Document:

EX-10.1

 Exhibit 10.1 

WAIVER AND CONSENT NO. 2 dated as of May 10, 2019 (this “Waiver”), among THE KRAFT HEINZ COMPANY, a Delaware corporation
(“Kraft Heinz”), KRAFT HEINZ FOODS COMPANY, a Pennsylvania limited liability company (the “Parent Borrower”), the LENDERS party hereto and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the
“Administrative Agent”). 
 Reference is made to (i) the Credit Agreement dated as of July 6, 2015 (as
amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”), among Kraft Heinz, the Parent Borrower, the Lenders party thereto, the Administrative Agent and J.P. Morgan Europe
Limited, as London agent, and (ii) the Waiver and Consent No. 1 dated as of March 22, 2019 (“Waiver No. 1”) among Kraft Heinz, the Parent Borrower, the Lenders party thereto and the Administrative
Agent. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 Kraft
Heinz and the Parent Borrower have requested, and the Administrative Agent and the Lenders party hereto (which constitute the Required Lenders) agree, in accordance with Section 9.01 of the Credit Agreement, to grant a one-time temporary waiver of compliance with (i) Section 5.01(c)(ii) with respect to the consolidated financial statements of Kraft Heinz and its Subsidiaries for the fiscal year ended December 29,
2018 and (ii) Section 5.01(c)(i) with respect to the unaudited interim condensed consolidated balance sheet of Kraft Heinz and its Subsidiaries as of the end of the quarter ended March 30, 2019 and unaudited interim condensed
consolidated statements of earnings and cash flows of Kraft Heinz and its Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter. 

NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

Section 1.    Waiver and Consent. Subject to the satisfaction of the conditions
precedent set forth in Section 3 hereof: 
 (a)    The Lenders party hereto hereby grant (i) a one-time temporary waiver, until June 28, 2019 (the “2018 Annual Financial Statements Extension Deadline”), of compliance by Kraft Heinz and the Parent Borrower with the requirement to furnish
to the Lenders a copy of the consolidated financial statements of Kraft Heinz and its Subsidiaries for the fiscal year ended December 29, 2018, audited by PricewaterhouseCoopers LLP (or other independent auditors which, as of the date of this
Agreement, are one of the “big four” accounting firms) (the “2018 Annual Financial Statements”) as required by Section 5.01(c)(ii) of the Credit Agreement and (ii) a
one-time temporary waiver, until July 31, 2019 (the “2019 Q1 Financial Statements Extension Deadline”), of the unaudited interim condensed consolidated balance sheet of Kraft Heinz and
its Subsidiaries as of the end of the quarter ended March 30, 2019 and unaudited interim condensed consolidated statements of earnings and cash flows of Kraft Heinz and its Subsidiaries for the period commencing at the end of the previous
fiscal year and ending with the end of such quarter (the “2019 Q1 Financial Statements”), it being understood and agreed that Sections 5.01(c)(i) and 5.01(c)(ii) of the Credit Agreement shall be deemed to require Kraft Heinz and the
Parent Borrower to furnish to the Lenders the 2018 Annual Financial Statements and the 2019 Q1 Financial Statements, as applicable, on or prior to the 2018 Annual Financial Statements Extension Deadline or the 2019 Q1 Financial Statements Extension
Deadline, as applicable. 
  

 (b)    During the period from and after the Waiver Effective Date (as
defined below) to and including (i) the 2018 Annual Financial Statements Extension Deadline or (ii) in the event Kraft Heinz and the Parent Borrower furnish to the Lenders the 2018 Annual Financial Statements on or prior to the 2018 Annual
Financial Statements Extension Deadline, the 2019 Q1 Financial Statements Extension Deadline, the condition precedent to each Pro Rata Borrowing set forth in Section 3.03(b) of the Credit Agreement shall be deemed to be satisfied if such
condition precedent would otherwise be satisfied but for the failure of Kraft Heinz and the Parent Borrower to furnish the 2018 Annual Financial Statements and/or the 2019 Q1 Financial Statements, as applicable, to the Lenders within the applicable
periods set forth in Sections 5.01(c)(i) and 5.01(c)(ii) of the Credit Agreement. 

Section 2.    Representations and Warranties. Kraft Heinz and the Parent Borrower
represents and warrants that as of the date hereof and the Waiver Effective Date: 
 (a)    After giving effect to this
Waiver, the representations and warranties of Kraft Heinz and the Parent Borrower contained in Article IV of the Credit Agreement and in the Holdco Guaranty Agreement are true and correct in all material respects; provided that, to the extent
that such representations and warranties specifically refer to an earlier date, they are true and correct in all material respects as of such earlier date; provided further that any representation and warranty that is qualified as to
“materiality,” “Material Adverse Effect” or similar language is true and correct (after giving effect to any qualification therein) in all respects. 

(b)    After giving effect to this Waiver, no Default or Event of Default has occurred and is continuing. 

Section 3.    Conditions to Effectiveness. 

This Waiver shall become effective on the first date (the “Waiver Effective Date”) on which the following conditions have
been satisfied: 
 (a)    The Administrative Agent shall have received executed counterparts of this Waiver by
(i) Kraft Heinz, (ii) the Parent Borrower, (iii) the Administrative Agent and (iv) the Required Lenders. 

(b)    The Administrative Agent shall have received a certificate, dated the Waiver Effective Date and signed by a duly
authorized officer of Kraft Heinz, confirming the accuracy of the representations and warranties contained in Section 2 hereof. 
 The
Administrative Agent shall notify Kraft Heinz, the Parent Borrower and the Lenders of the Waiver Effective Date and such notice shall be conclusive and binding. 

Section 4.    Fees and Expenses. Kraft Heinz and the Parent Borrower agree to
reimburse the Administrative Agent for its reasonable and documented out-of-pocket expenses incurred by it in connection with this Waiver, including the reasonable fees,
charges and disbursements of Cravath, Swaine & Moore LLP, counsel for the Administrative Agent. 

  
 2 

 Section 5.    Counterparts. 

This Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Waiver by facsimile transmission or other electronic
communication (i.e., TIF or PDF or other similar communication) shall be effective as delivery of a manually executed counterpart of this Waiver. 

Section 6.    Governing Law; Waiver of Right to Trial by Jury, Etc. 

THIS WAIVER AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION ARISING UNDER OR RELATED TO THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW DOCTRINES. The provisions of Sections 9.03, 9.04(a), 9.04(c), 9.06, 9.11 and 9.16 of the Credit Agreement are hereby incorporated by reference as if
set forth in full herein, mutatis mutandis. 
 Section 7.    Headings.

 The headings of this Waiver are for purposes of reference only and shall not be deemed to limit, amplify or modify the terms of this
Waiver, nor affect the meaning hereof. 
 Section 8.    Effect of Waiver; References to
the Credit Agreement. 
 Except as expressly set forth herein, this Waiver shall not by implication or otherwise limit, impair,
constitute a waiver of or otherwise affect the rights and remedies of any Agent, any Lender or any Issuing Bank under the Credit Agreement, Waiver No. 1, the Holdco Guaranty Agreement or any agreement or document relating thereto, and except as
expressly provided in this Waiver, shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, the Holdco Guaranty Agreement or any such other agreement or
document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. On and after the Waiver Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as waived and consented to hereby. Nothing herein shall entitle Kraft Heinz or the Parent Borrower to a consent to, or
a waiver, extension, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, the Holdco Guaranty Agreement or any agreement or document relating thereto in any
similar or different circumstances. 
 [REMAINDER OF PAGE LEFT
INTENTIONALLY BLANK] 

  
 3 

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

					
	THE KRAFT HEINZ COMPANY,
		
	By:	 	/s/ Yang Xu
		 	Name:	 	Yang Xu
		 	Title:	 	Treasurer
	
	KRAFT HEINZ FOODS COMPANY,
		
	By:	 	/s/ Ciao Xing
		 	Name:	 	Ciao Xing
		 	Title:	 	Assistant Treasurer

  
  
  

[KRAFT HEINZ – WAIVER AND CONSENT NO. 2 TO CREDIT AGREEMENT] 

 
					
	 JPMORGAN CHASE BANK N.A., as

Administrative Agent and a Lender

		
	By:	 	/s/ Tony Yung
		 	Name:	 	Tony Yung
		 	Title:	 	Executive Director

  
  
  

 
 [KRAFT HEINZ – WAIVER AND CONSENT NO. 2 TO CREDIT AGREEMENT] 

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 Name of Lender: BANCO SANTANDER, S.A., NEW YORK BRANCH 

 

					
	by	 	 /s/ /s/ Rita Walz-Cuccioli

		 	Name:	 	Rita Walz-Cuccioli
		 	Title:	 	 Executive Director
 Bank Santander, S.A. New
York Branch

		 		 	

 For any Lender requiring a second signature line: 

 

					
	by	 	 /s/ /s/ Terence Corcoran

		 	Name:	 	Terence Corcoran
		 	Title:	 	 Executive Director
 Banco Santander, S.A, New
York Branch

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 Name of Lender: Bank of America, N.A. 

 

					
	by	 	 /s/ Casey Cosgrove

		 	Name:	 	Casey Cosgrove
		 	Title:	 	Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
							
	Name of Lender: BARCLAYS BANK PLC
		
		 	Lender: BARCLAYS BANK PLC
			
	            	 	        by	 	 /s/ Jake Lam

		 		 	Name: Jake Lam
		 		 	Title:   Assistant Vice President

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
							
	Name of Lender:
		
		 	Lender: BNP PARIBAS
			
	        	 	        by	 	 /s/ Michael Pearce

		 		 	Name:	 	Michael Pearce
		 		 	Title:	 	Managing Director
		 		 		 	
	For any Lender requiring a second signature line:
			
		 	        by	 	 /s/ Emma Petersen

		 		 	Name:	 	Emma Petersen
		 		 	Title:	 	Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
							
	Name of Lender: Citibank, N.A.
		
		 	Lender:
			
	        	 	        by	 	 /s/ Carolyn Kee

		 		 	Name:	 	Carolyn Kee
		 		 	Title:	 	Vice President

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender:
	
		
		 	Lender: Cooperatieve Rabobank U.A. New York Branch
			
	        	 	        by	 	 /s/ Olivia Leong

		 		 	Name: Olivia Leong
		 		 	Title:   Executive Director
	
	For any Lender requiring a second signature line:
			
		 	        by	 	 /s/ Maria Fridman

		 		 	Name: Maria Fridman
		 		 	Title:   Executive Director

  

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender: Credit Agricole Corporate and Investment Bank
	
	    Lender:
		
	        by	 	 /s/ Jill Wong

		 	Name:	 	Jill Wong
		 	Title:	 	Director
		 		 	
	For any Lender requiring a second signature line:
		
	        by	 	 /s/ Gordon Yip

		 	Name:	 	Gordon Yip
		 	Title:	 	Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	 Name of Lender: CREDIT SUISSE AG,

                             CAYMAN ISLANDS BRANCH

	
	    Lender:
		
	        by	 	 /s/ Vipul Dhadda

		 	Name:	 	Vipul Dhadda
		 	Title:	 	Authorized Signatory
		 		 	
	For any Lender requiring a second signature line:
		
	        by	 	 /s/ Marc Zihlmann

		 	Name:	 	Marc Zihlmann
		 	Title:	 	Authorized Signatory

  

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender:
		
		 	Lender: DEUTSCHE BANK AG NEW YORK BRANCH
			
	        	 	        by	 	 /s/ Ming K. Chu

		 		 	Name: Ming K. Chu
		 		 	Title:   Director
	
	For any Lender requiring a second signature line:
			
		 	        by	 	 /s/ Virginia Cosenza

		 		 	Name: Virginia Cosenza
		 		 	Title:   Vice President

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
			
	Name of Lender:
	
	    Lender: GOLDMAN SACHS BANK USA
		
	        by	 	 /s/ Jamie Minieri

		 	Name: Jamie Minieri
		 	Title:   Authorized Signatory

  

					
	For any Lender requiring a second signature line:
		
	        by	 	      

		 	Name:	 	
		 	Title:	 	

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
			
	Lender: HSBC BANK USA, N.A.
		
	    by	 	 /s/ Rafael De Paoli

		 	Name: Rafael De Paoli
		 	Title:   Managing Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender: INTESA SANPAOLO S.p.A., New York Branch
		
	        by	 	 /s/ Jordan Schweon

		 	Name:	 	Jordan Schweon
		 	Title:	 	Global Relationship Manager
		 		 	
	For any Lender requiring a second signature line:
		
	        by	 	 /s/ Francesco Di Mario

		 	Name:	 	Francesco Di Mario
		 	Title:	 	FVP & Head of Credit

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
			
	Name of Lender: Mizuho Bank, Ltd.
	
	    Lender: Mizuho Bank, Ltd.
		
	        by	 	 /s/ Tracy Rahn

		 	Name: Tracy Rahn
		 	Title:   Authorized Signatory

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender: MORGAN STANLEY BANK N.A.
		
		 	Lender: MORGAN STANLEY BANK N.A.
			
	        	 	        by	 	 /s/ Christopher Tarnowsky

		 		 	Name: Christopher Tarnowsky
		 		 	Title:   Authorized Signatory
		
		 	For any Lender requiring a second signature line:
			
		 	        by	 	  

		 		 	Name:
		 		 	Title:

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 
					
	Name of Lender: MUFG Bank, Ltd. (formerly known as the Bank of Tokyo-Mitsubishi UFJ, Ltd.)
			
	        	 	by	 	/s/ Reema Sharma
		 		 	  
 Name: Reema Sharma

		 		 	Title:   Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

 Name of Lender: ROYAL BANK OF CANADA 

 

			
	Lender: ROYAL BANK OF CANADA
		
	    by	 	 /s/ John Flores

		 	Name: John Flores
		 	Title:   Authorized Signatory

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

					
	Name of Lender:
	
	    Lender: Standard Chartered Bank
			
		 	        by	 	 /s/ Daniel Mattern

		 		 	Name: Daniel Mattern
		 		 	Title:   Associate Director
		 		 	   Standard Chartered Bank

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

			
	Name of Lender: Sumitomo Mitsui Banking Corporation
		
	    by	 	 /s/ Michael Maguire

		 	Name: Michael Maguire
		 	Title:   Executive Director

 SIGNATURE PAGE TO 

WAIVER AND CONSENT NO. 2 TO THE CREDIT AGREEMENT OF 

THE KRAFT HEINZ COMPANY AND KRAFT HEINZ FOODS COMPANY 
  

			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION
		
	    by	 	 /s/ Mark Holm

		 	Name: Mark Holm
		 	Title:   Managing DirectorBlueprint

EXHIBIT
10.1

EXECUTION
VERSION

 

SUPER SENIOR SECURED CREDIT AGREEMENT

 

dated as of May 9, 2019,

 

among

 

FUSION CONNECT, INC.,

 

as
Borrower,

 

CERTAIN SUBSIDIARIES OF FUSION CONNECT, INC.,

 

as
Guarantor Subsidiaries,

 

THE LENDERS PARTY HERETO

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as
Administrative Agent and Collateral Agent

 

$15,000,000 Super Senior Secured Term Facility

 

 

TABLE OF CONTENTS

Page

 

	

SECTION 1. DEFINITIONS AND INTERPRETATION

	

1

	

1.1.

	

Definitions

	

1

	

1.2.

	

Accounting Terms; Pro Forma Calculations

	

54

	

1.3.

	

Interpretation, Etc

	

55

	

1.4.

	

Classification of Loans and Borrowings

	

55

	

SECTION 2. LOANS

	

56

	

2.1.

	

Term Loans

	

56

	

2.2.

	

[Reserved]

	

57

	

2.3.

	

[Reserved]

	

57

	

2.4.

	

Pro Rata Shares; Obligations Several; Availability of
Funds

	

57

	

2.5.

	

Use of Proceeds

	

58

	

2.6.

	

Evidence of Debt; Register; Notes

	

58

	

2.7.

	

Interest on Loans

	

58

	

2.8.

	

Conversion/Continuation

	

59

	

2.9.

	

Default Interest

	

60

	

2.10.

	

Fees

	

60

	

2.11.

	

Repayment on Maturity Date

	

61

	

2.12.

	

Voluntary Prepayments; Call Protection

	

61

	

2.13.

	

Mandatory Prepayments

	

62

	

2.14.

	

Application of Prepayments; Waivable Mandatory
Prepayments

	

66

	

2.15.

	

General Provisions Regarding Payments

	

66

	

2.16.

	

Ratable Sharing

	

68

	

2.17.

	

Making or Maintaining Eurodollar Rate Loans

	

68

	

2.18.

	

Increased Costs; Capital Adequacy and Liquidity

	

71

	

2.19.

	

Taxes; Withholding, Etc

	

73

	

2.20.

	

Obligation to Mitigate

	

77

	

2.21.

	

Defaulting Lenders

	

77

	

2.22.

	

Replacement of Lenders

	

78

	

SECTION 3. CONDITIONS PRECEDENT

	

79

	

3.1.

	

Closing Date

	

79

	

SECTION 4. REPRESENTATIONS AND WARRANTIES

	

81

	

4.1.

	

Organization; Requisite Power and Authority;
Qualification

	

81

	

4.2.

	

Equity Interests and Ownership

	

81

	

4.3.

	

Due Authorization

	

82

	

4.4.

	

No Conflict

	

82

	

4.5.

	

Governmental Approvals

	

82

 

 

 

 

 

 

	

4.6.

	

Binding Obligation

	

82

	

4.7.

	

Historical Financial Statements; Projections

	

82

	

4.8.

	

No Material Adverse Effect

	

83

	

4.9.

	

Adverse Proceedings

	

83

	

4.10.

	

Payment of Taxes

	

83

	

4.11.

	

Properties

	

83

	

4.12.

	

Environmental Matters

	

84

	

4.13.

	

No Defaults

	

84

	

4.14.

	

Investment Company Act

	

84

	

4.15.

	

Federal Reserve Regulations

	

84

	

4.16.

	

Employee Benefit Plans

	

85

	

4.17.

	

[Reserved]

	

85

	

4.18.

	

Compliance with Laws

	

85

	

4.19.

	

Disclosure

	

86

	

4.20.

	

Collateral Matters

	

86

	

4.21.

	

Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act

	

87

	

4.22.

	

Communications Regulatory Matters

	

88

	

SECTION 5. AFFIRMATIVE COVENANTS

	

88

	

5.1.

	

Financial Statements and Other Reports

	

89

	

5.2.

	

Existence, Licenses, Etc

	

92

	

5.3.

	

Payment of Taxes

	

92

	

5.4.

	

Maintenance of Properties

	

92

	

5.5.

	

Insurance

	

92

	

5.6.

	

Books and Records; Inspections

	

93

	

5.7.

	

Lenders Meetings

	

93

	

5.8.

	

Compliance with Laws

	

93

	

5.9.

	

Environmental Matters

	

93

	

5.10.

	

Subsidiaries

	

94

	

5.11.

	

Additional Collateral

	

94

	

5.12.

	

Further Assurances

	

94

	

5.13.

	

[Reserved]

	

95

	

5.14.

	

Use of Proceeds

	

95

	

5.15.

	

Post-Closing Matters

	

95

	

5.16.

	

Weekly Conference Calls

	

95

	

5.17.

	

Milestones

	

95

	

SECTION 6. NEGATIVE COVENANTS

	

96

	

6.1.

	

Indebtedness

	

97

	

6.2.

	

Liens

	

103

	

6.3.

	

No Further Negative Pledges

	

106

	

6.4.

	

Restricted Junior Payments

	

107

	

6.5.

	

Restrictions on Subsidiary Distributions

	

109

	

6.6.

	

Investments

	

110

	

6.7.

	

[Reserved]

	

114

	

6.8.

	

Fundamental Changes; Disposition of Assets; Equity Interests of
Subsidiaries

	

114

	

6.9.

	

Sales and Leasebacks

	

116

	

6.10.

	

Transactions with Affiliates

	

116

	

6.11.

	

Conduct of Business

	

116

	

6.12.

	

Hedge Agreements

	

116

	

6.13.

	

Amendments or Waivers of Organizational Documents and Certain
Agreements

	

117

	

6.14.

	

Fiscal Year

	

117

	

6.15.

	

Budget Variance Covenant

	

117

	

6.16.

	

Payments to Lingo

	

117

	

SECTION 7. GUARANTEE

	

117

	

7.1.

	

Guarantee of the Obligations

	

117

	

7.2.

	

Indemnity by the Borrower; Contribution by the
Guarantors

	

118

	

7.3.

	

Liability of Guarantors Absolute

	

119

	

7.4.

	

Waivers by the Guarantors

	

120

	

7.5.

	

Guarantors’ Rights of Subrogation, Contribution,
Etc

	

121

	

7.6.

	

Continuing Guarantee

	

121

	

7.7.

	

Authority of the Guarantors or the Borrower

	

121

	

7.8.

	

Financial Condition of the Credit Parties

	

122

	

7.9.

	

Bankruptcy, Etc

	

122

	

SECTION 8. EVENTS OF DEFAULT

	

123

	

8.1.

	

Events of Default

	

123

	

SECTION 9. AGENTS

	

127

	

9.1.

	

Appointment of Agents

	

127

	

9.2.

	

Powers and Duties

	

127

	

9.3.

	

General Immunity

	

127

	

9.4.

	

Acts in Individual Capacity

	

129

	

9.5.

	

Lenders’ Representations, Warranties and
Acknowledgments

	

129

	

9.6.

	

Right to Indemnity

	

130

	

9.7.

	

Successor Administrative Agent and Collateral Agent

	

131

	

9.8.

	

Collateral Documents and Obligations Guarantee

	

132

	

9.9.

	

Withholding Taxes

	

135

	

9.10.

	

Administrative Agent May File Bankruptcy Disclosure and Proofs of
Claim

	

135

	

9.11.

	

Certain ERISA Matters

	

136

 

 

 

 

 

 

	

SECTION 10. MISCELLANEOUS

	

137

	

10.1.

	

Notices

	

137

	

10.2.

	

Expenses

	

139

	

10.3.

	

Indemnity

	

140

	

10.4.

	

Set-Off

	

141

	

10.5.

	

Amendments and Waivers

	

141

	

10.6.

	

Successors and Assigns; Participations

	

144

	

10.7.

	

Independence of Covenants

	

148

	

10.8.

	

Survival of Representations, Warranties and Agreements

	

148

	

10.9.

	

No Waiver; Remedies Cumulative

	

149

	

10.10.

	

Marshalling; Payments Set Aside

	

149

	

10.11.

	

Severability

	

149

	

10.12.

	

Independent Nature of Lenders’ Rights

	

149

	

10.13.

	

Headings

	

149

	

10.14.

	

APPLICABLE LAW

	

150

	

10.15.

	

CONSENT TO JURISDICTION

	

150

	

10.16.

	

WAIVER OF JURY TRIAL

	

151

	

10.17.

	

Confidentiality

	

151

	

10.18.

	

Usury Savings Clause

	

152

	

10.19.

	

Counterparts

	

152

	

10.20.

	

Effectiveness; Entire Agreement

	

152

	

10.21.

	

PATRIOT Act

	

152

	

10.22.

	

Electronic Execution of Assignments

	

153

	

10.23.

	

No Fiduciary Duty

	

153

	

10.24.

	

Permitted Intercreditor Agreements

	

154

	

10.25.

	

Acknowledgement and Consent to Bail-In of EEA Financial
Institutions

	

155

 

 

 

 

SCHEDULES:

 

2.1                  

Commitments

2.3                  

[Reserved]

4.1                  

Organization;
Requisite Power and Authority; Qualification

4.2                  

Equity Interests
and Ownership

4.9                  

Adverse
Proceedings

4.10                  

Payment of
Taxes

4.11(b)                  

Real
Estate

4.18                  

Compliance with
Laws

4.22                  

Communications
Regulatory Matters

5.3                  

Payment of
Taxes

5.15                  

Post-Closing
Matters

6.1                  

Indebtedness

6.2                  

Liens

6.3                  

Negative
Pledges

6.5                  

Restrictions on
Subsidiary Distributions

6.6                  

Investments

6.10                  

Affiliate
Transactions

8.1(b)                  

Events of
Default

 

10.1            

Notices

 

EXHIBITS:

 

A                  

Assignment
Agreement

B                  

Closing Date
Certificate

C                  

[Reserved]

D                  

Conversion/Continuation
Notice

E                  

Counterpart
Agreement

F                  

Funding
Notice

G                  

Intercompany
Indebtedness Subordination Agreement

H                  

Intercompany
Note

I                  

Intercreditor
Agreement

J                  

[Reserved]

K                  

Pledge and Security
Agreement

L                  

[Reserved]

M                  

[Reserved]

N                  

Form of
Note

O-1                  

Form of US Tax
Certificate For Foreign Lenders That Are Not Partnerships ForUS
Federal Income Tax Purposes

O-2                  

Form of US Tax
Certificate For Foreign Participants That Are Not PartnershipsFor
US Federal Income Tax Purposes

O-3                  

Form of US Tax
Certificate For Foreign Participants That Are Partnerships ForUS
Federal Income Tax Purposes

O-4                  

Form of US Tax
Certificate For Foreign Lenders That Are Partnerships For USFederal
Income Tax Purposes

 

 

 

 

SUPER SENIOR SECURED CREDIT AGREEMENT
dated as of May 9, 2019, among FUSION CONNECT, INC., a Delaware
corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER
party hereto, as Guarantor Subsidiaries, the LENDERS party hereto and WILMINGTON
TRUST, NATIONAL ASSOCIATION (“Wilmington Trust”), as
Administrative Agent and Collateral Agent.

 

The
Lenders have agreed to extend credit facilities to the Borrower in
an aggregate principal amount of $15,000,000, consisting of Term
Loans.

 

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

 

SECTION
1. DEFINITIONS AND
INTERPRETATION

 

1.1. Definitions.
As used in this Agreement (including the recitals hereto), the
following terms have the meanings specified below:

 

“1L/2L Intercreditor Agreement”
means the Intercreditor Agreement dated as of May 4, 2018,
among Wilmington Trust, in its capacity as first lien
representative for the secured parties under the First Lien Credit
Documents and Wilmington Trust, in its capacity as second lien
representative for the secured parties under the Second Lien Credit
Documents, as amended, supplemented or otherwise modified prior to
the Closing Date.

 

“Acquisition” means the purchase or
other acquisition (in one transaction or a series of transactions,
including pursuant to any merger or consolidation) of all or
substantially all the issued and outstanding Equity Interests in,
or all or substantially all the assets of (or all or substantially
all the assets constituting a business unit, division, product line
or line of business of), any Person.

 

“Acquisition Consideration” means,
with respect to any Acquisition, the purchase consideration for
such Acquisition, whether paid in Cash or other property (valued at
the fair value thereof, as determined reasonably and in good faith
by an Authorized Officer of the Borrower), but excluding any
component thereof consisting of Equity Interests in the Borrower
(other than any Disqualified Equity Interests) and whether payable
at or prior to the consummation of such Acquisition or deferred for
payment at any future time, whether or not any such future payment
is subject to the occurrence of any contingency, and including (a)
any earnouts and other agreements to make any payment the amount of
which is, or the terms of payment of which are, in any respect
subject to or contingent upon the revenues, income, cash flows or
profits (or the like) of the Person or assets being acquired,
provided that any
such future payment that is subject to a contingency shall be
considered Acquisition Consideration only to the extent of the
reserve, if any, required under GAAP to be established by the
Borrower or any Restricted Subsidiary in respect thereof at the
time of the consummation of such Acquisition, and (b) the aggregate
amount of Indebtedness assumed by the Borrower or any Restricted
Subsidiary in connection with such Acquisition.

 

“Ad Hoc Group of Term Lenders” mean
those certain Term Loan Lenders represented by Davis Polk and
Greenhill as of the Closing Date.

 

 

 

1

 

 

“Adjusted Eurodollar Rate” means,
for any Interest Period for a Eurodollar Rate Loan, the rate per
annum obtained by dividing (a) the rate per annum (rounded to
the nearest 1/100th of 1%) determined by the Administrative Agent
by reference to the ICE Benchmark Administration London Interbank
Offered Rate for deposits in Dollars (as set forth on the
applicable Bloomberg screen page or such other commercially
available source providing such quotations as may be designated by
the Administrative Agent from time to time) for deposits (for
delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period in Dollars, determined as of
approximately 11:00 a.m. (London time) on the Interest Rate
Determination Date for such Interest Period, by (b) an amount
equal to one minus the Applicable Reserve Requirement; provided that, notwithstanding
the foregoing, the Adjusted Eurodollar Rate shall at no time be
less than 1.00% per annum.

 

“Administrative Agent” means
Wilmington Trust, in its capacity as administrative agent for the
Lenders hereunder and under the other Credit Documents, and its
successors in such capacity as provided in Section 9.

 

“Administrative Agent Fee Letter”
means the Fee Letter, dated as of the Closing Date, between the
Administrative Agent, the Collateral Agent, and the
Borrower.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the
Administrative Agent or another form reasonably acceptable to the
Administrative Agent.

 

“Adverse Proceeding” means any
action, suit, proceeding, hearing or investigation, in each case
whether administrative, judicial or otherwise, by or before any
Governmental Authority or any arbitrator, that is pending or, to
the knowledge of the Borrower or any Subsidiary, threatened in
writing against or affecting the Borrower or any Subsidiary or any
property of the Borrower or any Subsidiary.

 

“Affected Lender” as defined in
Section 2.17(b).

 

“Affected Loans” as defined in
Section 2.17(b).

 

“Affiliate” means, with respect to
any Person, any other Person directly or indirectly Controlling,
Controlled by or under common Control with the Person specified;
provided that for
purposes of Section 6.10, the term “Affiliate”
also means any Person that directly or indirectly beneficially owns
Equity Interests in the Person specified representing 10% or more
of the aggregate ordinary voting power or the aggregate equity
value represented by the issued and outstanding Equity Interests in
the Person specified and any Person that would be an Affiliate of
any such beneficial owner pursuant to this definition (but without
giving effect to this proviso).

 

“After-Acquired Intellectual
Property” as defined in Section 4.20(b).

 

“Agent” means each of (a) the
Administrative Agent, (b) the Collateral Agent and (c) any other
Person appointed under the Credit Documents to serve in an agent or
similar capacity.

 

 

 

2

 

 

“Aggregate Amounts Due” as defined
in Section 2.16.

 

“Aggregate Payments” as defined in
Section 7.2(b).

 

“Agreement” means this Super Senior
Secured Credit Agreement dated as of May 9, 2019.

 

“Anti-Corruption Laws” as defined in
Section 4.21.

 

“Applicable ECF Percentage” means,
with respect to any Fiscal Year, (a) 50% if the Total Net Leverage
Ratio as of the last day of such Fiscal Year is greater than
2.90:1.00, (b) 25% if the Total Net Leverage Ratio as of the
last day of such Fiscal Year is equal to or less than 2.90:1.00 but
greater than 2.40:1.00 and (c) 0% if the Total Net Leverage Ratio
as of the last day of such Fiscal Year is equal to or less than
2.40:1.00.

 

“Applicable Rate” means, on any
day, (i) 9.00% per annum, in the case of a Base Rate Loan, and
(ii) 10.00% per annum, in the case of a Eurodollar Rate
Loan.

 

“Applicable Reserve Requirement”
means, at any time, for any Eurodollar Rate Loan, the maximum rate,
expressed as a decimal, at which reserves (including any basic,
marginal, special, supplemental, emergency or other reserves) are
required to be maintained by member banks of the United States
Federal Reserve System against “Eurocurrency
liabilities” (as such term is defined in Regulation D) under
regulations issued from time to time by the Board of Governors or
other applicable banking regulator. Without limiting the effect of
the foregoing, the Applicable Reserve Requirement shall reflect any
other reserves required to be maintained by such member banks with
respect to (a) any category of liabilities that includes deposits
by reference to which the applicable Adjusted Eurodollar Rate or
any other interest rate for a Loan is to be determined or (b) any
category of extensions of credit or other assets that includes
Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to
constitute Eurocurrency liabilities and as such shall be deemed
subject to reserve requirements without the benefit of credits for
proration, exceptions or offsets that may be available from time to
time to the applicable Lender. The rate of interest on Eurodollar
Rate Loans shall be adjusted automatically on and as of the
effective date of any change in the Applicable Reserve
Requirement.

 

“Approved Super Senior Budget”
means the then most current Super Senior Budget prepared by the
Borrower and approved by the Requisite Lenders pursuant to Section
5.1(o).

 

“Approved Electronic
Communications” means any notice, demand,
communication, information, document or other material that any
Credit Party, or its counsel or advisors, provides to any Agent
that is distributed to any Agent or any Lender by means of
electronic communications pursuant to Section 10.1(b).

 

“Asset Sale” means any Disposition
of assets (other than Dispositions made in reliance on Section
6.8(b)(i), (ii), (iii), (iv), (vi), (vii) or (viii)), other than
any such Disposition (or series of related Dispositions) resulting
in aggregate Net Proceeds not exceeding $500,000 during the term of
this Agreement.

 

 

 

3

 

 

“Assignment Agreement” means an
Assignment and Assumption Agreement substantially in the form of
Exhibit A,
with such amendments or modifications thereto as may be approved by
the Administrative Agent.

 

“Assignment Effective
Date” as
defined in Section 10.6(b).

 

“Authorized Officer” means, with
respect to any Person, any individual holding the position of chief
executive officer, president, chief operating officer, chief
financial officer, principal accounting officer, treasurer,
secretary, assistant secretary, executive vice president or senior
vice president of such Person; provided that, when such term
is used in reference to any document executed by, or a
certification of, an Authorized Officer, the secretary or assistant
secretary of such Person shall have delivered an incumbency
certificate to the Administrative Agent as to the authority of such
individual.

 

“Available Basket Amount” means, as
of any date:

 

(a) the Available
Excess Cash Flow Amount as of such date; plus

 

(b) the Declined
Mandatory Prepayment Retained Amount as of such date; plus

 

(c) [reserved];
plus

 

(d) the aggregate
amount of Returns and, without duplication, dividends,
distributions and other returns on capital received in Cash or Cash
Equivalents as of such date in respect of any Acquisition or other
Investments made (or deemed made pursuant to the definition of the
term “Unrestricted
Subsidiary”) using the Available Basket Amount,
provided that the
aggregate amount by which the Available Basket Amount is increased
pursuant to this clause (d) in respect of any Acquisition or other
Investment shall not exceed the amount by which the Available
Basket Amount shall have been reduced on account of the Acquisition
Consideration with respect to such Acquisition or the original
amount of any such other Investment; plus

 

(e) without duplication
of amounts otherwise increasing the Available Basket Amount
pursuant to clause (d) above, in the event any Unrestricted
Subsidiary has been designated as a Restricted Subsidiary, or has
been merged or consolidated with the Borrower or a Restricted
Subsidiary (where the surviving entity in such merger or
consolidation is the Borrower or a Restricted Subsidiary), or
transfers or conveys all or substantially all of its assets to, or
is liquidated into, the Borrower or a Restricted Subsidiary, on or
prior to such date, the lesser of (i) the amount of all Investments
made using the Available Basket Amount in such Unrestricted
Subsidiary (including any such Investment deemed made pursuant to
the definition of the term “Unrestricted Subsidiary”), net of
the aggregate amount, if any, by which the Available Basket Amount
shall have been increased prior to such time in respect of such
Investments pursuant to clause (d) above, and (ii) the fair value
of such Unrestricted Subsidiary (as determined reasonably and in
good faith by an Authorized Officer of the Borrower) at the time it
is designated as a Restricted Subsidiary or the time of such
merger, consolidation, transfer, conveyance or liquidation, as
applicable; minus

 

 

 

4

 

 

(f) the portion of the
Available Basket Amount utilized after the Closing Date and on or
prior to such date pursuant to Section 6.4(j) or 6.6(n), with
the utilization pursuant to Section 6.6(n) for any Acquisition
being the Acquisition Consideration in respect thereof and the
utilization pursuant to Section 6.6(n) for any other Investment (or
any deemed Investment in respect of any designation of an
Unrestricted Subsidiary) being the amount thereof as of the date
the applicable Investment is made, determined in accordance with
the definition of “Investment” (or the definition of
“Unrestricted
Subsidiary”).

 

“Available Excess Cash Flow Amount”
means, as of any date, an amount equal to the sum, for the Fiscal
Years of the Borrower in respect of which financial statements and
the related Compliance Certificate have been delivered in
accordance with Sections 5.1(a) and 5.1(c) of the First Lien Credit
Agreement, and for which prepayments required by Section 2.13(e)
(if any) have been made, in each case on or prior to such date
(commencing with the Fiscal Year ending December 31, 2019), of the
products of (a) the amount of Consolidated Excess Cash Flow (to the
extent such amount exceeds zero) for each such Fiscal Year
multiplied by
(b) the Retained ECF Percentage for such Fiscal Year (it being
understood that the Retained ECF Percentage of Consolidated Excess
Cash Flow for any such Fiscal Year shall be included in the
Available Excess Cash Flow Amount regardless of whether a
prepayment is required for such Fiscal Year under Section
2.13(e)).

 

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

 

“Bail-In Legislation” means, 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 for such EEA Member
Country from time to time which is described in the EU Bail-In
Legislation Schedule.

 

“Bankruptcy Code” means
Title 11 of the United States Code entitled
“Bankruptcy”.

 

“Base Rate” means, for any day, the
rate per annum equal to the greatest of (a) the Prime Rate in
effect on such day, (b) the Federal Funds Effective Rate in effect
on such day plus 1⁄2 of 1% per annum and (c) the Adjusted
Eurodollar Rate that would be applicable to a Eurodollar Rate Loan
with an Interest Period of one month commencing on such day plus
1%; provided that,
notwithstanding the foregoing, the Base Rate shall at no time be
less than 2.00% per annum. Any change in the Base Rate due to a
change in the Prime Rate, the Federal Funds Effective Rate or the
Adjusted Eurodollar Rate shall be effective on the effective day of
such change in the Prime Rate, the Federal Funds Effective Rate or
the Adjusted Eurodollar Rate, as the case may be.

 

“Base Rate Borrowing” means a
Borrowing comprised of Base Rate Loans.

 

“Base Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Base
Rate.

 

 

 

5

 

 

“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”.

 

“Board of Governors” means the
Board of Governors of the United States Federal Reserve
System.

 

“Borrower” as defined in the
preamble hereto.

 

“Borrowing” means Loans of the same Type made,
converted or continued on the same date and, in the case of
Eurodollar Rate Loans, as to which a single Interest Period is in
effect.

 

“Budget Cumulative Test Period” has
the meaning specified in the definition of “Budget Variance
Report”.

 

“Budget Variance Report” means a
variance report, in a form reasonably satisfactory to the Requisite
Lenders or their advisors, setting forth (a) for the period
beginning on the Closing Date through the last Friday prior to
delivery of such variance report (the “Budget Cumulative Test Period”),
(i) the cumulative negative variance (as compared to the Approved
Super Senior Budget) of the aggregate receipts of the Credit
Parties, (ii) the cumulative positive variance (as compared to the
Approved Super Senior Budget) of the aggregate operating
disbursements (excluding professional fees and expenses) made by
the Credit Parties, and (b) an explanation, in reasonable detail,
of any material variance and a distinction between permanent and
timing-related variances, certified by the chief financial officer
of the Borrower.

 

“Business Day” means any day other
than a Saturday or Sunday, a day that is a legal holiday under the
laws of the State of New York or a day on which banking
institutions located in such State are authorized or required by
law to remain closed; provided that, with respect to
all notices, determinations, fundings and payments in connection
with the Adjusted Eurodollar Rate or any Eurodollar Rate Loan, such
day is also a day for trading by and between banks in Dollar
deposits in the London interbank market.

 

“Canadian Subsidiaries” means
collectively, Primus Management ULC, a British Columbia unlimited
liability company, and Bircan Management ULC, a British Columbia
unlimited liability company and any other Subsidiary of the
Borrower organized under the laws of Canada or any province or
political division thereof.

 

“Capital Lease Obligations” of any
Person means the obligations of such Person to pay rent or other
amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person in conformity
with GAAP, subject to Section 1.2(a). The amount of such
obligations shall be the capitalized amount thereof determined in
conformity with GAAP, subject to Section 1.2(a), and the final
maturity of such obligations shall be the date of the last payment
due under such lease (or other arrangement) before such lease (or
other arrangement) may be terminated by the lessee without payment
of a premium or penalty. For purposes of Section 6.2, a Capital
Lease Obligation shall be deemed to be secured by a Lien on the
property being leased and such property shall be deemed to be owned
by the lessee.

 

 

 

6

 

 

“Cash” means money, currency or a
credit balance in any demand or deposit account.

