeds of the Loans shall be used
directly or indirectly for the purpose of purchasing or carrying any margin stock, for the purpose of reducing or retiring any
Indebtedness that was originally incurred to purchase or carry any margin stock or for any other purpose that might cause any of
the Loans to be considered a “purpose credit” within the meaning of Regulations T, U or X.

 

(b)          None
of the Loan Parties or any Restricted Subsidiary is or is required to be registered as an “investment company” under
the Investment Company Act of 1940.

 

Section 3.15         Disclosure.
No report, financial statement, certificate or other information furnished (whether in writing or orally) by or on behalf of any
Loan Party to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation
of this Agreement or any other Loan Document or delivered hereunder or under any other Loan Document (in each case, as modified
or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading;
provided that, with respect to projected financial information and pro forma financial information, the Loan Parties represent
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time furnished to
the Lenders, it being understood that such projections may vary from actual results and that such variations may be material, and
using due care in the preparation of such information, report, financial statement or certificate; provided, further,
that with respect to any such information regarding the Borrower and its Restricted Subsidiaries prior to the Closing Date, the
foregoing representation and warranty shall be made to the knowledge of the Borrower.

 

Section 3.16         Compliance
with Laws. Each of the Loan Parties and the Restricted Subsidiaries is in compliance in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances
in which the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

Section 3.17         Intellectual
Property; Licenses, Etc. The Loan Parties and the Restricted Subsidiaries own, or possess the right to use, all of the
intellectual property, licenses, permits and other authorizations that are reasonably necessary for the operation of their respective
businesses, without conflict with the rights of any other Person. To the best of the knowledge of the Loan Parties, no slogan or
other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed,
by any Loan Party or Restricted Subsidiary infringes upon any rights held by any other Person. No claim or litigation regarding
any of the foregoing is pending or, to the best of the knowledge of the Loan Parties,

 

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threatened, which, either individually or
in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

Section 3.18         Labor
Matters. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
there are no strikes, lockouts, slowdowns or other material labor disputes against any Loan Party or any Restricted Subsidiary
pending or, to the knowledge of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties
and the Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act and any other applicable federal, state,
local or foreign Law dealing with such matters in any material respect.

 

Section 3.19         Security
Documents. Subject to the Legal Reservations, the Security Documents create or will create when executed, to the extent
purported to be created thereby, in favor of the Collateral Agent, for the benefit of the Secured Parties referred to therein,
a legal, valid, continuing and enforceable security interest in the Collateral, the enforceability of which is subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general
principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

Section 3.20         Solvency.
(a) As of the Funding Date, after giving pro forma effect to the Transactions, the Borrower is Solvent.

 

(b)          No
transfer of property has been or will be made by any Loan Party and no obligation has been or will be incurred by any Loan Party
in connection with the transactions contemplated by this Agreement or the other Loan Documents with the intent to hinder, delay,
or defraud either present or future creditors of any Loan Party.

 

Section 3.21         Trade
Relations. There exists no actual or, to the knowledge of any Loan Party, threatened, termination or cancellation of, or
any material adverse modification or change in the business relationship of any Loan Party with any supplier material to its operations.

 

Section 3.22         Material
Contracts. No Loan Party is in breach or in default in any material respect of or under any Material Contract and has not
received any notice of the intention of any other party thereto to terminate any Material Contract, in each case, that has had
or would reasonably be expected to have a Material Adverse Effect.

 

Section 3.23         Financial
Sanctions List. No member of the Borrower Group or any of its Affiliates or is on a Sanctions List.

 

Section 3.24         Sanctions.
(a) No Group Member is using or will use the proceeds of this Agreement for the purpose of financing or making funds available
directly or indirectly to any person or entity which is listed on a Sanctions List, or located in a Sanctioned Country, to the
extent such financing or provision of funds would be prohibited by Sanctions or would otherwise cause any person to be in breach
of Sanctions, including but not limited to OFAC sanctions where such financing or provision of funds is or would be conducted by
a person in the United States of America.

 

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(b)          No
Group Member is contributing or will contribute or otherwise make available the proceeds of this Agreement to any other person
or entity for the purpose of financing the activities of any person or entity which is listed on a Sanctions List, or located (or
ordinarily resident) in a Sanctioned Country, to the extent such contribution or provision of proceeds would be prohibited by Sanctions
or would otherwise cause any person to be in breach of Sanctions (including but not limited to OFAC sanctions where such contribution
or provision of proceeds is or would be conducted by a person in the United States of America).

 

(c)          To
the best of its knowledge and belief (having made due and careful enquiry) no Group Member: (i) has been or is targeted under
any Sanctions; or (ii) has violated or is violating any applicable Sanctions.

 

Section 3.25         Anti-Terrorism;
Anti-Corruption. To the extent applicable, each of the Loan Parties and the Restricted Subsidiaries is in compliance in
all material respects with (a) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations
of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive
order relating thereto; (b) the USA PATRIOT Act; and (c) anti-corruption laws and regulations, including the Bribery
Act 2010 (the “BA”) and the United States Foreign Corrupt Practices Act of 1977 (the “FCPA”).
No part of the proceeds of the Loans will be used, directly or indirectly, by a Group Member for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in
an official capacity, in order to obtain, retain or direct business or obtain any improper advantage or otherwise in violation
of any applicable anti-bribery laws and regulations, including the BA and FCPA. The Borrower confirms to each Lender that any Loans
made to it under this Agreement will be made solely for its own account or for the account of a member of the Borrower Group.

 

Article IV

 

Conditions
of Lending

 

Section 4.01          Conditions
to Effectiveness. The effectiveness of this Agreement and the Commitments of the Lenders to make any Credit Extension on
the Funding Date (subject to Section 4.02) hereunder are subject to the satisfaction of the following conditions:

 

(a)          The
Administrative Agent shall have received this Agreement duly executed and delivered (or counterparts hereof) by the Borrower.

 

(b)          The
Agent Fee Letter shall have been duly executed by the Borrower and the Administrative Agent.

 

Section 4.02          Conditions
to Funding. The obligations of the Lenders to make any Credit Extension hereunder on the Funding Date are subject to the
satisfaction (or waiver by the Lead Arrangers) of the following conditions:

 

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(a)          The
Funding Date shall be a Business Day on or before the Longstop Date (but no later than January 24, 2021 in the case of the
Initial Term Loans.

 

(b)          The
Administrative Agent shall have received, on behalf of itself and the Lenders, a legal opinion of Ropes & Gray International
LLP, New York counsel for the Borrower, in form reasonably acceptable to the Administrative Agent (i) dated the Effective
Date, (ii) addressed to the Administrative Agent, the Collateral Agent and the Lenders and (iii) covering such other
matters relating to the Loan Documents and the Transactions as the Administrative Agent shall reasonably request, and the Borrower
hereby requests such counsel to deliver such opinions.

 

(c)          The
Administrative Agent (or its counsel) shall have received:

 

(i)          A
copy of the Organization Documents of each Loan Party.

 

(ii)         A
certificate of good standing in respect of each Loan Party.

 

(iii)        A
copy of a resolution of the board or, if applicable, a committee of the board, of directors of each Loan Party (A) approving
the terms of, and the transactions contemplated by, the Loan Documents to which it is a party and resolving that it execute, deliver
and perform the Loan Documents to which it is a party; (B) authorizing a specified person or persons to execute the Loan Documents
to which it is a party on its behalf; and (C) authorizing a specified person or persons, on its behalf, to sign and/or deliver
all documents and notices (including, if relevant, any Borrowing Request) to be signed and/or delivered by it under or in connection
with the Loan Documents to which it is a party.

 

(iv)        A
specimen of the signature of each person authorised by the resolution in relation to the Loan Documents and related documents.

 

(v)         A
secretary’s certificate or officer’s certificate (as applicable) of each Loan Party in a form reasonably satisfactory
to the Administrative Agent.

 

(vi)        A
Borrowing Request with respect to the Initial Term Loans and any Revolving Credit Loans to be made on the Funding Date meeting
the requirements of Section 2.03 (subject solely to the conditions precedent for such Borrowing set forth in this Section 4.02).

 

(d)          The
Administrative Agent shall have received, at least three Business Days prior to the Funding Date, (i) all documentation and
other information required by regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act and (ii) a Beneficial Ownership Certification for the Borrower to
the extent that it qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, in each case,
that has been reasonably requested by the Lenders at least 10 days prior to the Funding Date.

 

(e)          If
the Funding Date occurs prior to the Closing Date, the Administrative Agent shall have received (i) the Loan Escrow Agreement
duly executed and delivered (or counterparts thereof) by the Borrower and the Loan Escrow Agent and (ii) the Loan Escrow Guarantee

 

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Agreement duly executed and delivered (or counterpart thereof) by the Loan Escrow Guarantor and the Borrower.

 

(f)          (i) The
Purchase Agreement shall not have been modified, amended or waived in any respect that is material and adverse to the Lead Arrangers
or the Lenders without the prior consent of the Lead Arrangers (such consent not to be unreasonably, withheld, delayed or conditioned)
and (ii) the Purchase Agreement remains in full force and effect.

 

(g)          A
certificate from the chief financial officer (or other Responsible Officer) of the Borrower, substantially in the form attached
as Exhibit I hereto, certifying that the Borrower is Solvent (after giving effect to the Transactions on a pro forma
basis).

 

(h)          Each
Major Representation and Specified Purchase Agreement Representation (collectively, the “Funding Date Representations”)
is true and correct in all material respects (except for Funding Date Representations that are already qualified by materiality
or “Material Adverse Effect”, which representations and warranties shall be true and correct in all respects after
giving effect to such materiality or “Material Adverse Effect” qualification) as of the Funding Date (unless such Funding
Date Representations relate to an earlier date, in which case, such Funding Date Representations shall have been true and correct
in all material respects (except for Funding Date Representations that are already qualified by materiality or “Material
Adverse Effect”, which representations and warranties shall be true and correct in all respects after giving effect to such
materiality or “Material Adverse Effect” qualification) as of such earlier date); provided that to the extent
any of the Specified Purchase Agreement Representations are qualified or subject to “Material Adverse Effect,” the
definition thereof shall be “Material Adverse Effect” as defined in the Purchase Agreement for purposes of any such
representations and warranties made or to be made on, or as of, the Funding Date.

 

(i)          If
the Funding Date occurs on the Closing Date, (i) the Borrower and the Parent Guarantor shall have duly executed the Facility
Guaranty, the Pledge and Security Agreement and the Closing Date Intercreditor Agreement Supplement, (ii) all fees and expenses
(in the case of expenses, to the extent invoiced at least three Business Days prior to the Closing Date but excluding any legal
fees and expenses (except as otherwise reasonably agreed by the Borrower)) required to be paid to the Commitment Parties (as defined
in the Commitment Letter) on the Closing Date shall have been paid, (iii) since January 1, 2020, there shall not have
occurred or be continuing any “Material Adverse Effect” (as defined in the Purchase Agreement) and (iv) the Disposition
shall have been consummated (or shall be consummated substantially concurrently) in accordance with the Purchase Agreement in all
material respects.

 

Notwithstanding the
foregoing and in the event the Funding Date occurs on the Closing Date, to the extent any security interest in any Collateral of
the Borrower or the Parent Guarantor (other than to the extent a Lien on such Collateral may be perfected by the filing of a financing
statement under the Uniform Commercial Code) is not or cannot be provided and/or perfected on or prior to the Closing Date after
the Borrower’s use of commercially reasonable efforts to do so or without undue burden or expense, the provision and/or perfection
of security interests in such Collateral shall not constitute a condition precedent to the availability or initial funding of the
Term Facilities or Revolving Credit Facilities on or prior to the Closing Date but shall instead be

 

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required to be delivered, provided,
and/or perfected within 30 days after the Closing Date (or such later date as may be reasonably agreed by the Borrower and the
Administrative Agent).

 

Section 4.03          Conditions
to All Credit Extensions. The obligations of the Lenders to make Credit Extensions hereunder on any date (each, a “Borrowing
Date”) (other than on the Funding Date or on the Borrowing Date under any Incremental Loan Assumption Agreement,
Extension Amendment or Refinancing Amendment) are subject to the satisfaction of the following conditions:

 

(a)          (i) (x) in
the case of any Revolving Credit Borrowing proposed to be made after the Funding Date but prior to the Closing Date, (1) the
representations and warranties made by (A) the Borrower set forth in Sections 3.14, 3.24(a) and the second sentence of
Section 3.25 (in the case of Section 3.24(a) and 3.25 solely with respect to the use of the proceeds of such Revolving
Credit Borrowing) and (B) the Loan Escrow Guarantor set forth in Section 2.5 of the Loan Escrow Guarantee Agreement shall,
in each case, be true and correct in all material respects (except that this materiality qualifier shall not be applicable to any
representation or warranty that is already qualified by materiality or “Material Adverse Effect”), on
and as of the date of such Borrowing with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and warranties shall be true and correct
in all material respects (except that this materiality qualifier shall not be applicable to any representation or warranty that
is already qualified by materiality or “Material Adverse Effect”), on and as of such earlier date, (2) the
Loan Escrow Guarantee Agreement remains in full force and effect and (3) the condition set forth in Section 4.02(f) is
satisfied on and as of the date of such Borrowing and (y) in the case of any other Credit Extension, the representations and
warranties set forth in Article III and in each other Loan Document shall be true and correct in all material respects (except
that this materiality qualifier shall not be applicable to any representation or warranty that is already qualified by materiality
or “Material Adverse Effect”), on and as of the date of such Borrowing with the same effect as though
made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall be true and correct in all material respects (except that this materiality qualifier
shall not be applicable to any representation or warranty that is already qualified by materiality or “Material Adverse
Effect”), on and as of such earlier date and (ii) other than in the case of any Revolving Credit Borrowing proposed
to be made after the Funding Date and prior to the Closing Date, no Default shall exist or would result from such proposed Credit
Extension or the application of the proceeds therefrom.

 

(b)          The
Administrative Agent shall have received a Request for Credit Extension as required by Article II.

 

Each Request for Credit
Extension (other than a Borrowing Request requesting only a conversion of Loans to the other Type or a continuation of Eurodollar
Loans) submitted by the Borrower after the Funding Date pursuant to this Section 4.03 shall be deemed to be a representation
and warranty that the conditions specified in Sections 4.03(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension.

 

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Article V

 

Covenants

 

The Borrower and each
Guarantor covenant and agree with each Lender that from and after the Closing Date, so long as this Agreement shall remain in effect,
and until the Commitments have been terminated and the principal of and interest on each Loan and all fees and all other expenses
or amounts payable under any Loan Document shall have been paid in full (other than contingent indemnification obligations not
then due and payable), or any Letter of Credit shall remain outstanding (unless the Outstanding Amount of the L/C Obligations related
thereto has been Cash Collateralized or back-stopped by a letter of credit reasonably satisfactory to the applicable L/C Issuer
or such Letter of Credit has been deemed reissued under another agreement reasonably acceptable to the L/C Issuer), or unless the
Required Lenders shall otherwise consent in writing, the Borrower and each Guarantor will, and will, to the extent provided below,
cause each of the Restricted Subsidiaries to comply with the covenants set forth in Annex I and to:

 

Section 5.01          Projections.
Deliver to the Administrative Agent (for distribution to each Lender), together with the delivery of reports required to be delivered
pursuant to Section 4.10(a)(1) of Annex I, forecasts prepared using fiscal periods for any applicable fiscal years (including,
if applicable, the fiscal year in which the Maturity Date occurs) as customarily prepared by management of the Borrower for its
internal use (the “Projections”), which shall be accompanied by a certificate of a Responsible Officer
stating that such Projections have been prepared in good faith on the basis of the assumptions stated therein, which assumptions
were believed to be reasonable at the time of preparation of such Projections, it being understood that actual results may vary
from such Projections and that such variations may be material.

 

Section 5.02          Certificates;
Other Information. (a) Deliver to the Administrative Agent and, upon the Administrative Agent’s request each
Lender, in form and detail satisfactory to the Administrative Agent:

 

(i)          promptly
after the receipt thereof by the Borrower and its Restricted Subsidiaries, a copy of any “management letter” received
by any such Person from its certified public accountants and the management’s response thereto;

 

(ii)         promptly
after the request by the Administrative Agent or any Lender, all documentation and other information that the 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 USA PATRIOT Act and the Beneficial Ownership Regulation; and

 

(iii)        promptly,
such additional information regarding the business affairs, financial condition or operations of any Loan Party or any Subsidiary,
or compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender may from time to time reasonably
request.

 

(b)          Documents
required to be delivered pursuant to Section 4.10 of Annex I may be delivered electronically and if so delivered, shall be
deemed to have been delivered on the date

 

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(i) specified in Section 9.01 with respect to e-mail communications, (ii) on
which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website
address listed on Schedule 9.01(a); or (iii) on which such documents are posted on the Borrower’s behalf on an Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent); provided that (x) the Borrower shall notify the Administrative Agent
and each Lender (by telecopier or e-mail) of the posting of any such documents and (y) if for any reason the Administrative
Agent is unable to obtain electronic versions of the documents posted, promptly upon the Administrative Agent’s request 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 or to maintain copies of the documents referred to above, and in any event shall
have no responsibility to monitor compliance by the Loan Parties with any such request for delivery, and each Lender shall be solely
responsible for requesting delivery to it or maintaining its copies of such documents.

 

(c)          The
Borrower hereby acknowledges and agrees that all financial statements and certificates furnished pursuant to Section 4.10(a)(1) and
Section 4.10(a)(2) of Annex I are hereby deemed to be Borrower Materials suitable for distribution, and to be made available,
to Public Lenders, as contemplated by Section 9.01(f) and may be treated by the Administrative Agent and the Lenders
as if the same has been marked “PUBLIC” in accordance with such paragraph.

 

Section 5.03          Notices.
Promptly notify the Administrative Agent of: (a) as soon as possible after a Responsible Officer of the Borrower knows thereof,
the occurrence of any Default or Event of Default, specifying the nature and extent thereof and the corrective action (if any)
taken or proposed to be taken with respect thereto;

 

(b)          as
soon as possible after a Responsible Officer of the Borrower knows thereof, any filing or commencement of, or any written threat
or notice of intention of any person to file or commence, any action, suit, litigation or proceeding, whether at law or in equity
by or before any Governmental Authority against the Borrower or any of the Restricted Subsidiaries that could reasonably be expected
to result in a Material Adverse Effect; and

 

(c)          (i) promptly
upon becoming aware of the occurrence of any ERISA Event that would reasonably be expected to result in a Material Adverse Effect,
a written notice specifying the nature thereof, what action the Borrower, any of its Restricted Subsidiaries or any of their respective
ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened
by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (ii) with reasonable promptness,
copies of such documents and governmental reports and filings relating to any Plan or Multiemployer Plan as Administrative Agent
shall reasonably request.

 

Each notice pursuant
to this Section 5.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of
the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each
notice pursuant to Section 5.03(a) shall describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached.

 

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Section 5.04          Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including
(a) all material Taxes, assessments and governmental charges or levies upon it or its properties, assets, income or profits
before the same shall have become delinquent or in default, (b) all lawful claims (including claims of landlords, warehousemen,
freight forwarders and carriers, and all claims for labor materials and supplies or otherwise) which, if unpaid, would by law become
a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions
contained in any instrument or agreement evidencing such Indebtedness, except, in each case under clauses (a) or (b), where
(i) (A) the validity or amount thereof is being contested in good faith by appropriate proceedings, (B) such Loan
Party has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (C) such contest effectively
suspends collection of the contested obligation and enforcement of any Lien securing such obligation or (ii) the failure to
make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect.

 

Section 5.05          Preservation
of Existence. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization or formation except in a transaction permitted by Article V of Annex I if,
other than in respect of the Borrower, the failure to do so would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; provided, however, that in no event shall the Borrower change its jurisdiction of organization
to a jurisdiction other than the United States of America, or any State of the United States or the District of Columbia; (b) take
all necessary action to maintain and keep in full force and effect all rights, privileges, permits, licenses and franchises material
to the normal conduct of its business if the failure to do so would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; and (c) preserve or renew all of its intellectual property, except to the extent such intellectual
property (i) is no longer used or useful in the business of any Loan Party or Restricted Subsidiary and (ii) is not otherwise
material to the business of the Loan Parties and Restricted Subsidiaries, taken as a whole, in any respect.

 

Section 5.06          Maintenance
of Properties. (a) Maintain, preserve and protect all of its material properties and equipment material to the operation
of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all repairs thereto and
renewals, improvements, additions and replacements thereof necessary in order that the business carried on in connection therewith
may be properly conducted at all times except, in each case, if the failure to do so would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

 

Section 5.07          Maintenance
of Insurance. Maintain with insurance companies that the Borrower believes (in the good faith judgment of its management)
are financially sound and reputable insurance companies at the time the relevant coverage is placed or renewed and that are not
Affiliates of the Loan Parties, insurance with respect to its properties and business against loss or damage of the kinds customarily
insured against by Persons engaged in the same or similar business and operating in the same or similar locations (after giving
effect to any self-insurance reasonable and customary for similarly situated Persons engaged in a Similar Business).

 

Section 5.08          Compliance
with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its

 

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business or property, except in such instances in which the failure to comply therewith would not reasonably
be expected to have a Material Adverse Effect.

 

Section 5.09         Books
and Records; Accountants; Maintenance of Ratings. (a) Maintain proper books of record and account, in which full,
true and correct entries in conformity with GAAP, IFRS, or local generally accepted accounting principles, as the case may
be, consistently applied shall be made of all financial transactions and matters involving the assets and business of the Loan
Parties or such Subsidiary, as the case may be; and maintain such books of record and account in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over the Loan Parties or such Subsidiary, as the case
may be.

 

(b)            At
all times retain a Registered Public Accounting Firm which is reasonably satisfactory to the Administrative Agent and shall instruct
such Registered Public Accounting Firm to cooperate with, and be available to, the Administrative Agent or its representatives
to discuss, with a representative of the Borrower present, the Loan Parties’ financial performance, financial condition,
operating results, controls, and such other matters, within the scope of the retention of such Registered Public Accounting Firm,
as may be raised by the Administrative Agent.

 

(c)            Use
commercially reasonable efforts to cause the Term Facility to be continuously rated by S&P and Moody’s, and use commercially
reasonable efforts to maintain a corporate rating from S&P and a corporate family rating from Moody’s, in each case in
respect of the Borrower.

 

Section 5.10         Inspection
Rights. Subject to any applicable confidentiality undertakings or stock exchange regulations, permit representatives and
independent contractors of the Administrative Agent to visit and inspect any of its properties, to examine its corporate, financial
and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its
directors, officers, and Registered Public Accounting Firm at such reasonable times during normal business hours upon reasonable
advance notice to the Borrower; provided that the Administrative Agent shall not exercise such rights more than twice in
any calendar year and only one such exercise will be at the expense of the Loan Parties; provided, further, that
when an Event of Default exists, the Administrative Agent (or any of its representatives or independent contractors) may do any
of the foregoing at the expense of the Loan Parties at any time during normal business hours upon reasonable advance notice to
the Borrower.

 

Section 5.11         Use
of Proceeds. (a) Upon release from the Loan Escrow Account, use all of the proceeds of the Initial Term Loans solely
to consummate the Transactions.

 

(b)            Apply
any amount drawn under the Revolving Credit Facilities (i) on and after the Funding Date to fund any interest with respect
to any Term Loans, the Senior Notes, Senior Secured Notes or any bridge loans or rollover loans in lieu thereof, and original issue
discount or upfront fees required to be funded under the “market flex” provisions of the Arranger Fee Letter, (ii) on
or prior to the Closing Date, to fund the Special Distribution and pay any fees and expenses in connection with the Transactions,
in an aggregate amount for this clause (ii) not to exceed the Closing Date Revolving Available Amount and (iii) after
the Closing Date, for working capital, capital expenditures and general corporate purposes (including acquisitions, Permitted Investments,
Restricted Payments and other transactions not prohibited by this Agreement).

 

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(c)            The
Borrower will not request any Borrowing, and the Borrower shall not use, directly or indirectly, and shall procure that no Group
Member will, directly or indirectly, use the proceeds of any Borrowing (i) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any person or entity which is listed on a Sanctions List or owned or controlled
by a person or entity listed on a Sanctions List, or in any Sanctioned Country or (ii) in any manner that would result in
the violation of any Sanctions applicable to any party hereto.

 

Section 5.12         [Reserved.]

 

Section 5.13         Further
Assurances. Execute any and all further documents, financing statements, agreements and instruments, and take all such
further actions (including the filing and recording of financing statements and other documents) which the Administrative Agent
may reasonably request, to carry out the terms and conditions of this Agreement and the other Loan Documents and to establish,
maintain, renew, preserve or protect the rights and remedies of Administrative Agent and other Secured Parties hereunder and under
the other Loan Documents, or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security
Documents or the validity or priority of any such Lien, all at the expense of the Loan Parties. The Loan Parties agree to provide
to the Administrative Agent, from time to time upon its reasonable request, evidence reasonably satisfactory to the Administrative
Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents.

 

Section 5.14         Post-Closing
Guarantee and Security Requirements. Cause (a) (i) each Subsidiary of the Borrower set forth on Schedule 5.14(a) (an
 “Initial Loan Party”), (ii) each Material Subsidiary (other than an Excluded Subsidiary) and (iii) any
other Restricted Subsidiary that guarantees any Public Debt or any syndicated credit facilities of the Borrower or the Guarantors
(except if the amount of such Public Debt or syndicated credit facilities is not greater than $35 million) to (A) become a
Guarantor hereunder by executing and delivering to the Administrative Agent a Facility Guaranty Joinder and execute and deliver
a Closing Date Intercreditor Agreement Supplement to the Administrative Agent and Collateral Agent and grantor supplements or acknowledgements
with respect to any other Intercreditor Agreement then in effect, (B) become a Grantor under the Pledge and Security Agreement
by executing and delivering to the Collateral Agent (along with copies to the Administrative Agent) a Pledge Supplement, as may
be required to confer on the Collateral Agent security over the Collateral no later than (x) three Business Days after the
Closing Date (or 90 days after the Closing Date, with respect tonetwork assets)in the case of the Initial Loan Parties or (y) 30
days after the date the relevant Restricted Subsidiary becomes a Material Subsidiary (other than an Excluded Subsidiary) or (z) in
the cause of clause (a)(iii) above, concurrently with the provision of such guarantee, or in each case, such later date as
may be reasonably agreed by the Borrower and the Administrative Agent and (C) execute and/or deliver to the Administrative
Agent and Collateral Agent as applicable (x) customary legal opinions of counsel to the Borrower, in form reasonably acceptable
to the Administrative Agent, addressed to the Administrative Agent, the Collateral Agent and the Lenders and covering substantially
the same matters relating to the Loan Documents as the matters covered in any opinion provided on the Funding Date pursuant to
Section 4.02, other than where the customary practice in the relevant jurisdiction differs with respect to providing opinions,
in which case such opinions may be provided by counsel to the Administrative Agent, (y) the documents specified in clauses
Section 4.02(c)(i) – (v), substantially in the same form as agreed to be provided with respect to the Borrower
as of the Funding Date, subject to any changes required

 

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by the law of the jurisdiction of organization of the relevant Loan Party
or customary for such jurisdiction; and (z) if required by the relevant Security Documents, stock, share or membership certificates
and corresponding blank powers or equivalent transfer forms as applicable with respect to the Borrower and the Restricted Subsidiaries
of the Borrower (except the extent constituting Excluded Assets pursuant to clause (l) of the definition thereof);

 

(b)            Notwithstanding
anything to the contrary herein or in any other Loan Document, it is understood and agreed that (i) the Administrative Agent
may grant extensions of time for the creation and perfection of security interests in, or obtaining of title insurance, legal opinions,
surveys or other deliverables with respect to, particular assets or the provision of any Loan Guarantee by any Restricted Subsidiary
(in connection with assets acquired, or Restricted Subsidiaries formed or acquired, after the Closing Date), and each Lender hereby
consents to any such extension of time, (ii) any joinder or supplement to any Loan Guarantee, any Security Document or any
other Loan Document executed by any Restricted Subsidiary that is required to become a Loan Party pursuant to this Section 5.14
may, with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed), include such schedules
(or updates to schedules) or limitations as may be necessary to qualify any representation or warranty with respect to such Restricted
Subsidiary set forth in any Loan Document to the extent necessary to ensure that such representation or warranty is true and correct
to the extent required thereby or by the terms of any other Loan Document, (iii) no Loan Party shall be required to seek any
landlord waiver, bailee letter, estoppel, warehouseman waiver or other collateral access, lien waiver or similar letter or agreement,
(iv) no Loan Party shall be required to take any supplemental perfection action with respect to Collateral constituting intellectual
property, other than any supplemental filings with the U.S. Copyright Office or the U.S. Patent and Trademark Office, (v) in
no event shall notices be required to be sent, nor shall the Administrative Agent or Collateral Agent be permitted to send to account
debtors or other contractual third-parties prior to the occurrence and during the continuation of an Event of Default, (vi) no
Loan Party will be required to (A) take any action outside the U.S. to grant or perfect any security interest in any asset
located outside of the U.S. (other than as may be perfected by the filing of a UCC financing statement), (B) execute any security
agreement, pledge agreement, mortgage, deed or charge governed by the laws of a jurisdiction other than the U.S. or (C) make
any intellectual property filing, conduct any intellectual property search or prepare any schedule of intellectual property, in
each case, in a jurisdiction other than the U.S., (vii) in no event will the Collateral include any Excluded Asset, (viii) no
Loan Party shall be required to perfect a security interest in any asset to the extent perfection of a security interest in such
asset would be prohibited under any applicable Requirement of Law, (ix) any Lien required to be granted from time to time
pursuant to this Section 5.14 shall be subject to the exceptions and limitations set forth in the Security Documents and (x) the
Administrative Agent shall not require the taking of a Lien on, or require the perfection of any Lien granted in, those assets
as to which the cost of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other Tax or expenses
relating to such Lien) is excessive in relation to the benefit to the Lenders of the security afforded thereby as reasonably agreed
by the Borrower and the Administrative Agent.

 

Section 5.15         Sanctions.
(a) Not (i) contribute or otherwise make available the proceeds of this Agreement, directly or indirectly, to any person
or entity (whether or not related to any member of the Borrower Group) for the purpose of financing the activities of any person
or entity which is listed on a Sanctions List, or owned or controlled by a person or entity listed on a

 

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Sanctions List, or currently
located in a Sanctioned Country, to the extent such contribution or provision of proceeds would be prohibited by Sanctions or would
otherwise cause any person to be in breach of Sanctions, including but not limited to OFAC sanctions where such contribution or
provision of proceeds is or would be conducted by a person in the United States of America; or (ii) fund all or part of any
repayment under this Agreement out of proceeds derived from transactions which would be prohibited by Sanctions or would otherwise
cause any person to be in breach of Sanctions.

 

(b)            The
Borrower and each Guarantor shall (and the Borrower shall ensure that each member of the Borrower Group will) ensure that appropriate
controls and safeguards are in place designed to prevent any proceeds of this Agreement from being used contrary to Section 5.15(a).

 

Article VI

 

Financial
Covenant

 

From and after the
Closing Date, so long as this Agreement shall remain in effect, and until the Commitments have been terminated and the principal
of and interest on each Loan and all fees and all other expenses or amounts payable under any Loan Document shall have been paid
in full (other than contingent indemnification obligations not then due and payable), or any Letter of Credit shall remain outstanding
(unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized or back-stopped by a letter
of credit reasonably satisfactory to the applicable L/C Issuer or such Letter of Credit has been deemed reissued under another
agreement reasonably acceptable to the L/C Issuer), the Borrower will not:

 

Section 6.01         Financial
Covenant. Permit the Consolidated Net Senior Secured Leverage Ratio to be greater than 7.3:1.0 as of any Compliance Date
(the “Financial Covenant”). The provisions of this Section 6.01 are for the benefit of the Revolving
Credit Lenders only and the Required Revolving Credit Lenders may amend, waive or otherwise modify this Section 6.01 or the
defined terms used for purposes of this Section 6.01 or waive any Default or Event of Default resulting from a breach of this
Section 6.01 without the consent of any Lenders other than such Required Revolving Credit Lenders in accordance with the provisions
of Section 9.08. Notwithstanding anything to the contrary herein, when calculating the Consolidated Net Senior Secured Leverage
Ratio for the purposes of this Section 6.01, the events described in clauses (a) through (c) of the definition of
 “Pro Forma EBITDA” that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect.

 

Article VII

 

Events
of Default

 

Section 7.01         Events
of Default. In case of the occurrence of any of the following events on or after the Funding Date (“Events
of Default”):

 

(a)            Non-Payment.
Any Loan Party fails to pay when and as required to be paid herein, whether at the due date thereof or at a date fixed for prepayment
thereof or by acceleration thereof or otherwise, (i) any amount of principal of any Loan or (ii) any interest on any
Loan, or any fee

 

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due hereunder, within five Business Days of the due date or (iii) any other amount payable hereunder or under
any other Loan Document, within five Business Days of the due date; or

 

(b)            Specific
Covenants. Any Loan Party or any Restricted Subsidiary fails to perform or observe any term, covenant or agreement contained
in any of Sections 5.03(a), 5.05(a), 5.11(a) or 6.01 or Article IV of Annex I to this Agreement (other than Section 4.10
and 4.13 of Annex I); provided that the Financial Covenant is subject to cure pursuant to Section 7.03; provided,
further, that the Borrower’s failure to comply with the Financial Covenant shall not constitute an Event of Default with
respect to any Term Loans or Term Commitments unless and until the Required Revolving Credit Lenders shall have terminated their
Revolving Credit Commitments and declared all amounts outstanding thereunder to be due and payable pursuant to the second to last
paragraph of this Section 7.01; or

 

(c)            Other
Defaults. Any Loan Party or any Restricted Subsidiary fails to perform or observe (i) any term, covenant or agreement
set forth in Section 5.14 of this Agreement and such failure continues for five Business Days or (ii) any other term,
covenant or agreement (not specified in Sections 7.01(a) or (b) above) contained in any Loan Document on its part to
be performed or observed and such failure continues for 30 days after the date written notice thereof shall have been given to
the Borrower by the Administrative Agent or the Required Lenders; or

 

(d)            Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrower or any Restricted Subsidiary herein (excluding (solely in respect of the Funding Date and any other date prior to the
Closing Date on which any extension of credit is made hereunder) those representations and warranties in Article III hereof
the accuracy of which is not a condition to the Funding Date set forth in Section 4.02 or the making of such extension of
credit), or in any other Loan Document, or in any document, report, certificate, financial statement or other instrument required
to be delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed
made, except that such materiality qualifier shall not be applicable to any representation or warranty that is already qualified
by materiality or “Material Adverse Effect”; or

 

(e)            Invalidity
of Loan Documents. (i) Any provision of any Loan Document, at any time after its execution and delivery and for any reason
other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full
force and effect (other than in accordance with its terms) and as a result thereof, a Material Adverse Effect would occur or would
reasonably be expected to occur; or any Loan Party or any other Person contests in writing the validity or enforceability of any
provision of any Loan Document; or any Loan Party denies in writing that it has any or further liability or obligation under any
provision of any Loan Document (other than as a result of the discharge of such Loan Party in accordance with the terms of the
applicable Loan Document), or purports in writing to revoke, terminate or rescind any provision of any Loan Document; (ii) any
security interest under the Security Documents shall, at any time, cease to be in full force and effect (other than in accordance
with the terms of the relevant Security Document, any Intercreditor Agreement (on and after the execution thereof), any Additional
Intercreditor Agreement (on and after the execution thereof) and this Agreement) with respect to Collateral having a Fair Market
Value in excess of $10 million for any reason other than the satisfaction in full of all obligations under this Agreement or the
release of any such security

 

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interest in accordance with the terms of this Agreement, any Intercreditor Agreement (on and after
the execution thereof), any Additional Intercreditor Agreement (on and after the execution thereof) or the Security Documents or
any such security interest created thereunder shall be declared invalid or unenforceable and the Borrower shall assert in writing
that any such security interest is invalid or unenforceable and any such Default continues for 10 days; or (iii) any Guarantee
of the Loans of a Guarantor that is a Significant Subsidiary or any group of Subsidiary Guarantors that taken together would constitute
a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of such Facility Guaranty
or this Agreement) or is declared invalid or unenforceable in a judicial proceeding or any Guarantor denies or disaffirms in writing
its obligations under its Facility Guaranty and any such Default continues for 10 days after the notice specified in this Agreement;
or

 

(f)            Cross-Default.
(i) Any Loan Party or Restricted Subsidiary (A) fails to make any payment when due (regardless of amount and whether
by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Material Indebtedness (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement)
prior to the expiration of any grace period provided in such Indebtedness, or (B) fails to observe or perform any other agreement
or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders
of such Material Indebtedness or the beneficiary or beneficiaries of any Guarantee thereof (or a trustee or agent on behalf of
such holder or holders or beneficiary or beneficiaries) to cause, with or without the giving of notice, lapse of time or both,
such Indebtedness to be demanded, accelerated or to become due or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity,
or such Guarantee to become payable or cash collateral in respect thereof to be demanded; provided that this clause (B) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness, if such sale or transfer is permitted hereunder; provided, further, that the failure referred to in clause
(B) is unremedied and is not waived by the holders of such Indebtedness prior to any termination of the Commitments or acceleration
of such Indebtedness or of the Loans pursuant to this Section 7.01 or (ii) 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 a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination
Event (as defined in such Swap Contract) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected
Party (as defined in such Swap Contract) and, in either event, the Swap Termination Value owed by the Loan Party or such Subsidiary
as a result thereof is greater than $35 million; or

 

(g)            Bankruptcy.
In relation to the Borrower, a Guarantor or a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary (i) any corporate action, legal proceedings or other procedure or step is taken
in relation to: (A) a voluntary case; (B) the entry of an order for relief against it in an involuntary case; (C) the
appointment of a custodian of it or for a substantial part of its property; (D) general assignment for the benefit of its
creditors; or (E) admission in writing of its inability to pay its debts generally as they become due; or (ii) a court
of competent jurisdiction enters an order or decree under any

 

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Bankruptcy Law that: (A) is for relief against the Borrower,
any Guarantor or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary in an involuntary case; (B) appoints a custodian or administrator of the Borrower, any Guarantor or any Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or for a substantial
part of the property of the Borrower, any Guarantor or any Significant Subsidiary or any group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary; or (C) orders the liquidation or winding up of the Borrower, any
Guarantor or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive days; or

 

(h)            Judgments.
Failure by the Borrower, a Guarantor or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary to pay final judgments aggregating in excess of $35 million (to the extent not covered
by independent third-party insurance as to which the insurer has been notified of such judgment and has not denied coverage), which
judgments are not paid, discharged or stayed for a period of 60 days after the judgment becomes final; or

 

(i)            Change
of Control. There occurs a Change of Control; or

 

(j)            Employee
Benefit Plans. (i) There shall occur one or more ERISA Events which individually or in the aggregate results in or would
reasonably be expected to result in a Material Adverse Effect; or (ii) there exists any fact or circumstance that would reasonably
be expected to result in the imposition of a Lien or security interest under Section 430(k) of the Code or under ERISA;

 

then, and in every
such event (other than an event with respect to the Borrower described in clause (g)), and at any time thereafter during the continuance
of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take
any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments and any obligation
of the L/C Issuers to make L/C Credit Extensions; (ii) declare the Loans then outstanding to be forthwith due and payable
in whole or in part, whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon
and any unpaid accrued fees, other amounts payable and all other liabilities of the Borrower accrued hereunder and under any other
Loan Document, shall become forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all
of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding;
(iii) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount
thereof); and in any event with respect to the Borrower described in clause (g), the Commitments and any obligation of the L/C
Issuers to make L/C Credit Extensions shall automatically terminate and the principal of the Loans then outstanding, together with
accrued interest thereon and any unpaid accrued fees, other amounts payable and all other liabilities of the Borrower accrued hereunder
and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document
to the contrary notwithstanding and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall
automatically become

 

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effective; and (iv) the Administrative Agent and the Collateral Agent shall have the right to take all
or any actions and exercise any remedies available under the Loan Documents or applicable law or in equity.

 

Notwithstanding anything
to the contrary, if the only Events of Default then having occurred and continuing are pursuant to a failure to observe the Financial
Covenant, the Administrative Agent shall only take the actions set forth in this Section 7.01 at the request of the Required
Revolving Credit Lenders (as opposed to Required Lenders).

 

Section 7.02         Application
of Funds. After the exercise of remedies provided for in this Article VII (or after the Loans have automatically become
immediately due and payable or the L/C Obligations have automatically been required to be Cash Collateralized as set forth in this
Article VII), any amounts received on account of the Obligations shall (subject to any Intercreditor Agreement (on and after
the execution thereof)) 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 the Administrative Agent and amounts payable under Section 2.20) payable to the Administrative
Agent or the Collateral Agent, in their respective capacities as such;

 

second,
to payment of that portion of the Obligations constituting indemnities, expenses, and other amounts (other than principal, interest
and fees) payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable
under Section 2.20), ratably among them in proportion to the amounts described in this clause second payable to them;

 

third,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans, L/C Borrowings and other Obligations,
and fees, ratably among the Lenders in proportion to the respective amounts described in this clause third payable to them;

 

fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings (including to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit) and any breakage,
termination or other payments under Treasury Services Agreements or Swap Contracts, ratably among the Secured Parties in proportion
to the respective amounts described in this clause fourth held by them;

 

fifth,
to payment of all other Obligations ratably among the Secured Parties in proportion to the respective amounts described in this
clause fifth held by them; and

 

last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Loan Parties or as otherwise required
by Law.

 

Subject to Section 2.26(g),
amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause fourth above shall be applied
to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral

 

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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 and, if no Obligations remain outstanding, to the Borrower.

 

Section 7.03         Borrower’s
Right to Cure. Notwithstanding anything to the contrary contained in Section 7.01 or Section 7.02:

 

(a)            For
the purpose of determining whether an Event of Default under a Financial Covenant has occurred, the Borrower may on one or more
occasions:

 

(i)        designate
any portion of the net cash proceeds from a sale or issuance of Capital Stock, other than any Disqualified Stock of the Borrower
or any contribution to the common capital of the Borrower (or from any other contribution to capital or sale or issuance of any
other Capital Stock on terms reasonably satisfactory to the Administrative Agent) (the “Cure Amount”)
as an increase to Consolidated EBITDA for the applicable fiscal quarter; provided that (A) such amounts to be designated
are actually received by the Borrower on or after the first day of such applicable fiscal quarter and on or prior to the 10th
Business Day after the date on which financial statements are required to be delivered with respect to such applicable fiscal quarter
(the “Cure Expiration Date”), (B) such amounts do not exceed the aggregate amount necessary to cure
any Event of Default under the relevant Financial Covenant as of such date and (C) the Borrower shall have provided notice
to the Administrative Agent on the date such amounts are designated as a “Cure Amount” (it being understood
that to the extent any such notice is provided in advance of delivery of a Compliance Certificate for the applicable period, the
amount of such net cash proceeds that is designated as the Cure Amount may be different than the amount necessary to cure any Event
of Default under the relevant Financial Covenant and may be modified, as necessary, in a subsequent corrected notice delivered
on or before the Cure Expiration Date (it being understood that in any event the final designation of the Cure Amount shall continue
to be subject to the requirements set forth in clauses (A) and (B) above)); provided, further, that the Cure Amount
used to calculate Consolidated EBITDA for one fiscal quarter shall be used and included when calculating Consolidated EBITDA for
each Test Period that includes such fiscal quarter.

 

(b)            The
parties hereby acknowledge that this Section 7.03 may not be relied on for purposes of calculating any financial ratios other
than for determining actual compliance with Article VI (and not pro forma compliance with Article VI that is required
by any other provision of this Agreement) and shall not result in any adjustment to any amounts (including the amount of Indebtedness)
or increase in cash (and shall not be included for purposes of determining pricing, mandatory prepayments and the availability
or amount permitted pursuant to any covenant under Article IV of Annex I) with respect to the quarter with respect to which
such Cure Amount was made other than the amount of the Consolidated EBITDA referred to in the immediately preceding sentence.

 

(c)            In
furtherance of clause (a) above, (i) upon actual receipt and designation of the Cure Amount by the Borrower, the relevant
Financial Covenant shall be deemed satisfied and complied with as of the end of the relevant fiscal quarter with the same effect
as though there had

 

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been no failure to comply with the relevant Financial Covenant and any Event of Default under the relevant
Financial Covenant (and any other Default arising solely as a result thereof) shall be deemed not to have occurred for purposes
of the Loan Documents, and (ii) upon delivery to the Administrative Agent prior to the Cure Expiration Date of a notice from
the Borrower stating its good faith intention to exercise its right set forth in this Section 7.03, neither the Administrative
Agent on or after the last day of the applicable quarter nor any Lender may exercise any rights or remedies under Section 7.01
or Section 7.02 (or under any other Loan Document) on the basis of any actual or purported Event of Default under the Financial
Covenant (and any other Default as a result thereof) until and unless the Cure Expiration Date has occurred without the Cure Amount
having been received and designated.

 

(d)            (i) In
each period of four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no cure right set forth in
this Section 7.03 is exercised and (ii) there shall be no pro forma reduction in Indebtedness (directly or by way of
netting) with the Cure Amount for determining compliance with the applicable Financial Covenant for the fiscal quarter with respect
to which such Cure Amount was made.

 

(e)            There
can be no more than five (5) fiscal quarters in which the cure rights set forth in this Section 7.03 are exercised during
the term of the Initial Revolving Credit Commitments.

 

Article VIII

 

The
Administrative Agent; etc.

 

(a)            Each
Lender and the other Secured Parties hereby irrevocably designates and appoints the Administrative Agent and the Collateral Agent
as its agent hereunder and under the other Loan Documents. Each Lender hereby authorizes the Administrative Agent and the Collateral
Agent (for purposes of this Article VIII, the Administrative Agent and the Collateral Agent are referred to collectively as
the “Agents”) to take such actions on its behalf and to exercise such powers and perform such duties
as are delegated to such Agent by the terms hereof and thereof, together with such other actions and powers as are reasonably incidental
thereto. The provisions of this Article VIII (except for paragraphs (g) and (h)) are solely for the benefit of the Agents
and the Lenders, and neither the Borrower, nor any other Loan Party shall have rights as a third-party beneficiary of any of such
provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or
any other similar term) with reference to the Administrative Agent or Collateral Agent, as applicable, 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. Without limiting the generality of the foregoing, the Agents are hereby expressly authorized to negotiate, enforce or
settle any claim, action or proceeding affecting the Lenders in their capacity as such, at the direction of the Required Lenders,
which negotiation, enforcement or settlement will be binding upon each Lender.

 

(b)            Each
Secured Party hereby further authorizes the Administrative Agent or Collateral Agent, as applicable, on behalf of and for the benefit
of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral, the Security
Documents, any Intercreditor Agreement and any Additional Intercreditor Agreement and to enter

 

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into the same at any time and from
time to time. Subject to Section 9.08, Section 9.20 or Section 12 of the Facility Guaranty (as applicable) without
further written consent or authorization from any Lender, the Administrative Agent or Collateral Agent, as applicable, may execute
any documents or instruments necessary to (i) release any Lien encumbering any item of Collateral in the circumstances set
forth in Section 9.20, or with respect to which Required Lenders (or such other Lenders as may be required to give such consent
under Section 9.08) have otherwise consented and/or (ii) release any Guarantor from the Loan Guarantee in the circumstances
set forth in Section 12 of the Facility Guaranty, or with respect to which Required Lenders (or such other Lenders as may
be required to give such consent under Section 9.08) have otherwise consented.

 

(c)            The
Person serving as the Administrative Agent and/or the Collateral 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 an Agent, and the term “Lender” or
 “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person
serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to,
own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business
with the Borrower or any Subsidiary or other Affiliate thereof (subject to securities law and other requirements of applicable
law) as if it were not an Agent hereunder and without any duty to account therefor to the Lenders. The Borrower agrees to pay to
the Administrative Agent all fees and expenses in accordance with any separate agreement between the Borrower and the Administrative
Agent.

 

(d)            Neither
Agent shall have any duties or obligations except those expressly set forth herein and in the Loan Documents, and its duties hereunder
and thereunder shall be administrative in nature. Without limiting the generality of the foregoing, (i) neither Agent shall
be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing,
(ii) neither Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided for herein or in the other
Loan Documents); provided that neither Agent shall be required to take any action that, in its opinion or the opinion of
its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable law and (iii) except
as expressly set forth herein and in the other Loan Documents, neither Agent shall have any duty to disclose, nor shall it be liable
for the failure to disclose, any information relating to the Borrower or any of the Subsidiaries that is communicated to or obtained
by the Person serving as the Administrative Agent and/or the Collateral Agent or any of its Affiliates in any capacity. Without
limiting the foregoing, neither Agent shall be liable for any action taken or not taken by it in accordance with any Intercreditor
Agreement. Neither Agent (nor any of their respective Related Parties) shall be liable for any action taken or not taken by it
with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary,
or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Article VII or Section 9.08),
or for any action lawfully taken or omitted to be taken by such Agent or otherwise hereunder or under any Loan Document in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final non-appealable
judgment. Neither Agent (nor any of their respective Related Parties) shall be deemed to have knowledge of any Default or Event
of Default unless and until written notice thereof is actually received by an

 

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office of such Agent directly responsible for the
administration of this Agreement from the Borrower or a Lender and stating that such notice is a notice of default. Neither Agent
shall be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made
in or in connection with this Agreement or any other Loan Document, (B) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (C) the performance or observance of any of the covenants, agreements or
other terms or conditions set forth in any Loan Document or the occurrence of any Default or Event of Default, (D) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (E) the
satisfaction of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of
items expressly required to be delivered to such Agent or (F) the perfection or priority of any security interest created
or purported to be created under the Security Documents. The Agents shall have the right to request instructions from the Required
Lenders at any time; which, in the case of the Collateral Agent, shall be determined by, and communicated by, the Administrative
Agent. If any Agent shall request instructions from the Required Lenders with respect to any act or action (including failure to
act) in connection with this Agreement or any other Loan Document, such Agent shall be entitled to refrain from such act or taking
such action unless and until such Agent shall have received instructions from the Required Lenders; and such Agent shall not incur
liability to any Lender by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever
against any Agent or any of its Related Parties as a result of such Agent or such other person acting or refraining from acting
hereunder or under any other Loan Document in accordance with the instructions of the Required Lenders. No Agent shall be under
any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained
in, or conditions of, this Agreement or any other Loan Documents, or to inspect the properties, books or records of any Loan Party.
The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as
to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Documents,
or to inspect the properties, books or records of any Loan Party. Notwithstanding anything else to the contrary herein, whenever
reference is made in this Agreement or any other Loan Document to any discretionary action by, consent, designation, specification,
requirement or approval of, notice, request or other communication from, or other direction given or action to be undertaken or
to be (or not to be) suffered or omitted by the Collateral Agent or to any election, decision, opinion, acceptance, use of judgment,
expression of satisfaction, reasonable satisfaction or other exercise of discretion, rights or remedies to be made (or not to be
made) by the Collateral Agent, it is understood that in all cases the Collateral Agent shall be fully justified in failing or refusing
to take any such action under this Agreement if it shall not have received such written instruction, advice or concurrence of the
Administrative Agent, as it deems appropriate. This provision is intended solely for the benefit of the Collateral Agent and its
successors and permitted assigns and is not intended to and will not entitle the other parties hereto to any defense, claim or
counterclaim, or confer any rights or benefits on any party hereto.

 

(e)            Each
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.
Each Agent may also 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

 

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

 

(f)            The
Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or
enforce, compliance with the provisions hereof relating to Disqualified Persons. Without limiting the generality of the foregoing,
the Administrative Agent shall not (i) be obligated to ascertain, monitor or inquire as to whether any Lender or prospective
Lender is a Disqualified Person or (ii) have any liability with respect to or arising out of any assignment or participation
of Loans, or disclosure of confidential information, to any Disqualified Person.

 

(g)            Each
Agent may perform any and all its duties and exercise its rights and powers hereunder or under any other Loan Document or any other
instrument or agreements referred herein or therein by or through any one or more sub-agents appointed by it provided, however,
that solely in the case where an Agent no longer serves as the applicable withholding agent, if a sub-agent has been appointed
to serve as withholding agent, any such sub-agent that such Agent may appoint to receive payments shall be a U.S. Person and a
 “Financial Institution” within the meaning of Treasury Regulations Section 1.1441-1 or any entity that has agreed
to take “Primary Withholding Responsibility” within the meaning of Treasury Regulations Section 1.1441-1 for all
payments under the Loan Documents (it being understood and agreed, for avoidance of doubt and without limiting the generality of
this Section, that the Agent may perform any and all of its duties and exercise its rights and powers hereunder and thereunder,
by or through one of more of its Affiliates). Each Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers by or through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall
apply to any such sub-agent and to the Related Parties of each Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the Term Facility as well as activities as Agent. Neither Agent shall 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 non-appealable judgment that such Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

 

(h)            Each
Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have
the right, with the consent of the Borrower (prior to the occurrence of a Specified Event of Default), to appoint a successor Agent
(other than a Disqualified Person) who shall satisfy the requirements of the next succeeding sentence in the case of an Administrative
Agent. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 60
days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Lenders, appoint a
successor Agent which, in the case of the Administrative Agent, shall be (i) a financial institution with an office in New
York, New York, or an Affiliate of any such financial institution and (ii) a U.S. person and a “Financial Institution”
within the meaning of Treasury Regulations Section 1.1441-1 or any entity that has agreed to take “Primary Withholding
Responsibility” within the

 

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meaning of Treasury Regulations 1.1441-1 for all payments under the Loan Documents. If the Person
serving as the Administrative Agent is a Defaulting Lender, the Required Lenders may, to the extent permitted by applicable law,
by notice in writing to the Borrower and such Person, remove such Person as the Administrative Agent, and appoint a successor Agent
which shall satisfy the requirements in the immediately preceding sentence, with the consent of the Borrower so long as no Specified
Event of Default is continuing. If no successor Agent has been appointed pursuant to the immediately preceding sentence by the
60th day after the date such notice of resignation or removal was given by such Agent, the Borrower or the Required
Lenders, such Agent’s resignation shall become effective (and such Agent shall be discharged from its duties and obligations
hereunder) and the Required Lenders shall thereafter perform all the duties of such Agent hereunder and/or under any other Loan
Document until such time, if any, as the Required Lenders appoint a successor Agent with the consent of the Borrower (prior to
the occurrence of a Specified Event of Default). Upon the acceptance of its appointment as Agent hereunder by a successor Agent,
such successor Agent shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent,
and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged
therefrom as provided above). The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor Agent. After the Administrative Agent’s resignation or removal
hereunder, the provisions of this Article VIII and Section 9.05 shall continue in effect for the benefit of the retiring
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 acting as Agent.

 

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

 

(j)            Notwithstanding
any other provision of this Agreement or any provision of any other Loan Document, each Lead Arranger is named as such for recognition
purposes only, and in its respective capacities as such shall have no duties, responsibilities or liabilities with respect to this
Agreement or any other Loan Document; it being understood and agreed that the Lead Arrangers shall be entitled to all indemnification
and reimbursement rights in favor of the Agents provided herein and in the other Loan Documents. Without limitation of the foregoing,
the Lead Arrangers in their respective capacities as such shall not, by reason of this Agreement or any other Loan Document, have
any fiduciary relationship in respect of any Lender, Loan Party or any other Person.

 

(k)            In
case of the pendency of any proceeding under any Bankruptcy Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered (but not obligated) by intervention in such

 

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proceeding or otherwise to instruct the Collateral Agent,
in accordance with any Intercreditor Agreement, or as otherwise provided thereby (i) to file and prove a claim for the whole
amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Agents (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and their respective
agents and counsel and all other amounts due the Lenders and Agents under Section 9.05) allowed in such judicial proceeding
and (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the
same and, in either case, any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender and each other Secured Party to make such payments to such Agent and,
in the event that such Agent shall consent to the making of such payments directly to the Lenders, to pay to such Agent any amount
due for the reasonable compensation, expenses, disbursements and advances of such Agent and its agents and counsel, and any other
amounts due such Agent under Section 9.05.