 

“Cash Equivalents” means, as at any
date of determination, any of the following: (a) marketable
securities (i) issued or directly and unconditionally guaranteed as
to interest and principal by the United States of America or (ii)
issued by any agency of the United States of America and backed by
the full faith and credit of the United States of America, in each
case maturing within one year after such date; (b) marketable
direct obligations issued by any State of the United States of
America or the District of Columbia or any political subdivision of
any such State or District or any public instrumentality thereof,
in each case maturing within one year after such date and having,
at the time of the acquisition thereof, a rating of at least A-1
from S&P or at least P-1 from Moody’s; (c) commercial
paper maturing no more than 270 days from the date of creation
thereof and having, at the time of the acquisition thereof, a
rating of at least A-1 from S&P or at least P-1 from
Moody’s; (d) time deposits, certificates of deposit or
bankers’ acceptances maturing within 270 days after such date
and issued or accepted by any commercial bank organized or licensed
to conduct a banking business under the laws of the United States
of America, any State thereof or the District of Columbia that
(i) is at least “adequately capitalized” (as
defined in the regulations of its primary Federal banking
regulator) and (ii) has Tier 1 capital (as defined in such
regulations) of not less than $500,000,000; (e) fully
collateralized repurchase agreements with a term of not more than
30 days from such date for securities described in clause (a) or
clause (b) above and entered into with a financial institution
satisfying the criteria described in clause (d) above; (f) shares
of any money market mutual fund that (i) has substantially all
its assets invested continuously in the types of investments
referred to in clauses (a) through (e) above, (ii) has net
assets of not less than $5,000,000,000 and (iii) has ratings of at
least AA+ from S&P or at least Aa1 from Moody’s; and (g)
in the case of any Foreign Subsidiary, other short-term investments
that are analogous to the foregoing, are of comparable credit
quality and are customarily used by companies in the jurisdiction
of such Foreign Subsidiary for cash management
purposes.

 

“CFC” means (a) any Person that is
a “controlled foreign
corporation” (within the meaning of Section 957 of the
Internal Revenue Code), but only if a Credit Party or a
“United States
person” (within the meaning of Section 7701(a)(30) of
the Internal Revenue Code) that is an Affiliate of a Credit Party
is, with respect to such Person, a “United States shareholder” (within
the meaning of Section 951(b) of the Internal Revenue Code)
described in Section 951(a)(1) of the Internal Revenue Code and (b)
each Subsidiary of any Person described in clause (a).

 

“CFC Holding Company” means each
Subsidiary that is treated as a partnership or a disregarded entity
for United States federal income tax purposes and that has no
material assets other than assets that consist (directly or
indirectly through disregarded entities or partnerships) of Equity
Interests or indebtedness (as determined for United States tax
purposes) in one or more CFCs or CFC Holding
Companies.

 

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

 

 

 

7

 

 

“Change of Control” means (a) the
acquisition of ownership, directly or indirectly, beneficially or
of record, by any Person or group (within the meaning of the
Exchange Act and the rules of the SEC thereunder), other than
Permitted Holders, of Equity Interests in the Borrower representing
more than 35% of the aggregate ordinary voting power represented by
the issued and outstanding Equity Interests in the Borrower, or (b)
the occurrence of any “change
of control” (or similar event, however denominated)
with respect to the Borrower under any Permitted First Lien
Indebtedness Document, Permitted Second Lien Indebtedness Document,
or in any indenture or other agreement or instrument evidencing,
governing the rights of the holders of or otherwise relating to any
Permitted Incremental Equivalent Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness, any Permitted Subordinated
Indebtedness, or other Material Indebtedness of the Borrower or any
Restricted Subsidiary.

 

“Chapter 11 Cases” means,
collectively, the cases, if any, to be commenced by the Borrower
and the other Credit Parties, as debtors-in-possession under
Chapter 11 of the Bankruptcy Code in the bankruptcy court in the
Southern District of New York in accordance with the RSA and the
Milestones set forth herein and in the RSA.

 

“Claiming Guarantor” as defined in
Section 7.2(b).

 

“Closing Date” means the date on
which the conditions specified in Section 3.1 have been
satisfied (or waived in accordance with Section 10.5).

 

“Closing Date Certificate” means a
Closing Date Certificate substantially in the form of Exhibit B.

 

“Collateral” means, collectively,
all of the property (including Equity Interests) on which Liens are
purported to be granted pursuant to the Collateral Documents as
security for the Obligations.

 

“Collateral Agent” means Wilmington Trust, in its
capacity as collateral agent for the Secured Parties under the
Credit Documents, and its successors in such capacity as provided
in Section 9.

 

“Collateral and Guarantee
Requirement” means, at any time, the requirement
that:

 

(a) the Administrative
Agent shall have received from the Borrower and each Designated
Subsidiary either (i) a counterpart of this Agreement duly executed
and delivered on behalf of such Person, or (ii) in the case of any
Person that becomes a Designated Subsidiary after the Closing Date,
a Counterpart Agreement duly executed and delivered on behalf of
such Person;

 

(b) the Collateral
Agent shall have received from the Borrower and each Designated
Subsidiary (i) either (A) a counterpart of the Pledge and Security
Agreement, duly executed and delivered on behalf of such Person or
(B) in the case of any Person that becomes a Designated Subsidiary
after the Closing Date, a supplement to the Pledge and Security
Agreement, in the form specified therein, duly executed and
delivered on behalf of such Person, and (ii) an acknowledgment of
the Intercreditor Agreement and, if then in effect, each other
Permitted Intercreditor Agreement, in each case, in the form
specified therein, duly executed and delivered on behalf of such
Person;

 

 

 

8

 

 

(c) in the case of any
Person that becomes a Designated Subsidiary after the Closing Date,
the Administrative Agent shall have received, to the extent
requested by the Administrative Agent or the Requisite Lenders,
documents, opinions and certificates of the type referred to in
Sections 3.1(b), 3.1(d), 3.1(e), 3.1(f) and 3.1(k) with
respect to such Designated Subsidiary;

 

(d) all Equity
Interests owned by or on behalf of any Credit Party shall have been
pledged pursuant to the Pledge and Security Agreement (provided that the Credit
Parties shall not be required to pledge (i) [reserved] or
(ii) Equity Interests that constitute Excluded Property), and
the Collateral Agent shall, to the extent required by the Pledge
and Security Agreement, have received certificates or other
instruments representing all such Equity Interests, together with
undated stock powers or other instruments of transfer with respect
thereto endorsed in blank;

 

(e) (i) the Borrower
and each Restricted Subsidiary shall have duly executed and
delivered a counterpart of each of the Intercompany Note and the
Intercompany Indebtedness Subordination Agreement and (ii) all
Indebtedness of any other Person in a principal amount of $250,000
or more that is owing to any Credit Party shall be evidenced by a
promissory note, and the Intercompany Note, each other promissory
note (if any) evidencing Indebtedness of the Borrower or any
Restricted Subsidiary to any Credit Party and each promissory note
referred to in clause (ii) above shall, in each case, have been
pledged pursuant to the Pledge and Security Agreement and the
Collateral Agent shall have received the Intercompany Note and all
such other promissory notes, together with undated instruments of
transfer with respect thereto endorsed in blank;

 

(f) all instruments and
documents, including UCC financing statements (including
transmitting utility financing statements), required by applicable
law or reasonably requested by the Collateral Agent or the
Requisite Lenders to be filed, registered or recorded to create the
Liens intended to be created by the Collateral Documents and to
perfect such Liens to the extent required by, and with the priority
required by, the Collateral Documents shall have been filed,
registered or recorded; and

 

(g) the Collateral
Agent shall have received (i) a Mortgage with respect to each
Material Real Estate Asset, if any, duly executed and delivered by
the record owner of such Material Real Estate Asset, (ii) a fully
paid policy or policies of title insurance issued by a nationally
recognized title insurance company insuring the Lien of each
Mortgage as a valid and enforceable Lien on the Material Real
Estate Asset described therein, free of any other Liens other than
Permitted Liens, which policies shall be in form and substance
reasonably satisfactory to the Requisite Lenders, together with
such endorsements, coinsurance and reinsurance as the Collateral
Agent or the Requisite Lenders may reasonably request, (iii) a
completed Flood Certificate with respect to any owned Real Estate
Asset subject to a Lien pursuant to a Mortgage, which Flood
Certificate shall be addressed to the Collateral Agent and shall
otherwise comply with the Flood Program and if the Flood
Certificate with respect to any such Real Estate Asset states that
any “Building”
(as defined in 12 CFR Chapter III, Section 339.2) included as part
of such Real Estate Asset is located in a Flood Zone, (A) an
acknowledgement of a written notification from the applicable
Credit Party to the Collateral Agent as to the existence of such
Real Estate Asset and as to whether the community in which such
Real Estate Asset is located is participating in the Flood Program
and (B) if such Real Estate Asset is located in a community that
participates in the Flood Program, evidence that the applicable
Credit Party has obtained a policy of flood insurance that is in
compliance with all applicable requirements of the Flood Program
and other applicable law (including as to the amount of insurance
coverage required thereunder), (iv) with respect to any Material
Real Estate Asset encumbered by a Lien that is to be subordinated
to the Lien created in accordance with this Agreement and the other
Credit Documents, an amendment or agreement of subordination duly
executed and delivered with respect to any Lien or encumbrance
that, but for such subordination, would have priority over the
Mortgage delivered to the Collateral Agent, (v) such surveys,
abstracts, appraisals, legal opinions and other documents as the
Collateral Agent or the Requisite Lenders may reasonably request
with respect to any Mortgage or Material Real Estate Asset and (vi)
with respect to any Leasehold Property with a fair value of greater
than $1,000,000, if reasonably requested by the Requisite Lenders,
(A) evidence that a memorandum of lease for the lease pursuant to
which the leasehold interest in the Leasehold Property has been
demised to the applicable Credit Party has been recorded in the
applicable real property records, (B) to the extent required by
such lease, evidence that the landlord thereunder has consented to
the granting of a Mortgage of the leasehold interest in such
Leasehold Property, in form and substance reasonably acceptable to
the Requisite Lenders, and (C) upon the request of the Collateral
Agent or the Requisite Lenders, an estoppel certificate from the
landlord under the related Lease.

 

 

 

9

 

 

The
foregoing definition shall not require the creation or perfection
of pledges of or security interests in, or the obtaining of title
insurance, legal opinions, consents, approvals or other
deliverables with respect to, any particular assets of the Credit
Parties if and for so long as the Collateral Agent (acting at the
written direction of the Requisite Lenders), in consultation with
the Borrower, determines that the cost of creating or perfecting
such pledges or security interests in such assets, or obtaining
such deliverables shall be excessive in relation to the benefit
that would be afforded to the Lenders therefrom. The Collateral
Agent (acting at the written direction of the Requisite Lenders)
may grant extensions of time for the creation and perfection of
security interests in or the obtaining of title insurance, legal
opinions or other deliverables with respect to particular assets or
the provision of any Obligations Guarantee by any Restricted
Subsidiary (including extensions beyond the Closing Date or in
connection with assets acquired, or Restricted Subsidiaries formed
or acquired, after the Closing Date) where it determines that such
action cannot be accomplished without undue effort or expense by
the time or times at which it would otherwise be required to be
accomplished by this Agreement or the Collateral
Documents.

 

Notwithstanding the
foregoing provisions of this definition or anything in this
Agreement or any other Credit Document to the
contrary:

 

(a) the Collateral and
Guarantee Requirement shall not apply to any of the following
assets (collectively, the “Excluded Property”; each
capitalized term used in this clause (aa) but not defined in this
Agreement having the meaning given to it in the Pledge and Security
Agreement): (i) [reserved], (ii) [reserved], (iii) any Commercial
Tort Claim as to which the claim thereunder is less than $250,000,
(iv) (A) any assets if, for so long as and to the extent a
security interest may not be granted in such assets as a matter of
applicable law, (B) any lease, license (including any License),
contract or other agreement or any rights or interests thereunder
if, for so long as and to the extent the grant of a security
interest therein would (x) constitute or result in (1) the
unenforceability of any right, title or interest of the applicable
Credit Party in or (2) a breach or termination pursuant to the
terms of, or a default under, such lease, license, contract or
other agreement or (y) require a consent, approval, license or
authorization not obtained from a Governmental Authority or third
party, except, in each case under this clause (B), to the extent
that such breach or default is ineffective under the UCC or other
applicable law or principles of equity, and (C) any property
subject to a Lien securing any purchase money obligation or Capital
Lease Obligation (or any Refinancing Indebtedness in respect
thereof) if, for so long as and to the extent the grant of a
security interest therein would constitute or result in a breach or
a default under the related agreements, provided that this
clause (C) shall apply only if such Lien and such purchase
money obligation or Capital Lease Obligation are permitted
hereunder, except, in each case under this clause (iv) to the
extent that such law or the terms in such lease, license, contract
or other agreement providing for such prohibition, breach, right of
termination or default or requiring such consent, approval, license
or authorization is ineffective under the UCC or other applicable
law or principles of equity, provided further that this clause (iv)
shall not exclude Proceeds thereof and Accounts and Payment
Intangibles arising therefrom the assignment of which is deemed
effective under the UCC, (v) any governmental licenses or
state or local franchises, charters and authorizations of a
Governmental Authority if, for so long as and to the extent the
grant of a security interest therein is prohibited or restricted by
applicable law (including the CPCN issued in Colorado to Cbeyond
Communications LLC and to Fusion LLC (formerly known as Network
Billing Systems, LLC)), except, in each case under this clause (v),
to the extent that such prohibition or restriction is ineffective
under the UCC or other applicable law or principles of equity,
provided that this
clause (v) shall not exclude Proceeds thereof and Accounts and
Payment Intangibles arising therefrom the assignment of which is
deemed effective under the UCC, (vi) Equity Interests in any Person
that is not a wholly owned Restricted Subsidiary if, for so long as
and to the extent (A) the Organizational Documents of such
Person or any related joint venture, shareholders’ or similar
agreement prohibits or restricts such pledge without the consent of
any Person other than the Borrower or a Restricted Subsidiary (it
being understood that none of the Credit Parties shall be required
to seek the consent of third parties thereunder), or
(B) [reserved], (vii) any “intent to use” trademark
application for which a statement of use has not been filed with
the United States Patent and Trademark Office, but only to the
extent that the grant of a security interest therein would
invalidate such trademark application, (viii) [reserved], and (ix)
[reserved], and in each case of this clause (aa) other than
any Proceeds, substitutions or replacements of the foregoing
(unless such Proceeds, substitutions or replacements themselves
would constitute assets described in clauses (i) through (ix)
above); provided,
in each case, that such assets shall constitute Excluded Property
only if they are not subject to any Lien securing any Permitted
First Lien Indebtedness, Permitted Second Lien Indebtedness, any
Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness; and

 

 

 

10

 

 

(b) other than as
specifically set forth herein, there shall be no requirement to
obtain any landlord waivers, estoppels, collateral access letters
or similar third party agreements.

 

“Collateral Documents” means the
Pledge and Security Agreement, the Mortgages, if any, the
Intellectual Property Security Agreements and all other
instruments, documents and agreements delivered by or on behalf of
any Credit Party pursuant to this Agreement or any of the other
Credit Documents in order to grant to, or perfect in favor of, the
Collateral Agent, for the benefit of the Secured Parties, a Lien on
any property of such Credit Party as security for the
Obligations.

 

“Collateral Questionnaire” means
the Collateral Questionnaire delivered by the Borrower pursuant to
Section 3.1(d).

 

“Commitment” means a Term Loan
Commitment.

 

“Communications Laws” means (a) the
Communications Act of 1934, (b) the rules and regulations of the
FCC promulgated under Title 47 of the U.S. Code of Federal
Regulations, as they may be amended or supplemented from time to
time and decisions, policies, reports and orders issued pursuant to
the adoption of such rules and regulations, (c) the Communications
Assistance for Law Enforcement Act, codified at 47 U.S.C.
§1001, et. seq., (d) such other laws of the United States
codified or otherwise included in Title 47 of the U.S. Code as may
be applicable to the conduct of the business of the Borrower and
the Restricted Subsidiaries, (e) any other law of any Governmental
Authority with jurisdiction over telecommunications related
matters, including all laws administered by any State PUC, and (f)
the terms and conditions of any License granted or issued to the
Borrower or any Restricted Subsidiaries.

 

“Compliance Certificate” means a
“Compliance
Certificate” as defined in the First Lien Credit
Agreement.

 

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

 

“Consolidated Adjusted EBITDA”
means, for any period, Consolidated Net Income for such period,
plus

 

(a) without duplication
and to the extent deducted (and not added back) in arriving at such
Consolidated Net Income (or, in the case of amounts pursuant to
clause (viii) or (xvii) below, to the extent not already included
in Consolidated Net Income), the sum for the Borrower and the
Restricted Subsidiaries of the following amounts for such
period:

 

(i) total interest
expense and, to the extent not reflected in such total interest
expense, any losses on Hedge Agreements entered into for the
purpose of hedging interest rate risk, net of interest income and
gains on such Hedge Agreements, and bank and letter of credit fees
and costs of surety bonds in connection with financing
activities,

 

(ii) provision
for Federal, state and foreign taxes based on income, profits or
capital gains, including in respect of repatriated
funds,

 

 

 

11

 

 

(iii) depreciation
and amortization, including amortization of intangible assets
established through purchase accounting and amortization of
deferred financing fees or costs, but excluding amortization of any
other prepaid cash expense that was paid and not expensed in a
prior period,

 

(iv) non-cash
charges, including impairment charges and any other write-down or
write-off of assets, noncash fair value adjustments of Investments
and noncash stock-based and similar incentive-based compensation
(including with respect to any profits interest relating to
membership interests in any partnership or limited liability
company), but excluding any such noncash charge or loss to the
extent that it represents an amortization of a prepaid cash expense
that was paid and not expensed in a prior period or write-down or
write-off with respect to accounts receivable (including any
addition to bad debt reserves or bad debt expense) or
inventory,

 

(v) extraordinary
losses, determined in conformity with GAAP,

 

(vi) unusual
or non-recurring charges, including, in each case, to the extent
unusual or non-recurring, operating expenses directly attributable
to the implementation of cost savings initiatives, merger costs,
severance costs, relocation costs, integration and
facilities’ opening costs, signing costs, retention or
completion bonuses, transition costs, costs related to
closure/consolidation of facilities, costs associated with tax
projects/audits and costs consisting of professional, consulting or
other fees relating to any of the foregoing; provided that the aggregate
amount added back pursuant to this clause (vi) and pursuant to
clauses (vii), (xiii) and (viii) of this definition for any Test
Period shall not exceed (A) for any Test Period ending on or
prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA for
such Test Period and (B) for any Test Period ending thereafter, 15%
of Consolidated Adjusted EBITDA for such Test Period, in the case
of each of clauses (A) and (B), calculated prior to giving effect
to any addback pursuant to this clause (vi) or pursuant to clause
(vii), (viii) or (xiii) of this definition,

 

(vii) restructuring
charges, accruals and reserves (including restructuring charges
related to Acquisitions consummated after the Closing Date);
provided that the
aggregate amount added back pursuant to this clause (vii) and
pursuant to clauses (vi), (xiii) and (viii) of this definition for
any Test Period shall not exceed (A) for any Test Period ending on
or prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA
for such Test Period and (B) for any Test Period ending thereafter,
15% of Consolidated Adjusted EBITDA for such Test Period, in the
case of each of clauses (A) and (B), calculated prior to giving
effect to any addback pursuant to this clause (vii) or pursuant to
clause (vi), (viii) or (xiii) of this definition,

 

 

 

12

 

 

(viii) the
amount of “run
rate” net cost savings, operating expense reductions
and other operating improvements and synergies reasonably projected
by the Borrower in good faith to be realized in connection with the
Transactions or any other Pro Forma Event or the implementation of
any operational initiative, including the termination, abandonment
or discontinuance of operations and product lines (calculated on a
Pro Forma Basis as though such cost savings, operating expense
reductions, other operating improvements and synergies had been
realized on the first day of the applicable Test Period), net of
the amount of actual benefits realized during such period from such
actions; provided
that (A) such cost savings, operating expense reductions and
other operating improvements and synergies are reasonably
identifiable, factually supportable and reasonably expected to be
realized within 12 months after the Closing Date or within 12
months after the consummation of such other Pro Forma Event or the
adoption of such initiative, as applicable, (B) no cost savings,
operating expense reductions and other operating improvements and
synergies shall be added pursuant to this clause (viii) to the
extent duplicative of any items otherwise added in calculating
Consolidated Adjusted EBITDA, whether pursuant to the requirement
of Section 1.2(b) or otherwise, for such period and (C) the
aggregate amount added back pursuant to this clause (viii) and
pursuant to clauses (vi), (vii) and (xiii) of this definition for
any Test Period shall not exceed (x) for any Test Period ending on
or prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA
for such Test Period and (y) for any Test Period ending thereafter,
15% of Consolidated Adjusted EBITDA for such Test Period, in the
case of each of clauses (x) and (y), calculated prior to giving
effect to any addback pursuant to this clause (viii) or pursuant to
clause (vi), (vii) or (xiii) of this definition,

 

(ix) the
amount of any noncontrolling interest consisting of income of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary,

 

(x) after-tax losses
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(xi) the
amount of any net losses from discontinued operations, determined
in conformity with GAAP,

 

(xii) (A)
transaction fees, costs and expenses incurred in connection with
the Transactions prior to the Closing Date, (B) transaction fees,
costs and expenses in an aggregate amount not to exceed $1,500,000
incurred in connection with the Transactions after the Closing Date
but prior to the one year anniversary of the Closing Date and (C)
transaction fees, costs and expenses in an aggregate amount not to
exceed $1,000,000 incurred on or prior to December 31, 2018 in
connection with the “Specified Acquisition” (as defined
in the First Lien Credit Agreement) (whether or not such Specified
Acquisition is consummated),

 

 

 

13

 

 

(xiii) transaction
fees, costs and expenses incurred during such period, or any
amortization thereof for such period, in connection with any
Acquisition, any Investment (other than intercompany Investments in
the ordinary course of business), any Disposition (other than
Dispositions in the ordinary course of business), any incurrence,
repayment or refinancing of Indebtedness (or any amendment or other
modification of any Indebtedness) or any issuance of Equity
Interests, including any such transaction consummated prior to the
Closing Date and any such transaction undertaken but not completed;
provided that the
aggregate amount added back pursuant to this clause (xiii) and
pursuant to clauses (vi), (vii) and (viii) of this definition for
any Test Period shall not exceed (A) for any Test Period ending on
or prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA
for such Test Period and (B) for any Test Period ending thereafter,
15% of Consolidated Adjusted EBITDA for such Test Period, in the
case of each of clauses (A) and (B), calculated prior to giving
effect to any addback pursuant to this clause (xiii) or pursuant to
clause (vi), (vii) or (viii) of this definition,

 

(xiv) any
loss attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(xv) any
unrealized loss attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

(xvi) any
unrealized loss attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification
830,

 

(xvii) any
expenses, charges or losses that are covered by indemnification or
other reimbursement provisions in connection with any Investment,
Acquisition or Disposition (other than in the ordinary course of
business) permitted under the Credit Documents or in connection
with any Insurance/Condemnation Event (disregarding the exception
in the definition of such term), including lost profits covered by
business interruption insurance, in each case, to the extent (A)
actually reimbursed by the applicable third party insurer or other
third party during such period or (B) (1) the Borrower has received
notification from the applicable third party insurer or other third
party that it intends to reimburse such expenses, charges or losses
or such lost profits and (2) there exists reasonable evidence that
such expenses, charges or losses or lost profits will in fact be
reimbursed by such insurer or other third party within 270 days
after the related amount is first added to Consolidated Adjusted
EBITDA pursuant to this clause (xvii), provided that no amount may be
added pursuant to this clause (xvii) to the extent that (x) such
insurer or other third party shall have denied in writing
reimbursement for such amount and (y) such amount has not actually
been reimbursed within 270 days after it is first added to
Consolidated Adjusted EBITDA pursuant to this clause (xvii) (with a
deduction for any amount so added back to the extent not so
reimbursed within such 270 days),

 

(xviii) any
contingent or deferred payments (including earnout payments,
noncompete payments and consulting payments) actually made to
sellers during such period in connection with any Acquisition, and
any losses for such period arising from the remeasurement of the
fair value of any liability recorded with respect to any earnout or
other contingent or deferred consideration arising from any
Acquisition, less

 

 

 

14

 

 

(b) without duplication
and to the extent included in arriving at such Consolidated Net
Income (or, in the case of amounts pursuant to clause (ix) below,
to the extent not already deducted from Consolidated Net Income),
the sum for the Borrower and the Restricted Subsidiaries of the
following amounts for such period:

 

(i) non-cash gains or
items of income (other than the accrual of revenue in the ordinary
course), excluding any non-cash items of income in respect of which
Cash was received in a prior period or will be received in a future
period,

 

(ii) extraordinary
gains or items of income, determined in conformity with
GAAP,

 

(iii) unusual
or non-recurring gains or items of income,

 

(iv) gains
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(v) the amount of any
net income from discontinued operations, determined in conformity
with GAAP,

 

(vi) any
gain attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(vii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

(viii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification 830,
and

 

(ix) the
amount of any noncontrolling interest consisting of losses of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary.

 

For
purposes of calculating Consolidated Adjusted EBITDA for any
period, if during such period the Borrower or any Restricted
Subsidiary shall have consummated a Material Acquisition or a
Material Disposition, Consolidated Adjusted EBITDA for such period
shall be calculated after giving Pro Forma Effect thereto in
accordance with Section 1.2(b).

 

“Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property, plant and
equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP; provided
that Consolidated Capital Expenditures shall not include any
expenditures (a) to the extent made with Net Proceeds
reinvested pursuant to Section 2.13(a) or 2.13(b) or (b) that
constitute an Acquisition permitted under Section 6.6; provided further that, except for
purposes of calculating Consolidated Excess Cash Flow for any
period, in the event the Borrower or any Restricted Subsidiary
consummates an Acquisition, Consolidated Capital Expenditures shall
not include any such expenditures made by any Person, business
unit, division, product line or line of business acquired pursuant
to such Acquisition, in each case, prior to the date of the
consummation of such Acquisition.

 

 

 

15

 

 

“Consolidated Excess Cash Flow”
means, for any period, an amount equal to:

 

(a) the sum, without
duplication, of:

 

(i) Consolidated Net
Income for such period;

 

(ii) the
aggregate amount of all non-cash charges (including depreciation
expense, amortization expense and deferred tax expense), to the
extent deducted in arriving at Consolidated Net
Income;

 

(iii) the
sum of (A) the amount, if any, by which Consolidated Working
Capital decreased during such period (except as a result of the
reclassification of items from short-term to long-term or vice
versa) and (B) the net amount, if any, by which the consolidated
deferred revenues of the Borrower and the Restricted Subsidiaries
increased during such period, in each case, other than any such
decreases or increases, as applicable, arising from an Acquisition
or from a Disposition of assets (other than in the ordinary course
of business) by the Borrower or any of the Restricted Subsidiaries
completed during such period;

 

(iv) the
aggregate amount of net non-cash loss on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
deducted in arriving at Consolidated Net Income;

 

(v) the aggregate
amount of cash payments received in respect of Hedge Agreements
during such period, to the extent not included in arriving at
Consolidated Net Income;

 

(vi) the
aggregate amount of any non-cash loss for such period attributable
to the early extinguishment of Indebtedness or Hedge Agreements, to
the extent deducted in arriving at such Consolidated Net
Income;

 

(vii) income
tax expense, to the extent deducted in arriving at such
Consolidated Net Income; minus

 

(b) the sum, without
duplication, of:

 

(i) the aggregate
amount of all non-cash credits included in arriving at Consolidated
Net Income;

 

(ii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the Consolidated Capital Expenditures made by the
Borrower and the Restricted Subsidiaries in Cash during such
period, except to the extent financed with Excluded
Sources;

 

(iii) the
aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries repaid or prepaid (including, to the extent
of Cash spent, through repurchases and redemptions) by the Borrower
and the Restricted Subsidiaries in Cash during such period
(including (A) the principal component of payments in respect
of Capital Lease Obligations, (B) [reserved], (C) the amount of any
mandatory prepayment of Term Loans or any Permitted Pari Passu
Secured Indebtedness actually made with the Net Proceeds of an
Asset Sale or an Insurance/Condemnation Event, in each case, to the
extent such Net Proceeds resulted in an increase to Consolidated
Net Income and not in excess of the amount of such increase, and
(D) to the extent of Cash spent, repurchases by the Borrower of
Term Loans pursuant to Section 10.6(i)(ii) of the First Lien Credit
Agreement, but excluding (1) all other repayments or
prepayments (including repurchases and redemptions) of Term Loans
and Permitted Pari Passu Secured Indebtedness, (2) all
repayments or prepayments (including repurchases and redemptions)
of any revolving credit loans (other than in respect of any
revolving credit facility to the extent there is an equivalent
permanent reduction in commitments thereunder, other than in
connection with a refinancing thereof) and (3) repayments or
prepayments (including repurchases and redemptions) of Permitted
First Lien Indebtedness, Permitted Second Lien Indebtedness or any
other Junior Indebtedness (it being understood and agreed that any
amount excluded pursuant to clauses (1) through (3) above may not
be deducted under any other clause of this definition)), except to
the extent financed with Excluded Sources;

 

 

 

16

 

 

(iv) the
aggregate amount of net non-cash gain on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
included in arriving at Consolidated Net Income;

 

(v) the sum of (i) the
amount, if any, by which Consolidated Working Capital increased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (ii) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries decreased during such
period, in each case, other than any such increases or decreases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period;

 

(vi) the
aggregate amount of any non-cash gain for such period attributable
to the early extinguishment of Indebtedness, Hedge Agreements or
other derivative instruments, to the extent included in arriving at
Consolidated Net Income;

 

(vii) the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries during such period in respect of long-term
liabilities of the Borrower and the Restricted Subsidiaries other
than Indebtedness, except to the extent financed with Excluded
Sources;

 

(viii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the aggregate amount of Cash paid by the Borrower
and the Restricted Subsidiaries during such period to consummate
any Acquisition or Investment (other than intercompany Investments)
permitted under Section 6.6(l), 6.6(m) or 6.6(o), except to the
extent financed with Excluded Sources;

 

(ix) the
aggregate amount of Restricted Junior Payments permitted by Section
6.4(e), 6.4(g)(i) or 6.4(i) paid by the Borrower and the Restricted
Subsidiaries in Cash during such period, except to the extent
financed with Excluded Sources;

 

(x) the aggregate
amount of any premium, make-whole or penalty payments actually paid
in Cash by the Borrower and the Restricted Subsidiaries during such
period that are required to be made in connection with any
prepayment of Indebtedness, except to the extent financed with
Excluded Sources;

 

(xi) without
duplication of amounts deducted from Excess Cash Flow in any prior
period, the aggregate consideration required to be paid in Cash by
the Borrower or any of the Restricted Subsidiaries pursuant to
binding contracts (the “Contract
Consideration”) entered into prior to or during such
period relating to Acquisitions or Consolidated Capital
Expenditures, in each case, to be consummated or made during the
period of four consecutive Fiscal Quarters of the Borrower
following the end of such period; provided that to the extent
that the aggregate amount of Cash actually utilized to finance such
Acquisitions or Consolidated Capital Expenditures during such
period of four consecutive Fiscal Quarters is less than the
Contract Consideration, the amount of such shortfall shall be added
to the calculation of Consolidated Excess Cash Flow at the end of
such period of four consecutive Fiscal Quarters;

 

 

 

17

 

 

(xii) to
the extent not deducted in arriving at Consolidated Net Income,
directors’ fees (including salary and bonus) and board
consulting fees and related reimbursement of reasonable
out-of-pocket expenses paid by the Borrower and the Restricted
Subsidiaries in Cash in such period;

 

(xiii) to
the extent not deducted in arriving at Consolidated Net Income,
transaction fees, costs and expenses incurred in connection with
the Transactions or any Acquisition paid by the Borrower and the
Restricted Subsidiaries in Cash in such period;

 

(xiv) to
the extent not deducted in arriving at Consolidated Net Income,
income taxes, including penalties and interest, paid by the
Borrower and the Restricted Subsidiaries in Cash in such period;
and

 

(xv) to
the extent not deducted in arriving at Consolidated Net Income, the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries in respect of Hedge Agreements during such
period.

 

“Consolidated Net Income” means,
for any period, the net income (or loss) of the Borrower and the
Restricted Subsidiaries for such period, determined on a
consolidated basis in conformity with GAAP; provided that there shall be
excluded, without duplication, (a) the cumulative effect of a
change in accounting principles during such period and (b) the net
income (or loss) of any Person (including any Unrestricted
Subsidiary or any Person accounted for under the equity method of
accounting) that is not the Borrower or a Restricted Subsidiary
except, in the case of net income, to the extent of the amount of
Cash dividends or similar Cash distributions actually paid by such
Person to the Borrower or any Restricted Subsidiary during such
period.

 

“Consolidated Total Assets” means,
as of any date, the consolidated total assets of the Borrower and
the Restricted Subsidiaries as of the last day of the most recently
ended Fiscal Quarter for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior
to the first such delivery, for which financial statements are
included in the Historical Financial Statements), determined on a
consolidated basis in conformity with GAAP, but excluding therefrom
any “Escrow Cash
Collateral” under and as defined in the First Lien
Credit Agreement. Consolidated Total Assets as of any date prior to
the Closing Date shall be determined on a Pro Forma basis to give
effect to the Transactions to occur on the Closing
Date.

 

“Consolidated Total Debt” means, as
of any date, without duplication:

 

(a) the sum of the
aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries outstanding as of such date, in the amount
that would be required to be reflected on a balance sheet prepared
as of such date on a consolidated basis in conformity with GAAP
(but subject to Section 1.2(a)), consisting solely of
Indebtedness for borrowed money, obligations evidenced by bonds,
debentures, notes or similar instruments and purchase money
indebtedness, plus

 

(b) the aggregate
amount of Capital Lease Obligations of the Borrower and the
Restricted Subsidiaries outstanding as of such date, plus

 

 

 

18

 

 

(c) to the extent the
amount thereof would be required to be reflected on a balance sheet
prepared as of such date on a consolidated basis in conformity with
GAAP (but subject to Section 1.2(a)), the aggregate amount of
purchase price adjustments, earnouts, deferred compensation or
other similar arrangements incurred by the Borrower and the
Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d) the aggregate
amount outstanding as of such date of unreimbursed drawings or
other disbursements under all letters of credit and letters of
guaranty in respect of which the Borrower or any Restricted
Subsidiary is an account party, plus

 

(e) all obligations,
contingent or otherwise, of the Borrower or any Restricted
Subsidiary in respect of bankers’ acceptances outstanding as
of such date, plus

 

(f) Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary.

 

“Consolidated Total Net Debt”
means, as of any date, without duplication:

 

(a) the sum of the
aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries outstanding as of such date, in the amount
that would be required to be reflected on a balance sheet prepared
as of such date on a consolidated basis in conformity with GAAP
(but subject to Section 1.2(a)), consisting solely of
Indebtedness for borrowed money, obligations evidenced by bonds,
debentures, notes or similar instruments and purchase money
indebtedness, plus

 

(b) the aggregate
amount of Capital Lease Obligations of the Borrower and the
Restricted Subsidiaries outstanding as of such date, plus

 

(c) to the extent the
amount thereof would be required to be reflected on a balance sheet
prepared as of such date on a consolidated basis in conformity with
GAAP (but subject to Section 1.2(a)), the aggregate amount of
purchase price adjustments, earnouts, deferred compensation or
other similar arrangements incurred by the Borrower and the
Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d) the aggregate
amount outstanding as of such date of unreimbursed drawings or
other disbursements under all letters of credit and letters of
guaranty in respect of which the Borrower or any Restricted
Subsidiary is an account party, plus

 

(e) all obligations,
contingent or otherwise, of the Borrower or any Restricted
Subsidiary in respect of bankers’ acceptances outstanding as
of such date, plus

 

(f) Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary, minus

 

(g) the aggregate
amount of Unrestricted Cash as of such date (but disregarding the
proceeds of Indebtedness that is incurred on such
date).

 

 

 

19

 

 

“Consolidated Working Capital”
means, as of any date, the excess of (a) the sum of all
amounts (other than Cash and Cash Equivalents) that would, in
conformity with GAAP, be set forth opposite the caption
“total current
assets” (or any like caption) on a consolidated
balance sheet of the Borrower and the Restricted Subsidiaries as of
such date (excluding all amounts attributable to Unrestricted
Subsidiaries), but excluding, without duplication, (i) assets
relating to current and deferred income taxes and (ii) the effects
from applying purchase accounting, less (b) the sum of all
amounts that would, in conformity with GAAP, be set forth opposite
the caption “total current
liabilities” (or any like caption) on a consolidated
balance sheet of the Borrower and the Restricted Subsidiaries as of
such date (excluding all amounts attributable to Unrestricted
Subsidiaries), excluding, without duplication, (i) the current
portion of any Long-Term Indebtedness, (ii) all Indebtedness
(including letter of credit obligations) under any revolving credit
facility, to the extent otherwise included therein, (iii) the
current portion of interest, (iv) the current portion of
current and deferred income Taxes, (v) non-cash compensation
liabilities and (vi) the effects from applying purchase
accounting.

 

“Contractual Obligation” means,
with respect to any Person, any provision of any Security issued by
such Person or any indenture, mortgage, deed of trust, contract,
undertaking or other agreement or instrument to which such Person
is a party or by which such Person or any of its properties is
bound or to which such Person or any of its properties is
subject.

 

“Control” means, with respect to
any Person, the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies, or
the dismissal or appointment of the management, of such Person,
whether through the ability to exercise voting power, the ownership
of Securities, by contract, or otherwise. The words
“Controlling”,
“Controlled by”
and “under common Control
with” have correlative meanings.

 

“Conversion/Continuation Date”
means the effective date of a continuation or conversion, as the
case may be, as set forth in the applicable Conversion/Continuation
Notice.

 

“Conversion/Continuation Notice”
means a Conversion/Continuation Notice substantially in the form of
Exhibit D.

 

“Counterpart Agreement” means a
Counterpart Agreement substantially in the form of Exhibit E.

 

“Credit Date” means the date of any
Credit Extension.

 

“Credit Document” means each of
this Agreement, the Collateral Documents, the Permitted
Intercreditor Agreements, the Counterpart Agreements, the
Administrative Agent Fee Letter, and, except for purposes of
Section 10.5, the Notes, if any, the Collateral Questionnaire and
all other documents, certificates, instruments or agreements
executed and delivered by or on behalf of any Credit Party for the
benefit of any Agent or any Lender in connection herewith on or
after the date hereof and which are designated as
“Credit
Documents” pursuant to an agreement between the
Borrower and the Administrative Agent.

 

“Credit Extension” means the making
of a Loan.

 

“Credit Parties” means the Borrower
and the Guarantor Subsidiaries.

 

 

 

20

 

 

“Davis Polk” means Davis Polk &
Wardwell LLP, acting in their capacity as counsel to the Ad Hoc
Group of Term Lenders.

 

“Debtor Relief Laws” means the
Bankruptcy Code and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium,
arrangement (including under corporate statutes), rearrangement,
receivership, insolvency, reorganization or similar debtor relief
laws of the United States of America or other applicable
jurisdictions from time to time in effect.

 

“Declined Mandatory Prepayment Retained
Amount” means any portion of the amount of any
mandatory prepayment of Loans required pursuant to Section 2.13(a),
2.13(b) or 2.13(e) that has been declined by the Lenders in
accordance with Section 2.14(c), but only to the extent retained by
the Borrower in accordance with Section 2.14(c).

 

“Default” means a condition or
event that, after notice or lapse of time or both, would constitute
an Event of Default.