 

(l)            To
the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender an amount equivalent
to any applicable withholding Tax. If any payment has been made to any Lender by the Administrative Agent without the applicable
withholding Tax being withheld from such payment and the Administrative Agent has paid over the applicable withholding Tax to the
IRS or any other Governmental Authority, or the IRS or any other Governmental Authority asserts a claim that the Administrative
Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not
delivered or was not properly executed or because such Lender failed to notify the Administrative Agent of a change in circumstance
which rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, such Lender shall indemnify
the Administrative Agent fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including
any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket
expenses) incurred whether or not such Tax was correctly or legally imposed or asserted by the relevant Governmental Authority.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Article VIII(l).

 

(m)            Any
Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document (except actions
expressly required to be taken by it hereunder or under the Loan Documents) unless it shall first be indemnified and secured to
its satisfaction (including by way of pre-funding) by the Lenders pro rata against any and all liability, cost and expense
that it may incur by reason of taking or continuing to take any such action. Neither Agent shall be required to expend or risk
any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder
or under any other Loan Document.

 

(n)            The
agreements in this Article VIII shall survive the payment of all Obligations.

 

(o)            Except
as otherwise expressly set forth herein or in the Facility Guaranty or any Security Document, no Hedge Counterparty or Treasury
Services Provider that obtains the benefits of Section 7.02, the Facility Guaranty or any Collateral by virtue of the provisions
hereof or of the

 

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Facility Guaranty or any Security Document shall have any right to notice of any action or to consent to, direct
or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release
or impairment of any Collateral) other than, if a Lender at such time, in its capacity as a Lender and, in such case, only to the
extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article VIII to the contrary,
the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made
with respect to, Obligations arising under Treasury Services Agreements and Swap Contracts unless the Administrative Agent has
received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request,
from the applicable Hedge Counterparty or Treasury Services Provider. The Hedge Counterparties and Treasury Services Providers
hereby authorize the Administrative Agent to enter into any Intercreditor Agreement, the Additional Intercreditor Agreement or
other intercreditor agreement or arrangement permitted under this Agreement and the Hedge Counterparty or Treasury Services Providers
acknowledge that any such intercreditor agreement is binding upon the Hedge Counterparty or Treasury Services Providers.

 

(p)            None
of the Lead Arrangers shall have any duties or responsibilities hereunder in their respective capacities as such.

 

(q)            In
the event that the Borrower appoints or designates any Additional Arranger pursuant to Sections 2.22, 2.23 and 2.24, as applicable,
unless otherwise set forth herein, (i) each and every right, power, privilege or duty expressed or intended by this Agreement
or any of the other Loan Documents to be exercised by or vested in or conveyed to an arranger with respect to Incremental Loan
Commitments or Refinancing Commitments, as applicable, shall be exercisable by and vest in such Additional Arranger, to the extent,
and only to the extent, necessary to enable such Additional Arranger to exercise such rights, powers and privileges with respect
to the Incremental Loan Commitments or Refinancing Commitments, as applicable, and to perform such duties with respect to such
Incremental Loan Commitments or Refinancing Commitments, and every covenant and obligation contained in the Loan Documents and
necessary to the exercise or performance thereof by such Additional Arranger shall run to and be enforceable by either the Administrative
Agent or such Additional Arranger as specifically set forth therein, and (ii) the provisions of this Article VIII and
of Section 9.05 (obligating the Borrower to pay the Administrative Agent’s and the Collateral Agent’s expenses
and to indemnify the Administrative Agent and the Collateral Agent) that refer to the Administrative Agent and/or the Collateral
Agent shall also inure to the benefit of such Additional Arranger, and all references therein to the Administrative Agent and/or
Collateral Agent shall also be deemed to be references to the Administrative Agent and/or Collateral Agent and/or such Additional
Arranger, as the context may require. Each Lender hereby irrevocably appoints any Additional Arranger to act on its behalf hereunder
and under the other Loan Documents pursuant to Sections 2.22, 2.23 and 2.24, as applicable, and designates and authorizes such
Additional Arranger to take such actions on its behalf under the provisions of this Agreement and each other Loan Document and
to exercise such powers and perform such duties as are expressly delegated to such Additional Arranger by the terms of this Agreement
or any other Loan Document, together with such actions and powers as are reasonably incidental thereto.

 

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Article IX

 

Miscellaneous

 

Section 9.01         Notices;
Electronic Communications. (a) 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 fax, as follows:

 

(i)            if
to the Borrower, to it at:

 

Nick Brown 

Nick.Brown@AlticeUSA.com

+1 917 589 9983

c/o Altice USA, Inc.

1 Court Square West

Long Island City, NY 11101

United States of America

 

With a copy that shall
not constitute notice to:

 

Michael Kazakevich

Michael.Kazakevich@ropesgray.com

+44-(0)7917-640894

Ropes & Gray LLP,

60 Ludgate Hill, 3rd floor,

London, EC4M 7AW

United Kingdom

 

With a copy that shall
not constitute notice to:

 

Alexandru Mocanu

Alexandru.Mocanu@ropesgray.com

+44-(0)7546-458748 

Ropes &
Gray LLP,

60 Ludgate
Hill, 3rd floor,

London,
EC4M 7AW

United Kingdom

 

(ii)           if
to the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person
on Schedule 9.01(b); and

 

(iii)          if
to a Lender, to such Lender at its address (or fax number) set forth on Schedule 2.01 or in the Assignment and Acceptance pursuant
to which such Lender shall have become a party hereto or as otherwise communicated in writing from time to time by such Lender
to the Borrower and the Administrative Agent.

 

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(iv)         If
to the Collateral Agent, to the address, facsimile number, electronic mail address or telephone number set forth in Section 5.01(b) of
the Closing Date Intercreditor Agreement.

 

(b)            All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed
to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date five
Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed)
to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given
in accordance with this Section 9.01.

 

(c)            As
agreed to among the Borrower, the Administrative Agent and the applicable Lenders from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the applicable Person provided from time to time by
such Person. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under Article II by electronic communication. The Administrative Agent or
the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

(d)            Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the intended recipient’s receipt of the notice or communication, which shall be evidenced by an acknowledgment
from the intended recipient (such as by the “delivery receipt” function, as available, return e-mail or other written
acknowledgement); provided that, if such notice or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for
the recipient; provided, further, that if the sender receives an “out-of-office” reply e-mail containing instructions
regarding notification to another person in the intended recipient’s absence, such notice or other communication shall be
deemed received upon the sender’s compliance with such instructions, and (ii) notices or communications posted to an
Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor.

 

(e)            The
Borrower hereby agrees, unless directed otherwise by the Administrative Agent or unless the e-mail address referred to below has
not been provided by the Administrative Agent to the Borrower, that it will, or will cause its Subsidiaries to, provide to the
Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent
pursuant to the Loan Documents or to the Lenders under Article IV of Annex I hereof or under Article V hereof, including
all notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding
any such communication that (i) is or relates to a Borrowing Request, or a notice pursuant to Section 2.10,

 

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(ii) relates
to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides
notice of any Default or Event of Default under this Agreement or any other Loan Document or (iv) is required to be delivered
to satisfy any condition precedent to the effectiveness of this Agreement and/or any Borrowing or other extension of credit hereunder
(all such non-excluded communications being referred to herein collectively as “Communications”), by
transmitting the Communications in an electronic/soft medium that is properly identified in a format acceptable to the Administrative
Agent to an e-mail address as directed by the Administrative Agent. In addition, the Borrower agrees, and agrees to cause its Subsidiaries,
to continue to provide the Communications to the Administrative Agent or the Lenders, as the case may be, in the manner specified
in the Loan Documents but only to the extent requested by the Administrative Agent.

 

(f)            The
Borrower hereby acknowledges that (i) the Administrative Agent will make available to the Lenders materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, the “Borrower Materials”) by posting
the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and (ii) certain
of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information
with respect to the Borrower, its Subsidiaries or their respective securities for purposes of United States federal and state securities
laws) (each, a “Public Lender”). The Borrower hereby agrees that (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,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat
such Borrower Materials as not containing any material non-public information with respect to the Borrower, its Subsidiaries or
their respective securities for purposes of United States federal and state securities laws (provided, however, that to the extent
the Borrower Materials constitute Information, they shall be treated as set forth in Section 9.16); (y) all Borrower
Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated as “Public
Investor;” and (z) the Administrative Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not marked as “Public Investor.” Notwithstanding the
foregoing, the following Borrower Materials shall be marked “PUBLIC” and the Borrower agrees that the following documents
may be distributed to all Lenders (including Public Lenders) unless, solely with respect to the documents described in clauses
(B) and (C) below, the Borrower advises the Administrative Agent in writing (including by e-mail) within a reasonable
time prior to their intended distribution that such material should only be distributed to Lenders other than Public Lenders (it
being agreed that the Borrower and its counsel shall have been given a reasonable opportunity to review such documents and comply
with applicable securities law disclosure obligations): (A) the Loan Documents; (B) administrative materials prepared
by the Administrative Agent for prospective Lenders; (C) term sheets and notification of changes in the terms of the Term
Facility; and (D) the Audited Financial Statements and the financial statements and certificates furnished pursuant to Section 4.10
of Annex I.

 

(g)            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,

 

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including United
States Federal and state securities laws, to make reference to Communications that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower
or its securities for purposes of United States Federal or state securities laws.

 

(h)            THE
PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS RELATED
PARTIES WARRANTS THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM AND EACH EXPRESSLY DISCLAIMS
LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES
OR OTHER CODE DEFECTS IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR
THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT OR ANY OF THEIR RELATED PARTIES HAVE ANY LIABILITY
TO ANY LOAN PARTY, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES OF ANY KIND, WHETHER OR NOT BASED ON STRICT LIABILITY AND INCLUDING
DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)
ARISING OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET,
EXCEPT TO THE EXTENT THE LIABILITY OF ANY SUCH PERSON IS FOUND IN A FINAL RULING BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED
PRIMARILY FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

(i)            The
Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth
above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.
Each Lender agrees that receipt of notice to it (as provided in the next sentence) specifying that the Communications have been
posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.
Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such
Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and that the foregoing notice
may be sent to such e-mail address.

 

Section 9.02        Survival
of Agreement. Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or
other communication pursuant to any Loan Document in any other manner specified in such Loan Document. All covenants, agreements,
representations and warranties made by the Borrower herein and in the certificates or other instruments prepared or delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders
and shall survive the making by the Lenders of the Loans, regardless of any investigation made by the Lenders or on their behalf,
and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other
amount payable under this Agreement or any other Loan Document is outstanding and unpaid and so long as the Commitments have not
been

 

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terminated.
The provisions of Sections 2.14, 2.16, 2.20 and 9.05 shall remain operative and in full force and effect regardless of the expiration
of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the
expiration of the Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan
Document, or any investigation made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender.

 

Section 9.03              Binding
Effect. This Agreement shall become effective when the Administrative Agent shall have received executed counterparts hereof
from each of the Borrower, the other Loan Parties, the Administrative Agent, the Collateral Agent and each Person who is a Lender
on the Effective Date.

 

Section 9.04              Successors
and Assigns. (a) Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed
to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the
Borrower, the other Loan Parties, the Administrative Agent, the Collateral Agent or the Lenders that are contained in this Agreement
shall bind and inure to the benefit of their respective successors and assigns.

 

(b)          Each
Lender may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans (including for purposes of this Section 9.04(b), participations
in L/C Obligations and in Swing Line Loans) at the time owing to it), with the prior written consent of the Administrative Agent,
each applicable L/C Issuer at the time of such assignment and each Swing Line Lender (not to be unreasonably withheld or delayed)
and the Borrower (not to be unreasonably withheld or delayed); provided, however, that (i) the consent of the
Borrower shall not be required to any assignment made (x) to a Lender, an Affiliate of a Lender or a Related Fund, (y) in
connection with the initial syndication of the Term Facility to Persons identified in writing by the Lead Arrangers to the Borrower
during the initial syndication of the Term Facility or (z) after the occurrence and during the continuance of any Specified
Event of Default (provided, further, that (1) the Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within 10 Business Days after having received notice
thereof and (2) notwithstanding anything contained in this clause (i) to the contrary, consent of the Borrower shall
be required for any assignment by any Lender of its Revolving Credit Commitments unless the assignment is made to (x) a Lender
or an Affiliate of a Lender or (y) after the occurrence and during the continuance of a Specified Event of Default), (ii) the
consent of the Administrative Agent shall not be required to any assignment (x) in connection with the initial syndication
of the Term Facility, (y) made by an assigning Lender to a Related Fund of such Lender or (z) of an amount less than
$1,000,000, by an assigning Lender to a Related Fund of such Lender, (iii) the consent of the applicable L/C Issuers or the
Swing Line Lenders shall be not required for any assignment of a Term Loan or a Term Commitment; (iv) the amount of the Commitment
or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with
respect to such assignment is delivered to the Administrative Agent) shall be in an integral multiple of, and not less than (unless
otherwise consented to by the Administrative Agent), $1,000,000 (or, if less, the entire remaining amount of such Lender’s
Commitment or Loans); provided that simultaneous assignments by two or more Related Funds shall be combined for purposes
of determining whether the minimum assignment

 

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requirement
is met, (v) the parties to each assignment shall (A) execute and deliver to the Administrative Agent an Assignment and
Acceptance via an electronic settlement system acceptable to the Administrative Agent or (B) if previously agreed with the
Administrative Agent, manually execute and deliver to the Administrative Agent an Assignment and Acceptance, and, in each case,
shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be waived or reduced, in whole
or in part, in the sole discretion of the Administrative Agent); provided that only one such fee shall be payable in the
event of simultaneous assignments to or from two or more Related Funds by a single Lender and no fee shall be payable for assignments
among Related Funds of an existing Lender (vi) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire (in which the assignee shall designate one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Loan Parties and their Related Parties or their respective
securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures
and applicable laws, including Federal and state securities laws) and all applicable tax forms and (vii) no assignment of
any Initial Term Loan Commitments (or Initial Term Loans) shall be effective prior to the Funding Date (unless consented to by
the Borrower). Upon acceptance and recording pursuant to Section 9.04(e), from and after the effective date specified in
each Assignment and Acceptance, (1) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement and (2) the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations
under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an 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 2.14, 2.16, 2.20 and 9.05, as well as to any fees accrued for its account and not yet paid).

 

(c)          By
executing and delivering an Assignment and Acceptance, the assigning Lender thereunder and the assignee thereunder shall be deemed
to confirm to and agree with each other and the other parties hereto as follows: (i) such assigning Lender warrants that it
is the legal and beneficial owner of the interest being assigned thereby free and clear of any adverse claim and that its Commitment
and the outstanding balances of its Loans, in each case without giving effect to assignments thereof which have not become effective,
are as set forth in such Assignment and Acceptance, (ii) except as set forth in clause (i) above, such assigning Lender
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement, or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto, or the financial
condition of the Borrower or any Subsidiary or the performance or observance by the Borrower or any Subsidiary of any of its obligations
under this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto; (iii) such assignee
represents and warrants that it is an Eligible Assignee legally authorized to enter into such Assignment and Acceptance; (iv) such
assignee confirms that it has received a copy of this Agreement, together with copies of the most recent financial statements referred
to in Section 3.05(a) or delivered pursuant to Section 4.10 of Annex I and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (v) such
assignee will independently and without reliance upon the Administrative

 

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Agent, the Collateral Agent, such assigning Lender 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 this Agreement; (vi) such assignee appoints and authorizes the Administrative
Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to the Administrative Agent and the Collateral Agent, respectively, by the terms hereof, together with such powers as
are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms all
the obligations which by the terms of this Agreement are required to be performed by it as a Lender.

 

(d)          The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
in New York City a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitments of, and principal amount of the Loans, Swing Line Loans and L/C Borrowings (and stated interest)
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in
the Register shall be conclusive absent manifest error and the Borrower, the Administrative Agent, the Collateral Agent and the
Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the owner of the amounts
owing to it under the Loan Documents as reflected in the Register for all purposes of the Loan Documents, notwithstanding notice
to the contrary. The Register shall be available for inspection by the Borrower, the Collateral Agent, any Lender (solely with
respect to any entry relating to such Lender’s Loans and Commitments), any L/C Issuer (solely with respect to any entry relating
to Participating Revolving Credit Commitments) and any Swing Line Lender (solely with respect to any entry relating to Participating
Revolving Credit Commitments), at any reasonable time and from time to time upon reasonable prior notice. The parties intend that
any interest in or with respect to the Loans under this Agreement be treated as being issued and maintained in “registered
form” within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any regulations thereunder (and
any successor provisions), including without limitation under United States Treasury Regulations Section 5f.103-1(c), and
the provisions of this Agreement shall be construed in a manner that gives effect to such intent.

 

(e)          Upon
its receipt of, and consent to, a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, an
Administrative Questionnaire completed in respect of the assignee (unless the assignee shall already be a Lender hereunder), the
processing and recordation fee referred to in Section 9.04(b), if applicable, and the written consent of the Administrative
Agent and, if required, the Borrower to such assignment and any applicable tax forms, the Administrative Agent shall (i) accept
such Assignment and Acceptance and (ii) record the information contained therein in the Register. Notwithstanding anything
to the contrary in the Agreement to the contrary, no assignment shall be effective unless it has been recorded in the Register
as provided in this Section 9.04(e).

 

(f)           Each
Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to one or more
banks or other Persons (other than a Defaulting Lender, provided that the Administrative Agent has posted the name of such Defaulting
Lender to both the “Public Lender” and “Non-Public Lender” portions of the Platform) in all or a portion
of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided,
however, that (i) no Lender shall, without the

 

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written consent of the Borrower, sell participations in Loans or Commitments
to any Disqualified Person, (ii) such Lender’s obligations under this Agreement shall remain unchanged, (iii) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iv) the participating
banks or other Persons shall be entitled to the benefit of the cost protection provisions contained in Sections 2.14, 2.16 and
2.20 (subject to the requirements and limitations therein, including the requirements under Sections 2.20(e) and (f) (it
being understood that the documentation required under Sections 2.20(e) and (f) shall be delivered to the participating
Lender)) to the same extent as if they were Lenders (but, with respect to any particular participant, to no greater extent than
the Lender that sold the participation to such participant unless a greater payment results from a Change in Law occurring after
such particular participant acquired the applicable participation or the sale of such participation was approved in writing by
the Borrower), (v) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with
such Lender in connection with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the
sole right to enforce the obligations of the Borrower relating to the Loans and to approve any amendment, modification or waiver
of any provision of this Agreement (other than amendments, modifications or waivers decreasing any fees payable to such participating
bank or Person hereunder or the amount of principal of or the rate at which interest is payable on the Loans in which such participating
bank or Person has an interest, extending any scheduled principal payment date or date fixed for the payment of interest on the
Loans in which such participating bank or Person has an interest, increasing or extending the Commitments in which such participating
bank or Person has an interest or releasing all or substantially all of the value of the Facility Guaranty or all or substantially
all of the Collateral) and (vi) such Lender shall maintain a register on which it records the name and address of each participant
and the principal amounts (and stated interest) of each participant’s participating interest with respect to the Loans, Commitments
or other interests hereunder (the “Participant Register”); provided, further, that no Lender shall
have any obligation to disclose any portion of such register to any Person except to the extent disclosure is necessary to establish
that the Loans, Commitments or other interests hereunder are in registered form for United States federal income tax purposes under
Treasury Regulations Section 5f.103-1(c), or is otherwise required thereunder. 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. To the extent
permitted by law, each participating bank or other Person also shall be entitled to the benefits of Section 9.06 as though
it were a Lender, provided such participating bank or other Person agrees to be subject to Section 2.18 as though it were
a Lender.

 

(g)          Any
Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.04,
disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower furnished
to such Lender by or on behalf of the Borrower; provided that, prior to any such disclosure of information designated by
the Borrower as confidential, each such assignee or participant or proposed assignee or participant shall execute an agreement
with such Lender whereby such assignee or participant shall agree (subject to customary exceptions) to preserve the confidentiality
of such confidential information on terms no less restrictive than those applicable to the Lenders pursuant to Section 9.16.

 

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(h)          Any
Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank or other “central” bank, and Section 9.04(b) shall not apply
to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security interest shall
release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(i)           Notwithstanding
anything to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose
funding vehicle (an “SPV”), identified as such in writing from time to time by the Granting Lender to
the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting
Lender would otherwise be obligated to make to the Borrower pursuant to this Agreement; provided that (i) nothing herein
shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise
fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof,
and (iii) such assignment will be reflected in the Participant Register. The making of a Loan by an SPV hereunder shall utilize
the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto
hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for
which shall remain with the 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 indebtedness of any SPV, it will not institute against, or join any other Person
in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws
of the United States or any State thereof. In addition, notwithstanding anything to the contrary contained in this Section 9.04,
any SPV may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without
paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial
institutions (consented to by the Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account
of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information
relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity
enhancement to such SPV. If a Granting Lender grants an option to an SPV as described herein and such grant is not reflected in
the Register, the Granting Lender shall maintain a separate register on which it records the name and address of each SPV and the
principal amounts (and stated interest) of each SPV’s interest with respect to the Loans, Commitments or other interests
hereunder, which entries shall be conclusive absent manifest error (the “SPV Register”); provided,
further, that no Lender shall have any obligation to disclose any portion of such register to any Person except to the extent
disclosure is necessary to establish that the Loans, Commitments or other interests hereunder are in registered form for United
States federal income tax purposes under Treasury Regulations Section 5f.103-1(c) or is otherwise required thereunder.

 

(j)           Neither
the Borrower nor any Guarantor shall assign or delegate any of its rights or duties hereunder or any other Loan Document (other
than as permitted by Article V of Annex I) without the prior written consent of the Administrative Agent and each Lender,
and any attempted assignment without such consent shall be null and void.

 

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(k)          Notwithstanding
anything to the contrary contained in this Section 9.04 or any other provision of this Agreement, so long as no Specified
Event of Default has occurred and is continuing or would result therefrom, each Lender shall have the right at any time to sell,
assign or transfer all or a portion of its Loans or Commitments owing to it to the Borrower through (x) Dutch auctions or
other offers to purchase open to all Lenders on a pro rata basis consistent with the procedures set forth in Section 2.12(c) or
(y) notwithstanding any other provision in this Agreement, open market purchase on a non-pro rata basis, and the Borrower
shall have the right to require a Lender to sell, assign or transfer to it all or a portion of such Lender’s Loans or Commitments
in accordance with Section 2.21; provided that, in connection with assignments pursuant to clause (y) above:

 

(i)            the
assigning Lender and the Borrower shall execute and deliver to the Administrative Agent an Affiliated Lender/Borrower Assignment
and Acceptance;

 

(ii)           no
proceeds from any Borrowing under any Revolving Credit Facilities may be used to make any such purchase or effect any such assignment
or transfer; and

 

(iii)          (A) the
principal amount of such Loans, along with all accrued and unpaid interest thereon, sold, assigned or transferred to the Borrower
shall be deemed automatically cancelled and extinguished on the date of such sale, assignment or transfer and (B) the aggregate
outstanding principal amount of Loans of the remaining Lenders shall reflect such cancellation and extinguishing of the Loans then
held by the Borrower.

 

(l)           Any
Lender may at any time, assign all or a portion of its rights and obligations with respect to Loans under this Agreement to a Person
who is or will become, after such assignment, an Affiliated Lender through (x) Dutch auctions or other offers to purchase
open to all Lenders on a pro rata basis consistent with the procedures set forth in Section 2.12(c) or (y) open
market purchase on a non-pro rata basis, in each case subject to the following limitations:

 

(i)            the
assigning Lender and the Affiliated Lender purchasing such Lender’s Loans shall execute and deliver to the Administrative
Agent an Affiliated Lender/Borrower Assignment and Acceptance;

 

(ii)           Affiliated
Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and will not be permitted
to attend or participate in conference calls or meetings attended solely by the Lenders and the Administrative Agent, other than
the right to receive notices of prepayments and other administrative notices in respect of its Loans or Commitments required to
be delivered to Lenders pursuant to Article II;

 

(iii)          the
aggregate principal amount of Loans held at any one time by Affiliated Lenders shall not exceed 25% of the original principal amount
of all Loans at such time outstanding (such percentage, the “Affiliated Lender Cap”); provided
that to the extent any assignment to an Affiliated Lender would result in the aggregate principal amount of all Loans held by Affiliated
Lenders exceeding the Affiliated Lender Cap, the assignment of such excess amount will be void ab initio.

 

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Notwithstanding
anything to the contrary contained herein, any Affiliated Lender that has purchased Loans pursuant to this subsection (l) may,
in its sole discretion, contribute, directly or indirectly, the principal amount of such Loans, plus all accrued and unpaid interest
thereon, to the Borrower for the purpose of cancelling and extinguished such Loans. Upon the date of such contribution, assignment
or transfer, (x) the aggregate outstanding principal amount of Loans shall reflect such cancellation and extinguishing of
the Loans then held by the Borrower and (y) the Borrower shall promptly provide notice to the Administrative Agent of such
contribution of such Loans, and the Administrative Agent, upon receipt of such notice, shall reflect the cancellation of the applicable
Loans in the Register.

 

In connection
with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless
and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable Pro Rata Share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder
(and interest accrued thereon) and (y) acquire (and fund as appropriate) its full Pro Rata Share of all Loans. 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.

 

Section 9.05              Expenses;
Indemnity. (a) The Borrower agrees to pay (i) all reasonable out-of-pocket expenses incurred by the Lead Arrangers,
the Administrative Agent and the Collateral Agent in connection with the syndication of the Term Facility and the preparation,
execution and delivery of this Agreement and the other Loan Documents (other than fees, charges and disbursements of any counsel
to the Lead Arrangers) and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent and the Collateral
Agent in connection with the administration of this Agreement and the other Loan Documents or in connection with any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions hereby or thereby contemplated shall
be consummated) or incurred by the Lead Arrangers, the Administrative Agent, the Collateral Agent or any Lender in connection
with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents or in connection
with the Loans made hereunder, including in case of this clause (ii) the fees, charges and disbursements of one primary counsel
for such Persons taken as a whole (and, to the extent deemed reasonably necessary by the Administrative Agent in its good faith
discretion, one local counsel in each relevant jurisdiction to the Lead Arrangers, the Administrative Agent, the Collateral Agent
and the Lenders, taken as a whole, and one special or regulatory counsel in each relevant specialty), and, solely in the case
of a conflict of interest or a potential conflict of interest, one additional primary counsel (and, to the extent deemed reasonably
necessary or advisable by the affected persons in their good faith discretion, one local counsel in each

 

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relevant jurisdiction
and one special or regulatory counsel in each relevant specialty) to the affected persons, taken as a whole.

 

(b)          The
Borrower agrees to indemnify the Lead Arrangers, the Administrative Agent, the Collateral Agent, each Lender and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and to hold
each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel
fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as
a result of (i) the syndication for the Initial Term Loans, the execution, delivery or administration of this Agreement or
any other Loan Document or any agreement or instrument delivered herewith or therewith, the performance by the parties hereto or
thereto of their respective obligations hereunder or thereunder or the consummation of the Transactions and the other transactions
contemplated thereby (including the Term Facility and the syndication thereof), (ii) the use of the proceeds of the Loans,
(iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is
a party thereto (and regardless of whether such matter is initiated by a third party or by the Borrower, any other Loan Party or
any of their respective Affiliates or equity holders) or (iv) any actual or alleged presence or Release of Hazardous Materials
on any property currently or formerly owned or operated by the Borrower or any of the Subsidiaries, or any Environmental Liability
related in any way to the Borrower or the Subsidiaries; provided that such indemnity shall not, as to any Indemnitee, be
available (A) to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and non-appealable judgment to have resulted primarily from (1) the bad faith, gross negligence
or willful misconduct of such Indemnitee, (2) disputes solely among Indemnitees (or their Related Parties) (other than claims
against any Indemnitee (x) in its capacity or in fulfilling its role as agent or arranger or any similar role under the Credit
Agreement or (y) arising out of any act or omission on the part of the Borrower or any of its Subsidiaries or Affiliates)
or (B) in respect of legal fees or expenses of the Indemnitees, other than the reasonable invoiced fees, expenses and charges
of one primary counsel for all Indemnitees taken as a whole (and to the extent deemed reasonably necessary by the Administrative
Agent in its good faith discretion, one local counsel in each relevant jurisdiction and one special or regulatory counsel in each
relevant specialty), and solely in the case of a conflict of interest or a potential conflict of interest, one additional primary
counsel (and, to the extent deemed reasonably necessary by the Administrative Agent in its good faith discretion, one local counsel
in each relevant jurisdiction and one special or regulatory counsel in each relevant specialty) to the affected Indemnitees, taken
as a whole. This Section 9.05(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims,
damages, etc. arising from any non-Tax claim. Payments under this Section shall be made by the Borrower to the Administrative
Agent for the benefit of the relevant Indemnitee.

 

(c)          To
the extent that the Borrower fails to pay any amount required to be paid by it to any Agent (or Affiliate thereof) under Sections
9.05(a) or (b), each Lender severally agrees to pay to such Agent, 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) of such unpaid amount; provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Agent (or Affiliate thereof) in its capacity as such. For purposes hereof, a Lender’s Pro Rata
Share shall be determined based upon its share of the sum of the outstanding Loans at the time.

 

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(d)          To
the extent permitted by applicable law, no Loan Party shall assert, and hereby waives, any claim against any Indemnitee, and no
Indemnitee shall assert, and hereby waives, any claim against any Loan Party, 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 delivered in connection herewith or therewith, the Transactions,
any Loan or the use of the proceeds thereof; provided that nothing contained in this sentence will limit the indemnity obligations
of any Loan Party to the extent indirect, special, punitive or consequential damages are included in any third party claim in connection
with which such Indemnitee is entitled to indemnification hereunder.

 

(e)          No
Indemnitee seeking indemnification or reimbursement under this Agreement will, without the Borrower’s prior written consent
(not to be unreasonably withheld, delayed or conditioned), settle, compromise, consent to the entry of any judgment in or otherwise
seek to terminate any claim, litigation, action, investigation or proceeding referred to herein; provided that the foregoing
indemnity will apply to any such settlement in the event that (i) the Borrower was offered the ability to assume the defense
of the action that was the subject matter of such settlement and elected not to so assume or (ii) such settlement is entered
into more than seventy-five (75) days after receipt by the Borrower of a request by the applicable Indemnitee for reimbursement
of its legal or other expenses incurred in connection with such claim, litigation, action, investigation or proceeding and the
Borrower not having reimbursed such Indemnitee in accordance with such request prior to the date of such settlement (provided that
the foregoing indemnity will not apply to any settlement made in accordance with this clause (ii) if the Borrower is disputing
such expenses in good faith), and the foregoing indemnity will also apply to any settlement with the Borrower’s written consent
or if there is a final judgment for the plaintiff against an Indemnitee in any such proceeding.

 

(f)           Notwithstanding
the foregoing, each Indemnitee (and its Related Parties) shall be obligated to refund and return promptly any and all amounts paid
by the Loan Parties under Section 9.05(b) to such Indemnitee (or such Related Party) for any such fees, expenses or damages
to the extent such Indemnitee (or such Related Party) is not entitled to payment of such amounts in accordance with the terms hereof,
as determined by a final non-appealable judgment of a court of competent jurisdiction.

 

(g)          The
provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term
of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the expiration
of the Commitments, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or
any investigation made by or on behalf of the Administrative Agent, the Collateral Agent or any Lender. All amounts due under this
Section 9.05 shall be payable on written demand therefor.

 

Section 9.06              Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender is hereby authorized at any time and
from time to time, except to the extent prohibited by law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or its Affiliates to
or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing
under this Agreement and other Loan

 

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Documents held by such Lender, irrespective of whether or not such Lender shall have made any
demand under this Agreement or such other Loan Document and although such obligations may be unmatured; provided that any
Lender exercising such right of setoff shall promptly notify the Administrative Agent thereof. The rights of each Lender under
this Section 9.06 are in addition to other rights and remedies (including other rights of setoff) which such Lender may have.

 

Section 9.07              Applicable
Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

Section 9.08              Waivers;
Amendments. (a) No failure or delay of the Administrative Agent, the Collateral Agent or any Lender in exercising
any power or right hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent,
the Collateral Agent and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent
to any departure by the Borrower or any other Loan Party therefrom shall in any event be effective unless the same shall be permitted
by this Section 9.08 or, with respect to any Security Documents, Section 4.12 of Annex I, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which given. No notice or demand on the Borrower in any
case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances.

 

(b)          Except
as otherwise set forth in this Agreement, neither this Agreement, any Loan Document, nor any provision hereof or thereof may be
waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders (other than any amendment contemplated in clauses (i)-(vi) and (viii)-(xiv) below which shall only require the
consent of the Lenders, L/C Issuers or Swing Line Lenders specified therein); provided, however, that no such agreement
shall (i) decrease the principal amount of, or extend the maturity of or any scheduled principal payment date or date for
the payment of any interest on any Loan or L/C Borrowing, or waive or excuse any such payment or any part thereof, or decrease
the rate of interest on any Loan, without the prior written consent of each Lender directly adversely affected thereby, (provided
that only the consent of the Required Lenders shall be necessary to amend Section 2.07 or to waive the obligation of the Borrower
to pay interest at the rate set forth in such Section), (ii) increase or extend the Commitment or decrease or extend the date
for payment of any fees therein of any Lender without the prior written consent of such Lender (it being understood that a waiver
of any condition precedent or of any Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute
an extension or increase of any Commitment of any Lender or a decrease or extension of the date for payment of any fees therein
of any Lender and neither any shall change to the definition of “Consolidated Net Senior Secured Leverage Ratio” or
in the component definitions thereof constitute a reduction in the amount of fees of any Lender), (iii) amend or modify the
pro rata requirements of Section 2.17, the provisions of Section 9.04(l) or the provisions of this Section 9.08
or release all or substantially all of the value of the Facility Guaranty or all or substantially all of the Collateral, without
the prior written

 

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consent of each Lender, (iv) change the provisions of any Loan Document in a manner that by its terms directly
affects the rights in respect of payments due to Lenders holding Loans of one Class differently from the rights of Lenders
holding Loans of any other Class without the prior written consent of the Required Class Lenders of each such affected
Class (and in the case of multiple Classes directly affected in the same or substantially the same way, the Lenders under
such Classes shall consent together as one Class) (it being understood that any amendment to the conditions of effectiveness set
forth in Section 2.22 with respect to Incremental Loan Commitments, Section 2.23 with respect to any Extended Class,
Section 2.24 with respect to any Refinancing Commitments, in each case, shall be subject to clause (v) below)); (v) amend,
waive or otherwise modify any term or provision (including the availability and conditions to funding under Article IV with
respect to Initial Term Loan Commitments, Section 2.22 with respect to Incremental Loan Commitments, Section 2.23 with
respect to any Extended Class, Section 2.24 with respect to any Refinancing Commitments and in each case the rate of interest
applicable thereto) which directly affects Lenders of one or more Classes of Initial Term Loan Commitments, Incremental Loans
or Incremental Loan Commitments, Refinancing Loans or Refinancing Commitments, or Extended Term Loans or Extended Revolving Credit
Commitments (the “Affected Facilities”) and does not directly affect Lenders under any other Class of
Loans, in each case, without the written consent of the Required Class Lenders under such applicable Affected Facilities (and
in the case of multiple Classes directly affected in the same or substantially the same way with respect to the Affected Facilities,
such Required Class Lenders shall consent together as one Class); (vi) amend, waive or otherwise modify any term or provision
(including the waiver of any conditions set forth in Section 4.03 as to any Credit Extension under one or more Revolving Credit
Facilities) which directly affects Lenders under one or more Classes of Revolving Credit Commitments and does not directly affect
Lenders under any other Class of Loans, in each case, without the written consent of the Required Class Lenders under
such applicable Class of Revolving Credit Commitments (and in the case of multiple Classes which are affected, such Required
Class Lenders shall consent together as one Class); (vii) modify the protections afforded to an SPV pursuant to the provisions
of Section 9.04(i) without the written consent of such SPV; (viii) reduce the percentage contained in the definition
of “Required Lenders”, “Required Class Lenders” or “Required Revolving Credit Lenders”
or change the definition of “Pro Rata Share” without the prior written consent of each Lender directly affected thereby;
(ix) change the currency in which any Loan is permitted to be made or is payable (including interest with respect to such
Loan) without the prior written consent of each Lender; (x) waive, amend or modify the proviso to Section 5.05(a) without
the prior written consent of each Lender; (xi) amend or otherwise modify the Financial Covenant and Section 7.03 as it
applies to such Financial Covenant, and in each case any definition related thereto (as any such definition is used therein but
not as otherwise used in this Agreement or any other Loan Document) or waive any Default or Event of Default resulting from a failure
to perform or observe the Financial Covenant or Section 7.03 as it applies to such Financial Covenant without the written
consent of the Required Revolving Credit Lenders; provided that, the waivers described in this clause (xi) shall not
require the consent of any Lenders other than the Required Revolving Credit Lenders; (xii) modify any other provision, if
any, of this Agreement that expressly requires the consent of each Lender or each directly affected Lender without the prior written
consent of each Lender; (xiii) amend, modify or waive any provision with respect to Letters of Credit to the extent such amendment,
modification or waiver directly and adversely affects the rights or, duties of, or any fees or other amounts payable to, any L/C
Issuer under this Agreement, any other Loan Document or any Letter of Credit Application relating to any Letter of Credit issued
or to be issued

 

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by it, without the written consent of such L/C Issuer; or (xiv) amend, modify or waive any provision with
respect to any Swing Line Loan to the extent such amendment, modification or waiver directly and adversely affects the rights or
duties of, or any fees or other amounts payable to any Swing Line Lender without the written consent of such Swing Line Lender;
provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent or the Collateral Agent hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent or the Collateral Agent.

 

(c)          Without
prejudice to the Administrative Agent’s right to seek instruction from the Lenders from time to time, the Administrative
Agent and the Borrower may amend this Agreement or any other Loan Document (including, for the avoidance of doubt, any exhibit,
schedule or other attachment to any Loan Document) to correct an obvious error or omission jointly identified by the Borrower and
the Administrative Agent or other errors or omissions of a technical or immaterial nature (including, but not limited to, an incorrect
cross-reference). Notwithstanding anything to the contrary contained herein, such amendment shall become effective without any
further consent of any other party to such Loan Document.

 

(d)          Notwithstanding
anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected
Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment
of any such 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 that by its terms materially and adversely affects
any Defaulting Lender to a greater extent than other affected Lenders shall require the consent of such Defaulting Lender, (ii) this
Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and
the Borrower (x) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit
from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Loan Documents with the Term Loans, Revolving Credit Loans, Swing Line Loans and L/C Obligations
and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders, and (iii) Annex I and Annex II of this Agreement may be amended with the written
consent of the Administrative Agent and the Borrower, but without the consent of any other Person, to conform the text of Annex
I and/or Annex II to any provision of the “Description of Notes” section of the Offering Memorandum to correct an obvious
error or omission.

 

Section 9.09              Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law,
the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section 9.09 shall be cumulated and the interest and

 

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Charges
payable to such Lender in respect of other Loans or participations or periods shall be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment,
shall have been received by such Lender.

 

Section 9.10              Entire
Agreement. This Agreement and the other Loan Documents constitute the entire contract between the parties relative to the
subject matter hereof. Any other previous agreement among the parties with respect to the subject matter hereof (other than the
Arranger Fee Letter) is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan
Documents, expressed or implied, is intended to confer upon any Person (other than the parties hereto and thereto, their respective
successors and assigns permitted hereunder and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Collateral Agent and the Lenders) any rights, remedies, obligations or liabilities under or by reason
of this Agreement or the other Loan Documents.

 

Section 9.11              Waiver
of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11.

 

Section 9.12              Severability.
In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein
and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision
in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 9.13              Counterparts.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided
in Section 4.01. The words “execution,” “signed,” “signature,” and words of like import
in this Agreement and the other Loan Documents including any Assignment and Acceptance shall be deemed to include electronic signatures
or electronic records, 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

 

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Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

Section 9.14              Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part
of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

Section 9.15              Jurisdiction;
Consent to Service of Process. (a) Each party hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting
in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement
or the other Loan Documents (other than any Loan Documents governed by any law other than New York law), or for recognition or
enforcement of any judgment, and each of the parties hereto hereby 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 or, to the extent permitted by 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
shall affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement or the other Loan Documents against the Borrower or its properties in the courts of any
jurisdiction if required to realize upon the Collateral as determined in good faith by the Person bringing such action or proceeding.

 

(b)          Each
party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any New York State or Federal court sitting in New York County. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

 

(c)          Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01 excluding
service of process by mail. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in
any other manner permitted by law.

 

Section 9.16              Confidentiality.
Each of the Administrative Agent, the Collateral Agent and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (a) to its and its Affiliates’ officers, directors, employees
and agents, including accountants, legal counsel, numbering, administration and settlement service providers and other advisors
(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 or required by any regulatory authority
or quasi-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) in connection with the exercise of any remedies
hereunder or under the other Loan Documents

 

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or any suit, action or proceeding relating to the enforcement of its rights hereunder
or thereunder, (e) subject to an agreement containing provisions substantially the same as or no less restrictive than those
of this Section 9.16, to any actual or prospective assignee of or participant in any of its rights or obligations under this
Agreement and the other Loan Documents, (f) with the consent of the Borrower, (g) to the extent such Information becomes
publicly available other than as a result of a breach of this Section 9.16, (h) subject to an agreement containing provisions
substantially the same as or no less restrictive than those of this Section 9.16, to actual or proposed direct or indirect
counterparties in connection with any Swap Contract relating to the Loan Parties or their obligations or (i) disclosure to
any rating agency when required by it, provided that, prior to any disclosure, such rating agency shall undertake in writing to
preserve the confidentiality of any confidential information relating to Loan Parties received by it from any Agent or any Lender.
In addition, each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to
market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders
in connection with the administration and management of this Agreement and the other Loan Documents. For the purposes of this Section 9.16,
 “Information” shall mean all information received from the Borrower and related to the Borrower or its business, other
than any such information that was available to the Administrative Agent, the Collateral Agent or any Lender on a non-confidential
basis prior to its disclosure by the Borrower. Any Person required to maintain the confidentiality of Information as provided in
this Section 9.16 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 its own confidential information.

 

Section 9.17              Lender
Action; Intercreditor Agreement. (a) Each Lender agrees that it shall not take or institute any actions or proceedings,
judicial or otherwise, for any right or remedy against any Loan Party or any other obligor under any of the Loan Documents (including
the exercise of any right of setoff, rights on account of any banker’s lien or similar claim or other rights of self-help),
or institute any actions or proceedings, or otherwise commence any remedial procedures, with respect to any Collateral or any other
property of any such Loan Party, unless expressly provided for herein or in any other Loan Document, without the prior written
consent of the Administrative Agent. The provisions of this Section 9.17 are for the sole benefit of the Lenders and shall
not afford any right to, or constitute a defense available to, any Loan Party.

 

(b)          Each
Lender that has signed this Agreement shall be deemed to have consented to and hereby irrevocably authorizes the Administrative
Agent and the Collateral Agent to enter into (i) any Intercreditor Agreement as such Lender’s “Authorized Representative”
(or equivalent defined term) and “Collateral Agent” (or equivalent defined term), as applicable (as such terms are
defined in the Closing Date Intercreditor Agreement) (and including any and all amendments, amendments and restatements, modifications,
supplements and acknowledgments thereto) from time to time, and agrees to be bound by the provisions thereof and (ii) any
Loan Escrow Agreement as such Lender’s “Authorized Representative” (or equivalent defined term), Administrative
Agent” (or equivalent defined term) or “Collateral Agent” (or equivalent defined term) (and including any and
all amendments, amendments and restatements, modifications, supplements and acknowledgments thereto) from time to time, and agrees
to be bound by the provisions thereof.

 

(c)          Notwithstanding
anything herein to the contrary, each Lender and the Agents acknowledge that the Lien and security interest granted to the Collateral
Agent pursuant to the

 

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Security
Documents and the exercise of any right or remedy by the Collateral Agent thereunder, shall be subject to the provisions of any
Intercreditor Agreement (on and after the execution thereof). In the event of a conflict or any inconsistency between the terms
of any Intercreditor Agreement and the Security Documents, the terms of such Intercreditor Agreement shall prevail.

 

Section 9.18              USA
PATRIOT Act Notice. Each Lender, the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower and the Guarantors that pursuant to the requirements of the USA PATRIOT Act and/or the Beneficial Ownership Regulation,
it is required to obtain, verify and record information that identifies the Borrower and the Guarantors, which information includes
the name and address of the Borrower and the Guarantors and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower and the Guarantors in accordance with the USA PATRIOT Act and/or the Beneficial
Ownership Regulation.

 

Section 9.19              No
Fiduciary Duty. The parties hereto hereby acknowledge that each Agent, the Lead Arrangers, each Lender and their respective
Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”), may have economic interests
that conflict with those of any Loan Party, its stockholders and/or their respective Affiliates. The Borrower agrees, on behalf
of itself and each other Loan Party, that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary
or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and any Loan Party, its stockholders
or their respective Affiliates on the other hand. The Borrower acknowledges and agrees, on behalf of itself and each other Loan
Party, that (a) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder
and thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and the Loan Parties, on the
other hand, and (b) in connection therewith and with the process leading thereto, (i) no Lender has assumed an advisory
or fiduciary responsibility in favor of any Loan Party, with respect to the transactions contemplated hereby (or the exercise of
rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently
advising or will advise any Loan Party, on other matters) or any other obligation to any Loan Party except the obligations expressly
set forth in the Loan Documents and (ii) each Lender is acting solely as principal and not as the agent or fiduciary of any
Loan Party.

 

The Borrower acknowledges
and agrees, on behalf of itself and each other Loan Party, that it has consulted its own legal and financial advisors to the extent
it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and
the process leading thereto. The Borrower agrees, on behalf of itself and each other Loan Party, that it will not claim that any
Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to any Loan Party, in connection
with such transaction or the process leading thereto.

 

Section 9.20              Release
of Liens. The Borrower and the Guarantors will be entitled to release the Liens in respect of the Collateral securing the
Obligations under any one or more of the following circumstances:

 

(a)          in
connection with any sale or other disposition of the Collateral to a Person that is not the Borrower or a Guarantor (but excluding
any transaction subject to Article V of Annex I

 

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hereof), if such sale or other disposition does not violate Section 4.08
of Annex I hereof, but only in respect of the Collateral sold or otherwise disposed of;

 

(b)           in
connection with the release of a Guarantor from its Loan Guarantee pursuant to the terms of this Agreement, the release of the
property and assets of such Guarantor;

 

(c)           if
the Borrower designates any Restricted Subsidiary to be an Unrestricted Subsidiary in accordance with the applicable provisions
of this Agreement, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary;

 

(d)           in
accordance with an enforcement sale in compliance with the Intercreditor Agreement or any Additional Intercreditor Agreement, or
as otherwise provided for under any Intercreditor Agreement or any Additional Intercreditor Agreement;

 

(e)           as
provided under Section 9.08, Section 4.06(b) of Annex I (in which case, for the avoidance of doubt, such release
shall be automatic and unconditional) and Section 4.12 of Annex I hereof;

 

(f)            upon
termination of the Commitments and payment in full of all Obligations (other than (i) contingent indemnification obligations
as to which no claim has been asserted and (ii) obligations and liabilities under Treasury Services Agreements and Swap Contracts)
and the expiration or termination of all Letters of Credit (other than Letters of Credit that are Cash Collateralized or back-stopped
by a letter of credit in form, amount and substance reasonably satisfactory to the applicable L/C Issuer or a deemed reissuance
under another facility as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been
made);

 

(g)           to
release and re-take any Lien on any Collateral to the extent not otherwise prohibited by the terms of this Agreement, the Security
Documents, any Intercreditor Agreement or any Additional Intercreditor Agreement;

 

(h)           in
connection with a transaction permitted by Article V of Annex I hereof;

 

(i)            with
respect to any Collateral that is transferred to a Subsidiary pursuant to a Qualified Receivables Financing, and with respect to
any securitization obligation that is transferred in one or more transactions, to a Subsidiary;

 

(j)            any
property and/or related rights and/or assets (including loan receivables and collateral therefor) that would otherwise be included
in the Collateral (and such property and/or related rights and/or assets (including loan receivables and collateral therefor) shall
not be deemed to constitute a part of the Collateral) if such property has been sold or otherwise transferred in connection with
a securitization transaction or other financing arrangement not prohibited under the Loan Documents; or

 

(k)           if
the respective property or assets cease to constitute Collateral (including as a result of being or becoming an Excluded Asset).

 

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The Collateral Agent
and the Administrative Agent will take all necessary action required to effectuate any release of the Collateral securing the Loans
and the Loan Guarantees, in accordance with the provisions of this Agreement, any Intercreditor Agreement (on and after the execution
thereof) or any Additional Intercreditor Agreement (on and after the execution thereof) and the relevant Security Document. Each
of the releases set forth above shall be effected by the Collateral Agent without the consent of the Lenders or any action on the
part of the Administrative Agent.

 

The Collateral Agent
and the Administrative Agent will agree to any release of the security interest in respect of the Collateral that is in accordance
with this Agreement, any Intercreditor Agreement (on and after the execution thereof) or any Additional Intercreditor Agreement
(on and after the execution thereof) and the relevant Security Document, without requiring any Lender consent or any action on
the part of the Administrative Agent. Upon request of the Borrower and upon receipt of an Officer’s Certificate stating that
all conditions precedent in respect of such release have been satisfied, the Collateral Agent shall execute, deliver or acknowledge
any necessary or proper instruments of termination, satisfaction or release to evidence the release of Collateral permitted to
be released pursuant to this Agreement, any Intercreditor Agreement, any Additional Intercreditor Agreement and the Security Documents.
At the request of the Borrower, the Collateral Agent shall execute and deliver an appropriate instrument evidencing such release
(in the form provided by the Borrower).

 

Section 9.21              Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any
other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given. The obligation of any Loan Party in respect of any such sum due from it to the
Administrative Agent or the Lenders hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency
(the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the
Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative
Agent may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount
of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from a Loan Party in the
Agreement Currency, such Loan Party agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative
Agent or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is
greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the
amount of any excess to such Loan Party (or to any other Person who may be entitled thereto under applicable Law).

 

Section 9.22              Acknowledgement
and Consent to Bail-In of Applicable Financial Institutions. Notwithstanding anything to the contrary in any Loan Document
or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
of any Applicable 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

 

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the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)           the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Applicable 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 Applicable Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or

 

(iii)          the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable
Resolution Authority.

 

Section 9.23     Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise,
of Swap Obligations 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

 

    164

     

    

 

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 9.23, the following terms shall 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.

 

“Covered
Entity” means any of the following:

 

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

 

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

 

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

 

“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).

 

Section 9.24              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 the Lead Arrangers and their respective Affiliates, and
not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following
is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes of Title
I of ERISA or Section 4975 of the Code) of one or more Benefit Plans with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit or the Commitments or this Agreement,

 

(ii)           the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), 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,

 

    165

     

    

 

(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), (1)  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, (2)  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 (3)  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.

 

(b)          In
addition, unless either (i) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (ii) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and the Lead Arrangers and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative
Agent and the Lead Arrangers and their respective Affiliates is a fiduciary with respect to the assets of such Lender involved
in the 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).

 

[Signature Pages Omitted]

 

    166

     

    

 

 

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

 

	 	CABLEVISION LIGHTPATH LLC, as
    Borrower
	 	 	 	 
	 	By:	/s/ Michael
    Grau
	 	 	Name:	Michael Grau
	 	 	Title:	Chief Financial Officer

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, in its capacity as
    Administrative Agent, a Lender, a Swing Line Lender and a L/C Issuer
	 	 	 
	 	By:	/s/ Robert
    Ehudin
	 	 	Name:	Robert Ehudin
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC.,
    in its capacity as a Lender, a Swing Line Lender and a L/C Issuer
	 	 	 
	 	By:	/s/ Joanne
    Braidi
	 	 	Name:	Joanne Braidi
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA, in its capacity as a
    Lender, a Swing Line Lender and a L/C Issuer
	 	 	 
	 	By:	/s/ Kevin
    Quan
	 	 	Name:	Kevin Quan
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH, in its capacity
    as a Lender, a Swing Line Lender and a L/C Issuer
	 	 	 
	 	By:	/s/ Michael
    Strobel
	 	 	Name:	Michael Strobel
	 	 	Title:	Vice President 

    michael-p.strobel@db.com 

    212-250-0939

 

	 	By:	/s/ Suzan
    Onal
	 	 	Name:	Suzan Onal
	 	 	Title:	Vice President

    suzan.onal@db.com

    212-250-3174

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral
    Agent
	 	 	 
	 	By:	/s/ Robert
    Peschler
	 	 	Name:	Robert Peschler
	 	 	Title:	Vice President

 

	 	By:	/s/ Kathryn
    Fischer
	 	 	Name:	Kathryn Fischer
	 	 	Title:	Vice President

 

[Signature
Page to Credit Agreement]

 

     

     

    

 

 

ANNEX
I

 

COVENANTS

 

Save where specified to the contrary or
where defined in Section 1.01 of the Credit Agreement to which this Annex I is attached (the “Credit Agreement”
or this “Agreement”), defined terms used in this Annex I shall have the meaning given to them in Annex II.

 

Save where specified to the contrary, references
in this Annex to sections of Articles IV or V are to those sections of this Annex.

 

ARTICLE IV

 

Section 4.01.        [Reserved]

 

Section 4.02.        [Reserved]

 

Section 4.03.        [Reserved]

 

Section 4.04.        Limitation
on Indebtedness

 

(a)          The
Borrower will not and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired Indebtedness);
provided, however, (1) that the Borrower and any Restricted Subsidiaries may Incur Indebtedness, if on the date
on which such Indebtedness is Incurred, the Consolidated Net Leverage Ratio would have been no greater than 6.75 to 1.00; and (2) if
such Indebtedness is Senior Secured Indebtedness, the Borrower or any Restricted Subsidiary may incur such Indebtedness so long
as the Consolidated Net Senior Secured Leverage Ratio would have been no greater than 4.75:1.0, in each case, determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom), as if such Indebtedness had been incurred
at the beginning of the relevant period.