 

“Defaulting Lender” means, subject
to Section 2.21(b), any Lender that (a) has failed (i) to fund
all or any portion of its Loans within two Business Days of the
date such Loans were required to be funded hereunder, unless such
Lender notifies the Administrative Agent and the Borrower in good
faith in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent
to funding (which conditions precedent, together with the
applicable Default, if any, shall be specifically identified in
such writing) has not been satisfied, or (ii) to pay to the
Administrative Agent, the Collateral Agent or any Lender any other
amount required to be paid by it hereunder within two Business Days
of the date when due, (b) has notified the Borrower, the
Administrative Agent in writing that it does not intend to comply
with its funding obligations hereunder, or has made a public
statement to that effect (unless such writing or public statement
relates to such Lender’s obligation to fund a Loan hereunder
and states that such position is based on such Lender’s
determination that a condition precedent to funding (which
condition precedent, together with the applicable Default, if any,
shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three
Business Days after written request by the Administrative Agent or
the Borrower, to confirm in writing to the Administrative Agent and
the Borrower that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent
and the Borrower), or (d) is, or a direct or indirect parent
company of such Lender is, (i) the subject of a Bail-In Action,
(ii) insolvent, or is generally unable to pay its debts as they
become due, or admits in writing its inability to pay its debts as
they become due, or makes a general assignment for the benefit of
its creditors or (iii) the subject of a proceeding under any Debtor
Relief Laws, or a receiver, trustee, conservator, intervenor or
sequestrator or the like (including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority
acting in a like capacity with respect to such Lender) has been
appointed for such Lender or its direct or indirect parent company,
or such Lender or its direct or indirect parent company has taken
any action in furtherance of or indicating its consent to or
acquiescence in any such proceeding or appointment; provided that a Lender shall
not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any Equity Interest in such Lender or any direct or
indirect parent company thereof by a Governmental Authority so long
as such ownership interest does not result in or provide such
Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any
determination by the Administrative Agent or the Requisite Lenders
that a Lender is a Defaulting Lender under any one or more of
clauses (a) through (d) above shall be conclusive and binding
absent manifest error, and such Lender shall be deemed to be a
Defaulting Lender (subject to Section 2.21(b)) upon delivery of
written notice of such determination by the Administrative Agent or
the Requisite Lenders to the Borrower and each Lender, and, if such
determination is made by the Requisite Lenders, to the
Administrative Agent.

 

 

 

21

 

 

“Default Period” means the period
during which either (i) a “Default” or “Event of Default” as defined in
and under the First Lien Credit Agreement has occurred and is
continuing (whether or not subject to the Forbearance Agreement or
any other forbearance) or (ii) a Default or Event of Default has
occurred and is continuing.

 

“Designated Subsidiary” means each
Restricted Subsidiary of the Borrower, other than (a) any
Subsidiary that is not a wholly owned Subsidiary, (b) [reserved],
(c) [reserved], (d) [reserved], (e) any Subsidiary that is
prohibited by applicable law or, in the case of any Subsidiary
acquired after the Closing Date, any Contractual Obligation in
effect at the time such Subsidiary is acquired (and not entered
into in contemplation of or in connection with such acquisition)
from providing an Obligations Guarantee (including any such
prohibition arising from any requirement to obtain a consent,
approval (including regulatory approval), license or authorization
of any Governmental Authority that has not been obtained in order
to provide such Obligations Guarantee); provided that to the extent any
such consent, approval, license or authorization is required from
the FCC or any State PUC, the Borrower and the Restricted
Subsidiaries shall use commercially reasonable efforts (including
by making all applicable filings and submitting all applicable
notices) to obtain the same promptly after such Restricted
Subsidiary is otherwise required to become a Designated Subsidiary,
(f) any captive insurance company, (g) any not-for-profit
Subsidiary, (h) any Subsidiary where the burden or cost of
providing an Obligations Guarantee by such Subsidiary is excessive
in relation to the benefit that would be afforded to the Lenders
thereby, as determined by the Requisite Lenders in consultation
with the Borrower or (i) any Canadian Subsidiaries for as long as
the Requisite Lenders reasonably determine in good faith, after
consultation with the Borrower, that the direct and indirect costs
and risks associated with providing an Obligations Guarantee
outweigh the benefits afforded thereby; provided that, notwithstanding
the foregoing, a Subsidiary shall be a Designated Subsidiary if
such Subsidiary shall be an obligor (including pursuant to a
Guarantee) in respect of any Permitted First Lien Indebtedness, any
Permitted Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness, any Permitted Incremental Equivalent
Indebtedness or any Permitted Subordinated
Indebtedness.

 

“Disposition” means any sale,
transfer, lease or other disposition (including any sale or
issuance of Equity Interests in a Subsidiary) of any property by
any Person, including any sale, transfer or other disposition, with
or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith. “Dispose” has the meaning
correlative thereto.

 

“Disqualified Equity Interest”
means, with respect to any Person, any Equity Interest in such
Person that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is
exchangeable, either mandatorily or at the option of the holder
thereof), or upon the occurrence of any event or condition,
(a) matures or is mandatorily redeemable (other than solely
for Equity Interests in such Person that are not Disqualified
Equity Interests and Cash in lieu of fractional shares of such
Equity Interests), whether pursuant to a sinking fund obligation or
otherwise, (b) is redeemable at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests), in whole or in part,
or is required to be repurchased by the Borrower or any Restricted
Subsidiary, in whole or in part, at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests) or (c) is or becomes
convertible into or exchangeable for, either mandatorily or at the
option of the holder thereof, Indebtedness or any other Equity
Interests (other than solely for Equity Interests in such Person
that do not constitute Disqualified Equity Interests and Cash in
lieu of fractional shares of such Equity Interests), in each case,
prior to the date that is 91 days after the latest Maturity Date
(determined as of the date of issuance thereof or, in the case of
any such Equity Interests outstanding on the date hereof, the date
hereof), except, in the case of clauses (a) and (b), as a result of
a “change of
control” or “asset sale”, so long as any rights
of the holders thereof upon the occurrence of such a change of
control or asset sale event are subject to the prior payment in
full of all Obligations described in clause (a) of the definition
of “Obligations”
and, if any are then in effect, the termination of the Commitments;
provided that an
Equity Interest in any Person that is issued to any employee or to
any plan for the benefit of employees or by any such plan to such
employees shall not constitute a Disqualified Equity Interest
solely because it may be required to be repurchased by such Person
or any of its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s
termination, death or disability; provided further that the Holcombe
Preferred Stock shall not constitute a Disqualified Equity
Interest.

 

 

 

22

 

 

“Disqualified Institution” means
(a) such competitors of the Borrower and its Subsidiaries as have
been identified by name in writing by the Borrower to the
Administrative Agent from time to time and (b) any Affiliate of any
such Person identified pursuant to clause (a) above (i) that
has been identified by name in writing by the Borrower to the
Administrative Agent from time to time or (ii) where such
Affiliate’s relationship to such Person is readily apparent
on its face on the basis of the name of such Affiliate, in each
case under this clause (b), other than any such Affiliate that is a
bona fide fixed income investor or debt fund that is engaged in the
making, purchasing, holding or otherwise investing in commercial
loans, bonds or similar extensions of credit in the ordinary course
of business; provided that no Person shall
be a Disqualified Institution until the date on which the list of
Disqualified Institutions that have been so identified by name
pursuant to this definition shall have been made available to the
Lenders on the Platform. It is understood and agreed that any
identification by the Borrower pursuant to this definition shall
not apply retroactively to disqualify any assignment or
participation to any Person that shall have become a Lender or a
participant prior thereto (but that no further assignments or
delegations to, or sales of participations by, may be made to any
such Person thereafter and such Person shall thereafter for all
other purposes be a Disqualified Institution). The Administrative
Agent will promptly make such list available on the Platform upon
the written request of the Borrower that it do so. Notwithstanding
anything to the contrary in this Agreement, each of the parties
hereto acknowledges and agrees that the Administrative Agent shall
not have any duty to ascertain, monitor or enforce compliance with
the list of Disqualified Institutions and shall not have any
liability with respect to any assignment or participation made to a
Disqualified Institution.

 

“Dollars” and the sign
“$” mean the
lawful money of the United States of America.

 

“Domestic Subsidiary” means any
Subsidiary organized under the laws of the United States of
America, any State thereof or the District of
Columbia.

 

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

 

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

 

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

 

“Eligible Assignee” means (a) any
Lender, any Affiliate of any Lender and any Related Fund (any two
or more Related Funds of any Lender being treated as a single
Eligible Assignee for all purposes hereof) and (b) any
commercial bank, insurance company, investment or mutual fund or
other Person that is an “accredited investor” (as defined
in Regulation D under the Securities Act) and that extends
credit or buys loans in the ordinary course of business;
provided that in no
event shall any natural person (or any holding company, investment
vehicle or trust for, or owned and operated for the primary benefit
of, a natural person), any Defaulting Lender, any Disqualified
Institution, the Borrower, any Subsidiary or any other Affiliate of
the Borrower be an Eligible Assignee.

 

 

 

23

 

 

“Employee Benefit Plan” means any
of (a) an “employee benefit
plan”, as defined in Section 3(3) of ERISA, that is
subject to Parts II, III or IV of Title I of ERISA or Title IV of
ERISA and that is or was sponsored, maintained or contributed to
by, or required to be contributed to by, the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates,
(b) a “plan” as
defined in 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”, in each case, other than a
Foreign Plan.

 

“Environmental Laws” means all
applicable laws (including common law), statutes, ordinances,
orders, rules, regulations, judgments, Governmental Authorizations
or any other requirements of Governmental Authorities relating to
pollution or to the protection of the environment, natural
resources, threatened or endangered species or human health and
safety.

 

“Environmental Liability” means all
liabilities, obligations, damages, losses, claims, actions, suits,
judgments, orders, fines, penalties, fees, expenses and costs,
(including administrative oversight costs, natural resource
damages, monitoring and remediation costs and reasonable fees and
expenses of attorneys and consultants), whether contingent or
otherwise, arising out of or relating to: (a) compliance
or non-compliance with any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment,
recycling, disposal (or arrangement for such activities) of any
Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the presence or Release of any Hazardous Materials or
(e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity Interests” means any and
all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a
corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase
or acquire any of the foregoing (other than, prior to the date of
such conversion, Indebtedness that is convertible into any such
Equity Interests).

 

“ERISA” means the Employee
Retirement Income Security Act of 1974 and the rules and
regulations promulgated thereunder.

 

“ERISA Affiliate” means, with
respect to any Person, (a) any corporation that is a member of
a controlled group of corporations within the meaning of Section
414(b) of the Internal Revenue Code of which such Person is a
member, (b) any trade or business (whether or not incorporated)
that is a member of a group of trades or businesses under common
control within the meaning of Section 414(c) of the Internal
Revenue Code of which such Person is a member and (c) any member of
an affiliated service group within the meaning of
Section 414(m) or 414(o) of the Internal Revenue Code of which
such Person, any corporation described in clause (a) above or any
trade or business described in clause (b) above is a member. Any
Person that was, but has since ceased to be, an ERISA Affiliate
(within the meaning of the previous sentence) of the Borrower or
any Restricted Subsidiary shall continue to be considered an ERISA
Affiliate of the Borrower or such Restricted Subsidiary within the
meaning of this definition with respect to the period such Person
was an ERISA Affiliate of the Borrower or such Restricted
Subsidiary and with respect to liabilities arising after such
period for which the Borrower or such Restricted Subsidiary could
be liable under the Internal Revenue Code or ERISA.

 

 

 

24

 

 

“ERISA Event” means (a) the
occurrence of a “reportable
event” within the meaning of Section 4043 of ERISA and
the regulations issued thereunder with respect to any Pension Plan
(excluding those for which the provision for 30 day notice to the
PBGC has been waived by regulation), (b) the failure of the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates to meet the minimum funding standard of Section
412 of the Internal Revenue Code or Section 302 of ERISA with
respect to any Pension Plan (whether or not waived in accordance
with Section 412(c) of the Internal Revenue Code) or the failure to
make by its due date a required installment under Section 430(j) of
the Internal Revenue Code with respect to any Pension Plan or the
failure of the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates to make any required contribution to a
Multiemployer Plan, (c) the filing pursuant to Section 412(c) of
the Internal Revenue Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with
respect to any Pension Plan, (d) the provision by the administrator
of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a
notice of intent to terminate such plan in a distress termination
described in Section 4041(c) of ERISA, (e) the withdrawal by the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates from any Pension Plan with two or more
contributing sponsors or the termination of any such Pension Plan
resulting in liability to the Borrower, any Restricted Subsidiary
or any of their respective Affiliates pursuant to Section 4063 or
4064 of ERISA during a plan year in which such entity was a
“substantial
employer” as defined in Section 4001(a)(2) of ERISA,
(f) the institution by the PBGC of proceedings to terminate any
Pension Plan, or the appointment of a trustee to administer, any
Pension Plan, (g) the incurrence by the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from
any Pension Plan, (h) the imposition of liability on the Borrower,
any Restricted Subsidiary or any of their respective ERISA
Affiliates pursuant to Section 4062(e) or 4069 of ERISA, (i) the
withdrawal of the Borrower, any Restricted Subsidiary or any of
their respective ERISA Affiliates in a complete or partial
withdrawal (within the meaning of Sections 4203 and 4205 of ERISA)
from any Multiemployer Plan if there is any liability therefor, (j)
the receipt by the Borrower, any Restricted Subsidiary or any of
their respective ERISA Affiliates of notice from any Multiemployer
Plan (i) that such Multiemployer Plan is in insolvency pursuant to
Section 4245 of ERISA, (ii) that such Multiemployer Plan is in
“endangered” or
“critical”
status (within the meaning of Section 432 of the Internal Revenue
Code or Section 305 of ERISA) or (iii) that such Multiemployer Plan
intends to terminate or has terminated under Section 4041A or 4042
of ERISA, (k) a determination that any Pension Plan is in
“at risk” status
(as defined in Section 430(i)(4) of the Internal Revenue Code or
Section 303(i)(4) of ERISA) with respect to any plan year, (l) the
occurrence of an act or omission that could reasonably be expected
to give rise to the imposition on the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates of fines,
penalties, taxes or related charges under Chapter 43 of the
Internal Revenue Code or under Section 409, Section 502(c), 502(i)
or 502(l), or Section 4071 of ERISA in respect of any Employee
Benefit Plan, (m) the assertion of a claim (other than routine
claims for benefits) against any Employee Benefit Plan other than a
Multiemployer Plan or the assets thereof, or against the Borrower,
any Restricted Subsidiary or any of their respective ERISA
Affiliates in connection with any Employee Benefit Plan, (n)
receipt from the IRS of notice of the failure of any Pension Plan
(or any other Employee Benefit Plan intended to be qualified under
Section 401(a) of the Internal Revenue Code) to qualify under
Section 401(a) of the Internal Revenue Code, or the failure of any
trust forming part of any Pension Plan to qualify for exemption
from taxation under Section 501(a) of the Internal Revenue Code,
(o) the imposition of a Lien pursuant to Section 430(k) of the
Internal Revenue Code or Section 303(k) of ERISA or a violation of
Section 436 of the Internal Revenue Code or (p) the occurrence of a
non-exempt “prohibited
transaction” (as defined in Section 4975 of the
Internal Revenue Code or Section 406 of ERISA) with respect to
which the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates is a “disqualified person” (within the
meaning of Section 4975 of the Internal Revenue Code) or a
“party in
interest” (within the meaning of Section 406 of
ERISA).

 

 

 

25

 

 

“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 Rate Borrowing” means a
Borrowing comprised of Eurodollar Rate Loans.

 

“Eurodollar Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Adjusted
Eurodollar Rate.

 

“Event of Default” means any
condition or event set forth in Section 8.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934.

 

“Excluded Property” as defined in
the definition of the term “Collateral and Guarantee
Requirement”.

 

“Excluded Sources” means the
proceeds of any issuance or incurrence of Indebtedness by, or the
issuance of any Equity Interests by, or the making of capital
contributions to, the Borrower or any of the Restricted
Subsidiaries, the proceeds of any Disposition outside the ordinary
course of business and any other proceeds not included in
Consolidated Net Income.

 

“Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient:
(a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case
of any Lender, its applicable lending office located in, the
jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Lender, US federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an
applicable interest in a Loan or Commitment pursuant to a law in
effect on the date on which (i) such Lender acquires such interest
in the Loan or Commitment (other than pursuant to an assignment
requested by the Borrower under Section 2.22) or (ii) such Lender
changes its lending office, except in each case to the extent that,
pursuant to Section 2.19, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before
such Lender acquired the applicable interest in such Loan or
Commitment or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.19(g) and (d) any US federal
withholding Taxes imposed under FATCA.

 

“Existing Subordinated Notes” means
the subordinated notes, each dated October 28, 2016, as amended and
restated as of May 4, 2018, in favor of Holcombe T. Green, Jr., R.
Kirby Godsey and the Holcombe T. Green, Jr. 2013 Five-Year Annuity
Trust.

 

“Facility” means any real property
(including all buildings, fixtures or other improvements located
thereon) now, hereafter or heretofore owned, leased, operated or
used by the Borrower or any Restricted Subsidiary or any of their
respective predecessors or Affiliates.

 

“Fair Share” as defined in
Section 7.2(b).

 

“Fair Share Contribution Amount” as
defined in Section 7.2(b).

 

 

 

26

 

 

“FATCA” means Sections 1471 through 1474
of the Internal Revenue Code, effective as of the date hereof (or
any amended or successor version that is not materially more
onerous to comply with), any current or future regulations or
official interpretations thereof, any agreements entered into
pursuant to Section 1471(b)(1) of the Internal Revenue Code and any
fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement, treaty or convention
among Governmental Authorities and implementing such Sections of
the Internal Revenue Code.

 

“FCC” means the Federal
Communications Commission, or any Governmental Authority succeeding
to the functions thereof.

 

“Federal Funds Effective Rate”
means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal Funds transactions with
members of the Federal Reserve System on such day, as published by
the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Effective Rate for such
day shall be such rate on such transactions on the next preceding
Business Day as so published on the next succeeding Business Day,
and (b) if no such rate is so published on such next succeeding
Business Day, the Federal Funds Effective Rate for such day shall
be the rate per annum equal to the average (rounded upwards, if
necessary to the next 1/100th of 1%) 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.
Notwithstanding the foregoing, if the Federal Funds Effective Rate,
determined as above, would otherwise be less than zero, then the
Federal Funds Effective Rate shall be deemed to be zero for all
purposes of this Agreement.

 

“Financial Officer Certification”
means (a) with respect to any consolidated financial statements of
any Person, a certificate of the chief financial officer of such
Person stating that such financial statements present fairly, in
all material respects, the consolidated financial position of such
Person and its Subsidiaries as of the dates indicated and the
consolidated results of their operations and their cash flows for
the periods indicated in conformity with GAAP applied on a
consistent basis (except as otherwise disclosed in such financial
statements), subject to changes resulting from normal year-end
audit adjustments and the absence of footnotes, and (b) with
respect to any Unrestricted Subsidiary Reconciliation Statement, a
certificate of the chief financial officer of the Borrower stating
that such reconciliation statement accurately reflects all
adjustments necessary to treat the Unrestricted Subsidiaries as if
they were not consolidated with the Borrower and to otherwise
eliminate all accounts of the Unrestricted Subsidiaries and
reflects no other adjustment from the related GAAP financial
statement (except as otherwise disclosed in such reconciliation
statement).

 

“Financing Transactions” means the
execution, delivery and performance by each Credit Party of the
Credit Documents to which it is to be a party, the creation of the
Liens provided for in the Collateral Documents and, in the case of
the Borrower, the borrowing of Loans, the use of the proceeds
thereof.

 

“First Lien Credit Agreement” means
the First Lien Credit and Guaranty Agreement dated as of May 4,
2018, among the Borrower, the guarantors named therein, the lenders
named therein, and Wilmington Trust, as administrative agent and
collateral agent thereunder, as amended by the Forbearance
Agreement and by that certain Amendment No. 1 to First Lien
Guaranty and Credit Agreement dated as of the date hereof, and as
further amended, supplemented or otherwise modified prior to or
concurrently with the Closing Date.

 

 

 

27

 

 

“First Lien Credit Documents” means
the “Credit
Documents” as defined in the First Lien Credit
Agreement.

 

“Fiscal Quarter” means a fiscal
quarter of any Fiscal Year.

 

“Fiscal Year” means the fiscal year
of the Borrower and the Subsidiaries ending on December 31 of each
calendar year.

 

“Fixed Charge Coverage Ratio” as
defined in the First Lien Credit Agreement.

 

“Fixed Charge Coverage Ratio Covenant
Period” as defined in the First Lien Credit
Agreement.

 

“Flood Hazard Property” means any
Real Estate Asset subject to a Mortgage or required pursuant to the
terms hereof to become subject to a Mortgage in favor of the
Collateral Agent, for the benefit of the Secured Parties, and
located in an area designated by the Federal Emergency Management
Agency as having special flood or mud slide hazards.

 

“Flood Certificate” means a life of
loan “Standard Flood Hazard
Determination Form” of the Federal Emergency
Management Agency.

 

“Flood Program” means the National Flood Insurance
Program created by the US Congress pursuant to (a) the National
Flood Insurance Act of 1968, as now or hereafter in effect or any
successor statute thereto, (b) the Flood Disaster Protection Act of
1973, as now or hereafter in effect or any successor statute
thereto, (c) the National Flood Insurance Reform Act of 1994, as
now or hereafter in effect or any successor statute thereto, (d)
the Flood Insurance Reform Act of 2004, as now or hereafter in
effect or any successor statute thereto and (e) the Biggert-Waters
Flood Insurance Reform Act of 2012, as now or hereafter in effect
or any successor statute thereto, including any and all rules and
regulations promulgated thereunder.

 

“Flood Zone” means areas having special flood
hazards as described in the National Flood Insurance Act of 1968,
as now or hereafter in effect or any successor statute
thereto.

 

“Forbearance Agreement” means that
certain Forbearance Agreement dated as of April 15, 2019 entered
into by and among the Borrower, certain Guarantor Subsidiaries
party thereto, the Canadian Subsidiaries and certain Lenders party
thereto (as amended, amended and restated, extended or otherwise
modified from time to time).

 

“Foreign Lender” means a Lender
that is not a US Person.

 

“Foreign Plan” means any plan that
would be an Employee Benefit Plan but for the fact that it is not
subject to United States law and that is maintained or contributed
to by the Borrower, any Restricted Subsidiary or, to the extent
that the Borrower or any Restricted Subsidiary shall have liability
with respect to such Employee Benefit Plan, any of their respective
ERISA Affiliates, for or on behalf of its employees whose principal
place of employment is outside of the United States.

 

 

 

28

 

 

“Foreign Plan Event” means, with
respect to any Foreign Plan, (a) the failure to make or, if
applicable, accrue in accordance with normal accounting practices,
any employer or employee contributions required by applicable laws
or by the terms of such Foreign Plan, (b) the existence of
unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted
absent a waiver from the applicable Governmental Authority, (c) the
receipt of a notice from a Governmental Authority relating to the
intention to terminate any such Foreign Plan, or alleging the
insolvency of any such Foreign Plan, or alleging the insolvency of
the Borrower or any Restricted Subsidiary that sponsors,
contributes to or participates in such Foreign Plan, (d) the
initiation of any action or filing by the Borrower or any
Restricted Subsidiary to voluntarily terminate or wind up in whole
or in part any Foreign Plan where any such Foreign Plan is not
fully funded and that would result in the incurrence of a liability
by the Borrower or any Restricted Subsidiary, (e) the incurrence of
liability by the Borrower or any Restricted Subsidiary under
applicable law on account of the complete or partial termination of
such Foreign Plan or the complete or partial withdrawal of any
participating employer therein, (f) the failure to timely register
or loss of good standing with applicable Governmental Authorities
of any such Foreign Plan required to be so registered or maintain
such standing if such failure to register or loss of such standing
would result in the incurrence of a liability by the Borrower or
any Restricted Subsidiary or (g) the failure of any Foreign Plan to
comply with any material provisions of applicable laws or with the
material terms of such Foreign Plan if such failure would result in
the incurrence of a liability by the Borrower or any Restricted
Subsidiary.

 

“Foreign Subsidiary” means any
Subsidiary that is not a Domestic Subsidiary.

 

“Funding Notice” means a notice
substantially in the form of Exhibit F.

 

“GAAP” means, at any time, subject
to Section 1.2(a), United States generally accepted accounting
principles as in effect at such time, applied in accordance with
the consistency requirements thereof.

 

“Green Subordinated Note” means the
subordinated unsecured note issued by the Borrower on May 4, 2018
to Holcombe T. Green, Jr. in an aggregate principal amount of
$10,000,000.

 

“Greenhill” means Greenhill &
Co., LLC, acting in their capacity as financial advisor to the Ad
Hoc Group of Term Lenders.

 

“Governmental Act” means any act or
omission, whether rightful or wrongful, of any present or future de
jure or de facto government or Governmental Authority.

 

“Governmental Authority” means any
federal, state, municipal, national, supranational or other
government, governmental department, commission, board, bureau,
court, agency or instrumentality or political subdivision thereof
or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether
associated with the United States of America, any State thereof or
the District of Columbia or a foreign entity or government
(including any supra-national body exercising such powers or
functions, such as the European Union or the European Central
Bank).

 

 

 

29

 

 

“Governmental Authorization” means
any permit, license, registration, approval, exemption,
authorization, plan, directive, binding agreement, consent order or
consent decree made to, or issued, promulgated or entered into by
or with, any Governmental Authority.

 

“Guarantee” of or by any Person
(the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other
obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or
supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, Securities or
services for the purpose of assuring the owner of such Indebtedness
or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or other obligation;
provided that the
term “Guarantee”
shall not include (i) endorsements for collection or deposit in the
ordinary course of business or (ii) customary indemnity obligations
entered into in connection with any Acquisition or any Disposition
permitted hereunder (other than any such obligations with respect
to Indebtedness). The amount, as of any date of determination, of
any Guarantee shall be the principal amount outstanding on such
date of Indebtedness or other obligation guaranteed thereby (or, in
the case of (A) any Guarantee the terms of which limit the monetary
exposure of the guarantor or (B) any Guarantee of an obligation
that does not have a principal amount, the maximum monetary
exposure as of such date of the guarantor under such Guarantee (as
determined, in the case of clause (A), pursuant to such terms or,
in the case of clause (B), reasonably and in good faith by the
chief financial officer of the Borrower)).

 

“Guarantor Subsidiary” means each
Restricted Subsidiary that is a party hereto as a
“Guarantor” and a party to the Pledge and Security
Agreement as a “Grantor” thereunder.

 

“Guarantors” means each Guarantor
Subsidiary; provided that the term
“Guarantors”
shall also include the Borrower solely for purposes of the
Guarantee of Obligations of the other Credit Parties pursuant to
Section 7.

 

“Hazardous Materials” means any
petroleum or petroleum products, radioactive materials or wastes,
asbestos in any form, polychlorinated biphenyls, hazardous or toxic
substances and any other chemical, material, waste or substance
that is prohibited, limited or regulated, or that could result in
liability, under any Environmental Law.

 

“Hedge Agreement” means any
agreement with respect to any swap, forward, future or derivative
transaction, or any option or similar agreement, involving, or
settled by reference to, one or more rates, currencies,
commodities, prices of equity or debt securities or instruments, or
economic, financial or pricing indices or measures of economic,
financial or pricing risk or value, or any similar transaction or
combination of the foregoing transactions; provided that no phantom stock,
stock option, stock appreciation right or similar plan or right
providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of
the Borrower or the Subsidiaries shall be a Hedge
Agreement.

 

 

 

30

 

 

“Highest Lawful Rate” means the
maximum lawful interest rate, if any, that at any time or from time
to time may be contracted for, charged, or received under the laws
applicable to any Lender that are presently in effect or, to the
extent allowed by law, under such applicable laws that may
hereafter be in effect and that allow a higher maximum nonusurious
interest rate than applicable laws now allow.

 

“Historical Borrower Financial
Statements” means the audited consolidated balance
sheets and related consolidated statements of operations, changes
in stockholders’ equity and cash flows, in each case prepared
in conformity with GAAP, of the Borrower and its consolidated
Subsidiaries for the Fiscal Year ended December 31,
2017.

 

“Holcombe Preferred Stock” means
the preferred shares of the Borrower, designated as Series D
Cumulative Preferred Stock, par value $0.01 per share, issued and
sold as of May 4, 2018 by the Borrower to Holcombe T. Green, Jr.
for gross cash proceeds of $14,700,000.

 

“incur” means to create, incur,
assume or, in the case of any Indebtedness, otherwise become liable
with respect to such Indebtedness.

 

“Indebtedness” means, with respect
to any Person, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar
instruments, (c) all obligations of such Person under
conditional sale or other title retention agreements relating to
property acquired by such Person (excluding trade accounts payable
incurred in the ordinary course of business), (d) all
obligations of such Person in respect of deferred purchase price of
property or services (excluding (i) current accounts payable
incurred in the ordinary course of business, (ii) deferred
compensation payable to directors, officers, employees or
consultants of such Person or any of its Subsidiaries and
(iii) purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred in connection
with any Acquisition, except to the extent that the amount payable
pursuant to such purchase price adjustment, earnout, deferred
compensation or similar arrangement is reflected on such
Person’s consolidated balance sheet in conformity with GAAP),
(e) all Capital Lease Obligations of such Person, (f) the
maximum aggregate amount (determined after giving effect to any
prior drawings or reductions that have been reimbursed) of all
letters of credit and letters of guaranty in respect of which such
Person is an account party, (g) the principal component of all
obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances, (h) all Indebtedness of others
secured by any Lien on any property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been
assumed by such Person, valued, as of any date of determination, at
the lesser of (i) the principal amount of such Indebtedness and
(ii) the fair value of such property (as determined in good faith
by such Person), (i) all Guarantees by such Person of
Indebtedness of others and (j) all Disqualified Equity Interests in
such Person, valued, as of the date of determination, at the
greater of (i) the maximum aggregate amount that would be
payable upon maturity, redemption, repayment or repurchase thereof
(or of Disqualified Equity Interests or Indebtedness into which
such Disqualified Equity Interests are convertible or exchangeable)
and (ii) the maximum liquidation preference of such Disqualified
Equity Interests. The Indebtedness of any Person shall include the
Indebtedness of any other Person (including any partnership in
which such Person is a general partner) to the extent such Person
is liable therefor as a result of such Person’s ownership
interest in or other relationship with such other Person, except to
the extent the terms of such Indebtedness provide that such Person
is not liable therefor.

 

 

 

31

 

 

“Indemnified Liabilities” means any
and all liabilities (including Environmental Liabilities),
obligations, losses, damages (including natural resource damages),
penalties, claims, actions, judgments, suits, costs (including the
costs of any investigation, study, sampling, testing, abatement,
cleanup, removal, remediation or other response action necessary to
remove, remediate, clean up or abate any Hazardous Materials),
expenses and disbursements of any kind or nature whatsoever
(including the reasonable out-of-pocket fees, expenses and other
charges of counsel and consultants for the Indemnitees in
connection with any investigative, administrative or judicial
proceeding or hearing commenced or threatened by any Person
(including by any Credit Party or any Affiliate thereof), whether
or not any such Indemnitee shall be designated as a party or a
potential party thereto (but limited, in the case of any one such
proceeding or hearing, to fees, expenses and other charges of (i)
one firm of primary counsel for the Agents and their Related
Parties (taken as a whole) and one firm of primary counsel for the
other Indemnitees (taken as a whole), (ii) in the event of any
proceeding or hearing under any Debtor Relief Laws in any
jurisdiction other than New York, one firm of local counsel for the
Agents and their Related Parties (taken as a whole) and one firm of
local counsel for the other Indemnitees (taken as a whole) and
(iii) one firm of regulatory counsel, and, if reasonably necessary,
one firm of local counsel in each applicable jurisdiction (other
than as described in the immediately preceding clause (ii)) for all
the Indemnitees (and, if any Indemnitee shall have advised the
Borrower that there is an actual or perceived conflict of interest,
one additional firm of primary counsel, one additional firm of
regulatory counsel and, if reasonably necessary, one additional
firm of local counsel in each applicable jurisdiction for each
group of affected Indemnitees that are similarly situated (in each
case, excluding allocated costs of in-house counsel)), and any fees
or expenses incurred by the Indemnitees in enforcing this
indemnity), whether direct, indirect, special, consequential or
otherwise and whether based on any federal, state or foreign laws,
statutes, rules or regulations (including securities and commercial
laws, statutes, rules or regulations and Environmental Laws), on
common law or equitable causes of action or on contract or
otherwise, that may be imposed on, incurred by or asserted against
any such Indemnitee, in any manner relating to, resulting from or
arising out of (a) this Agreement or the other Credit Documents or
the transactions contemplated hereby or thereby (including the
Lenders’ agreement to make Credit Extensions, the syndication
of the credit facilities provided for herein or the use or intended
use of the proceeds thereof, the execution, delivery and
administration of this Agreement and the other Credit Documents,
any amendments, waivers or consents with respect to any provision
of this Agreement or any of the other Credit Documents, or any
enforcement of any of the Credit Documents (including any sale of,
collection from, or other realization upon any of the Collateral or
the enforcement of the Obligations Guarantee)), (b) any commitment
letter, engagement letter, fee letter or other letter or agreement
delivered by any Agent or any Lender to the Borrower or any of its
Affiliates in connection with the arrangement of the credit
facilities provided for herein or in connection with the
transactions contemplated by this Agreement or (c) any actual
or alleged presence or Release of Hazardous Materials on, at or
under or from any property currently or formerly owned, leased or
operated by the Borrower or any Affiliate or any Environmental
Liability related in any way to the Borrower or any
Affiliate.

 

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

 

“Indemnitee” as defined in Section
10.3.

 

 

 

32

 

 

“Insurance/Condemnation Event”
means any casualty or other insured damage to, or any taking under
the power of eminent domain or by condemnation or similar
proceeding of, or any Disposition under a threat of such taking of,
all or any part of any assets of the Borrower or any Restricted
Subsidiary, other than any of the foregoing resulting in aggregate
Net Proceeds not exceeding $500,000 during any Fiscal
Year.

 

“Intellectual Property” as defined
in the Pledge and Security Agreement.

 

“Intellectual Property Collateral”
as defined in the Pledge and Security Agreement.

 

“Intellectual Property Security
Agreements” as defined in the Pledge and Security
Agreement.

 

“Intercompany Indebtedness Subordination
Agreement” means a First Lien Intercompany
Indebtedness Subordination Agreement substantially in the form of
Exhibit G.

 

“Intercompany Note” means a
promissory note substantially in the form of Exhibit H.

 

“Intercreditor Agreement” means the
Super Senior Intercreditor Agreement in substantially the form set
forth in Exhibit I,
with such changes therefrom as may be agreed to by the
Administrative Agent, the Requisite Lenders and the Borrower or as
are contemplated by Section 10.24.

 

“Interest Payment Date” means (a)
with respect to any Base Rate Loan, the last Business Day of each
calendar month, commencing on the first such date to occur after
the Closing Date and (b) with respect to any Eurodollar Rate Loan,
the last day of each Interest Period applicable to such
Loan.

 

“Interest Period” means, with
respect to any Eurodollar Rate Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one month (or, such
longer period thereafter as shall have been consented to by each
Lender and notified in writing by each Lender to the Administrative
Agent), as selected by the Borrower in the applicable Funding
Notice or Conversion/Continuation Notice; provided that (a) if an
Interest Period would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding
Business Day unless no succeeding Business Day occurs in such
month, in which case such Interest Period shall end on the
immediately preceding Business Day, (b) any Interest Period
that commences 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, subject
to clause (c) below, end on the last Business Day of the last
calendar month of such Interest Period and (c) notwithstanding
anything to the contrary in this Agreement, no Interest Period for
a Eurodollar Rate Borrowing may extend beyond the Maturity Date for
Borrowings. For purposes hereof, the date of a Eurodollar Rate
Borrowing shall initially 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.

 

“Interest Rate Determination Date”
means, with respect to any Interest Period, the date that is two
Business Days prior to the first day of such Interest
Period.

 

 

 

33

 

 

“Internal Revenue Code” means the
Internal Revenue Code of 1986.

 

“Investment” means, with respect to
a specified Person, any Equity Interests, evidences of Indebtedness
or other Securities (including any option, warrant or other right
to acquire any of the foregoing) of, or any capital contribution or
loans or advances (other than trade advances made in the ordinary
course of business that would be recorded as accounts receivable on
the balance sheet of the specified Person prepared in conformity
with GAAP) to, Guarantees of any Indebtedness of (including any
such Guarantees arising as a result of the specified Person being a
co-maker of any note or other instrument or a joint and several
co-applicant with respect to any letter of credit or letter of
guaranty), or any other investments in (including any investment in
the form of transfer of property for consideration that is less
than the fair value thereof (as determined reasonably and in good
faith by the chief financial officer of the Borrower)), any other
Person that are held or made by the specified Person. The amount,
as of any date of determination, of (a) any Investment in the form
of a loan or an advance shall be the aggregate principal amount
thereof made on or prior to such date of determination, minus the
amount, as of such date of determination, of any Returns with
respect thereto, but without any adjustment for write-downs or
write-offs (including as a result of forgiveness of any portion
thereof) with respect to such loan or advance after the date
thereof, (b) any Investment in the form of a Guarantee shall be
determined in accordance with the definition of the term
“Guarantee”, (c)
any Investment in the form of a purchase or other acquisition for
value of any Equity Interests, evidences of Indebtedness or other
Securities of any Person shall be the fair value (as determined
reasonably and in good faith by the chief financial officer of the
Borrower) of the consideration therefor (including any Indebtedness
assumed in connection therewith), plus the fair value (as so
determined) of all additions, as of such date of determination,
thereto, and minus
the amount, as of such date of determination, of any Returns with
respect thereto, but without any other adjustment for increases or
decreases in value of, or write-ups, write-downs or write-offs with
respect to, such Investment after the time of such Investment, (d)
any Investment (other than any Investment referred to in clause
(a), (b) or (c) above) in the form of a transfer of Equity
Interests or other property by the investor to the investee,
including any such transfer in the form of a capital contribution,
shall be the fair value (as determined reasonably and in good faith
by the chief financial officer of the Borrower) of such Equity
Interests or other property as of the time of such transfer (less,
in the case of any investment in the form of transfer of property
for consideration that is less than the fair value thereof, the
fair value (as so determined) of such consideration as of the time
of the transfer), minus the amount, as of such
date of determination, of any Returns with respect thereto, but
without any other adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such
Investment after the time of such transfer, and (e) any Investment
(other than any Investment referred to in clause (a), (b), (c) or
(d) above) in any Person resulting from the issuance by such Person
of its Equity Interests to the investor shall be the fair value (as
determined reasonably and in good faith by the chief financial
officer of the Borrower) of such Equity Interests at the time of
the issuance thereof.

 

“IRS” means the United States
Internal Revenue Service.

 

 

 

34

 

 

“Junior Indebtedness” means (a) any
Permitted First Lien Indebtedness, (b) any Permitted Second Lien
Indebtedness, (c) any Permitted Credit Agreement Refinancing
Indebtedness and any Permitted Incremental Equivalent Indebtedness
that, in each case, is Permitted Junior Lien Secured Indebtedness
or Permitted Unsecured Indebtedness and (d) the Subordinated Notes,
any other Permitted Subordinated Indebtedness or any other
Subordinated Indebtedness, other than any Subordinated Indebtedness
owing to the Borrower or any Restricted Subsidiary.

 

“Junior Lien Intercreditor
Agreement” means, with respect to any Permitted Junior
Lien Secured Indebtedness, the Intercreditor Agreement or any other
intercreditor agreement, in form and substance reasonably
satisfactory to the Collateral Agent, the Requisite Lenders and the
Borrower, that contains terms and conditions that are within the
range of terms and conditions customary for intercreditor
agreements that are of the type that govern intercreditor
relationships between holders of senior secured credit facilities
and holders of the same type of Indebtedness as such Permitted
Junior Lien Secured Indebtedness.

 

“Leasehold Property” means, as of
any time of determination, any leasehold interest then owned by any
Credit Party in any leased real property.

 

“Lender” means each Term Loan
Lender.

 

“License” means any license,
permit, consent, certificate, franchise approval, waiver,
registration or authorization granted or issued by the FCC, any
State PUC or any other Governmental Authority with authority to
regulate the provision of telecommunications services.

 

“Lien” means any lien, mortgage,
pledge, assignment, security interest, hypothecation, charge or
encumbrance of any kind (including any conditional sale or other
title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement
having the practical effect of any of the foregoing.

 

“Lingo” as defined in Section
6.16.

 

“Lingo Report” means a report, in a
form reasonably satisfactory to the Requisite Lenders or their
advisors, setting forth in reasonable detail the outstanding
receivables from Lingo owed to the Borrower and its Restricted
Subsidiaries and payments made by the Borrower or any Restricted
Subsidiary to Lingo.

 

“Loan” means a Term
Loan.

 

“Long-Term Indebtedness” means any
Indebtedness that, in conformity with GAAP, constitutes (or, when
incurred, constituted) a long-term liability.

 

“Majority in Interest”, when used
in reference to Lenders, means, at any time, Lenders having Term
Loan Exposure representing more than 50% of the Term Loan Exposure
of all the Lenders at such time. For purposes of this definition,
the amount of Term Loan Exposures shall be determined by excluding
the Term Loan Exposure of any Defaulting Lender.

 

“Margin Stock” as defined in
Regulation U.

 

 

 

35

 

 

“Material Acquisition” means any
Acquisition, or a series of related Acquisitions, by the Borrower
or any Restricted Subsidiary; provided that the portion of
the Consolidated Adjusted EBITDA, calculated on a Pro Forma Basis
for such Acquisition or Acquisitions, attributable to the Persons
or the assets so acquired for the most recent period of 12
consecutive months for which financial statements are available at
the time of the consummation thereof exceeds
$10,000,000.

 

“Material Adverse Effect” means a
material adverse effect on (a) the business, results of operations,
assets or financial condition of the Borrower and the Restricted
Subsidiaries, taken as a whole, (b) the ability of the Credit
Parties to fully and timely perform their obligations under the
Credit Documents, taken as a whole, (c) the legality, validity,
binding effect or enforceability against the Credit Parties of any
Credit Documents to which they are party or (d) the rights,
remedies and benefits available to, or conferred upon, any Agent,
any Lender or any Secured Party under the Credit Documents, taken
as a whole (other than, in each case, events disclosed to the
Lenders prior to the Closing Date and disclosed in Borrower’s
public filings prior to the Closing Date).

 

“Material Disposition” means any
Disposition, or a series of related Dispositions, by the Borrower
or any Restricted Subsidiary of (a) all or substantially all
the issued and outstanding Equity Interests in any Person or (b)
assets comprising all or substantially all the assets of (or all or
substantially all the assets constituting a business unit,
division, product line or line of business of) any Person;
provided that the
portion of the Consolidated Adjusted EBITDA for the most recent
Test Period attributable to the Persons or assets so Disposed
exceeds $10,000,000.

 

“Material Indebtedness” means
Indebtedness (other than the Loans and Guarantees under the Credit
Documents), or obligations in respect of one or more Hedge
Agreements, of any one or more of the Borrower and the Restricted
Subsidiaries in an aggregate principal amount of $1,500,000 or
more, provided that
any Permitted First Lien Indebtedness, Permitted Second Lien
Indebtedness, Permitted Incremental Equivalent Indebtedness,
Permitted Credit Agreement Refinancing Indebtedness and Permitted
Subordinated Indebtedness shall at all times constitute
“Material
Indebtedness”; provided, further, that the Credit
Parties’ equipment financing arrangements with each of the
First American Commercial Bank Corp., Inc. and Varilease Finance,
Inc. shall not constitute “Material Indebtedness”. In
the case of any Material Indebtedness that is a Guarantee of any
other Indebtedness, each reference to “Material Indebtedness” shall be
deemed to include a reference to such Guaranteed Indebtedness. For
purposes of determining Material Indebtedness, the
“principal
amount” of the obligations of the Borrower or any
Restricted Subsidiary in respect of any Hedge Agreement at any time
shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Restricted Subsidiary would
be required to pay if such Hedge Agreement were terminated at such
time.

 

“Material Real Estate Asset” means
each Real Estate Asset owned by a Credit Party that, together with
the improvements thereon and all contiguous and all related parcels
and the improvements thereon forming part of such Real Estate
Asset, has a fair value, as of the Closing Date or as of the time
of the acquisition thereof, of greater than $1,000,000 in the
aggregate.

 

“Maturity Date” means June 3, 2019;
provided that such date may be extended for up to 30 days with the
prior written consent of Lenders having or holding Term Loan
Exposure representing more than 66 2/3% of the sum of the Term Loan
Exposure of all the Lenders at such time (excluding the Term Loan
Exposure of Defaulting Lenders).

 

 

 

36

 

 

“Milestones” means the Milestones
set forth in Section 5.17 or any “Milestones”, “Required Milestones” or similar
undertakings or requirements set forth in the RSA.

 

“Moody’s” means Moody’s
Investors Service, Inc., or any successor to its rating agency
business.

 

“Mortgage” means a mortgage, deed
of trust, assignment of leases and rents or other security document
granting a Lien on any Material Real Estate Asset in favor of the
Collateral Agent, for the benefit of the Secured Parties, as
security for the Obligations. Each Mortgage shall be in form and
substance reasonably satisfactory to the Collateral Agent and the
Requisite Lenders.

 

“Multiemployer Plan” means any
Employee Benefit Plan that is a “multiemployer plan” as
defined in Section 3(37) of ERISA.

 

“Net Proceeds” means, with respect
to any event, (a) the Cash (which term, for purposes of this
definition, shall include Cash Equivalents) proceeds received in
respect of such event, including any Cash received in respect of
any noncash proceeds, but only as and when received, net of (b) the
sum, without duplication, of (i) all reasonable fees and
out-of-pocket expenses (including any underwriting discounts and
commissions) paid in connection with such event by the Borrower or
any Restricted Subsidiary to Persons that are not Affiliates of the
Borrower or any Restricted Subsidiary, (ii) in the case of any
Asset Sale or Insurance/Condemnation Event, (A) the amount of
all payments (including in respect of principal, accrued interest
and premiums) required to be made by the Borrower and the
Restricted Subsidiaries as a result of such event to repay
Indebtedness of the Borrower or the Restricted Subsidiaries of the
types referred to in clauses (a) through (e) of the definition of
“Indebtedness”
(other than Loans, Permitted First Lien Indebtedness, Permitted
Second Lien Indebtedness, Permitted Credit Agreement Refinancing
Indebtedness, Permitted Incremental Equivalent Indebtedness,
Permitted Subordinated Indebtedness and any Indebtedness owed to
the Borrower or any Subsidiary) secured by the assets subject
thereto, (B) the amount of all Taxes paid (or reasonably
estimated to be payable) by the Borrower or any Restricted
Subsidiary, and the amount of any reserves established by the
Borrower or any Restricted Subsidiary in conformity with GAAP to
fund purchase price adjustment, indemnification and similar
contingent liabilities reasonably estimated to be payable that are
directly attributable to the occurrence of such event and (C) the
repayment of customer deposits required upon such Asset Sale or
Insurance/Condemnation Event and (iii) in the case of any proceeds
from any Asset Sale or Insurance/Condemnation Event affecting the
assets of a Restricted Subsidiary that is not a wholly owned
Subsidiary, the portion of such proceeds received by such
Restricted Subsidiary attributable to the noncontrolling interests
in such Restricted Subsidiary, in each case as determined
reasonably and in good faith by the chief financial officer of the
Borrower. For purposes of this definition, in the event any
contingent liability reserve established with respect to any event
as described in clause (b)(ii)(B) above shall be reduced, the
amount of such reduction shall, except to the extent such reduction
is made as a result of a payment having been made in respect of the
contingent liabilities for which such reserve has been established,
be deemed to be receipt, on the date of such reduction, of Cash
proceeds in respect of such event.

 

“Note” means a promissory note
issued to any Lender pursuant to Section 2.6(c).

 

 

 

37

 

 

“Obligations” means all obligations
of every nature of each Credit Party under this Agreement and the
other Credit Documents, whether for principal, interest (including
default interest accruing pursuant to Section 2.9 and interest
(including such default interest) that would continue to accrue
pursuant to the Credit Documents on any such obligation after the
commencement of any proceeding under the Debtor Relief Laws with
respect to any Credit Party, whether or not such interest is
allowed or allowable against such Credit Party in any such
proceeding), fees (including prepayment fees), expenses,
indemnification or otherwise.

 

“Obligations Guarantee” means the
Guarantee of the Obligations created under
Section 7.

 

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

 

“Organizational Documents” means
(a) with respect to any corporation or company, its certificate or
articles of incorporation, organization or association, as amended,
and its bylaws, as amended, (b) with respect to any limited
partnership, its certificate or declaration of limited partnership,
as amended, and its partnership agreement, as amended, (c) with
respect to any general partnership, its partnership agreement, as
amended, and (d) with respect to any limited liability company, its
certificate of formation or articles of organization, as amended,
and its operating agreement, as amended. In the event any term or
condition of this Agreement or any other Credit Document requires
any Organizational Document to be certified by a secretary of state
or similar governmental official, the reference to any such
“Organizational
Document” shall only be to a document of a type
customarily certified by such governmental official.

 

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

 

“Other Taxes” means any and all present or
future stamp, court or documentary, intangible, recording, filing
or similar Taxes that arise from any payment made under, from the
execution, delivery, performance, enforcement or registration of,
from the receipt or perfection of a security interest under, or
otherwise with respect to, this Agreement or any other Credit
Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment
made pursuant to Section 2.22).

 

“Pari Passu Intercreditor
Agreement” means, with respect to any Permitted Pari
Passu Secured Indebtedness, an intercreditor agreement, in form and
substance reasonably satisfactory to the Collateral Agent, the
Requisite Lenders and the Borrower, that contains terms and
conditions that are within the range of terms and conditions
customary for intercreditor agreements that are of the type that
govern intercreditor relationships between holders of senior
secured credit facilities and holders of the same type of
Indebtedness as such Permitted Pari Passu Secured
Indebtedness.

 

“Participant Register” as defined
in Section 10.6(g).

 

 

 

38

 

 

“PATRIOT Act” means the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (Title III of Pub. L.
107-56).

 

“PBGC” means the Pension Benefit
Guaranty Corporation.

 

“Pension Plan” means any Employee
Benefit Plan, other than a Multiemployer Plan, that is subject to
Section 412 of the Internal Revenue Code or Section 302 of
ERISA.

 

“Permitted Acquisition” means any
Acquisition by the Borrower or any Restricted Subsidiary;
provided
that:

 

(a) (i) in the
case of any Acquisition of Equity Interests in a Person, each of
such Person and its Subsidiaries will become a Restricted
Subsidiary (or will be merged or consolidated with or into the
Borrower or any Restricted Subsidiary, with the continuing or
surviving Person being the Borrower (in the case of any such
transaction involving the Borrower) or a Restricted Subsidiary) and
(ii) in the case of any Acquisition of other assets, such assets
will be owned by the Borrower or any Restricted
Subsidiary;

 

(b) all actions
required to be taken with respect to such Person or such assets, as
the case may be, in order to satisfy the requirements set forth in
clauses (a), (b), (c) and (d) of the definition of the term
“Collateral and Guarantee
Requirement” (subject to the discretion of the
Collateral Agent and the Requisite Lenders set forth in such
definition) shall have been taken (or arrangements for the taking
of such actions satisfactory to the Collateral Agent and the
Requisite Lenders shall have been made) (it being understood that
all other requirements set forth in such definition that are
applicable to such Acquisition shall be required to be satisfied in
accordance with (and within the time periods provided in) Sections
5.10 and 5.11);

 

(c) (i) the Total Net
Leverage Ratio, determined as of the last day of the Test Period
most recently ended prior to the consummation thereof (giving Pro
Forma Effect to such Acquisition and any other Pro Forma Events in
connection therewith (including incurrence of Indebtedness)), shall
not be greater than the lesser of (A) the greater of
(x) 3.65:1.00 and (y) the Total Net Leverage Ratio as of such
last day (but determined prior to giving Pro Forma Effect to such
Acquisition or any other Pro Forma Events in connection therewith
(including incurrence of Indebtedness)) and (B) the maximum
Total Net Leverage Ratio permitted under the financial covenant set
forth in Section 6.7(a) of the First Lien Credit Agreement and (ii)
in the case of any such Acquisition consummated during the Fixed
Charge Coverage Ratio Covenant Period, the Fixed Charge Coverage
Ratio, determined for the Test Period most recently ended prior to
the consummation thereof (giving Pro Forma Effect to such
Acquisition and any other Pro Forma Events in connection therewith
(including incurrence of Indebtedness)), shall not be less than the
minimum Fixed Charge Coverage Ratio permitted under the financial
covenant set forth in Section 6.7(c) of the First Lien Credit
Agreement; provided
that the Administrative Agent shall have received a certificate of
an Authorized Officer of the Borrower demonstrating that the
condition set forth in this clause (c) have been
satisfied;

 

(d) the business of any
such acquired Person, or such acquired assets, as the case may be,
constitute a business permitted under
Section 6.11;

 

 

 

39

 

 

(e) immediately prior
and after giving effect thereto, no Event of Default shall have
occurred and be continuing or would result therefrom;
and

 

(f) the Acquisition
Consideration paid in respect of such Acquisition shall not be in
the form of Cash or Cash Equivalents unless the Fixed Charge
Coverage Ratio, determined as of the last day of the Test Period
most recently ended prior to the consummation thereof (giving Pro
Forma Effect to such Acquisition and any other Pro Forma Events in
connection therewith (including incurrence of Indebtedness)), (i)
in the case of any such Acquisition consummated on or prior to the
third anniversary of the Closing Date, shall be greater than or
equal to 1.40:1.00 and (ii) in the case of any such Acquisition
consummated at any time thereafter, shall be greater than or equal
to 1.50:1.00; provided that the
Administrative Agent shall have received a certificate of an
Authorized Officer of the Borrower demonstrating that the condition
set forth in this clause (f) has been satisfied.

 

“Permitted Credit Agreement Refinancing
Indebtedness” means Indebtedness permitted under
Section 6.1(i).

 

“Permitted Encumbrances”
means:

 

(a) Liens imposed by
law for Taxes that are not overdue by more than 30 days or are
being contested in compliance with Section 5.3, if adequate
reserves with respect thereto are maintained by the applicable
Person in conformity with GAAP;

 

(b) carriers’,
warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law (other than
any Lien imposed pursuant to Section 430(k) of the Internal Revenue
Code or Section 303(k) of ERISA), arising in the ordinary course of
business and securing obligations that are not overdue by more than
60 days or are being contested in good faith by appropriate
proceedings promptly and diligently conducted, if adequate reserves
with respect thereto are maintained by the applicable Person in
conformity with GAAP;

 

(c) pledges and
deposits made (i) in the ordinary course of business in compliance
with workers’ compensation, unemployment insurance and other
social security laws (other than any Lien imposed pursuant to
Section 430(k) of the Internal Revenue Code or Section 303(k) of
ERISA) and (ii) in respect of letters of credit, bank guarantees or
similar instruments issued for the account of the Borrower or any
Restricted Subsidiary in the ordinary course of business supporting
obligations of the type set forth in clause (i) above;

 

(d) pledges and
deposits made (i) in the ordinary course of business to secure the
performance of bids, trade contracts (other than for payment of
Indebtedness), leases (other than capital leases), statutory
obligations (other than any Lien imposed pursuant to Section 430(k)
of the Internal Revenue Code or Section 303(k) of ERISA), public
utility services provided to the Borrower or a Restricted
Subsidiary, surety, litigation and appeal bonds, performance bonds
and other obligations of a like nature and (ii) in respect of
letters of credit, bank guarantees or similar instruments issued
for the account of the Borrower or any Restricted Subsidiary in the
ordinary course of business supporting obligations of the type set
forth in clause (i) above;

 

(e) judgment liens in
respect of judgments that do not constitute an Event of Default
under Section 8.1(h);

 

 

 

40

 

 

(f) easements, zoning
restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not
materially detract from the value of the affected property or
interfere with the ordinary conduct of business of the Borrower and
the Restricted Subsidiaries, taken as a whole;

 

(g) any zoning or
similar law or right reserved to or vested in any Governmental
Authority to control or regulate the use of any real property that
is not violated by the current use and operation of the affected
real property;

 

(h) ground leases in
respect of real property on which facilities owned or leased by the
Borrower or any Restricted Subsidiary are located;

 

(i) Liens of a
collecting bank arising in the ordinary course of business under
Section 4-208 of the Uniform Commercial Code in effect in the
relevant jurisdiction covering only the items being collected
upon;

 

(j) banker’s
liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with depository
institutions; provided that such deposit
accounts or funds are not established or deposited for the purpose
of providing collateral for any Indebtedness and are not subject to
restrictions on access by the Borrower or any Restricted Subsidiary
in excess of those required by applicable banking
regulations;

 

(k) Liens arising by
virtue of precautionary UCC financing statement filings (or similar
filings under applicable law) regarding operating leases entered
into by the Borrower and the Restricted Subsidiaries in the
ordinary course of business;

 

(l) Liens representing
any interest or title of a licensor, lessor or sublicensor or
sublessor, or a licensee, lessee or sublicensee or sublessee, in
the property subject to any lease (other than any capital lease),
license or sublicense or concession agreement permitted by this
Agreement;

 

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

 

(n) deposits of Cash
with the owner or lessor of premises leased and operated by the
Borrower or any Restricted Subsidiary to secure the performance of
its obligations under the lease for such premises, in each case in
the ordinary course of business;

 

(o) Liens that are
contractual rights of set-off; and

 

(p) Liens on Cash and
Cash Equivalents securing obligations in respect of Hedge
Agreements permitted under Section 6.12;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness, other than Liens
referred to in clauses (c) and (d) above securing letters of
credit, bank guarantees and similar instruments.

 

 

 

41

 

 

“Permitted First Lien Indebtedness”
means Indebtedness permitted under Section 6.1(e)(y). As of
the date hereof, Indebtedness under the First Lien Credit Agreement
constitutes Permitted First Lien Indebtedness.

 

“Permitted First Lien Indebtedness
Documents” means the First Lien Credit Agreement and
the other “Credit
Documents” as defined in the First Lien Credit
Agreement and any other credit agreement, indenture or other
agreement or instrument evidencing or governing the rights of the
holders of any Permitted First Lien Indebtedness.

 

“Permitted Holders” means (a)
Holcombe T. Green, Jr., R. Kirby Godsey, Holcombe Green, III,
Marvin S. Rosen and Matthew D. Rosen and their respective heirs,
beneficiaries, trusts, estates and controlled Affiliates
(including, for so long as such Person constitutes such a
controlled Affiliate, BCHI Holdings, LLC, a Georgia limited
liability company) and (b) any employee benefit plan of the
Borrower or any Subsidiary, or any Person acting in its capacity as
trustee, agent or other fiduciary or administrator of any such
plan.

 

“Permitted Incremental Equivalent
Indebtedness” means Indebtedness permitted under
Section 6.1(h).

 

“Permitted Intercreditor Agreement”
means the Intercreditor Agreement, 1L/2L Intercreditor Agreement,
any Junior Lien Intercreditor Agreement or any Pari Passu
Intercreditor Agreement.

 

“Permitted Junior Lien Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of junior lien secured bona fide “high yield” notes, bonds or
debentures or junior lien secured loans, and the Guarantees thereof
by any Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a junior priority basis with the Liens on the
Collateral securing the Obligations and is not secured by any
assets of the Borrower or any Subsidiary other than the Collateral,
(b) such Indebtedness is not Guaranteed by any Person other than
the Credit Parties and (c) the administrative agent, collateral
agent, trustee and/or any similar representative acting on behalf
of the holders of such Indebtedness shall have become party to a
Junior Lien Intercreditor Agreement, providing that the Liens on
the Collateral securing such Indebtedness shall rank junior in
priority to the Liens on the Collateral securing the Obligations;
provided that if
such Indebtedness is the initial Permitted Junior Lien Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Junior Lien Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Junior Lien
Intercreditor Agreement (and by their execution hereof, the Lenders
hereby authorize and direct the Collateral Agent to execute and
deliver, on behalf of the Lenders and the other Secured Parties,
the Junior Lien Intercreditor Agreement). It is understood and
agreed that, notwithstanding the final paragraph of Section 6.1,
Permitted Junior Lien Secured Indebtedness may only be incurred and
outstanding in reliance on Section 6.1(e), 6.1(h) or
6.1(i).

 

“Permitted Lien” means any Lien
permitted by Section 6.2.

 

 

 

42

 

 

“Permitted Pari Passu Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of senior secured bona fide “high yield” notes, bonds or
debentures (but not loans), and the Guarantees thereof by any
Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a pari passu basis with the Liens on the Collateral
securing the Obligations (it being understood that the
determination as to whether such Liens are on a pari passu basis
shall be made without regard to control of remedies) and is not
secured by any assets of the Borrower or any Subsidiary other than
the Collateral, (b) such Indebtedness is not Guaranteed by any
Person other than the Credit Parties and (c) the administrative
agent, collateral agent, trustee and/or any similar representative
acting on behalf of the holders of such Indebtedness shall have
become party to a Pari Passu Intercreditor Agreement providing that
the Liens on the Collateral securing such Indebtedness shall rank
equal in priority to the Liens on the Collateral securing the
Obligations (it being understood that the determination as to
whether such Liens rank equal in priority shall be made without
regard to control of remedies); provided that if such
Indebtedness is the initial Permitted Pari Passu Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Pari Passu Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Pari Passu Intercreditor
Agreement (and by their execution hereof, the Lenders hereby
authorize and direct the Collateral Agent to execute and deliver,
on behalf of the Lenders and the other Secured Parties, the Pari
Passu Intercreditor Agreement). It is understood and agreed that,
notwithstanding the final paragraph of Section 6.1, Permitted Pari
Passu Secured Indebtedness may only be incurred and outstanding in
reliance on Section 6.1(h) or 6.1(i).

 

“Permitted Second Lien
Indebtedness” means Indebtedness permitted under
Section 6.1(e)(x). As of the date hereof, Indebtedness under
the Second Lien Credit Agreement constitutes Permitted Second Lien
Indebtedness.

 

“Permitted Second Lien Indebtedness
Documents” means the Second Lien Credit Agreement and
the other Second Lien Credit Documents and any other credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Permitted Second Lien
Indebtedness.

 

“Permitted Subordinated
Indebtedness” means Indebtedness permitted under
Section 6.1(q). As of the date hereof, the Subordinated Notes
constitute Permitted Subordinated Indebtedness.

 

“Permitted Subordinated Indebtedness
Document” means the Subordinated Notes and any other
credit agreement, indenture or other agreement or instrument
evidencing or governing the rights of the holders of any Permitted
Subordinated Indebtedness.

 

“Permitted Unsecured Indebtedness”
means any Indebtedness of the Borrower and/or any other Credit
Party in the form of one or more series of unsecured, senior or
subordinated bona fide “high
yield” notes, bonds or debentures or unsecured, senior
or subordinated term loans; provided that (a) such
Indebtedness is not secured by any Liens on any assets of the
Borrower or any Subsidiary and (b) such Indebtedness is not
Guaranteed by any Person other than the Credit
Parties.

 

 

 

43

 

 

“Person” means any natural person,
corporation, limited partnership, general partnership, limited
liability company, limited liability partnership, joint stock
company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority.

 

“Platform” means Debtdomain,
IntraLinks/Intraagency, SyndTrak or another similar website or
other information platform.

 

“Pledge and Security Agreement”
means the Pledge and Security Agreement dated as of the date
hereof, among the Borrower, the other Credit Parties and the
Collateral Agent, substantially in the form of Exhibit K.

 

“Previously Absent Financial Maintenance
Covenant” means, at any time, (a) any financial
maintenance covenant that is not included in this Agreement at such
time for the benefit of all Lenders and (b) any financial
maintenance covenant that is included in this Agreement at such
time for the benefit of all Lenders but has covenant levels or
effectiveness triggers that are more restrictive on the Borrower
and the Restricted Subsidiaries than the covenant levels or
effectiveness triggers set forth in this Agreement at such
time.

 

“Prime Rate” means the rate of
interest quoted in the print edition of The Wall Street Journal, Money Rates
Section as the Prime Rate (currently defined as the base rate on
corporate loans posted by at least 70% of the nation’s 10
largest banks), as in effect from time to time; provided that if The Wall Street Journal ceases to
publish for any reason such rate of interest, “Prime Rate” shall mean the prime
lending rate as set forth on the Bloomberg page PRIMBB Index (or
successor page) for such day (or such other service as determined
by the Administrative Agent from time to time for purposes of
providing quotations of prime lending interest rates). The Prime
Rate is a reference rate and does not necessarily represent the
lowest or best rate actually charged to any customer. Any Agent and
any Lender may make commercial loans or other loans at rates of
interest at, above or below the Prime Rate.

 

“Private Lenders” means Lenders
that wish to receive Private-Side Information.

 

“Private-Side Information” means
any information with respect to the Borrower and the Subsidiaries
that is not Public-Side Information.

 

“Pro Forma Basis”,
“Pro Forma
Compliance” and “Pro Forma Effect” means, with
respect to any Pro Forma Event, that such Pro Forma Event and the
following transactions in connection therewith (to the extent
applicable) shall be deemed to have occurred as of the first day of
the applicable period of measurement for the applicable covenant or
requirement: (a) historical income statement items (whether
positive or negative) attributable to the property or Person, if
any, subject to such Pro Forma Event, (i) in the case of a
Disposition of a business unit, division, product line or line of
business of the Borrower or any Restricted Subsidiary, a
Disposition that otherwise results in a Restricted Subsidiary
ceasing to be a Subsidiary or a designation of a Subsidiary as an
Unrestricted Subsidiary, shall be excluded, and (ii) in the case of
an Acquisition by the Borrower or a Restricted Subsidiary, whether
by merger, consolidation or otherwise, or any other Investment that
results in a Person becoming a Restricted Subsidiary or a
designation of a Subsidiary as a Restricted Subsidiary, shall be
included, (b) any repayment, retirement, redemption, satisfaction
and discharge or defeasance of Indebtedness in connection therewith
and (c) any Indebtedness incurred or assumed by the Borrower or any
of the Restricted Subsidiaries in connection therewith, and if such
Indebtedness has a floating or formula rate, such Indebtedness
shall have an implied rate of interest for the applicable period
for purposes of this definition determined by utilizing the rate
which is or would be in effect with respect to such Indebtedness as
at the relevant date of determination (taking into account any
hedging obligations applicable to such Indebtedness if such hedging
obligation has a remaining term in excess of 12 months).
“Pro Forma
Basis,” “Pro
Forma Compliance” and “Pro Forma Effect” in respect of
any Pro Forma Event shall be calculated in a reasonable and
factually supportable manner by the Borrower and in the manner that
is consistent with the definition of Consolidated Adjusted EBITDA.
For the avoidance of doubt, the amount of net cost savings,
operating expense reductions, other operating improvements and
synergies projected by the Borrower in good faith to be realized as
a result of actions taken or to be taken in connection with any Pro
Forma Event may be included in Consolidated Adjusted EBITDA in the
manner, and subject to the limitations, set forth in the definition
of such term.

 

 

 

44

 

 

“Pro Forma Event” means (a) any
Acquisition by the Borrower or a Restricted Subsidiary, whether by
merger, consolidation or otherwise, or any other Investment (other
than intercompany Investments), (b) any Disposition of a business
unit, division, product line or line of business of the Borrower or
a Restricted Subsidiary and any other Disposition that results in a
Restricted Subsidiary ceasing to be a Subsidiary, (c) any
designation of a Subsidiary as a Restricted Subsidiary or as an
Unrestricted Subsidiary, (d) any incurrence or repayment,
retirement, redemption, satisfaction and discharge or defeasance of
Indebtedness, (e) any Restricted Junior Payment and (f) any other
transaction where the consummation thereof, or the determination of
whether such transaction is permitted to be consummated under this
Agreement, requires that a financial covenant or test be calculated
on a Pro Forma Basis after giving Pro Forma Effect to such
transaction.

 

“Pro Rata Share” means, with
respect to any Lender, at any time, the percentage obtained by
dividing (i) the Term Loan Exposure of such Lender at such time by
(ii) the aggregate Term Loan Exposure of all the Lenders at such
time.

 

“Projections” means the income
statement, balance sheet and cash flow statement of the Borrower
and the Restricted Subsidiaries for each fiscal month of Fiscal
Year 2019 and 2020 heretofore provided to the Lenders setting forth
in reasonable detail the breakdown of operations of the Borrower
and Restricted Subsidiaries in the United States and
Canada.

 

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

 

“Public Lenders” means Lenders that
do not wish to receive Private-Side Information.

 

“Public-Side Information” means
information that is either (a) available to all holders of Traded
Securities of the Borrower or any Subsidiary or (b) not material
non-public information (for purposes of United States federal,
state or other applicable securities laws).

 

“Real Estate Asset” means any
interest (fee, leasehold or otherwise) owned by any Credit Party in
any real property.

 

“Recipient” means any Agent and any
Lender.

 

 

 

45

 

 

“Refinancing Indebtedness” means,
in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original
Indebtedness (or any Refinancing Indebtedness in respect thereof);
provided that (a)
the principal amount of such Refinancing Indebtedness shall not
exceed the principal amount of such Original Indebtedness except by
an amount not greater than accrued and unpaid interest on such
Original Indebtedness, any original issue discount applicable to
such Refinancing Indebtedness, any unused commitments in respect of
such Original Indebtedness (only if and to the extent that, had
such Original Indebtedness been incurred under such commitments at
the time such Refinancing Indebtedness is incurred, it would have
been permitted hereunder) and any reasonable fees, premiums and
expenses relating to such extension, renewal or refinancing; (b)
the stated final maturity of such Refinancing Indebtedness shall
not be earlier than that of such Original Indebtedness, and such
stated final maturity shall not be subject to any conditions that
could result in such stated final maturity occurring on a date that
precedes the stated final maturity of such Original Indebtedness
(other than as a result of an acceleration of any such stated
maturity upon an event of default or a voluntary termination by the
Borrower or any Restricted Subsidiary of any commitments to extend
credit in respect thereof); (c) the weighted average life to
maturity of such Refinancing Indebtedness shall not be shorter than
the remaining weighted average life to maturity of such Original
Indebtedness (and, for purposes of determining the weighted average
life to maturity of such Original Indebtedness, the effects of any
prepayments made prior to the date of the determination shall be
disregarded); (d) such Refinancing Indebtedness shall not
constitute an obligation (including pursuant to a Guarantee) of any
Restricted Subsidiary that shall not have been (or, in the case of
after-acquired Restricted Subsidiaries, shall not have been
required to become) an obligor in respect of such Original
Indebtedness; (e) if such Original Indebtedness shall have been
subordinated to the Obligations, such Refinancing Indebtedness
shall also be subordinated to the Obligations on terms not less
favorable in any material respect to the Lenders, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (and the Administrative Agent shall provide a
copy thereof, together with the drafts referred to below, to the
Lenders promptly upon its receipt of the same) at least five
Business Days prior to the incurrence of such Refinancing
Indebtedness, together with drafts of the subordination terms to be
applicable thereto, stating that the Borrower has determined in
good faith that such subordination terms satisfy the requirement of
this clause (e) shall be conclusive evidence that such terms
satisfy such requirement unless the Administrative Agent or the
Requisite Lenders notify the Borrower in writing within such five
Business Day period that it or they disagree with such
determination (including a reasonably detailed description of the
basis upon which it or they disagree); (f) if such Original
Indebtedness shall be Permitted Credit Agreement Refinancing
Indebtedness or Permitted Incremental Equivalent Indebtedness, then
(i) such Refinancing Indebtedness satisfies the Specified Permitted
Indebtedness Documentation Requirements, (ii) if such Original
Indebtedness was Permitted Pari Passu Secured Indebtedness, such
Refinancing Indebtedness, if secured, shall be Permitted Pari Passu
Secured Indebtedness or Permitted Junior Lien Secured Indebtedness
and (iii) if such Original Indebtedness was Permitted Junior Lien
Secured Indebtedness, such Refinancing Indebtedness, if secured,
shall be Permitted Junior Lien Secured Indebtedness; (g) if
such Original Indebtedness was Permitted First Lien Indebtedness or
Permitted Second Lien Indebtedness, then such Refinancing
Indebtedness shall satisfy the Specified Permitted Indebtedness
Documentation Requirements and shall be Permitted Junior Lien
Secured Indebtedness or Permitted Unsecured Indebtedness; and (h)
such Refinancing Indebtedness shall not be secured by any Lien on
any asset other than the assets that secured (or, in the case of
after-acquired assets, would be required to secure pursuant to the
terms thereof) such Original Indebtedness or, to the extent such
assets would have been required to secure such Original
Indebtedness pursuant to the terms thereof, that are proceeds and
products of, or after-acquired property that is affixed or
incorporated into, the assets that secured such Original
Indebtedness.

 

 

 

46

 

 

“Register” as defined in
Section 2.6(b).

 

“Regulation D” means
Regulation D of the Board of Governors.

 

“Regulation T” means
Regulation T of the Board of Governors.

 

“Regulation U” means
Regulation U of the Board of Governors.

 

“Regulation X” means
Regulation X of the Board of Governors.

 

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

 

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

 

“Release” means any release, spill,
emission, leaking, dumping, injection, pouring, deposit, disposal,
discharge, dispersal, leaching or migration into or through the
environment or from, under, within or upon any building, structure,
facility or fixture.

 

“Requisite Lenders” means, at any
time, two or more Lenders (counting for purposes of this definition
Lenders that are Affiliates or are under common management as one
single Lender) having or holding Term Loan Exposure representing
more than 50% of the sum of the Term Loan Exposure of all the
Lenders at such time. For purposes of this definition, the amount
of Term Loan Exposure shall be determined by excluding the Term
Loan Exposure of any Defaulting Lender.

 

“Restricted Junior Payment” means
(a) any dividend or other distribution, direct or indirect
(whether in Cash, Securities or other property), with respect to
any Equity Interests in the Borrower or any Restricted Subsidiary,
(b) any payment or distribution, direct or indirect (whether in
Cash, Securities or other property), including any sinking fund or
similar deposit, on account of any redemption, retirement,
purchase, acquisition, exchange, conversion, cancelation or
termination of, or any other return of capital with respect to, any
Equity Interests in the Borrower or any Restricted Subsidiary, and
(c) any payment or other distribution, direct or indirect (whether
in Cash, Securities or other property) of or in respect of
principal of or interest or premium on any Junior Indebtedness, or
any payment or other distribution (whether in Cash, Securities or
other property), including any sinking fund or similar deposit, on
account of the redemption, retirement, purchase, acquisition,
defeasance (including in-substance or legal defeasance), exchange,
conversion, cancelation or termination of any Junior
Indebtedness.

 

“Restricted Subsidiary” means any
Subsidiary that is not an Unrestricted Subsidiary.

 

“Retained ECF Percentage” means,
with respect to any Fiscal Year, (a) 100% minus (b) the Applicable
ECF Percentage with respect to such Fiscal Year.

 

 

 

47

 

 

“Returns” means (a) with respect to
any Investment in the form of a loan or advance, the repayment to
the investor in Cash or Cash Equivalents of principal thereof and
(b) with respect to any other Investment, any return of capital
received by the investor in Cash or Cash Equivalents in respect of
such Investment.

 

“Rollover Indebtedness” means
Indebtedness of any Credit Party issued to any Lender in lieu of
such Lender’s applicable Pro Rata Share of any prepayment of
any Borrowing made pursuant to Section 2.12(a)(i).

 

“RSA” means that certain
Restructuring Support Agreement to be entered into by certain of
the Lenders, the Borrower, the other Credit Parties and certain of
the lenders under the First Lien Credit Agreement and the Second
Lien Credit Agreement.

 

“S&P” means S&P Global
Ratings, or any successor to its rating agency
business.

 

“Sale/Leaseback Transaction” means
an arrangement relating to property owned by the Borrower or any
Restricted Subsidiary whereby the Borrower or such Restricted
Subsidiary Disposes of such property to any Person and the Borrower
or any Restricted Subsidiary leases such property, or other
property that it intends to use for substantially the same purpose
or purposes as the property Disposed of, from such Person or its
Affiliates.

 

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

 

“Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the US Department of State, the US
Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or the
Department of Foreign Affairs, Trade and Development (Canada), (b)
any Person operating, organized or resident in a Sanctioned Country
or (c) any Person controlled or 50% or more owned by any such
Person or Persons described in clause (a) or (b)
above.

 

“Sanctions” as defined in
Section 4.21.

 

“Sanctions Laws” as defined in
Section 4.21.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Second Lien Credit Agreement”
means the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018, among the Borrower, the Guarantor Subsidiaries, the
lenders party thereto and Wilmington Trust, as administrative agent
and collateral agent thereunder.

 

“Second Lien Credit Documents”
means the “Credit
Documents” as defined in the Second Lien Credit
Agreement.

 

 

 

48

 

 

“Second Lien Permitted Incremental Equivalent
Indebtedness” has the meaning assigned to the term
“Permitted Incremental
Equivalent Indebtedness” (or any comparable successor
provision) in the Second Lien Credit Agreement.

 

“Secured Parties” as defined in the
Pledge and Security Agreement.

 

“Securities” means any stock,
shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures,
notes or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any
instruments commonly known as “securities” or any certificates of
interest, shares or participations in temporary or interim
certificates for the purchase or acquisition of, or any right to
subscribe to, purchase or acquire, any of the
foregoing.

 

“Securities Act” means the
Securities Act of 1933.

 

“Specified Permitted Indebtedness Documentation
Requirements” means, with respect to any Indebtedness,
the requirements that the terms of such Indebtedness (excluding
interest rates (whether fixed or floating), interest margins,
benchmark rate floors, fees, original issue discounts and
prepayment or redemption terms (including “no call” terms and other
restrictions thereunder) and premiums) are, when taken as a whole,
either (a) not materially more favorable to the lenders or holders
providing such Indebtedness than those applicable under this
Agreement when taken as a whole (other
than terms benefitting such lenders or holders (i) where this
Agreement is amended to include such beneficial terms for the
benefit of all Lenders or (ii) applicable only to periods
after the latest Maturity Date in effect at the time of incurrence
of such Indebtedness) or (b) solely in
the case of Permitted Pari Passu Secured Indebtedness, otherwise on
current market terms for such type of Indebtedness;
provided that a
certificate of an Authorized Officer of the Borrower delivered to
the Administrative Agent (and the Administrative Agent shall
provide a copy thereof, together with any drafts referred to below,
to the Lenders promptly upon its receipt of the same) at least five
Business Days prior to the incurrence of such Indebtedness,
together with a reasonably detailed description of the material
terms and conditions of such Indebtedness or drafts of the
documentation relating thereto, stating that the Borrower has
determined in good faith that such terms and conditions satisfy the
requirements of this definition shall be conclusive evidence that
such terms and conditions satisfy such requirement unless the
Administrative Agent or the Requisite Lenders notify the Borrower
in writing within such five Business Day period that it or they
disagree with such determination (including a reasonably detailed
description of the basis upon which it or they disagree);
provided
further that such
Indebtedness shall not include any Previously Absent Financial
Maintenance Covenant unless such Previously Absent Financial
Maintenance Covenant applies only to periods after the latest
Maturity Date in effect at the time of incurrence of such
Indebtedness or this Agreement is amended to include such
Previously Absent Financial Maintenance Covenant for the benefit of
all Lenders.

 

“State PUC” means any Governmental
Authority of any State that exercises authority over intrastate
telecommunications rates or provision of telecommunications
services or the ownership, construction or operation of any
intrastate network facility or telecommunications systems or over
Persons that own, construct or operate an intrastate network
facility or telecommunications systems, in each case by reason of
the nature or type of the business subject to regulation and not
pursuant to laws and regulations of general applicability to
Persons conducting business in such state.

 

 

 

49

 

 

“Subordinated Indebtedness” of any
Person means Indebtedness of such Person that is contractually
subordinated in right of payment to any other Indebtedness of such
Person, including, for the avoidance of doubt, the Subordinated
Notes.

 

“Subordinated Notes” means the
Existing Subordinated Notes and the Green Subordinated
Note.

 

“Subsidiary” means, with respect to
any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of
the parent in the parent’s consolidated financial statements
if such financial statements were prepared in conformity with GAAP
as of such date and (b) any other Person of which Equity
Interests representing more than 50% of the equity value or more
than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests
are, as of such date, owned, controlled or held, by the parent or
one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent. Unless otherwise specified, all
references herein to Subsidiaries shall be deemed to refer to
Subsidiaries of the Borrower.

 

“Super Senior Budget” means a
rolling 13-week cash flow forecast delivered on or prior to the
Closing Date and every week thereafter, setting forth the Borrower
and its Subsidiaries’ projected cash receipts and cash
disbursements during the 13-week period ending with the
13th week
after the delivery thereof; provided that the Super Senior
Budget shall only set forth the cash receipts and cash
disbursements of the Canadian Subsidiaries to the extent any
Canadian Subsidiary (i) pays dividends or make other distributions
on its Equity Interests or (ii) proceeds of the Term Loans
hereunder are provided, directly or indirectly, to such Canadian
Subsidiary.

 

“Supplemental Collateral
Questionnaire” means a certificate providing
additional information as may be required to create, perfect or
enforce any Liens on any Collateral in a form approved by the
Requisite Lenders, acting reasonably.

 

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

 

“Telecommunications Supplier Payables
Report” means a report, in a form reasonably
satisfactory to the Requisite Lenders or their advisors, setting
forth in reasonable detail the payables aging by supplier of
telecommunication services to the Borrower and the other Credit
Parties, a going forward payment plan in respect of such payables
and the rationale for making payments to such
suppliers.

 

“Term Borrowing” means a Borrowing
comprised of Term Loans.

 

“Term Loan” means a term loan made
by a Term Loan Lender to the Borrower on the Closing Date pursuant
to Section 2.1(a).

 

“Term Loan Commitment” means, with
respect to each Term Loan Lender, the commitment, if any, of such
Term Loan Lender to make a Term Loan hereunder on the Closing Date,
expressed as an amount representing the maximum principal amount of
the Term Loan to be made by such Term Loan Lender hereunder. The
amount of each Term Loan Lender’s Term Loan Commitment as of
the Closing Date is set forth on Schedule 2.1. The aggregate
principal amount of the Term Loan Commitment on the Closing Date is
$15,000,000. Once funded, the Term Loan Commitments shall be
reduced to zero and terminated.