 

(b)          Section 4.04(a) above
will not prohibit the Incurrence of the following items of Indebtedness:

 

(1)          Indebtedness
Incurred pursuant to any Credit Facility (including in respect of letters of credit or bankers’ acceptances issued or created
thereunder) and any Refinancing Indebtedness in respect thereof, in a maximum aggregate principal amount at any time outstanding
not to exceed the sum of (A) the greater of (i) $225.0 million and (ii) 100% of L2QA Pro Forma EBITDA and (B) the
greater of (x) $730 million and (y) an unlimited amount, if after giving effect thereto on a pro forma basis as
if such Indebtedness has been incurred on the first day of the relevant period, the Consolidated Net Senior Secured Leverage Ratio
is not greater than 4.75 to 1.00; provided, that solely for the purpose of calculating the Consolidated Net Senior Secured
Leverage Ratio under this clause 4.04(b)(1), any outstanding Indebtedness incurred under this Section 4.04(b)(1) that
is unsecured or secured on a junior basis (in whole or in part) to the Obligations shall nevertheless be deemed to be secured by
a pari passu Lien;

 

(2)          (a) Guarantees
by the Borrower or any Restricted Subsidiary of Indebtedness of the Borrower or any Restricted Subsidiary to the extent such guaranteed
Indebtedness was permitted to be incurred by another provision of this Section 4.04; provided, that if such Indebtedness
is subordinated in right of payment to, or pari passu in right of payment with, the Loans or a Loan Guarantee, as applicable,
then the Guarantee of such Indebtedness shall be subordinated in right of payment to, or pari passu in right of payment
with, the Loans or such Loan Guarantee, as applicable, substantially to the same extent as such guaranteed Indebtedness and (ii) if
such Guarantee is of Indebtedness of the Borrower or a Guarantor, such Restricted Subsidiary complies with Section 5.14 of
this Agreement; or (b) without limiting Section 4.06, Indebtedness arising by reason of any Lien granted by or applicable
to the Borrower or any Restricted Subsidiary securing Indebtedness of the Borrower or any Restricted Subsidiary so long as the
Incurrence of such Indebtedness is not prohibited by the terms of this Agreement;

 

    	 	 	 

     

    

 

(3)          Indebtedness
of the Borrower owing to and held by any Restricted Subsidiary, or Indebtedness of a Restricted Subsidiary owing to and held by
the Borrower or any other Restricted Subsidiary; provided, however, that if the Borrower or any Guarantor is the obligor
on such Indebtedness and the payee is not the Borrower or a Guarantor, such Indebtedness must be unsecured and ((i) except
in respect of intercompany current liabilities incurred in connection with cash management positions of the Borrower and the Restricted
Subsidiaries and (ii) only to the extent legally permitted (the Borrower and the Restricted Subsidiaries having completed
all procedures required in the reasonable judgment of directors or officers of the obligee or obligor to protect such Persons from
any penalty or civil or criminal liability in connection with the subordination of such Indebtedness)) expressly subordinated to
the prior payment in full in cash of all obligations then due with respect to the Loans, in the case of the Borrower, or the Loan
Guarantees, in the case of a Guarantor; provided that:

 

		(i)	any subsequent issuance or transfer of Capital Stock or any other event which results in any such
Indebtedness being beneficially held by a Person other than the Borrower or a Restricted Subsidiary; and

 

		(ii)	any sale or other transfer of any such Indebtedness to a Person other than the Borrower or a Restricted
Subsidiary,

 

shall be deemed, in each
case, to constitute an Incurrence of such Indebtedness not permitted by this Section 4.04(b)(3) by the Borrower or such
Restricted Subsidiary, as the case may be;

 

(4)          (a) Indebtedness
represented by the Senior Secured Notes issued on the Issue Date and the Guarantees thereof; (b) any Indebtedness (other than
Indebtedness described in Section 4.04(b)(1) and Section 4.04(b)(3)) outstanding on the Effective Date, after giving
effect to the Transactions, including the issuance of the Senior Secured Notes and the Senior Notes and the application of the
proceeds thereof (including after such proceeds of the Senior Secured Notes and the Senior Notes are released from the SSN Escrow
Accounts and the SN Escrow Accounts, as applicable); (c) Refinancing Indebtedness Incurred in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge any, or otherwise Incurred in respect of any, Indebtedness
described in sub-clauses (a), (b) or (c) of this Section 4.04(b)(4) or Section 4.04(b)(5) or Incurred
pursuant to Section 4.04(a), (d) Management Advances; and (e) Indebtedness represented by the Security Documents
;

 

    	 	2	 

     

    

 

(5)          Indebtedness
of (i) any Person Incurred or outstanding on the date on which such Person becomes a Restricted Subsidiary or is merged, consolidated,
amalgamated or otherwise combined with the Borrower or any Restricted Subsidiary or pursuant to any acquisition of assets and assumption
of related liabilities by the Borrower or a Restricted Subsidiary (including in contemplation of such transaction) or (ii) the
Borrower or any Restricted Subsidiary Incurred to provide all or any portion of the funds utilized to consummate the transaction
or series of related transactions pursuant to which a Person became a Restricted Subsidiary or was otherwise acquired by the Borrower
or a Restricted Subsidiary or pursuant to any Investment or acquisition of assets and assumption of related liabilities by the
Borrower or a Restricted Subsidiary or otherwise in connection with or in contemplation of such acquisition or other transaction;
provided, however, that the Indebtedness Incurred pursuant to this Section 4.04(b)(5) is in an aggregate
amount not to exceed (a) the greater of (i) $55 million and (ii) 25% of L2QA Pro Forma EBITDA at any time outstanding
plus (b) an unlimited amount of additional Indebtedness to the extent that immediately following the consummation of such
acquisition or other transaction and without giving effect to any Indebtedness Incurred pursuant to Section 4.04(b)(5)(a) on
the date of determination, (x) the Borrower would have been able to incur $1.00 of additional Indebtedness pursuant to Section 4.04(a) after
giving effect to the Incurrence of such Indebtedness pursuant to this Section 4.04(b)(5)(b) or, (y) the Consolidated
Net Leverage Ratio would not be greater than it was immediately prior to giving effect to such acquisition or other transaction
(it being understood that any Indebtedness incurred pursuant to sub-clause (a) of this Section 4.04(b)(5) shall
cease to be deemed Incurred or outstanding for purposes of sub-clause (a) of this Section 4.04(b)(5) but shall be
deemed Incurred under sub-clause (b)(x) of this Section 4.04(b)(5) from and after the first date on which the Borrower
or such Restricted Subsidiary could have incurred such Indebtedness under sub-clause (b)(x) of this Section 4.04(b)(5) without
reliance on sub-clause (a) of this Section 4.04(b)(5));

 

(6)          [Reserved];

 

(7)          (a) Indebtedness
under Currency Agreements (other than Currency Agreements described in (b) below), Interest Rate Agreements and Commodity
Hedging Agreements and (b) Indebtedness under Currency Agreements entered into in order to hedge any operating expenses and
capital expenditures Incurred in the ordinary course of business; in each case with respect to clauses (a) and (b) hereof,
entered into for bona fide hedging purposes of the Borrower or the Restricted Subsidiaries and not for speculative purposes
(as determined in good faith by an Officer or the Board of Directors of the Parent Guarantor or the Borrower);

 

(8)          Indebtedness
consisting of (A) mortgage financings, Purchase Money Obligations or other financings Incurred for the purpose of financing
all or any part of the purchase price or cost of design, construction, installation or improvement of property (real or personal),
plant or equipment or other assets (including Capital Stock) used or useful in a Similar Business or (B) Indebtedness otherwise
Incurred to finance the purchase, lease, rental or cost of design, construction, installation or improvement of property (real
or personal), plant or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or
the Capital Stock of any Person owning such assets, in an aggregate outstanding principal amount which, when taken together with
the principal amount of all other Indebtedness Incurred pursuant to this Section 4.04(b)(8) and then outstanding, will
not exceed at any time outstanding the greater of $20 million and 10% of L2QA Pro Forma EBITDA; provided that any Indebtedness
incurred under this Section 4.04(b)(8) may be

 

    	 	3	 

     

    

 

refinanced with additional Indebtedness in an amount equal to the principal
of the Indebtedness so refinanced, plus any additional amount to pay premiums (including tender premiums), accrued and unpaid interest,
expenses, defeasance costs and fees in connection therewith;

 

(9)          Indebtedness
in respect of (a) workers’ compensation claims, self-insurance obligations, performance, indemnity, surety, judgment,
appeal, advance payment, customs, VAT or other tax or other guarantees or other similar bonds, instruments or obligations and completion
guarantees and warranties provided by the Borrower or a Restricted Subsidiary or relating to liabilities, obligations or guarantees
Incurred in the ordinary course of business or in respect of any governmental requirement, including in relation to a governmental
requirement to provide a guarantee or bond; (b) letters of credit, bankers’ acceptances, guarantees or other similar
instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary course of business, provided,
however, that upon the drawing of such letters of credit or other instrument, such obligations are reimbursed within 30 days
following such drawing; (c) the financing of insurance premiums in the ordinary course of business; and (d) any customary
cash management, cash pooling or netting or setting off arrangements in the ordinary course of business;

 

(10)         Indebtedness
arising from agreements providing for customary guarantees, indemnification, obligations in respect of earnouts or other adjustments
of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition
or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than Guarantees of Indebtedness
Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition
or disposition);

 

(11)         Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 30 Business Days
of Incurrence;

 

(12)         Indebtedness
under daylight borrowing facilities incurred in connection with any refinancing of Indebtedness (including by way of set-off or
exchange); provided that such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced and
the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with such refinancing,
so long as any such Indebtedness is repaid within three days of the date on which such Indebtedness is Incurred;

 

(13)         Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(14)         Indebtedness
Incurred by the Borrower or a Guarantor or Disqualified Stock of the Borrower in an aggregate outstanding principal amount which,
when taken together with the principal amount of all other Indebtedness Incurred pursuant to this Section 4.04(b)(14) and
then outstanding, will not exceed 100% of the Net Cash Proceeds received by the Borrower and the Restricted Subsidiaries from the
issuance or sale (other than to the Borrower or a Restricted Subsidiary) of its Subordinated Shareholder Funding or Capital Stock
(other than Disqualified Stock, Designated Preference Shares, an Excluded Contribution or the Disposition) or otherwise contributed
to the equity (other than through the issuance of Disqualified Stock, Designated Preference Shares, an Excluded Contribution or

 

    	 	4	 

     

    

 

the Disposition) of the Borrower, in each case, subsequent to the Closing Date; provided, however, that (i) any such
Net Cash Proceeds that are so received or contributed shall be excluded for purposes of making Restricted Payments under Section 4.05(a),
Section 4.05(b)(1), Section 4.05(b)(6) and Section 4.05(b)(10) to the extent the Borrower or a Guarantor
incurs Indebtedness in reliance thereon and (ii) any Net Cash Proceeds that are so received or contributed shall be excluded
for purposes of Incurring Indebtedness pursuant to this Section 4.04(b)(14) to the extent the Borrower or any Restricted Subsidiary
makes a Restricted Payment under Section 4.05(b)(1), Section 4.05(b)(6) and Section 4.05(b)(10) in reliance
thereon; provided that any Indebtedness incurred under this Section 4.04(b)(14) may be refinanced with additional Indebtedness
in an amount equal to the principal of the Indebtedness so refinanced, plus any additional amount to pay premiums (including tender
premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith;

 

(15)         Indebtedness
of the Borrower or any of its Restricted Subsidiaries arising pursuant to any Permitted Reorganization; and

 

(16)         Indebtedness
Incurred (including any Refinancing Indebtedness in respect thereof) in an aggregate outstanding principal amount which, when taken
together with the principal amount of all other Indebtedness Incurred pursuant to this Section 4.04(b)(16) and then outstanding,
will not exceed the greater of $115 million and 50% of L2QA Pro Forma EBITDA; provided that any Indebtedness incurred
under this Section 4.04(b)(16) may be refinanced with additional Indebtedness in an amount equal to the principal of the Indebtedness
so refinanced, plus any additional amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance
costs and fees in connection therewith.

 

Notwithstanding the
foregoing, a Restricted Subsidiary that is not a Guarantor may not Incur Indebtedness under Section 4.04(a) and Sections
4.04(b)(1), (5) and (16) if the Non-Guarantor Debt Cap would be exceeded, as determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom).

 

(c)          For
purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant
to and in compliance with, this Section 4.04:

 

(1)          in
the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 4.04(a) and
Section 4.04(b), the Borrower, in its sole discretion, will classify, and may from time to time reclassify, such item of Indebtedness
and only be required to include the amount and type of such Indebtedness in one of the clauses of Section 4.04(a) or
Section 4.04(b); provided that Indebtedness Incurred (or deemed Incurred) on the Closing Date or any Refinancing Indebtedness
in respect thereof under Section 4.04(b)(1) cannot be reclassified;

 

(2)          all
Indebtedness outstanding on the Closing Date under the Senior Secured Facilities shall be deemed Incurred on the Closing Date under
Section 4.04(b)(1) and not Section 4.04(a) or Section 4.04(b)(4)(b);

 

(3)          Guarantees
of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens
securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be
included;

 

    	 	5	 

     

    

 

(4)          if
obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant to any
Credit Facility and are being treated as Incurred pursuant to Section 4.04(b)(1), Section 4.04(b)(8), Section 4.04(b)(14)
or Section 4.04(b)(16) or Section 4.04(a) and the letters of credit, bankers’ acceptances or other similar
instruments relate to other Indebtedness, then such other Indebtedness shall not be included;

 

(5)          the
principal amount of any Disqualified Stock of the Borrower or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary,
will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption
or repurchase premium) or the liquidation preference thereof;

 

(6)          Indebtedness
permitted by this Section 4.04 need not be permitted solely by reference to one provision permitting such Indebtedness but
may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.04 permitting
such Indebtedness; and

 

(7)          the
amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability
in respect thereof determined on the basis of GAAP.

 

(d)          Accrual
of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the
payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred
Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due to a change in
GAAP will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.04. The amount of any Indebtedness
outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue
discount and (b) the principal amount, or liquidation preference thereof, in the case of any other Indebtedness.

 

(e)          If
at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to
be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date
under this Section 4.04, the Borrower shall be in Default of this Section 4.04).

 

(f)          For
purposes of determining compliance with any dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar Equivalent
of the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was Incurred or at the option of the Borrower, on the date first committed; provided
that (a) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a currency other than dollars, and
such refinancing would cause the applicable dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed not to have been exceeded
so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being
refinanced plus any amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs
and fees in connection therewith; (b) the Dollar Equivalent of the principal amount of any such Indebtedness outstanding on
the Effective Date shall be calculated based on the relevant currency exchange rate in effect on the Effective Date; and (c) if
any such Indebtedness that is denominated in a currency other than dollars is subject to a Currency Agreement with respect to the
currency in which such

 

    	 	6	 

     

    

 

Indebtedness is denominated covering principal amount and interest payable on such Indebtedness, the amount
of such Indebtedness will be the Dollar Equivalent of the principal payment required to be made under such Currency Agreement plus
the Dollar Equivalent of any premium which is at such time due and payable but is not covered by such Currency Agreement.

 

(g)          For
purposes of determining compliance with the Consolidated Net Leverage Ratio or the Consolidated Net Senior Secured Leverage Ratio
on the Incurrence of Indebtedness, the Dollar Equivalent of the principal amount of Indebtedness denominated in another currency
shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, or at the
option of the Borrower, the date first committed; provided that (a) if such Indebtedness is Incurred to refinance other
Indebtedness denominated in a currency other than dollars, and such refinancing would cause the applicable dollar-denominated restriction
to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being refinanced plus any amount to pay premiums (including tender premiums),
accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith; and (b) the Dollar Equivalent of
the principal amount of any such Indebtedness outstanding on the Effective Date shall be calculated based on the relevant currency
exchange rate in effect on the Effective Date.

 

(h)          In
addition, for purposes of calculating the Consolidated Net Leverage Ratio or the Consolidated Net Senior Secured Leverage Ratio
to test compliance with any covenant in this Agreement, in determining the amount of Indebtedness outstanding in dollars on any
date of determination, with respect to any Indebtedness denominated in a currency other than dollars (the “Foreign Currency
Indebtedness”):

 

(1)          subject
to a currency swap arrangement or contract, the aggregate principal amount of such Foreign Currency Indebtedness on any such date
of determination shall be the dollar amount of the aggregate principal amount to be paid by the Borrower or a Restricted Subsidiary
on the maturity date of such currency swap arrangement or contract pursuant to the terms thereof; or

 

(2)          subject
to a currency forward arrangement, forward accretion curve or contract, the aggregate principal amount of such Foreign Currency
Indebtedness shall be converted into dollars at the exchange rate specified under the terms of such currency forward arrangement,
forward accretion curve or contract as applicable to such Foreign Currency Indebtedness on such date of determination.

 

(i)          For
the avoidance of doubt, notwithstanding a Group member entering into any such arrangement or contract hedging foreign exchange
exposure of any Foreign Currency Indebtedness, for the purposes of calculating the Consolidated Net Leverage Ratio or the Consolidated
Net Senior Secured Leverage Ratio, the aggregate principal amount of Indebtedness subject to any such arrangement or contract shall
be attributed to the total Indebtedness of the Person that originally Incurred such Indebtedness.

 

(j)          Notwithstanding
any other provision of this Section 4.04, the maximum amount of Indebtedness that the Borrower or a Restricted Subsidiary
may Incur pursuant to this Section 

 

    	 	7	 

     

    

 

4.04 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange
rate of currencies.

 

(k)          Neither
the Borrower nor any Guarantor will incur any Indebtedness (including any Indebtedness permitted to be Incurred pursuant to Section 4.04(b))
that is contractually subordinated in right of payment to any other Indebtedness of the Borrower or such Guarantor unless such
Indebtedness is also contractually subordinated in right of payment to the Loans and the applicable Loan Guarantee on substantially
identical terms (as determined in good faith by the Borrower); provided, however, that no Indebtedness will be deemed to
be contractually subordinated in right of payment to any other Indebtedness of the Borrower or any Guarantor solely by virtue of
being unsecured, by virtue of being secured with different collateral, by virtue of being secured on a junior priority basis, by
virtue of not being guaranteed by one or more of the Borrower’s Subsidiaries or by virtue of the application of waterfall
or other payment-ordering provisions affecting different tranches of Indebtedness under Credit Facilities.

 

Section 4.05.        Limitation
on Restricted Payments

 

(a)          The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)          declare
or pay any dividend or make any other payment or distribution on account of or in respect of the Borrower’s or any Restricted
Subsidiary’s Capital Stock (including, without limitation, any payment in connection with any merger or consolidation involving
the Borrower or any Restricted Subsidiary) except:

 

		(a)	dividends or distributions payable in Capital Stock of the Borrower (other than Disqualified Stock)
or in options, warrants or other rights to purchase such Capital Stock of the Borrower (other than Disqualified Stock) or in Subordinated
Shareholder Funding; or

 

		(b)	dividends or distributions payable to the Borrower or a Restricted Subsidiary (and, in the case
of any such Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Borrower
or another Restricted Subsidiary on no more than a pro rata basis, measured by value);

 

(2)          purchase,
redeem, retire or otherwise acquire for value (including, without limitation, any payment in connection with any merger or consolidation
involving the Borrower), any Capital Stock of the Borrower or any direct or indirect Parent of the Borrower held by Persons other
than the Borrower or a Restricted Subsidiary (other than in exchange for Capital Stock of the Borrower (other than Disqualified
Stock));

 

(3)          make
any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (a) any such payment,
purchase, repurchase, redemption, defeasance or other acquisition or retirement or in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case, due within one year of the date of payment, purchase, repurchase,
redemption, defeasance or other acquisition or retirement; and (b) any Indebtedness Incurred pursuant to Section 4.04(b)(3) hereof);

 

    	 	8	 

     

    

 

(4)          make
any cash payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated
Shareholder Funding (other than in exchange for Capital Stock of the Borrower (other than Disqualified Stock) or for options, warrants
or other rights to purchase such Capital Stock of the Borrower (other than Disqualified Stock)); or

 

(5)          make
any Restricted Investment in any Person;

 

(any such dividend, distribution, payment,
purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (1) through
(5) of this Section 4.05(a) are referred to herein as a “Restricted Payment”), if at the time
the Borrower or a Restricted Subsidiary makes such Restricted Payment:

 

		(a)	a Default or Event of Default (or in the case of a Restricted Investment, an Event of Default under
Section 7.01(a) or Section 7.01(g) of this Agreement) shall have occurred and be continuing (or would result
immediately thereafter therefrom);

 

		(b)	except in the case of a Restricted Investment, if such Restricted Payment is made in reliance on
clause (c)(i) below, the Borrower is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.04(a) hereof
after giving effect, on a pro forma basis, to such Restricted Payment; and

 

		(c)	the aggregate amount of such Restricted Payment and all other Restricted Payments made by the Borrower
and the Restricted Subsidiaries subsequent to the Closing Date (and not returned or rescinded) (including Permitted Payments permitted
below by Section 4.05(b)(5) (without duplication of amounts paid pursuant to any other clause of Section 4.05(b)),
Section 4.05(b)(6), Section 4.05(b)(10), and Section 4.05(b)(20) (to the extent it relates to Restricted Payments
permitted by Section 4.05(b)(5) or Section 4.05(b)(10)), but excluding all other Restricted Payments permitted by
Section 4.05(b)) would exceed the sum of (without duplication):

 

(i)          an
amount equal to 100% of the Consolidated EBITDA for the period beginning on the first day of the first full fiscal quarter commencing
prior to the Closing Date to the end of the Borrower’s most recently ended full fiscal quarter ending prior to the date of
such Restricted Payment for which internal consolidated financial statements of the Borrower are available, taken as a single accounting
period, less the product of 1.3 times the Consolidated Interest Expense for such period;

 

(ii)         100%
of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of property
or assets or marketable securities, received by the Borrower from the issue or sale of its Capital Stock (other than Disqualified
Stock or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Closing Date or otherwise contributed
to the equity (other than through the issuance of Disqualified Stock or

 

    	 	9	 

     

    

 

Designated Preference Shares) of the Borrower subsequent
to the Closing Date (other than (x) Net Cash Proceeds or property or assets or marketable securities received from an issuance
or sale of such Capital Stock to the Borrower or a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Borrower or any Subsidiary of the Borrower for the benefit of its employees to the extent funded by the Borrower or any
Restricted Subsidiary, (y) Net Cash Proceeds or property or assets or marketable securities to the extent that any Restricted
Payment has been made from such proceeds in reliance on Section 4.05(b)(6), and (z) Excluded Contributions);

 

(iii)        100%
of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of property
or assets or marketable securities, received by the Borrower or any Restricted Subsidiary from the issuance or sale (other than
to the Borrower or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower or any Subsidiary
of the Borrower for the benefit of its employees to the extent funded by the Borrower or any Restricted Subsidiary) by the Borrower
or any Restricted Subsidiary subsequent to the Closing Date of any Indebtedness that has been converted into or exchanged for Capital
Stock of the Borrower (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding (plus
the amount of any cash, and the fair market value (as determined in accordance with Section 4.05(c)) of property or assets
or marketable securities, received by the Borrower or any Restricted Subsidiary upon such conversion or exchange) but excluding
(x) Net Cash Proceeds or property or assets or marketable securities to the extent that any Restricted Payment has been made
from such proceeds in reliance on Section 4.05(b)(6), and (y) Excluded Contributions;

 

(iv)        the
amount equal to the net reduction in Restricted Investments made by the Borrower or any of the Restricted Subsidiaries resulting
from repurchases, redemptions or other acquisitions or retirements of any such Restricted Investment, proceeds realized upon the
sale or other disposition to a Person other than the Borrower or a Restricted Subsidiary of any such Restricted Investment, repayments
of loans or advances or other transfers of assets (including by way of dividend, distribution, interest payments or returns of
capital) to the Borrower or any Restricted Subsidiary, which amount, in each case under this clause (iv), constituted a Restricted
Payment made after the Closing Date; provided, however, that no amount will be included in Consolidated EBITDA for
purposes of Section 4.05(a)(c)(i) to the extent that it is (at the Borrower’s option) included under this Section 4.05(a)(c)(iv);

 

(v)         the
amount of the cash and the fair market value (as determined in accordance with Section 4.05(c)) of property, assets or marketable
securities received by the Borrower or any Restricted Subsidiary after the Closing Date in connection with:

 

    	 	10	 

     

    

 

(A)          the
sale or other disposition (other than to the Borrower or a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Borrower or any Subsidiary of the Borrower for the benefit of its employees to the extent funded by the Borrower or any
Restricted Subsidiary) of Capital Stock of an Unrestricted Subsidiary of the Borrower; and

 

(B)          any
dividend or distribution made by an Unrestricted Subsidiary to the Borrower or a Restricted Subsidiary;

 

provided,
however, that no amount will be included in Consolidated EBITDA for purposes of Section 4.05(a)(c)(i) to the extent
that it is (at the Borrower’s option) included under this Section 4.05(a)(c)(v); and

 

(vi)          in
the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary or all of the assets of such Unrestricted
Subsidiary are transferred to the Borrower or a Restricted Subsidiary, or the Unrestricted Subsidiary is merged or consolidated
into the Borrower or a Restricted Subsidiary, in each case, after the Closing Date, 100% of such amount received in cash and the
fair market value (as determined in accordance with Section 4.05(c)) of any property, assets or marketable securities received
by the Borrower or a Restricted Subsidiary in respect of such redesignation, merger, consolidation or transfer of assets, excluding
any amount of any Investment in such Unrestricted Subsidiary pursuant to clause 17 of the definition of “Permitted Investment”,
in each case of this Section 4.05(a)(c)(vi); provided however, that no amount will be included in Consolidated EBITDA for
purposes of Section 4.05(a)(c)(i) to the extent that it is (at the Borrower’s option) included under this Section 4.05(a)(c)(vi);
provided further, however, that such amount shall not exceed the amount included in the calculation of the amount of Restricted
Payments referred to in the first sentence of this Section 4.05(a)(c).

 

(b)          Section 4.05(a) will
not prohibit any of the following (collectively, “Permitted Payments”):

 

(1)          any
Restricted Payment made in exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in
connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the Net Cash Proceeds within 120
days after the sale (other than to the Borrower or a Subsidiary of the Borrower ) of, Capital Stock of the Borrower (other than
Disqualified Stock or Designated Preference Shares or through an Excluded Contribution), Subordinated Shareholder Funding or within
120 days after the contribution to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares
or through an Excluded Contribution) of the Borrower;

 

    	 	11	 

     

    

 

(2)          any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness of the Borrower or
a Subsidiary Guarantor made by exchange for, or out of the Net Cash Proceeds within 120 days after the Incurrence of, Refinancing
Indebtedness permitted to be Incurred pursuant to Section 4.04;

 

(3)          (a) any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Preferred Stock of the Borrower or a Restricted
Subsidiary made by exchange for or out of the Net Cash Proceeds within 120 days after the sale of Preferred Stock of the Borrower
or a Restricted Subsidiary, and (b) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of
Disqualified Stock of the Borrower or a Restricted Subsidiary made by exchange for or out of the Net Cash Proceeds within 120 days
after the sale of Disqualified Stock of the Borrower or a Restricted Subsidiary, as the case may be, that, in each case under (a) and
(b), is permitted to be Incurred pursuant to Section 4.04, and that in each case (other than such sale of Preferred Stock
of the Borrower that is not Disqualified Stock) constitutes Refinancing Indebtedness;

 

(4)          any
purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness (or any loans, advances,
dividends or other distributions by the Borrower to any Parent to permit such Parent to purchase, repurchase, redeem, defease or
otherwise acquire or retire Indebtedness of any Parent so long as the Net Cash Proceeds (or portion thereof) of such Indebtedness
has been received by the Borrower from the issue or sale of its Capital Stock (other than Disqualified Stock or Designated Preference
Shares) or Subordinated Shareholder Funding subsequent to the Closing Date or otherwise contributed to the equity (other than through
the issuance of Disqualified Stock or Designated Preference Shares) of the Borrower subsequent to the Closing Date):

 

		(a)	(i) from Net Available Cash to the extent permitted under Section 4.08 but only if the
Borrower shall have first complied with the terms described under Section 4.08 and prepaid all Term Loans to the extent required
by Section 2.13(a) of this Agreement, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring
or retiring such Subordinated 

 

    	 	12	 

     

    

 

	 	 	Indebtedness (or making any such loans, advances, dividends or other distributions to any Parent)
and (ii) at a purchase price not greater than 100% of the principal amount of such Subordinated Indebtedness (or such Indebtedness
of any Parent) plus accrued and unpaid interest (and costs, expenses and fees incurred in connection therewith);

 

		(b)	to the extent required by the agreement governing such Subordinated Indebtedness (or such Indebtedness
of any Parent), following the occurrence of a Change of Control (or other similar event described therein as a “change of
control”), but only (i) if the Commitments shall have been terminated and all Obligations (other than (A) contingent
indemnification obligations as to which no claim has been asserted and (B) obligations and liabilities under Treasury Services
Agreements and Swap Contracts not due and payable) shall have been paid in full and all Letters of Credit (other than Letters of
Credit that are Cash Collateralized or back-stopped by a letter of credit in form, amount and substance reasonably satisfactory
to the applicable L/C Issuer) shall have expired or been terminated (or any Event of Default under Section 7.01(i) of
this Agreement shall have been waived), prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring
such Subordinated Indebtedness (or making any such loans, advances, dividends or other distributions to any Parent) and (ii) at
a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness or such Indebtedness of any Parent
plus accrued and unpaid interest (and costs, expenses and fees incurred in connection therewith); or

 

		(c)	consisting of Acquired Indebtedness (other than Indebtedness Incurred (A) to provide all or
any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person
became a Restricted Subsidiary or was otherwise acquired by the Borrower or a Restricted Subsidiary or (B) otherwise in connection
with or in contemplation of such acquisition);

 

(5)          any
dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have complied with
this Section 4.05;

 

(6)          the
purchase, repurchase, redemption, defeasance or other acquisition, cancellation or retirement for value of Capital Stock of the
Borrower, any Restricted Subsidiary or any Parent (including any options, warrants or other rights in respect thereof) and loans,
advances, dividends or distributions by the Borrower to any Parent to permit any Parent to purchase, repurchase, redeem, defease
or otherwise acquire, cancel or retire for value Capital Stock of the Borrower, any Restricted Subsidiary or any Parent (including
any options, warrants or other rights in respect thereof), or payments to purchase, repurchase, redeem, defease or otherwise acquire,
cancel or retire for value Capital Stock of the Borrower, any Restricted Subsidiary or any Parent (including any options, warrants
or other rights in respect thereof), in each case from Management Investors; provided that such payments, loans, advances,
dividends or distributions do not exceed an amount (net of repayments of any such loans or advances) equal to (1) the greater
of $20 million and 10% of L2QA Pro Forma EBITDA in any calendar year (with unused amounts thereunder in any calendar year being
carried over to the immediately succeeding calendar year), plus (2) the Net Cash Proceeds received by the Borrower
or the Restricted Subsidiaries since the Closing Date (including through receipt of proceeds from the issuance or sale of its Capital
Stock or Subordinated Shareholder Funding to a Parent) from, or as a contribution to the equity (in each case under this Section 4.05(b)(6),
other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Borrower from, the issuance or sale
to Management Investors of Capital Stock (including any options, warrants or other rights in respect thereof), to the extent such
Net Cash Proceeds are not included in any calculation under Section 4.05(a)(c)(ii);

 

(7)          the
declaration and payment of dividends to holders of any class or series of Disqualified Stock, or of any Preferred Stock of a Restricted
Subsidiary, Incurred in accordance with the terms of Section 4.04;

 

(8)          purchases,
repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed to occur upon the exercise of
stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the exercise price thereof;

 

(9)          dividends,
loans, advances or distributions to any Parent or other payments by the Borrower or any Restricted Subsidiary in amounts equal
to (without duplication) the amounts required for any Parent to pay:

 

    	 	13	 

     

    

 

		(a)	any Parent Expenses of a Parent or any Related Taxes; and

 

		(b)	amounts constituting or to be used for purposes of making payments to the extent specified in Section 4.09(b)(2) (with
respect to fees and expenses incurred in connection with the transactions described therein), Section 4.09(b)(5) and
Section 4.09(b)(11);

 

(10)          the
declaration and payment by the Borrower of, or loans, advances, dividends or distributions to any Parent to pay, dividends on the
common stock or common equity interests of the Borrower or any Parent, or purchases, repurchases or other acquisitions or retirements
of common stock or common equity interests of the Borrower or any Parent, in an amount not to exceed in any fiscal year the greater
of (a) 6% of the Net Cash Proceeds received by the Borrower from a Public Offering or contributed to the equity (other than
through the issuance of Disqualified Stock or Designated Preference Shares or through an Excluded Contribution) of the Borrower
or contributed as Subordinated Shareholder Funding to the Borrower and (b) an aggregate amount per annum not to exceed 5%
of Market Capitalization;

 

(11)         payments
by the Borrower or loans, advances, dividends or distributions to any Parent to make payments, to holders of Capital Stock of the
Borrower or any Parent in lieu of the issuance of fractional shares of such Capital Stock; provided, however, that
any such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this Section 4.05
or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good
faith by an Officer or the Board of Directors of the Borrower );

 

(12)         Restricted
Payments in an aggregate amount outstanding at any time not to exceed the fair market value of Excluded Contributions or Investments
in exchange for or using as consideration Investments previously made under this Section 4.05(b)(12);

 

(13)         payment
of any Receivables Fees and purchases of Receivables Assets pursuant to a Receivables Repurchase Obligation in connection with
a Qualified Receivables Financing;

 

(14)         dividends
or other distributions of Capital Stock, Indebtedness or other securities of Unrestricted Subsidiaries;

 

(15)         so
long as no Payment Block Event has occurred and is continuing, Restricted Payments in an amount required by a Parent to pay interest
and/or principal (including AHYDO Catch Up Payments) on Indebtedness of any Parent so long as the Net Cash Proceeds (or portion
thereof) of such Indebtedness has been received by the Borrower from the issue or sale of its Capital Stock (other than Disqualified
Stock or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Closing Date or otherwise contributed
to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Borrower subsequent
to the Closing Date; provided, that the principal amount of any Indebtedness able to be repaid pursuant to this clause (15)
is limited to the amount of Net Cash Proceeds received by the Borrower plus fees and expenses related to the refinancing of such
Indebtedness and, any Refinancing Indebtedness in respect thereof permitted to be Incurred pursuant to Section 4.04;

 

    	 	14	 

     

    

 

(16)         the
declaration and payment of dividends to holders of any class or series of Designated Preference Shares of the Borrower issued after
the Closing Date; provided, however, that the amount of all dividends declared or paid by the Borrower pursuant to
this Section 4.05(b)(16) shall not exceed the Net Cash Proceeds received by the Borrower from the issuance or sale of such
Designated Preference Shares;

 

(17)         so
long as no Event of Default has occurred and is continuing (or would result therefrom), any Restricted Payment to the extent that,
after giving pro forma effect to any such Restricted Payment, the Consolidated Net Leverage Ratio would be no greater than
6.25 to 1.00;

 

(18)         so
long as no Event of Default has occurred and is continuing (or would result therefrom), Restricted Payments in an aggregate amount
outstanding at any time not to exceed the greater of $70 million and 30% of L2QA Pro Forma EBITDA;

 

(19)         Restricted
Payments made in connection with the Transactions (including, without limitation, the Special Distribution, any distribution, loan
or repayment of any indebtedness owed to CSC Holdings, LLC or any of its subsidiaries that was incurred by the Borrower or the
Parent Guarantor in connection with the Transactions, any amounts held as Escrowed Proceeds and released in connection with the
Transactions on or after the Closing Date (other than in connection with a special mandatory redemption)) or constituting any part
of any Permitted Reorganization and, in each case, fees and expenses relating thereto;

 

(20)         Restricted
Payments to finance Investments or other acquisitions by a Parent or any Affiliate (other than the Borrower or a Restricted Subsidiary)
which would be otherwise permitted to be made pursuant to this Section 4.05 if made by the Borrower or a Restricted Subsidiary;
provided, that (i) such Restricted Payment shall be made within 120 days of the closing of such Investment or other acquisition,
(ii) such Parent or Affiliate of the Borrower shall, on or prior to the date such Restricted Payment is made or if later,
promptly following the closing of the Investment or the acquisition, cause (1) all property acquired (whether assets or Capital
Stock) to be contributed to the Borrower or one of its Restricted Subsidiaries or (2) the merger, amalgamation, consolidation,
or sale of the Person formed or acquired into the Borrower or one of its Restricted Subsidiaries (in a manner not prohibited by
Article V of this Annex I) in order to consummate such Investment or other acquisition, (iii) such Parent or Affiliate
of the Borrower receives no consideration or other payment in connection with such transaction except to the extent the Borrower
or a Restricted Subsidiary could have given such consideration or made such payment in compliance with this Section 4.05 or
Section 4.09 (without reference to this Section 4.05(b)(20)) and (iv) any property received in connection with such
transaction shall not constitute an Excluded Contribution up to the amount of such Restricted Payment made under this Section 4.05(b)(20);

 

(21)         any
payments in cash or in kind relating to the settlement of any future, forward or other derivative contract entered into for non-speculative
purposes;

 

(22)         the
declaration and payment of dividends or distributions by the Borrower to, or the making of loans to, a Parent in amounts required
for a Parent to pay or cause to be paid, in each case without duplication, fees and expenses related to any equity or debt offering
(whether or not successful) of such Parent; and

 

    	 	15	 

     

    

 

(23)         the
repayment of Subordinated Indebtedness, so long as after giving pro forma effect thereto (including a pro forma application
of the net proceeds therefrom), the Consolidated Net Leverage Ratio would be no greater than 6.50 to 1.0.

 

(c)          Except
as otherwise specified, the amount of all Restricted Payments or Permitted Investments (other than cash) shall be the fair market
value on the date of such Restricted Payment or Permitted Investment (or, at the option of the Borrower, on the date of entry into
of a commitment, contract or resolution with respect to such Restricted Payment or Permitted Investment) of the asset(s) or
securities proposed to be paid, transferred or issued by the Borrower or such Restricted Subsidiary, as the case may be, pursuant
to such Restricted Payment or Permitted Investment and without giving effect to subsequent changes in value. The fair market value
of any cash Restricted Payment or Permitted Investment shall be its face amount, and the fair market value of any non-cash Restricted
Payment or Permitted Investment or any other property, assets or securities required to be valued by this Section 4.05 shall
be determined conclusively by an Officer or the Board of Directors of the Borrower acting in good faith.

 

(d)          For
purposes of determining compliance with this Section 4.05 and the definition of “Permitted Investments”, as applicable,
in the event that a Restricted Payment or a Permitted Investment meets the criteria of more than one of the categories described
in clauses  (1) through (23) of Section 4.05(b) or in the definition of “Permitted Investments”,
as applicable, or is permitted pursuant to Section 4.05(a), the Borrower will be entitled to classify such Restricted Payment
(or portion thereof) or such Permitted Investment (or portion thereof) on the date of its payment or later reclassify such Restricted
Payment (or portion thereof) or such Permitted Investment (or portion thereof) in any manner that complies with this Section 4.05.

 

Section 4.06.        Limitation
on Liens

 

(a)          The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer
to exist any Lien upon any of their property or assets (including Capital Stock of a Restricted Subsidiary), whether owned on the
Effective Date or acquired after that date, or any interest therein or any income or profits therefrom, which Lien is securing
any Indebtedness (such Lien, the “Initial Lien”), except (a) in the case of any property or asset
that does not constitute Collateral, (i) Permitted Liens or (ii) Liens on assets that are not Permitted Liens if the
Obligations (or a Loan Guarantee in the case of Liens of a Guarantor) are directly secured equally and ratably with, or prior to,
in the case of Liens with respect to Subordinated Indebtedness, the Indebtedness secured by such Initial Lien for so long as such
Indebtedness is so secured and (b) in the case of any property or assets that constitutes Collateral, Permitted Collateral
Liens.

 

(b)          Any
such Lien created in favor of the Secured Parties pursuant to Section 4.06(a)(ii) will be automatically and unconditionally
released and discharged upon (i) the release and discharge of the Initial Lien to which it relates, or (ii) as otherwise
set forth under Section 9.20 of this Agreement.

 

(c)          For
purposes of determining compliance with this Section 4.06, (x) a Lien need not to be Incurred solely by reference to
one category of Permitted Liens or Permitted Collateral Liens, as applicable, but may be Incurred under any combination of such
categories (including in part under one such category and in part under any other such category and (y) in the event that
a Lien (or any portion thereof) meets the criteria of one or more of such categories of “Permitted Liens” or “Permitted
Collateral Liens”, as applicable, the Borrower

 

    	 	16	 

     

    

 

shall be entitled to, in its sole discretion, divide, classify or subsequently
reclassify, in whole or in part, at any time, such Lien (or any portion thereof) in any manner that complies with this Section 4.06
and the definition of “Permitted Liens” or “Permitted Collateral Liens”, as applicable.

 

Section 4.07.        Limitation
on Restrictions on Distributions from Restricted Subsidiaries

 

(a)          The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause or permit to exist or become
effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 

(1)          pay
dividends or make any other distributions in cash or otherwise on its Capital Stock to the Borrower or any Restricted Subsidiary
or pay any Indebtedness or other obligations owed to the Borrower or any Restricted Subsidiary;

 

(2)          make
any loans or advances to the Borrower or any Restricted Subsidiary; or

 

(3)          sell,
lease or transfer any of its property or assets to the Borrower or any Restricted Subsidiary,

 

provided that
(x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating
distributions being paid on common stock and (y) the subordination of (including the application of any standstill requirements
to) loans or advances made to the Borrower or any Restricted Subsidiary to other Indebtedness Incurred by the Borrower or any Restricted
Subsidiary, or any prohibition on securing such loans or advances made to the Borrower or any Restricted Subsidiary, shall not
be deemed to constitute such an encumbrance or restriction.

 

(b)          Section 4.07(a) will
not prohibit:

 

(1)          any
encumbrance or restriction pursuant to any Credit Facility or any other agreement or instrument, in each case, in effect at or
entered into on the Effective Date and any amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings of such agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the Effective Date (as determined in good faith by the Borrower);

 

(2)          [Reserved];

 

(3)          encumbrances
or restrictions existing under or by reason of (i) any Loan Documents, (ii) the Senior Secured Notes and the Senior Secured
Notes Indenture, (iii) the Senior Notes and the Senior Notes Indenture or (iv) the Loan Escrow Agreement, the SSN Escrow
Agreement and the SN Escrow Agreement;

 

(4)          any
encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness
of a Person, entered into on or before the date on which (i) such Person was acquired by or merged, consolidated or otherwise
combined with or into the Borrower or any Restricted Subsidiary, (ii) such agreement or instrument is assumed by the Borrower
or any Restricted Subsidiary in connection with an acquisition of assets or (iii) such Person became a Restricted Subsidiary
(in each case, other

 

    	 	17	 

     

    

 

than Capital Stock or Indebtedness Incurred as consideration in, or to provide all or any portion of the funds
utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary
or was acquired by the Borrower or was merged, consolidated or otherwise combined with or into the Borrower or any Restricted Subsidiary)
and outstanding on such date; provided that, for the purposes of this Section 4.07(b)(4), if another Person is the
Successor Company or any Subsidiary thereof, any agreement or instrument of such Person or any such Subsidiary shall be deemed
acquired or assumed by the Borrower or any Restricted Subsidiary when such Person becomes the Successor Company;

 

(5)          any
encumbrance or restriction pursuant to an agreement or instrument effecting a refunding, replacement or refinancing of Indebtedness
Incurred pursuant to, or that otherwise extends, renews, refunds, refinances or replaces, an agreement or instrument referred to
in Section 4.07(b)(1), Section 4.07(b)(3) or Section 4.07(b)(4) or this Section 4.07(b)(5) (an
 “Initial Agreement”) or contained in any amendment, supplement or other modification to an agreement referred
to in Section 4.07(b)(1), Section 4.07(b)(3) or Section 4.07(b)(4) or this Section 4.07(b)(5); provided,
however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement
or instrument are no less favorable in any material respect to the Lenders taken as a whole than the encumbrances and restrictions
contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or other modification
relates (as determined in good faith by the Borrower);

 

(6)          any
encumbrance or restriction:

 

		(a)	that restricts in a customary manner the subletting, assignment or transfer of any property or
asset that is subject to a lease, license or similar contract, or the assignment or transfer of any lease, license or other contract;

 

		(b)	contained in mortgages, pledges or other security agreements permitted under this Agreement or
securing Indebtedness of the Borrower or a Restricted Subsidiary permitted under this Agreement to the extent such encumbrances
or restrictions restrict the transfer of the property or assets subject to such mortgages, pledges or other security agreements;

 

		(c)	pursuant to customary provisions restricting dispositions of real property interests set forth
in any reciprocal easement agreements of the Borrower or any Restricted Subsidiary; or

 

		(d)	pursuant to the terms of any license, authorization, concession or permit;

 

(7)          any
encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under this Agreement,
in each case, that impose encumbrances or restrictions on the property so acquired or any encumbrance or restriction pursuant to
a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;

 

(8)          any
encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant to an agreement
entered into for the direct or indirect sale or disposition to a Person of all or substantially all the Capital Stock or assets
of

 

    	 	18	 

     

    

 

such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale
or disposition;

 

(9)          customary
provisions in leases, licenses, joint venture agreements and other similar agreements and instruments entered into in the ordinary
course of business;

 

(10)         encumbrances
or restrictions arising or existing by reason of applicable law or any applicable rule, regulation, governmental license or order,
or required by any regulatory authority or stock exchange;

 

(11)         any
encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into in the ordinary
course of business;

 

(12)         any
encumbrance or restriction pursuant to Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements;

 

(13)         any
encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to be Incurred
subsequent to the Effective Date pursuant to Section 4.04 if the encumbrances and restrictions contained in any such agreement
or instrument taken as a whole are not materially less favorable to the Lenders than (i) the encumbrances and restrictions
contained in this Agreement or any Loan Document on the Effective Date, together with the security documents associated therewith,
if any, as in effect on or immediately prior to the Closing Date or (ii) is customary in comparable financings (as determined
in good faith by the Borrower) and where, in the case of clause (ii), the Borrower determines at the time of issuance of such Indebtedness
that such encumbrances or restrictions (x) will not adversely affect, in any material respect, the Borrower’s ability
to make principal or interest payments under the Loan Documents as and when they become due or (y) such encumbrances and restrictions
apply only if a default occurs in respect of a payment or financial covenant relating to such Indebtedness;

 

(14)         any
encumbrance or restrictions arising in connection with any Purchase Money Note, other Indebtedness or a Qualified Receivables Financing
that, in the good faith determination of an Officer or the Board of Directors of the Borrower, are necessary or advisable to effect
such Qualified Receivables Financing; or

 

(15)         any
encumbrance or restriction existing by reason of any Lien permitted under Section 4.06.

 

Section 4.08.         Limitation
on Sales of Assets and Subsidiary Stock

 

(a)          The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:

 

(1)          the
Borrower or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any
other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such
fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined in good faith
by an Officer or the Board of Directors of the Borrower, of the shares and assets subject to such Asset Disposition (including,
for the avoidance of doubt, if such Asset Disposition is a Permitted Asset Swap); and

 

    	 	19	 

     

    

 

(2)          in
any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a Permitted
Asset Swap), at least 75% of the consideration from such Asset Disposition or such series of related Asset Dispositions (excluding
any consideration by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise,
other than Indebtedness), together with all other Asset Dispositions since the Effective Date (except to the extent any such Asset
Disposition was a Permitted Asset Swap) on a cumulative basis received by the Borrower or such Restricted Subsidiary, as the case
may be, is in the form of cash, Cash Equivalents or Temporary Cash Investments.

 

(b)          After
the receipt of Net Available Cash from an Asset Disposition, the Borrower or a Restricted Subsidiary, as the case may be, may apply
such Net Available Cash directly or indirectly (at the option of the Borrower or such Restricted Subsidiary):

 

(1)          within
365 days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash (i) to
prepay, repay, purchase or redeem any Senior Secured Indebtedness incurred under Section 4.04(b)(1); provided, however,
that, in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this Section 4.08(b)(1), the Borrower
or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any) (except in the case
of any revolving Indebtedness) to be permanently reduced in an amount equal to the principal amount so prepaid, repaid, purchased
or redeemed; (ii) unless included in Section 4.08(b)(1)(i), to prepay, repay, purchase or redeem any Pari Passu Indebtedness
of the Borrower or any Subsidiary Guarantor that is secured in whole or in part by a Lien on the Collateral (including by virtue
of the Intercreditor Agreement or an Additional Intercreditor Agreement), which Lien ranks pari passu with the Liens securing
the Obligations, at a price of no more than 100% of the principal amount of such Pari Passu Indebtedness plus accrued and unpaid
interest to the date of such prepayment, repayment, purchase or redemption, provided that the Borrower or such Subsidiary
Guarantor, as applicable, shall prepay, redeem, repay or repurchase Pari Passu Indebtedness that is Public Debt pursuant to this
clause (ii) only if the Borrower delivers a notice of prepayment with respect to the Pari Ratable Share of the Term Loans
in accordance with Section 2.13(a)(ii) within the time period specified by Section 2.13(g) of this Agreement
and thereafter complies with its obligations under Section 2.13(a)(iii); (iii) to prepay, repay, purchase or redeem any
Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor or any Indebtedness that is secured on assets which
do not constitute Collateral (in each case, other than Subordinated Indebtedness of the Borrower or a Subsidiary Guarantor or Indebtedness
owed to the Borrower or any Restricted Subsidiary); or (iv) to prepay Loans pursuant to Section 2.12;

 

(2)          to
the extent the Borrower or such Restricted Subsidiary elects, to invest in or purchase or commit to invest in or purchase Additional
Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash received by
the Borrower or another Restricted Subsidiary) within 365 days from the later of (i) the date of such Asset Disposition and
(ii) the receipt of such Net Available Cash; provided, however, that any such reinvestment in Additional Assets made
pursuant to a definitive binding agreement or a commitment approved by the Board of Directors of the Borrower that is executed
or approved within such time will satisfy this requirement, so long as such investment or commitment to invest is consummated within
180 days of such 365th day;

 

(3)          to
make a capital expenditure within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt
of such Net Available Cash; provided, however,

 

    	 	20	 

     

    

 

 

that any such capital expenditure made pursuant to a definitive binding agreement
or a commitment approved by the Board of Directors of the Borrower that is executed or approved within such time will satisfy this
requirement, so long as such investment is consummated within 180 days of such 365th day; or

 

(4)            any
combination of clauses (1) – (3) of Section 4.08(b),

 

provided that,
pending the final application of any such Net Available Cash in accordance with clauses (1), (2), (3) or (4) of Section 4.08(b),
the Borrower and the Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in
any manner not prohibited by this Agreement.

 

(c)           For
the purposes of Section 4.08(a)(2), the following will be deemed to be cash:

 

(1)            the
assumption by the transferee (or other extinguishment in connection with the transactions relating to such Asset Dispositions)
of Indebtedness and any other liabilities (as recorded on the balance sheet of the Borrower or any Restricted Subsidiary or in
the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have
been reflected on the Borrower’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereof if such
incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Borrower)
of the Borrower or any Restricted Subsidiary (other than Subordinated Indebtedness of the Borrower or a Subsidiary Guarantor) and
the release of the Borrower or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset
Disposition;

 

(2)            securities,
notes or other obligations received by the Borrower or any Restricted Subsidiary from the transferee that are converted by the
Borrower or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such Asset Disposition;

 

(3)            Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition, to the extent that
the Borrower and each other Restricted Subsidiary (as applicable) are released from any Guarantee of payment of such Indebtedness
in connection with such Asset Disposition;

 

(4)            consideration
consisting of Indebtedness of the Borrower or a Subsidiary Guarantor (other than Subordinated Indebtedness) received after the
Effective Date from Persons who are not the Borrower or any Restricted Subsidiary; and

 

(5)            any
Designated Non-Cash Consideration received by the Borrower or any Restricted Subsidiary in such Asset Dispositions having an aggregate
fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this Section 4.08
that is at that time outstanding, not to exceed (at the time of the receipt of such Designated Non-Cash Consideration, or, at the
Borrower’s option, at the time of contractually agreeing to such Asset Disposition) the greater of $55 million and 25% of
L2QA Pro Forma EBITDA (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time
received or, at the option of the Borrower, on the date of contractually agreeing to the relevant Asset Disposition and without
giving effect to subsequent changes in value).

 

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Section 4.09.         Limitation
on Affiliate Transactions

 

(a)            The
Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any
transaction or series of related transactions (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate of the Borrower (any such transaction or series of related transactions being “Affiliate
Transactions”) involving aggregate value of the greater of $40 million and 18% of L2QA Pro Forma EBITDA unless:

 

(1)            the
terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Borrower or such Restricted Subsidiary,
as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or the execution
of the agreement providing for such transaction in arm’s-length dealings with a Person who is not such an Affiliate, or,
if there are no comparable transactions involving non-Affiliates to apply for comparative purposes, the transaction is otherwise
on terms that, taken as a whole, the Borrower has conclusively determined in good faith to be fair to the Borrower or such Restricted
Subsidiary; and

 

(2)            in
the event such Affiliate Transaction involves an aggregate value in excess of $80 million, the terms of such transaction or series
of related transactions have been approved by a resolution of the majority of the members of the Board of Directors of the Borrower
resolving that such transaction complies with Section 4.09(a)(1). An Affiliate Transaction shall be deemed to have satisfied
the requirements set forth in this Section 4.09(a)(2) if either (x) such Affiliate Transaction is approved by a
majority of the Disinterested Directors or (y)  the Borrower or any of its Restricted Subsidiaries, as the case may be, delivers
to the Administrative Agent a letter from an Independent Financial Advisor stating that such transaction is fair to the Borrower
or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable to the
Borrower or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Borrower
or such Restricted Subsidiary with an unrelated Person on arm’s length basis.