 

 

 

50

 

 

“Term Loan Exposure” means, with respect to any Term
Loan Lender at any time, (a) prior to the making of Term Loans
hereunder, the Term Loan Commitment of such Term Loan Lender at
such time and (b) after the making of Term Loans hereunder, the
aggregate principal amount of the Term Loans of such Term Loan
Lender outstanding at such time.

 

“Term Loan Lender” means each
person listed on the signature pages hereto as a lender with a Term
Loan Commitment or an outstanding Term Loan, including each Person
identified as an “Term Loan
Lender” on Schedule 2.1 and any Person that becomes a
party hereto pursuant to an Assignment Agreement, other than, in
each case, any such Person that has ceased to be a party hereto
pursuant to an Assignment Agreement.

 

“Term Loan Lender Advisors” (x)
Davis Polk, (y) Greenhill and (z) any other financial advisor,
auditor, attorney, accountant, appraiser, auditors, business
valuation expert, environmental engineer or consultant, turnaround
consultant, and other consultants, professionals and experts
reasonably retained by the Ad Hoc Group of Term Lenders and/or the
Requisite Lenders with the prior consent of the Borrower (not to be
unreasonably witheld or delayed).

 

“Test Period” means, for any date
of determination, the most recent period of four consecutive Fiscal
Quarters of the Borrower for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior to the
first delivery of any such financial statements, the period of four
consecutive Fiscal Quarters of the Borrower ended December 31,
2018).

 

“Total Leverage Ratio” means the
ratio, as of any date, of (a) Consolidated Total Debt as of such
date to (b) Consolidated Adjusted EBITDA for the period of four
consecutive Fiscal Quarters of the Borrower ended on such date (or,
if such date is not the last day of a Fiscal Quarter, most recently
prior to such date).

 

“Total Net Leverage Ratio” means
the ratio, as of any date, of (a) Consolidated Total Net Debt as of
such date to (b) Consolidated Adjusted EBITDA for the period of
four consecutive Fiscal Quarters of the Borrower ended on such date
(or, if such date is not the last day of a Fiscal Quarter, most
recently prior to such date).

 

“Traded Securities” means any debt
or equity Securities issued pursuant to a public offering
registered under the Securities Act or Rule 144A offering or other
similar private placement.

 

“Transactions” means (a) the
Financing Transactions and (b) the payment of fees and
expenses in connection with the foregoing.

 

“Type” when used in reference to
any Loan or Borrowing, refers to whether the rate of interest on
such Loan, or on the Loans comprising such Borrowing, is determined
by reference to the Adjusted Eurodollar Rate or the Base
Rate.

 

“UCC” means the Uniform Commercial
Code (or any similar or equivalent legislation) as in effect from
time to time in any applicable jurisdiction.

 

 

 

51

 

 

“Unrestricted Cash” means, on any
date, Cash and Cash Equivalents (excluding, for the avoidance of
doubt, security deposits held by the Borrower or any Restricted
Subsidiary) owned on such date by the Borrower or any Restricted
Subsidiary, as reflected on a balance sheet prepared as of such
date in conformity with GAAP (but only to the extent the number
reflected is a positive number); provided that (a) such Cash and
Cash Equivalents do not appear (and would not be required to
appear) as “restricted” on a consolidated
balance sheet of such Person prepared in conformity with GAAP, (b)
such Cash and Cash Equivalents are free and clear of all Liens,
other than (i) nonconsensual Liens permitted by Section 6.2
(including clause (a) of the definition of the term
“Permitted
Encumbrances”), (ii) Liens referred to in clause (i)
of the definition of the term “Permitted Encumbrances”, (iii)
Liens created under the Credit Documents and (iv) Liens
securing any Permitted First Lien Indebtedness, Permitted Second
Lien Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
and (c) except in the case of contractual restrictions in
respect of this Agreement, the 1L/2L Intercreditor Agreement or the
Intercreditor Agreement, the use of such Cash and Cash Equivalents
for application to the payment of Indebtedness is not prohibited in
any material respect by applicable law or any material Contractual
Obligation and such Cash and Cash Equivalents are not contractually
restricted in any material respect from being distributed to the
Borrower.

 

“Unrestricted Subsidiary” means (a)
any Subsidiary of the Borrower that is designated as an
Unrestricted Subsidiary in the manner provided below and not
subsequently redesignated as a “Restricted Subsidiary” in the
manner provided below and (b) each Subsidiary of an Unrestricted
Subsidiary.

 

Other
than during the Default Period, the Borrower may designate any
Subsidiary to be an “Unrestricted Subsidiary” by
delivering to the Administrative Agent a certificate of the chief
financial officer of the Borrower specifying such designation and
certifying that such designated Subsidiary satisfies the
requirements set forth in this definition; provided that no Subsidiary may
be designated as an Unrestricted Subsidiary unless
(a) immediately after giving Pro Forma Effect to such
designation, no Default or Event of Default has occurred and is
continuing or would result therefrom, (b) immediately after
giving Pro Forma Effect to such designation, (i) the Total Net
Leverage Ratio shall not be greater than the lesser of (A)
4.00:1.00 and (B) the maximum Total Net Leverage Ratio permitted
under the financial covenant set forth in Section 6.7(a) of the
First Lien Credit Agreement, in each case, determined as of the
last day of the then most recently ended Test Period, and
(ii) the combined “EBITDA” of all the Unrestricted
Subsidiaries (calculated in accordance with the definition of the
term Consolidated Adjusted EBITDA, mutatis mutandis) for the most recent period
Test Period then ended shall not exceed 5% of the Consolidated
Adjusted EBITDA for such Test Period, (c) such Subsidiary does
not own any Equity Interests in any of the Restricted Subsidiaries,
(d) neither such Subsidiary nor any of its Subsidiaries owns
or holds any License that is required for the conduct of business
in the ordinary course by the Borrower and the Restricted
Subsidiaries or is otherwise material to the Borrower and the
Restricted Subsidiaries, (e) each Subsidiary of such
Subsidiary has been designated as (and, for so long as it is a
Subsidiary of the Borrower, continues as) an “Unrestricted Subsidiary” in
accordance with this definition, (f) the Investments in such
Unrestricted Subsidiary by the Borrower and the Restricted
Subsidiaries (including, after giving effect to the next sentence,
those resulting from such designation) are permitted under Section
6.6, (g) such Subsidiary shall have been or will promptly be
designated an “unrestricted
subsidiary” (or otherwise not be subject to the
covenants) under any Permitted First Lien Indebtedness, Permitted
Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness, any Permitted Incremental Equivalent
Indebtedness and any Permitted Subordinated Indebtedness and (h) no
Subsidiary may be designated as an Unrestricted Subsidiary if it
was previously an Unrestricted Subsidiary that has been
redesignated as a Restricted Subsidiary. Upon the designation of
any Subsidiary as an Unrestricted Subsidiary, the Borrower and the
Restricted Subsidiaries shall be deemed to have made an Investment
in such Unrestricted Subsidiary in an amount equal at the time of
such designation to the fair value of such Subsidiary (as
determined reasonably and in good faith by the chief financial
officer of the Borrower). The Borrower shall cause each
Unrestricted Subsidiary to satisfy at all times the requirements
set forth in clauses (c), (d) and (g) above.

 

 

 

52

 

 

The
Borrower may designate any Unrestricted Subsidiary as a
“Restricted
Subsidiary” by delivering to the Administrative Agent
a certificate of the chief financial officer of the Borrower
specifying such redesignation and certifying that such
redesignation satisfies the requirements set forth in this
paragraph; provided
that (a) immediately after giving Pro Forma Effect to such
redesignation, no Default or Event of Default has occurred and is
continuing or would result therefrom and (b) the redesignation of
an Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute the incurrence, at the time of such redesignation, of
any Indebtedness, Liens and Investments of such Subsidiary existing
at such time.

 

“Unrestricted Subsidiary Reconciliation
Statement” means, with respect to any balance sheet or
statement of comprehensive income, shareholders’ equity or
cash flows of the Borrower, such financial statement (in
substantially the same form) prepared on the basis of consolidating
the accounts of the Borrower and the Restricted Subsidiaries and
treating Unrestricted Subsidiaries as if they were not consolidated
with the Borrower and otherwise eliminating all accounts of
Unrestricted Subsidiaries, together with an explanation of
reconciliation adjustments in reasonable detail.

 

“Upfront Fee” as defined in Section
2.10(a).

 

“US Person” means any Person that
is a “United States
Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code and a disregarded entity (for US federal
income tax purposes) owned by such Person.

 

“US Tax Compliance Certificate” as
defined in Section 2.19(g)(ii)(B)(3).

 

“Vector Facility Arrangements”
means the Vector Senior Loan Facility (as defined in the First Lien
Credit Agreement) and the Vector Subordinated Note.

 

“Vector SPV” means Vector Fusion
Holdings (Cayman) Ltd., an exempted company incorporated with
limited liability under the laws of the Cayman Islands that is a
subsidiary of Vector Capital V, L.P.

 

“Vector Subordinated Note” means
the Subordinated Note dated May 4, 2018, and in a principal amount
of $25,000,000, issued by Vector SPV to the Borrower for cash
consideration of $25,000,000.

 

“Weighted Average Yield” means, at
any time, with respect to any Loan or other Indebtedness, the
weighted average yield to stated maturity of such Loan or other
Indebtedness based on the interest rate or rates applicable thereto
and giving effect to all upfront or similar fees or original issue
discount payable by the Borrower or any of its Affiliates to the
Lenders or other applicable creditors advancing such Loan or other
Indebtedness with respect thereto (but not any arrangement fees,
structuring fees, commitment fees, underwriting fees or other fees
not paid generally to all such Lenders or other applicable
creditors, and excluding any ticking or amendment fees previously
paid with respect to such Loans or other Indebtedness) (in each
case, with upfront or similar fees or original issue discount being
deemed to constitute like amounts of original issue discount, and
such fees and original discount being equated to interest margins
in a manner consistent with generally accepted financial practice
based on an assumed life to maturity of the lesser of four years
and the tenor of such Loan or other Indebtedness) and to any
interest rate “floor”. For purposes of
determining the Weighted Average Yield of any floating rate
Indebtedness at any time, the rate of interest applicable to such
Indebtedness at such time shall be assumed to be the rate
applicable at all times prior to maturity; provided that appropriate
adjustments shall be made for any scheduled changes in rates of
interest provided for in the documents governing such Indebtedness.
Determinations of the Weighted Average Yield shall be made in a
manner consistent with accepted financial practice.

 

 

 

53

 

 

“wholly owned”, when used in
reference to a Subsidiary of any Person, means that all the Equity
Interests in such Subsidiary (other than directors’
qualifying shares and other nominal amounts of Equity Interests
that are required to be held by other Persons under applicable law)
are owned, beneficially and of record, by such Person, another
wholly owned Subsidiary of such Person or any combination
thereof.

 

“Wilmington Trust” means Wilmington
Trust, National Association.

 

“Write-Down and Conversion Powers”
means, 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.

 

1.2. Accounting
Terms; Pro Forma Calculations. Except as
otherwise expressly provided herein, all terms of an accounting or
financial nature used herein shall be construed in conformity with
GAAP as in effect from time to time; provided that (i) if the
Borrower, by notice to the Administrative Agent, shall request an
amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if the
Administrative Agent or the Requisite Lenders, by notice to the
Borrower, shall request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given
before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such
provision amended in accordance herewith and
(ii) notwithstanding any other provision contained herein, all
terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to
herein shall be made, (A) without giving effect to any election
under Financial Accounting Standards Board Accounting Standards
Codification 825 (or any other Accounting Standards Codification or
Financial Accounting Standard having a similar result or effect)
(and related interpretations) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at
“fair value”, as
defined therein, (B) without giving effect to any treatment of
Indebtedness in respect of convertible debt instruments under
Accounting Standards Codification 470-20 (or any other Accounting
Standards Codification or Financial Accounting Standard having a
similar result or effect) to value any such Indebtedness in a
reduced or bifurcated manner as described therein, and such
Indebtedness shall at all times be valued at the full stated
principal amount thereof, and (C) without giving effect to any
change to GAAP occurring after the date hereof as a result of the
adoption of any proposals set forth in the Proposed Accounting Standards Update, Leases
(Topic 842), issued by the Financial Accounting Standards
Board on May 16, 2013, or any other proposals issued by the
Financial Accounting Standards Board in connection therewith, in
each case if such change would require treating any lease (or
similar arrangement conveying the right to use) as a capital lease
where such lease (or similar arrangement) was not required to be so
treated under GAAP as in effect on December 31, 2015. It is
understood and agreed that when any term of an accounting or
financial nature refers to a determination being made on a
“consolidated
basis”, when such reference is made with respect to
the Borrower and the Restricted Subsidiaries (or any Restricted
Subsidiary and its Restricted Subsidiaries), such determination
shall exclude from such consolidation the accounts of the
Unrestricted Subsidiaries.

 

 

 

54

 

 

(a) All computations
required to be made hereunder giving effect to any Acquisition,
Disposition or other Pro Forma Event shall be calculated after
giving Pro Forma Effect thereto (and, in the case of any
computations made hereunder to determine whether such Acquisition,
Disposition or other Pro Forma Event is permitted to be consummated
hereunder, to any other such Pro Forma Event consummated since the
first day of the period covered by any component of such Pro Forma
computation and on or prior to the date of such computation) as if
such Pro Forma Event occurred on the first day of the most recent
Test Period.

 

1.3. Interpretation,
Etc. Any of the terms
defined herein may, unless the context otherwise requires, be used
in the singular or the plural, depending on the reference.
References herein to any Article, Section, Schedule or Exhibit
shall be to an Article or a Section of, or a Schedule or an
Exhibit to, this Agreement, unless otherwise specifically provided.
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”. The words
“asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all
real and personal, tangible and intangible assets and properties,
including Cash, Securities, accounts and contract rights. The word
“law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or
with which affected Persons customarily comply), and all judgments,
orders, writs and decrees, of all Governmental Authorities. The
words “not otherwise applied”, and words of similar
import, when used with reference to any amount of Net Proceeds of
any issuance or sale of Equity Interests that is proposed to be
applied to any particular use, payment or transaction, shall be
construed to mean that such amount was not previously applied, or
is not simultaneously being applied, to any other use, payment or
transaction other than such particular use, payment or transaction.
Except as otherwise expressly provided herein and unless the
context requires otherwise, (a) any definition of or reference
to any agreement, instrument or other document (including this
Agreement and the other Credit Documents) shall be construed as
referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any definition of or reference
to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise
modified (including by succession of comparable successor laws),
and all references to any statute shall be construed as referring
to all rules, regulations, rulings and official interpretations
promulgated or issued thereunder, (c) any reference herein to any
Person shall be construed to include such Person’s successors
and assigns (subject to any restrictions on assignment set forth
herein) and, in the case of any Governmental Authority or any
self-regulating entity, any other Governmental Authority or entity
that shall have succeeded to any or all functions thereof, and (d)
the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any
particular provision hereof. Terms defined in the UCC as in effect
in the State of New York on the Closing Date and not otherwise
defined herein shall, unless the context otherwise indicates, have
the meanings provided by those definitions.

 

1.4. Classification
of Loans and Borrowings. For purposes of
this Agreement, Loans and Borrowings may be classified and referred
to by Type (e.g., a
“Eurodollar Rate
Loan” or “Eurodollar Rate
Borrowing”).

 

 

 

55

 

 

SECTION
2. LOANS

 

2.1. Term
Loans. Term Loan
Commitments.

 

(i) Subject to the
terms and conditions hereof, each Term Loan Lender agrees to make
on the Closing Date a term loan to the Borrower in Dollars in a
principal amount not to exceed such Lender’s Term Loan
Commitment. Each Lender’s Term Loan Commitment in effect on
the Closing Date shall terminate immediately and without any
further action upon the making of a Term Loan, as applicable, by
such Lender or, if earlier, at 5:00 p.m. (New York City time) on
the Business Day following the Closing Date.

 

(ii) The
Borrower may, on one occasion, request from any or all existing
Lenders (each acting in their sole and absolute discretion)
additional Term Loans in an amount not to exceed $5,000,000, it
being understood that no Lender shall be required to provide such
additional Term Loans; provided, however, that the Borrower may
submit such request at least ten Business Days in advance of the
date on which, pursuant to the Super Senior Budget, the Borrower
shall cease to have sufficient liquidity to cover disbursements set
forth in such Super Senior Budget (the “Liquidity Demand Date”) and, to
the extent no Lender agrees to provide such additional Term Loan
within three Business Days from the date of such request, the
Borrower may commence the Chapter 11 Cases prior to the earlier of
(i) the Liquidity Demand Date or (ii) the Maturity Date. Any
additional Term Loans shall be effected pursuant to one or more
amendments to this Agreement and the other Credit Documents
executed and delivered by the Borrower, each Lender providing such
additional Term Loans, the Requisite Lenders, and the
Administrative Agent, which may effect such amendments to this
Agreement and the other Credit Documents as may be necessary or
appropriate, in the good faith opinion of the Lenders providing
such additional Term Loans, to give effect to the provisions of
this Section 2.1(a)(ii). The terms and conditions of such
additional Term Loan Commitments and the additional Term Loans made
thereunder shall be identical to the Term Loans made on the Closing
Date. Upon the making thereof, such additional Term Loans shall be
deemed to be and treated as Term Loans for all purposes of this
Agreement.

 

(iii) Amounts
borrowed pursuant to this Section 2.1(a) that are repaid or prepaid
may not be reborrowed.

 

(a) Borrowing Mechanics for Term
Loans.

 

(i) Each Term Loan
shall be made as part of a Borrowing consisting of Term Loans of
the same Type made by the Lenders proportionately to their
applicable Pro Rata Shares. At the commencement of each Interest
Period for any Eurodollar Rate Term Borrowing, such Borrowing shall
be in an aggregate amount of $1,000,000 or an integral multiple of
$500,000 in excess of such amount (or such different amount that
constitutes the full amount of the Term Loans outstanding);
provided that a
Eurodollar Rate Term Borrowing that results from a continuation of
an outstanding Eurodollar Rate Term Borrowing may be in an
aggregate amount that is equal to the amount of such outstanding
Borrowing.

 

 

 

56

 

 

(ii) To
request a Term Borrowing, the Borrower shall deliver to the
Administrative Agent a fully completed and executed Funding Notice
(A) in the case of a Eurodollar Rate Term Borrowing, not later than
2:00 p.m. (New York City time) at least two Business Days in
advance of the proposed Credit Date (which shall be a Business Day)
and (B) in the case of a Base Rate Term Borrowing, not later than
11:00 a.m. (New York City time) on the proposed Credit Date (which
shall be a Business Day).1 Promptly upon receipt by the
Administrative Agent of a Funding Notice in accordance with this
paragraph, the Administrative Agent shall notify each Term Loan
Lender of the details thereof and of the amount of such
Lender’s Term Loan to be made as part of the requested Term
Borrowing. Following delivery of a Funding Notice for a Eurodollar
Rate Term Borrowing, any failure to make such Borrowing shall be
subject to Section 2.17(c).

 

(iii) Each
Lender shall make the principal amount of each Term Loan required
to be made by it hereunder on any Credit Date available to the
Administrative Agent not later than 12:00 p.m. (New York City
time) on such Credit Date by wire transfer of same day funds in
Dollars to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders. Upon
satisfaction or waiver of the conditions precedent specified herein
and receipt by the Administrative Agent of all of the proceeds of
the Loans, the Administrative Agent will make each such Term Loan
available to the Borrower by promptly remitting the amounts so
received, in like funds, to the account specified by the Borrower
in the applicable Funding Notice.

 

2.2. [Reserved].

 

2.3. [Reserved].

 

2.4. Pro
Rata Shares; Obligations Several; Availability of
Funds. All Loans on the
occasion of any Borrowing shall be made by the Lenders in
proportion to their applicable Pro Rata Shares. The failure of any
Lender to make any Loan or fund any participation required
hereunder shall not relieve any other Lender of its obligations
hereunder; provided
that the Commitments and other obligations of the Lenders hereunder
are several, and no Lender shall be responsible for the failure of
any other Lender to make any Loan or fund any participation
required hereunder or to satisfy any of its other obligations
hereunder.

 

(a) Unless the
Administrative Agent shall have been notified by a Lender prior to
the applicable Credit Date that such Lender does not intend to make
available to the Administrative Agent the amount of such
Lender’s Loan requested to be made on such Credit Date, the
Administrative Agent may assume that such Lender has made such
amount available to the Administrative Agent on such Credit Date
and may, in its sole discretion, but shall not be obligated to,
make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made the amount of its Loan
available to the Administrative Agent, then such Lender and the
Borrower severally agree to pay to the Administrative Agent
forthwith on demand, such corresponding amount, with interest
thereon for each day from and including the date such amount is
made available to the Borrower to but excluding the date of such
payment to the Administrative Agent, at (i) in the case of a
payment to be made by such Lender, (A) at any time prior to the
third Business Day following the date such amount is made available
to the Borrower, the customary rate set by the Administrative Agent
for the correction of errors among banks and (B) thereafter, the
Base Rate or (ii) in the case of a payment to be made by the
Borrower, the interest rate applicable hereunder to Base Rate
Loans. If the Borrower and such Lender shall both pay such interest
to the Administrative Agent for the same or an overlapping period,
the Administrative Agent shall promptly remit to the Borrower the
amount of such interest paid by the Borrower for such period. If
such Lender pays such amount to the Administrative Agent, then such
amount shall constitute such Lender’s Loan included in the
applicable Borrowing.

 

 

1 NTD: Subject to
confirmation with WT.

 

 

57

 

 

2.5. Use
of Proceeds. The Borrower will
use the proceeds of the Term Loans for incremental liquidity for
general corporate purposes of the Credit Parties and for other
payments required in connection with the Term Loans, in each case
consistent in all respects with the disbursements and payments set
forth in the Approved Super Senior Budget.

 

2.6. Evidence
of Debt; Register; Notes. Lenders’ Evidence of
Debt. Each Lender shall maintain records evidencing the
Obligations of the Borrower owing to such Lender, including the
principal amount of the Loans made by such Lender and each
repayment and prepayment in respect thereof. Such records
maintained by any Lender shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain any such records, or any error therein, shall not in any
manner affect the obligation of the Borrower to pay any amounts due
hereunder in accordance with the terms hereof; provided further that in the event of
any inconsistency between the records maintained by any Lender and
the records maintained by the Administrative Agent, the records
maintained by the Administrative Agent shall govern and
control.

 

(a) Register. The Administrative
Agent shall maintain records of the name and address of, and the
Commitments of and the principal amount of and stated interest on
the Loans owing to, each Lender from time to time (the
“Register”). The
entries in the Register shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain the Register, or any error therein, shall not in any
manner affect the obligation of any Lender to make a Loan or other
payment hereunder or the obligation of the Borrower to pay any
amounts due hereunder, in each case in accordance with the terms of
this Agreement. The Register shall be available for inspection by
the Borrower or any Lender (but, in the case of a Lender, only with
respect to (i) any entry relating to such Lender’s
Commitments or Loans and (ii) the identity of the other
Lenders (but not information as to such other Lenders’
Commitments or Loans)) at any reasonable time and from time to time
upon reasonable prior notice. The Borrower hereby designates the
Person serving as the Administrative Agent to serve as the
Borrower’s non-fiduciary agent solely for purposes of
maintaining the Register as provided in this Section 2.6(b)
and agrees that, in consideration of such Person serving in such
capacity, such Person and its Related Parties shall constitute
“Indemnitees”.

 

(b) Notes. Upon the request of any
Lender by written notice to the Borrower (with a copy to the
Administrative Agent), the Borrower shall promptly prepare, execute
and deliver to such Lender a promissory note payable to such Lender
(or, if requested by such Lender, to such Lender and its registered
assigns) to evidence such Lender’s Loans, which shall be
substantially in the form attached hereto as Exhibit
N.

 

2.7. Interest
on Loans. Subject to
Section 2.9, each Loan shall bear interest on the outstanding
principal amount thereof from the date made through repayment
(whether by acceleration or otherwise) thereof as
follows:

 

(i) if a Base Rate
Loan, at the Base Rate plus the Applicable Rate with respect to
Loans of that Type; or

 

(ii) if
a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the
Applicable Rate with respect to Loans of that Type.

 

The
applicable Base Rate or Adjusted Eurodollar Rate shall be
determined by the Administrative Agent, and such determination
shall be conclusive and binding on the parties hereto, absent
manifest error.

 

 

 

58

 

 

(c) The basis for
determining the rate of interest with respect to any Loan, and the
Interest Period with respect to any Eurodollar Rate Borrowing,
shall be selected by the Borrower pursuant to the applicable
Funding Notice or Conversion/Continuation Notice delivered in
accordance herewith; provided that there shall be no
more than 3 (or such greater number as may be agreed to by the
Administrative Agent in its sole discretion) Eurodollar Rate
Borrowings outstanding at any time. In the event the Borrower fails
to specify in any Funding Notice the Type of the requested
Borrowing, then the requested Borrowing shall be made as a Base
Rate Borrowing. In the event the Borrower fails to deliver in
accordance with Section 2.8 a Conversion/Continuation Notice
with respect to any Eurodollar Rate Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing
is repaid as provided herein, at the end of such Interest Period
such Borrowing shall be converted to a Base Rate Borrowing. In the
event the Borrower requests the making of, or the conversion to or
continuation of, any Eurodollar Rate Borrowing but fails to specify
in the applicable Funding Notice or Conversion/Continuation Notice
the Interest Period to be applicable thereto, the Borrower shall be
deemed to have specified an Interest Period of one
month.

 

(d) Interest payable pursuant to Section
2.7(a) shall be computed (i) in the case of Base Rate Loans,
on the basis of a 360-day year (or, in the case of Base Rate Loans
determined by reference to the Prime Rate, a 365-day or 366-day
year, as applicable), and (ii) in the case of Eurodollar Rate
Loans, on the basis of a 360-day year, in each case for the actual
number of days elapsed in the period during which such interest
accrues. In computing interest on any Loan, the date of the making
of such Loan or the first day of an Interest Period applicable to
such Loan or, with respect to a Base Rate Loan being converted from
a Eurodollar Rate Loan, the date of conversion of such Eurodollar
Rate Loan to such Base Rate Loan, as the case may be, shall be
included, and the date of payment of such Loan or the expiration
date of an Interest Period applicable to such Loan or, with respect
to a Base Rate Loan being converted to a Eurodollar Rate Loan, the
date of conversion of such Base Rate Loan to such Eurodollar Rate
Loan, as the case may be, shall be excluded; provided that if a Loan is
repaid on the same day on which it is made, one day’s
interest shall accrue on such Loan.

 

(e) Except as otherwise
set forth herein, accrued interest on each Loan shall be payable in
arrears (i) on each Interest Payment Date applicable to such Loan,
(ii) upon any voluntary or mandatory repayment or prepayment of
such Loan, to the extent accrued on the amount being repaid or
prepaid, (iii) on the Maturity Date and (iv) in the event of any
conversion of a Eurodollar Rate Loan prior to the end of the
Interest Period then applicable thereto, on the effective date of
such conversion.

 

2.8. Conversion/Continuation.
Subject to Section 2.17, the Borrower shall have the
option:

 

(i) to convert at any
time all or any part of any Borrowing from one Type to the other
Type; and

 

(ii) to
continue, at the end of the Interest Period applicable to any
Eurodollar Rate Borrowing, all or any part of such Borrowing as a
Eurodollar Rate Borrowing and to elect an Interest Period
therefor;

 

provided, in each case, that at
the commencement of each Interest Period for any Eurodollar Rate
Borrowing, such Borrowing shall be in an amount that complies with
Section 2.1(b) or 2.2(b), as applicable.

 

 

 

59

 

 

In the
event any Borrowing shall have been converted or continued in
accordance with this Section 2.8 in part, such conversion or
continuation shall be allocated ratably, in accordance with their
applicable Pro Rata Shares, among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each part of
such Borrowing resulting from such conversion or continuation shall
be considered a separate Borrowing.

 

(f) To exercise its
option pursuant to this Section 2.8, the Borrower shall deliver a
fully completed and executed Conversion/Continuation Notice to the
Administrative Agent (i) not later than 11:00 a.m. (New York City
time) one Business Day in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to a Base
Rate Borrowing, and (ii) not later than 2:00 p.m. (New York City
time) at least three Business Days in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to, or a
continuation of, a Eurodollar Rate Borrowing. Except as otherwise
provided herein, a Conversion/Continuation Notice for a conversion
to, or a continuation of, any Eurodollar Rate Borrowing shall be
irrevocable on and after the related Interest Rate Determination
Date, and the Borrower shall be bound to effect a conversion or
continuation in accordance therewith; any failure to effect such
conversion or continuation in accordance therewith shall be subject
to Section 2.17(c).

 

(g) Notwithstanding
anything to the contrary herein, if an Event of Default under
Section 8.1(a), 8.1(f) or 8.1(g) or, at the written request of
the Requisite Lenders, any other Event of Default shall have
occurred and be continuing, then no outstanding Borrowing may be
converted to or continued as a Eurodollar Rate
Borrowing.

 

2.9. Default
Interest. Notwithstanding
anything to the contrary herein, upon the occurrence and during the
continuance of any Event of Default under Section 8.1(a), 8.1(f) or
8.1(g), any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder shall bear interest
(in the case of an Event of Default under Section 8.1(a), only on
overdue amounts), payable on demand, after as well as before
judgment, at a rate per annum equal to (a) in the case of the
principal of any Loan, 2.00% per annum in excess of the interest
rate otherwise applicable hereunder to such Loan or (b) in the case
of any other amount, a rate (computed on the basis of a year of 360
days for the actual number of days elapsed) that is 2.00% per annum
in excess of the highest interest rate otherwise payable hereunder
for Base Rate Loans. Payment or acceptance of the increased rates
of interest provided for in this Section 2.9 is not a permitted
alternative to timely payment and shall not constitute a waiver of
any Event of Default or otherwise prejudice or limit any rights or
remedies of the Administrative Agent or any Lender.

 

2.10. Fees.
On the Closing Date, the Borrower shall pay to the Lenders, a fee
equal to 5.00 % of the amount of the Term Loan Commitments on the
Closing Date (the “Upfront
Fee”).
The Upfront Fee shall be fully and irrevocably due and payable in
cash on the Closing Date and shall be deducted by each Lender from
the proceeds of the Loans made by such Lender on the Closing Date.
The Upfront Fee shall be earned by the Lenders upon the funding of
the Loans as a fee in consideration of the Commitments and the
making of the Loans and for the time and costs expended in
extending the Commitments and the making of the Loans. THE BORROWER
EXPRESSLY WAIVES THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR
LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE UPFRONT
FEE. The Borrower expressly agrees that: (A) the Upfront Fee is
reasonable and is the product of an arm’s length transaction
between sophisticated business people, ably represented by counsel;
(B) the Upfront Fee shall be payable notwithstanding the then
prevailing market rates at the time payment is made; (C) there has
been a course of conduct between the Lenders and the Borrower
giving specific consideration in this transaction for such
agreement to pay the Upfront Fee; and (D) the Borrower shall be
estopped hereafter from claiming differently than as agreed to in
this paragraph. The Borrower expressly acknowledges that its
agreement to pay the Upfront Fee to the Lenders as herein described
is a material inducement for the Lenders to provide the Commitment
and provide the Loans.

 

 

 

60

 

 

(a) The Borrower agrees
to pay to the Administrative Agent and the Collateral Agent, for
their own account, the fees in the amounts and at the times
separately agreed upon (including pursuant to the Administrative
Agent Fee Letter) in respect of the credit facilities provided
herein. Such fees will be in addition to the payment of the
Agents’ fees, costs and expenses pursuant to Section 10.2 and
Section 10.3 hereof.

 

(b) Fees paid hereunder
shall not be refundable or creditable under any
circumstances.

 

(c) Fees paid hereunder
and pursuant to the Administrative Agent Fee Letter shall be fully
earned when due. Such fees shall not be refundable or creditable
under any circumstances except as may be expressly agreed in
writing by the party to whom such fees are or are to be
paid.

 

2.11. Repayment
on Maturity Date. To the extent not
previously paid, all Term Loans shall be due and payable on the
Maturity Date.

 

(a) Each repayment of a
Term Borrowing shall be allocated among the Lenders holding Loans
comprising such Term Borrowing in accordance with their applicable
Pro Rata Shares.

 

2.12. Voluntary
Prepayments; Call Protection. Voluntary Prepayments. At any
time and from time to time, the Borrower may, without premium or
penalty (except as applicable under Section 2.12(b)) but subject to
compliance with the conditions set forth in this Section 2.12(a)
and with Section 2.17(c), prepay any Term Borrowing in whole or in
part; provided
that each such partial voluntary prepayment of any Borrowing
shall be in an aggregate principal amount of $1,000,000 or an
integral multiple of $500,000 in excess of such amount (or such
lesser amount that constitutes the full amount of the Term Loans
outstanding).

 

(i) To make a voluntary
prepayment pursuant to Section 2.12(a)(i), the Borrower shall
notify the Administrative Agent not later than 11:00 a.m. (New
York City time) (A) at least one Business Day prior to the date of
prepayment, in the case of prepayment of Base Rate Borrowings, or
(B) at least three Business Days prior to the date of prepayment,
in the case of prepayment of Eurodollar Rate Borrowings. Each such
notice shall specify the prepayment date (which shall be a Business
Day) and the principal amount of each Borrowing or portion thereof
to be prepaid, and shall be given in writing. Each such notice
shall be irrevocable, and the principal amount of each Borrowing
specified therein shall become due and payable on the prepayment
date specified therein; provided that a notice of
prepayment of any Borrowing pursuant to Section 2.12(a)(i) may
state that such notice is conditioned upon the occurrence of one or
more events specified therein, in which case such notice may be
rescinded by the Borrower (by notice to the Administrative Agent on
or prior to the specified date of prepayment) if such condition is
not satisfied. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of the details
thereof. Each voluntary prepayment of a Borrowing shall be
allocated among the Lenders holding Loans comprising such Borrowing
in accordance with their applicable Pro Rata Shares.

 

 

 

61

 

 

(ii) Notwithstanding
any other provision of this Section 2.12 to the contrary, in
connection with a refinancing in full of the credit facilities
established hereunder, any Lender may, with the consent of the
Borrower, elect, by written agreement executed by the Borrower,
such Lender and the Administrative Agent, to accept Rollover
Indebtedness in lieu of all or any part of such Lender’s
applicable Pro Rata Share of any prepayment of any Borrowing made
pursuant to Section 2.12(a)(i).

 

(iii) Notwithstanding
anything to the contrary contained herein, the Borrower may not
make any voluntary prepayment of any Term Loans without the prior
written consent of the Requisite Lenders unless, concurrently with
such prepayment, all Obligations under and as defined in the First
Lien Credit Agreement (excluding contingent obligations as to which
no claim has been made) are paid in full, all commitments
thereunder are terminated and all letters of credit issued
thereunder are cancelled or cash collateralized in a manner that is
acceptable to the applicable issuer(s) thereof.

 

(b) In the event that
prior to the Maturity Date, all or any portion of the Term
Borrowings are prepaid pursuant to Section 2.12(a)(i)), then each
Lender whose Term Loans are so prepaid shall be paid a cash fee
equal to 2.50% of the aggregate principal amount of such
Lender’s Term Loans so prepaid; it being understood and
agreed that no such fee shall be payable in the event if the Term
Loans are refinanced with the proceeds of, or rolled into, loans
under a debtor-in-possession credit facility in connection with
Chapter 11 Cases.

 

2.13. Mandatory
Prepayments. Asset Sales. Not later than the
fifth Business Day following the date of receipt by the Borrower or
any Restricted Subsidiary of any Net Proceeds in respect of any
Asset Sale, the Borrower shall prepay the Term Borrowings in an
aggregate amount equal to 100% of such Net Proceeds; provided that the Borrower may,
at least one Business Day prior to the date of the required
prepayment, deliver to the Administrative Agent a certificate of an
Authorized Officer of the Borrower to the effect that the Borrower
intends to cause such Net Proceeds (or a portion thereof specified
in such certificate) to be reinvested in non-current assets useful
in the business of the Borrower and its Restricted Subsidiaries or
in Permitted Acquisitions or other Acquisitions, in each case,
within 365 days after the receipt of such Net Proceeds, and
certifying that, as of the date thereof, no Event of Default has
occurred and is continuing, in which case during such period the
Borrower shall not be required to make such prepayment to the
extent of the amount set forth in such certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Term Borrowings promptly upon the expiration of such
period. Notwithstanding the foregoing, the Borrower may use a
portion of any Net Proceeds in respect of any Asset Sale that would
otherwise be required pursuant to this Section 2.13(a) to be
applied to prepay the Term Borrowings to prepay, repurchase or
redeem any Permitted Credit Agreement Refinancing Indebtedness or
any Permitted Incremental Equivalent Indebtedness that, in each
case, constitutes Permitted Pari Passu Secured Indebtedness but
only to the extent such Permitted Pari Passu Secured Indebtedness
pursuant to the terms thereof is required to be (or is required to
be offered to the holders thereof to be) prepaid, repurchased or
redeemed as a result of such Asset Sale (with the amount of the
prepayment of the Term Borrowings that would otherwise have been
required pursuant to this Section 2.13(a) being reduced
accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Term Borrowings, in each case at the time of
occurrence of such Asset Sale, and (ii) in the event the holders of
such Permitted Pari Passu Secured Indebtedness shall have declined
such prepayment, repurchase or redemption, the declined amount
shall promptly (and in any event within 10 Business Days after the
date of rejection) be applied to prepay the Term
Borrowings.

 

 

 

62

 

 

(a) Insurance/Condemnation Events.
Not later than the fifth Business Day following the date of receipt
by the Borrower or any Restricted Subsidiary, or by the Collateral
Agent as loss payee, of any Net Proceeds in respect of any
Insurance/Condemnation Event, the Borrower shall prepay the Term
Borrowings in an aggregate amount equal to 100% of such Net
Proceeds; provided
that the Borrower may, at least one Business Day prior to the date
of the required prepayment, deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower to the effect
that the Borrower intends to cause such Net Proceeds (or a portion
thereof specified in such certificate) to be reinvested in
replacement assets (including through the repair, restoration or
replacement of the damaged, destroyed or condemned assets) or other
non-current assets useful in the business of the Borrower and its
Restricted Subsidiaries or in Permitted Acquisitions or other
Acquisitions, in each case, within 365 days after the receipt of
such Net Proceeds, and certifying that, as of the date thereof, no
Event of Default has occurred and is continuing, in which case
during such period the Borrower shall not be required to make such
prepayment to the extent of the amount set forth in such
certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Term Borrowings promptly upon the expiration of such
period. Notwithstanding the foregoing, the Borrower may use a
portion of any Net Proceeds in respect of any
Insurance/Condemnation Event that would otherwise be required
pursuant to this Section 2.13(b) to be applied to prepay the Term
Borrowings to prepay, repurchase or redeem any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness that, in each case, constitutes Permitted
Pari Passu Secured Indebtedness but only to the extent such
Permitted Pari Passu Secured Indebtedness pursuant to the terms
thereof is required to be (or is required to be offered to the
holders thereof to be) prepaid, repurchased or redeemed as a result
of such Insurance/Condemnation Event (with the amount of the
prepayment of the Term Borrowings that would otherwise have been
required pursuant to this Section 2.13(b) being reduced
accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Term Borrowings, in each case at the time of
occurrence of such Insurance/Condemnation Event, and (ii) in the
event the holders of such Permitted Pari Passu Secured Indebtedness
shall have declined such prepayment, repurchase or redemption, the
declined amount shall promptly (and in any event within 10 Business
Days after the date of rejection) be applied to prepay the Term
Borrowings.

 

(b) Issuance of Debt. On the date
of receipt by the Borrower or any Restricted Subsidiary of any Net
Proceeds from the incurrence of any Indebtedness (other than any
Indebtedness permitted to be incurred pursuant to Section 6.1), the
Borrower shall prepay the Term Borrowings in an aggregate amount
equal to 100% of such Net Proceeds.

 

(c) [Reserved].