 

(b)           The
provisions of Section 4.09(a) will not apply to:

 

(1)            any
Restricted Payment permitted to be made pursuant to Section 4.05, any Permitted Payments (other than pursuant to Section 4.05(b)(9)(b) or
Section 4.05(b)(20) or any Permitted Investment (other than as defined in sub-clauses (a)(ii) or (b) of the definition
of Permitted Investments);

 

(2)            any
issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments, awards or grants
in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting,
collective bargaining or benefit plan, program, agreement or arrangement, related trust or other similar agreement and other compensation
arrangements, options, warrants or other rights to purchase Capital Stock of the Borrower, any Restricted Subsidiary or any Parent,
restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans or similar employee benefits
or consultants’ plans (including valuation, health, insurance, deferred compensation, severance, retirement, savings or similar
plans, programs or arrangements) or indemnities provided on behalf of officers, employees, directors or consultants approved by
the Board of Directors of the Borrower, in each case in the ordinary course of business;

 

(3)            any
Management Advances and any waiver or transaction with respect thereto;

 

    22

     

    

 

(4)            any
transaction between or among the Borrower and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary as a result
of such transaction), or between or among the Borrower, Restricted Subsidiaries or any Receivables Subsidiary;

 

(5)            the
payment of reasonable fees and reimbursement of expenses to, and customary indemnities and employee benefit and pension expenses
provided on behalf of, directors, officers, consultants or employees of the Borrower, any Restricted Subsidiary or any Parent (whether
directly or indirectly and including through any Person owned or controlled by any of such directors, officers or employees);

 

(6)            the
Transactions, any Permitted Reorganization, the Transition Services Agreement, the IRU Agreement and the Reverse IRU Agreement
and the entry into and performance of obligations of the Borrower or any of its Restricted Subsidiaries under the terms of any
transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of
or on the Effective Date or entered into after the Effective Date in connection with the Special Distribution (other than, for
the avoidance of doubt, any share repurchase program to take effect following the Special Distribution), in each case as these
agreements and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time (including,
without limitation, to add additional Persons in connection with any such Person becoming a Restricted Subsidiary) in accordance
with the other terms of this covenant or to the extent not more disadvantageous to the Lenders in any material respect and the
entry into and performance of any registration rights or other listing agreement in connection with any Public Offering;

 

(7)            execution,
delivery and performance of any Tax Sharing Agreement or the formation and maintenance of any consolidated group for tax, accounting
or management purposes in the ordinary course of business;

 

(8)            transactions
with customers, clients, suppliers or purchasers or sellers of goods or services and Associates, in each case in the ordinary course
of business (including, without limitation, pursuant to joint venture arrangements), which are fair to the Borrower or the relevant
Restricted Subsidiary in the reasonable determination of the Board of Directors or an officer of the Borrower or the relevant Restricted
Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at such time from an unaffiliated
party;

 

(9)            any
transaction in the ordinary course of business between or among the Borrower or any Restricted Subsidiary and any Affiliate of
the Borrower or an Associate or similar entity (in each case, other than an Unrestricted Subsidiary) that would constitute an Affiliate
Transaction solely because the Borrower or a Restricted Subsidiary or any Affiliate of the Borrower or a Restricted Subsidiary
or any Affiliate of any Permitted Holder owns an equity interest in or otherwise controls such Affiliate, Associate or similar
entity;

 

(10)          (a) issuances
or sales of Capital Stock (other than Disqualified Stock or Designated Preference Shares) of the Borrower or options, warrants
or other rights to acquire such Capital Stock or Subordinated Shareholder Funding; provided that the interest rate and other financial
terms of such Subordinated Shareholder Funding are approved by a majority of the members of the Board of Directors of the Borrower
in their reasonable determination and (b) any amendment, waiver or other transaction with respect to any Subordinated

 

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Shareholder
Funding in compliance with the other provisions of this Agreement, any Intercreditor Agreement or any Additional Intercreditor
Agreement, as applicable;

 

(11)          without
duplication in respect of payments made pursuant to the definition of Parent Expenses, (a) payments by the Borrower or any
Restricted Subsidiary to any Permitted Holder (whether directly or indirectly, including through any Parent) of annual management,
consulting, monitoring or advisory fees and related expenses in an aggregate amount not to exceed an amount equal to the greater
of $3 million or 1.5% of L2QA Pro Forma EBITDA per annum (with unused amounts in any calendar year being carried over to the succeeding
calendar years); (b) customary payments by the Borrower or any Restricted Subsidiary to any Permitted Holder (whether directly
or indirectly, including through any Parent) for financial advisory, financing, underwriting or placement services or in respect
of other investment banking activities, including in connection with acquisitions or divestitures, which payments in respect of
this Section 4.09(b)(11) are approved by a majority of the Board of Directors of the Borrower in good faith; and (c) payments
of all fees and expenses related to the Transactions and any Permitted Reorganization;

 

(12)          any
transaction effected as part of a Qualified Receivables Financing, and other Investments in Receivables Subsidiaries consisting
of cash or Securitization Assets;

 

(13)          any
participation in a rights offer or public tender or exchange offers for securities or debt instruments issued by the Borrower or
any of its Subsidiaries that are conducted on arm’s length terms and provide for the same price or exchange ratio, as the
case may be, to all holders accepting such rights, tender or exchange offer;

 

(14)          transactions
between the Borrower or any Restricted Subsidiary and any other Person that would constitute an Affiliate Transaction solely because
a director of such other Person is also a director of the Borrower or any Parent; provided, however, that such director
abstains from voting as a director of the Borrower or such Parent, as the case may be, at any board meeting approving such transaction
on any matter including such other Person;

 

(15)          payments
to and from, and transactions with, any joint ventures entered into in the ordinary course of business or consistent with past
practices (including, without limitation, any cash management activities related thereto);

 

(16)          commercial
contracts (including franchising agreements, business services related agreements or other similar arrangements) between an Affiliate
of the Borrower and the Borrower or any Restricted Subsidiary that are on arm’s length terms or on a basis that senior management
of the Borrower reasonably believes allocates costs fairly; and

 

(17)          (i) transactions
with Affiliates solely in their capacity as holders of Indebtedness or equity interests of the Borrower, Parent Guarantor or any
of its Subsidiaries or Subordinated Shareholder Debt (and payment of reasonable out-of-pocket expenses incurred by such Permitted
Holders in connection therewith) so long as the opportunity to participate in such transaction is offered by the Borrower, Parent
Guarantor or such Restricted Subsidiary generally to other investors on the same or more favorable terms and (ii) payments
to Permitted Holders and holders of shares of Capital Stock of an entity established for the purposes of management participation
in an equity incentive plan in respect of securities or Indebtedness of the Borrower or any Restricted Subsidiary contemplated
in the foregoing clause (i) or that were acquired from Persons other than the

 

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Restricted Subsidiaries, in each case, in accordance
with the terms of such securities or Indebtedness.

 

Section 4.10.         Reports

 

(a)           For
so long as the Loans are outstanding, the Borrower will provide to the Administrative Agent the following reports:

 

(1)            within
120 days (or, in the case of the first such report, 150 days) after the end of the Borrower’s (or, if the Borrower elects
to satisfy its obligation under this Section 4.10(a)(1) by delivering the annual reports of a Parent in accordance with
the second succeeding paragraph of this Section 4.10(a), of such Parent’s) fiscal year beginning with the first fiscal
year ending December 31, 2020, annual reports containing the following information: (a) audited consolidated balance
sheet of the Borrower as of the end of the most recent fiscal year (and comparative information as of the end of the prior fiscal
year) and audited consolidated income statements and statements of cash flow of the Borrower for the most recent fiscal year (and
comparative information as of the end of the prior fiscal year) including complete footnotes to such financial statements and the
report of the independent auditors on the financial statements; (b) unaudited pro forma income statement information
and balance sheet information of the Borrower (which, for the avoidance of doubt, shall not include the provision of a full income
statement or balance sheet to the extent not reasonably available), together with explanatory footnotes, for (i) any acquisition
or disposition by the Borrower or a Restricted Subsidiary that, individually or in the aggregate when considered with all other
acquisitions or dispositions that have occurred since the beginning of the most recently completed fiscal year as to which such
annual report relates, represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating cash flow, or
assets of the Borrower on a pro forma consolidated basis or (ii) recapitalizations by the Borrower or a Restricted
Subsidiary, in each case, that have occurred during the most recently completed fiscal year as to which such annual report relates
(unless such pro forma information has been provided in a prior report pursuant to Section 4.10(a)(2) or Section 4.10(a)(3));
provided that such pro forma financial information will be provided only to the extent not provided in a previous report
pursuant to Section 4.10(a)(2) or Section 4.10(a)(3) below and to the extent available without unreasonable
expense, and in the case pro forma financial information is not provided, the Borrower will provide, in the case of a material
acquisition, to the extent available to the Borrower or a Restricted Subsidiary without unreasonable expense, financial statements
of the acquired company for the most recent fiscal year, and in the case of a material disposition, financial statements of the
business or assets comprising the disposition perimeter for the most recent fiscal year which, in each case, may be unaudited;
(c) an operating and financial review of the audited financial statements, including a discussion of the results of operations,
financial condition, and liquidity and capital resources of the Borrower, and a discussion of material commitments and contingencies
and critical accounting policies; (d) description of the business, management and shareholders of the Borrower (to the extent
not previously reported pursuant to Section 4.10(a)(2) or Section 4.10(a)(3) below), all material affiliate
transactions and a description of all material contractual arrangements, including material debt instruments; and (e) a description
of material risk factors and material recent developments (to the extent not previously reported pursuant to Section 4.10(a)(2) or
Section 4.10(a)(3) below);

 

(2)            within
60 days (or, in the case of the first three fiscal quarters ending after the Closing Date, 90 days) following the end of the first
three fiscal quarters in each fiscal year of the Borrower (or, if the Borrower elects to satisfy its obligation under this Section 4.10(a)(2) by

 

    25

     

    

 

delivering the quarterly reports of a Parent in accordance with this second succeeding paragraph of this Section 4.10(a),
of such Parent) beginning with the fiscal quarter ending September 30, 2020, all quarterly reports of the Borrower containing,
to the extent applicable: (a) an unaudited condensed consolidated balance sheet as of the end of such quarter and unaudited
condensed consolidated statements of income and cash flow for the most recent quarter year-to-date period ending on the date of
the unaudited condensed balance sheet, and the comparable prior year periods, together with condensed footnote disclosure; (b) beginning
with the fiscal quarter ending March 31, 2021, unaudited pro forma income statement information and balance sheet information
(which, for the avoidance of doubt, shall not include the provision of a full income statement or balance sheet to the extent not
reasonably available), together with explanatory footnotes, for any acquisition or disposition by the Borrower or a Restricted
Subsidiary that, individually or in the aggregate when considered with all other acquisitions or dispositions that have occurred
since the beginning of the relevant quarter, represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating
cash flow, or assets of the Borrower on a pro forma consolidated basis (unless such pro forma information has been
provided in a prior report pursuant to Section 4.10(a)(3)); provided that such pro forma financial information will
be provided only to the extent available without unreasonable expense and in the case pro forma financial information is
not provided, the Borrower will provide, in the case of a material acquisition to the extent available to the Borrower or a Restricted
Subsidiary without unreasonable expense, financial statements of the acquired company for the most recent fiscal year, and in the
case of a material disposition, financial statements of the business or assets comprising the disposition perimeter for the most
recent fiscal year which, in each case, may be unaudited; (c) a summary operating and financial review of the unaudited financial
statements, including a discussion of revenues, EBITDA and/or adjusted operating cash flow, capital expenditures, operating cash
flow and material changes in liquidity and capital resources, and a discussion of material changes not in the ordinary course of
business in commitments and contingencies since the most recent report (to the extent not previously reported pursuant to Section 4.10(a)(3) below);
and (d) material recent developments (to the extent not previously reported pursuant to Section 4.10(a)(3) below);
and

 

(3)           promptly
after the occurrence of such event, information with respect to (a) any change in the independent public accountants of the
Borrower, (b) any material acquisition, disposal, merger or similar transaction or (c) any development determined by
an Officer of the Borrower to be material to the business of the Borrower and its Restricted Subsidiaries (taken as a whole).

 

For the avoidance of
doubt, in no event will any reports provided pursuant to this Section 4.10(a):

 

(1)            be
required to comply with:

 

(a)            Section 302,
Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K under the
Securities Act (“Regulation S-K”);

 

(b)            Rule 3-10
of Regulation S-X under the Securities Act (“Regulation S-X”) or contain separate financial statements for the
Borrower, the Guarantors or other Subsidiaries the shares of which may be pledged to secure the Obligations that would be required
under Section 3-16 of Regulation S-X;

 

    26

     

    

 

(c)            Rule 11-01 of Regulation
S-X, to give pro forma effect to the Transactions, or contain all purchase accounting adjustments relating to the Transactions;

 

(d)            Regulation
G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any non-GAAP financial measures contained therein;
or

 

		(2)	be required to include trade secrets and other confidential information that is competitively sensitive
in the good faith and reasonable determination of the Borrower.

 

Notwithstanding the
foregoing, the Borrower may satisfy its obligations under clauses (1), (2) and (3) of Section 4.10(a) by
delivering the corresponding annual, quarterly or other reports of a Parent; provided that to the extent that the Borrower is not
the reporting entity and material differences exist between the management, business, assets, shareholding or results of operations
or financial condition of the Borrower and such Parent, the annual and quarterly reports shall give a reasonably detailed description
of such differences or shall include the consolidated balance sheet, income statements and cash flow statement of the Borrower
and its Subsidiaries.

 

The Borrower will be
deemed to have furnished the reports referred to in clauses (1), (2) and (3) of Section 4.10(a) if the
Borrower or a Parent has filed reports containing such information with the SEC or posted such reports on its website. The Administrative
Agent shall have no responsibility to determine if and when any of the above reports have been filed or posted on any website.
Delivery of the above reports to the Administrative Agent is for informational purposes only and the Administrative Agent’s
receipt of such reports will not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Borrower’s or any other parties’ compliance with any of its covenants in this Agreement
(as to which the Administrative Agent will be entitled to rely exclusively on Officer’s Certificates that are delivered).

 

(b)            All
financial statement information shall be prepared in accordance with GAAP as in effect on the date of such report or financial
statement (or otherwise on the basis of GAAP as then in effect) and on a consistent basis for the periods presented; provided,
however, that the reports set forth in clauses (1), (2) and (3) of Section 4.10(a) may in the event
of a change in GAAP, present earlier periods on a basis that applied to such periods. Except as provided in Section 4.10(c),
no report need include separate financial statements for the Borrower or Subsidiaries of the Borrower or any disclosure with respect
to the results of operations or any other financial or statistical disclosure not of a type included in the Offering Memorandum
and, subject to the Borrower’s election to apply IFRS, in no event shall IFRS information or reconciliation to IFRS be required.

 

(c)            At
any time if any Subsidiary of the Borrower is an Unrestricted Subsidiary and any such Unrestricted Subsidiary or group of Unrestricted
Subsidiaries, if taken together as one Subsidiary, constitutes a Significant Subsidiary, then the quarterly and annual financial
information required by Section 4.10(a) will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, of the financial condition and results of operations of the Borrower and its Restricted
Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Borrower.

 

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(d)            Substantially
concurrently with the issuance to the Administrative Agent of the reports specified in clauses (1), (2) and (3) of Section 4.10(a),
the Borrower shall also (a) use its commercially reasonable efforts (i) to post copies of such reports on such website
as may be then maintained by the Borrower and its Subsidiaries or any Parent or (ii) otherwise to provide substantially comparable
public availability of such reports (as determined by the Borrower in good faith) or (b) to the extent the Borrower determines
in good faith that such reports cannot be made available in the manner described in the preceding clause (a) owing to
applicable law or after the use of its commercially reasonable efforts, furnish such reports to the Lenders and, upon their request,
prospective Lenders.

 

(e)            No
later than 5 Business Days after each delivery of financial statements of Borrower pursuant to Sections 4.10(a)(1) and (2),
the Borrower will provide to the Administrative Agent a duly executed and completed Compliance Certificate.

 

Section 4.11.         [Reserved.]

 

Section 4.12.         Impairment
of Security Interests

 

(a)           The
Borrower shall not, and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have the result
of materially impairing the security interest with respect to the Collateral (it being understood that subject to Section 4.12(b),
the Incurrence of Permitted Collateral Liens shall under no circumstances be deemed to materially impair the security interest
with respect to the Collateral) for the benefit of the Secured Parties, and the Borrower shall not, and shall not permit any Restricted
Subsidiary to, grant to any Person other than the Collateral Agent (or its delegate), for the benefit of the Secured Parties, any
Lien over any of the Collateral; provided, that, subject to Section 4.12(b), (x) the Borrower and the Restricted
Subsidiaries may Incur Permitted Collateral Liens, (y) the Security Documents and the Collateral may be discharged, amended,
extended, renewed, restated, supplemented, released, modified or replaced in accordance with this Agreement, any Intercreditor
Agreement, any Additional Intercreditor Agreement or the applicable Security Documents and (z) the Borrower and its Restricted
Subsidiaries may consummate any other transaction permitted under Article V hereunder.

 

(b)           Notwithstanding
Section 4.12(a), nothing in this Section 4.12 shall restrict the discharge and release of any Lien over Collateral in
accordance with this Agreement, the Security Documents, any Intercreditor Agreement or any Additional Intercreditor Agreement.
Subject to the foregoing, the Security Documents may be amended, extended, renewed, restated, supplemented or otherwise modified
or released (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets) to (i) cure
any ambiguity, omission, defect or inconsistency therein; (ii) provide for Permitted Collateral Liens; (iii) make any
change reasonably necessary or desirable in the good faith determination of the Borrower in order to implement transactions permitted
under Article V of this Annex I; (iv) add to the Collateral; (v) provide for the release of any Lien on any properties
or assets constituting Collateral from the Lien of the Security Documents; provided that such release is followed by the substantially
concurrent re-taking of a Lien of at least equivalent priority over the same properties and assets securing the Obligations or
any Loan Guarantee, (vi) make any other change thereto that does not adversely affect the Secured Parties in any material
respect (it being understood that such restatement, amendment or other modification to provide for subordinated security interests
will be deemed not to be materially less favorable to the Secured Parties) or (vii) subject to compliance with this Agreement,
any Intercreditor Agreement or any Additional Intercreditor Agreement, as applicable, increase

 

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the amounts and types of Indebtedness
covered by such Security Document; provided, however, that, contemporaneously with any such action in clauses (ii),
(iii), (iv), (v) and (vi) of this Section 4.12(b), the Borrower delivers to the Administrative Agent, either (1) a
solvency opinion, in form and substance reasonably satisfactory to the Administrative Agent, from an independent financial advisor
or appraiser or investment bank of international standing which confirms the solvency of the Borrower and its Subsidiaries, taken
as a whole, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification
or replacement, (2) a certificate from the chief financial officer or the Board of Directors of the relevant Person which
confirms the solvency of the Person granting the Lien, after giving effect to any transactions related to such amendment, extension,
renewal, restatement, supplement, modification or replacement, or (3) an opinion of counsel (subject to any qualifications
customary for this type of opinion of counsel), in form and substance reasonably satisfactory to the Administrative Agent, confirming
that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification
or replacement, the Lien or Liens created under the Security Documents so amended, extended, renewed, restated, supplemented, modified
or replaced are valid Liens not otherwise subject to any limitation, imperfection or new hardening period, in equity or at law,
that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal, restatement, supplement,
modification or replacement.

 

(c)            In
the event that the Borrower and the Restricted Subsidiaries comply with the requirements of this Section 4.12, the Administrative
Agent and the Collateral Agent shall (subject to customary protections and indemnifications) consent to such amendments without
the need for instructions from the Secured Parties.

 

Section 4.13.         Additional
Intercreditor Agreements

 

(a)            At
the request of the Borrower, in connection with the Incurrence by the Borrower or a Restricted Subsidiary of any Indebtedness that
is permitted to share the Collateral pursuant to the definition of Permitted Collateral Liens, the Borrower, the Parent Guarantor
or a Restricted Subsidiary, the Administrative Agent and the Collateral Agent shall enter into with the holders of such Indebtedness
(or their duly authorized representatives) an intercreditor agreement (an “Additional Intercreditor Agreement”)
or a restatement, amendment or other modification of the existing Intercreditor Agreement on substantially the same terms as any
Intercreditor Agreement (or, as determined in good faith by the Borrower, terms not materially less favorable to the Lenders),
including containing substantially the same terms with respect to release of Loan Guarantees and priority and release of the Liens
over Collateral (or, as determined in good faith by the Borrower, terms not materially less favorable to the Lenders, it being
understood that such restatement, amendment or other modification to provide for subordinated security interests will be deemed
not to be materially less favorable to the Lenders); provided that such Additional Intercreditor Agreement will not impose any
personal obligations on the Administrative Agent or Collateral Agent or, in the opinion of the Administrative Agent or Collateral
Agent, as applicable, adversely affect the rights, duties, liabilities or immunities of the Administrative Agent or Collateral
Agent under this Agreement or any Intercreditor Agreement. For the avoidance of doubt, subject to the first sentence of this Section 4.12(a) and
Section 4.12(b), any such Additional Intercreditor Agreement may provide for pari passu or subordinated security

 

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interests
in respect of any such Indebtedness (to the extent such Indebtedness is permitted to share the Collateral pursuant to Section 4.06).

 

(b)            At
the written direction of the Borrower and without the consent of Secured Parties, the Administrative Agent and the Collateral Agent
shall from time to time enter into one or more amendments to any Intercreditor Agreement or Additional Intercreditor Agreement
to: (1) cure any ambiguity, omission, defect or inconsistency of any such agreement, (2) increase the amount or types
of Indebtedness covered by any such agreement that may be Incurred by the Borrower or a Guarantor that is subject to any such agreement
(including with respect to any Intercreditor Agreement or Additional Intercreditor Agreement, the addition of provisions relating
to new Indebtedness ranking junior in right of payment to the Obligations), (3) add Restricted Subsidiaries to any Intercreditor
Agreement or an Additional Intercreditor Agreement, (4) further secure the Obligations, (5) make provision for equal
and ratable pledges of the Collateral to secure any Incremental Loans, (6) implement any Permitted Liens, (7) amend any
Intercreditor Agreement or any Additional Intercreditor Agreement in accordance with the terms thereof; (8) make any change
reasonably necessary, in the good faith determination of the Borrower in order to implement any transaction that is subject to
Article V of this Annex I; or (9) implement any transaction in connection with the renewal extension, refinancing, replacement
or increase of the Indebtedness that is not prohibited by this Agreement or make any other change to any such agreement that does
not adversely affect the Lenders in any material respect; provided that no such changes shall be permitted to the extent they affect
the ranking of any Obligation or Loan Guarantee, enforcement of Liens over the Collateral, the application of proceeds from the
enforcement of Collateral or the release of any Loan Guarantees or Lien over Collateral in a manner than would, in the good faith
determination of the Borrower, adversely affect the rights of the Lenders in any material respect except as otherwise permitted
by this Agreement, the Security Documents, any Intercreditor Agreement or any Additional Intercreditor Agreement immediately prior
to such change. The Borrower shall not otherwise direct the Administrative Agent or the Collateral Agent to enter into any amendment
to any Intercreditor Agreement without the consent of the Required Lenders, except as otherwise permitted under Section 9.08
of this Agreement, and the Borrower may only direct the Administrative Agent and the Collateral Agent to enter into any amendment
to the extent such amendment does not impose any personal obligations on the Administrative Agent or Collateral Agent or, in the
opinion of the Administrative Agent or Collateral Agent, adversely affect their respective rights, duties, liabilities or immunities
under this Agreement, any Intercreditor Agreement or any Additional Intercreditor Agreement.

 

(c)            In
relation to any Intercreditor Agreement or Additional Intercreditor Agreement, at the request of the Borrower, the Administrative
Agent (and Collateral Agent, if applicable) shall consent on behalf of the Lenders to the payment, repayment, purchase, repurchase,
defeasance, acquisition, retirement or redemption of any obligations subordinated to the Loans thereby; provided, however,
that such transaction would comply with Section 4.05 hereof.

 

(d)            Each
Lender shall be deemed to have agreed to and accepted the terms and conditions of any Intercreditor Agreement or any Additional
Intercreditor Agreement (whether then entered into or entered into in the future pursuant to the provisions described herein),
and to

 

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have directed the Administrative Agent and the Collateral Agent to enter into any Intercreditor Agreement and any such Additional
Intercreditor Agreement.

 

Section 4.14.        Lines
of Business

 

The Borrower will not,
and will not permit any of its Restricted Subsidiaries to, engage in any business other than a Similar Business, except to such
extent as would not be material to the Borrower and the Restricted Subsidiaries, taken as a whole.

 

Section 4.15.        Additional
Guarantors

 

(a)            [Reserved]

 

(b)           Loan
Guarantees existing on or granted after the Effective Date pursuant to Section 5.14 of this Agreement shall be released as
set forth in Section 12 of the Facility Guaranty.

 

(c)           Notwithstanding
the foregoing, the Borrower shall not be obligated to cause any Restricted Subsidiary to provide a Loan Guarantee to the extent
and for so long as the Incurrence of such Guarantee could reasonably be expected to give rise to or result in: (1) any violation
of applicable law or regulation; (2) any liability for the officers, directors or (except in the case of a Restricted Subsidiary
that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of a Restricted Subsidiary that is a partnership,
directors or shareholders of the partners of such partnership); (3) any cost, expense, liability or obligation (including
with respect to any Taxes) other than reasonable out-of-pocket expenses and other than reasonable expenses incurred in connection
with any governmental or regulatory filings required as a result of, or any measures pursuant to this Section 4.15(c)(1) undertaken
in connection with, such Guarantee, which in any case under any of clauses (1), (2) and (3) of this Section 4.15(c) cannot
be avoided through measures reasonably available to the Borrower or such Restricted Subsidiary; or (4) such Restricted Subsidiary
is prohibited from Incurring such Guarantee by the terms of any Indebtedness of such Restricted Subsidiary existing on the Effective
Date (or if later, on the date such entity becomes a Restricted Subsidiary) that is not prepayable without a prepayment premium
(in each case, other than Indebtedness Incurred to provide all or any portion of the funds utilized to consummate the transaction
or series of related transactions pursuant to which such Person became a Restricted Subsidiary); provided that this Section 4.15(c)(4) applies
only for so long as such prepayment premium applies to such Indebtedness.

 

Section 4.16.         [Reserved]

 

Section 4.17.         [Reserved]

 

Section 4.18.        Reserved
Indebtedness

 

For purposes of determining
compliance with any provision of this Agreement which requires the calculation of the Consolidated Net Senior Secured Leverage
Ratio or the Consolidated Net Leverage Ratio, as applicable, or testing baskets set forth in this Annex I of this Agreement (including
baskets measured as a percentage of L2QA Pro Forma EBITDA) in connection with (x) the Incurrence of any Indebtedness or (y) the
Incurrence of any Lien, the Borrower may elect, in its sole discretion, to treat all or any portion of the committed

 

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amount of
any Indebtedness (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) which is to be
Incurred (or any commitment in respect thereof) or secured by such Lien, as the case may be (any such amount elected until revoked
as described below, an “Elected Amount”) as being Incurred as of such election date and (i) any subsequent
borrowing or re-borrowing of Indebtedness under such commitment (so long as the total amount under such Indebtedness does not exceed
the Elected Amount) shall not be deemed, for purposes of this calculation, to be an Incurrence of additional Indebtedness or an
additional Lien at such subsequent time, (ii) the Borrower may revoke an election of an Elected Amount at any time after the
election date, (iii) for purposes of all subsequent calculations of the Consolidated Net Leverage Ratio or the Consolidated
Net Senior Secured Leverage Ratio, as applicable, the Elected Amount (if any) shall be deemed to be outstanding (unless revoked
in accordance with clause (ii)), whether or not such amount is actually outstanding, so long as the applicable commitment remains
outstanding and (iv) for the purpose of Section 4.04(b) (8), Section 4.04(b)(16) and clause (dd) of the definition
of Permitted Liens, solely to the extent that the Elected Amount has been Incurred in reliance thereof (and has not be reclassified),
the Elected Amount (if any) shall be deemed to be outstanding under such provisions (unless revoked in accordance with clause (ii)),
whether or not such amount is actually outstanding, so long as the applicable commitment remains outstanding.

 

Section 4.19.        Delaware
LLC Divisions

 

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

 

Section 4.20.         Limitation
on Parent Guarantor Activities

 

(1)  The Parent Guarantor will not
engage in any business activity or undertake any other activity, except any such activity:

 

(a)            reasonably
relating to the offering, sale, issuance, Incurrence, servicing, purchase, redemption, amendment, exchange, refinancing or
retirement of or Investment in the Loans, the Senior Secured Notes or other Indebtedness (including any Refinancing Indebtedness
in respect of any of the foregoing) or borrowing directly or indirectly from a Parent, the Borrower or any Restricted Subsidiary);

 

(b)            undertaken
with the purpose of, directly or indirectly, fulfilling its obligations or exercising its rights under the Loans, the Senior Secured
Notes or other Indebtedness, Hedging Obligations or any other obligations (including any Refinancing Indebtedness in respect of
any of the foregoing);

 

(c)            directly
related or reasonably incidental to the establishment and/or maintenance of the Parent Guarantor’s corporate existence, the
acquisition, holding or disposition of assets;

 

(d)            directly
related to investing any amounts received by the Parent Guarantor;

 

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(e)            making
Investments, Investments in intra-group loans and Investments in any other Indebtedness of the Parent Guarantor or the Borrower;

 

(f)            related
to cash management activities; or

 

(g)           (i) any
actions in connection with the Transactions, (ii) any transaction or activity not to exceed $15 million in the aggregate and
(iii) other activities not specifically enumerated above that are immaterial in nature.

 

(2) The Parent Guarantor shall not:

 

(a)           take
any action which would cause it to no longer satisfy the requirements of an available exemption from the provisions of the U.S.
Investment Company Act of 1940, as amended;

 

(b)           commence
or take any action or facilitate a winding-up, liquidation, dissolution or other analogous proceeding; or

 

(c)           amend
its constitutive documents in any manner which would adversely affect the rights of Lenders in any material respect.

 

ARTICLE V

 

Section 5.01.        Merger
and Consolidation of the Borrower

 

(a)           The
Borrower will not consolidate with or merge with or into, or assign, convey, transfer, lease or otherwise dispose all or substantially
all its assets as an entirety or substantially as an entirety, in one transaction or a series of related transactions to, any Person,
unless:

 

(1)            the
resulting, surviving or transferee Person (the “Successor Company”) (if not the Borrower) will be a Person organized
and existing under the laws of any member state of the European Union as of the Closing Date or the date on which such Person becomes
the Successor Company, the United Kingdom, Switzerland, Canada, or the United States of America, any State of the United States
or the District of Columbia and the Successor Company (if not the Borrower) will expressly assume by way of a joinder, executed
and delivered to the Administrative Agent, in form reasonably satisfactory to the Administrative Agent, all the obligations of
the Borrower under this Agreement, any Intercreditor Agreement and the Security Documents (or, subject to Section 4.12 provided
a Lien of at least equivalent ranking over the same assets), as applicable;

 

(2)            immediately
after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Company or any
Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary
at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;

 

(3)            immediately
after giving pro forma effect to such transaction and any related financing transactions, as if such transactions had occurred
at the beginning of the applicable two consecutive fiscal quarter period, either (a) the Borrower or the Successor Company
would have been able to Incur at least $1.00 of additional Indebtedness pursuant to Section

 

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4.04(a); or (b) the Consolidated
Net Leverage Ratio would not be greater than it was immediately prior to giving effect to such transaction; and

 

(4)            the
Borrower shall have delivered to the Administrative Agent an Officer’s Certificate and an Opinion of Counsel, each to the
effect that such consolidation, merger or transfer and such joinder (if any) comply with the terms of this Agreement and an Opinion
of Counsel to the effect that such joinder (if any) has been duly authorized, executed and delivered and is a legal, valid and
binding agreement enforceable against the Successor Company (in each case, in form and substance reasonably satisfactory to the
Administrative Agent); provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate
as to any matters of fact.

 

(b)           For
purposes of this Section 5.01, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially
all of the properties and assets of one or more Subsidiaries of the Borrower which properties and assets, if held by the Borrower
instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of the Borrower on a consolidated
basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Borrower.

 

(c)           The
Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Borrower under this Agreement
but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations
under this Agreement.

 

(d)           Notwithstanding
Section 5.01(a)(2) and Section 5.01(a)(3) (which do not apply to transactions referred to in this sentence)
and Section 5.01(a)(4) (which does not apply to transactions referred to in this sentence in which the Borrower is the
Successor Company), (a) any Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or
part of its properties and assets to the Borrower, (b) any Restricted Subsidiary that is not a Subsidiary Guarantor may consolidate
or otherwise combine with, merge into or transfer all or part of its properties and assets to any other Restricted Subsidiary or
the Borrower and (c) the Borrower and the Restricted Subsidiaries may effect any Permitted Reorganization. Notwithstanding
Section 5.01(a)(3) (which does not apply to the transactions referred to in this sentence), the Borrower may consolidate
or otherwise combine with or merge into an Affiliate incorporated or organized for the purpose of changing the legal domicile of
the Borrower, reincorporating the Borrower in another jurisdiction (subject to Section 5.01(a)(1)) or changing the legal form
of the Borrower.

 

(e)           The
foregoing provisions (other than the requirements of Section 5.01(a)(2)) shall not apply to the creation of a new Subsidiary
as a Restricted Subsidiary.

 

Section 5.02.         Merger
and Consolidation of the Subsidiary Guarantors

 

(a)           None
of the Subsidiary Guarantors (other than a Subsidiary Guarantor whose Loan Guarantee is to be released in accordance with the terms
of this Agreement) may:

 

(1)            consolidate
with or merge with or into any Person (whether or not such Subsidiary Guarantor is the surviving Person);

 

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(2)            sell,
assign, convey, transfer, lease or otherwise dispose of, all or substantially all its assets as an entirety or substantially as
an entirety, in one transaction or a series of related transactions, to any Person; or

 

(3)            permit
any Person to merge with or into it,

 

unless:

 

		(a)	the other Person is the Borrower or a Restricted Subsidiary that is a Subsidiary Guarantor or becomes
a Subsidiary Guarantor as a result of such transaction; or

 

		(b)	(1) either (x) a Subsidiary Guarantor is the surviving Person or (y) the resulting,
surviving or transferee Person expressly assumes all of the obligations of the Subsidiary Guarantor under its Loan Guarantee and
this Agreement (pursuant to a joinder agreement executed and delivered in a form reasonably satisfactory to the Administrative
Agent) and all obligations of the Subsidiary Guarantor under any Intercreditor Agreement and the Security Documents, as applicable;
and (2) immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and is continuing;
or

 

		(c)	the transaction constitutes a sale or other disposition (including by way of consolidation or merger)
of a Subsidiary Guarantor or the sale or disposition of all or substantially all the assets of a Subsidiary Guarantor (in each
case other than to the Borrower or a Restricted Subsidiary) otherwise permitted by this Agreement and the proceeds therefrom are
applied as required by this Agreement; or

 

		(d)	the transaction constitutes a Permitted Reorganization.

 

(b)            Notwithstanding
Section 5.02(a)(3)(b)(2) (which does not apply to transactions referred to in this sentence), (a) any Restricted
Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to a Subsidiary
Guarantor and (b) any Subsidiary Guarantor may consolidate or otherwise combine with, merge into or transfer all or part of
its properties and assets to any other Subsidiary Guarantor or the Borrower. Notwithstanding Section 5.02(a)(3)(b)(2) (which
does not apply to the transactions referred to in this sub-section (b)), a Subsidiary Guarantor may consolidate or otherwise combine
with or merge into an Affiliate incorporated or organized for the purpose of changing the legal domicile of the Subsidiary Guarantor,
reincorporating the Subsidiary Guarantor in another jurisdiction, or changing the legal form of the Subsidiary Guarantor.

 

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ANNEX
II

ADditional Definitions

 

Save where specified to the contrary, references
in this Annex II to sections of Articles IV or V are to those sections of Annex I.

 

“Acquired Indebtedness”
means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary,
(2) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person
in connection with such Person becoming a Restricted Subsidiary or such acquisition or (3) of a Person at the time such Person
merges with or into or consolidates or otherwise combines with the Borrower or any Restricted Subsidiary. Subject to Section 1.05
of this Agreement and Section 4.18, Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of
this definition, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of this definition,
on the date of consummation of such acquisition of assets and, with respect to clause (3) of this definition, on the date
of the relevant merger, consolidation or other combination.

 

“Additional Assets”
means:

 

		(a)	any property or assets (other than Indebtedness and Capital Stock) not classified as current assets
under GAAP used or to be used by the Borrower or a Restricted Subsidiary or otherwise useful in a Similar Business (it being understood
that capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are
the subject of an Asset Disposition shall be deemed an investment in Additional Assets);

 

		(b)	the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted Subsidiary
as a result of the acquisition of such Capital Stock by the Borrower or a Restricted Subsidiary; or

 

		(c)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted
Subsidiary.

 

“Affiliate” of
any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“AHYDO Catch Up Payment”
means any payment on any Indebtedness that would be necessary to avoid such Indebtedness being characterized as an “applicable
high yield discount obligation” under Section 163(i) of the Code.

 

“Altice USA”
refers to Altice USA, Inc., a Delaware corporation listed on the New York Stock Exchange under the symbol “ATUS”.

 

“Asset Disposition”
means, with respect to the Borrower and the Restricted Subsidiaries, any direct or indirect sale, lease (other than an operating
lease entered into in the ordinary course

 

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of business), transfer, issuance or other disposition, or a series of related sales,
leases (other than operating leases entered into in the ordinary course of business), transfers, issuances or dispositions that
are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property
or other assets (each referred to for the purposes of this definition as a “disposition”) by the Borrower or any of
the Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction; provided
that the sale, lease, transfer, issuance or other disposition of all or substantially all of the assets of the Borrower (or any
successor company) and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 7.01(i) of
this Agreement and Article V of Annex I and not by the provisions of Section 4.08 of Annex I. Notwithstanding the preceding
provisions of this definition, the following items shall not be deemed to be Asset Dispositions:

 

		(a)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, by a Restricted Subsidiary to the Borrower or by the Borrower or a Restricted
Subsidiary to a Restricted Subsidiary;

 

		(b)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of cash, Cash Equivalents, Temporary Cash Investments or Investment Grade
Securities;

 

		(c)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of inventory, consumer equipment, trading stock, communications capacity
or other assets in the ordinary course of business;

 

		(d)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of obsolete, surplus or worn out equipment or other assets or equipment
or other similar assets that are no longer useful in the conduct of the business (as determined in good faith by the Borrower)
of the Borrower and its Restricted Subsidiaries;

 

		(e)	transactions permitted under Article V of Annex I (other than as permitted under Section 5.02(a)(3)(c) or
a transaction that constitutes a Change of Control;

 

		(f)	an issuance of Capital Stock by a Restricted Subsidiary to the Borrower or to another Restricted
Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors of the Borrower;

 

		(g)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, properties or assets in a single transaction
or series of related transactions with a fair market value (as determined in good faith by the Borrower at the time of such sale,
lease, transfer, issuance or other disposition or, at the option of the Borrower, on the date of contractually agreeing to such
sale, lease, transfer, issuance or other disposition) not to exceed the greater of $25 million and 10.0% of L2QA Pro Forma EBITDA;

 

		(h)	(i) any Restricted Payment that is permitted to be made under Section 4.05, any transaction
specifically excluded from the definition of Restricted Payment and the 

 

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	 	 	making of any Permitted Payment and Permitted Investment
and (ii) solely for the purposes of Section 4.08(b), a disposition, the proceeds of which are used to make such Restricted
Payments permitted to be made under Section 4.05, Permitted Payments or Permitted Investments;

 

		(i)	the granting of Liens not prohibited by Section 4.06;

 

		(j)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of receivables or related assets in connection with the compromise, settlement
or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;

 

		(k)	the licensing or sublicensing of intellectual property or other general intangibles and licenses,
sublicenses, leases, subleases of other property, in each case, in the ordinary course of business;

 

		(l)	foreclosure, condemnation, eminent domain or any similar action with respect to any property or
other assets;

 

		(m)	the sale or discount (with or without recourse, and on customary or commercially reasonable terms)
of tax receivables and factoring accounts receivable or notes receivable arising in the ordinary course of business, or the conversion
or exchange of accounts receivable for notes receivable;

 

		(n)	sales, transfers or dispositions of receivables and related assets in connection with any Qualified
Receivables Financing or any factoring transaction or in the ordinary course of business, and Investments in Receivables Subsidiaries
consisting of cash or Securitization Assets;

 

		(o)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, Indebtedness or other securities of
an Unrestricted Subsidiary;

 

		(p)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Borrower or a Restricted Subsidiary) from whom such Restricted
Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration
in respect of such sale or acquisition;

 

		(q)	any surrender or waiver of contract rights or the settlement, release or surrender of contract,
tort or other claims of any kind;

 

		(r)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of assets to a Person who is providing services related to
such assets, the provision of which have been or are to be outsourced by the Borrower or any Restricted Subsidiary to such Person;
provided, however, that the Board of Directors of the Borrower shall certify

 

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	 	 	 that in the opinion of the Board of Directors,
the outsourcing transaction will be economically beneficial to the Borrower and the Restricted Subsidiaries (considered as a whole);

 

		(s)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, with respect to property built, owned or otherwise acquired
by the Borrower or any Restricted Subsidiary pursuant to customary sale and lease-back transactions, asset securitizations and
other similar financings not prohibited by this Agreement; provided that network assets of the Borrower or any Restricted
Subsidiary shall be excluded from this clause (s) unless the Net Cash Proceeds of such sale and leaseback transaction are
applied in accordance with the second paragraph of the covenant described under Section 4.08;

 

		(t)	any sale, lease, transfer, conveyance or other disposition in one or a series of related transactions
of any assets (including Capital Stock) of the Borrower and its Subsidiaries or of any Person that becomes a Restricted Subsidiary
(i) acquired in a transaction permitted under this Agreement, which assets are not used or useful in the core or principal
business of the Borrower and its Restricted Subsidiaries, or (ii) made in connection with the approval of any applicable antitrust
authority or pursuant to Competition Laws or otherwise necessary or advisable in the good faith determination of the Borrower to
consummate any acquisition permitted under this Agreement;

 

		(u)	dispositions of property to the extent that (i) such property is exchanged for credit against
the purchase price of similar replacement property that is purchased within 270 days thereof or (ii) an amount equal to the
Net Available Cash of such disposition are applied to the purchase price of such replacement property (which replacement property
is purchased within 270 days thereof) ;

 

		(v)	the lapse, abandonment or other disposition of intellectual property rights in the ordinary course
of business, which in the reasonable good faith determination of the Borrower are no longer commercially reasonable to maintain
or are not material to the conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole;

 

		(w)	[Reserved];

 

		(x)	to the extent allowable under Section 1031 of the Code, or any comparable or successor provision,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;

 

		(y)	sales, transfers and other dispositions of Investments in joint ventures to the extent required
by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements
and similar binding arrangements;

 

		(z)	contractual arrangements under long-term contracts with customers entered into by the Borrower
or a Restricted Subsidiary in the ordinary course of business which are treated as sales for accounting purposes; provided that
there is no transfer of title in connection with such contractual arrangement; and

 

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		(aa)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions in connection with the Transactions or any Permitted Reorganization.

 

In the event that a transaction (or a portion thereof) meets
the criteria of more than one of the categories described in clauses (a) through (aa) above or such transaction (or a portion
thereof) would also be a permitted Restricted Payment or Permitted Investment, the Borrower, in its sole discretion, will be entitled
to divide and classify such transaction (or a portion thereof), and from time to time reclassify such transaction (or a portion
thereof), into one or more such categories and/or one or more of the types of permitted Restricted Payments or Permitted Investments.

 

“Associate” means
(i) any Person engaged in a Similar Business of which the Borrower or a Restricted Subsidiary are the legal and beneficial
owners of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture engaged in a Similar Business entered
into by the Borrower or any Restricted Subsidiary.

 

“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 after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

“Board of Directors”
means (1) with respect to any corporation, the board of directors or managers, as applicable, of the corporation, or any duly
authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general
partner of the partnership or any duly authorized committee thereof; and (3) with respect to any other Person, the board or
any duly authorized committee of such Person serving a similar function. Unless otherwise specified in this Agreement, whenever
any provision of this Agreement requires any action or determination to be made by, or any approval of, a Board of Directors, such
action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any
such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a formal board
approval); provided that any action required to be taken under this Agreement by the Board of Directors of the Borrower
can, in the alternative, at the option of the Borrower, be taken by the Parent Guarantor and its successors or any Subsidiary thereof
that is a Parent of the Borrower.

 

“Capital Stock”
of any Person means any and all shares of, interests, rights to purchase, warrants or options for, participation or other equivalents
of, or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding
any debt securities convertible into such equity.

 

“Capitalized Lease Obligations”
means an obligation that is required to be classified and accounted for as a capitalized lease or finance lease for financial reporting
purposes on the basis of GAAP. For the avoidance of doubt, operating leases will not be deemed Capitalized Lease Obligations.

 

“Cash Equivalents”
means:

 

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		(a)	securities issued or directly and fully Guaranteed or insured by the United States Government,
Canada, the United Kingdom, Switzerland or any member state of the European Union, in each case, any agency or instrumentality
of thereof (provided that the full faith and credit of such country or such member state is pledged in support thereof),
having maturities of not more than two years from the date of acquisition;

 

		(b)	certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of acquisition thereof issued by a bank or trust company
(a) whose commercial paper is rated at least “A-1” or the equivalent thereof by S&P, at least “P-1”
or the equivalent thereof by Moody’s or “F-1” or the equivalent thereof by Fitch (or if at the time neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in
the event that such bank or trust company does not have commercial paper which is rated) having combined capital and surplus in
excess of $500 million;

 

		(c)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clauses (a) and (b) above entered into with any bank meeting the qualifications specified in clause (b) above;

 

		(d)	commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent
thereof by S&P, “P-2” or the equivalent thereof by Moody’s, “F-2” or the equivalent thereof by
Fitch or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating
agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of
which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition
thereof;

 

		(e)	readily marketable direct obligations issued by any state of the United States of America, the
United Kingdom, Switzerland, Canada, any member of the European Union or any political subdivision thereof, in each case, having
one of the two highest rating categories obtainable from either Moody’s, S&P or Fitch (or, if at the time, neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities
of not more than two years from the date of acquisition;

 

		(f)	Indebtedness or Preferred Stock issued by Persons with a rating of “BBB-” or higher
from S&P, “Baa3” or higher from Moody’s or “BBB-” or higher from Fitch (or, if at the time, neither
is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with
maturities of 12 months or less from the date of acquisition;

 

		(g)	bills of exchange issued in the United States, Canada, a member state of the European Union, Switzerland
or the United Kingdom, eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);
and

 

		(h)	interests in any investment company, money market or enhanced high yield fund which invests 95%
or more of its assets in instruments of the type specified in clauses (a) through (g) above.

 

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“CFC” means a
 “controlled foreign corporation” within the meaning of Section 957(a) of the Internal Revenue Code of 1986,
as amended.

 

“CFC Holdco”
means a Subsidiary that has no material assets other than equity interests in and/or indebtedness of, each as determined for U.S.
federal income tax purposes, one or more Foreign Subsidiaries that are CFCs, including the indirect ownership of such equity interests
or indebtedness through one or more CFC Holdcos that have no other material assets.

 

“Change of Control”
means the occurrence of any of the following:

 

		(a)	the consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any Person (including any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act)) other than one or more Permitted Holders (or a group controlled by one or more Permitted Holders) becomes the
Beneficial Owner, directly or indirectly, of more than 50% of the issued and outstanding Voting Stock of the Borrower (or any Successor
Company) measured by voting power rather than number of shares;

 

		(b)	following the first Public Offering by an IPO Entity, during any period of two consecutive years,
individuals who at the beginning of such period constituted the majority of the directors (excluding any employee representatives,
if any) on the Board of Directors of such IPO Entity (together with any new directors whose election by the majority of such directors
on such Board of Directors of the IPO Entity or whose nomination for election by shareholders of the IPO Entity, as applicable,
was approved by a vote of the majority of such directors on the Board of Directors of the IPO Entity then still in office who were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) ceased
for any reason to constitute the majority of the directors (excluding any employee representatives, if any) on the Board of Directors
of such IPO Entity, then in office; or

 

		(c)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially
all of the assets of the Borrower (or any Successor Company) and its Restricted Subsidiaries, taken as a whole, to a Person (including
any “person” as defined above), other than a Permitted Holder (or a group controlled by one or more Permitted Holders).

 

“Commodity Hedging Agreements”
means, in respect of a Person, any commodity purchase contract, commodity futures or forward contract, commodities option contract
or other similar contract (including commodities derivative agreements or arrangements), to which such Person is a party or a beneficiary.

 

“Competition Laws”
means any federal, state, foreign, multinational or supranational antitrust, competition or trade regulation statutes, rules, regulations,
orders, decrees, administrative and judicial doctrines and other laws that are designed or intended to prohibit, restrict or regulate
actions or transactions having the purpose or effect of monopolization or restraint of trade or lessening of competition through
merger or acquisition or effectuating foreign investment.

 

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“Compliance Certificate”
means a Compliance Certificate substantially in the form of Exhibit J to this Agreement.

 

“Consolidated EBITDA”
for any period means, without duplication, the Consolidated Net Income for such period plus the following to the extent deducted
in calculating such Consolidated Net Income:

 

		(a)	Consolidated Interest Expense and Receivables Fees;

 

		(b)	Consolidated Income Taxes;

 

		(c)	consolidated depreciation expense;

 

		(d)	consolidated amortization and impairment expense;

 

		(e)	Parent Expenses of a Parent;

 

		(f)	any expenses, charges or other costs related to any Equity Offering (including of a Parent), Investment,
acquisition (including amounts paid in connection with the acquisition or retention of one or more individuals comprising part
of a management team retained to manage the acquired business; provided that such payments are made in connection with such
acquisition and are consistent with the customary practice in the industry at the time of such acquisition), disposition, recapitalization
or the Incurrence of any Indebtedness permitted by this Agreement (whether or not successful) (including any such fees, expenses
or charges related to the Transactions (including of a Parent), in each case, as determined in good faith by the Borrower);

 

		(g)	any minority interest expense (whether paid or not) consisting of income attributable to minority
equity interests of third parties in such period or any prior period or any net earnings, income or share of profit of any Associates,
associated company or undertaking;

 

		(h)	the amount of management, monitoring, consultancy and advisory fees and related expenses or any
payments for financial advisory, financing, underwriting or placement services or any payments pursuant to franchising agreements,
business service related agreements or other similar arrangements paid in such period (or accruals relating to such fees and related
expenses) to any Permitted Holder (whether directly or indirectly, through any Parent) to the extent permitted by Section 4.09;
provided that any payments for such fees and related expense shall not be included in Consolidated EBITDA for any period
to the extent they were accrued for in such period or any prior period and added back to Consolidated EBITDA in such period or
any such prior period;

 

		(i)	other non-cash charges, write-downs or items reducing Consolidated Net Income (excluding any such
non-cash charge, write-down or item to the extent it represents an accrual of or reserve for cash charges in any future period)
or other non-cash items classified by the Borrower as special items less other non-cash items of income increasing Consolidated
Net Income (other than any non-cash items increasing such Consolidated Net Income pursuant to clauses (a) through (m) of
the definition of Consolidated Net Income and excluding any such non-cash item of income to the extent it represents a receipt
of cash in any future period);

 

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		(j)	(x) any loss from discontinued operations (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations
are actually disposed of), reduced by (y) any income from discontinued operations (but if such operations are classified as
discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such
operations are actually disposed of); and

 

		(k)	to the extent not already otherwise included herein, adjustments and add-backs of the nature used
in connection with the calculation of “Pro Forma Adjusted EBITDA” included in the Offering Memorandum.

 

“Consolidated Income Taxes”
means taxes or other payments, including deferred Taxes, based on income, profits or capital of the Borrower and the Restricted
Subsidiaries whether or not paid, estimated, accrued or required to be remitted to any governmental authority.

 

“Consolidated Interest Expense”
means, for any period (in each case, determined on the basis of GAAP), the consolidated net interest income/expense of the Borrower
and the Restricted Subsidiaries, whether paid or accrued, plus or including (without duplication) any interest, costs and charges
consisting of:

 

		(a)	interest expense attributable to Capitalized Lease Obligations;

 

		(b)	amortization of debt discount, but excluding (i) amortization of debt issuance costs, fees
and expenses and the expensing of any bridge or other financing fees and (ii) any expense from the discounting of any Indebtedness
in connection with the applications of purchase accounting in connection with an acquisition;

 

		(c)	non-cash interest expense;

 

		(d)	dividends or other distributions in respect of all Disqualified Stock of the Borrower and all Preferred
Stock of any Restricted Subsidiary, to the extent held by Persons other than the Borrower or a Subsidiary of the Borrower;

 

		(e)	the consolidated interest expense that was capitalized during such period (without duplication);

 

		(f)	net payments and receipts (if any) pursuant to Hedging Obligations (other than Currency Agreements)
(excluding unrealized mark-to-market gains and losses attributable to Hedging Obligations (other than Currency Agreements));

 

		(g)	any interest actually paid by the Borrower or any Restricted Subsidiary on Indebtedness of another
Person that is guaranteed by the Borrower or any Restricted Subsidiary or secured by a Lien on assets of the Borrower or any Restricted
Subsidiary; and

 

		(h)	premiums, penalties, annual agency fees, penalties for failure to comply with registration obligations
(if applicable) and any amendment fees, in each case, related to any Indebtedness of the Borrower or any Restricted Subsidiaries.

 

Notwithstanding any of the foregoing,
Consolidated Interest Expense shall not include (i) any interest accrued, capitalized or paid in respect of Subordinated Shareholder

 

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Funding, (ii) any commissions, discounts, yield and other fees and charges related to a Qualified Receivables Financing, (iii) any
payments on any operating leases, including without limitation any payments on any lease, concession or license of property (or
Guarantee thereof) which would be considered an operating lease under GAAP, (iv) net payments and receipts (if any) pursuant
to Currency Agreements (including unrealized mark-to-market gains and losses attributable to Hedging Obligations), and (v) any
pension liability interest costs.

  

“Consolidated Net Income”
means, for any period, the net income (loss) of the Borrower and the Restricted Subsidiaries determined on a consolidated basis
on the basis of GAAP; provided, however, that there will not be included in such Consolidated Net Income:

 

		(a)	any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that
the Borrower equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to
the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to the Borrower or a Restricted
Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend or other distribution
or return on investment to a Restricted Subsidiary, to the limitations contained in clause (b) below);

 

		(b)	solely for the purpose of determining the amount available for Restricted Payments under Section 4.05(a)(c)(i),
any net income (loss) of any Restricted Subsidiary that is not a Guarantor if such Subsidiary is subject to restrictions, directly
or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly,
to the Borrower by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment,
decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other
than (a) restrictions that have been waived or otherwise released, (b) restrictions pursuant to the Senior Secured Notes
Indenture, the Senior Secured Notes, the Senior Notes Indenture, the Senior Notes and the Loan Documents, (c) contractual
or legal restrictions in effect on the Effective Date with respect to a Restricted Subsidiary (including pursuant to the agreements
specified in Section 4.07(b)(3) and other restrictions with respect to such Restricted Subsidiary that, taken as a whole,
are not materially less favorable to the Lenders than such restrictions in effect on the Effective Date, and (d) restrictions
as in effect on the Effective Date specified in Section 4.07(b)(12) except that the Borrower’s equity in the net income
of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of
cash or Cash Equivalents or non-cash distributions to the extent converted into cash or Cash Equivalents actually distributed or
that could have been distributed by such Restricted Subsidiary during such period to the Borrower or another Restricted Subsidiary
as a dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained
in this clause);

 

		(c)	any net gain (or loss) realized upon the sale, abandonment or other disposition of any asset or
disposed operations of the Borrower or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which
is not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer of the Borrower)
or returned surplus assets of any Pension Plan;

 

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		(d)	any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any charges,
expenses or reserves in respect of any restructuring, redundancy or severance or any expenses, charges, reserves, gains or other
costs related to the Transactions; and, to the extent not otherwise included in this clause (d): recruiting, retention and relocation
costs; signing bonuses and related expenses and one-time compensation charges; curtailments or modifications to pension and post-retirement
employee benefit plans, transaction and refinancing bonuses and special bonuses paid in connection with dividends and distributions
to equity holders; start-up, transition, strategic initiative (including any multi-year strategic initiative) and integration costs,
charges or expenses; costs, charges and expenses related to the start-up, pre-opening, opening, closure, and/or consolidation of
operations, offices and facilities; business optimization costs, charges or expenses; costs, charges and expenses incurred in connection
with new product design, development and introductions; costs and expenses incurred in connection with intellectual property development
and new systems design; costs and expenses incurred in connection with implementation, replacement, development or upgrade of operational,
reporting and information technology systems and technology initiatives; any costs, expenses or charges relating to any governmental
investigation or any litigation or other dispute (including with any customer); costs and expenses in respect of warranty payments
and liabilities related to product recalls or field service campaigns; or any fees, charges, losses, costs and expenses incurred
during such period, or any amortization thereof for such period, in connection with or related to any acquisition, Restricted Payment, Investment,
recapitalization, asset sale, issuance, incurrence, registration or repayment or modification of Indebtedness, issuance or offering
of Capital Stock, refinancing transaction or amendment, modification or waiver in respect of the documentation relating to any
such transaction and any charges or non-recurring merger costs incurred during such period as a result of any such transaction;

 

		(e)	the cumulative effect of a change in accounting principles;

 

		(f)	any non-cash compensation charge or expense arising from any grant of stock, stock options or other
equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions;

 

		(g)	all deferred financing costs written off and premiums paid or other expenses incurred directly
in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

 

		(h)	any unrealized gains or losses in respect of Hedging Obligations or other derivative instruments
or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value or changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations or other
derivative instruments;

 

		(i)	any unrealized foreign currency translation gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses
relating to translation of assets and liabilities denominated in foreign currencies;

 

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		(j)	any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness
or other obligations of the Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary;

 

		(k)	any one-time non-cash charges or any increases in amortization or depreciation resulting from purchase
accounting, in each case, in relation to any acquisition of another Person or business or resulting from any reorganization or
restructuring involving the Borrower or its Subsidiaries;

 

		(l)	any goodwill or other intangible asset impairment charge or write-off; and

 

		(m)	the impact of capitalized, accrued or accreting or pay-in-kind interest or principal on Subordinated
Shareholder Funding.

 

“Consolidated Net Leverage”
means (A) the sum, without duplication, of the aggregate outstanding Specified Indebtedness of the Borrower and its Restricted
Subsidiaries on a consolidated basis (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred
pursuant to Section 4.04 in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma
EBITDA), less (B) the aggregate amount of cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries on a consolidated
basis.

 

“Consolidated Net Leverage
Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Leverage at such date to (y) the
aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma calculation of the Consolidated
Net Leverage Ratio shall not give effect to (i) any Indebtedness incurred on the date of determination pursuant to Section 4.04(b) or
(ii) the discharge on the date of determination of any Indebtedness to the extent that such discharge results from the proceeds
incurred pursuant to Section 4.04(b).

 

For the avoidance of doubt, in determining
Consolidated Net Leverage Ratio, no cash or Cash Equivalents shall be included that are the proceeds of Indebtedness in respect
of which the calculation of the Consolidated Net Leverage Ratio is to be made.

 

“Consolidated Net Senior Secured
Leverage” means (A) the sum of the aggregate outstanding Senior Secured Indebtedness of the Borrower and its
Restricted Subsidiaries (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section 4.04
in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma EBITDA), less (B) the
aggregate amount of cash and Cash Equivalents of the Borrower and the Restricted Subsidiaries on a consolidated basis.

 

“Consolidated Net Senior Secured
Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Senior Secured Leverage
at such date to (y) the aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma
calculation of the Consolidated Net Senior Secured Leverage Ratio shall not give effect to (i) any Indebtedness incurred on
the date of determination pursuant to Section 4.04(b) or (ii) the discharge on the date of determination of any
Indebtedness to the extent that such discharge results from the proceeds incurred pursuant to Section 4.04(b).

 

For the avoidance of doubt, in determining
Consolidated Net Senior Secured Leverage Ratio, no cash or Cash Equivalents shall be included that are the proceeds of Indebtedness
in respect

 

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of which the calculation of the Consolidated Net Senior Secured Leverage Ratio is to be made.

 

“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly or indirectly, any
operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any
other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:

 

		(a)	to purchase any such primary obligation or any property constituting direct or indirect security
therefor;

 

		(b)	to advance or supply funds:

 

		(i)	for the purchase or payment of any such primary obligation; or

 

		(ii)	to maintain the working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor; or

 

		(c)	to purchase property, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof.

 

“Credit Facility”
means, with respect to the Borrower or any of its Subsidiaries, one or more debt facilities, arrangements, instruments, trust deeds,
note purchase agreements or indentures or commercial paper facilities and overdraft facilities (including this Agreement) with
banks, institutions, funds or investors providing for revolving credit loans, term loans, receivables financing (including through
the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against such
receivables), notes, bonds, debentures, letters of credit or other Indebtedness, in each case, as amended, restated, modified,
renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and
whether in whole or in part and whether or not with the original administrative agent and lenders or another administrative agent
or agents or trustees or other banks, institutions or investors and whether provided under one or more credit or other agreements,
indentures, financing agreements or otherwise) and in each case including all agreements, instruments and documents executed and
delivered pursuant to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and
any Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and
other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing,
the term “Credit Facility” shall include any agreement or instrument (1) changing the maturity of any Indebtedness
Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Borrower as additional borrowers or Guarantors
thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise
altering the terms and conditions thereof.

 

“Currency Agreement”
means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency futures contract, currency option
contract, cap, floor, ceiling, collar, currency derivative or other similar agreement to which such Person is a party or beneficiary.

 

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“Default” means
any event which is, or after giving notice or with the passage of time or both would be, an Event of Default.

 

“Designated Non-Cash Consideration”
means the fair market value (as determined in good faith by the Borrower ) of non-cash consideration received by the Borrower or
a Restricted Subsidiary in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash, Cash Equivalents or Temporary
Cash Investments received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated
Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when
and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 4.08.

 

“Designated Preference Shares”
means, with respect to the Borrower, Preferred Stock (other than Disqualified Stock) (a) that is issued for cash (other than
to the Borrower or a Subsidiary of the Borrower or an employee stock ownership plan or trust established by the Borrower or any
such Subsidiary for the benefit of their employees to the extent funded by the Borrower or such Subsidiary) and (b) that is
designated as “Designated Preference Shares” pursuant to an Officer’s Certificate of the Borrower at or prior
to the issuance thereof, the Net Cash Proceeds of which are excluded from the calculation set forth in Section 4.05(a)(c)(ii).

 

“Disinterested Director”
means, with respect to any Affiliate Transaction, a member of the Board of Directors having no material direct or indirect financial
interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Borrower shall be deemed not
to have such a financial interest by reason of such member’s holding Capital Stock of the Borrower or any Parent or any options,
warrants or other rights in respect of such Capital Stock.

 

“Disqualified Stock”
means, with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable) or upon the happening of any event:

 

		(a)	matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking
fund obligation or otherwise;

 

		(b)	is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock
which is convertible or exchangeable solely at the option of the Borrower or a Restricted Subsidiary); or

 

		(c)	is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise
redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole
or in part,

 

in each case, on or prior to
the earlier of (a) the Stated Maturity of the Term Loans or (b) the date on which there are no Loans outstanding; provided,
however, that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable
or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any
Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Borrower
to repurchase such Capital Stock upon the occurrence of

 

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a change of control or asset
sale (howsoever defined or referred to) shall not constitute Disqualified Stock if any such redemption or repurchase obligation
is subject to compliance by the relevant Person with Section 4.05.

 

“Dollar Equivalent”
means, with respect to any monetary amount in a currency other than dollars (“Other Currency”), at any
time of determination thereof by the Borrower, the amount of dollars obtained by converting such Other Currency involved in such
computation into dollars at the spot rate for the purchase of dollars with the Other Currency as published in The Financial Times
in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer
available in The Financial Times, such source as may be selected in good faith by the Borrower) on the date of such determination.

 

“Domestic Subsidiary”
means any direct or indirect Subsidiary that is organized under the laws of the United States, any state thereof or the District
of Columbia.

 

“Equity Offering”
means a public or private sale of (x) Capital Stock of the Borrower or (y) Capital Stock or other securities of a Parent
or an Affiliate, the proceeds of which are contributed as Subordinated Shareholder Funding or to the equity of the Borrower or
any of its Restricted Subsidiaries, in each case other than:

 

		(a)	Disqualified Stock;

 

		(b)	Designated Preference Shares;

 

		(c)	offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar
offering in other jurisdictions;

 

		(d)	any such sale to an Affiliate of the Borrower, including the Borrower or a Restricted Subsidiary;
and

 

		(e)	any such sale that constitutes an Excluded Contribution.

 

“Escrowed Proceeds”
means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account with an independent
escrow agent on the date of the applicable offering or Incurrence pursuant to escrow arrangements that permit the release of amounts
on deposit in such escrow account upon satisfaction of certain conditions or the occurrence of certain events. The term “Escrowed
Proceeds” shall include any interest earned on the amounts held in escrow.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder,
as amended.

 

“Excluded Contribution”
means Net Cash Proceeds and the fair market value (determined by the Borrower at the time of such contribution or, at the option
of the Borrower, at the date of entry into of a commitment, contract or resolution with respect to such Excluded Contribution,
and not adjusted for any subsequent changes in fair market value) of marketable securities or property or assets or Capital Stock
of any Person, in each case, received by the Borrower as capital contributions to the equity (other than through the issuance of
Disqualified Stock or Designated Preference Shares of the Borrower) after the Closing Date or from the issuance or sale (other
than to the Borrower, a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower or any Subsidiary
of the Borrower for the benefit of its employees to the extent funded by the Borrower or any

 

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Restricted Subsidiary) of Capital
Stock (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding of the Borrower after
the Effective Date, in each case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate
of the Borrower.

 

“Excluded Subsidiary”
means (1) any Subsidiary that is not a Wholly Owned Subsidiary of the Borrower, (2) any CFC, (3) any Subsidiary
that is a direct or indirect Subsidiary of (i) a CFC or (ii) a CFC Holdco, (4) a CFC Holdco, (5) any Subsidiary,
including any regulated entity that is subject to net worth or net capital or similar capital and surplus restrictions, that is
prohibited or restricted by applicable law, accounting policies or by contractual obligation existing on the Closing Date and any
amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of such agreements (provided
that such contractual obligations (A) were not incurred in contemplation of the Disposition (or, with respect to any Subsidiary
acquired by the Borrower or a Restricted Subsidiary after the Closing Date (and so long as such contractual obligation was not
incurred in contemplation of such acquisition), on the date such Subsidiary is so acquired) or (B) do not extend such prohibition
or extension to any non-Excluded Subsidiary) from providing a Guarantee, or if such Guarantee would require governmental (including
regulatory) or third party consent, approval, license or authorization, (6) any special purpose securitization vehicle (or
similar entity), including any Receivables Subsidiary, (7) any not for profit Subsidiary, (8) any other Subsidiary with
respect to which, in the reasonable judgment of the Borrower, the burden or cost (including any adverse tax consequences) of providing
the Guarantee will outweigh the benefits to be obtained by the Lenders therefrom, (9) each Unrestricted Subsidiary and (10) Cablevision
Lightpath NJ LLC; provided, that any such Subsidiary that is an Excluded Subsidiary pursuant to clause (8) above shall
cease to be an Excluded Subsidiary at any time such Subsidiary guarantees Indebtedness of the Borrower or any other Guarantor,
and provided further, that clauses (2), (3) and (4) of this definition shall not apply unless the Borrower reasonably
determines that the exclusion of any such Subsidiary from the definition of Excluded Subsidiary would or is likely to result in
material adverse tax consequences to the Borrower, the Restricted Subsidiaries or any direct or indirect equityholder of the Borrower.

 

“fair market value”
wherever such term is used in this Agreement (except as otherwise specifically provided in this Agreement), may be conclusively
established by means of an Officer’s Certificate or a resolution of the Board of Directors of the Borrower setting out such
fair market value as determined by such Officer or such Board of Directors in good faith.

 

“Fitch” means
Fitch Ratings Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Foreign Subsidiary”
means any direct or indirect Subsidiary of the Borrower that is not a Domestic Subsidiary.

 

“GAAP” means
generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institution of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standard Boards
or in such other statement by such other entity as have been approved by a significant segment of the accounting profession as
in effect on the Effective Date, or, with respect to Section 4.10 of this Annex I, from time to time; provided that, at any
date after the Effective Date, the Borrower may make an irrevocable election to establish that “GAAP” shall mean GAAP
as in effect on a date that is on or prior to the date of such election other

 

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than with respect to Section 4.10 of this Annex
I where GAAP will continue to mean as in effect from time to time; and provided further that, at any time after the Effective Date,
the Borrower may elect to apply IFRS in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be
construed to mean IFRS as in effect (except as otherwise provided for in this Agreement) on the date of such election or, with
respect to Section 4.10 of Annex I as in effect from time to time; provided further that any such election to apply IFRS,
once made, shall be irrevocable and that upon first reporting its fiscal year results under IFRS, it shall restate the financial
statements required to be delivered under Section 4.10 of Annex I on the basis of IFRS for the fiscal year ending immediately
prior to the first fiscal year for which financial statements have been prepared on the basis of IFRS. The Borrower shall give
notice of any such election to the Administrative Agent.

 

“Group” means
the Borrower and its Restricted Subsidiaries.

 

“Guarantee” means
any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person,
including any such obligation, direct or indirect, contingent or otherwise, of such Person:

 

		(a)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or

 

		(b)	entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),

 

provided, however,
that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business
or any guarantee of performance. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Hedging Obligations”
of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity Hedging
Agreement.

 

“IFRS” means
International Financial Reporting Standards as issued by the International Accounting Standards Board or any successor board or
agency as endorsed by the European Union.

 

“Immaterial Subsidiary”
shall mean, as of any date of determination, any Restricted Subsidiary that holds no more than 3% of the Total Assets of the Borrower
and its Restricted Subsidiaries, taken as a whole; provided, however, that if all of such Immaterial Subsidiaries in the aggregate
hold assets in excess of 3% of the Total Assets of the Borrower and its Restricted Subsidiaries, then only the Restricted Subsidiaries
with the smallest percentage of assets of the Borrower and its Restricted Subsidiaries (not exceeding 3% individually or in the
aggregate) would constitute “Immaterial Subsidiaries.”

 

“Incur” means
issue, create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for; provided, however, that other
than in the case of any action being taken in connection with a Limited Condition Transaction, which shall be governed by Section 1.05
of this Agreement and any Indebtedness or Lien Incurred pursuant to the Section 4.18 of this Annex I which shall be governed
by the provisions thereof, (1) any Indebtedness or Capital

 

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Stock of a Person existing at the time such Person becomes a Restricted
Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by the Borrower or such Restricted
Subsidiary at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have
meanings correlative to the foregoing and (2) any Indebtedness pursuant to any Credit Facility, bridge facility, revolving
credit or similar facility shall only be “Incurred” at the time any funds are borrowed thereunder; provided further
that, the Borrower in its sole discretion may elect that (x) any Indebtedness or portion thereof pursuant to any Credit
Facility, bridge facility, revolving credit or similar facility shall be deemed to be “Incurred” at the time of entry
into the definitive agreements or commitments in relation to any such facility and/or (y) any Indebtedness, the proceeds of
which are cash-collateralized shall be deemed to be “Incurred” at the time such proceeds are no longer cash-collateralized.

 

“Indebtedness”
means, with respect to any Person on any date of determination (without duplication):

 

		(a)	the principal of indebtedness of such Person for borrowed money;

 

		(b)	the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

 

		(c)	all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances
or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired
amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed)
(except to the extent such reimbursement obligations relate to trade payables), in each case only to the extent that the underlying
obligation in respect of which the instrument was issued would be treated as Indebtedness;

 

		(d)	the principal component of all obligations, or liquidation preference, of such Person with respect
to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any
accrued dividends);

 

		(e)	the principal component of all Indebtedness of other Persons secured by a Lien on any asset of
such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such
Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined in
good faith by the Borrower) and (b) the amount of such Indebtedness of such other Persons;

 

		(f)	Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and

 

		(g)	to the extent not otherwise included in this definition, net obligations of such Person under Currency
Agreements, Commodity Hedging Agreements and Interest Rate Agreements (the amount of any such obligations to be equal at any time
to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at
such time).

 

The term “Indebtedness”
shall not include (i) Subordinated Shareholder Funding, (ii) any lease (including for avoidance of doubt, any network
lease or any Operating IRU), concession or license of property (or Guarantee thereof) which would be

 

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considered an operating lease
under GAAP, (iii) prepayments of deposits received from clients or customers in the ordinary course of business, (iv) any
pension obligations, (v) Contingent Obligations, (vi) receivables sold or discounted, whether recourse or non-recourse,
including, for the avoidance of doubt, any obligations under or in respect of Qualified Receivables Financing (including, without
limitation, guarantees by a Receivables Subsidiary of the obligations of another Receivables Subsidiary and any indebtedness in
respect of Limited Recourse), (vii) obligations under any license, permit or other approval (or Guarantees given in respect
of such obligations) Incurred prior to the Effective Date or in the ordinary course of business, (viii) non-interest bearing
installment obligations and accrued liabilities Incurred in the ordinary course of business that are not more than 120 days past
due, (ix) Indebtedness in respect of the Incurrence by the Borrower or any Restricted Subsidiary of Indebtedness in respect
of standby letters of credit, performance bonds or surety bonds provided by the Borrower or any Restricted Subsidiary in the ordinary
course of business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon are honored
in accordance with their terms and if, to be reimbursed, are reimbursed no later than the fifth Business Day following receipt
by such Person of a demand for reimbursement following payment on the letter of credit or bond, (x) any obligations to pay
the deferred and unpaid purchase price for assets acquired or services supplied or otherwise owed to the Person (or any assignee
thereof) from whom such assets are acquired or who supplies such services in accordance with the terms pursuant to which the relevant
assets were or are to be acquired or services were or are to be supplied, (xi) any payroll accruals and (xii) Indebtedness
Incurred by the Borrower or a Restricted Subsidiary in connection with a transaction where (A) such Indebtedness is borrowed
from a bank or trust company, having a combined capital and surplus and undivided profits of not less than $250 million, whose
debt has a rating immediately prior to the time such transaction is entered into, of at least A or the equivalent thereof by S&P
and A2 or the equivalent thereof by Moody’s or A or the equivalent thereof by Fitch and (B) a substantially concurrent
Investment is made by the Borrower or a Restricted Subsidiary in the form of cash deposited with the lender of such Indebtedness,
or a Subsidiary or Affiliate thereof, in amount equal to such Indebtedness. For the avoidance of doubt and notwithstanding the
above, the term “Indebtedness” excludes any accrued expenses and trade payables and any obligations under guarantees
issued in connection with various operating and telecommunications licenses.

 

Subject to Section 1.05
of this Agreement and Section 4.18 of this Annex I, the amount of Indebtedness of any Person at any time in the case of a
revolving credit or similar facility shall be the total amounts of funds borrowed and then outstanding. The amount of Indebtedness
of any Person at any date shall be determined as set forth above or otherwise provided in this Agreement, and (other than with
respect to letters of credit or Guarantees or Indebtedness specified in clauses (e), (f) or (g) above) shall equal the
amount thereof that would appear on a balance sheet of such Person (excluding any notes thereto) prepared on the basis of GAAP.

 

Notwithstanding the above provisions,
in no event shall the following constitute Indebtedness:

 

		(i)	in connection with the purchase by the Borrower or any Restricted Subsidiary of any business, any
post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing 

 

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	 	 	balance sheet or such payment depends on the performance of such business after the closing;

 

		(ii)	for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early
retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions
or social security or wage Taxes;

 

		(iii)	parallel debt obligations, to the extent such obligations mirror other Indebtedness;

 

		(iv)	Capitalized Lease Obligations; or

 

		(v)	franchise and performance surety bonds or guarantees.

 

“Independent Financial Advisor”
means an investment banking or accounting firm of international standing or any third party appraiser of international standing;
provided, however, that such firm or appraiser is not an Affiliate of the Borrower.

 

“Interest Rate Agreement”
means, with respect to any Person, 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
or other similar agreement or arrangement to which such Person is party or a beneficiary.

 

“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan, any letter of credit issued on the account of such Person on behalf of any other Person or other extensions
of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person
in the ordinary course of business, and excluding any debt or extension of credit represented by a bank deposit other than a time
deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition
of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or
would be classified as investments on a balance sheet (excluding any notes thereto) prepared on the basis of GAAP; provided,
however, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to
be an Investment. If the Borrower or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person
that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment
by the Borrower or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment
equal to the fair market value of the Capital Stock of such Subsidiary not sold or disposed of in an amount determined as provided
in Section 4.05(c).

 

For purposes of Section 4.05:

 

		(a)	“Investment” will include the portion (proportionate to the Borrower’s
equity interest in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net
assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided,
however,

 

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	 	 	 that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower will be deemed to continue
to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Borrower’s
 “Investment” in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Borrower’s
equity interest in such Subsidiary) of the fair market value of the net assets (as conclusively determined by an Officer or the
Board of Directors of the Borrower in good faith) of such Subsidiary at the time that such Subsidiary is so re-designated a Restricted
Subsidiary; and

 

		(b)	any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market
value at the time of such transfer (or if earlier at the time of entering into an agreement to sell such property), in each case
as determined in good faith by an Officer or the Board of Directors of the Borrower.

 

The amount of any Investment
outstanding at any time shall be the original cost of such Investment, reduced (at the Borrower’s option) by any dividend,
distribution, interest payment, return of capital, repayment or other amount or value received in respect of such Investment.

 

“Investment Grade Securities”
means:

 

		(a)	securities issued or directly and fully Guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(b)	securities issued or directly and fully guaranteed or insured by the United Kingdom, a member state
of the European Union, Switzerland, Norway or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(c)	debt securities or debt instruments with a rating of “BBB-” or higher from S&P,
 “Baa3” or higher by Moody’s, “BBB-” or higher from Fitch or the equivalent of such rating by such
rating organization or, if no rating of Moody’s, S&P or Fitch then exists, the equivalent of such rating by any other
Nationally Recognized Statistical Rating Organization, but excluding any debt securities or instruments constituting loans or advances
among the Borrower and its Subsidiaries; and

 

		(d)	investments in any fund that invests exclusively in investments of the type described in clauses
(a), (b) and (c) above which fund may also hold cash and Cash Equivalents pending investment or distribution.

 

“Investor” means
the ultimate controlling shareholder of the Parent Guarantor on the Effective Date.

 

“Investor Affiliate”
means (i) the Investor or any of his immediate family members, and any such persons’ respective Affiliates and direct
and indirect Subsidiaries, (ii) any sponsor, limited partnerships or entities managed or controlled by the Investor or any
of his immediate family, or any of such persons’ respective Affiliates and direct or indirect Subsidiaries, (iii) any
trust of the Investor or any of his immediate family, or any of such persons’ respective Affiliates and direct or indirect
Subsidiaries or any trust in respect of which any such persons is a trustee, (iv) any partnership of which the Investor or
any of his immediate family, or any of such persons’ respective Affiliates or direct or indirect Subsidiaries is a partner
that is

 

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managed or controlled by the Investor, any of his immediate family or any of such persons’ respective Affiliates
or direct or indirect Subsidiaries, and (v) any trust, fund or other entity which is managed by, or is under the control of,
the Investor or any of his immediate family, or any of such persons’ respective Affiliates or direct or indirect Subsidiaries,
but excluding the Borrower or any of its Subsidiaries.

 

“IPO Entity”
means the Parent Guarantor or any Parent (or any successor of any such Person) provided that the IPO Entity shall be an entity
which will issue shares, or whose shares are to be sold, pursuant to a Public Offering.

 

“IRU Agreement”
means the master fiber IRU agreement to be entered into on or about the Closing Date, between CSC Holdings, LLC and the Borrower,
pursuant to which CSC Holdings, LLC will grant the Borrower an indefeasible right to use with respect to specified fiber optic
cable strands.

 

“Issue Date”
means the date of issuance if the Senior Notes and Senior Secured Notes.

 

“L2QA Pro Forma EBITDA”
means as of any date of determination, Pro Forma EBITDA for the period of the most recent two consecutive fiscal quarters ending
prior to the date of such determination for which internal consolidated financial statements of the Borrower are available multiplied
by 2.0.

 

“Lien” means
any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title
retention agreement or lease in the nature thereof).

 

“Limited Condition Transaction”
shall mean (i) any acquisition of any assets, business or Person, other investment or similar transaction (whether by merger,
amalgamation, consolidation or other business combination or the acquisition of Capital Stock or otherwise) permitted hereunder
by one or more of the Borrower and its Restricted Subsidiaries whose consummation is not conditioned on the availability of, or
on obtaining, third party financing, (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment
of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge
or repayment and (iii) any Restricted Payment requiring irrevocable notice in advance thereof.

 

“Limited Recourse”
means a letter of credit, revolving loan commitment, cash collateral account, guarantee or other credit enhancement issued by the
Borrower or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) in connection with the incurrence of Indebtedness
by a Receivables Subsidiary under a Qualified Receivables Financing; provided that, the aggregate amount of such letter of credit
reimbursement obligations and the aggregate available amount of such revolving loan commitments, cash collateral accounts, guarantees
or other such credit enhancements of the Borrower and its Restricted Subsidiaries (other than a Receivables Subsidiary) shall not
exceed 25% of the principal amount of such Indebtedness at any time.

 

“Loan Guarantee”
means the Guarantee by each Guarantor of the Obligations (other than any Obligations with respect to Swap Contracts of Treasury
Services Agreements), executed pursuant to the provisions of the Facility Guaranty.

 

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“Management Advances”
means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants
of any Parent, the Borrower or any Restricted Subsidiary:

 

		(a)	in respect of travel, entertainment or moving related expenses Incurred in the ordinary course
of business or (b) for purposes of funding any such Person’s purchase of Capital Stock or Subordinated Shareholder Funding
(or similar obligations) of the Borrower, its Restricted Subsidiaries or any Parent (i) not to exceed an amount (net of repayments
of any such loans or advances) equal to $20 million in any calendar year (with unused amounts in any calendar year being carried
over to the succeeding calendar years; provided that the aggregate Management Advances made under this sub-clause (b)(i) do
not exceed $40 million in any fiscal year) or (ii) with the approval of the Board of Directors of the Borrower;

 

		(b)	in respect of moving related expenses Incurred in connection with any closing or consolidation
of any facility or office; or

 

		(c)	(in the case of this clause (c) not exceeding $10 million in the aggregate outstanding at
any time.

 

“Management Investors”
means the current or former officers, directors, employees and other members of the management of or consultants to any Parent,
the Borrower, or any of their respective Subsidiaries, or spouses, family members or relatives thereof, or any trust, partnership
or other entity for the benefit of or the beneficial owner of which (directly or indirectly) is any of the foregoing, or any of
their heirs, executors, successors and legal representatives, who at any date beneficially own or have the right to acquire, directly
or indirectly, Capital Stock of the Borrower, any Restricted Subsidiary or any Parent.

 

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of Capital Stock of the IPO Entity on the date
of the declaration of the relevant dividend or purchase, repurchase or other acquisition or retirement of common stock or common
equity interests multiplied by (ii) the arithmetic mean of the closing prices per share of such Capital Stock for the 30 consecutive
trading days immediately preceding the date of declaration of such dividends or purchase, repurchase or other acquisition or retirement
of common stock or common equity interests.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical
Rating Organization.

 

“Nationally Recognized Statistical
Rating Organization” shall have the same meaning as used in Section 3(a)(62) of the Exchange Act.

 

“Net Available Cash”
from an Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any securities
received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption
by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the subject of such
Asset Disposition or received in any other non-cash form) therefrom, in each case net of:

 

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		(a)	all legal, accounting, investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all Taxes paid or required to be paid or accrued as a liability under GAAP (after taking into account
any available tax credits or deductions and any Tax Sharing Agreements), as a consequence of such Asset Disposition;

 

		(b)	all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition,
in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent
to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition;

 

		(c)	all distributions and other payments required to be made to minority interest holders (other than
any Parent, the Borrower or any of their respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition;
and

 

		(d)	the deduction of appropriate amounts required to be provided by the seller as a reserve, on the
basis of GAAP, against (a) any liabilities associated with the assets disposed in such Asset Disposition and retained by the
Borrower or any Restricted Subsidiary after such Asset Disposition; or (b) any purchase price adjustment or earn-out in connection
with such Asset Disposition.

 

“Net Cash Proceeds”
means, with respect to any issuance or sale of Capital Stock or Subordinated Shareholder Funding, any Incurrence of any Indebtedness
or any sale of any asset, the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’ fees, underwriters’
or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually
Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after
taking into account any available tax credit or deductions and any tax sharing arrangements).

 

“network assets”
means transport and distribution facilities and associated rights, equipment, electronics, devices, protocols, code, software and
licenses identified in the OSI model that are used and useful for the delivery of telecommunications, data, Internet and other
services by the Issuer and Subsidiaries to other providers and to customers, including without limitation fiber optic cable, sheath,
attachments, splice points, supports, pole licenses, easements, access and entry agreements, hubs, routers, switches, optics, optolectronics,
amplifiers, repeaters, power systems, leasehold facilities, colocation arrangements, colocation equipment, distribution frames,
cross connects, patches, monitoring and provisioning systems, network design and inventory systems, interconnection agreements,
peering agreements, and rights-of-way, and the systems, software, physical space, and services used to operate those facilities.

 

“Non-Guarantor Debt Cap”
means an amount of Indebtedness Incurred equal to the greater of $50 million and 22% of L2QA Pro Forma EBITDA.

 

“Offering Memorandum”
means this offering memorandum in relation to the Senior Secured Notes and the Senior Notes.

 

“Officer” means,
with respect to any Person, (1) any member of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary (a) of such Person or (b) if
such

 

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Person is owned or managed by a single entity, of such entity, or (2) any other individual designated as an “Officer”
for the purposes of this Agreement by the Board of Directors of such Person.

 

“Officer’s Certificate”
means, with respect to any Person, a certificate signed by one Officer of such Person.

 

“Operating IRU”
means an indefeasible right of use of, or operating lease or payable for, lit or unlit fiber optic cable or telecommunications
conduit or the use of either.

 

“Opinion of Counsel”
means a written opinion from legal counsel reasonably satisfactory to the Administrative Agent, which opinion may contain customary
assumptions and qualifications. The counsel may be an employee of or counsel to any Parent, the Borrower or any of their Subsidiaries.

 

“Parent” means
(i) the Parent Guarantor, (ii) any subsidiary of the Parent Guarantor of which the Borrower at any time is or becomes
a Subsidiary and (iii) any holding company that directly owns all of the ordinary voting interests of the Parent Guarantor
or a Parent thereof, which is established by any Permitted Holder for purposes of holding its investment in the Parent Guarantor
or a Parent thereof provided that such holding company (a) will have no material assets other than its equity interests in
the Parent Guarantor or a Parent thereof, (b) may not incur any Indebtedness and (c) will be limited to conducting activities
directly related or reasonably incidental to the establishment and/or maintenance of its or its Subsidiaries’ corporate existence.

 

“Parent Expenses”
means:

 

		(a)	costs (including all professional fees and expenses) Incurred by any Parent in connection with
reporting obligations under or otherwise Incurred in connection with compliance with applicable laws, rules or regulations
of any governmental, regulatory or self-regulatory body or stock exchange, this Agreement or any other agreement or instrument
relating to Indebtedness of a Parent, (excluding principal and interest under any such agreement or instrument relating to obligations
of the Parent), the Borrower or any Restricted Subsidiary, including in respect of any reports filed with respect to the Securities
Act, Exchange Act or the respective rules and regulations promulgated thereunder;

 

		(b)	customary indemnification obligations of any Parent owing to directors, officers, employees or
other Persons under its charter or by-laws or pursuant to written agreements with any such Person to the extent relating to a Parent,
the Borrower or their respective Subsidiaries;

 

		(c)	obligations of any Parent in respect of director and officer insurance (including premiums therefor)
to the extent relating to a Parent, the Borrower or their respective Subsidiaries and reasonable fees and reimbursement of expenses
to, and customary indemnities and employee benefit and pension expenses provided on behalf of, directors, officers, consultants
or employees of the Borrower, any Restricted Subsidiary or any Parent (whether directly or indirectly and including through any
Person owned or controlled by any of such directors, officers or employees);

 

		(d)	fees and expenses payable by any Parent in connection with the Transactions;

 

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		(e)	general corporate overhead expenses, including (a) professional fees and expenses and other
operational expenses of any Parent related to the ownership or operation of the business of the Borrower or any of the Restricted
Subsidiaries including acquisitions or dispositions by the Borrower or a Subsidiary permitted hereunder (whether or not successful),
in each case, to the extent such costs, obligations and/or expenses are not paid by another Subsidiary of such Parent or (b) costs
and expenses with respect to any litigation or other dispute relating to the Transactions, or the ownership, directly or indirectly,
by any Parent;

  

		(f)	any fees and expenses required to maintain any Parent’s corporate existence and to provide
for other ordinary course operating costs, including customary salary, bonus and other benefits payable to officers and employees
of such Parent;

 

		(g)	to reimburse out-of-pocket expenses of the Board of Directors of any Parent and payment of all
reasonable out-of-pocket expenses Incurred by any Permitted Holder in connection with its direct or indirect investment in the
Borrower and its Subsidiaries;

 

		(h)	other fees, expenses and costs relating directly or indirectly to activities of the Borrower and
its Subsidiaries or any Parent or any other Person established for purposes of or in connection with the Transactions or which
holds directly or indirectly any Capital Stock or Subordinated Shareholder Funding of the Borrower, in an amount not to exceed
$10 million in any fiscal year;

 

		(i)	any Public Offering Expenses;

 

		(j)	payments pursuant to any Tax Sharing Agreement in the ordinary course of business or as a result
of the formation and maintenance of any consolidated group for tax or accounting purposes in the ordinary course of business; and

 

		(k)	franchise, excise and similar taxes and other fees, taxes and expenses, in each case, required
for the Borrower to maintain its operations and paid by the Parent.

 

“Pari Passu Indebtedness”
means (1) with respect to the Borrower, any Indebtedness that ranks pari passu in right of payment to the Obligations;
and (2) with respect to the Subsidiary Guarantors, any Indebtedness that ranks pari passu in right of payment to such
Subsidiary Guarantor’s Guarantee.

 

“Payment Block Event”
means: (1) any Event of Default described in Section 7.01(a) of this Agreement has occurred and is continuing; (2) any
Event of Default described in Section 7.01(g) has occurred and is continuing; and (3) any other Event of Default
has occurred and is continuing and the Administrative Agent has declared all the Loans to be due and payable immediately (and such
acceleration has not been rescinded). No Payment Block Event shall be deemed to have occurred unless the Administrative Agent has
delivered notice of the occurrence of such Payment Block Event to the Borrower.

 

“Pension Plan”
means any Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302
of ERISA.

 

“Permitted Asset Swap”
means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination of such assets
and cash, Cash Equivalents or

 

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Temporary Cash Investments between the
Borrower or any of the Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received
in excess of the value of any cash or Cash Equivalents sold or exchanged must be applied in accordance with Section 4.08.

 

“Permitted Collateral Liens” means:

 

		(a)	Liens on the Collateral that are described in one or more of clauses (b), (c), (d), (e), (f), (h),
(i), (k), (l), (m), (r), (t), (w), (x), (aa) and (bb) of the definition of “Permitted Liens”; and

 

		(b)	Liens on the Collateral to secure (a) Indebtedness that is permitted to be Incurred under
Section 4.04(a)(2), (b) Indebtedness that is permitted to be Incurred under clauses (1), (2)(a) (in the case
of (2)(a), to the extent such Guarantee is in respect of Indebtedness otherwise permitted to be secured on the Collateral), (5) (so
long as, in the case of clause (5), on the date of Incurrence of Indebtedness pursuant to such clause (5) and after
giving effect thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom) as if such Indebtedness
had been Incurred at the beginning of the relevant period, either (x) the Consolidated Net Senior Secured Leverage Ratio is
not greater than 4.75 to 1.00 or (y) the Consolidated Net Senior Secured Leverage Ratio would not be greater than it was immediately
prior to giving effect to such acquisition or other transaction), (7)(a) (to the extent relating to Currency Agreement or
Interest Rate Agreements related to Indebtedness, (7)(b), (14) (so long as, in the case of clause (14), on the date of
Incurrence of Indebtedness pursuant to such clause (14) and after giving effect thereto on a pro forma basis (including a
pro forma application of the net proceeds therefrom) as if such Indebtedness had been Incurred at the beginning of the relevant
period, together with any Incurrence of Indebtedness pursuant to clause (5) of Section 4.04(b) on the date
on which Indebtedness pursuant to clause (14) is Incurred, the Consolidated Net Senior Secured Leverage Ratio is not greater
than 4.75to 1.0 and clause (16) under Section 4.04(b) and (c) any Refinancing Indebtedness in respect of Indebtedness
referred to in the foregoing clause (a) or (b), provided, however, that (i) such Lien shall rank pari
passu or junior to the Liens securing the Loans and the Loan Guarantees (including by virtue of any Intercreditor Agreement or
an Additional Intercreditor Agreement); (ii) in each case, all property and assets (including, without limitation, the Collateral)
securing such Indebtedness also secure the Loans or the Loan Guarantees on a senior or pari passu basis (including by virtue of
any Intercreditor Agreement or an Additional Intercreditor Agreement but no such Indebtedness shall have priority to the Loans
over amounts received from the sale of the Collateral pursuant to an enforcement sale or other distressed disposal of such Collateral);
and (iii) each of the parties thereto will have entered into an Intercreditor Agreement or an Additional Intercreditor Agreement.

 

“Permitted Holders”
means, collectively, (1) the Investor, (2) Investor Affiliates, (3) the Purchaser and any Affiliates thereof but
not including, however, any portfolio company of any of the foregoing and (4) any Person who is acting as an underwriter in
connection with a public or private offering of Capital Stock of any Parent or the Borrower, acting in such capacity.

 

“Permitted Investment”
means (in each case, by the Borrower or any of the Restricted Subsidiaries):

 

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		(a)	Investments in (i) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary)
or the Borrower or (ii) any Person (including the Capital Stock of any such Person) that is engaged in any Similar Business
and such Person will, upon the making of such Investment, become a Restricted Subsidiary;

 

		(b)	Investments in another Person if such Person is engaged in any Similar Business and as a result
of such Investment such other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or
substantially all its assets to, the Borrower or a Restricted Subsidiary;

 

		(c)	Investments in cash, Cash Equivalents, Temporary Cash Investments or Investment Grade Securities;

 

		(d)	Investments in receivables owing to the Borrower or any Restricted Subsidiary created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that
such trade terms may include such concessionary trade terms as the Borrower or any such Restricted Subsidiary deems reasonable
under the circumstances;

 

		(e)	Investments in payroll, travel and similar advances to cover matters that are expected at the time
of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

		(f)	Management Advances;

 

		(g)	Investments in Capital Stock, obligations or securities received in settlement of debts created
in the ordinary course of business and owing to the Borrower or any Restricted Subsidiary (including obligations of trade creditors
and customers), or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant
to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or in compromise or
resolution of any litigation, arbitration or other dispute;

 

		(h)	Investments made as a result of the receipt of non-cash consideration from a sale or other disposition
of property or assets, including an Asset Disposition, in each case, that was made in compliance with Section 4.08 and other
Investments resulting from the disposition of assets in transactions excluded from the definition of “Asset Disposition”
pursuant to the exclusions from such definition;

 

		(i)	Investments in existence on, or made pursuant to legally binding commitments in existence on, the
Effective Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment
may not be increased except (a) as required by the terms of such Investment as in existence on the Effective Date or (b) as
otherwise permitted by this Agreement;

 

		(j)	Currency Agreements, Interest Rate Agreements, Commodity Hedging Agreements and related Hedging
Obligations, which transactions or obligations are Incurred pursuant to Section 4.04(b)(7);

 

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		(k)	pledges or deposits with respect to leases or utilities provided to third parties in the ordinary
course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens
permitted under Section 4.06;

 

		(l)	any Investment to the extent made using Capital Stock of the Borrower (other than Disqualified
Stock or Designated Preference Shares), Subordinated Shareholder Funding or Capital Stock of any Parent as consideration;

 

		(m)	any transaction to the extent constituting an Investment that is permitted and made in accordance
with the provisions of Section 4.09(b) (except those described in Section 4.09(b)(1), Section 4.09(b)(3), Section 4.09(b)(6),
Section 4.09(b)(8), Section 4.09(b)(9) and Section 4.09(b)(12));

 

		(n)	Guarantees not prohibited by Section 4.04 and (other than with respect to Indebtedness) guarantees,
keepwells and similar arrangements in the ordinary course of business;

 

		(o)	Investments in the Loans, the Senior Secured Notes (and any additional notes issued under the Senior
Secured Notes Indenture), the Senior Notes (and any additional notes issued under the Senior Notes Indenture) or any Pari Passu
Indebtedness of the Borrower or a Subsidiary Guarantor;

 

		(p)	(a) Investments acquired after the Effective Date as a result of the acquisition by the Borrower
or any Restricted Subsidiary of another Person, including by way of a merger, amalgamation or consolidation with or into the Borrower
or any of its Restricted Subsidiaries in a transaction that is not prohibited by Article V hereof to the extent that such
Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and (b) Investments
of a Restricted Subsidiary existing on the date such Person becomes a Restricted Subsidiary to the extent that such Investments
were not made in contemplation of such Person becoming a Restricted Subsidiary;

 

		(q)	Investments, taken together with all other Investments made pursuant to this clause (q) and
at any time outstanding, in an aggregate amount at the time of such Investment not to exceed the greater of 50% of L2QA Pro Forma
EBITDA and $115 million plus the amount of any distributions, dividends, payments or other returns in respect of such Investments
(without duplication for purposes of Section 4.05) (with the fair market value of each Investment being measured in accordance
with Section 4.05); provided, that, if an Investment
is made pursuant to this clause in a Person that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted
Subsidiary, such Investment shall thereafter be deemed to have been made pursuant to clause (a) or (b) of the definition
of “Permitted Investments” and not this clause (q);

 

		(r)	Investments taken together with all other Investments made pursuant to this clause (r) and
at any time outstanding the Consolidated Net Leverage Ratio would have been no greater than 6.50 to 1.00;

 

		(s)	Investments by the Borrower or a Restricted Subsidiary in a Receivables Subsidiary or any Investment
by a Receivables Subsidiary in any other Person, in each case, in connection with a Qualified Receivables Financing, provided,
however, that any Investment in any such Person is in the form of a Purchase Money Note, or any equity 

 

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interest or interests in
Receivables and related assets generated by the Borrower or a Restricted Subsidiary and transferred to any Person in connection
with a Qualified Receivables Financing or any such Person owning such Receivables;

 

		(t)	Investments made to effect, or otherwise made in connection with, the Transactions or any non-cash
Investments made in connection with Permitted Reorganizations; and

 

		(u)	Investments of all or a portion of the Escrowed Proceeds permitted under the Loan Escrow Agreement.

 

“Permitted Liens”
means, with respect to any Person:

 

		(a)	Liens on assets or property of a Restricted Subsidiary that is not a Subsidiary Guarantor securing
Indebtedness of such Restricted Subsidiary or another Restricted Subsidiary that is not a Subsidiary Guarantor;

 

		(b)	pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws,
social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability
to insurance carriers under insurance or self-insurance arrangements and including Liens on insurance policies and proceeds thereof,
or other deposits, to secure insurance premium financings), or in connection with bids, tenders, completion guarantees, contracts
(other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety,
indemnity, judgment, appeal or performance bonds, guarantees of government contracts (or other similar bonds, instruments or obligations),
or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature,
in each case Incurred in the ordinary course of business;

 

		(c)	Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s and repairmen’s or other like Liens, in each case for sums not yet overdue for a period of more than
60 days or that are bonded or being contested in good faith by appropriate proceedings;

 

		(d)	Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment
or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant to
GAAP have been made in respect thereof;

 

		(e)	(a) Liens in favor of issuers of surety, performance or other bonds, guarantees or letters
of credit or bankers’ acceptances (not issued to support Indebtedness for borrowed money) issued pursuant to the request
of and for the account of the Borrower or any Restricted Subsidiary in the ordinary course of its business and (b) Liens in
connection with cash management programs established in the ordinary course of business;

 

		(f)	encumbrances, ground leases, easements (including reciprocal easement agreements), survey exceptions,
or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and
similar encumbrances) as to the use of real properties or Liens incidental

 

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 to the conduct of the business of the Borrower and the
Restricted Subsidiaries or to the ownership of its properties which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of the Borrower and the Restricted Subsidiaries;

 

		(g)	Liens on assets or property of the Borrower or any Restricted Subsidiary securing Hedging Obligations
permitted under this Agreement;

 

		(h)	leases, licenses, subleases and sublicenses of assets (including real property and intellectual
property rights), in each case entered into in the ordinary course of business;

 

		(i)	Liens arising out of judgments, decrees, orders or awards not giving rise to an Event of Default
and notices of lis pendens and associated rights so long as any appropriate legal proceedings which may have been duly initiated
for the review of such judgment, decree, order, award or notice have not been finally terminated or the period within which such
proceedings may be initiated has not expired;

 

		(j)	Liens on assets or property of the Borrower or any Restricted Subsidiary (including Capital Stock)
for the purpose of securing Capitalized Lease Obligations or Purchase Money Obligations, or securing the payment of all or a part
of the purchase price of, or securing other Indebtedness Incurred to finance or refinance the acquisition, improvement or construction
of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal
amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Agreement (excluding Indebtedness
Incurred pursuant to Section 4.04(a)(2)) and (b) any such Lien may not extend to any assets or property of the Borrower
or any Restricted Subsidiary other than assets or property acquired, improved, constructed or leased with the proceeds of such
Indebtedness and any improvements or accessions to such assets and property;

 

		(k)	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens,
rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary or financial
institution (including, without limitation, Liens of a collection bank arising under Section 4-210 of the Uniform Commercial
Code);

 

		(l)	Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other
applicable jurisdictions) regarding operating leases entered into by the Borrower and the Restricted Subsidiaries in the ordinary
course of business;

 

		(m)	with respect to the Borrower and its Restricted Subsidiaries, Liens existing on or provided for
or required to be granted under written agreements existing on the Closing Date after giving effect to the Transactions, including
the issuance of the Senior Secured Notes and the Senior Notes and the application of the proceeds thereof (including after such
proceeds are released from the SSN Escrow Accounts and the SN Escrow Accounts);

 

		(n)	Liens on property, other assets or shares of stock of a Person at the time such Person becomes
a Restricted Subsidiary (or at the time the Borrower or a Restricted Subsidiary acquires such property, other assets or shares
of stock, including any 

 

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acquisition by means of a merger, consolidation or other business combination transaction with or into
the Borrower or any Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in anticipation
of or in connection with such other Person becoming a Restricted Subsidiary (or such acquisition of such property, other assets
or stock); provided, further, that such Liens are limited to all or part of the same property, other assets or stock (plus improvements,
accession, proceeds or dividends or distributions in connection with the original property, other assets or stock) that secured
(or, under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens relate;

  

		(o)	Liens on assets or property of the Borrower or any Restricted Subsidiary securing Indebtedness
or other obligations of the Borrower or such Restricted Subsidiary owing to the Borrower or another Restricted Subsidiary, or Liens
in favor of the Borrower or any Restricted Subsidiary;

 

		(p)	Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously
so secured, and permitted to be secured under this Agreement; provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured
(or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is
in respect of property that is or could be the security for or subject to a Permitted Lien hereunder;

 

		(q)	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease;

 

		(r)	(a) mortgages, liens, security interest, restrictions, encumbrances or any other matters of
record that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party on
property over which the Borrower or any Restricted Subsidiary has easement rights or on any leased property and subordination or
similar arrangements relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property;

 

		(s)	any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock
of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

		(t)	Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third party relating to such property or assets;

 

		(u)	Liens on Receivables Assets Incurred in connection with a Qualified Receivables Financing;

 

		(v)	Liens on Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters or arrangers thereof) or on cash set aside at the time of the Incurrence of any Indebtedness or government
securities purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest
on such Indebtedness and are held in an escrow account or similar arrangement to be applied for such purpose;

 

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		(w)	bankers’ Liens, Liens on specific items of inventory or other goods (and the proceeds thereof)
of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary
course of business of such Person to facilitate the purchase, shipment or storage of such inventory or other goods and Liens securing
or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities;

 

		(x)	Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business, and pledges of goods, the related documents of title and/or
other related documents arising or created in the ordinary course of business or operations as Liens only for Indebtedness to a
bank or financial institution directly relating to the goods or documents on or over which the pledge exists;

 

		(y)	Permitted Collateral Liens;

 

		(z)	Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary;

 

		(aa)	any security granted over Cash Equivalents in connection with the disposal thereof to a third party
and Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

		(bb)	(a) Liens created for the benefit of or to secure, directly or indirectly, the Obligations,
(b) Liens pursuant to any Intercreditor Agreement and (c) Liens in respect of property and assets securing Indebtedness
if the recovery in respect of such Liens is subject to loss-sharing or similar provisions as among the Lenders and the creditors
of such Indebtedness pursuant to any Intercreditor Agreement or an Additional Intercreditor Agreement;

 

		(cc)	Liens created on any asset of the Borrower or a Restricted Subsidiary established to hold assets
of any stock option plan or any other management or employee benefit or incentive plan or unit trust of the Borrower or a Restricted
Subsidiary securing any loan to finance the acquisition of such assets;

 

		(dd)	Liens; provided that the maximum amount of Indebtedness secured in the aggregate at any
one time pursuant to this clause (dd) does not exceed the greater of $45 million and 20% of L2QA Pro Forma EBITDA; provided,
further that this clause (dd) may not be used to secure Indebtedness with any asset excluded from Collateral pursuant to clauses
(h)(x) and (h)(y) of the definition of “Excluded Assets” in this Agreement;

 

		(ee)	Liens consisting of any right of set-off granted to any financial institution acting as a lockbox
bank in connection with a Qualified Receivables Financing;

 

		(ff)	Liens for the purpose of perfecting the ownership interests of a purchaser of Receivables and related
assets pursuant to any Qualified Receivables Financing;

 

		(gg)	Cash deposits or other Liens for the purpose of securing Limited Recourse;

 

		(hh)	Liens arising in connection with other sales of Receivables permitted hereunder without recourse
to the Borrower or any of its Restricted Subsidiaries;

 

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		(ii)	[Reserved];

 

		(jj)	Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching
to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

		(kk)	Liens (a) on any cash earnest money deposits or cash advances made by the Borrower or any
of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Agreement, or
(b) on other cash advances in favor of the seller of any property to be acquired in an Investment or other acquisition permitted
hereunder to be applied against the purchase price for such Investment or other acquisition;

 

		(ll)	Liens or rights of set-off against credit balances of the Borrower or any of the Restricted Subsidiaries
with credit card issuers or credit card processors or amounts owing by such credit card issuers or credit card processors to the
Borrower or any Restricted Subsidiaries in the ordinary course of business to secure the obligations of the Borrower or any Restricted
Subsidiary to the credit card Borrowers or credit card processors as a result of fees and charges;

 

		(mm)	customary Liens of an indenture trustee on money or property held or collected by it to secure
fees, expenses and indemnities owing to it by any obligor under an indenture; and

 

		(nn)	Liens arising in connection with any Permitted Reorganization.

 

“Permitted Reorganization”
means any reorganizations and other activities related to tax planning and tax reorganization, so long as, after giving effect
thereto, the enforceability of the Loan Guarantees and the security of the Secured Parties in the Collateral, in each case taken
as a whole, are not materially impaired.

 

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

 

“Preferred Stock”,
as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated) which is preferred
as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution
of such Person, over shares of Capital Stock of any other class of such Person.

 

“Pro Forma EBITDA”
means, for any period, the Consolidated EBITDA of the Borrower and the Restricted Subsidiaries, provided that for the purposes
of calculating Pro Forma EBITDA for such period, if, as of such date of determination:

 

		(a)	since the beginning of such period the Borrower or any Restricted Subsidiary has disposed of any
company, any business, or any group of assets constituting an operating unit of a business or otherwise ceases to be a Restricted
Subsidiary (and is not a Restricted Subsidiary at the end of such period) (any such disposition, a “Sale”)
or if the transaction giving rise to the need to calculate Pro Forma EBITDA is such a Sale, or, for the avoidance of doubt, if
a definitive agreement has been entered into in connection with an anticipated Sale, Pro Forma EBITDA for such period will be 

 

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reduced
by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such
period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period; provided
that if any such sale constitutes “discontinued operations” in accordance with GAAP, Consolidated Net Income shall
be reduced by an amount equal to the Consolidated Net Income (if positive) attributable to such operations for such period or increased
by an amount equal to the Consolidated Net Income (if negative) attributable thereto for such period;

 

		(b)	since the beginning of such period, a Parent, the Borrower or any Restricted Subsidiary (by merger
or otherwise) has made an Investment in any Person that thereby becomes a Restricted Subsidiary, or otherwise has acquired any
company, any business, or any group of assets constituting an operating unit of a business or a Person otherwise becomes a Restricted
Subsidiary (and remains a Restricted Subsidiary at the end of such period) (any such Investment, acquisition or designation, a
 “Purchase”), including any such Purchase occurring in connection with a transaction causing a calculation to be made
hereunder, or, for the avoidance of doubt, if a definitive agreement has been entered into in connection with an anticipated Sale,
Pro Forma EBITDA for such period will be calculated after giving pro forma effect thereto as if such Purchase occurred on
the first day of such period; and

 

		(c)	since the beginning of such period, any Person (that became a Restricted Subsidiary or was merged
or otherwise combined with or into the Borrower or any Restricted Subsidiary since the beginning of such period) will have made
any Sale or any Purchase that would have required an adjustment pursuant to clause (a) or (b) above if made by the
Borrower or a Restricted Subsidiary since the beginning of such period, Pro Forma EBITDA for such period will be calculated
after giving pro forma effect thereto as if such Sale or Purchase occurred on the first day of such period.

 

For the purposes of this definition
and the definitions of Consolidated EBITDA, Consolidated Income Taxes, Consolidated Interest Expense, Consolidated Net Income,
Consolidated Net Leverage Ratio and Consolidated Net Senior Secured Leverage Ratio or any other purpose hereunder (a) whenever
pro forma effect is to be given to any transaction (including, without limitation, transactions listed in clauses (a)-(c) hereof)
or calculation hereunder or such other definitions, the pro forma calculations will be as determined in good faith by a
responsible financial or accounting officer of the Borrower or an Officer of the Borrower (including in respect of anticipated
expense and cost reductions and synergies (other than revenue synergies)) (calculated on a pro forma basis as though such
expense and cost reductions and synergies had been realized on the first day of the period for which Pro Forma EBITDA is
being determined and as though such cost savings, operating expense reductions and synergies were realized during the entirety
of such period), (b) in determining the amount of Indebtedness outstanding on any date of determination, pro forma
effect shall be given to any Incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness
as if such transaction had occurred on the first day of the relevant period and (c) if any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the date of determination had been the applicable rate for the entire period (taking into account

 

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any Hedging Obligations
applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months).

 

“Public Debt”
means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public offering
registered under the Securities Act or (2) a private placement to institutional investors that is underwritten for resale
in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling
the holders of such debt securities to registration thereof with the SEC for public resale.

 

“Public Offering”
means any offering of shares of common stock or other common equity interests that are listed on an exchange or publicly offered
(which shall include an offering pursuant to Rule 144A and/or Regulation S under the Securities Act to professional market
investors or similar persons).

 

“Public Offering Expenses”
means expenses Incurred by any Parent in connection with any Public Offering or any offering of Public Debt (whether or not successful):

 

		(a)	where the net proceeds of such offering are intended to be received by or contributed or loaned
to the Borrower or a Restricted Subsidiary;

 

		(b)	in a pro-rated amount of such expenses in proportion to the amount of such net proceeds intended
to be so received, contributed or loaned; or

 

		(c)	otherwise on an interim basis prior to completion of such offering so long as any Parent shall
cause the amount of such expenses to be repaid to the Borrower or the relevant Restricted Subsidiary out of the proceeds of such
offering promptly if completed, in each case, to the extent such expenses are not paid by another Subsidiary of such Parent.

 

“Purchase” is
defined in the definition of “Pro Forma EBITDA”.

 

“Purchase Money Note”
means a promissory note of a Receivables Subsidiary evidencing the deferred purchase price of Receivables (and related assets)
and/or a line of credit, which may be irrevocable, from the Borrower or any Restricted Subsidiary in connection with a Qualified
Receivables Financing with a Receivables Subsidiary, which deferred purchase price or line is repayable from cash available to
a Receivables Subsidiary, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors
in respect of interest, principal and other amounts owing to such investors and amounts owing to such investors and amounts paid
in connection with the purchase of newly generated Receivables.

 

“Purchase Money Obligations”
means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets
or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions: (1) an Officer or the Board
of Directors of the Borrower shall have determined in good faith that such Qualified Receivables Financing

 

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(including financing
terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower
and the Receivables Subsidiary, (2) all sales of accounts receivable and related assets to the Receivables Subsidiary are
made at fair market value (as determined in good faith by the Borrower), and (3) the financing terms, covenants, termination
events and other provisions thereof shall be on market terms (as determined in good faith by the Borrower) and may include Standard
Securitization Undertakings.

 

The grant of a security interest in any
accounts receivable of the Borrower or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure Indebtedness under
a Credit Facility or Indebtedness in respect of the Senior Secured Notes shall not be deemed a Qualified Receivables Financing.

 

“Receivable”
means a right to receive payment arising from a sale or lease of goods or services by a Person pursuant to an arrangement with
another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit, as determined on the basis of GAAP, and shall include, in any event, any items of property
that would be classified as an “account,” “chattel paper,” “payment intangible” or “instrument”
under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined.

 

“Receivables Assets”
means any assets that are or will be the subject of a Qualified Receivables Financing.

 

“Receivables Fees”
means distributions or payments made directly or by means of discounts with respect to any participation interest issued or sold
in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing.