 

 

 

63

 

 

(d) Consolidated Excess Cash Flow.
In the event that there shall be Consolidated Excess Cash Flow for
any Fiscal Year (commencing with the Fiscal Year ending December
31, 2019), the Borrower shall, not later than the earlier of (x)
95 days after the end of such Fiscal Year and (y) five
Business Days after the delivery of the financial statements with
respect to such Fiscal Year pursuant to Section 5.1(a), prepay
the Term Borrowings in an aggregate principal amount equal to (i)
the product of (A) the Applicable ECF Percentage for such Fiscal
Year multiplied by
(B) the Consolidated Excess Cash Flow for such Fiscal Year
multiplied by (C)
the percentage of the aggregate principal amount of the Term
Borrowings outstanding as of the end of such Fiscal Year
represented by the Term Borrowings (but, in each case, disregarding
for purposes of determining such percentage any prepayments or
repurchases referred to in clause (ii) below) minus (ii) the sum of the
aggregate principal amount of the Term Borrowings voluntarily
prepaid by the Borrower pursuant to Section 2.12 or, to the extent
of Cash spent, repurchased by the Borrower pursuant to Section
10.6(i)(i) of the First Lien Credit Agreement, minus (iii) the product of (A)
the percentage of the aggregate principal amount of the Term
Borrowings outstanding as of the end of such Fiscal Year
represented by the Term Borrowings (but, in each case, disregarding
for purposes of determining such percentage any prepayments or
repurchases referred to in clause (ii) above) multiplied by (B) the sum of
(x) the aggregate principal amount of any optional
prepayments, repurchases or redemptions of any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness that, in each case, constitutes Permitted
Pari Passu Secured Indebtedness plus (y) the aggregate
principal amount of any optional prepayments of any revolving loans
under the First Lien Credit Agreement but solely to the extent the
revolving commitments in respect thereof are permanently reduced in
connection therewith (and solely to the extent of the amount of
such permanent reduction and excluding any reduction in connection
with a refinancing thereof), in each case under clauses (ii) and
(iii) above, (I) to the extent such prepayments, repurchases or
redemptions have not been financed with the proceeds of incurrences
of Long-Term Indebtedness and (II) if such prepayments, repurchases
or redemptions occurred (1) during such Fiscal Year (to the
extent not applied to reduce any mandatory prepayment required
under this Section 2.13(e) in respect of any prior Fiscal Year
pursuant to clause (2) below) or (2) at the option of the Borrower,
after the end of such Fiscal Year and prior to the time that the
mandatory prepayment required under this Section 2.13(e) in
respect of such Fiscal Year is due as provided above; provided that no prepayment
shall be required under this Section 2.13(e) unless the amount
thereof would equal or exceed $1,000,000.

 

(e) [Reserved].

 

(f) Notice and Certificate. At
least one Business Day prior to any mandatory prepayment or
reduction pursuant to this Section 2.13, the Borrower (i) shall
notify the Administrative Agent in writing of such prepayment or
reduction and (ii) shall deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower setting forth
the calculation of the amount of the applicable prepayment or
reduction. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid, or the effective date and the amount
of any such reduction, as applicable, and shall be given in
writing. Promptly following receipt of any such notice, the
Administrative Agent shall advise the Lenders of the details
thereof. Each mandatory prepayment of any Borrowing shall be
allocated among the Lenders holding Loans comprising such Borrowing
in accordance with their applicable Pro Rata Shares and shall be
subject to compliance with Section 2.17(c).

 

 

 

64

 

 

(g) Foreign Restrictions and Taxes.
Notwithstanding any other provisions of this Section 2.13 to
the contrary, if the Borrower determines in good faith that (i) any
Net Proceeds in respect of any Asset Sale by, or any
Insurance/Condemnation Event affecting the assets of, a Restricted
Subsidiary that is a CFC or a CFC Holding Company, or any portion
of Consolidated Excess Cash Flow attributable to a Restricted
Subsidiary that is a CFC or a CFC Holding Company, are prohibited,
restricted or delayed by applicable foreign law (including currency
controls) from being repatriated to the United States (and that, in
view of the available liquidity and working capital requirements of
the Borrower and the Restricted Subsidiaries that are not CFCs or
CFC Holding Companies (as determined by the Borrower in good
faith), such repatriation is reasonably required in order to
provide the Borrower with the funds with which to make such
prepayment as would otherwise be required hereunder), then the
amount thereof so affected will not be required to be applied to
prepay Term Borrowings as otherwise required under
Section 2.13(a), 2.13(b) or 2.13(e), as applicable,
provided that (A)
the Borrower shall, and shall cause such CFC or CFC Holding Company
to, use commercially reasonable efforts to take actions reasonably
required by the applicable foreign law to permit such repatriation
and (B) the Borrower shall prepay Term Borrowings in accordance
with such applicable Section in a principal amount equal to such
affected amount (or a portion thereof) at such time as (x) the
repatriation of such amount (or such portion thereof) becomes
permitted under applicable foreign law or (y) the Borrower
determines in good faith that, in view of the available liquidity
and working capital requirements of the Borrower and the Restricted
Subsidiaries that are not CFCs or CFC Holding Companies (taking
into account the foregoing considerations), funds are available in
the United States to make such prepayment (or such portion
thereof), provided
further that any
such prepayment shall no longer be required to be made with respect
to any such amounts that, after the use of such commercially
reasonable efforts, have not been repatriated prior to the date
that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable, or (ii) that repatriation of any Net Proceeds in
respect of any Asset Sale by, or any Insurance/Condemnation Event
affecting the assets of, a Restricted Subsidiary that is a CFC or a
CFC Holding Company, or any portion of Consolidated Excess Cash
Flow attributable to a Restricted Subsidiary that is a CFC or a CFC
Holding Company, would have a material adverse tax consequence
(taking into account any withholding tax, any Subpart F inclusion
and any foreign tax credit or benefit actually realized in
connection with such repatriation) to the Borrower and the
Restricted Subsidiaries (and that, in view of the available
liquidity and working capital requirements of the Borrower and the
Restricted Subsidiaries that are not CFCs or CFC Holding Companies
(as determined by the Borrower in good faith), such repatriation is
reasonably required in order to provide the Borrower with the funds
with which to make such prepayment as would otherwise be required
hereunder), then the amount thereof so affected will not be
required to be applied to prepay Term Borrowings as otherwise
required under Section 2.13(a), 2.13(b) or 2.13(e), as applicable,
provided that the
Borrower shall prepay Term Borrowings in accordance with such
applicable Section in a principal amount equal to such affected
amount (or a portion thereof) at such time as (A) the repatriation
of such amount (or such portion thereof) would no longer result in
a material adverse tax consequence or (B) the Borrower determines
in good faith that, in view of the available liquidity and working
capital requirements of the Borrower and the Restricted
Subsidiaries that are not CFCs or CFC Holding Companies (taking
into account the foregoing considerations), funds are available in
the United States to make such prepayment (or such portion
thereof), provided
further that any
such prepayment shall no longer be required to be made after the
date that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable.

 

 

 

65

 

 

(h) Notwithstanding
anything in this Section 2.13 to the contrary, in the event and on
each occasion that the Borrower or any other Credit Party would be
required by the terms of any Permitted First Lien Indebtedness,
Permitted Second Lien Indebtedness Documents or any agreements or
instruments governing or evidencing any other Permitted Junior Lien
Secured Indebtedness or any Subordinated Notes to repay or prepay,
or to make an offer to repay or prepay, any Permitted First Lien
Indebtedness, Permitted Second Lien Indebtedness or any such other
Indebtedness as a result of the receipt of any Cash proceeds by the
Borrower or any Restricted Subsidiary in connection with any sale,
transfer or other Disposition of any asset or any other mandatory
prepayment event or requirement (in each case, excluding any such
repayment or prepayment, or any such offer to repay or prepay, not
in excess of any Declined Mandatory Prepayment Retained Amount
relating to such Disposition or such other mandatory prepayment
event or requirement), then, prior to the time at which the
Borrower or such other Credit Party would be required to make such
repayment or prepayment, or to make such offer, the Borrower shall
prepay Term Borrowings in an amount that would be needed to
eliminate such requirement.

 

2.14. Application
of Prepayments; Waivable Mandatory Prepayments.

 

 [Reserved].

 

(a) [Reserved].

 

(b) Waivable Mandatory Prepayments.
Notwithstanding anything herein to the contrary, any Term Loan
Lender may elect, by written notice to the Administrative Agent at
least one Business Day (or such shorter period as may be
established by the Administrative Agent in its sole discretion)
prior to the required prepayment date, to decline all or any
portion of any mandatory prepayment of its Term Loans pursuant to
Section 2.13 (other than Section 2.13(c) or 2.13(i)), in which case
the aggregate amount of the prepayment that would have been applied
to prepay Term Loans but was so declined shall be, first, applied by the Borrower on the
required prepayment date to prepay or offer to redeem any Permitted
First Lien Indebtedness, any Permitted Second Lien Indebtedness,
any Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness to the extent
required thereby and, second, to the extent of the remainder
thereof that is not so applied to prepay or redeem such
Indebtedness, shall be retained by the Borrower.

 

2.15. General
Provisions Regarding Payments. All payments by
the Borrower or any other Credit Party of principal, interest, fees
and other amounts required to be made hereunder or under any other
Credit Document shall be made by wire transfer of same day funds in
Dollars, without defense, recoupment, set-off or counterclaim, free
of any restriction or condition, to the account of the
Administrative Agent in the United States of America most recently
designated by it for such purpose and received by the
Administrative Agent not later than 2:00 p.m. (New York City time)
on the date due for the account of the Persons entitled thereto;
provided that
payments made pursuant to Sections 2.17(c), 2.18, 2.19, 10.2 and
10.3 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any payment received by it
hereunder for the account of any other Person to the appropriate
recipient promptly following receipt thereof.

 

 

 

66

 

 

(a) All payments in
respect of the principal amount of any Loan shall be accompanied by
payment of accrued interest on the principal amount being repaid or
prepaid, and all such payments (and, in any event, any payments in
respect of any Loan on a date when interest is due and payable with
respect to such Loan) shall be applied to the payment of interest
then due and payable before application to principal.

 

(b) If any
Conversion/Continuation Notice is withdrawn as to any Affected
Lender or if any Affected Lender makes Base Rate Loans in lieu of
its applicable Pro Rata Share of any Eurodollar Rate Borrowing, the
Administrative Agent shall give effect thereto in apportioning
payments received thereafter.

 

(c) Subject to the
proviso set forth in the definition of “Interest
Period”, whenever any payment to be made hereunder with
respect to any Loan shall be stated to be due on a day that is not
a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall be included in the
computation of the payment of interest hereunder.

 

(d) Any payment
hereunder by or on behalf of the Borrower to the Administrative
Agent that is not received by the Administrative Agent in same day
funds prior to 2:00 p.m. (New York City time) on the date due
shall, unless the Administrative Agent shall determine otherwise,
be deemed to have been received, for purposes of computing interest
and fees hereunder (including for purposes of determining the
applicability of Section 2.9), on the Business Day immediately
following the date of receipt (or, if later, the Business Day
immediately following the date the funds received become available
funds).

 

(e) If an Event of
Default shall have occurred and the maturity of the Loans shall
have been accelerated pursuant to Section 8.1, all payments or
proceeds received by the Administrative Agent or the Collateral
Agent in respect of any of the Obligations, or from any sale of,
collection from or other realization upon all or any part of the
Collateral, shall, subject to Sections 2.3(h) and the
requirements of any applicable Permitted Intercreditor Agreement,
be applied in accordance with the application arrangements set
forth in Section 5.02 of the Pledge and Security
Agreement.

 

(f) Unless the
Administrative Agent shall have been notified by the Borrower prior
to the date on which any payment is due to the Administrative Agent
for the account of the Lenders hereunder that the Borrower will not
make such payment, the Administrative Agent may assume that the
Borrower has made such payment on such date in accordance herewith
and may, in its sole discretion, but shall not be obligated to,
distribute to the Lenders the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the
Lenders severally agrees to pay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender with
interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to
the Administrative Agent (i) at any time prior to the third
Business Day following the date such amount is distributed to it,
the customary rate set by the Administrative Agent for the
correction of errors among banks and (ii) thereafter, the Base
Rate.

 

 

 

67

 

 

2.16. Ratable
Sharing. The Lenders
hereby agree among themselves that if any Lender shall, whether
through the exercise of any right of set-off or banker’s
lien, by counterclaim or cross action or by the enforcement of any
right under the Credit Documents or otherwise, or as adequate
protection of a deposit treated as cash collateral under the
Bankruptcy Code, receive payment or reduction of a portion of the
aggregate amount of any principal, interest and fees owing to such
Lender hereunder or under the other Credit Documents (collectively,
the “Aggregate Amounts
Due” to such Lender) resulting in such Lender
receiving payment of a greater proportion of the Aggregate Amounts
Due to such Lender than the proportion received by any other Lender
in respect of the Aggregate Amounts Due to such other Lender, then
the Lender receiving such proportionately greater payment shall
(a) notify the Administrative Agent and each other Lender in
writing of the receipt of such payment and (b) apply a portion
of such payment to purchase (for cash at face value) participations
in the Aggregate Amounts Due to the other Lenders so that all such
payments of Aggregate Amounts Due shall be shared by all the
Lenders ratably in accordance with the Aggregate Amounts Due to
them; provided
that, if all or part of such proportionately greater payment
received by any purchasing Lender is thereafter recovered from such
Lender upon the bankruptcy or reorganization of any Credit Party or
otherwise, such purchase shall be rescinded and the purchase price
paid for such participation shall be returned to such purchasing
Lender ratably to the extent of such recovery, but without
interest. Each Credit Party expressly consents to the foregoing
arrangements and agrees that any holder of a participation so
purchased may exercise any and all rights of banker’s lien,
consolidation, set-off or counterclaim with respect to any and all
monies owing by such Credit Party to such holder with respect
thereto as fully as if such holder were owed the amount of the
participation held by such holder. The provisions of this Section
2.16 shall not be construed to apply to (i) any payment made by the
Borrower pursuant to and in accordance with the express terms of
this Agreement, including the application of funds arising from the
existence of a Defaulting Lender or any payment made by the
Borrower pursuant to Section 2.22, (ii) any acceptance by any
Lender of any Rollover Indebtedness in accordance with Section
2.12(a)(iii), (iii) any payment obtained by any Lender as
consideration for the assignment of or sale of a participation in
Loans or other Obligations owing to it pursuant to and in
accordance with the express terms of this Agreement.

 

2.17. Making
or Maintaining Eurodollar Rate Loans. Inability to Determine Applicable
Interest Rate.

 

(i) If prior to the
commencement of any Interest Period for a Eurodollar Rate
Borrowing:

 

(A) the Administrative
Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for
ascertaining the Adjusted Eurodollar Rate for such Interest Period;
or

 

(B) the Administrative
Agent is notified in writing by a Majority in Interest of the
Lenders that the Adjusted Eurodollar Rate for such Interest Period
will not adequately and fairly reflect the cost to such Lenders of
making or maintaining their Loans included in such Eurodollar Rate
Borrowing for such Interest Period;

 

 

 

68

 

 

then
the Administrative Agent shall give notice (which may be
telephonic) thereof to the Borrower and the Lenders as promptly as
practicable, whereupon, (x) no Loans may be made as, or
converted to, Eurodollar Rate Loans until such time as the
Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, and (y)
any Funding Notice or Conversion/Continuation Notice given by the
Borrower with respect to the Loans in respect of which such
determination was made shall be deemed rescinded by the Borrower.
The Administrative Agent shall promptly notify the Borrower and the
Lenders when such circumstances no longer exist.

 

(ii) If
at any time the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that
(x) the circumstances set forth in Section 2.17(a)(i)(A) have
arisen (including because the rate described in clause (a) of the
definition of “Adjusted
Eurodollar Rate” is not available or published on a
current basis) and such circumstances are unlikely to be temporary
or (y) the circumstances set forth in Section 2.17(a)(i)(A)
have not arisen but the supervisor for the administrator of the
rate described in clause (a) of the definition of
“Adjusted Eurodollar
Rate” or a Governmental Authority having jurisdiction
over the Administrative Agent has made a public statement
identifying a specific date after which the rate described in
clause (a) of the definition of “Adjusted Eurodollar Rate” no
longer be used for determining interest rates for loans, then the
Administrative Agent (acting at the direction of the Requisite
Lenders) and the Borrower shall endeavor to establish an alternate
rate of interest to the Adjusted Eurodollar Rate that (x) gives due
consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans denominated in
Dollars in the United States at such time, and (y) is a rate for
which the Administrative Agent has indicated in writing to the
Lenders (which includes email) that it is able to calculate and
administer, and the Administrative Agent and the Borrower shall
enter into an amendment to this Agreement to reflect such alternate
rate of interest and such other related changes to this Agreement
as may be applicable (but for the avoidance of doubt, such related
changes shall not include a reduction of the Applicable Rate);
provided that if
such alternate rate of interest shall be less than zero, such rate
shall be deemed to be zero for all purposes of this Agreement (and
the Term Loan Lenders hereby (A) authorize and direct the
Administrative Agent to execute and deliver any such amendment in
respect of which the Requisite Lenders have indicated in writing to
the Administrative Agent (which may be via email) that such
amendment (and the alternate interest rate specified therein) is
satisfactory to the Requisite Lenders and (B) acknowledge and agree
that the Administrative Agent shall be entitled to all of the
exculpations and indemnifications provided for in this Agreement in
favor of the Administrative Agent in executing and delivering any
such amendment). Notwithstanding anything to the contrary contained
in Section 10.5, such amendment shall become effective without any
further action or consent of any other party to this Agreement.
Until an alternate rate of interest shall be determined in
accordance with this paragraph (but, in the case of the
circumstances described in clause (y) above, only to the extent the
rate described in clause (a) of the definition of
“Adjusted Eurodollar
Rate” for such Interest Period is not available or
published at such time on a current basis), (1) no Loans may
be made as, or converted to, Eurodollar Rate Loans and (2) any
Funding Notice or Conversion/Continuation Notice given by the
Borrower requesting the making of, or conversion to or continuation
of, any Eurodollar Rate Borrowing shall be deemed rescinded by the
Borrower.

 

 

 

69

 

 

(g) Illegality or Impracticability of
Eurodollar Rate Loans. In the event that on any date (i) any
Lender shall have determined (which determination shall be final
and conclusive and binding upon all parties hereto) that the
making, maintaining, converting to or continuation of its
Eurodollar Rate Loans has after the Closing Date become unlawful as
a result of compliance by such Lender in good faith with any law
(or would conflict with any treaty, rule, regulation, guideline or
order not having the force of law even though the failure to comply
therewith would not be unlawful), or (ii) the Requisite Lenders
shall have determined (which determination shall be final and
conclusive and binding upon all parties hereto) that the making,
maintaining, converting to or continuation of their Eurodollar Rate
Loans has become impracticable as a result of contingencies
occurring after the Closing Date that materially and adversely
affect the London interbank market or the position of the Lenders
in that market, then, if such Lender or Lenders shall have provided
notice thereof to the Administrative Agent and the Borrower, such
Lender or each of such Lenders, as the case may be, shall be an
“Affected
Lender”. If the Administrative Agent and the Borrower
receive a notice from (A) any Lender pursuant to clause (i) of the
preceding sentence or (B) a notice from Lenders constituting
Requisite Lenders pursuant to clause (ii) of the preceding
sentence, then (1) the obligation of the Lenders (or, in the case
of any notice pursuant to clause (i) of the preceding sentence, of
the applicable Lender) to make Loans as, or to convert Loans to,
Eurodollar Rate Loans shall be suspended until such notice shall be
withdrawn by each applicable Affected Lender, (2) to the extent
such determination by any Affected Lender relates to a Eurodollar
Rate Loan then being requested by the Borrower pursuant to a
Funding Notice or a Conversion/Continuation Notice, the Lenders (or
in the case of any notice pursuant to clause (i) of the preceding
sentence, the applicable Lender) shall make such Loan as (or
continue such Loan as or convert such Loan to, as the case may be)
a Base Rate Loan, (3) the Lenders’ (or in the case of any
notice pursuant to clause (i) of the preceding sentence, the
applicable Lender’s) obligations to maintain Eurodollar Rate
Loans (the “Affected
Loans”) shall be terminated at the earlier to occur of
the expiration of the Interest Period then in effect with respect
to the Affected Loans or when required by law, and (4) the Affected
Loans shall automatically convert into Base Rate Loans on the date
of such termination. Notwithstanding the foregoing, to the extent
any such determination by an Affected Lender relates to a
Eurodollar Rate Loan then being requested by the Borrower pursuant
to a Funding Notice or a Conversion/Continuation Notice, the
Borrower shall have the option, subject to Section 2.17(c), to
rescind such Funding Notice or Conversion/Continuation Notice as to
all Lenders by giving written notice thereof to the Administrative
Agent of such rescission on the date on which the Affected Lender
gives notice of its determination as described above (which notice
of rescission the Administrative Agent shall promptly transmit to
each other Lender). Each Affected Lender shall promptly notify the
Administrative Agent and the Borrower when the circumstances that
led to its notice pursuant to this Section 2.17(b) no longer
exist.

 

 

 

70

 

 

(h) Compensation for Breakage or
Non-Commencement of Interest Periods. In the event that (i)
a borrowing of any Eurodollar Rate Loan does not occur on a date
specified therefor in any Funding Notice given by the Borrower
(other than as a result of a failure by such Lender to make such
Loan in accordance with its obligations hereunder), whether or not
such notice may be rescinded in accordance with the terms hereof,
(ii) a conversion to or continuation of any Eurodollar Rate Loan
does not occur on a date specified therefor in any
Conversion/Continuation Notice given by the Borrower, whether or
not such notice may be rescinded in accordance with the terms
hereof, (iii) any payment of any principal of any Eurodollar
Rate Loan occurs on a day other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of
Default), (iv) the conversion of any Eurodollar Rate Loan occurs on
a day other than on the last day of an Interest Period applicable
thereto, (v) any Eurodollar Rate Loan is assigned other than on the
last day of an Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.22 or (vi) a
prepayment of any Eurodollar Rate Loan does not occur on a date
specified therefor in any notice of prepayment given by the
Borrower, whether or not such notice may be rescinded in accordance
with the terms hereof, the Borrower shall compensate each Lender
for all losses, costs, expenses and liabilities that such Lender
may sustain, including any loss incurred from obtaining,
liquidating or employing losses from third parties, but excluding
any loss of margin or any interest rate “floor”, for the period following
any such payment, assignment or conversion or any such failure to
borrow, pay, prepay, convert or continue. To request compensation
under this Section 2.17(c), a Lender shall deliver to the
Borrower (with a copy to the Administrative Agent) a certificate
setting forth in reasonable detail the basis and calculation of any
amount or amounts that such Lender is entitled to receive pursuant
to this Section 2.17(c), which certificate shall be conclusive and
binding absent manifest error. The Borrower shall pay such Lender
the amount shown as due on any such certificate within 10 Business
Days after receipt thereof.

 

(i) Booking of Eurodollar Rate
Loans. Any Lender may make, carry or transfer Eurodollar
Rate Loans at, to or for the account of any of its branch offices
or the office of any Affiliate of such Lender.

 

(j) Assumptions Concerning Funding of
Eurodollar Rate Loans. Calculation of all amounts payable to
a Lender under this Section 2.17 and under Section 2.18 shall be
made as though such Lender had actually funded each of its relevant
Eurodollar Rate Loans through the purchase of a Eurodollar deposit
bearing interest at the rate obtained pursuant to clause (a)(i) of
the definition of the term Adjusted Eurodollar Rate in an amount
equal to the amount of such Eurodollar Rate Loan and having a
maturity comparable to the relevant Interest Period and through the
transfer of such Eurodollar deposit from an offshore office of such
Lender to a domestic office of such Lender in the United States of
America; provided
that each Lender may fund each of its Eurodollar Rate Loans in any
manner it sees fit and the foregoing assumptions shall be utilized
only for the purposes of calculating amounts payable under this
Section 2.17 and under Section 2.18.

 

2.18. Increased
Costs; Capital Adequacy and Liquidity. Increased Costs Generally. If
any Change in Law shall:

 

(i) impose, modify or
deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in
by, any Lender (except any such reserve requirement reflected in
the Adjusted Eurodollar Rate);

 

 

 

71

 

 

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

 

(iii) impose
on any Lender or the London interbank market any other condition,
cost or expense (other than Taxes) affecting this Agreement or any
Loan made by such Lender or participation therein;

 

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

 

(k) Capital and Liquidity
Requirements. If any Lender determines that any Change in
Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or
liquidity requirements, 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, the Commitments of such Lender or
the Loans made by such Lender to a level below that which such
Lender or such Lender’s holding company could have achieved
but for such Change in Law (taking into consideration such
Lender’s policies and the policies of such Lender’s
holding company with respect to capital adequacy or liquidity),
then from time to time upon request of such Lender, the Borrower
will pay to such Lender such additional amount or amounts as will
compensate such Lender or such Lender’s holding company for
any such reduction suffered.

 

(l) Certificates for Reimbursement.
A certificate of a Lender setting forth the amount or amounts
necessary to compensate such Lender or its holding company, as the
case may be, as specified in Section 2.18(a) or 2.18(b) and
delivered to the Borrower (with a copy to the Administrative
Agent), shall be conclusive absent manifest error. The Borrower
shall pay such Lender, as the case may be, the amount shown as due
on any such certificate within 10 Business Days after receipt
thereof.

 

(m) Delay in Requests. Failure or
delay on the part of any Lender to demand compensation pursuant to
this Section 2.18 shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that the Borrower
shall not be required to compensate a Lender pursuant to this
Section 2.18 for any increased costs incurred or reductions
suffered more than 120 days prior to the date that such Lender, as
the case may be, notifies the Borrower of the Change in Law giving
rise to such increased costs or reductions, and of such
Lender’s intention to claim compensation therefor (except
that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the 120-day period referred to
above shall be extended to include the period of retroactive effect
thereof).

 

 

 

72

 

 

(n) Certain Limitations.
Notwithstanding any other provision of this Section to the
contrary, no Lender shall request, or be entitled to receive, any
compensation pursuant to this Section unless it shall be the
general policy or practice of such Lender to seek compensation in
similar circumstances under comparable provisions of other credit
agreements, if any.

 

2.19. Taxes;
Withholding, Etc.

 

(a)  (a)
[Reserved].

 

(b) Payments Free of Taxes. Any and
all payments by or on account of any obligation of any Credit Party
under any Credit Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If
any applicable law (as determined in the good faith discretion of
an applicable withholding agent) requires the deduction or
withholding of any Tax from any such payment by a withholding
agent, then the applicable withholding agent shall be entitled to
make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable law and, if such Tax is an
Indemnified Tax, then the sum payable by the applicable Credit
Party shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this
Section 2.19) the applicable Recipient receives an amount
equal to the sum it would have received had no such deduction or
withholding been made.

 

(c) Payment of Other Taxes by the Credit
Parties. Each Credit Party shall timely pay to the relevant
Governmental Authority in accordance with applicable law, or at the
option of the Administrative Agent timely reimburse it for the
payment of, any Other Taxes.

 

(d) Indemnification by the Credit
Parties. The Credit Parties shall jointly and severally
indemnify each Recipient, within 10 days after written demand
therefor, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts
payable under this Section 2.19) payable or paid by such Recipient
or required to be withheld or deducted from a payment to such
Recipient and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender (with a
copy to the Administrative Agent), or by the Administrative Agent
on its own behalf (including in its capacity as the Collateral
Agent) or on behalf of a Lender, shall be conclusive absent
manifest error.

 

(e) Indemnification by the Lenders.
Each Lender shall severally indemnify the Administrative Agent,
within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that no Credit
Party has already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Credit
Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section
10.6(g) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case,
that are payable or paid by the Administrative Agent in connection
with any Credit Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were
correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such
payment or liability delivered to any Lender by the Administrative
Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set-off and apply any and
all amounts at any time owing to such Lender under any Credit
Document or otherwise payable by the Administrative Agent to the
Lender from any other source against any amount due to the
Administrative Agent under this Section 2.19(e).

 

 

 

73

 

 

(f) Evidence of Payments. As soon
as practicable after any payment of Taxes by any Credit Party to a
Governmental Authority pursuant to this Section 2.19, such Credit
Party shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such
payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent or the relevant Lender, as
applicable.

 

(g) Status of Lenders. Any Lender
that is entitled to an exemption from or reduction of withholding
Tax with respect to payments made under any Credit Document shall
deliver to the Borrower and the Administrative Agent, at the time
or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as
will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by applicable law or
reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the
contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation
set forth in Section 2.19(g)(ii)(A), (ii)(B) and (ii)(D)
below) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such
Lender.

 

(i) Without limiting
the generality of the foregoing:

 

(A) Any Lender that is
a US Person shall deliver to the Borrower and the Administrative
Agent 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 originals of IRS Form W-9 certifying that such Lender is
exempt from United States 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 Credit Document, executed originals of IRS Form
W-8BEN or W-8BEN-E, as applicable, establishing an exemption from,
or reduction of, US federal withholding Tax pursuant to the
“interest”
article of such tax treaty and (y) with respect to any other
applicable payments under any Credit Document, IRS Form W-8BEN or
W-8BEN-E, as applicable, establishing an exemption from, or
reduction of, US federal withholding Tax pursuant to the
“business
profits” or “other income” article of such tax
treaty;

 

 

 

74

 

 

(2) executed originals
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 Internal Revenue Code, (x) a
certificate substantially in the form of Exhibit O-1
to the effect that such Foreign Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, a
“10 percent
shareholder” of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code, or a
“controlled foreign
corporation” described in Section 881(c)(3)(C) of the
Internal Revenue Code (a ”US Tax Compliance
Certificate”) and (y) executed originals of IRS Form
W-8BEN or W-8BEN-E, as applicable; or

 

(4) to the extent a
Foreign Lender is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, as applicable, a US Tax Compliance Certificate
substantially in the form of Exhibit O-2
or Exhibit O-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 US Tax Compliance
Certificate substantially in the form of Exhibit O-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 originals of
any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in US 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.

 

 

 

75

 

 

(D) If a payment made
to a Lender under any Credit Document would be subject to US
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
Internal Revenue Code, as applicable), such Lender shall deliver to
the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by
the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Internal Revenue 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 (D), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. For
purposes of this Section 2.19, the term “applicable law” includes
FATCA.

 

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

 

(h) Treatment of Certain Refunds.
If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this Section 2.19 (including by
the payment of additional amounts pursuant to this
Section 2.19), 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 2.19 with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest
(other than any interest paid by the relevant Governmental
Authority with respect to such refund). Such indemnifying party,
upon the request of such indemnified party, shall repay to such
indemnified party the amount paid over pursuant to this Section
2.19(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 Section 2.19(h), in no event will the indemnified party be
required to pay any amount to an indemnifying party pursuant to
this Section 2.19(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 indemnification
payments or additional amounts giving rise to such refund had never
been paid. This Section 2.19(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.

 

 

 

76

 

 

(i) Survival. Each party’s
obligations under this Section 2.19 shall survive the resignation
or replacement of the Administrative Agent or any assignment of
rights by, or the replacement of, a Lender, the termination of the
Commitments and the repayment, satisfaction or discharge of all
obligations under any Credit Document.

 

2.20. Obligation
to Mitigate. If any Lender
becomes an Affected Lender or requests compensation under
Section 2.18, or if the Borrower is required to pay any
Indemnified Taxes or additional amount to any Lender or to any
Governmental Authority for the account of any Lender pursuant to
Section 2.19, then such Lender shall (at the request of the
Borrower) use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign and
delegate its rights and obligations hereunder to another of its
offices, branches or Affiliates if, in the judgment of such Lender,
such designation or assignment and delegation (a) would cause such
Lender to cease to be an Affected Lender or would eliminate or
reduce amounts payable pursuant to Section 2.18 or 2.19, as
the case may be, in the future and (b) would not subject such
Lender to any unreimbursed cost or expense and would not otherwise
be disadvantageous to such Lender. The Borrower hereby agrees to
pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment and
delegation.

 

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

 

(i) Defaulting Lender Waterfall.
Any payment of principal, interest, fees or other amounts received
by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to
Section 8 or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 10.4 shall be applied
at such time or times as may be determined by the Administrative
Agent as follows: first, to
the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent or the Collateral Agent under the Credit
Documents; second, as the
Borrower may request (so long as no Default or Event of Default
shall have occurred and be continuing), to the funding of any Loan
in respect of which such Defaulting Lender has failed to fund its
portion thereof as required by this Agreement, as determined by the
Administrative Agent; third, if so determined by the
Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to satisfy such Defaulting
Lender’s potential future funding obligations with respect to
Loans under this Agreement; fourth, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of
competent jurisdiction obtained by the Borrower against such
Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction. Any
payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by
a Defaulting Lender or to post Cash Collateral pursuant to this
Section 2.21(a)(i) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents
hereto.

 

 

 

77

 

 

(ii) Participation
as Requisite Lender. The Commitments and Loans of such
Defaulting Lender shall not be included in determining whether the
Requisite Lenders or any other requisite Lenders have taken or may
take any action hereunder or under any other Credit Document
(including any consent to any amendment, waiver or other
modification pursuant to Section 10.5); provided that any amendment,
waiver or other modification that under clauses (i), (ii), (iii),
(iv), (v) or (vi) of Section 10.5(b) requires the consent of all
Lenders affected thereby shall require the consent of such
Defaulting Lender in accordance with the terms
thereof.

 

(j) Defaulting Lender Cure. If the
Borrower and the Administrative Agent agree in writing that a
Lender is no longer a Defaulting Lender, the Administrative Agent
will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set
forth therein, such Lender will, to the extent applicable, purchase
at par that portion of outstanding Loans of the other Lenders or
take such other actions as the Administrative Agent may determine
to be necessary to cause the Loans to be held by the Lenders in
accordance with their respective applicable Pro Rata Shares,
whereupon such Lender will cease to be a Defaulting Lender;
provided that no
adjustments will be made retroactively with respect to fees accrued
or payments made by or on behalf of the Borrower while such Lender
was a Defaulting Lender.

 

2.22. Replacement
of Lenders. If (a) any Lender
has become an Affected Lender, (b) any Lender requests
compensation under Section 2.18, (c) the Borrower is
required to pay any Indemnified Taxes or additional amount to any
Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.19, (d) any Lender becomes and continues
to be a Defaulting Lender or a Disqualified Institution or
(e) any Lender fails to consent to a proposed waiver,
amendment or other modification of any Credit Document, or to any
departure of any Credit Party therefrom, that under
Section 10.5 requires the consent of all the Lenders (or all
the affected Lenders or all the Lenders) and with respect to which
the Requisite Lenders shall have granted their consent, then the
Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign
and delegate, without recourse (in accordance with and subject to
the restrictions contained in Section 10.6, including the
consent requirements set forth therein), all its interests, rights
and obligations under this Agreement and the other Credit Documents
(other than existing rights to payment under Sections 2.17(c), 2.18
and 2.19) (or, in the case of any such assignment and delegation
resulting from a failure to provide a consent, all such interests,
rights and obligations under this Agreement and the other Credit
Documents as a Lender) to an Eligible Assignee that shall assume
such obligations (which may be another Lender, if a Lender accepts
such assignment and delegation); provided that (i) the
Borrower shall have caused to be paid to the Administrative Agent
the registration and processing fee referred to in
Section 10.6(d), (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its
Loans, accrued interest thereon and accrued fees and all other
amounts payable to it hereunder (including any amounts under
Section 2.17(c)) from the assignee (in the case of such
principal and accrued interest and fees) or the Borrower (in the
case of all other amounts), (iii) such assignment and
delegation does not conflict with applicable law, (iv) in the
case of any such assignment and delegation resulting from a claim
for compensation under Section 2.18 or payments required to be
made pursuant to Section 2.19, such assignment will result in
a reduction in such compensation or payments thereafter and (v) in
the case of any such assignment and delegation resulting from the
failure to provide a consent, the assignee shall have given such
consent. A Lender shall not be required to make any such assignment
and delegation if, prior thereto, as a result of a waiver or
consent by such Lender or otherwise, the circumstances entitling
the Borrower to require such assignment and delegation have ceased
to apply. Each party hereto agrees that an assignment and
delegation required pursuant to this Section 2.22 may be effected
pursuant to an Assignment Agreement executed by the Borrower, the
Administrative Agent and the assignee and that the Lender required
to make such assignment and delegation need not be a party
thereto.

 

 

 

78

 

 

SECTION
3. CONDITIONS
PRECEDENT

 

3.1. Closing
Date. This Agreement
and the obligation of each Lender to make any Credit Extension
shall not become effective until the date on which each of the
following conditions shall be satisfied (or waived in accordance
with Section 10.5) (it being understood and agreed that any Credit
Document and each other document required to be received by the
Lenders shall be deemed so received when it is delivered to the
Administrative Agent or the Collateral Agent, as
applicable):

 

(a) Credit Agreement. The
Administrative Agent shall have received from the Borrower and each
Designated Subsidiary and each other party hereto either (i) a
counterpart of this Agreement signed on behalf of such party or
(ii) evidence satisfactory to the Administrative Agent and the
Requisite Lenders (which may include a facsimile or electronic
image scan transmission) that such party has signed a counterpart
of this Agreement.

 

(b) Organizational Documents;
Incumbency. The Administrative Agent and the Lenders shall
have received, in respect of the Borrower and each Designated
Subsidiary, a certificate of such Person (or, in the case of a
partnership, its general partner), dated the Closing Date and
executed by the secretary or an assistant secretary or manager of
such Person, attaching (i) a copy of each Organizational Document
of such Person, which shall be certified as of the Closing Date or
a recent date prior thereto by the appropriate Governmental
Authority, (ii) signature and incumbency certificates of the
officers/manager or general partner of such Person executing each
Credit Document, (iii) resolutions of the Board of Managers, Board
of Directors or similar governing body of such Person approving and
authorizing the execution, delivery and performance of this
Agreement and the other Credit Documents to which it is a party,
certified as of the Closing Date by such secretary or assistant
secretary or manager as being in full force and effect without
modification or amendment, and (iv) a good standing
certificate from the applicable Governmental Authority of such
Person’s jurisdiction of organization, dated the Closing Date
or a recent date prior thereto.

 

(c) Effectiveness of Amendment to the
First Lien Credit Agreement. The First Lien Credit Agreement
shall have been amended or shall be amended in a manner
satisfactory to the Requisite Lenders substantially simultaneously
with the initial funding of the Term Loans on the Closing Date to
permit the Term Loans, this Agreement and the
Transactions.

 

(d) Collateral and Guarantee
Requirement. The Collateral and Guarantee Requirement shall
have been satisfied. The Collateral Agent and the Lenders shall
have received a completed Collateral Questionnaire in form and
substance reasonably satisfactory to the Requisite Lenders, dated
the Closing Date and executed by an Authorized Officer of the
Borrower, together with all attachments contemplated thereby,
including the results of a search of the UCC (or equivalent)
filings made with respect to the Credit Parties in the
jurisdictions contemplated by the Collateral Questionnaire and
copies of the financing statements (or similar documents) disclosed
by such search and evidence reasonably satisfactory to the
Requisite Lenders that the Liens indicated by such financing
statements (or similar documents) are Permitted Liens or have been,
or substantially contemporaneously with the initial funding of
Loans on the Closing Date will be, released.

 

 

 

79

 

 

(e) Evidence of Insurance. The
Collateral Agent and the Lenders shall have received a certificate
from the Borrower’s insurance broker or other evidence
reasonably satisfactory to the Requisite Lenders that the insurance
required to be maintained pursuant to Section 5.5 is in full force
and effect, and, subject to Section 5.15, together with customary
endorsements naming the Collateral Agent, for the benefit of
Secured Parties, as additional insured and lender’s loss
payee thereunder to the extent required under
Section 5.5.

 

(f) Opinions of Counsel. The
Administrative Agent and the Lenders shall have received a
favorable written opinion (addressed to the Administrative Agent,
the Collateral Agent, the Lenders and dated the Closing Date) of
(i) Weil, Gotshal & Manges LLP, counsel for the Credit Parties,
(ii) James P. Prenetta, General Counsel of the Borrower, and (iii)
Georgia and New Jersey local counsel for the Credit Parties, in
each case in form and substance reasonably satisfactory to the
Requisite Lenders (and each Credit Party hereby instructs such
counsel to deliver each such opinion to the Administrative Agent
and the Lenders).

 

(g) Fees and Expenses. The Borrower
shall have paid to the Administrative Agent and the Lenders all
fees and expenses (including legal fees and expenses and recording
fees) and other amounts due and payable on or prior to the Closing
Date pursuant to the Credit Documents. The Administrative Agent
shall have received a fully executed copy of the Administrative
Agent Fee Letter.

 

(h) Closing Date Certificate. The
Administrative Agent and the Lenders shall have received the
Closing Date Certificate, dated the Closing Date and signed by an
Authorized Officer of the Borrower, together with all attachments
thereto.

 

(i) PATRIOT Act. At least five days
prior to the Closing Date, the Lenders and the Administrative Agent
shall have received all documentation and other information
required by bank regulatory authorities under applicable
“know-your-customer” and anti-money
laundering rules and regulations, including the PATRIOT
Act.