 

“Receivables Financing”
means any transaction or series of transactions that may be entered into by the Borrower or any of its Subsidiaries pursuant to
which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the
case of a transfer by the Borrower or any of its Subsidiaries), or (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the
Borrower or any of its Subsidiaries, and any assets related thereto, including all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable
and other assets which are customarily transferred or in respect of which security interest are customarily granted in connection
with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Borrower or
any such Subsidiary in connection with such accounts receivable.

 

“Receivables Repurchase Obligation”
means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming
subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to
take action by or any other event relating to the seller.

 

“Receivables Subsidiary”
means a Wholly Owned Subsidiary of the Borrower (or another Person in which the Borrower or any Subsidiary of the Borrower makes
an Investment and to

 

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which the Borrower or any Subsidiary of the Borrower transfers accounts receivable and related assets) which
engages in no activities other than in connection with the financing of accounts receivable of the Borrower and its Subsidiaries,
all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and which is designated by the Board of Directors of the Borrower (as provided below) as
a Receivables Subsidiary and:

 

		(a)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is
guaranteed by the Borrower or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and
interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Borrower
or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any
property or asset of the Borrower or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings except, in each case, Limited Recourse and sub-clauses (ee)
through (hh) of the definition of Permitted Liens;

 

		(b)	with which neither the Borrower nor any other Restricted Subsidiary has any material contract,
agreement, arrangement or understanding (except in connection with a Purchase Money Note or a Qualified Receivables Financing)
other than on terms which the Borrower reasonably believes to be no less favorable to the Borrower or such Restricted Subsidiary
than those that might be obtained at the time from Persons that are not Affiliates of the Borrower other than fees payable in the
ordinary course of business in connection with servicing Receivables; and

 

		(c)	to which neither the Borrower nor any other Restricted Subsidiary has any obligation to maintain
or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other
than those related to or incidental to the relevant Qualified Receivables Financing), except for Limited Recourse.

 

Any such designation by the Board of Directors
of the Borrower shall be evidenced to the Administrative Agent by filing with the Administrative Agent a copy of the resolution
of the Board of Directors of the Borrower giving effect to such designation and an Officer’s Certificate certifying that
such designation complied with the foregoing conditions.

 

“Refinance” means
refinance, refund, replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including
pursuant to any defeasance or discharge mechanism) and the terms “refinances”, “refinanced” and “refinancing”
as used for any purpose in this Agreement shall have a correlative meaning.

 

“Refinancing Indebtedness”
means Indebtedness of the Borrower or any Restricted Subsidiary to refund, refinance, replace, exchange, renew, repay or extend
(including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the date of this Agreement or Incurred
in compliance with this Agreement including Indebtedness that refinances Refinancing Indebtedness; provided, however, that:

 

		(a)	if the Indebtedness being refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness
has a final stated maturity at the time such Refinancing Indebtedness is Incurred that is the same as or later than the final stated
maturity of the Indebtedness being refinanced or, if shorter, the Initial Term Loan Maturity Date;

 

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		(b)	such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original
issue discount, an aggregate issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued
with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced (and with respect
to an Elected Amount pursuant to Section 4.18 of Annex I, including an amount equal to any unutilized commitments thereof
being refinanced, extended, replaced, refunded, renewed or defeased to the extent permanently terminated in connection with such
Refinancing Indebtedness) (plus, without duplication, any additional Indebtedness Incurred to pay interest or premiums required
by the instruments governing such existing Indebtedness, tender premiums and costs, expenses and fees Incurred in connection therewith);

 

		(c)	if the Indebtedness being refinanced is expressly subordinated to the Loans or any Loan Guarantee,
such Refinancing Indebtedness is subordinated to the Loans or such Loan Guarantee, as applicable, on terms at least as favorable
to the Lenders as those contained in the documentation governing the Indebtedness being refinanced; and

 

		(d)	if the Borrower or any Subsidiary Guarantor was the obligor on the Indebtedness being refinanced,
such Indebtedness is incurred either by the Borrower or by a Subsidiary Guarantor,

 

provided, however, that
Refinancing Indebtedness shall not include (i) Indebtedness of the Borrower that refinances Indebtedness of an Unrestricted
Subsidiary or (ii) Indebtedness of the Borrower owing to and held by the Borrower or any Restricted Subsidiary or Indebtedness
of a Restricted Subsidiary owing to and held by the Borrower or any other Restricted Subsidiary.

 

Refinancing Indebtedness in respect of
any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge, or repayment
of any such Credit Facility or other Indebtedness.

 

“Related Taxes”
means, without duplication (including, for the avoidance of doubt, without duplication of any amounts paid pursuant to any Tax
Sharing Agreement):

 

		(a)	any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption,
franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar
Taxes (other than (x) Taxes measured by income and (y) withholding taxes), required to be paid (provided such
Taxes are in fact paid) by any Parent by virtue of its:

 

		(i)	being incorporated or otherwise being established or having Capital Stock outstanding (but not
by virtue of owning stock or other equity interests of any corporation or other entity other than, directly or indirectly, the
Parent Guarantor or any Subsidiary of the Parent Guarantor);

 

		(ii)	issuing or holding Subordinated Shareholder Funding;

 

		(iii)	being a holding company parent, directly or indirectly, of the Borrower or any Subsidiary of the
Borrower;

 

		(iv)	receiving dividends from or other distributions in respect of the Capital Stock of, directly or
indirectly, the Borrower or any Subsidiary of the Borrower; or

 

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		(v)	having made any payment in respect to any of the items for which the Borrower is permitted to make
payments to any Parent pursuant to Section 4.05; or

 

		(b)	if and for so long as the Borrower is a member of or included in a group filing a consolidated
or combined tax return of which a direct or indirect parent of the Borrower is the common parent, or for which the Borrower is
a partnership or disregarded entity for U.S. federal, state or local income tax purposes that is wholly-owned (directly or indirectly)
by an entity that is taxable as a corporation for U.S. federal income tax purposes, an amount of any such Taxes that the Borrower
and Subsidiaries of the Borrower would have been required to pay on a separate company basis or on a consolidated basis if the
Borrower and the Subsidiaries of the Borrower had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf
of an affiliated group consisting only of the Borrower and the Subsidiaries of the Borrower; or

 

		(c)	if and for so long as the Borrower is disregarded as separate from its Parent or a partnership
for U.S. federal income tax purposes and is not wholly owned (directly or indirectly) by an entity that is taxable as a corporation
for U.S. federal income tax purposes, an amount equal to the product of the net taxable income of the Group multiplied by the highest
marginal blended federal, state and local tax rate applicable to ordinary income or capital gains, as appropriate for an individual
resident in New York, New York.

 

“Restricted Investment”
means any Investment other than a Permitted Investment.

 

“Restricted Subsidiary”
means a Subsidiary of the Borrower other than an Unrestricted Subsidiary.

 

“Reverse IRU Agreement”
means the agreement to be entered into on or about the Closing Date, between CSC Holdings, LLC and the Borrower, pursuant to which
the Borrower will grant CSC Holdings, LLC an indefeasible right to use with respect to specified fiber optic cable strands.

 

“S&P” means
S&P Global Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Sale” is defined
in the definition of “Pro Forma EBITDA”.

 

“SEC” means the
U.S. Securities and Exchange Commission.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder, as amended.

 

“Securitization Assets”
means (a) the account receivable, royalty or other revenue streams and other rights to payment and other assets related thereto
subject to a Qualified Receivables Financing and the proceeds thereof and (b) contract rights, lockbox accounts and records
with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable in a securitization
financing.

 

“Senior Notes Indenture”
means the indenture to be dated as of the Issue Date, as amended, between the Borrower, as issuer, and the trustee party thereto,
governing the Senior Notes.

 

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“Senior Secured Facilities”
refers to the Revolving Credit Facilities and Term Facilities.

 

“Senior Secured Indebtedness”
means, with respect to any Person as of any date of determination, any Specified Indebtedness; provided that such Indebtedness
is in each case secured by a Lien on the assets of the Borrower or its Restricted Subsidiaries on a basis pari passu with
or senior to the security in favor of the Loans.

 

“Senior Secured Notes Indenture”
means the indenture to be dated as of the Issue Date, as amended, between the Borrower, as issuer, and the trustee party thereto,
governing the Senior Secured Notes.

 

“Significant Subsidiary”
means any Restricted Subsidiary that meets any of the following conditions:

 

		(a)	the Borrower’s and the Restricted Subsidiaries’ investments in and advances to the
Restricted Subsidiary exceed 10% of total assets of the Borrower and the Restricted Subsidiaries on a consolidated basis as of
the end of the most recently completed fiscal year;

 

		(b)	the Borrower’s and the Restricted Subsidiaries’ proportionate share of the total assets
(after intercompany eliminations) of the Restricted Subsidiary exceeds 10% of total assets of the Borrower and the Restricted Subsidiaries
on a consolidated basis as of the end of the most recently completed fiscal year; or

 

		(c)	if positive, the Borrower’s and the Restricted Subsidiaries’ equity in the income from
continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle of the
Restricted Subsidiary exceeds 10% of such income of the Borrower and the Restricted Subsidiaries on a consolidated basis for the
most recently completed fiscal year.

 

“Similar Business”
means (a) any businesses, services or activities (including marketing) engaged in by the Borrower, Cablevision Systems Corporation,
Altice USA or any of their Subsidiaries on the Closing Date and (b) telecommunications, broadcast television, broadband and
fixed and mobile telephony businesses, including the distribution, sale and for provision of mobile voice and data, fixed-line
voice and internet services, transit voice traffic services and advertising and other services and equipment in relation thereto,
and producing and selling any print, audio, video or other content and (c) any businesses, services and activities (including
marketing) engaged in by the Borrower, Cablevision Systems Corporation, Altice USA or any of their Subsidiaries that are (i) related,
complementary, incidental, ancillary or similar to any of the foregoing or (ii) are reasonable extensions or developments
of any thereof.

 

“SN Escrow Accounts”
refers to the segregated escrow accounts in the names of Lightpath Holdco 2, Inc. and Cablevision Lightpath Holdings LLC in
which the proceeds from the offering of the Senior Notes will be deposited.

 

“SSN Escrow Accounts”
refers to the segregated escrow accounts in the names of Lightpath Holdco 2, Inc. and Cablevision Lightpath Holdings LLC in
which the proceeds from the offering of the Senior Secured Notes will be deposited.

 

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“SN Escrow Agreement”
refers to the escrow and security agreement entered into on or about the Issue Date, between, among others, the Borrower, the trustee
party thereto and the escrow agent party thereto in connection with the funding of the proceeds of the Senior Notes into the SN
Escrow Accounts.

 

“SSN Escrow Agreement”
refers to the escrow and security agreement entered into on or about the Issue Date, between, among others, the Borrower, the trustee
party thereto and the escrow agent party thereto in connection with the funding of the proceeds of the Senior Secured Notes into
the SSN Escrow Accounts.

 

“Specified Indebtedness”
means with respect to any Person as of any date of determination, any Indebtedness for borrowed money that is Incurred under Section 4.04(a),
Section 4.04(b)(1), Section 4.04(b)(4)(a), Section 4.04(b)(4)(b), Section 4.04(b)(5), Section 4.04(b)(7),
Section 4.04(b)(14) or Section 4.04(b)(16) and any Refinancing Indebtedness in respect of the foregoing.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants, indemnities and guarantees of performance entered into by the Borrower or any Subsidiary
of the Borrower which the Borrower has determined in good faith to be customary in a Receivables Financing, including, without
limitation, Limited Recourse and those relating to the servicing of the assets of a Receivables Subsidiary, it being understood
that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal is scheduled to be paid, and will not include any contingent obligations to repay, redeem or repurchase any
such interest or principal prior to the date scheduled for the payment thereof.

 

“Subordinated Indebtedness”
means, in the case of the Borrower, any Indebtedness (whether outstanding on the Effective Date or thereafter Incurred) which is
expressly subordinated or junior in right of payment to the Loans or pursuant to a written agreement and, in the case of a Subsidiary
Guarantor, any Indebtedness (whether outstanding on the Effective Date or thereafter Incurred) which is expressly subordinated
or junior in right of payment pursuant to a written agreement to the Loan Guarantee of such Subsidiary Guarantor.

 

“Subordinated Shareholder Funding”
means, collectively, any funds provided to the Borrower by any Parent, any Affiliate of any Parent or any Permitted Holder or any
Affiliate thereof, in exchange for or pursuant to any security, instrument or agreement other than Capital Stock, in each case
issued to and held by any of the foregoing Persons, together with any such security, instrument or agreement and any other security
or instrument other than Capital Stock issued in payment of any obligation under any Subordinated Shareholder Funding; provided,
however, that such Subordinated Shareholder Funding:

 

		(a)	does not mature or require any amortization, redemption or other repayment of principal or any
sinking fund payment prior to the first anniversary of the Stated Maturity of the Initial Term Loans (other than through conversion
or exchange of such funding into Capital Stock (other than Disqualified Stock) of the Borrower or any funding meeting the requirements
of this definition) or the making of any such payment prior to the first anniversary of the Stated Maturity of the Initial Term
Loans 

 

    77

     

    

 

is restricted by any Intercreditor Agreement, an Additional Intercreditor Agreement or another intercreditor agreement;

 

		(b)	does not require, prior to the first anniversary of the Stated Maturity of the Initial Term Loans,
payment of cash interest, cash withholding amounts or other cash gross-ups, or any similar cash amounts or the making of any such
payment prior to the first anniversary of the Stated Maturity of the Initial Term Loans is restricted by any Intercreditor Agreement,
an Additional Intercreditor Agreement or another intercreditor agreement;

 

		(c)	contains no change of control or similar provisions and does not accelerate and has no right to
declare a default or event of default or take any enforcement action or otherwise require any cash payment, in each case, prior
to the date that is six months following the Stated Maturity of the Initial Term Loans or the payment of any amount as a result
of any such action or provision or the exercise of any rights or enforcement action, in each case, prior to the date that is six
months following the Stated Maturity of the Initial Term Loans, is restricted by any Intercreditor Agreement, an Additional Intercreditor
Agreement or another Intercreditor Agreement;

 

		(d)	does not provide for or require any security interest or encumbrance over any asset of the Borrower
or any of the Restricted Subsidiaries; and

 

		(e)	pursuant to its terms or to any Intercreditor Agreement, an Additional Intercreditor Agreement
or another intercreditor agreement, is fully subordinated and junior in right of payment to the Loans pursuant to subordination,
payment blockage and enforcement limitation terms which are customary in all material respects for similar funding or are no less
favourable in any material respect to the Secured Parties than those contained in the Closing Date Intercreditor Agreement.

 

“Subsidiary”
means, with respect to any Person:

 

		(a)	any corporation, association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof; or

 

		(b)	any partnership, joint venture, limited liability company or similar entity of which:

 

		(i)	more than 50% of the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or
limited partnership interests or otherwise; and

 

		(ii)	such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls
such entity.

 

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“Subsidiary Guarantee”
means a Loan Guarantee provided by a Subsidiary Guarantor.

 

“Subsidiary Guarantor” means any
Restricted Subsidiary of the Borrower that Guarantees the Loans.

 

“Tax Sharing Agreement”
means any tax sharing or profit and loss pooling or similar agreement with customary or arm’s-length terms entered into with
any Parent or Unrestricted Subsidiary, as the same may be amended, supplemented, waived or otherwise modified from time to time
in accordance with the terms thereof and of this Agreement.

 

“Temporary Cash Investments”
means any of the following:

 

		(a)	any investment in

 

		(i)	direct obligations of, or obligations Guaranteed by, (i) the United States of America, (ii) Canada,
(iii) the United Kingdom, (iv) any European Union member state, (v) Switzerland, (vi) any country in whose
currency funds are being held specifically pending application in the making of an investment or capital expenditure by the Borrower
or a Restricted Subsidiary in that country with such funds or (vii) any agency or instrumentality of any such country or member
state, or

 

		(ii)	direct obligations of any country recognized by the United States of America rated at least “A”
by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent of such rating by
such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any Nationally
Recognized Statistical Rating Organization);

 

		(b)	overnight bank deposits, and investments in time deposit accounts, certificates of deposit, bankers’
acceptances and money market deposits (or, with respect to foreign banks, similar instruments) maturing not more than one year
after the date of acquisition thereof issued by:

 

		(i)	any institution authorized to operate as a bank in any of the countries or member states referred
to in sub-clause (a)(i) above, or

 

		(ii)	any bank or trust company organized under the laws of any such country or member state or any political
subdivision thereof,

 

in each case, having capital and
surplus aggregating in excess of $250 million (or the foreign currency equivalent thereof) and whose long-term debt is rated at
least “A” by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent
of such rating by such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating
by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;

 

		(c)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clause (a) or (b) above entered into with a Person meeting the qualifications described in clause (b) above;

 

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		(d)	Investments in commercial paper, maturing not more than 270 days after the date of acquisition,
issued by a Person (other than the Borrower or any of its Subsidiaries), with a rating at the time as of which any Investment therein
is made of “P-2” (or higher) according to Moody’s, “A-2” (or higher) according to S&P or “F-2”
(or higher) according to Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P,
Moody’s or Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

		(e)	Investments in securities maturing not more than one year after the date of acquisition issued
or fully Guaranteed by any state, commonwealth or territory of the United States of America, Canada, the United Kingdom, Switzerland,
any European Union member state or by any political subdivision or taxing authority of any such state, commonwealth, territory,
country or member state, and rated at least “BBB-” by S&P, “Baa3” by Moody’s or “BBB-”
by Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P, Moody’s or
Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

		(f)	bills of exchange issued in the United States of America, Canada, Switzerland, the United Kingdom,
or a member state of the European Union eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized
equivalent);

 

		(g)	any money market deposit accounts issued or offered by a commercial bank organized under the laws
of a country that is a member of the Organization for Economic Co-operation and Development, in each case, having capital and surplus
in excess of $250 million (or the foreign currency equivalent thereof) or whose long term debt is rated at least “A”
by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent of such rating by
such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any Nationally
Recognized Statistical Rating Organization) at the time such Investment is made;

 

		(h)	investment funds investing 95% of their assets in securities of the type described in clauses (a) through
(g) above (which funds may also hold reasonable amounts of cash pending investment and/or distribution); and

 

		(i)	investments in money market funds complying with the risk limiting conditions of Rule 2a-7
(or any successor rule) of the SEC under the U.S. Investment Company Act of 1940, as amended.

 

“Total Assets”
means the consolidated total assets of the Borrower and the Restricted Subsidiaries as shown on the most recent consolidated balance
sheet of the Borrower prepared on the basis of GAAP prior to the relevant date of determination calculated to give pro forma
effect to any Purchase and Sales that have occurred subsequent to such period, including any such Purchase to be made with the
proceeds of the Indebtedness giving rise to the need to calculate Total Assets.

 

“Transactions”
means the Special Distribution, the Disposition, the issuance of the Senior Secured Notes and the Senior Notes and the entering
into and borrowings under this Agreement.

 

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“Transition Services Agreement”
means the services agreement to be entered into on or about the Closing Date, between CSC Holdings, LLC and the Borrower, pursuant
to which CSC Holdings, LLC will provide certain overhead functions and other services to the Borrower.

 

“Uniform Commercial Code”
means the New York Uniform Commercial Code.

 

“Unrestricted Subsidiary”
means:

 

		(a)	4Connections LLC (until such time that it may be designated to be a Restricted Subsidiary in accordance
with the second succeeding paragraph);

 

		(b)	any Subsidiary of the Borrower that at the time of determination is an Unrestricted Subsidiary
(as designated by the Board of Directors of the Borrower in the manner provided below);

 

		(c)	any Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors of the
Borrower may designate any Subsidiary of the Borrower (including any newly acquired or newly formed Subsidiary or a Person becoming
a Subsidiary through merger, consolidation or other business combination transaction, or Investment therein) to be an Unrestricted
Subsidiary only if:

 

		(a)	such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or
own or hold any Lien on any property of, the Borrower or any other Subsidiary of the Borrower which is not a Subsidiary of the
Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; and

 

		(b)	such designation and the Investment of the Borrower and the Restricted Subsidiaries in such Subsidiary
complies with Section 4.05 hereof.

 

Any such designation by the Board
of Directors of the Borrower shall be evidenced to the Administrative Agent by filing with the Administrative Agent a copy of the
resolution of the Board of Directors of the Borrower giving effect to such designation and an Officer’s Certificate certifying
that such designation complies with the foregoing conditions.

 

The Board of Directors of the
Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving
effect to such designation (1) no Default or Event of Default would result therefrom and (2) (x) the Borrower could
Incur at least $1.00 of additional Indebtedness under Section 4.04(a) or (y) the Consolidated Net Leverage Ratio
would be no higher than it was immediately prior to giving effect to such designation, in each case, on a pro forma basis
taking into account such designation. Any such designation by the Board of Directors shall be evidenced to the Administrative Agent
by promptly providing the Administrative Agent with a copy of the resolution of the Board of Directors giving effect to such designation
or an Officer’s Certificate certifying that such designation complied with the foregoing provisions.

 

“Voting Stock”
of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of
directors.

  

    81

     

    

 

 

“Wholly Owned Subsidiary”
means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than (a) directors’ qualifying
shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law, regulation or to ensure
limited liability and (b) in the case of a Receivables Subsidiary, shares held by a Person that is not an Affiliate of the
Borrower solely for the purpose of permitting such Person (or such Person’s designee) to vote with respect to customary major
events with respect to such Receivables Subsidiary, including without limitation the institution of bankruptcy, insolvency or other
similar proceedings, any merger or dissolution, and any change in charter documents or other customary events) is owned by that
Person directly or (2) indirectly by a Person that satisfies the requirements of clause (1) of this definition.

 

    82EX-4.1

 EXHIBIT 4.1 
  

 
 ClassA[-1]
[    ]% Asset Backed Notes 
 [Class A-2[a/b] [    ]%
Asset Backed Notes 
 Class A-3 [    ]% Asset Backed Notes 

Class A-4 [    ]% Asset Backed Notes] 

Class B [    ]% Asset Backed Notes 

Class C [    ]% Asset Backed Notes 

Class D [    ]% Asset Backed Notes 

[Class E [    ]% Asset Backed Notes] 

[Class N [    ]% Asset Backed Notes] 

[Class XS Asset Backed Notes] 
  

 
 INDENTURE1 
 Dated as of
[                ], 20[    ] 
  

 
 CARVANA AUTO
RECEIVABLES TRUST 20[    ]-[    ] 
 Issuing Entity 

[CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[    ]-[    ] 

Grantor Trust] 

[                ] 

Indenture Trustee 
  

 
  

 

	1 	 In a particular transaction, there may be more or fewer classes of notes offered (including one or more or no
subordinated classes) or one or more or no floating rate classes. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	3	 
			
	 Section 1.1
	 	Definitions	  	 	3	 
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	4	 
			
	 Section 2.1
	 	Form	  	 	4	 
	 Section 2.2
	 	Execution, Authentication and Delivery	  	 	4	 
	 Section 2.3
	 	Temporary Notes	  	 	5	 
	 Section 2.4
	 	Registration of Notes; Registration of Transfer and Exchange of Notes	  	 	6	 
	 Section 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	 
	 Section 2.6
	 	Persons Deemed Noteholders	  	 	8	 
	 Section 2.7
	 	Payment of Principal and Interest	  	 	9	 
	 Section 2.8
	 	Cancellation of Notes	  	 	17	 
	 Section 2.9
	 	Release of Collateral	  	 	17	 
	 Section 2.10
	 	Book-Entry Notes	  	 	17	 
	 Section 2.11
	 	Notices to Clearing Agency	  	 	18	 
	 Section 2.12
	 	Definitive Notes	  	 	18	 
	 Section 2.13
	 	Depositor as Noteholder	  	 	19	 
	 Section 2.14
	 	Tax Treatment	  	 	19	 
	 Section 2.15
	 	[Special Terms Applicable to the Notes	  	 	20	 
		
	 ARTICLE III COVENANTS
	  	 	21	 
			
	 Section 3.1
	 	Payment of Principal and Interest	  	 	21	 
	 Section 3.2
	 	Maintenance of Agency Office	  	 	21	 
	 Section 3.3
	 	Money for Payments To Be Held in Trust	  	 	21	 
	 Section 3.4
	 	Existence	  	 	23	 
	 Section 3.5
	 	Protection of Collateral; Acknowledgment of Pledge	  	 	23	 
	 Section 3.6
	 	Opinions as to Collateral	  	 	24	 
	 Section 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	25	 
	 Section 3.8
	 	Negative Covenants	  	 	26	 
	 Section 3.9
	 	Annual Statement as to Compliance	  	 	27	 
	 Section 3.10
	 	Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets	  	 	27	 
	 Section 3.11
	 	Successor or Transferee	  	 	29	 
	 Section 3.12
	 	No Other Business	  	 	29	 
	 Section 3.13
	 	No Borrowing	  	 	30	 
	 Section 3.14
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	30	 
	 Section 3.15
	 	Servicer’s Obligations	  	 	30	 
	 Section 3.16
	 	Capital Expenditures	  	 	30	 

  
 ii 

							
	 Section 3.17
	 	[RESERVED]	  	 	30	 
	 Section 3.18
	 	Restricted Payments	  	 	30	 
	 Section 3.19
	 	Notice of Events of Default	  	 	31	 
	 Section 3.20
	 	Further Instruments and Acts	  	 	31	 
	 Section 3.21
	 	Indenture Trustee’s Assignment of Purchased Receivables	  	 	31	 
	 Section 3.22
	 	Representations and Warranties by the Issuing Entity[ and Grantor Trustee] to the Indenture Trustee	  	 	31	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	32	 
			
	 Section 4.1
	 	Satisfaction and Discharge of Indenture	  	 	32	 
	 Section 4.2
	 	Application of Trust Money	  	 	33	 
	 Section 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	33	 
	 Section 4.4
	 	Duration of Position of Indenture Trustee	  	 	33	 
		
	 ARTICLE V ARTICLE V DEFAULT AND REMEDIES
	  	 	33	 
			
	 Section 5.1
	 	Events of Default	  	 	33	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	35	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	35	 
	 Section 5.4
	 	Remedies; Priorities	  	 	37	 
	 Section 5.5
	 	Optional Preservation of the Collateral	  	 	39	 
	 Section 5.6
	 	Limitation of Suits	  	 	39	 
	 Section 5.7
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	40	 
	 Section 5.8
	 	Restoration of Rights and Remedies	  	 	40	 
	 Section 5.9
	 	Rights and Remedies Cumulative	  	 	40	 
	 Section 5.10
	 	Delay or Omission Not a Waiver	  	 	40	 
	 Section 5.11
	 	Control by Noteholders	  	 	40	 
	 Section 5.12
	 	Waiver of Past Defaults	  	 	41	 
	 Section 5.13
	 	Undertaking for Costs	  	 	41	 
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	42	 
	 Section 5.15
	 	Action on Notes	  	 	42	 
	 Section 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	42	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	43	 
			
	 Section 6.1
	 	Duties of Indenture Trustee	  	 	43	 
	 Section 6.2
	 	Rights of Indenture Trustee	  	 	45	 
	 Section 6.3
	 	Indenture Trustee May Own Notes	  	 	47	 
	 Section 6.4
	 	Indenture Trustee’s Disclaimer	  	 	47	 
	 Section 6.5
	 	Notice of Events of Default	  	 	47	 
	 Section 6.6
	 	Reports by Indenture Trustee	  	 	47	 
	 Section 6.7
	 	Compensation; Indemnity	  	 	47	 
	 Section 6.8
	 	Replacement of Indenture Trustee	  	 	48	 
	 Section 6.9
	 	Merger or Consolidation of Indenture Trustee	  	 	49	 

  
 iii 

							
	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	49	 
	 Section 6.11
	 	Eligibility; Disqualification	  	 	51	 
	 Section 6.12
	 	Preferential Collection of Claims Against Issuing Entity	  	 	51	 
	 Section 6.13
	 	Representations and Warranties of Indenture Trustee	  	 	51	 
	 Section 6.14
	 	Indenture Trustee May Enforce Claims Without Possession of Notes	  	 	52	 
	 Section 6.15
	 	Suit for Enforcement	  	 	52	 
	 Section 6.16
	 	Rights of Noteholders to Direct Indenture Trustee	  	 	52	 
	 Section 6.17
	 	Reports by Indenture Trustee.	  	 	52	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	53	 
			
	 Section 7.1
	 	Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of Noteholders	  	 	53	 
	 Section 7.2
	 	Preservation of Information, Communications to Noteholders	  	 	54	 
	 Section 7.3
	 	Reports by the Issuing Entity[ and the Grantor Trust]	  	 	54	 
	 Section 7.4
	 	Reports by Indenture Trustee	  	 	54	 
	 Section 7.5
	 	Noteholder Communications.	  	 	55	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	56	 
			
	 Section 8.1
	 	Collection of Money	  	 	56	 
	 Section 8.2
	 	Designated Accounts; Payments	  	 	56	 
	 Section 8.3
	 	General Provisions Regarding Accounts	  	 	62	 
	 Section 8.4
	 	Release of Trust Estate	  	 	63	 
	 Section 8.5
	 	Opinion of Counsel	  	 	63	 
	 Section 8.6
	 	Benchmark Determination. [Benchmark Determination language to be inserted as appropriate if floating rate notes are issued under the deal.]	  	 	63	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	64	 
			
	 Section 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	64	 
	 Section 9.2
	 	Supplemental Indentures With Consent of Noteholders	  	 	65	 
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	67	 
	 Section 9.4
	 	Effect of Supplemental Indenture	  	 	67	 
	 Section 9.5
	 	Reference in Notes to Supplemental Indentures	  	 	67	 
	 Section 9.6
	 	Conformity with Trust Indenture Act	  	 	67	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	68	 
			
	 Section 10.1
	 	Redemption	  	 	68	 
	 Section 10.2
	 	Form of Redemption Notice	  	 	68	 
	 Section 10.3
	 	Notes Payable on Redemption Date	  	 	68	 

  
 iv 

							
	 ARTICLE XI MISCELLANEOUS
	  	 	69	 
			
	 Section 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	69	 
	 Section 11.2
	 	Form of Documents Delivered to Indenture Trustee	  	 	70	 
	 Section 11.3
	 	Acts of Noteholders	  	 	71	 
	 Section 11.4
	 	Notices, etc., to Indenture Trustee,[ Grantor Trust,] Issuing Entity and Rating Agencies	  	 	72	 
	 Section 11.5
	 	Notices to Noteholders; Waiver	  	 	73	 
	 Section 11.6
	 	Alternate Payment and Notice Provisions	  	 	73	 
	 Section 11.7
	 	Conflict with Trust Indenture Act	  	 	73	 
	 Section 11.8
	 	Effect of Headings and Table of Contents	  	 	74	 
	 Section 11.9
	 	Successors and Assigns	  	 	74	 
	 Section 11.10
	 	Severability	  	 	74	 
	 Section 11.11
	 	Benefits of Indenture	  	 	74	 
	 Section 11.12
	 	Legal Holidays	  	 	74	 
	 Section 11.13
	 	Governing Law; Waiver of Jury Trial	  	 	74	 
	 Section 11.14
	 	Counterparts	  	 	75	 
	 Section 11.15
	 	Recording of Indenture	  	 	75	 
	 Section 11.16
	 	No Recourse	  	 	75	 
	 Section 11.17
	 	No Petition	  	 	76	 
	 Section 11.18
	 	Inspection	  	 	76	 
	 Section 11.19
	 	Subordination	  	 	76	 
	 Section 11.20
	 	Concerning the Owner Trustee	  	 	77	 
		
	 ARTICLE XII — COMPLIANCE WITH REGULATION AB
	  	 	77	 
			
	 Section 12.1
	 	Information to be Provided by the Indenture Trustee	  	 	77	 
	 Section 12.2
	 	Noteholder Demand for Asset Representations Review	  	 	79	 

 EXHIBIT A: FORM OF CLASS [A[-1] / A[-2][a/b] /
[A-3] / [A-4] / B / C / D / E / N [FIXED/FLOATING] RATE ASSET BACKED NOTES 

[EXHIBIT [B]: FORM OF CLASS XS NOTES] 
 EXHIBIT
[    ]: SERVICING CRITERIA 

  
 v 

 INDENTURE, dated as of
[                ], 20[    ] (this “Agreement”), among CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ], a Delaware statutory trust (the “Issuing Entity”), [CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[    ]-[    ], a Delaware statutory trust
(the “Grantor Trust”),] and [                ], a [                ], as
indenture trustee and not in its individual capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the
benefit of the other parties and for the equal and ratable benefit of the Secured Parties (only to the extent expressly provided herein): 

GRANTING CLAUSE 
 [The
Grantor Trust hereby Grants to the Indenture Trustee as of the Closing Date, as trustee for the benefit of the Secured Parties (only to the extent expressly provided herein), all right, title and interest of the Grantor Trust in, to and under the
following property, whether now owned or existing or hereafter acquired or arising: 
 (a) the Third Step Transferred Property contributed to
the Grantor Trust under the Receivables Contribution Agreement; 
 (b) the Transaction Documents; 

(c) subject to the Transaction Documents and the Master Agency Agreement, all “accounts”, “investment property”,
“deposit accounts”, “chattel paper”, “instruments”, “general intangibles” (each such term having the meaning set forth in the UCC); and 

(d) all present and future claims, demands, causes and choses in action of the Grantor Trust in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all cash and non-cash proceeds and other property consisting of, arising from or
relating to all or any part of the foregoing (collectively, the “Grantor Trust Collateral”).]2 

The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Secured Parties (only to the
extent expressly provided herein) the following property, whether now owned or existing or hereafter acquired or arising: 

(a) all right, title and interest of the Issuing Entity in, to and under the [Grantor Trust Certificate][Receivables]; 

(b) all distributions on or in respect of the [Grantor Trust Certificate][Receivables]; 

(c) all right, title and interest of the Issuing Entity in the Reserve Account, the Collection Account, the Note Distribution
Account, the Reserve Account Property[, the Class N Reserve Account, until such time as the Class N Notes are [no longer Outstanding] [redeemed],][the Pre-Funding Account][the Accumulation Account],
and all funds on deposit in or other investment property credited to the Collection Account and the Note Distribution Account from time to time other than Investment Earnings [and all funds on deposit in or other investment property credited to [the
Pre-Funding Account][the Accumulation Account] from time to time including Investment Earnings]; 

 

	2 	 To be utilized if an underlying grantor trust is included in an issuance.

 (d) subject to the Transaction Documents and the Master Agency Agreement,
all “accounts”, “investment property”, “deposit accounts”, “chattel paper”, “instruments” and “general intangibles” (each such term having the meaning set forth in the UCC); 

(e) all right, title and interest of the Issuing Entity in, to and under the Receivables Transfer Agreement and the Receivables
Purchase Agreement and the other Transaction Documents, including all rights of the Depositor under the Receivables Purchase Agreement assigned to the Issuing Entity pursuant to the Receivables Transfer Agreement; 

(f) all right, title and interest of the Issuing Entity in, to and under any Third Party Instrument; and 

(g) all present and future claims, demands, causes and choses in action of the Issuing Entity in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all the foregoing, including all proceeds of the conversion of any or all of the foregoing, voluntary or involuntary, into cash or other
liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, investment property, payment intangibles, general intangibles, condemnation awards, rights to
payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively,[ the “Issuing
Entity Collateral” and together with the Grantor Trust Collateral,] the “Collateral”). 
 [The Grantor Trust
hereby acknowledges and agrees to the Issuing Entity’s Grant of a security interest in the Grantor Trust Certificate.] 
 The foregoing
Grants are made in trust to secure the Secured Obligations, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Transaction Documents, and to secure compliance with the
provisions of this Indenture, all as provided in this Indenture. This Indenture constitutes a security agreement under the UCC. 
 The
foregoing Grants include all rights, powers and options (but none of the obligations, if any) of the Issuing Entity[ and the Grantor Trust] under any agreement or instrument included in the Collateral, including the immediate and continuing right to
claim for, collect, receive and give receipt for principal and interest payments in respect of the Receivables included in the Collateral and all other monies payable under the Collateral, to give and receive notices and other communications, to
make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Issuing Entity[ or the Grantor Trust] or otherwise and generally to do and receive anything that the Issuing Entity[ or the Grantor Trust]
is or may be entitled to do or receive under or with respect to the Collateral. 

  
 2 

 The Indenture Trustee, as trustee on behalf of the Secured Parties and (only to the extent
expressly provided herein) the Certificateholders, acknowledges such Grants and accepts the trusts under this Indenture in accordance with the provisions of this Indenture. 

ARTICLE I 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. Except as otherwise specified herein or as the
context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Part I of Appendix A to the Receivables Purchase Agreement, dated as of the date hereof (the “Receivables
Purchase Agreement”), among Cavana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. All references herein to “the Agreement” or “this Agreement” are to this Indenture as it may be amended,
supplemented or modified from time to time, the exhibits and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references herein to Articles, Sections and Subsections are to
Articles, Sections or Subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 

Section 1.2 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: 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Indenture Trustee. 

“obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture securities.

 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by Commission rule have the meaning assigned to them by such definitions. 

  
 3 

 ARTICLE II 

THE NOTES 

Section 2.1 Form. 

(a) Each of the Class A[-1] Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A,[ each of the Class A-2 Notes, together with the Indenture Trustee’s certificate of authentication, shall be
substantially in the form set forth in Exhibit A, each of the Class A-3 Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth
in Exhibit A, each of the Class A-4 Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A,] each of the
Class B Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A, each of the Class C Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit A[,][ and] each of the Class D Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in
Exhibit A[,][ and] [each of the Class E Notes, together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit A[,][ and] ][each of the Class XS Notes,
together with the Indenture Trustee’s certificate of authentication, shall be substantially in the form set forth in Exhibit [B][,][ and] ][each of the Class N Notes, together with the Indenture Trustee’s certificate of
authentication, shall be substantially in the form set forth in Exhibit [A],] in each case with such appropriate insertions, omissions, substitutions and other variations as are permitted or required by this Indenture and each such Note may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion
of the text of any Note may be set forth on the reverse thereof with an appropriate reference thereto on the face of such Note. 
 (b) The
Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such
Notes. 
 (c) The terms of each class of Notes as provided for in Exhibits A, [and B] hereto are part of the terms of
this Indenture. 
 Section 2.2 Execution, Authentication and Delivery. 

(a) Each Note [(other than the Class E Notes and the Class XS Notes)] shall be dated the date of its authentication and shall be
issuable as a registered Note in the minimum denomination of $[ ] and in integral multiples thereof (except, if applicable, for one Note representing a residual portion of each class which may be issued in a different denomination).[ Each
Class E Note shall be dated the date of its authentication and shall be issuable as a registered Note in the minimum denomination of $[ ] and in integral multiples of $[ ].][ Each Class XS Note shall be dated the date of its authentication
and shall be issuable as a registered Note in the minimum denomination of $[ ] in notional amount and in integral multiples of $[ ] in notional amount.] 

(b) The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer
on the Notes may be manual or facsimile. 

  
 4 

 (c) Notes bearing the manual or facsimile signature of individuals who were at any time
Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the
date of such Notes. 
 (d) The Indenture Trustee, in exchange for the Grant of the Issuing Entity Collateral, shall cause to be authenticated
and delivered to or upon the order of the Issuing Entity (an “Authentication Order”) Notes [(other than the Class XS Notes)] for original issue in the aggregate principal amount of $[ ] comprised of (i) Class A[-1] Notes in the aggregate principal amount of $[ ],[ (ii) Class A-2 Notes in the aggregate principal amount of $[ ], (iii) Class A-3 Notes in the aggregate principal amount of $[ ], (iv) Class A-4 Notes in the aggregate principal amount of $[ ],] (v) Class B Notes in the aggregate
principal amount of $[ ], (vi) Class C Notes in the aggregate principal amount of $[ ][,] [and] (vii) Class D Notes in the aggregate principal amount of $[ ][,] [and] [(viii) Class E Notes in the aggregate principal amount of $[
][,] [and]] [ (ix) Class N Notes in the aggregate principal amount of $[ ]]. The aggregate principal amount of all Notes [(other than the Class XS Notes)] outstanding at any time may not exceed $[ ], except as provided in
Section 2.5.[ The Indenture Trustee shall cause to be authenticated and delivered to or upon the order of the Issuing Entity the Class XS Notes in the aggregate notional amount of $[ ].] 

(e) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form set forth in Exhibits A, [and B] as applicable, executed by the Indenture Trustee by the manual signature of one of its Authorized Officers; such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.3 Temporary Notes. 

(a) Pending the preparation of Definitive Notes, if any, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the
Indenture Trustee shall authenticate and deliver, such Temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations
as are consistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b) If Temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the Temporary Notes shall be exchangeable for Definitive Notes upon surrender of the Temporary Notes at the office or agency of the Issuing Entity to be maintained as provided in
Section 3.2, without charge to the related Noteholder. Upon surrender for cancellation of any one or more Temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and deliver in
exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so delivered in exchange, the Temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

  
 5 

 Section 2.4 Registration of Notes; Registration of Transfer and Exchange of
Notes. 
 (a) The Issuing Entity shall cause to be kept the Note Register, comprising separate registers for each class of Notes, in
which, subject to such reasonable regulations as the Issuing Entity may prescribe, the Issuing Entity shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes. The Indenture Trustee shall initially
be the Note Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided and shall initially be the Paying Agent. Upon any resignation of any Note Registrar or Paying Agent, the Issuing Entity shall promptly
appoint a successor to act as Note Registrar or Paying Agent or, if it elects not to make such an appointment, assume the duties of Note Registrar or Paying Agent itself. 

(b) If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar, the Issuing Entity will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register. The Indenture Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof. The Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer thereof as to the names and addresses of the Noteholders and the principal
amounts and number of such Notes. Notwithstanding anything herein to the contrary, so long as [ ] is acting as the Indenture Trustee hereunder, it shall act in the capacities of Note Registrar and Paying Agent. 

(c) Upon surrender for registration of transfer of any Note at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the
Issuing Entity, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same class
in any authorized denominations, of a like aggregate principal amount. 
 (d) At the option of the Noteholder, Notes may be exchanged for
other Notes of the same class in any authorized denominations, of a like aggregate principal amount; and upon surrender of such Notes to be exchanged at the Corporate Trust Office of the Indenture Trustee or the Agency Office of the Issuing Entity,
the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, such Notes which the Noteholder making the exchange is entitled to receive. 

(e) All Notes issued upon any registration of transfer or exchange of other Notes shall be the valid obligations of the Issuing Entity,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

(f) Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture
Trustee) be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Note Registrar duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing,
with such signature guaranteed by a commercial bank or trust company or by a member firm of a national securities exchange, and such other documents as the Indenture Trustee or Note Registrar may require. 

  
 6 

 (g) No service charge shall be made to a Holder for any registration of transfer or exchange
of Notes, but the Issuing Entity or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer. 
 (h) By acquiring a Class A Note, Class B
Note, Class C Note or Class D Note (or any beneficial ownership therein), each purchaser and transferee shall be deemed to represent and warrant that either (i) it is not acquiring the Note (or beneficial interest) with the assets of
a Benefit Plan Investor or other plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including, without limitation, foreign or governmental plans) or
(ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

 (i) By acquiring a Class E Note, each purchaser and transferee shall be deemed to represent and warrant that (a) it is not
acquiring the Note (or beneficial interest) with the assets of a Benefit Plan Investor, and (b) either (i) it is not a plan that is subject to any Similar Law, or (ii) its acquisition and holding of the Note (or beneficial interest) will
not give rise to a violation of any Similar Law. 
 (j) The preceding provisions of this Section 2.4
notwithstanding, the Issuing Entity shall not be required to transfer or make exchanges, and the Note Registrar need not register transfers or exchanges, of Notes that (i) have been selected for redemption pursuant to Article X, if
applicable, or (ii) are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office. 

(k) Sale, pledge or transfer of a Retained Note may be made to any Person. A Person other than the Depositor or an Affiliate thereof acquiring
a Retained Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14; and (ii) no sale, pledge, or transfer of a Retained Note shall be made unless (A) counsel
satisfactory to the Depositor has rendered an opinion to the Depositor and the Indenture Trustee to the effect that (1) such sale, pledge or transfer by the Depositor will not cause the Issuing Entity to fail to qualify as a grantor trust for
United States federal income tax purposes and (2) such Note will be characterized as indebtedness for United States federal income tax purposes and (B) the Depositor shall have provided prior written approval thereof. 

Section 2.5 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If (i) any mutilated Note is surrendered to the Indenture Trustee or the Note Registrar, or each of the Indenture Trustee and the
Issuing Entity receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee and the Issuing Entity such security or indemnity as may be required by the Issuing Entity
and the Indenture Trustee to hold the Issuing Entity and the Indenture Trustee harmless, then, in 

  
 7 

 
the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser, the Issuing Entity shall execute and upon the
Issuing Entity’s request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of a like class and aggregate principal amount; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the
Issuing Entity may make payment to the Holder of such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, if applicable, without surrender thereof. 

(b) If, after the delivery of a replacement Note or payment in respect of a destroyed, lost or stolen Note pursuant to subsection (a), a
protected purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from (i) any Person to whom it was delivered, (ii) the Person taking such replacement Note from the Person to whom such replacement Note was delivered or (iii) any assignee of such Person, except a protected purchaser, and the Issuing
Entity and the Indenture Trustee shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 

(c) In connection with the issuance of any replacement Note under this Section 2.5, the Issuing Entity or the
Indenture Trustee may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including all fees and expenses of the
Indenture Trustee) connected therewith. 
 (d) Any replacement Note issued pursuant to this Section 2.5 in
replacement for any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

(e) The provisions of this Section 2.5 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.6
Persons Deemed Noteholders. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note
is registered (as of the day of determination) as the Noteholder for the purpose of receiving payments of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing
Entity, the Indenture Trustee nor any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary. 

  
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 Section 2.7 Payment of Principal and Interest. 

(a) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date occurring during the
Revolving Period, the Paying Agent shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (i) the Available Funds for such Distribution Date, (ii) pursuant to
Section 8.2(b)(i), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (ix) below, (iii) pursuant to
Section 8.2(b)(ii), the Class N Reserve Account Draw Amount, if any, solely in connection with the payment of clause (xii) below for that Distribution Date to make the following payments and deposits in the
following order of priority: 
 (i) the [Servicing Strip Amount][Servicing Fee] for the related Collection Period shall be
used to pay the Servicer or any Successor Servicer, as applicable [except Available Funds from the Reserve Account may not be used for this purpose as long as the Servicer is an Affiliate of the [Sponsor][, the related Servicing Fee for such
Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Note]; 

(ii) pro rata, (a) [to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest
Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or
other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year beginning on the date that the
Backup Servicer has replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $[ ] in such calendar year, (b)] to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral
Custodian any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from prior
Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(b) will not exceed (A) $[ ] in any calendar year to the Indenture Trustee and Collateral Custodian and
[(B) $[ ] in any calendar year to the Grantor Trust Trustee and Owner Trustee combined,] (c) [to the Asset Representations Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not
been previously paid in full, up to a maximum of $[ ] per year] and (d) to each Rating Agency, annual surveillance fees not to exceed $[ ] in any calendar year; 

(iii) [to the Backup Servicer, the Backup Servicing Fee;] 

(iv) [to the Swap Counterparty, the net amount payable, if any, other than any Swap Termination Amounts;] 

(v) [pro rata (i)]to the Note Distribution Account, for the payment of interest on the Class A Notes, the Aggregate
Class A Interest Distributable Amount for such Distribution Date, and (ii) any [Senior] Swap Termination Amounts on Interest Rate Swaps related to the Class A Notes, pro rata;] 

  
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 (vi) to the Note Distribution Account, for the payment of interest on the
Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution Date; 
 (vii) to the Note
Distribution Account, for the payment of interest on the Class C Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 

(viii) to the Note Distribution Account, for the payment of interest on the Class D Notes, the Aggregate Class D
Interest Distributable Amount for such Distribution Date; 
 (ix) [to the Note Distribution Account, for the payment of
interest on the Class E Notes, the Aggregate Class E Interest Distributable Amount for such Distribution Date;] 

(x) to reinvestments in additional receivables and deposits into the Accumulation Account, as applicable, in the amount by
which the aggregate Pool Balance of the Notes exceeds the aggregate Pool Balance; 
 (xi) to the Reserve Account, until the
amount in the Reserve Account equals the Specified Reserve Account Balance; 
 (xii) [to the Note Distribution Account, for
the payment of interest on the Class N Notes, the Aggregate Class N Note Interest Distributable Amount for such Distribution Date; 

(xiii) to the Class N Reserve Account, any amount in excess, if any, of (i) the Specified Class N Reserve
Account Balance over (ii) all amounts on deposit in the Class N Reserve Account on such Distribution Date, after giving effect to all prior required withdrawals, if any, from the Class N Reserve Account on such Distribution Date;]

 (xiv) to reinvestments in additional Receivables and deposits into the Accumulation Account, as applicable, in the amount
by which the aggregate Principal Balance of the Notes plus the Overcollateralization Target Amount exceeds the aggregate Pool Balance, as increased above, plus the amounts deposited in the Accumulation Account above; 

(xv) [to any subordinate Swap Termination Amounts on any interest rate swaps related to the Class A Notes;] 

  
 10 

 (xvi) pro rata, (a) [to the Backup Servicer, if the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer that are in
excess of the related cap described under clause (ii) above (including any boarding fees or other expenses payable by the Issuing Entity), (b)] to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor
Trust Trustee,] the Rating Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust
Trustee,] the Rating Agencies, the Administrator the Asset Representations Reviewer and the Collateral Custodian that are in excess of the related caps described under clause (ii) above [, except Available Funds from the Reserve Account may not
be used for this purpose as long as the Administrator is an affiliate of the [Sponsor][Seller]] [and (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer; and 

(xvii) any remaining Available Funds will be deposited in the Certificate Distribution Account and applied by the Paying Agent
under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

(b) Prior to any acceleration of the Notes pursuant to Section 5.2(a), on each Distribution Date occurring during the
Accumulation Period, the Paying Agent shall, solely in accordance with the Servicer’s Certificate for such Distribution Date made available by the Servicer, apply (i) the Available Funds for such Distribution Date, (ii) pursuant to
Section 8.2(b)(i), the Reserve Account Draw Amount, if any, for that Distribution Date solely in connection with the payment of clauses (i) through (xi) below, (iii) pursuant to
Section 8.2(b)(ii), the Class N Reserve Account Draw Amount, if any, solely in connection with the payment of clauses (xvi) and (xx) below for that Distribution Date to make the following payments and deposits in
the following order of priority: 
 (i) the [Servicing Strip Amount][Servicing Fee] for the related Collection Period shall
be used to pay the Servicer or any Successor Servicer, as applicable [except Available Funds from the Reserve Account may not be used for this purpose as long as the Servicer is an Affiliate of the [Sponsor][, the related Servicing Fee for such
Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Note]; 

(ii) pro rata, (a) [to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced Bridgecrest
Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer (including any boarding fees or
other expenses payable by the Issuing Entity), provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to this clause (ii)(a) shall only be payable during the calendar year beginning on the date that the
Backup Servicer has replaced Bridgecrest Credit Company, LLC as Servicer and will not exceed $[ ] in such calendar year, (b)] to each of the Indenture Trustee, the Owner 

  
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Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian any fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor
Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from prior Collection Periods, provided that the aggregate amount of such indemnity amounts, fees and expenses paid pursuant to
this clause (ii)(b) will not exceed (A) $[ ] in any calendar year to the Indenture Trustee and Collateral Custodian and [(B) $[ ] in any calendar year to the Grantor Trust Trustee and Owner Trustee combined,] (c) [to the Asset Representations
Reviewer, the fees, expenses and indemnities due and owing under the Asset Representations Review Agreement, which have not been previously paid in full, up to a maximum of $[ ] per year] and (d) to each Rating Agency, annual surveillance fees
not to exceed $[ ] in any calendar year; 
 (iii) [to the Backup Servicer, the Backup Servicing Fee;] 

(iv) [to the Swap Counterparty, the net amount payable, if any, other than any Swap Termination Amounts;] 

(v) pro rata, (i) to the Note Distribution Account, for the payment of interest on the Class A Notes, the Aggregate
Class A Interest Distributable Amount for such Distribution Date [and (ii) to payment of any [senior] Swap Termination Amounts on interest rate swaps related to the Class A Notes, pro rata;] 

(vi) to the Note Distribution Account, for the payment of principal on the Notes in priority specified in Section 8.2(c),
the First Priority Principal Distributable Amount for such Distribution Date; 
 (vii) to the Note Distribution Account, for
the payment of interest on the Class B Notes, the Aggregate Class B Interest Distributable Amount for such Distribution Date; 

(viii) to the Note Distribution Account, for the payment of principal on the Notes in the priority specified in
Section 8.2(c), the Second Priority Principal Distributable Amount for such Distribution Date; 
 (ix) to the Note
Distribution Account, for the payment of interest on the Class C Notes, the Aggregate Class C Interest Distributable Amount for such Distribution Date; 

(x) to the Note Distribution Account, for the payment of principal on the Notes in the priority specified in
Section 8.2(c), the Third Priority Principal Distributable Amount for such Distribution Date; 
 (xi) to the Note
Distribution Account, for the payment of interest on the Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 

  
 12 

 (xii) to the Note Distribution Account, for the payment of principal on the
Notes in the priority specified in Section 8.2(c), the Fourth Priority Principal Distributable Amount for such Distribution Date; 

(xiii) to the Note Distribution Account, for the payment of interest on the Class E Notes, the Aggregate Class E
Interest Distributable Amount for such Distribution Date; 
 (xiv) to the Note Distribution Account, for the payment of
principal on the Notes in the priority specified in Section 8.2(c), the Fifth Priority Principal Distributable Amount for such Distribution Date; 

(xv) to the Reserve Account, the amount, if any, necessary to fund the Reserve Account up to the Reserve Account Required
Amount; 
 (xvi) Principal of the Notes in an amount equal to the lesser of the aggregate Principal Amount of the Notes
[(other than the Class N Notes)] and the amount by which the sum of the aggregate Principal Amount of the Notes [(other than the Class N Notes)] and the Overcollateralization Target Amount for that Distribution Date exceeds the Pool
Balance as of the last day of the related Collection Period less any amounts allocated to pay Principal of the Notes under clauses [(vi), (viii), (x), (xii) and (xiv)] above; 

(xvii) [to any subordinate Swap Termination Amounts on any interest rate swaps related to the Class A Notes;] 

(xviii) [to the Note Distribution Account, for the payment of interest on the Class N Notes, the Aggregate Class N
Note Interest Distributable Amount for such Distribution Date; 
 (xix) to the Class N Reserve Account, any amount in
excess, if any, of (i) the Specified Class N Reserve Account Balance over (ii) all amounts on deposit in the Class N Reserve Account on such Distribution Date, after giving effect to all prior required withdrawals, if any, from
the Class N Reserve Account on such Distribution Date;] 
 (xx) (A) on any distribution date prior to the final
scheduled distribution date for the Class N Notes, if the sum of (a) Available Funds remaining after payment of clauses (i) through (xviii) above and (ii) the remaining available balance in the Class N Reserve Account after
payment of all amounts due pursuant to clause (xix) above, is equal to or greater than the outstanding principal amount of the Class N Notes, principal of the Class N Notes in an amount equal to the outstanding principal amount of the
Class N Notes, otherwise, in an amount equal to Available Funds remaining after payment of clauses (i) through [(xix)] above; (B) on the Final Scheduled Distribution Date for the Class N Notes, Principal to the Class N Notes
in an amount equal to the Outstanding Principal Amount of the Class N Notes;] 

  
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 (xxi) pro rata, (a) [to the Backup Servicer, if the Backup Servicer has
replaced Bridgecrest Credit Company, LLC as servicer, any indemnity amounts due to the Backup Servicer as Successor Servicer plus any transition expenses due in respect of the transfer of servicing to the Backup Servicer that are in excess of the
related cap described under clause (ii)(b) above (including any boarding fees or other expenses payable by the Issuing Entity), (b)] to the extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,]
the Rating Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Rating
Agencies, the Administrator, the Asset Representations Reviewer and the Collateral Custodian that are in excess of the related caps described under clause (ii) above [, except Available Funds from the Reserve Account may not be used for this
purpose as long as the Administrator is an Affiliate of the [Sponsor] [and (c) to the Backup Servicer, any unpaid expenses and indemnity amounts due to the Backup Servicer]; and 

(xxii) any remaining Available Funds will be deposited in the Certificate Distribution Account and applied by the Paying Agent
under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

(c) Notwithstanding the foregoing, following the occurrence and during the continuance of an Event of Default set forth in
Section 5.1(a)-(g) hereof, but prior to acceleration of the Notes in accordance with Section 5.2(a) hereof, the cap on expenses and indemnities payable to the Owner Trustee,[ the Grantor Trust
Trustee,] the Indenture Trustee and the Collateral Custodian as set forth in Section 2.7(a)(ii)(b)(A) and (B), or Section 2.7(b)(ii)(b)(A) and (B), as applicable, hereof will not
apply. Following the occurrence of an Event of Default which has resulted in an acceleration of the Notes that has not been rescinded or annulled, all Available Funds shall be applied in accordance with Section 2.7(f)
hereof. 
 (d) Each Class of Notes (other the Class XS Notes) shall accrue interest during each Collection Period at the related
Interest Rate, and such interest shall be due and payable on each Distribution Date in accordance with the priorities set forth in Section 2.7(a) or Section 2.7(b), as applicable, and
Section 2.7(f). Interest on each Class of Notes other than [the Class [A-1] Notes and the Class XS Notes] shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. [Interest on the Class [A-1] Notes shall be calculated on the basis of the actual
number of days elapsed and a 360-day year.] Notwithstanding any other provision hereof, no Interest Rate may exceed the maximum rate permitted by law. Subject to Section 3.1 hereof,
any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the related Record Date by wire transfer of immediately available funds so long as the Noteholder has provided the Indenture Trustee with the relevant account information at least five (5) Business Days prior to the related
Distribution Date, and if such Noteholder has not so provided the Indenture Trustee with such information, then by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date;
provided, however, that, unless Definitive Notes have been issued pursuant to 

  
 14 

 
Section 2.12 hereof, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the related Final
Scheduled Distribution Date, which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(e) All principal and interest payments on a Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto.
Except as otherwise provided herein, the Indenture Trustee shall, before the Distribution Date on which the Issuing Entity expects to pay the final installment of principal of and interest on any Note, notify the Holder of such Note as of the
related Record Date of such final installment. Such notice shall be mailed or transmitted electronically or otherwise made available prior to such final Distribution Date and shall specify, with respect to any Definitive Notes, that such final
installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. 