 

(j) The Administrative
Agent and the Lenders shall have received:

 

(i) Financial Information. A copy
of the Super Senior Budget for the period ending with the week of
June 30, 2019, a copy of the Lingo Report and a copy of the
Projections, in each case, in form and substance reasonably
satisfactory to the Requisite Lenders.

 

(ii) Joinder
to 1L/2L Intercreditor Agreement. A fully executed copy of a
joinder to the 1L/2L Intercreditor Agreement from the Collateral
Agent, Wilmington Trust, as representative for the secured parties
under the First Lien Credit Agreement and Wilmington Trust, as
representative for the secured parties under the Second Lien Credit
Agreement acknowledging the Obligations as “Additional First
Lien Obligations” under and as defined in the 1L/2L
Intercreditor Agreement, in form and substance reasonably
satisfactory to the Requisite Lenders.

 

(iii) Intercreditor
Agreement. A fully executed copy of the Intercreditor
Agreement.

 

 

 

80

 

 

(k) Funding Notice. The
Administrative Agent shall have received a fully completed and
executed Funding Notice.

 

(l) Representations and Warranties.
The representations and warranties of each Credit Party set forth
in the Credit Documents shall be true and correct (i) in the case
of the representations and warranties qualified or modified as to
materiality in the text thereof, in all respects and (ii)
otherwise, in all material respects, in each case on and as of such
Credit Date, except in the case of any such representation and
warranty that expressly relates to an earlier date, in which case
such representation and warranty shall be so true and correct on
and as of such earlier date.

 

(m) No Default. No Default or Event
of Default shall have occurred and be continuing or would result
from the initial extension of credit to occur on the Closing
Date.

 

Each
Lender, by delivering its signature page to this Agreement, and
funding its Loans on the Closing Date, shall be deemed to have
acknowledged receipt of, and consented to and approved or accepted
or to be satisfied with, each Credit Document and each other
document required to be approved by, acceptable or satisfactory to
any Agent, the Requisite Lenders or any other Lenders, as
applicable, on the Closing Date.

 

SECTION
4. REPRESENTATIONS
AND WARRANTIES

 

In
order to induce the Agents and the Lenders to enter into this
Agreement and to make each Credit Extension to be made thereby,
each Credit Party represents and warrants to each Agent, each
Lender on the Closing Date and on each Credit Date as
follows:

 

4.1. Organization;
Requisite Power and Authority; Qualification. Except as
disclosed on Schedule
4.1, each of the Borrower and the Restricted Subsidiaries
(a) is duly organized, validly existing and in good standing under
the laws of its jurisdiction of organization, (b) has all requisite
power and authority (i) to own and operate its properties and
to carry on its business and operations as now conducted and (ii)
in the case of the Credit Parties, to execute and deliver the
Credit Documents to which it is a party and to perform the other
Transactions to be performed by it and (c) is qualified to do
business and in good standing under the laws of every jurisdiction
where its assets are located or where such qualification is
necessary to carry out its business and operations, except, in each
case referred to in clauses (a) (other than with respect to
the Borrower), (b)(i) and (c), where the failure so to be or so to
have, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect.

 

4.2. Equity
Interests and Ownership. Schedule 4.2
sets forth, as of the Closing Date, the name and jurisdiction of
organization of, and the percentage of each class of Equity
Interests owned by the Borrower or any Subsidiary in, (a) each
Subsidiary and (b) each joint venture and other Person in which the
Borrower or any Subsidiary owns any Equity Interests, and
identifies each Designated Subsidiary. The Equity Interests owned
by any Credit Party in any Subsidiary have been duly authorized and
validly issued and, to the extent such concept is applicable, are
fully paid and non-assessable. Except as set forth on Schedule
4.2, as of the Closing Date (i) there are no Equity
Interests in any Restricted Subsidiary outstanding that upon
exercise, conversion or exchange would require the issuance by any
Restricted Subsidiary of any additional Equity Interests or other
Securities exercisable for, convertible into, exchangeable for or
evidencing the right to subscribe for or purchase any Equity
Interests in any Restricted Subsidiary and (ii) there are no
existing options, warrants, calls, rights, commitments or other
agreements to which the Borrower or any Restricted Subsidiary is a
party requiring the issuance by any Restricted Subsidiary of any
additional Equity Interests or other Securities exercisable for,
convertible into, exchangeable for or evidencing the right to
subscribe for or purchase any Equity Interests in any Restricted
Subsidiary.

 

 

 

81

 

 

4.3. Due
Authorization. The Transactions
to be entered into by each Credit Party have been duly authorized
by all necessary corporate or other organizational and, if
required, stockholder, shareholder or other equityholder action on
the part of such Credit Party.

 

4.4. No
Conflict. The Transactions
do not and will not (a) violate any applicable law, including any
order of any Governmental Authority, except to the extent any such
violation, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect, (b) violate the
Organizational Documents of the Borrower or any Restricted
Subsidiary, (c) (i) violate or result (alone or with notice or
lapse of time, or both) in a default under any provision of the
First Lien Credit Documents or the Second Lien Credit Documents, or
give rise to a right thereunder to require any payment, repurchase
or redemption to be made by the Borrower or any Restricted
Subsidiary, or give rise to a right of, or result in, any
termination, cancelation or acceleration or right of renegotiation
of any obligation thereunder or (ii) violate or result (alone or
with notice or lapse of time, or both) in a default under any other
Contractual Obligation of the Borrower or any Restricted
Subsidiary, or give rise to a right thereunder to require any
payment, repurchase or redemption to be made by the Borrower or any
Restricted Subsidiary, or give rise to a right of, or result in,
any termination, cancelation or acceleration or right of
renegotiation of any obligation thereunder, except, with respect to
this clause (ii), to the extent any such violation, default, right
or result, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect, or (d) except for
Liens created under the Credit Documents, the First Lien Credit
Documents or the Second Lien Credit Documents, result in or require
the creation or imposition of any Lien on any asset of the Borrower
or any Restricted Subsidiary.

 

4.5. Governmental
Approvals. The Transactions
do not and will not require any registration with, consent or
approval of, notice to, or other action by any Governmental
Authority, except (a) such as have been obtained or made and are in
full force and effect, (b) filings and recordings with respect
to the Collateral necessary to perfect Liens created under the
Credit Documents or the Second Lien Credit Documents and (c)
filings and registrations under applicable securities laws relating
to the Disposition by the Collateral Agent pursuant to the Pledge
and Security Agreement of Collateral that constitute
Securities.

 

4.6. Binding
Obligation. Each Credit
Document has been duly executed and delivered by each Credit Party
that is a party thereto and is the legally valid and binding
obligation of such Credit Party, enforceable against such Credit
Party in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to
enforceability.

 

4.7. Historical
Financial Statements; Projections. The Historical
Borrower Financial Statements were prepared in conformity with GAAP
and present fairly, in all material respects, the consolidated
financial position of the Borrower and its Subsidiaries as of the
respective dates thereof and the consolidated results of operations
and cash flows of the Borrower and its Subsidiaries for each of the
periods then ended, subject, in the case of any such unaudited
financial statements, to changes resulting from normal year-end
audit adjustments and the absence of footnotes.

 

 

 

82

 

 

(a) The Projections
have been prepared in good faith based upon assumptions that were
believed by the Borrower to be reasonable at the time made, it
being understood and agreed that the Projections are not a
guarantee of financial performance and actual results may differ
therefrom and such differences may be material.

 

4.8. No
Material Adverse Effect. Since
December 31, 2017, there has been no event or condition that
has had, or would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

4.9. Adverse
Proceedings. Except as
disclosed on Schedule
4.9, there are no Adverse Proceedings that (a) individually
or in the aggregate would reasonably be expected to have a Material
Adverse Effect or (b) in any manner question the validity or
enforceability of any of the Credit Documents or otherwise involve
any of the Credit Documents or the Transactions.

 

4.10. Payment
of Taxes. Except as
disclosed on Schedule
4.10 or otherwise permitted under Section 5.3, all Tax
returns and reports of the Borrower and its Subsidiaries required
to be filed by any of them have been timely filed, and all Taxes
shown on such Tax returns to be due and payable, and all
assessments, fees and other governmental charges upon the Borrower
and the Subsidiaries and upon their properties, income, businesses
and franchises that are due and payable, have been paid when due
and payable, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Borrower or such
Subsidiary, as applicable, has set aside on its books reserves with
respect thereto to the extent required by GAAP or (b) to the extent
that the failure to do so would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

 

4.11. Properties.
Title. The Borrower
and each Restricted Subsidiary has (i) good, sufficient and
marketable title to (in the case of fee interests in real
property), (ii) valid leasehold interests in (in the case of
leasehold interests in real or personal property), (iii) good and
marketable title to, or valid licensed rights in (in the case of
Intellectual Property) and (iv) good title to (in the case of all
other personal property) all of their material assets reflected in
the Historical Borrower Financial Statements or, after the first
delivery thereof, in the consolidated financial statements of the
Borrower most recently delivered pursuant to Section 5.1, in
each case except for assets disposed of since the date of such
financial statements in the ordinary course of business or as
otherwise permitted by this Agreement and except for Permitted
Liens and defects that, individually or in the aggregate, do not
materially detract from the value of the affected property or
interfere with the ordinary conduct of business of the Borrower or
any Restricted Subsidiary.

 

(a) Real Estate. Set forth on
Schedule
4.11(b) is true and complete list, as of the Closing Date,
of all Real Estate Assets owned in fee by any Credit Party,
identifying each Material Real Estate Asset, if any, and the proper
jurisdiction for the filing of a Mortgage in respect
thereof.

 

 

 

83

 

 

(b) Intellectual Property. The
Borrower and each Restricted Subsidiary owns, or has a license to
use, all Intellectual Property that is necessary for the conduct of
its business as currently conducted or proposed to be conducted,
and without conflict with the rights of any other Person, except to
the extent any such conflict, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.
No Intellectual Property used by the Borrower or any Restricted
Subsidiary in the operation of its business infringes upon the
rights of any other Person, except for any such infringements that,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect. No claim, action, suit,
investigation, litigation or proceeding regarding any Intellectual
Property owned or used by the Borrower or any Restricted Subsidiary
is pending against or, to the knowledge of the Borrower or any
Restricted Subsidiary, threatened in writing against or affecting
the Borrower or any Restricted Subsidiary (i) challenging the
validity or enforceability of (A) any Intellectual Property owned
by such Borrower or Restricted Subsidiary, or (B) Borrower or
Restricted Subsidiary’s ownership of such Intellectual
Property, (ii) alleging that the operation of the Borrower or any
Restricted Subsidiary’s business, including Borrower or any
Restricted Subsidiary’s use of any Intellectual Property
owned by such Borrower or Restricted Subsidiary, infringes,
misappropriates, dilutes or otherwise violates any other
intellectual property rights of any Person, or (iii) alleging that
the Intellectual Property is being licensed or sublicensed in
violation or contravention of the terms of any license or other
agreement, that, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect. To the knowledge of
the Borrower or any Restricted Subsidiary, no Person is engaging in
any activity that infringes, misappropriates, dilutes or otherwise
violates the Intellectual Property owned by such Borrower or
Restricted Subsidiary that, individually or in the aggregate, would
reasonably be expected to have a Material Adverse
Effect.

 

4.12. Environmental
Matters. Except with
respect to any matters that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect,
neither the Borrower nor any Subsidiary (a) has failed to
comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any
Environmental Law, (b) has become subject to any Environmental
Liability, (c) has received notice of any claim with respect
to any Environmental Liability or (d) knows of any basis for any
Environmental Liability.

 

4.13. No
Defaults. No Default or
Event of Default has occurred and is continuing.

 

4.14. Investment
Company Act. None of the
Credit Parties is a “registered investment company” or
a company “controlled” by a
“registered investment
company” or a “principal underwriter” of a
“registered investment
company” as such terms are defined in the Investment
Company Act of 1940.

 

4.15. Federal
Reserve Regulations. None of the
Borrower or the Subsidiaries is engaged principally, or as one of
its important activities, in the business of purchasing or carrying
Margin Stock or extending credit for the purpose of purchasing or
carrying Margin Stock.

 

(a) No portion of the
proceeds of any Credit Extension will be used, directly or
indirectly, for any purpose that entails a violation (including on
the part of any Lender) of any of the regulations of the Board of
Governors, including Regulations U and X. Not more than 25% of the
value of the assets of the Borrower and the Restricted Subsidiaries
subject to any restrictions on the sale, pledge or other
Disposition of assets under this Agreement, any other Credit
Document or any other agreement to which any Lender or Affiliate of
a Lender is party will at any time be represented by Margin
Stock.

 

 

 

84

 

 

4.16. Employee
Benefit Plans. The Borrower,
each Restricted Subsidiary and each of their respective ERISA
Affiliates is in compliance with all applicable provisions and
requirements of ERISA and the Internal Revenue Code and the
regulations and published interpretations thereunder with respect
to each Employee Benefit Plan, and has performed all its
obligations under each Employee Benefit Plan, except where such
failure to comply or perform, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.
Each Employee Benefit Plan which is intended to qualify under
Section 401(a) of the Internal Revenue Code has received a
favorable determination letter or opinion letter from the IRS
indicating that such Employee Benefit Plan is so qualified and
nothing has occurred subsequent to the issuance of such
determination letter or opinion letter which would cause such
Employee Benefit Plan to lose its qualified status. No liability to
the PBGC (other than required premium payments), the IRS, any
Employee Benefit Plan or any trust established under Title IV of
ERISA has been or is expected to be incurred by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. No ERISA Event or
Foreign Plan Event has occurred or is reasonably expected to occur,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Except to the extent
required under Section 4980B of the Internal Revenue Code or
similar state laws, no Employee Benefit Plan provides health or
welfare benefits (through the purchase of insurance or otherwise)
for any retired or former employee of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates. The present
value of the aggregate benefit liabilities under each Pension Plan
sponsored, maintained or contributed to by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates
(determined as of the end of the most recent plan year on the basis
of assumptions used for purposes of Accounting Standards
Codification Topic 715), did not exceed the aggregate current value
of the assets of such Pension Plan. As of the most recent valuation
date for each Multiemployer Plan for which the actuarial report is
available, the potential liability of the Borrower, the Restricted
Subsidiaries and their respective ERISA Affiliates for a complete
withdrawal from such Multiemployer Plan (within the meaning of
Section 4203 of ERISA), when aggregated with such potential
liability for a complete withdrawal from all Multiemployer Plans,
based on information available pursuant to Section 101(l) of ERISA
is zero. The Borrower, each Restricted Subsidiary and each of their
respective ERISA Affiliates is not in material “default” (as defined in Section
4219(c)(5) of ERISA) with respect to payments to a Multiemployer
Plan. None of the Borrower or any of its Subsidiaries is an entity
deemed to hold “plan
assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA).

 

4.17. [Reserved].

 

4.18. Compliance
with Laws. Except as
disclosed on Schedule
4.18, the Borrower and each Subsidiary is in compliance with
all applicable laws, including all orders and other restrictions
imposed by any Governmental Authority, in respect of the conduct of
its business and the ownership and operation of its properties
(including compliance with all applicable Environmental Laws),
except where such failure to comply, individually or in the
aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

 

 

85

 

 

4.19. Disclosure.
None of the documents, certificates or statements or any other
written information (other than financial projections (including
financial estimates, budgets, forecasts and other forward-looking
information) and information of general economic or
industry-specific nature) furnished to any Agent or any Lender by
or on behalf of the Borrower or any Subsidiary in connection with
the negotiation of or pursuant to this Agreement or any other
Credit Document or otherwise in connection with the transactions
contemplated hereby or thereby, when taken as a whole, contains any
untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained therein
not materially misleading in light of the circumstances under which
they were made (after giving effect to all supplements theretofore
provided); provided
that, with respect to financial projections, financial estimates,
budgets, forecasts and other forward-looking information, the
Credit Parties represent only that such information was prepared in
good faith based upon estimates and assumptions believed by the
Credit Parties to be reasonable at the time such information is so
furnished (it being understood that such information is not a
guarantee of financial or other performance and actual results may
differ therefrom and that such differences may be material). There
are no facts known to the Borrower or any Subsidiary (other than
matters of a general economic or industry-specific nature) that,
individually or in the aggregate, would reasonably be expected to
have a Material Adverse Effect and that have not been disclosed in
such documents, certificates, statements or other
information.

 

4.20. Collateral
Matters. The Pledge and
Security Agreement, upon execution and delivery thereof by the
parties thereto, will create in favor of the Collateral Agent, for
the benefit of the Secured Parties, a valid and enforceable
security interest in the Collateral (as defined therein) and
(i) when the Collateral (as defined therein) constituting
certificated securities (as defined in the UCC) is delivered to the
Collateral Agent without “notice of any adverse claims” (all
within the meaning of the UCC), together with instruments of
transfer duly endorsed in blank, the security interest created
under the Pledge and Security Agreement will constitute a fully
perfected security interest in all right, title and interest of the
pledgors thereunder in such Collateral, prior and superior in right
to any other Person (subject to any Pari Passu Intercreditor
Agreement), and (ii) when financing statements in appropriate
form are filed in the applicable filing offices, the security
interest created under the Pledge and Security Agreement will
constitute a fully perfected security interest in all right, title
and interest of the Credit Parties in the remaining Collateral (as
defined therein) to the extent perfection can be obtained by filing
UCC financing statements, prior and superior in right to any other
Person, but subject to Permitted Liens.

 

(a) Each Mortgage, upon
execution and delivery thereof by the parties thereto, will create
in favor of the Collateral Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in all
the applicable mortgagor’s right, title and interest in and
to the Real Estate Asset subject thereto and the proceeds thereof,
and when the Mortgages have been filed in the jurisdictions
specified therein, the Mortgages will constitute fully perfected
security interests in all right, title and interest of the
mortgagors in the Real Estate Assets subject thereto and the
proceeds thereof, prior and superior in right to any other Person,
but subject to the Permitted Liens.

 

 

 

86

 

 

(b) Upon the
recordation of the Intellectual Property Security Agreements with
the United States Patent and Trademark Office or the United States
Copyright Office, as applicable, and the filing of the financing
statements referred to in Section 4.20(a), the security interest
created under the Pledge and Security Agreement will constitute a
fully perfected security interest in all right, title and interest
of the Credit Parties in the Intellectual Property in which a
security interest may be perfected by filing in the United States
Patent and Trademark Office or United States Copyright Office, in
each case prior and superior in right to any other Person, but
subject to Permitted Liens (it being understood that subsequent
recordings in the United States Patent and Trademark Office or the
United States Copyright Office may be necessary to perfect a
security interest in such Intellectual Property acquired by the
Credit Parties after the Closing Date (the “After-Acquired Intellectual
Property”)).

 

(c) Each Collateral
Document, other than any Collateral Document referred to in the
preceding paragraphs of this Section 4.20, upon execution and
delivery thereof by the parties thereto and the making of the
filings and taking of the other actions provided for therein, will
be effective under applicable law to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, a valid
and enforceable security interest in the Collateral subject
thereto, and will constitute a fully perfected security interest in
all right, title and interest of the Credit Parties in the
Collateral subject thereto to the extent perfection may be achieved
by making the filings and taking the other actions provided for
therein, prior and superior to the rights of any other Person,
except for rights secured by Permitted Liens.

 

4.21. Sanctioned
Persons; Anti-Corruption Laws; PATRIOT Act. None of the
Borrower or any of its Subsidiaries or any of their respective
directors, officers or, to the knowledge of the Borrower or any
Subsidiary, employees, agents or Affiliates is a Sanctioned Person
or otherwise the subject of any sanctions or economic embargoes
administered or enforced by the US Department of State or the
US Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or any
other applicable sanctions authority (collectively,
“Sanctions”, and
the associated laws, rules, regulations and orders, collectively,
“Sanctions
Laws”). Each of the Borrower and its Subsidiaries and
their respective directors, officers, and, to the knowledge of the
Borrower or any Subsidiary, employees, agents or Affiliates is in
compliance, in all material respects, with (a) all Sanctions
Laws, (b) the United States Foreign Corrupt Practices Act of 1977,
the Bribery Act 2010 of the United Kingdom and any other applicable
anti-bribery or anti-corruption laws, rules, regulations and orders
(collectively, “Anti-Corruption Laws”) and
(c) the PATRIOT Act and any other applicable terrorism and
money laundering laws, rules, regulations and orders. No part of
the proceeds of the Loans will be used, directly or indirectly, (i)
for the purpose of financing any activities or business of or with
any Person or in any country or territory that at such time is the
subject of any Sanctions, (ii) 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, in violation of any Anti-Corruption
Law or (iii) in any manner that would result in the violation of
any Sanctions Laws applicable to any party hereto.

 

 

 

87

 

 

4.22. Communications
Regulatory Matters.

 

(a) Except as disclosed
on Schedule
4.22, the businesses of the Borrower and its Subsidiaries
are being conducted in compliance with all Communications Laws,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The Borrower and the
Restricted Subsidiaries possess all Licenses required to conduct
their businesses in the ordinary course, and all such Licenses are
in full force and effect.

 

(b) Except as disclosed
on Schedule
4.22, there is no condition, event or occurrence existing,
nor, to the knowledge of the Borrower or any Subsidiary, is there
any proceeding being conducted or threatened by any Governmental
Authority, which would reasonably be expected to cause the
termination, revocation, forfeiture, suspension, cancellation,
adverse modification or non-renewal of any of the Licenses held by
the Borrower or any Subsidiary, or the imposition of any penalty or
fine by any Governmental Authority with respect to any such
Licenses or the Borrower or any Subsidiary, in each case which,
individually or in the aggregate, would reasonably be expected to
have a Material Adverse Effect.

 

(c) Except as disclosed
on Schedule
4.22, there is no (i) outstanding decree, decision,
judgment, or order that has been issued by the FCC or a State PUC
against the Borrower or any Subsidiary or any License held by the
Borrower or any Subsidiary or (ii) notice of violation, order to
show cause, complaint, investigation, inquiry or other
administrative or judicial proceeding pending or, to the knowledge
of the Borrower or any Subsidiary, threatened by or before the FCC
or a State PUC against the Borrower, any Subsidiary or any License
held by the Borrower or any Subsidiary that, assuming an
unfavorable decision, ruling or finding, in the case of each of (i)
or (ii) above, would, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

 

(d) Except as disclosed
on Schedule
4.22, each of the Borrower and the Subsidiaries have filed
with the FCC and State PUCs all necessary reports, documents,
instruments, information or applications required to be filed
pursuant to the Communications Laws, and have paid all fees,
assessments and other charges required to be paid pursuant to the
Communications Laws, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

 

(e) Except as has been
obtained or will be obtained prior to the Closing Date, no consent,
approval, authorization, order or waiver of, or filing with, the
FCC, the State PUCs or any other Governmental Authority is required
under the Communications Laws to be obtained or made by the
Borrower or any Subsidiary for (i) the execution, delivery and
performance of this Agreement or the other Credit Documents or (ii)
the consummation of the Transactions.

 

SECTION
5. AFFIRMATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, each Credit Party covenants
and agrees with the Agents and the Lenders that:

 

 

 

88

 

 

5.1. Financial
Statements and Other Reports. The Borrower will
deliver to the Administrative Agent and, where applicable, to the
Lenders:

 

(a) [Reserved];

 

(b) Quarterly Financial Statements.
Commencing with the first Fiscal Quarter ending after the Closing
Date, as soon as available, and in any event within 45 days
after the end of each of the first three Fiscal Quarters of each
Fiscal Year, the consolidated balance sheet of the Borrower and the
Subsidiaries as of the end of such Fiscal Quarter and the related
consolidated statements of operations, stockholders’ equity
and cash flows of the Borrower and its Subsidiaries for such Fiscal
Quarter (in the case of such statements of operations) and for the
period from the beginning of the then current Fiscal Year to the
end of such Fiscal Quarter, setting forth in each case in
comparative form the corresponding figures for the corresponding
periods of (or, in the case of the balance sheet, as of the end of)
the previous Fiscal Year, together with a Financial Officer
Certification with respect thereto;

 

(c) [Reserved];

 

(d) Statements of Reconciliation after
Change in Accounting Principles. If, as a result of any
change in GAAP or in the application thereof since the date of the
most recent balance sheet delivered pursuant to Section 5.1(a)
or 5.1(b) (or, prior to the first such delivery, since December 31,
2018), the consolidated financial statements of the Borrower
delivered pursuant to Section 5.1(a) or 5.1(b) will differ in any
material respect from the consolidated financial statements that
would have been delivered pursuant to such Section had no such
change occurred, then, together with the first delivery of such
financial statements after such change, one or more statements of
reconciliation specifying in reasonable detail the effect of such
change on such financial statements, including those for the prior
period;

 

(e) Notice of Default and Material Adverse
Effect. Promptly upon any officer of the Borrower or any
Restricted Subsidiary obtaining knowledge of any event or condition
set forth below, a certificate of an Authorized Officer of the
Borrower setting forth the details of such event or condition and
any action the Borrower or any Restricted Subsidiary has taken, is
taking or proposes to take with respect thereto:

 

(i)  the
occurrence of any Default or Event of Default; and

 

(ii) any
event or condition that has had, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse
Effect;

 

(f) Notice of Adverse Proceedings.
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of (i) any Adverse Proceeding that
would reasonably be expected to have a Material Adverse Effect or
that in any manner questions the validity or enforceability of
any of the Credit Documents or otherwise involves any of the Credit
Documents or (ii) any material and adverse development in any
Adverse Proceeding referred to in clause (i) above, in each case
where such development has not previously been disclosed in writing
by the Borrower to the Administrative Agent and the Lenders, a
certificate of an Authorized Officer of the Borrower setting forth
the details of such Adverse Proceeding or development;

 

 

 

89

 

 

(g) [Reserved];

 

(h) Employee Benefit Plans.
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of the occurrence of any ERISA Event
or Foreign Plan Event, a written notice specifying the nature
thereof, what action the Borrower, any Restricted Subsidiary 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 IRS, the Department of Labor, the PBGC
or any other Governmental Authority with respect thereto; and
(ii) with reasonable promptness after written request by the
Administrative Agent, copies of (A) all material written
notices received by the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates from a Multiemployer Plan
sponsor concerning an ERISA Event and (B) copies of such other
material documents or governmental reports or filings relating to
any Employee Benefit Plan with respect to which such ERISA Event
has occurred as the Administrative Agent may reasonably request in
writing;

 

(i) [Reserved];

 

(j) Information Regarding Credit Parties
and Collateral. Prompt written notice of any change in
(i) any Credit Party’s legal name, (ii) any Credit
Party’s form of organization, (iii) any Credit
Party’s jurisdiction of organization, (iv) the location of
the chief executive office of any Credit Party and (v) any
Credit Party’s Federal Taxpayer Identification Number or
state organizational identification number;

 

(k) Collateral Verification. At any
time upon the reasonable request of the Administrative Agent or the
Requisite Lenders, a completed Supplemental Collateral
Questionnaire executed by an Authorized Officer of the Borrower,
together with all attachments contemplated thereby;

 

(l) Filed or Distributed
Information. Promptly upon their becoming available, copies
of all regular and periodic reports and all registration statements
and prospectuses, if any, filed by the Borrower or any Restricted
Subsidiary with the SEC or any Governmental Authority performing
similar functions (it being understood and agreed that any filing
of such documents with the SEC or any other Governmental Authority
that makes such documents publicly available shall constitute
delivery for purposes of this clause (l));

 

(m) Notice of Modifications of Junior
Indebtedness Documents. Promptly upon the effectiveness
thereof, notice of any execution and delivery of any credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Junior Indebtedness or
of any amendment, waiver or other modification of any such credit
agreement, indenture or other agreement or instrument, together
with a copy thereof;

 

(n) Other Information. Promptly
after any request therefor, such other information regarding the
business, operations, assets, liabilities (including contingent
liabilities) and condition (financial or otherwise) of the Borrower
or any Subsidiary, or compliance with the terms of any Credit
Document, as the Administrative Agent or any Lender (through the
Administrative Agent) may reasonably request;

 

 

 

90

 

 

(o) Updated Super Senior Budget. No
later than by the end of each Wednesday after the Closing Date (or,
to the extent such Wednesday is not a Business Day, the next
Business Day thereafter), a Super Senior Budget covering the
13-week period beginning on the first Business Day of the week in
which it is delivered. Each Super Senior Budget delivered after the
Closing Date shall be approved as such by the Requisite Lenders and
no such Super Senior Budget shall be effective as the
“Approved Super Senior
Budget” until so approved;

 

(p) Budget Variance Reports. No
later than by the end of Wednesday of every week (commencing with
the second Wednesday following the Closing Date) or, to the extent
such Wednesday is not a Business Day, the next Business Day
thereafter, a Budget Variance Report. Each such report shall be
certified by the chief financial officer of the Borrower as being
prepared in good faith and fairly presenting in all material
respects the information set forth therein;

 

(q) Telecommunications Supplier Payables
Reports. No later than by the end of the last Wednesday of
every week (commencing with the second Wednesday following the
Closing Date) or, to the extent such Wednesday is not a Business
Day, the next Business Day thereafter, an updated
Telecommunications Supplier Payables Report;

 

(r) Forbearance Agreement
Deliverables. In the manner prescribed in the Forbearance
Agreement, all documentation, deliverables and other information
required to be delivered under Section 11 of the Forbearance
Agreement; and

 

(s) Lingo Reports. No later than by
the end of the last Wednesday of every week (commencing with the
second Wednesday following the Closing Date) or, to the extent such
Wednesday is not a Business Day, the next Business Day thereafter,
an updated Lingo Report.

 

The
Borrower and each Lender acknowledge that certain of the Lenders
may be Public Lenders and, if documents or notices required to be
delivered pursuant to this Section 5.1 or otherwise are being
distributed through the Platform, any document or notice that the
Borrower has indicated contains Private-Side Information will not
be posted on the portion of the Platform that is designated for
Public Lenders, provided that the Borrower
shall make any disclosure required so that each Unrestricted
Subsidiary Reconciliation Statement shall be suitable for
distribution to Public Lenders. The Borrower agrees to clearly
designate all information provided to any Agent by or on behalf of
any Credit Party that contains only Public-Side Information, and by
doing so shall be deemed to have represented that such information
contains only Public-Side Information. If the Borrower has not
indicated whether a document or notice delivered pursuant to this
Section 5.1 contains Private-Side Information, the Administrative
Agent reserves the right to post such document or notice solely on
the portion of the Platform that is designated for Private
Lenders.

 

Information
required to be delivered pursuant to Section 5.1(a), 5.1(b) or
5.1(l) shall be deemed to have been delivered if such information,
or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on
the Platform or shall be available on the website of the SEC at
http://www.sec.gov or on the website of the Borrower at
http://www.fusionconnect.com, provided, in each case, that
the Borrower has notified the Administrative Agent that such
information is available on such website and, if requested by the
Administrative Agent, shall have provided hard copies to the
Administrative Agent. Information required to be delivered pursuant
to this Section 5.1 may also be delivered by electronic
communications pursuant to procedures approved by the
Administrative Agent. The Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies
of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with this
Section 5.1. Each Lender shall be solely responsible for timely
accessing posted documents and maintaining its copies of such
documents.

 

 

 

91

 

 

5.2. Existence,
Licenses, Etc.

 

 The
Borrower and each Restricted Subsidiary will at all times preserve
and keep in full force and effect (a) its existence and (b) all
rights, franchises, licenses (including all Licenses) and permits
necessary for the ordinary conduct of the business of the Borrower
and the Restricted Subsidiaries; provided that (i) other
than in the case of clause (a) above with respect to the Borrower,
the foregoing shall not apply to the extent the failure to do so
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect and (ii) the foregoing shall not
prohibit any transaction permitted under Section 6.8.

 

5.3. Payment
of Taxes. Except as
disclosed on Schedule
5.3, the Borrower and each Subsidiary will pay all Taxes
imposed upon it or any of its properties prior to the time when any
penalty or fine shall be incurred with respect thereto;
provided that no
such Tax need be paid if (a) it is being contested in good
faith by appropriate proceedings promptly instituted and diligently
conducted so long as an adequate reserve or other appropriate
provision, as shall be required in conformity with GAAP, shall have
been made therefor or (b) the failure to make such payment
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

5.4. Maintenance
of Properties. The Borrower and
each Restricted Subsidiary will maintain or cause to be maintained
in good repair, working order and condition, ordinary wear and tear
excepted, all properties used or useful in the business of the
Borrower and the Restricted Subsidiaries and from time to time will
make or cause to be made all appropriate repairs, renewals and
replacements thereof, in each case except where the failure to do
so would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

(a) The Borrower and
each Restricted Subsidiary will take all actions reasonably
necessary to protect and maintain all Intellectual Property used or
useful in the business of the Borrower and the Restricted
Subsidiaries, including (i) protecting the secrecy and
confidentiality of the confidential information and trade secrets
of the Borrower and each Restricted Subsidiary by having and
enforcing a policy requiring all employees, consultants, licensees,
vendors and contractors to execute confidentiality agreements,
(ii) taking all actions reasonably necessary to ensure that
none of the trade secrets of the Borrower and any Restricted
Subsidiary shall fall or has fallen into the public domain and
(iii) protecting the secrecy and confidentiality of the source
code of all computer software programs and applications owned or
licensed by the Borrower and any Restricted Subsidiary by having
and enforcing a policy requiring any licensees of such source code
(including any licensees under any source code escrow agreement) to
enter into license agreements with appropriate use and
nondisclosure restrictions, except in each case where the failure
to take any such action, individually or in the aggregate, would
not reasonably be expected to have a Material Adverse
Effect.

 

5.5. Insurance.
The Borrower and the Restricted Subsidiaries will maintain or cause
to be maintained, with financially sound and reputable insurance
companies, such public liability insurance, third-party property
damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect
of the assets and businesses of the Borrower and the Restricted
Subsidiaries as may customarily be carried or maintained under
similar circumstances by Persons of established reputation engaged
in the same or similar businesses operating in the same or similar
locations, in each case in such amounts (with no greater risk
retention), covering such risks and otherwise on such terms and
conditions as shall be customary for such Persons. Without limiting
the generality of the foregoing, the Borrower and the Restricted
Subsidiaries will maintain or cause to be maintained, with
financially sound and reputable insurance companies, flood
insurance with respect to each Flood Hazard Property that is
located in a community that participates in the Flood Program, in
each case in compliance with any applicable regulations of the
Board of Governors or other applicable law. Each such policy of
insurance maintained by or on behalf of the Credit Parties shall
(a) in the case of liability insurance policies (other than
workers’ compensation and other policies for which such
endorsements are not customary), name the Collateral Agent, for the
benefit of the Secured Parties, as an additional insured thereunder
and (b) in the case of business interruption and casualty insurance
policies, contain a lender’s loss payable clause or
endorsement, reasonably satisfactory in form and substance to the
Requisite Lenders, that names the Collateral Agent, for the benefit
of the Secured Parties, as the lender’s loss payee
thereunder, and shall provide that it shall not be canceled or not
renewed (i) by reason of nonpayment of premium upon not less than
10 days’ prior written notice thereof by the insurer to the
Collateral Agent (giving the Collateral Agent the right to cure
defaults in the payment of premiums) or (ii) for any other reason
upon not less than 30 days’ (or such shorter number of days
as may be agreed to by the Collateral Agent or as may be the
maximum number of days permitted by applicable law) prior written
notice thereof by the insurer to the Collateral Agent.

 

 

 

92

 

 

5.6. Books
and Records; Inspections. The Borrower and
each Restricted Subsidiary will keep proper books of record and
accounts in which full, true and correct entries in conformity in
all material respects with GAAP and applicable law are made of all
dealings and transactions in relation to its business and
activities. The Borrower and each Restricted Subsidiary will permit
the Administrative Agent or any Lender (pursuant to a request made
through the Administrative Agent) (or their authorized
representatives, agents or advisors) to visit and inspect any of
its properties, to examine, copy and make extracts from its
financial and accounting records and to discuss its business,
operations, assets, liabilities (including contingent liabilities)
and condition (financial or otherwise) with its officers and
independent registered public accounting firm, all upon reasonable
notice and at such reasonable times during normal business hours
and as often as may reasonably be requested; provided, that so long as no
Default or Event of Default has occurred and is continuing such
visits and inspections to be limited to not more than one visit and
inspection for the Administrative Agent and all Lenders
(coordinated through the Administrative Agent) in any Fiscal
Year.

 

5.7. [Reserved]

 

.

 

5.8. Compliance
with Laws. The Borrower and
each Restricted Subsidiary will comply with all applicable laws
(including all Environmental Laws and all orders of any
Governmental Authorities), except (a) in the case of Sanctions
Laws, the PATRIOT Act and other applicable anti-terrorism and money
laundering laws and Anti-Corruption Laws, where failure to comply,
individually or in the aggregate, is not material and
(b) otherwise, where failure to comply, individually or in the
aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

5.9. Environmental
Matters. Environmental Disclosure. The
Borrower will deliver to the Administrative Agent and the Lenders,
promptly upon the occurrence thereof, written notice describing in
reasonable detail (i) any material Release required to be
reported to any Governmental Authority under any applicable
Environmental Laws, (ii) any remedial action taken by the
Borrower, any Restricted Subsidiary or any other Person in response
to any Release of Hazardous Materials Activities or any
Environmental Liability that, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect,
(iii) the Borrower or any Restricted Subsidiary obtaining
knowledge of any occurrence or condition on any Material Real
Estate Asset that would cause any Facility or any part thereof to
be subject to any material restrictions on the ownership,
occupancy, transferability or use thereof under any Environmental
Laws, and (iv) any Environmental Liability involving the
Borrower or any Restricted Subsidiary that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

(a) Environmental Response. The
Borrower will, and will cause each Restricted Subsidiary to, take
promptly any and all actions necessary to (i) cure any violation of
applicable Environmental Laws by the Borrower or any Restricted
Subsidiary that would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and (ii) make an
appropriate response to any claim pursuant to Environmental Law
against the Borrower or any Restricted Subsidiary and discharge any
obligations it may have to any Person thereunder where failure to
do so would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

 

 

93

 

 

5.10. Subsidiaries.
If any Person becomes a Restricted Subsidiary of the Borrower (or
any Subsidiary of the Borrower not theretofore a Designated
Subsidiary becomes a Designated Subsidiary, including as a result
of a designation of any Unrestricted Subsidiary as a Restricted
Subsidiary), the Borrower will, as promptly as practicable, and in
any event within 30 days (or such longer period as the
Administrative Agent (acting at the direction of the Requisite
Lenders) may agree to in writing), notify the Administrative Agent
in writing thereof and cause the Collateral and Guarantee
Requirement to be satisfied with respect to such Restricted
Subsidiary (if such Restricted Subsidiary is a Designated
Subsidiary) and with respect to any Equity Interests in or
Indebtedness of such Restricted Subsidiary owned by any Credit
Party.

 

5.11. Additional
Collateral. The Borrower will
furnish to the Administrative Agent prompt written notice of (a)
the acquisition by any Credit Party of any owned Real Estate Asset
after the Closing Date, (b) the acquisition by any Credit Party of
After-Acquired Intellectual Property and (c) the acquisition by any
Credit Party of any other material assets (other than any assets
constituting Excluded Property) after the Closing Date, other than
any such assets constituting Collateral under the Collateral
Documents in which the Collateral Agent shall have a valid, legal
and perfected security interest (with the priority contemplated by
the applicable Collateral Document) upon the acquisition thereof.
The Borrower will, as promptly as practicable and in any event
within 60 days (or such longer period as the Administrative Agent
(acting at the direction of the Requisite Lenders) may agree to in
writing), cause the requirements of clause (g) of the Collateral
and Guarantee Requirement to be satisfied with respect to such
Material Real Estate Asset. With respect to After-Acquired
Intellectual Property, the Borrower will, as promptly as
practicable and in any event within 60 days (or such longer period
as the Administrative Agent (acting at the direction of the
Requisite Lenders) may agree to in writing), provide the
Administrative Agent written notice thereof, and, upon request of
the Administrative Agent, such Borrower shall promptly execute and
deliver to the Administrative Agent the appropriate Intellectual
Property Security Agreements or such other actions as the
Administrative Agent reasonably deems appropriate under applicable
Law to evidence or perfect its Lien on any Intellectual Property
Collateral, or otherwise to give effect to the intent of this
Agreement.