(f) Notwithstanding the foregoing, the unpaid principal amount of the Notes (other than the Class XS Notes) shall be due and payable, to
the extent not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Requisite Noteholders have caused the Notes to be declared immediately due and payable in the manner provided in
Section 5.2(a) hereof. Notwithstanding Section 2.7(a) hereof, on each Distribution Date following acceleration of the Notes due to an Event of Default, the Paying Agent shall apply or cause to be applied all Available Funds, and on the
first Distribution Date following acceleration of the Notes, (1) the Reserve Account Draw Amount, solely in connection with payment of clauses (i) through (xiii) below and (2) the Class N Reserve Account Draw Amount, solely in
connection with payment of clauses (xiv) and (xv) below, to make the following payments and deposits in the following order of priority: 

(i) the Servicing Strip Amount for the related Collection Period shall be used to pay the Servicer or any Successor Servicer,
as applicable, the related Servicing Fee for such Distribution Date, and any Excess Servicing Strip Amount for such Distribution Date will be distributed to the Class XS Notes; 

(ii) pro rata, (a) to the extent not previously paid, to the Backup Servicer, if the Backup Servicer has replaced
Bridgecrest Credit Company, LLC as servicer, any unpaid indemnity amounts due to the Backup Servicer as Successor Servicer, plus any unpaid transition expenses due in respect of the transfer of servicing to the Backup Servicer, (b) to the
extent not previously paid, to each of the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator, the Rating Agencies and the Collateral Custodian any unpaid fees, expenses and indemnity amounts due to each of the
Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Administrator and the Collateral Custodian and all unpaid fees, expenses and indemnity amounts from the prior Collection Periods, (c) to each Rating Agency, annual
surveillance fees not to exceed $27,500 in any calendar year, (d) [to the Asset Representation Reviewer, any fees, expenses and indemnity amounts due to the Asset Representation Reviewer] and (e) to the Backup Servicer, any unpaid expenses and
indemnity amounts due to the Backup Servicer; 

  
 15 

 (iii) to the Backup Servicer, the Backup Servicing Fee; 

(iv) to the Class A Notes, the Aggregate Class A Interest Distributable Amount for such Distribution Date; 

(v) to the Holders of the Class A-1 Notes in respect of principal thereof until
the Outstanding Amount of the Class A-1 Notes is reduced to zero; 
 (vi) to the
Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata in respect of principal
thereof until the Outstanding Amount of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes is
reduced to zero; 
 (vii) to the Holders of the Class B Notes, the Aggregate Class B Interest Distributable Amount
for such Distribution Date; 
 (viii) to the Holders of the Class B Notes, in respect of principal thereof until the
Outstanding Amount of the Class B Notes is reduced to zero; 
 (ix) to the Holders of the Class C Notes, the
Aggregate Class C Interest Distributable Amount for such Distribution Date; 
 (x) to the Holders of the Class C
Notes, in respect of principal thereof until the Outstanding Amount of the Class C Notes is reduced to zero; 
 (xi) to
the Holders of the Class D Notes, the Aggregate Class D Interest Distributable Amount for such Distribution Date; 

(xii) to the Holders of the Class D Notes, in respect of principal thereof until the Outstanding Amount of the
Class D Notes is reduced to zero; 
 (xiii) to the Holders of the Class E Notes, in respect of principal thereof
until the Outstanding Amount of the Class E Notes is reduced to zero; 
 (xiv) to the Holders of the Class N Notes,
the Aggregate Class N Interest Distributable Amount for such Distribution Date; 
 (xv) If the sum of (a) Available
Funds remaining after payment of clauses (i) through (xiii) above and (b) the remaining available balance in the Class N Reserve Account after payment of all amounts due pursuant to clause (xiii) above, is equal to or greater
than the outstanding principal amount of the Class N Notes, principal of the Class N Notes in an amount equal to the outstanding principal amount of the Class N Notes, otherwise, in an amount equal to remaining Available Funds after
payment of clauses (i) through (xiii) above, until the Class N Notes have been paid in full; and 

  
 16 

 (xvi) any remaining Available Funds will be deposited in the Certificate
Distribution Account and applied by the Paying Agent under the Trust Agreement in accordance with the priorities set forth in the Trust Agreement, including distributions to the Certificateholders. 

(g) [The Paying Agent hereby agrees that, with respect to any indemnification payments payable to the Grantor Trust Trustee pursuant to
Sections 2.7(a) or (b), as applicable, or Section 2.7(e), if a subrogee thereof pursuant to Article VI of the Grantor Trust Agreement, requests such indemnification payments to be payable to such subrogee
instead of the Grantor Trust Trustee, then the Paying Agent shall remit such indemnification payments at the direction of such subrogee.] 

Section 2.8 Cancellation of Notes. All Notes surrendered for payment, redemption, exchange or registration of
transfer shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly canceled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for
cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.8, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, however, that such Issuing Entity Order is
timely and the Notes have not been previously disposed of by the Indenture Trustee. The Indenture Trustee shall certify to the Issuing Entity upon request that surrendered Notes have been duly canceled and retained or destroyed, as the case may be.

 Section 2.9 Release of Collateral. The Indenture Trustee shall not release property from the Lien of this
Indenture other than as permitted by Sections 2.7, 3.21, 8.2, 8.4 and 11.1, and otherwise only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel (to the
extent required but the TIA) and Independent Certificates in accordance with TIA §§314(c) and 314(d)(1). 

Section 2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of a typewritten
Note or Notes representing the Book-Entry Notes, to be delivered to Cede & Co., as nominee of The Depository Trust Company, as the initial Clearing Agency, or its custodian, by or on behalf of the Issuing Entity, or in the case of Retained
Notes, at the Depositor’s option, as Definitive Notes delivered to the Depositor or its representative. Such Book-Entry Note or Notes shall be registered on the Note Register in the name of Cede & Co., the nominee of the initial
Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until the Definitive Notes have been issued to
Note Owners pursuant to Section 2.12: 

  
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 (a) the provisions of this Section 2.10 shall be in full force and
effect; 
 (b) the Note Registrar, the Indenture Trustee and the Paying Agent shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of such Notes and shall have no obligation to the Note Owners; 

(c) to the extent that the provisions of this Section 2.10 conflict with any other provisions of this Indenture, the
provisions of this Section 2.10 shall control; 
 (d) the rights of the Note Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal of and interest on such Notes to such Clearing Agency
Participants, pursuant to the Note Depository Agreement; and 
 (e) whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Class, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
(i) received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes; and (ii) delivered such instructions to the
Indenture Trustee. 
 Section 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the
Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified
herein to be given to Noteholders to the Clearing Agency and shall have no other obligation to the Note Owners. 

Section 2.12 Definitive Notes. If (i) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes and the Issuing Entity is unable to locate a qualified successor; (ii) the Administrator, at its option, advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency; or (iii) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners representing beneficial interests aggregating at
least a majority of the Outstanding Amount of the Controlling Class advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions
of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in 

  
 18 

 
delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize
the Holders of the Definitive Notes as Noteholders. The Issuing Entity represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by reason of prepayments of other obligations securing
such debt instruments. 
 Section 2.13 Depositor as Noteholder. The Depositor in its individual or any other
capacity may become the owner or pledgee of Notes of any class and may otherwise deal with the Issuing Entity or its affiliates with the same rights it would have if it were not the Depositor. 

Section 2.14 Tax Treatment. 

(a) The Depositor and the Indenture Trustee, by entering into this Indenture, and the Noteholders, by acquiring any Note or interest therein
(except a Note or interest therein acquired by the Depositor or other person considered for federal income tax purposes the issuer of such Note), (i) express their intention that the Notes qualify under applicable tax law as indebtedness secured by
the Collateral, and (ii) unless otherwise required by appropriate taxing authorities, agree to treat the Notes as indebtedness secured by the Collateral for the purpose of federal income taxes (to the extent the Notes are treated as
beneficially owned by a person other than the Issuing Entity), state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 

(b) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to
provide to the Indenture Trustee, any Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. 

(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that
the Indenture Trustee or any Paying Agent on behalf of the Issuing Entity has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable to a
Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b). 
 (d)
Each Noteholder or Note Owner acknowledges and represents that it is not a member of an “expanded group” (within the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined
for U.S. federal income tax purposes) if such domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts), owns 80% or
more of the capital or profits of the Issuing Entity. 
 (e) Each Noteholder or Note Owner represents and agrees that (A) if it is
acting as a nominee or in a similar capacity, represents and agrees that no beneficial owner for which it is acting as a nominee owns less than the minimum denomination for such Note and (B) it does not and will not beneficially own a Note (or
any beneficial interest therein) in an amount that is less than the minimum denomination for such Note. 

  
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 (f) For the Class E and Class XS Notes, each Noteholder or Note Owner or
beneficial owner of such Notes, represents and agrees that (A) either (I) it is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of
which is any of the foregoing) (each such entity a “Flow-Through Entity”) or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such
Flow-Through Entity has or ever will have more than 50% of the value of its interest in such Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any
interest created under the Indenture and (y) it is not and will not be a principal purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it will not transfer such Notes to a
Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II) above). 
 (g) Each Noteholder or Note Owner or beneficial
owner of a Note, represents and agrees that it will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity to become taxable as a corporation for U.S. federal income tax purposes.

 (h) Each Noteholder or Note Owner agrees that any purported transfer of any Note or any beneficial interest in a Note that is not made in
accordance with the restrictions set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder. 

(i) Upon request from the Indenture Trustee or Paying Agent, the Administrator will use commercially reasonable efforts to provide such
additional information that it may have to assist the Indenture Trustee in making any withholdings or informational reports. 

Section 2.15 [Special Terms Applicable to the Notes. 

(a) The Class [__] Notes have not been or will be registered under the Securities Act or the securities laws of any other jurisdiction.
Consequently, the Class [__] Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act, or pursuant to an effective registration statement under the Securities Act, and satisfaction of
certain other provisions specified herein. 
 (b) Except in a sale, pledge or other transfer of the Class [__] Notes to the Depositor or an
Affiliate of the Depositor, pursuant to Section 2.15(a) or pursuant to an effective registration statement, no sale, pledge or other transfer of the Class [__] Notes or an interest in the Class [__] Notes may be made by any
person other than (i) to a person who the transferor reasonably believes is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities Act (“Rule 144A”) and is purchasing
for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) and is aware that the sale to it is being made in reliance on Rule 144A, or (ii) to
non-U.S. Persons as defined in Regulation S. 

  
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 (c) Each Class [__] Note shall bear a legend to the effect set forth in subsection
(b) above. 
 None of the Issuing Entity, the Note Registrar or the Indenture Trustee is obligated to register the Class [__] Notes under the
Securities Act or the securities laws of any other jurisdiction or to take any other action not otherwise required under this Indenture[, the Grantor Trust Agreement] or the Trust Agreement to permit the transfer of any Class [__] Notes without
registration. The Issuing Entity, at the direction of the Depositor or the Administrator, may elect to register, or cause the registration of, the Class [__] Notes under the Securities Act or the securities laws of any other jurisdiction, in which
case the Issuing Entity shall deliver, or cause to be delivered, to the Indenture Trustee and the Note Registrar such Opinions of Counsel, Officer’s Certificates and other information as determined by the Depositor as necessary to effect such
registration.] 
 ARTICLE III 

COVENANTS 

Section 3.1 Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the principal of
and interest on the Notes in accordance with the terms of the Notes and this Indenture. On each Distribution Date and on the Redemption Date (if applicable), the Issuing Entity shall cause amounts on deposit in the Note Distribution Account to be
distributed to the Noteholders in accordance with Sections 2.7 and 8.2, less amounts properly withheld under the Code (and applicable provisions of State, local or non-U.S. tax
law) by any Person from a payment to any Noteholder of interest or principal. Any amounts so withheld shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. 

Section 3.2 Maintenance of Agency Office. As long as any of the Notes remains outstanding, the Issuing Entity
shall maintain in [ ], [ ], an office (the “Agency Office”), being an office or agency where Notes may be surrendered to the Issuing Entity for registration of transfer or exchange, and where notices and demands to or upon the
Issuing Entity in respect of the Notes and this Indenture may be served. The Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity shall give prompt written notice to the
Indenture Trustee of the location, and of any change in the location, of the Agency Office. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee and the Paying Agent with
the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands. 
 Section 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Section 8.2(a) and Section 8.2(b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section 3.3. 

  
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 (b) On or before each Distribution Date or the Redemption Date (if applicable), the Issuing
Entity shall deposit or cause to be deposited in the Note Distribution Account pursuant to Section 2.7 an aggregate sum sufficient to pay the amounts then becoming due with respect to the Notes, such sum to be held in trust
for the benefit of the Persons entitled thereto. 
 (c) The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this
Section 3.3, that such Paying Agent shall: 
 (i) hold all sums held by it for the payment of
amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Indenture Trustee notice of any default by the Issuing Entity (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

(iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the
payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent in effect at the time of determination; and 

(v) comply with all requirements of the Code (and applicable provisions of State, local or
non-U.S. tax law) with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in
connection therewith. 
 (d) The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by an Issuing Entity Order, direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon
which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e) Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for one year after such amount has become due and payable shall be discharged from such trust and be paid to the Issuing Entity on Issuing Entity Request;

  
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and the Holder of such Note shall thereafter, as a general unsecured creditor, look only to the Issuing Entity for payment thereof (but only to the extent of the amounts so paid to the Issuing
Entity), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such
payment, may at the expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuing Entity. The Indenture
Trustee may also adopt and employ, at the expense of the Issuing Entity, any other reasonable means of notification of such payment (including, but not limited to, mailing notice of such payment to Holders whose Notes have been called but have not
been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

Section 3.4 Existence. [Each of t][T]he Issuing Entity[ and the Grantor Trust] shall keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity[ or successor Grantor Trust], as the case may be, hereunder is or becomes, organized under the laws of
any other State or of the United States of America, in which case[ each of] the Issuing Entity[ and the Grantor Trust], or any successor, shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and
shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or
agreement included in the Collateral. 
 Section 3.5 Protection of Collateral; Acknowledgment of Pledge. 

(a) [Each of t][T]he Issuing Entity[ and the Grantor Trust] shall from time to time execute and deliver all such supplements and amendments
hereto and authorize or execute, as applicable, and prepare, deliver and file all such financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action necessary or advisable to:

 (i) maintain or preserve the Lien (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof; 
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture and the
priority thereof; 
 (iii) enforce the rights of the Indenture Trustee and the Noteholders in any of the Collateral; or 

  
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 (iv) preserve and defend title to the Collateral and the rights of the
Indenture Trustee and the Secured Parties in such Collateral against the claims of all persons and parties, and the Issuing Entity hereby designates the Indenture Trustee its agent and
attorney-in-fact to authorize or execute any financing statement, continuation statement or other instrument required by this Section 3.5;
provided, however, that the Indenture Trustee shall not be obligated to execute or authorize such instruments except upon the written direction from the Administrator or the Issuing Entity. 

(b) The Indenture Trustee acknowledges the pledge by the Issuing Entity to the Indenture Trustee, pursuant to the Granting Clause of
this Indenture, of all of the Issuing Entity’s right, title and interest in and to the Reserve Account [and the ] [Class N Reserve Account], so long as the Class [N][E] Notes remain Outstanding, in order to provide for the payment to the
Securityholders and the Servicer in accordance with Section 2.7, to assure availability of the amounts maintained in the Reserve Account [and the] [Class N Reserve Account] for the benefit of the Securityholders and the
Servicer. 
 (c) [Each of t][T]he Issuing Entity[ and the Grantor Trust] hereby authorizes the Indenture Trustee to file all financing
statements naming the Issuing Entity[ and the Grantor Trust, as applicable,] as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of this Indenture, and authorizes the Indenture Trustee to
take any such action without its signature, it being understood that the Indenture Trustee has no obligation to effect any filings of financing or continuation statements. 

Section 3.6 Opinions as to Collateral. 

(a) On the Closing Date, the Issuing Entity[ and the Grantor Trust] shall furnish to the Indenture Trustee an Opinion of Counsel stating that,
in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the authorization, execution and filing
of any financing statements and continuation statements as are necessary to perfect and make effective the Lien of this Indenture and reciting the details of such action. 

(b) On or before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) in each calendar year, beginning
April 30, 20[ ], the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and
continuation statements as is necessary to maintain the Lien created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain the Lien created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the authorization,
execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the Lien of this Indenture until April 30 in the following calendar year. 

  
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 Section 3.7 Performance of Obligations; Servicing of
Receivables. 
 (a) [Neither t][T]he Issuing Entity[ nor the Grantor Trust] shall[ not] take any action and[ each] shall use commercially
reasonable efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as otherwise expressly provided in, or permitted by, this Indenture and the other Transaction
Documents or such other instrument or agreement. 
 (b) [Either of t][T]he Issuing Entity[ or the Grantor Trust] may contract with other
Persons to assist it in performing its duties under this Indenture, and any performance of such duties by any such person shall be deemed to be action taken by the Issuing Entity[ or the Grantor Trust, as applicable]. Initially, the Issuing Entity
has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture, and each Noteholder acknowledges that the Administrator is acceptable to it. Each of the parties hereto acknowledges
and agrees that unless otherwise notified by an Authorized Officer of the Issuing Entity, the Administrator shall be entitled to provide notices and directions on behalf of, and otherwise act for or on behalf of, the Issuing Entity for all purposes
under this Indenture, and, unless otherwise specified herein, each such party shall be entitled to conclusively rely on any notice or direction received from an Authorized Officer of the Administrator as having been originated by the Issuing Entity.

 (c) [Each of t][T]he Issuing Entity[ and the Grantor Trust] shall punctually perform and observe all of its obligations and agreements
contained in this Indenture, the other Transaction Documents to which it is a party and in the instruments and agreements included in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Transaction Documents to which it is a party in accordance with and within the time periods provided for herein and therein. 

(d) If the Issuing Entity[ or the Grantor Trust] shall have actual knowledge of the occurrence of a Servicer Termination Event under the
Servicing Agreement, the Issuing Entity[ or the Grantor Trust, as applicable,] shall promptly notify the Indenture Trustee and the Rating Agencies, and shall specify in such notice the response or action, if any, the Issuing Entity[ or the Grantor
Trust, as applicable,] plans to take with respect of such Servicer Termination Event. 
 (e) Without derogating from the absolute nature of
the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder,[ each of ]the Issuing Entity[ and the Grantor Trust] agrees that, except as permitted by the Transaction Documents, it shall not,
without the prior written consent of the Indenture Trustee or acting at the direction of the Holders of at least a majority in Outstanding Amount of the Controlling Class, as applicable in accordance with the terms of this Indenture, (i) amend,
modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or any of the Transaction Documents, or (ii) waive timely performance or
observance by the Servicer under the Servicing Agreement, the Depositor under the Receivables Transfer Agreement, the Collateral Custodian under the Custodial Agreement, the Administrator under the Administration Agreement or the Sponsor or the
Depositor under the Receivables Purchase Agreement, unless such amendment is made: 

  
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 (i) to correct or amplify the description of any property at any time
subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

(ii) to subject additional property to the Lien of this Indenture, provided that in the case of this clause (ii),
the consent of the Certificateholders shall be required; 
 (iii) to add to the covenants of the Issuing Entity[ or the
Grantor Trust,] for the benefit of the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

(iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

(v) to cure any ambiguity, to correct or supplement any provision herein or in any Transaction Document which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; or 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI. 

Section 3.8 Negative Covenants. So long as any Notes are Outstanding,[ neither] the Issuing Entity[ nor the
Grantor Trust] shall[ not]: 
 (a) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuing Entity[ or
the Grantor Trust,] except as permitted in Section 3.10(b) and except the Issuing Entity may cause the Servicer to (i) collect, liquidate, sell or otherwise dispose of Receivables (including Purchased Receivables and Charged-Off Receivables), (ii) make cash payments out of the Designated Accounts and the Certificate Distribution Account and (iii) take other actions, in each case as permitted by the Transaction Documents;

 (b) claim any credit on, or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable provisions of State, local or non-U.S. tax law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Collateral; 
 (c) voluntarily commence any insolvency, readjustment of debt, marshaling of assets
and liabilities or other proceeding, or apply for an order by a court or agency or supervisory authority for the winding-up or liquidation of its affairs or any other event specified in
Section 5.1(f); or 

  
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 (d) either (i) permit the validity or effectiveness of this Indenture or any other
Transaction Document to be impaired, or permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than the Permitted Liens and the Lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof or
any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related
Obligor), or (iii) permit the Lien of this Indenture not to constitute a valid first priority security interest in the Collateral (other than with respect to any such tax, mechanics’ or other lien). 

Section 3.9 Annual Statement as to Compliance. The Issuing Entity shall deliver to the Indenture Trustee on or
before April 30 (and, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning April 30, 20[ ], an Officer’s Certificate signed by an Authorized Officer, dated as of December 31 of the
immediately preceding year, in each case stating that: 
 (a) a review of the activities of the Issuing Entity during the preceding 12-month period (or, with respect to the first such Officer’s Certificate, such period as shall have elapsed since the Closing Date) and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has
fulfilled all of its obligations under this Indenture throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such Authorized Officer and the nature and status thereof.

 Section 3.10 Consolidation, Merger, etc., of Issuing Entity; Disposition of Issuing Entity Assets. 

(a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless: 

(i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person
organized and existing under the laws of the United States of America, or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, the due and timely payment of the principal of and
interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(ii) immediately after giving effect to such merger or consolidation, no Default or Event of Default shall have occurred and be
continuing; 

  
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 (iii) the Rating Agency Condition shall have been satisfied with respect to
such transaction and such Person; 
 (iv) any action as is necessary to maintain the Lien created by this Indenture shall
have been taken; and 
 (v) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel addressed to the Issuing Entity and the Indenture Trustee, each stating: 
 (A) that such
consolidation or merger and such supplemental indenture comply with this Section 3.10; 
 (B) that
such consolidation or merger and such supplemental indenture shall have no material adverse tax consequence to the Issuing Entity or any Financial Party; and 

(C) that all conditions precedent herein provided for in this Section 3.10 have been complied with,
which shall include any filing required by the Exchange Act. 
 (b) Except as otherwise expressly permitted by this Indenture or the other
Transaction Documents, the Issuing Entity shall not sell, convey, exchange, transfer or otherwise dispose of any of its properties or assets, including those included in the Collateral, to any Person, unless: 

(i) the Person that acquires such properties or assets of the Issuing Entity (1) shall be a United States citizen or a
Person organized and existing under the laws of the United States of America or any State and (2) by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee: 

(A) expressly assumes the due and punctual payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein; 

(B) expressly agrees that all right, title and interest so sold, conveyed, exchanged, transferred or otherwise disposed of
shall be subject and subordinate to the rights of the Secured Parties; and 
 (C) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against and from any loss, liability or expense arising under or related to this Indenture and expressly agrees that such Person (or if a group of
Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

  
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 (ii) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction and such Person; 
 (iv) any action as is necessary to maintain the Lien created by this
Indenture shall have been taken; and 
 (v) the Issuing Entity shall have delivered to the Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel addressed to the Issuing Entity and the Indenture Trustee, each stating that: 

(A) such sale, conveyance, exchange, transfer or disposition and such supplemental indenture comply with this
Section 3.10; 
 (B) such sale, conveyance, exchange, transfer or disposition and such
supplemental indenture have no material adverse tax consequence to the Issuing Entity or to any Financial Parties; and 

(C) all conditions precedent herein provided for in this Section 3.10 have been complied with, which
shall include any filing required by the Exchange Act. 
 Section 3.11 Successor or Transferee. 

(a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by
or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture and the other Transaction Documents with the
same effect as if such Person had been named as the Issuing Entity herein. 
 (b) Upon a conveyance or transfer of substantially all the
assets and properties of the Issuing Entity pursuant to Section 3.10(b), the Issuing Entity shall be released from every covenant and agreement of this Indenture and the other Transaction Documents to be observed or
performed on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee from the Person acquiring such assets and properties stating that the Issuing Entity is to be so released,
subject to any survival provisions contained herein. 
 Section 3.12 No Other Business. The Issuing Entity shall
not engage in any business or activity other than acquiring, holding and managing the Collateral and the proceeds therefrom in the manner contemplated by the Transaction Documents, issuing the Notes and the Certificates, making payments on the Notes
and the Certificates and such other activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto, as set forth in Section 2.3 of the Trust Agreement. 

  
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 Section 3.13 No Borrowing. The Issuing Entity shall not issue,
incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness for money borrowed other than indebtedness for money borrowed in respect of the Notes or otherwise in accordance with the Transaction Documents. 

Section 3.14 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by this Indenture or the
other Transaction Documents,[ neither ]the Issuing Entity[ nor the Grantor Trust] shall[ not] make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or
agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

Section 3.15 Servicer’s Obligations. The Issuing Entity shall use its best efforts to cause the
Servicer to comply with its obligations under Section 2.7 of the Servicing Agreement. 
 Section 3.16 Capital
Expenditures. The Issuing Entity shall not make any expenditure (whether by long-term or operating lease or otherwise) for capital assets (either real, personal or intangible property) other than the purchase of the Receivables and other
property and rights from the Depositor pursuant to the Receivables Transfer Agreement. 
 Section 3.17
[RESERVED]. 
 Section 3.18 Restricted Payments. Except for payments of principal or interest on or
redemption of the Notes, so long as any Notes are Outstanding, the Issuing Entity shall not, directly or indirectly: 
 (a) pay any dividend
or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee[, the Grantor Trust Trustee] or any owner of a beneficial interest in the Issuing Entity[, the
Grantor Trust] or otherwise, in each case with respect to any ownership or equity interest or similar security in or of the Issuing Entity[ or the Grantor Trust, as applicable]; 

(b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or similar security; or 

(c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity[ and the Grantor
Trust] may make, or cause to be made, distributions to the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee,[ the Grantor Trust Trustee,] the Backup Servicer, the Collateral Custodian[, the Grantor Trust Certificateholder] and the
Financial Parties as permitted by, and to the extent funds are available for such purpose under, this Indenture or the other Transaction Documents. [Neither t][T]he Issuing Entity[ nor the Grantor Trust] shall[ not], directly or indirectly, make
payments to or distributions from the Collection Account except in accordance with this Indenture and the other Transaction Documents. 

  
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 Section 3.19 Notice of Events of Default. The Issuing Entity
agrees to give the Indenture Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder, each Servicer Termination Event, each default on the part of the Servicer of its obligations under the Servicing Agreement, each
default on the part of the Depositor of its obligations under the Receivables Transfer Agreement and each default on the part of the Seller of its obligations under the Receivables Purchase Agreement. 

Section 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee,[ each of] the Issuing Entity[
and the Grantor Trust] shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture and the other Transaction Documents. 

Section 3.21 Indenture Trustee’s Assignment of Purchased Receivables. Upon receipt of the
Purchase Amount or the Liquidation Proceeds with respect to a Receivable, as the case may be, the Servicer, the Seller, the Depositor[,][ or] the Issuing Entity[ or the Grantor Trust] or the purchaser and assignee of the Charged-Off Receivable, as applicable, shall thereupon own such purchased or repurchased Receivable and all monies due thereon. Any such Receivable shall be deemed to be automatically released from the Lien of this
Indenture without any action being taken by the Indenture Trustee upon payment of the Purchase Amount or upon receipt of the Proceeds or Liquidation Proceeds, as applicable, and the Servicer, the Seller, the Depositor[,][ or] the Issuing Entity[ or
the Grantor Trust] or purchaser or assignee of the Charged-Off Receivable, as applicable, shall own such Receivable and all such security and documents, free of any further obligation to the Issuing Entity,[
the Grantor Trust,] the Indenture Trustee, the Noteholders or the Certificateholders with respect thereto. If in any enforcement suit or legal proceeding it is held that the Servicer or other purchaser of a Receivable may not enforce a Receivable on
the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Indenture Trustee shall, at the Servicer’s or such other purchaser’s or assignee’s expense and written direction, as applicable,
take such steps as the Servicer or such other purchaser or assignee deems reasonably necessary to enforce the Receivable, including bringing suit in the Indenture Trustee’s name or the names of the Noteholders or, pursuant to
Section 4.4, the Certificateholders. 
 Section 3.22 Representations and Warranties by the
Issuing Entity[ and Grantor Trustee] to the Indenture Trustee. On the date hereof,[ each of] the Issuing Entity[ and the Grantor Trust] represents and warrants to the Indenture Trustee as follows: 

(a) Good Title. No Receivable has been sold, transferred, assigned or pledged by the Issuing Entity[ or the Grantor Trust,
respectively,] to any Person other than the Indenture Trustee; immediately prior to the conveyance of the Receivables pursuant to this Indenture, the [Grantor Trust][Issuing Entity] had good and marketable title thereto, free of any Lien; and, upon
execution and delivery of this Indenture by the Issuing Entity[ and the Grantor Trust], the Indenture Trustee shall have a Lien on all of the right, title and interest of the Issuing Entity in, to and under the Receivables, the unpaid indebtedness
evidenced thereby and the collateral security therefor, and such right, title and interest are free of any Lien other than the Lien of this Indenture.[ The Issuing Entity owns 100% of the beneficial interests in the Grantor Trust. The Grantor Trust
has no subsidiaries.] 

  
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 (b) All Filings Made. All filings (including UCC filings) necessary in any
jurisdiction to give the Indenture Trustee a first priority perfected security interest in the Receivables shall have been made or will be made within ten (10) days of the Closing Date. 

ARTICLE IV 
 SATISFACTION
AND DISCHARGE 
 Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of
further effect with respect to the Notes except as to: (i) rights of registration of transfer and exchange; (ii) substitution of mutilated, destroyed, lost or stolen Notes; (iii) rights of Noteholders to receive payments of principal
thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.19 and 3.21; (v) the rights, obligations and immunities of the Indenture Trustee and the Paying
Agent hereunder (including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Sections 4.2 and 4.4); and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the Indenture Trustee or the Paying Agent payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, if: 
 (a) either: 

(i) all Notes theretofore authenticated and delivered (other than (A) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to
the Issuing Entity or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Issuing
Entity has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee (or if the Indenture Trustee is not the Paying Agent, the Paying Agent), in trust, cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes when due on the Final Scheduled Distribution Date
for such Notes or the Redemption Date for such Notes (if such Notes have been called for redemption pursuant to Section 10.1), as the case may be, and the Issuing Entity has paid or caused to be paid all other sums payable
hereunder or under any Third Party Instrument by the Issuing Entity; and 
 (b) the Issuing Entity has delivered to the Indenture Trustee an
Officer’s Certificate of the Issuing Entity, an Opinion of Counsel, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent set forth in this
Section 4.1 relating to the satisfaction and discharge of this Indenture have been complied with. The Indenture Trustee shall provide confirmation to the Issuing Entity that it has paid to the Noteholders all interest and
principal due on the Notes. 

  
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 Section 4.2 Application of Trust Money. All monies deposited
with the Indenture Trustee pursuant to this Article IV shall be held in trust and applied by the Indenture Trustee or the Paying Agent, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest, and to payment of all sums, if any, due or to become due to any holder of any Third Party Instrument; but such monies need not be segregated from other funds except to the extent required herein or as required by law. 

Section 4.3 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture
Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 

Section 4.4 Duration of Position of Indenture Trustee. Notwithstanding the earlier payment in full of all
principal and interest due to the Noteholders under the terms of the Notes and the cancellation of the Notes, the Indenture Trustee shall continue to act in the capacity as Indenture Trustee hereunder for the benefit of the Certificateholders, for
purposes of compliance with, and the Indenture Trustee shall comply with, its obligations under Section 2.7, Section 6.8 and Article VIII hereof, and Section 5.2 of
the Servicing Agreement, as appropriate, the Indenture Trustee in such capacity shall continue to have the rights, benefits and immunities set forth herein, including those in Article VI hereof. 

ARTICLE V 
 ARTICLE V
DEFAULT AND REMEDIES 
 Section 5.1 Events of Default. For the purposes of this Indenture, “Event of
Default” wherever used herein, means any one of the following events: 
 (a) default in the payment of any interest on any Note (other
than the Class XS Notes) of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days; 

(b) default in the payment in full of all then outstanding principal of any Class of Notes (other than the Class XS Notes) and
accrued but unpaid interest due on any Class of Notes (other than the Class XS Notes) on the related Final Scheduled Distribution Date; 

(c) default in the payment in full of any other amount due on the Notes (other than the Class XS Notes) when the same becomes due and
payable, to the extent funds are available therefor, and such default shall continue for a period of five (5) Business Days; 

  
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 (d) material default in the observance or performance of any covenant or agreement of the
Issuing Entity made in this Indenture (other than a covenant or agreement to pay interest or principal on any Note or any covenant or agreement a default in the observance or performance of which is specifically dealt with elsewhere in this list of
defaults) and such default shall continue or not be cured for a period of sixty (60) days after there shall have been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the
Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the Controlling Class, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; 
 (e) material default in the observance or performance of any other representation or warranty of the Issuing
Entity made in this Indenture (other than a default the observance or performance of which is specifically dealt with elsewhere in this list of defaults) and such default shall continue or not be cured for a period of sixty (60) days after
there shall have been given, by registered or certified mail to the Issuing Entity by the Indenture Trustee, or to the Issuing Entity and the Indenture Trustee, by the Holders of Notes evidencing not less than 25% of the Outstanding Amount of the
Controlling Class, a written notice specifying such breach of representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(f) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any
substantial part of the Collateral in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuing Entity or for any substantial part of the Collateral, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall remain
unstayed and in effect for a period of ninety (90) consecutive days; or 
 (g) the commencement by the Issuing Entity of a voluntary
case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, or the consent by
the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Collateral, or the making by the Issuing
Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of action by the Issuing Entity in furtherance of any of the foregoing. 

Notwithstanding the foregoing, there will be no Event of Default where an Event of Default would otherwise exist under clauses (a), (b) and
(c) above for a period of an additional ten business days or under clauses (d) and (e) for a period of an additional 30 days if the delay or failure giving rise to the Event of Default was caused by an act of God or other similar
occurrence. 
 The Issuing Entity[ or the Grantor Trust] shall deliver to the Indenture Trustee, within five (5) Business Days after learning of the
occurrence thereof, written notice in the form of an officer’s certificate of any event which with the giving of notice and the lapse of time would become an Event of Default, its status and what action the Issuing Entity[ or the Grantor Trust,
as applicable,] is taking or proposes to take with respect thereto. 

  
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 Section 5.2 Acceleration of Maturity; Rescission and Annulment.

 (a) If an Event of Default should occur and be continuing, the Indenture Trustee shall, at the written direction of the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Controlling Class, declare all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the
Noteholders) setting forth the Event of Default or Events of Default, and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. 
 (b) If the Notes have been declared immediately due and payable following an Event of Default and before a
judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this Article V, the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class by written notice to the Issuing Entity,[ the Grantor Trust,] the Indenture Trustee and each Rating Agency, may waive all Defaults set forth in the notice delivered pursuant to Section 5.2(a) and rescind and
annul such declaration of acceleration and its consequences; provided, that no such rescission and annulment shall extend to or affect any other Default or impair any right consequent thereto; and provided further, that if the
Indenture Trustee shall have proceeded to enforce any right under this Indenture and such Proceedings shall have been discontinued or abandoned because of such rescission and annulment or for any other reason, or such Proceedings shall have been
determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored respectively to their former positions and rights hereunder, and all
rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such Proceedings had been commenced. 

Section 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a) The Issuing Entity covenants that if an Event of Default occurs and such Event of Default has not been waived pursuant to
Section 5.12 (or rescinded pursuant to Section 5.2(b)), the Issuing Entity shall, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the ratable benefit of the Noteholders in
accordance with their respective outstanding principal amounts, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, at the rate borne by the Notes and, to the extent payment at
such rate of interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) If the Issuing
Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding
to judgment or final decree, may enforce the same against the Issuing Entity[ and the Grantor Trust] and may collect in the manner provided by law out of the property of the Issuing Entity[ or the Grantor Trust], wherever situated, the monies
adjudged or decreed to be payable. 

  
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 (c) If the Notes have been declared to be immediately due and payable following an Event of
Default, the Indenture Trustee may, as more particularly provided in Section 5.4, and shall at the direction of the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or Holders of such Notes shall deem most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by applicable
law. 
 (d) If there shall be pending, relative to the Issuing Entity[ or the Grantor Trust] or any Person having or claiming an ownership
interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or if a receiver, assignee or trustee in bankruptcy or reorganization, liquidator,
sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity[, the Grantor Trust] or [their][its] property or such other Person, or in case of any other comparable judicial Proceedings relative to the
Issuing Entity[, the Grantor Trust] or other obligor upon the Notes, or to the creditors or property of the Issuing Entity[, the Grantor Trust] or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and
empowered, by intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount
of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to
the Indenture Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee,
except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such Proceedings; 
 (iii) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

  
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 (iv) to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any judicial proceedings relative to the Issuing Entity[ or the Grantor Trust], [their][its] creditors and [their][its] property; and any
trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee for application in accordance with the priorities set forth in the
Transaction Documents, and, if the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor trustee except as a result of negligence, bad faith or
willful misconduct. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for
or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All
rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative
thereto, and any such Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the reasonable expenses, disbursements and compensation of
the Indenture Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes in accordance with the priorities set forth in the Transaction Documents. 

(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

Section 5.4 Remedies; Priorities. 

(a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under
Section 5.2(a), the Indenture Trustee may, or at the written direction of the majority of the Holders of the Notes of the Controlling Class, shall do one or more of the following (subject to Sections 5.3 and
5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all
amounts then due and payable on the Notes or under this Indenture with respect thereto, whether by declaration of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes
monies adjudged due; 

  
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 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; 

(iv) sell or otherwise liquidate the Collateral or any portion thereof or rights or interest therein, at one or more public or
private sales called and conducted in any manner permitted by law; and 
 (v) cause the [Grantor Trust][Issuing Entity], by
means of a written direction, to sell or otherwise liquidate the Receivables or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral or cause the [Grantor
Trust][Issuing Entity] to liquidate the Receivables at the direction of the Noteholders following an Event of Default and acceleration of the Notes, unless (i) (A) the Holders of all of the aggregate Outstanding Amount of the Notes consent
thereto or (B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full the principal of and the accrued interest on the Notes, at the date of such sale or liquidation or (C) (x) there
has been an Event of Default under Section 5.1(a), Section 5.1(b) or Section 5.1(c) or otherwise arising from a failure to make a required payment of principal on any
Notes, (y) the Indenture Trustee determines that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as and when they would have become due if the Notes had not been declared
due and payable, and (z) the Indenture Trustee obtains the consent of Holders of 66 2/3% of the Outstanding Amount of the Notes and (ii) ten (10) days’ prior written notice of sale or liquidation has been given to the Rating
Agencies by the Depositor, provided, however, that the Depositor shall have received such notice from the Indenture Trustee at least two (2) Business Days prior thereto. In determining such sufficiency or insufficiency with
respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action
and as to the sufficiency of the Collateral or the assets of the [Grantor Trust][Issuing Entity], as applicable, for such purpose; provided, however, that prior to the exercise of the right to sell all or any portion of the Collateral
as provided herein, the Indenture Trustee shall provide a notice in writing to the Issuing Entity (with a copy to[ the Grantor Trust, the Grantor Trust Trustee,] the Depositor and the Owner Trustee) (the “Event of Default Sale
Notice”) of its intention to sell all or any portion of the Collateral (the part to be sold being the “Subject Estate”), and if the Subject Estate is less than all of the Collateral, the portion of the Collateral to be
sold. The Indenture Trustee shall not consummate any sale until at least seven (7) Business Days after the Event of Default Sale Notice has been given to the Issuing Entity (with a copy to[ the Grantor Trust and] the Depositor). 

  
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 (b) If the Indenture Trustee collects any money or property pursuant to this Article
V, it shall, or shall direct the Paying Agent to, pay out such money or property together with all Available Funds and all amounts on deposit in the Collection Account, the Note Distribution Account, the Reserve Account [and the Class N
Reserve Account] in accordance with, and in the order of priority set forth in, Section 2.7(f) hereof. 

Section 5.5 Optional Preservation of the Collateral. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled in accordance with Section 5.2(b), the Indenture Trustee may, but need not,
elect to take and maintain possession of the Collateral and continue to apply the proceeds thereof as if there had been no declaration of acceleration; provided, however, that the Available Funds shall be applied in accordance with such declaration
of acceleration in the manner specified in Section 2.7(f). It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and
the Indenture Trustee shall take such intent into account when determining whether or not to take and maintain possession of the Collateral. In determining whether to take and maintain possession of the Collateral, the Indenture Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 

Section 5.6 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder unless: 

(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(b) the Holders of not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee
to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 
 (c) such Holder or
Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities to be incurred in complying with such request; 

(d) the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute
such Proceedings; and 
 (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty
(60) day period by the Holders of a majority of the Outstanding Amount of the Controlling Class; 
 it being understood and intended that no one or
more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or
preference over any other Holders of Notes or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable (on the basis of the respective aggregate 

  
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amount of principal and interest, respectively, due and unpaid on the Notes held by each Noteholder) and common benefit of all holders of Notes. For the protection and enforcement of the
provisions of this Section 5.6, each and every Noteholder shall be entitled to such relief as can be given either at law or in equity. 

If the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less
than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee shall follow the request of the group of Holders of Notes representing the highest percentage of Outstanding Amount of the Controlling Class, notwithstanding
any other provisions of this Indenture. 
 Section 5.7 Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture in accordance with the terms thereof, and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

 Section 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the
Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally to their respective former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee
and the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.9 Rights and
Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a
Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Controlling Class shall have the right to direct in writing the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, however, that: 

  
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 (a) such direction shall not be in conflict with any rule of law or with this Indenture;

 (b) subject to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate the
Collateral or cause the [Grantor Trust][Issuing Entity] to sell or liquidate the Receivables shall be by the Holders of Notes representing not less than 100% of the Outstanding Amount of the Notes; 

(c) if the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the
Collateral pursuant to Section 5.5, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Collateral or cause the
[Grantor Trust][Issuing Entity] to sell or liquidate the Receivables shall be of no force and effect; and 
 (d) the Indenture Trustee may
take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action that
it determines might cause it to incur any liability (a) with respect to which the Indenture Trustee shall have reasonable grounds to believe that adequate indemnity against such liability is not assured to it and (b) which might materially
adversely affect the rights of any Noteholders not consenting to such action. 
 Section 5.12 Waiver of Past
Defaults. 
 (a) Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Controlling Class may waive any past Default or Event of Default and its consequences except a Default (i) in
the payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note (other than the Class XS Notes). In the
case of any such waiver, the Issuing Entity,[ the Grantor Trust,] the Indenture Trustee and the Noteholders shall be restored to their respective former positions and rights hereunder; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereto. 
 (b) Upon any such waiver, such Default shall cease to exist and be deemed to have been
cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event
of Default or impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any Proceeding for the enforcement of any right or remedy under this Indenture, or
in any Proceeding against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such Proceeding of an undertaking to pay the costs of such Proceeding, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such Proceeding, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to: 

  
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 (a) any Proceeding instituted by the Indenture Trustee; 

(b) any Proceeding instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Controlling Class; or 
 (c) any Proceeding instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

Section 5.14 Waiver of Stay or Extension Laws. [Each of t][T]he Issuing Entity[ and the Grantor Trust] covenants
(to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance of this Indenture. [Each of t][T]he Issuing Entity[ and the Grantor Trust] (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants
that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the Lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity[ or the Grantor Trust] or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the
Issuing Entity[ or the Grantor Trust]. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

Section 5.16 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Indenture Trustee to do so and at the Issuing Entity’s expense,[ each of] the Issuing Entity[
and the Grantor Trust] agrees to take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor and the Servicer of their respective obligations to the
Issuing Entity[ or the Grantor Trust] under or in connection with the Servicing Agreement and the Trust Agreement, by the Seller of its obligations under or in connection with the Receivables Purchase Agreement, by the Depositor of its
limited repurchase obligations under or in connection with the Receivables Transfer Agreement or by any obligor under a Third Party Instrument of its obligations under or in accordance with the Third Party Instrument, in each case in accordance with
the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully 

  
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available to the Issuing Entity[ and the Grantor Trust] under or in connection with the Servicing Agreement, the Trust Agreement, the Receivables Purchase Agreement, the Receivables Transfer
Agreement and any Third Party Instrument to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Depositor, the Servicer or any obligor under a Third Party
Instrument thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Depositor, the Servicer or any obligor under a Third Party Instrument of their respective obligations
under the Receivables Purchase Agreement, the Receivables Transfer Agreement, the Servicing Agreement and any Third Party Instrument, as applicable. 
 If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the written direction of the Holders of the majority of the Outstanding Amount of the Controlling Class shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity[ or the Grantor Trust] against the Servicer or any obligor under a Third Party Instrument under or in connection with the Servicing Agreement or a Third Party Instrument, against the Seller under or in
connection with the Receivables Purchase Agreement and against the Depositor under or in connection with the Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by the
Servicer, the Seller or the Depositor of each of their obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Servicing Agreement, the Receivables Purchase Agreement
or the Receivables Transfer Agreement and any right of the Issuing Entity[ or the Grantor Trust] to take such action shall be suspended. 

ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 Section 6.1 Duties of Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or any other Transaction Document against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture or the other Transaction Documents; provided, however, that
the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

  
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 (c) The Indenture Trustee may not be relieved from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, or its own bad faith, except that: 
 (i) this
Section 6.1(c) does not limit the effect of Section 6.1(b); 
 (ii) the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to any provision of this Indenture or any other Transaction Document. 
 (d) The
Indenture Trustee shall not be liable for interest on any money received by it except as set forth in the Transaction Documents and as the Indenture Trustee may agree in writing with the Issuing Entity. 

(e) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture, the Servicing Agreement or the Trust Agreement. 
 (f) No provision of this Indenture or any other Transaction Document
(including after the occurrence of an Event of Default) shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

(g) Every provision of this Indenture and each other Transaction Document relating to the Indenture Trustee shall be subject to the provisions
of this Section 6.1 and to the provisions of the TIA. 
 (h) The Indenture Trustee shall have no liability or
responsibility for the acts or omissions of the Issuing Entity, the Servicer, the Backup Servicer, the Depositor, the Sponsor,[ the Grantor Trust,] any other party to any of the Transaction Documents, including as a result of any other party’s
failure to comply with Regulation RR. 
 (i) In no event shall the Indenture Trustee be liable for any damages in the nature of special,
indirect or consequential damages, however styled, including lost profits. 

  
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 Section 6.2 Rights of Indenture Trustee. 

(a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Indenture Trustee need not investigate any fact or matter stated in the document. The Indenture Trustee need not investigate or re-calculate, certify or verify any information, statement,
representation or warranty or any fact or matter stated in any such document and may conclusively rely as to the truth, content and accuracy of the statements and correctness of the opinions expressed therein. 

(b) Except as otherwise set forth in Section 7.5 of this Agreement and Section 3.1(d) of the Receivables Transfer Agreement, before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel (at the cost of the party requesting the Indenture Trustee to act or refrain from acting). The Indenture Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 
 (c) The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or Affiliates or a custodian or nominee, and the Indenture Trustee shall not be responsible for
any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or
within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture or any other Transaction Document, unless such Holders shall have offered to the Indenture Trustee security or indemnity satisfactory to the Indenture Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document unless requested in writing to do so by a majority of the Controlling Class; provided, however, that if the Indenture Trustee determines that payment within a reasonable time of such costs, expenses and losses or liabilities
is not reasonably assured to it, the Indenture Trustee may require indemnity or security satisfactory to it from the Noteholders requesting such an investigation, against such costs, expenses and losses or liabilities as a condition to proceeding
with such investigation. 

  
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 (h) The Indenture Trustee shall not be charged with knowledge of any event or information,
including any default or Event of Default or Servicer Termination Event, or be required to act upon any event or information, including any default or Event of Default or Servicer Termination Event (including the sending of any notice), unless a
Responsible Officer of the Indenture Trustee actually knows of or receives written notice of such event or information and shall have no duty to take any action to determine whether any default, or Event of Default or Servicer Termination Event or
event has occurred. Absent a Responsible Officer actually knowing of or receiving written notice in accordance with this Section, the Indenture Trustee may conclusively assume that no such event, default or Event of Default or Servicer Termination
Event has occurred. Publicly available information does not constitute actual or constructive knowledge or notice to the Indenture Trustee. 

(i) The Indenture Trustee shall not be imputed with the knowledge of, or information possessed or obtained by, the Collateral Custodian and
knowledge of the Collateral Custodian shall not be attributed or imputed to the Indenture Trustee. 
 (j) Any delays in or failure by the
Indenture Trustee in the performance of any obligations hereunder shall be excused if and to the extent caused by any force majeure event. 

(k) Notwithstanding anything to the contrary in this Indenture or any other Transaction Document, the Indenture Trustee shall not be required
to any action that is not in accordance with Applicable Laws. 
 (l) The right of the Indenture Trustee to perform any permissive or
discretionary act enumerated in this Indenture or any related document shall not be construed as a duty. 
 (m) The Indenture Trustee is not
required to ensure that the Issuing Entity’s security interest in the Trust Estate is valid or enforceable, or to monitor status of a lien or performance of the Trust Estate. 

(n) The Indenture Trustee shall have no duty to see to, or be responsible for the correctness or accuracy of, any recording, filing or
depositing of this Indenture or any agreement referred to herein, or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording,
refilling or re-depositing of any thereof. 
 (o) The parties hereto acknowledge that in accordance
with the Customer Identification Program requirements under the USA PATRIOT Act and its implementing regulations, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall use commercially reasonable efforts to provide the Indenture Trustee with
such information as the Indenture Trustee may request that will help the Indenture Trustee to identify and verify each party’s identity, including without limitation each party’s name, physical address, tax identification number,
organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. 
 (p) The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, [            
], in each of its capacities hereunder, including its capacity under Section 4.4 hereof, and in connection with the performance of any of its duties or obligations under any of the Transaction Documents. 

  
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 (q) For the avoidance of doubt, the Indenture Trustee shall not be responsible for
determining whether any breach of representations or warranty or document defect constitutes a breach or defect or a material breach or defect. 

Section 6.3 Indenture Trustee May Own Notes. The Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity, the Servicer or any of their respective Affiliates with the same rights it would have if it were not Indenture Trustee; provided, however, that the
Indenture Trustee shall comply with Sections 6.10 and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. 
 Section 6.4 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of any Transaction Document, including this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes, it shall not
have any responsibility to monitor or cause the Issuing Entity to comply with Regulation RR and it shall not be responsible for any statement of the Issuing Entity[ or the Grantor Trust] in the Indenture or in any document issued in connection with
the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication. 

Section 6.5 Notice of Events of Default. If an Event of Default occurs and is continuing and a Responsible Officer
of the Indenture Trustee has actual knowledge or has received written notice thereof, the Indenture Trustee shall mail to each Noteholder notice of the Event of Default within ten (10) days after it is known to a Responsible Officer of the
Indenture Trustee. Except in the case of an Event of Default in payment of principal of or interest on any Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders. 
 Section 6.6 Reports by Indenture Trustee. The
Indenture Trustee shall deliver to each Noteholder the documents and information set forth in Article VII and, in addition, all such information with respect to the Notes as may be required to enable such Holder to prepare its federal and
State income tax returns. 
 Section 6.7 Compensation; Indemnity. 

(a) The Issuing Entity shall pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services; provided, however, that the Issuing
Entity need not reimburse the Indenture Trustee for any expense incurred through the Indenture Trustee’s willful misconduct, negligence, or bad faith. Such expenses shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee’s 

  
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agents, external counsel, accountants and experts. The Issuing Entity shall indemnify the Indenture Trustee for, and hold it and its officers, directors, employees, representatives and agents,
harmless against, any and all loss, liability or expense (including reasonable attorneys’ fees and expenses and court costs, and any loss or expense incurred in connection with a successful defense, in whole or in part, of any claim that the
Indenture Trustee breached its standard of care or any enforcement (including any successful action, claim or suit brought) by the Indenture Trustee of any indemnification of the Issuing Entity) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder; provided, however, that the Issuing Entity need not indemnify the Indenture Trustee for, or hold it harmless against, any such loss, liability or expense incurred through the Indenture
Trustee’s willful misconduct, negligence, or bad faith. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim for which it may seek indemnity. Any failure by the Indenture Trustee to so notify the
Issuing Entity and the Administrator shall not, however, relieve the Issuing Entity of its obligations hereunder. The Administrator, on behalf of the Issuing Entity, shall defend any such claim. The Indenture Trustee may have separate counsel in
connection with the defense of any such claim, and the Issuing Entity, shall pay the fees and expenses of such counsel. 
 (b) The Issuing
Entity’s payment obligations to the Indenture Trustee pursuant to this Section 6.7 shall survive the discharge or assignment of this Indenture and the resignation or removal of any party. When the Indenture Trustee
incurs expenses after the occurrence of a Default specified in Section 5.1(e) or Section 5.1(f) with respect to the Issuing Entity[ or the Grantor Trust], the expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 

Section 6.8 Replacement of Indenture Trustee. 

(a) The Indenture Trustee may at any time give notice of its intent to resign by so notifying the Issuing Entity; provided,
however, that no such resignation shall become effective and the Indenture Trustee shall not resign prior to the time set forth in Section 6.8(c). The Holders of a majority in Outstanding Amount of the Controlling
Class may remove the Indenture Trustee by so notifying the Indenture Trustee upon at least thirty (30) days prior written notice and may appoint a successor Indenture Trustee. Such resignation or removal shall become effective in
accordance with Section 6.8(c). The Issuing Entity shall remove the Indenture Trustee if: 
 (i)
the Indenture Trustee fails to comply with Section 6.11; 
 (ii) a Bankruptcy Event occurs with
respect to the Indenture Trustee; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its
property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 

(b) If the Indenture Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of the Indenture Trustee
for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint and designate a successor Indenture Trustee. 

  
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 (c) A successor Indenture Trustee shall deliver a written acceptance of its appointment and
designation to the retiring Indenture Trustee and the other parties to this Indenture. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall deliver a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
 (d) If a successor Indenture Trustee does not take office within sixty (60) days after
the Indenture Trustee gives notice of its intent to resign or is removed, the retiring Trustee, the Issuing Entity or the Holders of a majority of the Outstanding Amount of the Controlling Class may petition any court of competent jurisdiction
for the appointment and designation of a successor Indenture Trustee (at the expense of the Issuing Entity). 
 (e) If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Section 6.9 Merger or Consolidation of Indenture Trustee. 

(a) Any corporation into which the Indenture Trustee may be merged or with which it may be consolidated, or any corporation resulting from any
merger or consolidation to which the Indenture Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Indenture Trustee, shall be the successor of the Indenture Trustee under this Indenture; provided,
however, that such corporation shall be eligible under the provisions of Section 6.11, without the execution or filing of any instrument or any further act on the part of any of the parties to this Indenture,
anything in this Indenture to the contrary notwithstanding. 
 (b) If at the time such successor or successors by merger or consolidation to
the Indenture Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee. In all such cases such certificate of authentication shall have the same full force as is provided anywhere in the Notes or herein with respect to the certificate of authentication of the Indenture
Trustee. 
 Section 6.10 Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Collateral or any Financed Vehicle may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or 

  
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co-trustees, or separate trustee or separate trustees, of all or any part of the Collateral, and to vest in such Person or Persons, in such capacity and
for the benefit of the Noteholders, such title to the Collateral, or any part hereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee
may consider necessary or desirable. No co-trustee or separate indenture trustee hereunder shall be required to meet the terms of eligibility as a successor indenture trustee under
Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate indenture trustee shall be required under Section 6.8. 

(b) Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act
subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii) no trustee (including the Indenture Trustee, separate trustees and co-trustees)
hereunder shall be personally liable by reason of any act, omission or appointment of any other trustee (including separate trustees and co-trustees) hereunder; and 

(iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including
every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.
If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

  
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 Section 6.11 Eligibility; Disqualification. The Indenture
Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $[ ] as set forth in its most recent published annual report of condition and (unless waived by the
Rating Agencies) it shall have a long term unsecured debt rating that falls within an investment grade category by the Rating Agencies. The Indenture Trustee shall comply with TIA § 310(b); provided, however, that there shall be
excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

Section 6.12 Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall
comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 

Section 6.13 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants as
of the Closing Date that: 
 (a) the Indenture Trustee (i) is a national banking association duly organized, validly existing and in
good standing under the laws of the United States of America and (ii) satisfies the eligibility criteria set forth in Section 6.11; 

(b) the Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Indenture; 
 (c) the execution, delivery and performance by the
Indenture Trustee of this Indenture (i) shall not violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental
authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee, or (iii) shall not violate any
provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any Lien on any properties included in the Collateral pursuant to the provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default or Lien could reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this
Indenture or on the transactions contemplated in this Indenture; 
 (d) the execution, delivery and performance by the Indenture Trustee of
this Indenture shall not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the banking and
corporate trust activities of the Indenture Trustee; and 

  
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 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and
constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 

Section 6.14 Indenture Trustee May Enforce Claims Without Possession of Notes. All rights of action
and claims under this Indenture or the Notes may be prosecuted and enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Indenture Trustee shall be brought in its own name as Indenture Trustee. Any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and
counsel, be for the ratable benefit of the Noteholders and (only to the extent expressly provided herein) the Certificateholders in respect of which such judgment has been obtained. 

Section 6.15 Suit for Enforcement. If an Event of Default shall occur and be continuing, the Indenture Trustee
may, subject to the provisions of Section 6.1, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by Proceedings whether for the specific performance of any covenant or
agreement contained in this Indenture or in aid of the execution of any power granted in this Indenture or for the enforcement of any other legal, equitable or other remedy as the Indenture Trustee, being directed by the Holders of Notes evidencing
not less than a majority of the Outstanding Amount of the Controlling Class shall deem most effectual to protect and enforce any of the rights of the Indenture Trustee or the Noteholders. 

Section 6.16 Rights of Noteholders to Direct Indenture Trustee. Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee or exercising any trust or power conferred on
the Indenture Trustee; provided, however, that subject to Section 6.1, the Indenture Trustee shall have the right to decline to follow any such direction if the Indenture Trustee determines that the action so
directed may not lawfully be taken, or if the Indenture Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would be illegal or subject it to personal liability or be unduly prejudicial to the rights of
Noteholders not parties to such direction; and provided, further, that nothing in this Indenture shall impair the right of the Indenture Trustee to take any action deemed proper by the Indenture Trustee and which is not inconsistent
with such direction by the Noteholders. 
 Section 6.17 Reports by Indenture Trustee. 

(a) The Indenture Trustee shall: 

(i) deliver to the Depositor, the Owner Trustee[, the Grantor Trust Trustee] and the Servicer a report of its assessment of
compliance with the Servicing Criteria set forth in Exhibit [ ], including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as
required by Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; 

  
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 (ii) cause a firm of registered public accountants that is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, the Owner Trustee[, the Grantor
Trust Trustee] and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as
applicable, on the assessment of compliance with Servicing Criteria with respect to the prior calendar year for inclusion in the Issuing Entity’s 10-K filing; such attestation report shall be in
accordance with Rule 1-02(a)(3) and Rule 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act; and 
 (iii) deliver to the Depositor and any other Person that will be responsible for signing the
certification (a “Sarbanes Certification”) required by Rule 13a-14(d) and Rule 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the Depositor with respect to this securitization transaction a certification substantially in the form attached hereto as Exhibit [
] or such form as mutually agreed upon by the Depositor and the Indenture Trustee; the Indenture Trustee acknowledges that the parties identified in this clause (iii) may rely on the certification provided by the
Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 (b) The reports
referred to in Section 6.17(a) shall be delivered on or before March [             ] of each year that
a 10-K filing is required to be filed by the Issuing Entity, beginning March [             ], 20[     ] (and
if such date is not a Business Day, the next succeeding Business Day), unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, in which case such reports may be delivered on or before
April [             ] of each calendar year, beginning April 30, 20[     ]. 

ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.1 Issuing Entity To Furnish Indenture Trustee and Paying Agent Names and Addresses of
Noteholders. The Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee and the Paying Agent (a) not more than five (5) days before each Distribution Date a list, in such form as the Indenture Trustee or the
Paying Agent may reasonably require, of the names and addresses of the Holders of Notes as of the close of business on the related Record Date, and (b) at such other times as the Indenture Trustee or Paying Agent may request in writing, within
thirty (30) days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long
as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished. 

  
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 Section 7.2 Preservation of Information, Communications to
Noteholders. 
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of
the Holders of Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

(b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under
the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 

Section 7.3 Reports by the Issuing Entity[ and the Grantor Trust]. 

(a) The Issuing Entity[ and the Grantor Trust, respectively,] shall file with the Indenture Trustee: (i) within fifteen (15) days
after the Issuing Entity is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or Item 1122 of Regulation AB; (ii) file with the Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity[ and the Grantor Trust, as applicable,] with the
conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 
 (b) Unless the Issuing Entity[ or the Grantor Trust] otherwise determines, the fiscal year
of the Issuing Entity[ and the Grantor Trust, respectively,] shall end on December 31 of such year. 
 Section 7.4
Reports by Indenture Trustee. 
 (a) If required by TIA § 313(a), within sixty (60) days after each [
            ] 15, beginning with [             ] 15, 20[     ], the Indenture Trustee shall mail to each
Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). A copy of any report delivered pursuant to this
Section 7.4(a) shall, at the time of its mailing to Noteholders, be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. 

(b) On or prior to each Distribution Date the Indenture Trustee shall deliver or make available on its website a copy of the statement for the
related Collection Period or Periods applicable to such Distribution Date as required pursuant to Section 3.7 of the Servicing Agreement. 

  
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 Section 7.5 Noteholder Communications. 

(a) Noteholder Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner
(if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to
the Indenture Trustee. In the event that a Verified Note Owner communicates with the Indenture Trustee, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Administrator. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Verified Note Owner, other than requests, demands or directions relating to obligations of the Indenture Trustee in connection with an
Asset Representations Review Notice explicitly set forth in Section 12.2, a repurchase request made by a Noteholder pursuant to Section 3.1(d) of the Receivables Transfer Agreement or in connection with a dispute resolution
pursuant to Section 3.1(d) of the Receivables Transfer Agreement, unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses
that it may incur in complying with the request, demand or direction. 
 (b) Communications between Noteholders. A Noteholder (if the
Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or
the other Transaction Documents may send a request to the Administrator, on behalf of the Issuing Entity, at [ ] to include information regarding the communication in a
Form 10-D to be filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder or Verified Note Owner, (ii) the method by which other
Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, evidence of and a certification from that Person that it is a Verified Note Owner. A Noteholder or Note Owner,
as applicable, that delivers a request under this Section 7.5(b) will be deemed to have certified to the Administrator that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to
a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other purposes. The Administrator r will include in the Form 10-D filed with the
Commission for the Collection Period in which the request was received (A) a statement that the Administrator has received a request from a Noteholder or Note Owner, as applicable, that is interested in communicating with other Noteholders or
Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received, (E) a statement
that the Noteholder is interested in communicating with other Noteholders about the possible exercise of rights under the Transaction Documents and (D) a description of the method by which the other Noteholders or Note Owners, as applicable,
may contact the requesting Noteholder or Note Owner. Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such requesting Noteholder or Note Owner will
pay any costs associated with communicating with other Noteholders or Note Owners, and none of the Seller, the Servicer, the Depositor, the Issuer, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs.

  
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 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand
payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this
Indenture. The Indenture Trustee or any Paying Agent shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such
action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

Section 8.2 Designated Accounts; Payments. 

(a) Establishment of Other Accounts. 

(i) The Indenture Trustee shall establish, with itself, the Reserve Account, [the Class N Reserve Account,] the Collection
Account and the Note Distribution Account, each in the name of the Indenture Trustee for the benefit of the Noteholders and, solely in the case of the Collection Account and the Reserve Account, the Certificateholders [and the Swap Counterparty].
[The Indenture Trustee shall establish, with itself, the Pre-Funding Account, in the name of the Indenture Trustee for the benefit of the Noteholders.] [The Indenture Trustee shall establish, with itself, the
Accumulation Account, in the name of the Indenture Trustee for the benefit of the Noteholders [and the Swap Counterparty].] 

(ii) The Collection Account, the Note Distribution Account, the Reserve Account, [, the
Pre-Funding Account,][the Accumulation Account] [and the Class N Reserve Account] shall be Eligible Deposit Accounts initially established with the Indenture Trustee as the Account Holder. Funds deposited
in each of the Designated Accounts (including amounts, if any, which the Servicer is required to remit daily to the Collection Account) shall be invested in the Investment Fund. Such investments shall, in each case, mature or, if such Eligible
Investment does not mature, be liquidated as set forth in the definition of “Eligible Investments”; provided that neither the Administrator nor the Indenture Trustee shall have the power or right to change or alter the particular
Eligible Investments identified in the definition of “Investment Fund” with respect to which such funds are invested; and provided further that the Administrator shall provide written notice to the Indenture Trustee, promptly
upon any investment in each of the Designated Accounts ceasing to be an Eligible Investment, and such notification shall include an instruction to the Indenture Trustee to withdraw the funds from the ineligible investment and to deposit
such funds into the applicable Eligible Investment set forth in the definition of “Investment Fund.” The Administrator shall have no power or right whatsoever to change or alter any of the initial specifications set forth in the
definition of “Investment Fund”; provided that if the short-term debt obligations of such Account Holder cease to have the Required Deposit Rating (except that any Designated
Account shall be maintained with an Account Holder even if the short-term debt obligations of such Account Holder do 

  
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not have the Required Deposit Rating, if such Account Holder maintains such Designated Account in its corporate trust department) (such occurrence, an “Account Status Event”) (i) the
Administrator shall provide written notice within [thirty (30)] days of knowledge of such Account Status Event to the Indenture Trustee or other Account Holder and shall include the proposed Account Holder information in such notice; (ii) the
Administrator shall open any necessary accounts at such proposed Account Holder within [sixty (60)] days of knowledge of such Account Status Event; and (iii) the Administrator shall provide written notice to the Indenture Trustee or other Account
Holder instructing the Account Holder to transfer the Designated Accounts to another Account Holder that is an Eligible Institution; and provided further that should the Account Holder inform the Administrator or Indenture Trustee that no further
investments may be made with respect to a specific Eligible Investment, then any additional funds shall be invested by that same Account Holder in an Eligible Investment in accordance with the definition of “Investment Fund.”
Investments in Eligible Investments shall be made in the name of the Indenture Trustee or its nominee, and such investments shall not be sold or disposed of prior to their maturity, notwithstanding anything to the contrary provided in this
Agreement. Investment Earnings on funds deposited in the Reserve Account, [the Class N Reserve Account] and the Collection Account shall be payable to the Depositor. [Investment Earnings on funds deposited in the
[Pre-Funding Account][Accumulation Account] shall be payable to the Issuing Entity.] Each Account Holder holding a Designated Account as provided in this Section 8.2(a), shall be a
“Securities Intermediary.” If a Securities Intermediary shall be a Person other than the Indenture Trustee, the Administrator shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set
forth in this Section 8.2 and an Opinion of Counsel that such Person can perform such obligations. 

(iii) With respect to the Designated Account Property, the Account Holder agrees, by its acceptance hereof, that: 

(A) The Designated Accounts are accounts to which Financial Assets will be credited. 

(B) All securities or other property underlying any Financial Assets credited to the Designated Accounts shall be registered
in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any
of the Designated Accounts be registered in the name of the Issuing Entity, the Servicer or the Seller, payable to the order of the Issuing Entity, the Servicer or the Seller or specially indorsed to the Issuing Entity, the Servicer or the Seller
except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
 (C) All
property delivered to the Securities Intermediary pursuant to this Agreement or the Indenture will be promptly credited to the appropriate Designated Account. 

(D) Each item of property (whether investments, investment property, Financial Asset, security, instrument or cash) credited
to a Designated Account shall be treated as a “Financial Asset” within the meaning of Section 8-102(a)(9) of the New York UCC. 

(E) If at any time the Securities Intermediary shall receive any entitlement order from the Indenture Trustee directing
transfer or redemption of any Financial Asset relating to the Designated Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by[ the Grantor Trust,] the Issuing Entity, the Servicer, the Seller or
any other Person. 

  
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 (F) The Designated Accounts shall be governed by the laws of the State of
New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Designated Accounts (as well as the Securities Entitlements related
thereto) shall be governed by the laws of the State of New York. The laws of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to each “account agreement” (within the
meaning of the Hague Securities Convention) of each Designated Account. The Securities Intermediary shall have at the time of entry of each such account agreement and shall continue to have at all relevant times one or more offices (within the
meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention. 

(G) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any
agreement with any other person relating to the Designated Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the New York UCC) of such other person and the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the
Issuing Entity, the Seller, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 8.2(a)(iii)(E). 

(H) Except for the claims and interest of the Indenture Trustee and of the Issuing Entity in the Designated Accounts, the
Securities Intermediary knows of no claim to, or interest in, the Designated Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant
of attachment, execution or similar process) against the Designated Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the Servicer and the Issuing Entity thereof. 

(I) The Securities Intermediary will make available electronically, copies of all statements, confirmations and other
correspondence concerning the Designated Accounts and any Designated Account Property simultaneously to each of the Servicer and the Indenture Trustee. 

(J) Any Designated Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee and shall
be held, pending maturity or disposition, solely by the Indenture Trustee, or by a Securities Intermediary acting solely for the Indenture Trustee, as collateral agent. 

  
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 (iv) The Indenture Trustee shall possess all right, title and interest in
and to all funds on deposit from time to time in the Designated Accounts and in all proceeds thereof. The Designated Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Securityholders and the
Issuing Entity (as specified herein). 
 (v) The Administrator shall not direct the Indenture Trustee to make any investment
of any funds or to sell any investment held in any of the Designated Accounts unless the security interest granted and perfected in such account shall continue to be perfected in such investment or the proceeds of such sale, in either case without
any further action by any Person. 
 (vi) Except as otherwise provided herein, the Indenture Trustee, the Owner Trustee,[ the
Grantor Trust Trustee,] the Securities Intermediary and each other institution with whom a Designated Account is maintained waives any right of set-off, counterclaim, security interest or bankers’ lien to
which it might otherwise be entitled in its individual capacity. 
 (b) Application of Collections; Additional Deposits.  

(i) On or before the Closing Date, the Seller or the Depositor shall deposit the Reserve Account Initial Deposit into the
Reserve Account from the net proceeds of the sale of the Notes. 
 (ii) [On or before the Closing Date, the Depositor shall
deposit the Class N Reserve Account Initial Deposit into the Class N Reserve Account from the net proceeds of the sale of the Class N Notes.] [On or before the Closing Date, the Depositor shall deposit the Reserve Account Initial
Deposit into the Reserve Account from the net proceeds of the sale of the Notes.] 
 (iii) The Servicer, the Depositor or the
Seller, as the case may be, shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 6.1 of
the Servicing Agreement. Except for those deposits to be made by Servicer under Section 6.1 of the Servicing Agreement, all such deposits shall be made, in immediately available funds, on the Business Day preceding the Determination Date. With
respect to deposits to be made by Servicer under Section 6.1 of the Servicing Agreement, such deposits shall be made, in immediately available funds, on the Business Day preceding the Distribution Date. 

(iv) On each Distribution Date, the Indenture Trustee shall transfer from the Reserve Account and deposit in the Note
Distribution Account before 12:00 p.m. (New York time) the Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate. 

  
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 (v) [On each Distribution Date, the Indenture Trustee shall transfer from
the Class N Reserve Account and deposit in the Note Distribution Account before 12:00 p.m. (New York time) the Class N Reserve Account Draw Amount (if any) for that Distribution Date in accordance with the Servicer’s Certificate.] [On
each Distribution Date, the Indenture Trustee shall transfer from the Reserve Account and deposit in the Note Distribution Account before 12:00 p.m. (New York time) the Reserve Account Draw Amount (if any) for that Distribution Date in accordance
with the Servicer’s Certificate.] 
 (vi) On each Distribution Date, the Indenture Trustee shall transfer from the
Collection Account to the Servicer, in immediately available funds, an amount equal to the Supplemental Servicing Fees and Liquidation Expenses (as set forth on the Servicer’s Certificate) (and any unpaid Supplemental Servicing Fees and
Liquidation Expenses from prior periods) during the related Collection Period in accordance with the Servicer’s Certificate. 

(vii) [On or before each Distribution Date related to the Revolving Period and on the first Distribution Date during the
Amortization Period, to the extent not used to purchase Receivables pursuant to Section 2.7, the Indenture Trustee to transfer all amounts in the Accumulation Account to the Collection Account.] 

(viii) [On the [Initial] Closing Date, the Depositor shall deposit in the Pre-Funding
Account $[___] (the “Pre-Funding Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each [Subsequent Closing] Date, if any, upon satisfaction of the conditions set forth in
the Transaction Documents with respect to such transfer, the Indenture Trustee shall withdraw from the Pre-Funding Account (i) an amount equal to [___]% of the result of the aggregate Starting Principal
Balance of the Additional Receivables transferred to the [Grantor Trust][Issuing Entity] on such [Subsequent Closing] Date with respect to such Additional Receivables as of the related Subsequent Cutoff Date and (ii), on behalf of the Depositor,
deposit into the Reserve Account a portion of such funds equal to the [Reserve Account Subsequent Closing Deposit] with respect to such [Subsequent Closing] Date and distribute the remainder to or upon the order of the Depositor as payment for such
Additional Receivables.] 
 (c) Distributions. On each Distribution Date, in accordance with the Servicer’s Certificate, the
Indenture Trustee shall cause to be distributed to the Noteholders all amounts on deposit in the Note Distribution Account (subject to the Depositor’s rights to Investment Earnings pursuant to Section 8.2(a)(ii)
hereof) in the following order of priority and in the amounts determined as described below: 
 (i) On each Distribution Date, the amount
deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be
paid on such Distribution Date to the holders of Notes of each applicable Class: 

  
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 (A) the Aggregate Class A Interest Distributable Amount shall be paid
to the holders of the Class A Notes; 
 (B) the Aggregate Class B Interest Distributable Amount shall be paid to
the holders of the Class B Notes; 
 (C) the Aggregate Class C Interest Distributable Amount shall be paid to the
holders of the Class C Notes; 
 (D) the Aggregate Class D Interest Distributable Amount shall be paid to the
holders of the Class D Notes; and 
 (E) the Aggregate Class E Interest Distributable Amount shall be paid to the
holders of the Class E Notes; 
 provided however, if there are not sufficient funds to so pay the entire amount specified in any of the
foregoing priorities for a particular class of Notes, then the amount available for such class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such Holder. 

(ii) The amount deposited in the Note Distribution Account pursuant to Section 2.7(a)(v), (vi), (vii),
(viii), (ix) and (xii), or Section 2.7(b)(v), (vi), (vii), (viii), (ix), (x), (xi), (xii), (xiii), (xiv) and (xviii), as applicable,
shall be applied to each class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: 

(1) to the Class A[-1] Notes, until the Outstanding Amount of the Class A-1
Notes is reduced to zero; 
 (2) [to the Class A-2 Notes, until the Outstanding
Amount of the Class A-2 Notes is reduced to zero;] 
 (3) [to the Class A-3 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero;] 

(4) [to the Class A-4 Notes, until the Outstanding Amount of the Class A-3 Notes is reduced to zero;] 
 (5) to the Class B Notes, until the
Outstanding Amount of the Class B Notes is reduced to zero; 
 (6) to the Class C Notes, until the Outstanding
Amount of the Class C Notes is reduced to zero; 
 (7) to the Class D Notes, until the Outstanding Amount of the
Class D Notes is reduced to zero; and 

  
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 (8) to the Class E Notes, until the Outstanding Amount of the
Class E Notes is reduced to zero. 
 (B) [If the Pre-Funded Amount has not been
reduced to zero on the Distribution Date immediately following the calendar month in which the Funding Period, if any, ends, the Indenture Trustee shall transfer from the Pre-Funding Account on such
Distribution Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with [Section 8.2(c)]. 

Section 8.3 General Provisions Regarding Accounts. 

(a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Designated Accounts
shall be invested in Eligible Investments upon Issuing Entity Order. Absent such direction, the funds shall remain uninvested. All such investments shall mature or be liquidated no later than the Business Day preceding the next Distribution Date.
All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Collection Account, the Reserve Account [or the Class N Reserve Account] shall be withdrawn (or caused to be withdrawn) by the
Indenture Trustee from such accounts and distributed as provided herein to the Depositor. Each of the Issuing Entity and the Administrator acknowledges that upon its written request and at no additional cost, it has the right to receive notification
after the completion of each purchase and sale of Eligible Investments or the Indenture Trustee’s receipt of a broker’s confirmation. Each of the Issuing Entity and the Administrator agrees that such notifications shall not be provided by
the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available for any account if no
activity has occurred in such account during such period. 
 (b) Subject to Section 6.1(c), the Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in any of the Designated Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If (i) the Issuing Entity shall have failed to give investment directions for any funds on deposit in the Designated Accounts to the
Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Issuing Entity and the Indenture Trustee) on any Business Day; or (ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable following an Event of Default, but amounts collected or
receivable from the Collateral are being applied in accordance with Section 5.5 as if there had not been such a declaration; then in each case, funds in the Designated Accounts shall remain uninvested. 

  
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 Section 8.4 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when
required by the provisions of this Indenture shall, execute instruments to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are consistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due to the Indenture Trustee pursuant to Section 6.7 have been paid[,][ and] all amounts owing under each Third Party Instrument have been paid[ and the Grantor Trust has been dissolved], release
any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and release to the Issuing Entity[, the Grantor Trust] or any other Person entitled thereto any funds then on deposit in the Designated Accounts,
including distribution of the funds in the Reserve Account, less Investment Earnings, to the Certificate Distribution Account (for further distribution to the Certificateholders). The Indenture Trustee shall release property from the Lien of this
Indenture pursuant to this Section 8.4(b) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have been satisfied. 

(c) The Indenture Trustee shall, at such time as there are no Class [N][E] Notes Outstanding and all sums due to the Indenture Trustee in
connection with, and reasonably attributable to, such Class [N][E] Notes pursuant to Section 6.7 have been paid, [release any remaining portion of the Collateral that secured the Class N Notes from the Lien of this
Indenture] and release to the Depositor any funds then on deposit in [the Class N Reserve Account], including Investment Earnings. The Indenture Trustee shall release such property from the Lien of this Indenture pursuant to this
Section 8.4(c) only upon receipt by it of an Issuing Entity Request and an Officer’s Certificate certifying that all conditions precedent to such release have been satisfied. 

Section 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven (7) days’ notice when
requested by the Issuing Entity[ or the Grantor Trust] to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action shall not materially and adversely impair the security for the Secured Obligations or the rights of the Secured Parties in contravention of the provisions of this Indenture; provided, however, that
such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Indenture Trustee in connection with any such action. 
 Section 8.6 Benchmark
Determination. [Benchmark Determination language to be inserted as appropriate if floating rate notes are issued under the deal.] 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with prior notice by the Issuing Entity to the Rating Agencies, the Issuing Entity[ and
the Grantor Trust] and the Indenture Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act
as in force at the date of the execution thereof), for any of the following purposes: 
 (i) to correct or amplify the
description of any property at any time subject to the Lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien of this Indenture; 

(ii) to subject additional property to the Lien of this Indenture, provided that in the case of this clause (ii),
the consent of the Certificateholders shall be required; 
 (iii) to add to the covenants of the Issuing Entity[ or the
Grantor Trust], for the benefit of the Securityholders or to surrender any right or power herein conferred upon the Issuing Entity; 

(iv) to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee; 

(v) to cure any ambiguity or to correct or supplement any provision herein or in any supplemental indenture which may be
inconsistent with any other provision herein or in any supplemental indenture or in the Prospectus or any other Transaction Document; 

(vi) to evidence and provide for the acceptance of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

(vii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA, and the Indenture Trustee is hereby authorized to join
in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

  
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 (b) The Issuing Entity[ and the Grantor Trust] and, when authorized by an Issuing Entity
Order, the Indenture Trustee, may, also without the consent of any of the Noteholders but with prior written notice by the Issuing Entity to the Rating Agencies, at any time and from time to time enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 
 (c)
Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be delivered to the effect that any amendment pursuant to this Section 9.1 would not cause[ either of] the Issuing Entity[ or the Grantor Trust]
to fail to qualify as a grantor trust for United States federal income tax purposes. 
 (d) The Owner Trustee[ and the Grantor Trust Trustee]
may, but shall not be obligated to, enter into any such supplemental indenture that affects the Owner Trustee’s[ or the Grantor Trust Trustee’s] rights, duties, immunities, indemnities or liabilities under this Indenture. No amendment
which adversely affects the rights, duties, indemnities, immunities or liabilities of the Owner Trustee[ or the Grantor Trust Trustee] under this Agreement shall be effective without its prior written consent. 

(e) Notwithstanding anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent
of the Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no
responsibility for determining whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture. 

Section 9.2 Supplemental Indentures With Consent of Noteholders. 

(a) The Issuing Entity[ and the Grantor Trust] and, when authorized by an Issuing Entity Order, the Indenture Trustee, also may, with 10
Business Days prior written notice by the Issuing Entity to each of the Rating Agencies, and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Controlling Class, by Act of such Holders delivered to the
Issuing Entity[, the Grantor Trust] and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner, or eliminating any of the provisions of, this Indenture or
of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note adversely affected thereby: 

(i) change the due date of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
interest rate applicable thereto, or the Redemption Price with respect thereto, change any place of payment where, or the coin or currency in which, any Note or any interest thereon is payable, or impair the right to institute suit for the
enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case
of redemption, on or after the Redemption Date); 

  
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 (ii) reduce the percentage of the Outstanding Amount of the Controlling
Class, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and
their consequences as provided for in this Indenture; 
 (iii) modify or alter the provisions of the proviso to the
definition of the term “Outstanding”; 
 (iv) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to sell or liquidate the Collateral pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the
Outstanding Notes; 
 (v) modify any provision of this Section 9.2 to decrease the required minimum
percentage necessary to approve any amendments to any provisions of this Indenture or any of the Transaction Documents; 

(vi) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of
interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation), or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory
redemption of the Notes contained therein; or 
 (vii) permit the creation of any Lien ranking prior to or on a parity with
the Lien of this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any property at any time subject thereto or deprive the Holder of any Note of the
security afforded by the Lien of this Indenture. 
 (b) The Indenture Trustee may rely on an Officer’s Certificate and/or an Opinion of
Counsel in determining whether or not any Notes would be affected (such that the consent of each Noteholder would be required) by any supplemental indenture proposed pursuant to this Section 9.2 and any such determination
shall be binding upon the Holders of all Notes, whether authenticated and delivered thereunder before or after the date upon which such supplemental indenture becomes effective. 

(c) It shall be sufficient if an Act of Noteholders approves the substance, but not the form, of any proposed supplemental indenture. 

(d) Promptly after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.2, the Indenture Trustee shall deliver to the Noteholders a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture. 

  
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 (e) Notwithstanding anything to the contrary herein, an Opinion of Counsel shall be
delivered to the effect that any amendment pursuant to this Section 9.2 would not cause[ either of] the Issuing Entity[ or the Grantor Trust] to fail to qualify as a grantor trust for United States federal income tax
purposes. 
 Section 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts
created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officer’s Certificate stating that all conditions precedent to the
execution and delivery of such supplemental indenture have been satisfied. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities
or immunities under this Indenture or otherwise. 
 Section 9.4 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity[, the Grantor Trust] and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.5 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Issuing Entity as to any matter provided for in such supplemental indenture. If the Issuing
Entity[, the Grantor Trust] or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the
Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes of the same class. 

Section 9.6 Conformity with Trust Indenture Act. Every amendment of this Indenture and every supplemental
indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

  
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 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.1 Redemption. The Notes are subject to redemption in whole, but not in part, upon the exercise by the
Servicer of its option to purchase the Receivables pursuant to Section 6.1 of the Servicing Agreement. The date on which such redemption shall occur is the Distribution Date following the Optional Purchase Date identified by Servicer in its
notice of exercise of such purchase option (the “Redemption Date”). The purchase price for the Notes shall be equal to the applicable Redemption Price. After receipt of such notice from the Servicer pursuant to Section 6.1 of
the Servicing Agreement, the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1, the Servicer or the Issuing Entity shall furnish notice
thereof to the Indenture Trustee not later than ten (10) days prior to the Redemption Date and the Indenture Trustee (based on such notice) shall withdraw from the Collection Account and deposit into the Note Distribution Account, on the
Redemption Date, the aggregate Redemption Price of the Notes, whereupon all such Notes shall be due and payable on the Redemption Date. 

Section 10.2 Form of Redemption Notice. Notice of redemption of the Notes under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted promptly following receipt of notice from the Issuing Entity pursuant to
Section 10.1, but not later than five (5) days prior to the applicable Redemption Date to each Noteholder of record at such Noteholder’s address or facsimile number appearing in the Note Register (or otherwise
communicate such notice of redemption electronically to the Noteholders). 
 (a) All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the applicable Redemption Price; and 

(iii) the place where Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of
the Issuing Entity to be maintained as provided in Section 3.2). 
 (b) Notice of redemption of the Notes shall be
given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 Section 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption
as required by Section 10.2, on the Redemption Date cease to be Outstanding for purposes of this Indenture and shall thereafter represent only the right to receive the applicable Redemption Price and (unless the Issuing
Entity shall default in the payment of such Redemption Price) no interest shall accrue on such Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Redemption Price. 

  
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 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuing Entity[ or the Grantor Trust] to the Indenture Trustee to take any action under any
provision of this Indenture that requires an application or request hereunder, the Issuing Entity shall, if requested by the Indenture Trustee, furnish to the Indenture Trustee: (i) an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with,
and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 11.1, except that, in the case of any such application or request
as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. Every certificate or opinion delivered with respect to compliance with a condition or
covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the judgment of each such signatory, such signatory has made such examination or investigation as is
necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

(b) 
 (i) Prior to
the deposit with the Indenture Trustee of any Collateral or other property or securities that is to be made the basis for the release of any property or securities subject to the Lien of this Indenture, the Issuing Entity shall, in addition to any
obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair
value (within ninety (90) days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 

(ii) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of any signer thereof as to the matters described in clause (b)(i) above, the Issuing Entity 

  
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shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the property or securities to be so deposited and of all
other such securities made on the basis of any such withdrawal or release since the commencement of the then current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause
(b)(ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s
Certificate is less than $[ ] or less than one percent of the Outstanding Amount of the Notes. 
 (iii) Other than with
respect to the release of any Purchased Receivables, whenever any property or securities are to be released from the Lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or
stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release
will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing
Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signatory thereof as to the matters described in clause (b)(iii) above, the Issuing Entity shall also furnish to the
Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property, other than Purchased Receivables or Receivables valued at their Principal Balance of the Receivables, or
securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (b)(iii) above and this clause (b)(iv), equals 10% or more of the
Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $[ ] or less than one
percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding Section 2.9 or any
other provision of this Section 11.1, the Issuing Entity[ or the Grantor Trust, as applicable,] may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the
Transaction Documents, (B) make cash payments out of the Designated Accounts and the Certificate Distribution Account as and to the extent permitted or required by the Transaction Documents and (C) take any other action not inconsistent
with the TIA. 
 Section 11.2 Form of Documents Delivered to Indenture Trustee. 

(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

  
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 (b) Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that any certificate, opinion or representation with respect to
the matters upon which his certificate or opinion is based is erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Servicer, the Sponsor, the Depositor, the Issuing Entity[, the Grantor Trust] or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the
Sponsor, the Depositor, the Issuing Entity[, the Grantor Trust] or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are
erroneous. 
 (c) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 (d)
Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of
the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and
opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to
affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

Section 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders or a class of Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity[ and the Grantor Trust]. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee[, the Grantor Trust] and the Issuing Entity, if made in the manner provided in this
Section 11.3. 

  
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 (b) The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes (or any one or more
Predecessor Notes) shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee[, the Grantor Trust] or the
Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 Section 11.4
Notices, etc., to Indenture Trustee,[ Grantor Trust,] Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by
this Indenture shall be in writing and if such request, demand, authorization, direction, notice, instruction, consent, waiver, Act of Noteholders or other document is to be made upon, given or furnished to or filed with: 

(a) the Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; 
 (b) [the Grantor Trust Trustee by the Indenture
Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to
the Grantor Trust Trustee at the address specified in Part III of Appendix A to the Receivables Purchase Agreement;] 
 (c) to the Owner
Trustee at the Corporate Trust Office of the Owner Trustee; 
 (d) [the Grantor Trust by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return receipt requested to the Grantor Trust and the Grantor
Trust Trustee each at the address specified in Part III of Appendix A to the Receivables Purchase Agreement;] or 
 (e) the Issuing Entity by
the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and either sent by electronic facsimile transmission (with hard copy to follow via first class mail) or mailed, by certified mail, return
receipt requested to the Issuing Entity and the Owner Trustee each at the address specified in Part III of Appendix A to the Receivables Purchase Agreement. 

The Issuing Entity[ and the Grantor Trust] shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.
The Indenture Trustee shall likewise promptly transmit any notice received by it from the Noteholders to the Issuing Entity[ and the Grantor Trust]. 

  
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 Notices required to be given to the Rating Agencies by the Issuing Entity and the Indenture
Trustee or the Owner Trustee shall be delivered as specified in Part III of Appendix A to the Receivables Purchase Agreement. 

Section 11.5 Notices to Noteholders; Waiver. 

(a) Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if it is in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Person’s address as it appears on the Note Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice. If notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such
notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given regardless of whether such notice is in fact actually received. 

(b) Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver. 
 (c) In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 (d) Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Event of Default. 

(e) In the case of Book-Entry Notes, if the Note Depository allows for delivery of notice and other communications by electronic means, mail
shall mean such electronic means, unless otherwise required by law. 
 Section 11.6 Alternate Payment and Notice
Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or
any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall
cause payments to be made and notices to be given in accordance with such agreements. 
 Section 11.7 Conflict with
Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall
control. 

  
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 The provisions of TIA §§ 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the table of
contents are for convenience only and shall not affect the construction hereof. 
 Section 11.9 Successors and
Assigns. 
 (a) All covenants and agreements in this Indenture and the Notes by the Issuing Entity[ and the Grantor Trust] shall bind its
successors and assigns, whether so expressed or not. 
 (b) All covenants and agreements of the Indenture Trustee in this Indenture shall
bind its successors and assigns, whether so expressed or not. 
 Section 11.10 Severability. In case any
provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to
any Person, other than the parties hereto and their successors hereunder, and to the extent expressly provided herein, the Noteholders, the Certificateholders, the Owner Trustee,[ the Grantor Trust Trustee,] any other party secured hereunder and any
other Person with an ownership interest in any part of the Trust Estate, each of which shall be considered to be a third party beneficiary hereof. [The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to
the extent that it has any rights specified herein. The holder of a Third Party Instrument shall be a third-party beneficiary to this Agreement only to the extent that it has any rights specified herein or rights with respect to this Indenture
specified under the [Swap Counterparty Rights Agreement].] Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 11.12 Legal Holidays. If the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and except
as otherwise provided in the Transaction Documents, no interest shall accrue for the period from and after any such nominal date. 

Section 11.13 Governing Law; Waiver of Jury Trial. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE AGREES TO THE
NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. 

  
 74 

 THE PARTIES HERETO AND EACH HOLDER BY ACCEPTANCE OF A NOTE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

Section 11.16 No Recourse. No recourse may be taken, directly or indirectly, with respect to the obligations of
the Issuing Entity,[ the Grantor Trust, Grantor Trust Trustee,] the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

(a) the Indenture Trustee,[ the Grantor Trust Trustee] or the Owner Trustee or in [their][its] individual capacit[ies][y]; 

(b) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or 

(c) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee[ or the Grantor
Trust Trustee] in their individual capacities, the Depositor or any other holder of a beneficial interest in the Issuing Entity, the Owner Trustee[, the Grantor Trust Trustee] or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in their individual capacities (or any of their successors or assigns), except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations
in their individual capacities) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement.[ For all purposes of this Indenture, in the performance of any duties or obligations of the Grantor Trust hereunder, the Grantor Trust Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles VI, VII and VIII of the Grantor Trust Agreement.] 

  
 75 

 Section 11.17 No Petition. The Indenture Trustee, by entering
into this Indenture, and each Noteholder and Note Owner, by accepting a Note (or interest therein) issued hereunder, hereby covenant and agree that they shall not, prior to the date which is one year and one day after the termination of this
Indenture, acquiesce, petition or otherwise invoke or cause the Depositor[, the Grantor Trust] or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the
Depositor[, the Grantor Trust] or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor[, the
Grantor Trust] or the Issuing Entity or any substantial part of the property of such entity, or ordering the winding up or liquidation of the affairs of the Depositor[, the Grantor Trust] or the Issuing Entity under any federal or State bankruptcy
or insolvency proceeding. 
 Section 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior
notice, it shall permit any representative of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuing Entity, to make copies and extracts
therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

Section 11.19 Subordination. Each Noteholder by accepting a Note (or any interest therein) acknowledges that such
Person’s Note (or interest therein) represents an obligation of the Issuing Entity only and does not represent interests in or obligations of[ the Grantor Trust,] the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee[, the Grantor Trust Trustee] or any Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each
Noteholder by the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to the Notes, each Noteholder shall have no claim
against any of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee[, the Grantor Trust Trustee] or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the covenants above of each
Noteholder is prohibited by, or declared illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in
any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights
of other Persons to whom rights in the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 

  
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 Section 11.20 Concerning the Owner Trustee. It is expressly
understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [             ] (“[OT]”), not individually or personally but solely as
Owner Trustee of the Issuing Entity[ and Grantor Trust Trustee of the Grantor Trust], in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part
of the Issuing Entity[ or Grantor Trust, as applicable,] is made and intended not as personal representations, undertakings and agreements by [OT] but is made and intended for the purpose of binding only the Issuing Entity[ or Grantor Trust, as
applicable,] (c) nothing herein contained shall be construed as creating any liability on [OT], individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity[ or the Grantor Trust, as
applicable,] all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) [OT] has made no investigation as to the accuracy or completeness of any representations
and warranties made by the Issuing Entity[ or Grantor Trust, as applicable,] in this Agreement and (e) under no circumstances shall [OT] be personally liable for the payment of any indebtedness or expenses of the Issuing Entity[ or Grantor
Trust, as applicable,] or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity[ or Grantor Trust, as applicable,] under this Agreement. 

ARTICLE XII- COMPLIANCE WITH REGULATION AB 

Section 12.1 Information to be Provided by the Indenture Trustee. 

(a) Except to the extent disclosed by the Indenture Trustee in subsection (c) or (d) below, the Indenture Trustee shall be deemed to have
represented to the Depositor on the first day of each Collection Period with respect to the prior Collection Period that to the best of its knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against
[             ] or any property of [             ] that would be material to any Noteholder or, to the extent that the
Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 
 (b) The Indenture Trustee shall, as
promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to any information regarding the Indenture Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the
Depositor, in writing, such updated information. 
 (c) The Indenture Trustee shall deliver to the Depositor on or before March [15] (or, if
such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March [15], 20[     ], a report of a representative of the Indenture Trustee with respect to the immediately preceding calendar year
certifying, on behalf of the Indenture Trustee, that except to the extent otherwise disclosed in writing to Depositor, to the best of his or her knowledge there were no legal or governmental proceedings pending (or known to be contemplated) against
[             ] or any property of [             ] that would be material to any Noteholder or, to the extent that the
Certificates are registered under the Securities Act for public sale, any holder of such Certificates. 

  
 77 

 (d) The Indenture Trustee shall deliver to the Depositor on or before March [15] (or, if
such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March [15], 20[             ], a report of a representative of the Indenture Trustee with
respect to the immediately preceding calendar year providing to the Depositor such information regarding the Indenture Trustee as is required for the purpose of compliance with Item 1119 of Regulation AB. Such information shall include, at a
minimum, a description of any affiliation between the Indenture Trustee and any of the following parties to this securitization transaction, as such parties are identified to the Indenture Trustee by the Depositor in writing in advance of this
securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) [the Grantor Trust]; 

(v) the Owner Trustee; 

(vi) [the Grantor Trust Trustee;] 

(vii) the Servicer; 

(viii) [the Backup Servicer;] 

(ix) the Asset Representations Reviewer; 

(x) the Collateral Custodian; 

(xi) [the [Swap][Cap] Counterparty;] and 

(xii) any other material transaction party. 

(e) In connection with the parties listed in clauses (i) through [(xi)] above, the Indenture Trustee shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 

  
 78 

 (f) [The Indenture Trustee shall provide the Depositor with notification, as soon as
practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to any Transaction Document. Subject
to this Section 12.1, the Indenture Trustee shall have no obligation to take any other action with respect to any demand. In no event shall the Indenture Trustee have (i) any responsibility or liability in connection
with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or
responsibilities except as expressly set forth in this Section 12.1.] 
 Section 12.2
Noteholder Demand for Asset Representations Review. 
 (a) If the Delinquency Percentage for any Distribution Date exceeds the
Delinquency Trigger, a Noteholder (if the Notes are represented by Definitive Notes) or a Verified Note Owner (if the Notes are represented by Book-Entry Notes), may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note
Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review of the Review Receivables under the Asset Representations Review Agreement. If Noteholders and Note Owners that collectively
hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes as of the date of filing the Form 10-D that disclosed that the Delinquency Percentage for the related Distribution Date
exceeds the Delinquency Trigger demand a vote within 90 days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as described in
Section 12.2(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held by the Sponsor or any of its Affiliates shall not be included in such calculation. 

(b) Upon the direction of the requisite Noteholders or Note Owners set forth in Section 12.2 (a), the Indenture
Trustee shall conduct a vote of all Noteholders [in accordance with the Indenture Trustee’s standard vote solicitation process] and shall cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all
Noteholders and Note Owners. The Indenture Trustee shall provide to the [Depositor], to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to the Noteholders and Note Owners to be
included in the Form 10-D filed by the Issuing Entity with the Commission. [Such Form 10-D will also include a statement that sufficient Noteholders are requesting a
full Noteholder vote to commence an Asset Representations Review and will describe the applicable voting deadline.] Each Noteholder that elects to vote shall vote on the issue of whether or not the Asset Representations Reviewer should be directed
to conduct an Asset Representations Review. The vote will remain open until the [150]th day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Distribution Date exceeds
the Delinquency Trigger. 
 (c) In the event that a Verified Note Owner exercises its right to vote such Note Owner’s beneficial
interest, the Indenture Trustee shall provide a copy of the supporting evidence provided to the Indenture Trustee to the Issuing Entity. 

(d) If Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes participate in such vote, and Noteholders representing
a majority of the Outstanding Amount of such Notes vote for an Asset Representations Review, the Indenture Trustee will promptly send an Asset Representations Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer
notifying the Asset Representations Reviewer that the Noteholders have requested the Asset Representations Review. 

  
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 (e) [The Indenture Trustee shall reasonably cooperate with the Asset Representations
Reviewer in the event an Asset Representations Review is commenced pursuant to this Section 12.2 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested
by the Asset Representations Reviewer in connection with the Asset Representations Review. The Indenture Trustee shall have no obligation to obtain missing information from any other party or source.] 

(f) [For the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Distribution Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to an Asset Representations Review by the Asset Representations Reviewer.] 

*     *     *     *     * 

  
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 IN WITNESS WHEREOF, the Issuing Entity[, the Grantor Trust] and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, as of the day and year first above written. 
  

			
	CARVANA AUTO RECEIVABLES TRUST
20[     ]-[     ]
		
	By:	 	[             ], not in its individual capacity but solely as Owner Trustee
		
	By:	 	      

	Name:
	Title:
	
	[CARVANA AUTO RECEIVABLES GRANTOR TRUST 20[     ]-[     ]
		
	By:	 	[             ], not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	    

	Name:
	Title:]
	
	[             ], not in its individual capacity but solely as Indenture Trustee
		
	By:	 	
                     
                                         
   

	Name:
	Title:

 [Signature Page to Indenture] 

 EXHIBIT A 

FORM OF CLASS
[A-1][A-2[A/B]][A-3][B][C][D][E][N] NOTES 
  

			
	REGISTERED	  	Up to $[        ]
		
	NO. R-	  	
		
	CUSIP NO.                    	  	

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 [Insert
additional legends, as applicable] 

 CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ] 
 CLASS [    ]
[    ]% ASSET BACKED NOTES 
 CARVANA AUTO RECEIVABLES TRUST
20[    ]-[    ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of up to [                    ] DOLLARS
($[                    ]) or such lesser outstanding amount as may be payable in accordance with the dated as of
[        ] (such indenture, as amended or supplemented, is herein called the “Indenture”), between the Issuing Entity, Carvana Auto Receivables Grantor Trust
20[        ]-[        ] (the “Grantor Trust”), and [        ], as indenture trustee (the
“Indenture Trustee,” which term includes any successor trustee under the Indenture), on each Distribution Date, in an amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is the initial principal
amount hereof and the denominator of which is the aggregate initial principal amount for this class of Note by (ii) the aggregate amount, if any, payable on such Distribution Date from the Note Distribution Account in respect of principal on
this class of Note pursuant to Sections [2.7, 3.1 and 8.2(c)] of the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on [        ] (the
“Final Scheduled Distribution Date”) unless this Note is earlier redeemed pursuant to Section 10.1 of the Indenture, in which case such unpaid principal amount shall be due on the Redemption Date. The Issuing Entity shall pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect
to all payments of principal made on the preceding Distribution Date (or, for the initial Distribution Date, the outstanding principal balance on the Closing Date)). Interest on this Notes will accrue from and including the Closing Date and will be
payable on each Distribution Date in an amount equal to the Note Class Interest Distributable Amount for such Distribution Date for this Notes. Interest will be computed on the basis of a [360-day year of
twelve 30-day months (or, in the case of the initial Distribution Date, from and including the Closing Date, a 45-day period)]. Such principal of and interest on this
Note shall be paid in the manner specified in the Indenture. All interest payments on this class of Notes on any Distribution Date shall be made pro rata to the Noteholders of such class entitled thereto. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America which, at the time of payment, is legal tender
for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as Class [        ]
[        ]% Asset Backed Notes (herein called this “Note”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. This Class of Note is one of several duly authorized classes of Notes of the Issuing Entity issued pursuant to the Indenture
(collectively, as to all Notes of all such classes, the “Notes”). The Notes are governed by and subject to all terms of the Indenture (which terms are incorporated herein and made a part hereof), to which Indenture the Holder of this Note
by virtue of acceptance hereof assents and by which such Holder is bound. All capitalized terms used and not otherwise defined in this Note that are defined in the Indenture shall have the meanings assigned to them in or pursuant to the Indenture.

 The Notes issued pursuant to the Indenture are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the
Indenture. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, will be deemed
to represent and warrant that either (i) it is not acquiring the Note with the assets of (a) an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA, (b) a
“plan” subject to Section 4975 of the Code, (c) an entity whose underlying assets include plan assets by reason of investment by an employee benefit plan or plan in such entity and (ii) either (a) it is not a plan that is
subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (b) the acquisition and holding of the note (or beneficial interest therein) will not give rise to a violation of
any Similar Law. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, covenants
and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Grantor Trust, the Grantor Trust Trustee, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities, (ii) the Depositor or any other owner of a beneficial
interest in the Issuing 

 
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their individual capacities,
any holder of a beneficial interest in the Issuing Entity, the Owner Trustee, the Grantor Trust Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee in their
individual capacities, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of this Note or, in the case of
a Note Owner, a beneficial interest in this Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not, prior to the date which is one year and one day after the termination of the Indenture,
acquiesce, petition or otherwise invoke or cause the Depositor, the Grantor Trust or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor, the Grantor
Trust or the Issuing Entity under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor, the Grantor Trust or the
Issuing Entity or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity under any federal or State bankruptcy or insolvency proceeding. 

Each Noteholder or holder of an interest in this Note, by acceptance of this Note or such interest therein, agrees to provide to the Indenture Trustee, any
Paying Agent or the Issuing Entity, as applicable, the Noteholder Tax Identification Information and, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each Noteholder or holder of an interest in this
Note, by acceptance of this Note or such interest therein, agrees that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in this Note that fails to comply with the requirements of the preceding sentence. 

[Each Noteholder or Note Owner or beneficial owner of this Note, by acceptance of such this Note or such interest therein, agrees that (A) either (I) it
is not and will not become for U.S. federal income tax purposes a partnership, subchapter S corporation or grantor trust (or a disregarded entity the single owner of which is any of the foregoing) (each such entity a “Flow-Through Entity”)
or (II) if it is or becomes a Flow-Through Entity, then (x) none of the direct or indirect beneficial owners of any of the interests in such Flow-Through Entity has or ever will have more than 50% of the value of its interest in such
Flow-Through Entity attributable to the interest of such Flow-Through Entity in the Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created under the Indenture and (y) it is not and will not be a principal
purpose of the arrangement involving the investment of such Flow-Through Entity in any Note to permit any partnership to satisfy the 100 partner limitation of Section 1.7704-1(h)(1)(ii) of the Treasury
Regulations necessary for such partnership not to be classified as a publicly traded partnership under the Code, and (B) it will not transfer such Notes to a Flow-Through Entity (other than a Flow-Through Entity described in subpart (A)(II)
above).] 
 Each Noteholder by accepting this Note (or any interest therein) acknowledges that such Person’s Note (or interest therein) represents an
obligation of the Issuing Entity only and does not represent interests in or obligations of the Grantor Trust, the Depositor, the Servicer, the Administrator, the Owner Trustee, the Grantor Trust Trustee, the Indenture Trustee or any Affiliate
thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Transaction Documents. Each Noteholder by the acceptance of this Note (or beneficial
interest therein) agrees that except as expressly provided in the Transaction Documents, in the event of nonpayment of any amounts with respect to this Class of Notes, it shall have no claim against any of the Depositor, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee, the Grantor Trust Trustee or any Affiliate for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of each Noteholder is prohibited by, or declared
illegal or otherwise unenforceable against any such Noteholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any
Affiliate of the Depositor other than the Issuing Entity, each Noteholder agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in
the other assets have been expressly granted, including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a “subordination agreement”
within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Except a Noteholder which is considered for federal income tax
purposes the issuer of this Note (or is disregarded as an entity separate from such issuer), each Noteholder, by acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, expresses its intention that this Note
qualifies under applicable tax law as indebtedness secured by the Collateral and, unless otherwise required by appropriate taxing authorities, agrees to treat this Note as indebtedness secured by the

 
Collateral for the purpose of federal income taxes (to the extent the this Class of Notes are treated as beneficially owned by a person other than the Issuing Entity or its affiliates),
state and local income and franchise taxes, and any other taxes imposed upon, measured by or based upon gross or net income. 
 Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date
as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of the Controlling Class. The Indenture also contains
provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Class, on behalf of the Holders of all this Class of Notes, to waive compliance by the Issuing Entity with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The term
“Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the
Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and
the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the
coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Transaction Documents, neither
the Depositor, the Servicer, the Indenture Trustee, the Grantor Trust Trustee nor the Owner Trustee in their respective individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any
of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee solely as the Owner Trustee in the
assets of the Issuing Entity. The Holder of this Note by the acceptance hereof agrees that, except as expressly provided in the Transaction Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any
of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuing Entity for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to herein or be valid or obligatory for any purpose. 

 
IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer. 

 

			
	Dated:                    , 2020
	
	CARVANA AUTO RECEIVABLES TRUST 20[    ]-[    ]
		
	By:	 	 [                ], not in its individual
capacity
 but solely as Owner Trustee

		
	By:	 	                                     
                           
		
	Name:	 	
		
	Title:	 	

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designed above and referred to in the within-mentioned Indenture. 

 

			
	
	[                ], not in its individual capacity but solely as Indenture 
Trustee
		
	By:	 	                                      
                                         
                     
		
	Name:	 	
		
	Title:	 	

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

	
	
                     
                                         
                   

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	
	
                     
                                         
                                         
                              

  

	
	
                     
                                         
                                         
                              

                          
                              (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                         
                                       , as
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

Dated:                         
                                        
                                         
                                   1 
 Signature Guaranteed: 

 

                          
                                         
                                        
                                         
      
  

	1 	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

 EXHIBIT B 

[Form of Class XS Note to be added as appropriate for deals] 

 EXHIBIT [     ] 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE3 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	1122(d)(1)(v)	  	 Aggregation of information, as applicable, is mathematically

accurate and the information conveyed accurately reflects
 the
information.
	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	

  

	3	 Checkmarks will be added in this column with respect to each servicing criterion applicable to Indenture
Trustee; applicable servicing criteria TBD. 

  
 Exhibit
[     ] 2 

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	
			
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number
of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool
asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.    	  	

  
 Exhibit
[     ] 3 

					
	 Servicing Criteria
	  	 Servicer

Applicable
  Servicing Criteria  

	 Reference
	  	 Criteria
	  	 
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment
of the related Accounts, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 Exhibit
[     ] 4

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