 

5.12. Further
Assurances. Each Credit Party
will execute any and all further documents, financing statements,
agreements and instruments, and take any and all further actions
(including the filing and recording of financing statements, any
necessary filings with the United States Patent and Trademark
Office and the United States Copyright Office (including with
respect to After-Acquired Intellectual Property) fixture filings,
mortgages, deeds of trust and other documents), that may be
required under any applicable law, or that the Administrative
Agent, the Collateral Agent or the Requisite Lenders may reasonably
request, to cause the Collateral and Guarantee Requirement to be
and remain satisfied at all times (to the extent applicable,
subject to the grace periods set forth in Sections 5.10 and 5.11)
or otherwise to effectuate the provisions of the Credit Documents,
all at the expense of the Credit Parties. The Borrower will provide
to the Administrative Agent, the Collateral Agent or the Requisite
Lenders, from time to time upon request, evidence reasonably
satisfactory to the Administrative Agent, the Collateral Agent or
the Requisite Lenders, as applicable, as to the perfection and
priority of the Liens created or intended to be created by the
Collateral Documents.

 

 

 

94

 

 

5.13. Ratings.
Within 30 days after the occurrence of any Event of Default under
Section 8.1(f) or 8.1(g), the Borrower will use commercially
reasonable efforts to obtain and maintain continuously a public
credit rating from each of Moody’s and S&P in respect of
the Term Loans (in each case, with no requirement as to any minimum
rating).

 

5.14. Use
of Proceeds. The Borrower and
the other Restricted Subsidiaries will use the proceeds of the
Loans made hereunder solely for the purposes set forth in
Section 2.5 and in compliance with
Section 4.15(b).

 

(a) The Borrower will
not request any Loans and no part of the proceeds of the Loans will
be used, directly or indirectly, (i) for the purpose of financing
any activities or business of or with any Person or in any country
or territory that at such time is the subject of any Sanctions,
(ii) 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, in violation of any Anti-Corruption Law or (iii) in any
manner that would result in the violation of any Sanctions Laws
applicable to any party hereto.

 

5.15. Post-Closing
Matters. The Credit
Parties shall satisfy each of the requirements set forth in
Schedule 5.15 on or before the date specified in Schedule 5.15 for
each such requirement, or such later date as may be agreed to by
the Administrative Agent (acting on the written instructions of the
Requisite Lenders, acting reasonably (which may be by
email)).

 

5.16. Weekly
Conference Calls. No less than once
per week, the Borrower shall make its senior management and its
financial advisor available via teleconference to discuss the
financial position, cash flows, variances and operations of the
Borrower and its Subsidiaries (it being understood and agreed that
conference calls conducted pursuant to the Forbearance Agreement
shall satisfy such requirement).

 

5.17. Milestones.
The Credit Parties shall ensure the satisfaction of the following
milestones (collectively, the “Milestones” and each a
“Milestone”),
unless waived or extended with the consent of the Requisite Lenders
or the Administrative Agent (with the written consent of the
Requisite Lenders (which may be by email)):

 

(a) By no later than
May 17, 2019, the Borrower shall have entered into a Restructuring
Support Agreement with the Ad Hoc Group of Term Lenders pursuant to
which the Borrower agrees to, among other things, (a) pursue either
(i) a sale of all or substantially all of the assets of the
Borrowers and the other Credit Parties pursuant to Section 363 of
the Bankruptcy Code or (ii) such other transaction acceptable to
the Ad Hoc Group of Term Lenders and (b) commence voluntary Chapter
11 Cases by no later than June 3, 2019;

 

(b) By no later than
May 10, 2019, (i) one independent director reasonably satisfactory
to the Ad Hoc Group of Term Lenders shall be appointed to the Board
of Directors or similar governing body of the Borrower. Such
independent director (together with any other independent directors
as determined by the Board of Directors, if any) shall (i) take
primary responsibility over matters relating to restructuring
transactions, and (ii) report and submit recommendations with
respect to restructuring transactions to the Board of Directors or
similar governing body of the Borrower;

 

 

 

95

 

 

(c) By no later than
May 10, 2019, the Borrower shall have delivered to Greenhill and
the Ad Hoc Group of Term Lenders a long term business plan through
at least December 31, 2022, with a month-by-month analysis for the
calendar years ending December 31, 2019 and December 31, 2020 and a
quarter-by-quarter analysis for the calendar years 2021 and 2022,
which plan shall include income statement, balance sheet and cash
flow projections and shall otherwise be in form and substance
reasonably acceptable to the Ad Hoc Group of Term
Lenders;

 

(d) By no later than
May 17, 2019, the Borrower shall have delivered to Davis Polk,
counsel to the Ad Hoc Group of Term Lenders (i) drafts of all
“first day” motions, including a first day declaration,
in form and substance reasonably acceptable to Davis Polk and (ii)
draft bidding procedures and motion (including a proposed sale
order) in respect of a sale or other disposition of all or
substantially all of the assets of the Credit Parties under section
363 of the Bankruptcy Code, in each case in form and substance
reasonably acceptable to Davis Polk;

 

(e) By no later than
May 17, 2019, the Borrower shall have delivered to Greenhill and
the Ad Hoc Group of Term Lenders (i) an analysis of critical
vendors, together with an analysis of all past due payables and
contracts or leases subject to potential rejection that would give
rise to unsecured claims in the Chapter 11 Cases, which analysis
shall quantify the total pool of potential unsecured claims in the
Chapter 11 Cases (the “GUC Pool”), and a proposal for
how to address the GUC Pool in the Chapter 11 Cases, (ii) an
analysis of expected operational savings resulting from the Chapter
11 Cases, including as a result of the rejection of leases, the
termination of contracts and other operational initiatives and
(iii) a sizing and needs analysis for potential emergence
financing;

 

(f) By no later than
May 10, 2019, the Borrower shall have delivered to the Ad Hoc Group
of Term Lenders a budget for the Chapter 11 Cases, in form and
substance reasonably acceptable to the Requisite
Lenders;

 

(g) By no later than
May 17, 2019, the Company shall have prepared a buyer list/contact
log, process timeline with milestones, request for proposals and
confidential information memorandum in respect of a sale or other
disposition of all or substantially all of the assets of the Credit
Parties under section 363 of the Bankruptcy Code, in each case in
form and substance satisfactory to the Requisite Lenders;
and

 

(h) By no later than
May 30, 2019, the Company and the Ad Hoc Group of Term Lenders
shall have agreed upon mutually satisfactory credit document with
respect to a superpriority debtor-in-possession credit facility,
which form shall provide, among other things, that all Term Loans
shall roll into loans under such debtor-in-possession credit
facility.

 

SECTION
6. NEGATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, each Credit Party covenants
and agrees with the Agents and the Lenders that:

 

 

 

96

 

 

6.1. Indebtedness.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or remain liable with respect to any
Indebtedness, except (and, provided, that during the
Default Period, the Borrower and the Restricted Subsidiaries may
not, directly or indirectly, incur or remain liable for any
Indebtedness described in clauses (d) (solely with respect to
Refinancing Indebtedness permitted thereby), (e) (other than
Indebtedness under the First Lien Credit Agreement and the Second
Lien Credit Agreement outstanding on the Closing Date, and the
amount of any capitalized fees or interest paid in-kind thereon),
(f), (g), (h), (i), (n), (o), (p) or (q) below, in each case other
than Indebtedness existing on the Closing Date and described on
Schedule 6.1 hereto):

 

(a) Indebtedness
created under the Credit Documents;

 

(b) Indebtedness of the
Borrower or any Restricted Subsidiary owing to the Borrower or any
Restricted Subsidiary; provided that (i) such
Indebtedness shall not have been transferred to any Person other
than the Borrower or any Restricted Subsidiary, (ii) such
Indebtedness shall be evidenced by the Intercompany Note, and, if
owing to a Credit Party, shall have been pledged pursuant to the
Pledge and Security Agreement, (iii) such Indebtedness owing
by a Credit Party to a Restricted Subsidiary that is not a Credit
Party shall be unsecured and subordinated in right of payment to
the payment in full of the Obligations pursuant to the terms of the
Intercompany Indebtedness Subordination Agreement and
(iv) such Indebtedness is permitted as an Investment under
Section 6.6(d);

 

(c) Guarantees incurred
in compliance with Section 6.6(e);

 

(d) Indebtedness
existing on the date hereof and set forth on
Schedule 6.1 and
Refinancing Indebtedness in respect thereof;

 

(e) (x)
(i) Indebtedness of the Credit Parties under the Second Lien
Credit Agreement (or under any documents governing Second Lien
Permitted Incremental Equivalent Indebtedness) in an aggregate
principal amount at any time outstanding, when taken together with
the aggregate principal amount of Refinancing Indebtedness
outstanding pursuant to clause (ii) below, not to exceed the sum of
(A) $85,000,000, plus (B) the aggregate
principal amount of Indebtedness that may be incurred pursuant to
Section 2.23 of the Second Lien Credit Agreement (or any comparable
successor provision); provided that if the Second
Lien Credit Agreement is amended, modified, waived or supplemented
or replaced following the Closing Date, this clause (B) shall
in no event allow on any date of determination an aggregate
principal amount of Indebtedness to be incurred pursuant to this
clause (B) that is in excess of the aggregate principal amount
that could have been incurred on such date pursuant to the
provisions of Section 2.23 in the Second Lien Credit Agreement as
in effect on the Closing Date; provided that, in the case of
any Indebtedness incurred under this clause (e)(i), (I) such
Indebtedness shall constitute Permitted Junior Lien Secured
Indebtedness or Permitted Unsecured Indebtedness, (II) the
stated final maturity of such Indebtedness shall not be earlier
than 91 days after the latest Maturity Date in effect on the date
such Indebtedness is incurred, (III) the weighted average life to
maturity of any such Indebtedness shall be no shorter than the
longest remaining weighted average life to maturity of Term Loans
outstanding as of the date of the incurrence thereof (and, for
purposes of determining the weighted average life to maturity of
any such Term Loans, the effects of any prepayments made prior to
the date of the determination shall be disregarded), (IV) such
Indebtedness satisfies the Specified Permitted Indebtedness
Documentation Requirements and (V) other than in the case of any
such Indebtedness incurred under the Second Lien Credit Agreement
on the Closing Date, the Administrative Agent shall have received a
certificate, dated the date such Indebtedness is incurred and
signed by an Authorized Officer of the Borrower, confirming
compliance with the conditions set forth in clause (i) above and,
if such Indebtedness or any portion thereof is being incurred in
reliance on clause (i)(B) above, setting forth a reasonably
detailed calculation of the amount of Indebtedness permitted to be
incurred under such clause; and (ii) Refinancing Indebtedness in
respect of any Indebtedness permitted under clause (i) above or
under this clause (ii) and (y) Indebtedness of the Credit Parties
under the First Lien Credit Agreement in an aggregate principal
amount at any time outstanding not to exceed the sum
of $573,187,500;

 

 

 

97

 

 

(f) (i) Indebtedness of
the Borrower or any Restricted Subsidiary (A) incurred to finance
the acquisition, construction or improvement of any fixed or
capital assets of the Borrower or any Restricted Subsidiary,
including Capital Lease Obligations, provided that such Indebtedness
is incurred prior to or within 180 days after such acquisition or
the completion of such construction or improvement and the
principal amount of such Indebtedness does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets,
or (B) assumed in connection with the acquisition of any fixed
or capital assets of the Borrower or any Restricted Subsidiary,
provided, in the
case of this clause (i), that at the time of incurrence of such
Indebtedness and after giving Pro Forma Effect thereto and the use
of the proceeds thereof, the aggregate principal amount of
Indebtedness then outstanding under this clause (i), together with
the aggregate principal amount of Refinancing Indebtedness then
outstanding under clause (ii) below and with the aggregate
principal amount of Capital Lease Obligations outstanding under
Section 6.1(n), shall not exceed the greater of (x)
$35,000,000 and (y) 7.0% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period; and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

(g) (i) Indebtedness of
any Person that becomes (other than as a result of a redesignation
of an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into a Restricted Subsidiary in a transaction permitted
hereunder) after the date hereof, or Indebtedness of any Person
that is assumed or incurred by the Borrower or any Restricted
Subsidiary after the date hereof in connection with an Acquisition
permitted hereunder consummated by the Borrower or any Restricted
Subsidiary after the date hereof, provided, in the case of this
clause (i), that at the time of the Borrower or any Restricted
Subsidiary becoming liable with respect to such Indebtedness
(whether as a result of such Person becoming a Restricted
Subsidiary (or such merger or consolidation) or such
assumption), and after giving Pro Forma Effect thereto and the use
of the proceeds thereof, the aggregate principal amount of
Indebtedness then outstanding under this clause (i), together with
the aggregate principal amount of Refinancing Indebtedness then
outstanding under clause (ii) below, shall not exceed the greater
of (x) $25,000,000 and (y) 5.0% of Consolidated Total Assets
as of the last day of the then most recently ended Test Period; and
(ii) any Refinancing Indebtedness in respect of any Indebtedness
permitted under clause (i) above or under this clause (ii);
provided
further that the
aggregate principal amount of all Indebtedness outstanding under
this clause (g) incurred by Restricted Subsidiaries that are not
Credit Parties, when aggregated with the aggregate principal amount
of all Indebtedness of Restricted Subsidiaries that are not Credit
Parties outstanding under Section 6.1(o), shall not at any
time exceed $10,000,000;

 

 

 

98

 

 

(h) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in Section 6.7(a)
of the First Lien Credit Agreement, determined as of the last day
of the then most recently ended Test Period, (i) Permitted
Pari Passu Secured Indebtedness, Permitted Junior Lien Secured
Indebtedness and Permitted Unsecured Indebtedness; provided that (A) the aggregate
amount of Indebtedness incurred under this clause (h)(i) on any
date shall not exceed the Incremental Amount (under and as defined
in the First Lien Credit Agreement) as of such date, (B) the stated
final maturity of such Indebtedness shall not be earlier than the
latest Maturity Date in effect on the date such Indebtedness is
incurred, (C) the weighted average life to maturity of any such
Indebtedness shall be no shorter than the longest remaining
weighted average life to maturity of Term Loans outstanding as of
the date of the incurrence thereof (and, for purposes of
determining the weighted average life to maturity of any Term
Loans, the effects of any prepayments made prior to the date of the
determination shall be disregarded), (D) in the case of Permitted
Pari Passu Secured Indebtedness, the Weighted Average Yield,
determined as of the date of incurrence of such Indebtedness, shall
not be greater than the Weighted Average Yield with respect to the
Term Loans, determined as of such date (giving effect to any
amendments to the Weighted Average Yield on the Term Loans that
became effective subsequent to the Closing Date but prior to such
date, but excluding the effect of any increase in interest margins
with respect thereto pursuant to this clause (D)), plus 0.50% per
annum unless the Applicable Rate (together with, as provided in the
proviso below, the Adjusted Eurodollar Rate and Base Rate floors)
with respect to the Term Loans is increased, or fees to Lenders
then holding the Term Loans are paid, so as to cause the Weighted
Average Yield with respect to the Term Loans to equal the Weighted
Average Yield with respect to such Indebtedness minus 0.50%,
provided that any
increase in the effective Weighted Average Yield with respect to
the Term Loans due to the application of an Adjusted Eurodollar
Rate or Base Rate floor to such Indebtedness shall be effected
solely through an increase in the Adjusted Eurodollar Rate or Base
Rate floor applicable to the Term Loans and only to the extent an
increase in such floor with respect to the Term Loans would cause
an increase in the interest rate then in effect with respect
thereto, (E) such Indebtedness satisfies the Specified Permitted
Indebtedness Documentation Requirements and (F) the Administrative
Agent shall have received a certificate, dated the date such
Indebtedness is incurred and signed by an Authorized Officer of the
Borrower, confirming the absence of Events of Default as required
above and compliance with the conditions set forth in clause (A)
above, setting forth a reasonably detailed calculation of
compliance with Section 6.7(a) of the First Lien Credit Agreement
on a Pro Forma Basis and, if such Indebtedness or any portion
thereof is being incurred in reliance on clause (b) of the
definition of the term “Incremental Amount” (under and as
defined in the First Lien Credit Agreement), setting forth a
reasonably detailed calculation of the Incremental Amount (under
and as defined in the First Lien Credit Agreement) under such
clause; provided
further that such Indebtedness may be incurred in the form of a
bridge or other interim credit facility intended to be extended,
renewed or refinanced with Long-Term Indebtedness (and such bridge
or other interim credit facility shall be deemed to satisfy clauses
(B) and (C) above so long as (x) such credit facility includes
customary “rollover” provisions that are
subject to no conditions precedent other than (I) the occurrence of
the date specified for the “rollover” and (II) that no payment
or bankruptcy event of default shall have occurred and be
continuing and (y) assuming such credit facility were to be
extended pursuant to such “rollover” provisions, such
extended credit facility would comply with clauses (B) and (C)
above); and (ii) any Refinancing Indebtedness in respect of any
Indebtedness permitted under clause (i) above or under this clause
(ii);

 

 

 

99

 

 

(i) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in Section 6.7(a)
of the First Lien Credit Agreement, determined as of the last day
of the then most recently ended Test Period, (i) Permitted
Pari Passu Secured Indebtedness, Permitted Junior Lien Secured
Indebtedness and Permitted Unsecured Indebtedness that, in each
case, refinances, in whole or in part, any Term Loans; provided that (A) the original
aggregate principal amount of such Indebtedness shall not exceed
the aggregate principal amount of such Term Loans being refinanced
(except by an amount no greater than accrued and unpaid interest on
such Term Loans, any original issue discount or upfront fees
applicable to such Indebtedness and any reasonable fees, premiums
and expenses relating to such refinancing), (B) the stated final
maturity of such Indebtedness shall not be earlier than the
Maturity Date of Term Loans being refinanced in effect at the time
such Indebtedness is incurred, (C) the weighted average life
to maturity of such Indebtedness (if other than in the form of
revolving loans) shall be no shorter than the remaining weighted
average life to maturity of Term Loans being refinanced (and, for
purposes of determining the weighted average life to maturity of
Term Loans being refinanced, the effects of any prepayments made
prior to the date of the determination shall be disregarded), (D)
in the case of Permitted Pari Passu Secured Indebtedness (and only
if, after giving effect to any substantially concurrent refinancing
of Term Loans, any Term Loans shall remain outstanding), the
Weighted Average Yield, determined as of the date of incurrence of
such Indebtedness, shall not be greater than the Weighted Average
Yield with respect to the Term Loans, determined as of such date
(giving effect to any amendments to the Weighted Average Yield on
the Term Loans that became effective subsequent to the Closing Date
but prior to such date, but excluding the effect of any increase in
interest margins with respect thereto pursuant to this clause (D)),
plus 0.50% per annum unless the Applicable Rate (together with, as
provided in the proviso below, the Adjusted Eurodollar Rate and
Base Rate floors) with respect to the Term Loans is increased, or
fees to Lenders then holding the Term Loans are paid, so as to
cause the Weighted Average Yield with respect to the Term Loans to
equal the Weighted Average Yield with respect to such Indebtedness
minus 0.50%, provided that any increase in
the effective Weighted Average Yield with respect to the Term Loans
due to the application of an Adjusted Eurodollar Rate or Base Rate
floor to such Indebtedness shall be effected solely through an
increase in the Adjusted Eurodollar Rate or Base Rate floor
applicable to the Term Loans and only to the extent an increase in
such floor with respect to the Term Loans would cause an increase
in the interest rate then in effect with respect thereto, (E) such
Term Loans being refinanced shall be repaid or prepaid
substantially concurrently on the date such Indebtedness is
incurred, (F) such Indebtedness satisfies the Specified
Permitted Indebtedness Documentation Requirements and (G) the
Administrative Agent shall have received a certificate, dated the
date such Indebtedness is incurred and signed by an Authorized
Officer of the Borrower, confirming the absence of Events of
Default as required above and setting forth a reasonably detailed
calculation of compliance with Section 6.7(a) of the First
Lien Credit Agreement on a Pro Forma Basis; provided further that such Indebtedness
may be incurred in the form of a bridge or other interim credit
facility intended to be extended, renewed or refinanced with
Long-Term Indebtedness (and such bridge or other interim credit
facility shall be deemed to satisfy clauses (B) and (C) above so
long as (x) such credit facility includes customary
“rollover”
provisions that are subject to no conditions precedent other than
(I) the occurrence of the date specified for the
“rollover” and
(II) that no payment or bankruptcy event of default shall have
occurred and be continuing and (y) assuming such credit
facility were to be extended pursuant to such “rollover” provisions, such
extended credit facility would comply with clauses (B) and (C)
above); and (ii) any Refinancing Indebtedness in respect of
any Indebtedness permitted under clause (i) above or under this
clause (ii);

 

 

 

100

 

 

(j) to the extent
constituting Indebtedness, indemnification obligations (other than
in respect of any Indebtedness) incurred in connection with any
Acquisition or other Investment permitted by Section 6.6 or any
Disposition permitted by Section 6.8;

 

(k) Indebtedness in
respect of netting services, overdraft protections and otherwise
arising from treasury, depository and cash management services or
in connection with any automated clearing-house transfers of funds,
overdraft or any similar services, in each case in the ordinary
course of business;

 

(l) Indebtedness in
respect of letters of credit, bank guarantees and similar
instruments issued for the account of the Borrower or any
Restricted Subsidiary in the ordinary course of business supporting
obligations of the Borrower or any Restricted Subsidiary (i) under
workers’ compensation, unemployment insurance, health,
disability or other employee benefits and other social security
laws and (ii) under bids, trade contracts, leases (other than
Capital Lease Obligations), supply and service agreements with
vendors, statutory obligations, surety, litigation and appeal
bonds, performance bonds and obligations of a like
nature;

 

(m) Indebtedness of the
Borrower or any other Credit Party in the form of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred in connection with any Acquisition
consummated prior to the Closing Date or any Acquisition
consummated after the Closing Date that is permitted by Section
6.6; provided that
such Indebtedness is not secured by any Liens on the assets of the
Borrower or any Restricted Subsidiary;

 

(n) Capital Lease
Obligations arising under any Sale/Leaseback Transaction incurred
in compliance with Section 6.9, provided that at the time of
the consummation of such Sale/Leaseback Transaction and after
giving Pro Forma Effect thereto and the use of the proceeds
thereof, (i) the aggregate principal amount of Indebtedness then
outstanding under this clause (n) shall not exceed the greater of
(A) $15,000,000 and (B) 3.0% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period and (ii) the
aggregate principal amount of Indebtedness then outstanding under
this clause (n), together with the aggregate principal amount of
Indebtedness outstanding under Section 6.1(f), shall not
exceed the greater of (A) $35,000,000 and (B) 7.0% of Consolidated
Total Assets as of the last day of the then most recently ended
Test Period;

 

(o) other unsecured
Indebtedness of the Borrower or any Restricted Subsidiary,
provided that at
the time of incurrence of such Indebtedness and after giving Pro
Forma Effect thereto and the use of the proceeds thereof, the
aggregate principal amount of Indebtedness then outstanding under
this clause (o), shall not exceed the greater of (i) $50,000,000
and (ii) 10.0% of Consolidated Total Assets as of the last day of
the then most recently ended Test Period; provided further that the aggregate
principal amount of all Indebtedness outstanding under this clause
(o) incurred by Restricted Subsidiaries that are not Credit
Parties, when aggregated with the aggregate principal amount of all
Indebtedness of Restricted Subsidiaries that are not Credit Parties
outstanding under Section 6.1(g), shall not at any time exceed
$10,000,000;

 

 

 

101

 

 

(p) unsecured
Indebtedness owed to current or former officers, directors,
employees or consultants of the Borrower or any Restricted
Subsidiary (or their respective estates, heirs, family members,
spouses and former spouses, domestic partners and former domestic
partners or beneficiaries under their respective estates) to
finance the purchase or redemption of Equity Interests in the
Borrower permitted by Section 6.4; provided that the aggregate
principal amount of Indebtedness permitted under this clause (p)
shall not exceed $5,000,000 at any time outstanding;

 

(q) (i) Indebtedness of
the Credit Parties under the Green Subordinated Note and
Refinancing Indebtedness in respect thereof, provided that (A) the aggregate
principal amount of Indebtedness under this clause (q)(i) shall not
exceed $10,000,000 and (B) the stated final maturity of such
Indebtedness shall not be earlier than 91 days after the latest
Maturity Date, and such Indebtedness shall not require any
mandatory or scheduled prepayments, repurchases, redemptions or
other repayments of principal thereof prior to such stated final
maturity, and (ii) Indebtedness of the Credit Parties under the
Existing Subordinated Notes and Refinancing Indebtedness in respect
thereof, provided
that (A) the aggregate principal amount of Indebtedness under this
clause (q)(ii) shall not exceed (x) $3,276,175.38 plus (y) all interest on such
Indebtedness paid-in-kind by the addition thereof to the
outstanding principal amount of such Indebtedness after the Closing
Date and (B) such Indebtedness shall not require any mandatory or
scheduled prepayments, repurchases, redemptions or other repayments
of principal thereof (other than regularly scheduled amortization
payments required by the terms of the Existing Subordinated Notes
as in effect on the Closing Date) prior to the stated final
maturity thereof; provided further, in the case of any
Indebtedness under this clause (q), (I) such Indebtedness shall not
be secured by any Liens on any assets of the Borrower or any
Subsidiary, and shall not be Guaranteed by any Person other than
the Credit Parties, (II) in the case of any such Refinancing
Indebtedness, the terms of such Indebtedness (excluding interest
rates (whether fixed or floating), interest margins, benchmark rate
floors, fees, original issue discounts and any “call protection”) are, when taken
as a whole, not more favorable to the lenders or holders providing
such Indebtedness than (x) those applicable to the Green
Subordinated Note or the Existing Subordinated Notes, as
applicable, as in effect on the Closing Date, when taken as a
whole, or (y) those applicable under this Agreement when taken
as a whole, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (and the Administrative Agent shall provide a
copy thereof, together with any drafts referred to below, to the
Lenders promptly upon its receipt of the same) at least five
Business Days prior to the incurrence of such Refinancing
Indebtedness, together with a reasonably detailed description of
the material terms of such Refinancing Indebtedness or drafts of
the documentation relating thereto, stating that the Borrower has
determined in good faith that such terms satisfy the requirements
of this clause (II) shall be conclusive evidence that such terms
satisfy such requirement unless the Administrative Agent or the
Requisite Lenders notify the Borrower in writing within such five
Business Day period that it or they disagree with such
determination (including a reasonable description of the basis upon
which it or they disagree), and (III) such Indebtedness is
subordinated in right of payment to the Obligations and all
Permitted First Lien Indebtedness, Permitted Second Lien
Indebtedness, Permitted Credit Agreement Refinancing Indebtedness
and Permitted Incremental Equivalent Indebtedness (in each case,
other than Subordinated Indebtedness) of the Borrower or any
Guarantor Subsidiary, as applicable, on terms no less favorable to
the Secured Parties than the subordination terms applicable to the
Green Subordinated Note or the Existing Subordinated Notes, as
applicable, as of the Closing Date;

 

 

 

102

 

 

(r) Indebtedness
consisting of the financing of insurance premiums or take or pay
obligations contained in supply arrangements that do not constitute
Guarantees, in each case, incurred in the ordinary course of
business; and

 

(s) to the extent
constituting Indebtedness, all premiums (if any), interest
(including post-petition interest), fees, expenses, charges and
additional or contingent interest on obligations described in this
Section 6.1.

 

For
purposes of determining compliance with this Section 6.1 (subject
to the final sentence of each of the definitions of
“Permitted Pari Passu Secured
Indebtedness” and “Permitted Junior Lien Secured
Indebtedness”), (i) in the event that an item of
Indebtedness meets the criteria of more than one of the categories
of Indebtedness described in this Section 6.1, the Borrower shall,
in its sole discretion, classify such item of Indebtedness (or any
portion thereof) and may include the amount and type of such
Indebtedness in one or more of the above clauses, and the Borrower
may later reclassify such item of Indebtedness (or any portion
thereof) and include it in another of such clauses in which it
could have been included at the time it was incurred (but not into
any clause under which it could not have been included at the time
it was incurred); provided that, notwithstanding
the foregoing, the Subordinated Notes and any Refinancing
Indebtedness in respect thereof may only be incurred in reliance on
Section 6.1(q) and may not be reclassified and (ii) for
purposes of assessing whether any Dollar limit set forth in any
clause of this Section 6.1 has been observed in connection with
incurrence of any Indebtedness, any other Indebtedness
contemporaneously incurred pursuant to and in accordance with the
other available clauses of this Section 6.1 that do not require
such other Indebtedness to observe such Dollar limit shall be
disregarded, even if such other Indebtedness is of the same tranche
or series as such Indebtedness being incurred under such Dollar
limit.

 

Notwithstanding
anything to the contrary herein, the Borrower shall not permit any
Canadian Subsidiary to, directly or indirectly, incur or remain
liable with respect to any Indebtedness other than Indebtedness
existing on the Closing Date and described on Schedule 6.1 hereto
and Indebtedness of a Canadian Subsidiary to the Borrower or any
other Restricted Subsidiary as permitted in accordance with Section
6.1(b).

 

6.2. Liens.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or permit to exist any Lien on or with respect
to any asset of the Borrower or any Restricted Subsidiary, whether
now owned or hereafter acquired or licensed, or assign or sell any
income, profits or revenues (including accounts receivable and
royalties) or rights in respect of any thereof, except (and,
provided, that
during the Default Period, the Borrower and the Restricted
Subsidiaries may not, directly or indirectly, incur or permit to
exist any Lien described in clauses (c) (solely with respect to any
extensions, renewals and replacements permitted of Liens permitted
thereby), (d), (e), (f) (other than Liens securing Indebtedness
under the First Lien Credit Agreement and the Second Lien Credit
Agreement), (g), (h), (l), (o) or (r) below, in each case other
than Liens existing on the Closing Date and described on Schedule
6.2 hereto):

 

(a) Liens created under
the Credit Documents;

 

(b) Permitted
Encumbrances;

 

 

 

103

 

 

(c) any Lien on any
asset of the Borrower or any Restricted Subsidiary existing on the
date hereof and set forth on Schedule 6.2, and any extensions,
renewals and replacements thereof; provided that (i) such
Lien shall not apply to any other asset of the Borrower or any
Restricted Subsidiary, other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien, and (ii) such Lien shall secure
only those obligations that it secures on the date hereof and any
extensions, renewals and refinancings thereof that do not increase
the outstanding principal amount thereof (except by an amount not
greater than accrued and unpaid interest on such obligations and
any reasonable fees, premiums and expenses relating to such
extension, renewal or refinancing) and, in the case of any such
obligations constituting Indebtedness, that are permitted under
Section 6.1(d) as Refinancing Indebtedness in respect
thereof;

 

(d) Liens on fixed or
capital assets acquired, constructed or improved by the Borrower or
any Restricted Subsidiary; provided that (i) such
Liens secure only Indebtedness outstanding under
Section 6.1(f) and obligations relating thereto not
constituting Indebtedness and (ii) such Liens shall not apply
to any other asset of the Borrower or any Restricted Subsidiary,
other than to proceeds and products of, and after-acquired property
that is affixed or incorporated into, the assets covered by such
Liens; provided
further that
individual financings of equipment or other fixed or capital assets
otherwise permitted to be secured hereunder provided by any Person
(or its Affiliates) may be cross-collateralized to other such
financings provided by such Person (or its
Affiliates);

 

(e) any Lien existing
on any asset prior to the acquisition thereof by the Borrower or
any Subsidiary or existing on any asset of any Person that becomes
(other than as a result of a redesignation of an Unrestricted
Subsidiary) a Restricted Subsidiary (or of any Person not
previously a Subsidiary that is merged or consolidated with or into
a Restricted Subsidiary in a transaction permitted hereunder) after
the date hereof prior to the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated), and any extensions,
renewals and replacements thereof; provided that (i) such
Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Restricted Subsidiary (or
such merger or consolidation), (ii) such Lien shall not apply
to any other asset of the Borrower or any Restricted Subsidiary
(other than, in the case of any such merger or consolidation, the
assets of any special purpose merger Restricted Subsidiary that is
a party thereto), other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien or becomes subject to such Lien
pursuant to an after-acquired property clause as in effect on the
date of such acquisition or the date such Person becomes a
Restricted Subsidiary (or is so merged or consolidated), and
(iii) such Lien shall secure only those obligations that it
secures on the date of such acquisition or the date such Person
becomes a Restricted Subsidiary (or is so merged or consolidated),
and any extensions, renewals and refinancings thereof that do not
increase the outstanding principal amount thereof (except by an
amount not greater than accrued and unpaid interest, fees and
premiums (if any) with respect to such original obligations and
reasonable fees and expenses arising from such extension, renewal
or refinancing) and, in the case of any such obligations
constituting Indebtedness, that are permitted under
Section 6.1;

 

 

 

104

 

 

(f) (x) Liens on the
Collateral securing Permitted First Lien Indebtedness and
obligations relating thereto not constituting Indebtedness and (y)
Liens on the Collateral securing Permitted Second Lien Indebtedness
and obligations relating thereto not constituting
Indebtedness;

 

(g) Liens on the
Collateral securing Permitted Incremental Equivalent Indebtedness
and obligations relating thereto not constituting
Indebtedness;

 

(h) Liens on the
Collateral securing Permitted Credit Agreement Refinancing
Indebtedness and obligations relating thereto not constituting
Indebtedness;

 

(i) in connection with
any Disposition permitted under Section 6.8, customary rights
and restrictions contained in agreements relating to such
Disposition pending the completion thereof;

 

(j) in the case of (i)
any Restricted Subsidiary that is not a wholly owned Subsidiary or
(ii) the Equity Interests in any Person that is not a Restricted
Subsidiary (including any Unrestricted Subsidiary), any
encumbrance, restriction or other Lien, including any put and call
arrangements, related to the Equity Interests in such Restricted
Subsidiary or such other Person set forth (A) in its Organizational
Documents or any related joint venture, shareholders’ or
similar agreement, in each case so long as such encumbrance or
restriction is applicable to all holders of the same class of
Equity Interests or is otherwise of the type that is customary for
agreements of such type or (B) in the case of clause (ii) above, in
any agreement or document governing Indebtedness of such
Person;

 

(k) [reserved];

 

(l) Liens solely on any
cash earnest money deposits, escrow arrangements or similar
arrangements made by the Borrower or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement for any
Acquisition or Investment permitted hereunder;

 

(m) nonexclusive
outbound licenses of Intellectual Property and leases or subleases
of equipment or real property, in each case granted by the Borrower
or any Restricted Subsidiary in the ordinary course of business
that do not materially detract from the value of the affected asset
or interfere with the ordinary conduct of business of the Borrower
or any Restricted Subsidiary;

 

(n) any Lien in favor
of the Borrower or any Restricted Subsidiary (other than Liens on
assets of any Credit Party in favor of a Restricted Subsidiary that
is not a Credit Party);

 

(o) Liens on fixed or
capital assets subject to any Sale/Leaseback Transaction permitted
under Section 6.9; provided that (i) such Liens
secure only Indebtedness permitted by Section 6.1(n) and
obligations relating thereto not constituting Indebtedness and (ii)
such Liens shall not apply to any other asset of the Borrower or
any Restricted Subsidiary, other than to proceeds and products of,
and after-acquired property that is affixed or incorporated into,
the assets covered by such Liens;

 

 

 

105

 

 

(p) (i) deposits made
in the ordinary course of business to secure obligations to
insurance carriers providing casualty, liability or other insurance
to the Borrower and the Restricted Subsidiaries and (ii) Liens
on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto;

 

(q) Cash deposits not
to exceed $5,000,000 at any time securing letters of credit, bank
guarantees and similar instruments issued in currencies other than
Dollars; and

 

(r) other Liens
securing Indebtedness or other obligations; provided that the aggregate
outstanding amount of Indebtedness and other obligations secured by
Liens permitted by this clause (r) shall not exceed
$25,000,000.

 

Notwithstanding
anything to the contrary herein, the Borrower shall (i) not permit
any Canadian Subsidiary to, directly or indirectly, incur or permit
to exist any Lien on or with respect to any of its assets, whether
now owned or hereafter acquired or licensed, or assign or sell any
income, profits or revenues (including accounts receivable and
royalties) or rights in respect of any thereof and (ii) not incur
or permit to exist any Lien on or with respect to any of its assets
or any asset of any of its Subsidiaries that do not constitute
Collateral, in each case other than Liens existing on the Closing
Date and described on Schedule 6.2 hereto.

 

6.3. No
Further Negative Pledges. Neither the
Borrower nor any Restricted Subsidiary will, directly or
indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any
condition upon the ability of the Borrower or any Restricted
Subsidiary to create, incur or permit to exist any Lien upon any of
its assets, whether now owned or hereafter acquired, to secure any
Obligations; provided that the foregoing
shall not apply to (a) restrictions and conditions imposed by
law or by any Credit Document, (b) restrictions and conditions
existing on the date hereof identified on Schedule
6.3, and amendments, modifications, extensions and renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (c) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary or the Equity
Interests in any Person that is not a Restricted Subsidiary
(including any Unrestricted Subsidiary), restrictions and
conditions imposed by the Organizational Documents of such
Restricted Subsidiary or such other Person or any related joint
venture, shareholders’ or similar agreement, provided, in each case, that
such restrictions and conditions apply only to such Restricted
Subsidiary and to any Equity Interests in such Restricted
Subsidiary or to the Equity Interests in such other Person
(including any Unrestricted Subsidiary), as applicable,
(d) restrictions and conditions imposed by any agreement or
document governing secured Indebtedness permitted by Section 6.1(f)
or 6.1(n) or governing Liens permitted by Section 6.2(d), 6.2(l),
6.2(o), 6.2(p)(i) or 6.2(q) or by clause (c), (d) or (m) of the
definition of “Permitted
Encumbrances”, provided that such restrictions
and conditions apply only to the assets securing such Indebtedness
or subject to such Liens, (e) restrictions and conditions
imposed by agreements relating to Indebtedness assumed in reliance
on Section 6.1(g)(i) or Refinancing Indebtedness in respect thereof
incurred in reliance on Section 6.1(g)(ii), provided that such restrictions
and conditions apply only to Persons that are permitted under such
Sections to be obligors in respect of such Indebtedness and are not
less favorable to the Lenders than the restrictions and conditions
imposed by such Indebtedness (or, in the case of any Refinancing
Indebtedness, by the applicable Original Indebtedness) at the time
such Indebtedness first became subject to Section 6.1, (f) in
connection with the sale of any Equity Interests in a Subsidiary or
any other assets, customary restrictions and conditions contained
in agreements relating to such sale pending the completion thereof,
provided that such
restrictions and conditions apply only to the Subsidiary or the
other assets to be sold and such sale is permitted under Section
6.8, (g) restrictions and conditions imposed by any agreement or
document governing Indebtedness of any Restricted Subsidiary that
is not, and is not required to become, a Credit Party hereunder,
provided that such
restrictions and conditions apply only to such Restricted
Subsidiary, (h) restrictions and conditions imposed by customary
provisions in leases, licenses and other agreements restricting the
assignment thereof or, in the case of any lease or license,
permitting to exist any Lien on the assets leased or licensed
thereunder, (i) customary restrictions in respect of Intellectual
Property contained in nonexclusive licenses or sublicenses of, or
other grants of rights to use or exploit, such Intellectual
Property, (k) restrictions and conditions contained in any
Permitted First Lien Indebtedness Document, Permitted Second Lien
Indebtedness Document or any Permitted Subordinated Indebtedness
Document, in each case, as in effect on the Closing Date and
amendments, modifications, extensions and renewals thereof,
provided, in each
case, that the scope of any such restriction or condition shall not
have been expanded as a result thereof, and (l) restrictions and
conditions contained in any agreement or instrument evidencing or
governing any Indebtedness permitted by Section 6.1(e), 6.1(g)
(other than in respect of existing Indebtedness assumed in reliance
thereon), 6.1(h), 6.1(i) or 6.1(o) to the extent, in the good faith
judgment of the Borrower, such restrictions and conditions are on
customary market terms for Indebtedness of such type and so long as
the Borrower has determined in good faith that such restrictions
and conditions would not reasonably be expected to impair in any
material respect the ability of the Credit Parties to meet their
obligations under the Credit Documents. Nothing in this Section 6.3
shall be deemed to modify the requirements set forth in the
definition of the term “Collateral and Guarantee
Requirement” or the obligations of the Credit Parties
under Sections 5.10, 5.11 or 5.12 or under the Collateral
Documents.

 

 

 

106

 

 

6.4. Restricted
Junior Payments. Neither the
Borrower nor any Restricted Subsidiary will declare or pay or make,
or agree to declare or pay or make, directly or indirectly, any
Restricted Junior Payment, or incur any obligation (contingent or
otherwise) to do so, except that (and, provided, that during the
Default Period, the Borrower and the Restricted Subsidiaries may
not declare or pay or make, or agree to declare or pay or make,
directly or indirectly, any Restricted Junior Payment, or incur any
obligation (contingent or otherwise) to do so under clauses (a),
(c), (d), (e), (f), (g) (other than Restricted Junior Payments with
respect to Indebtedness under the First Lien Credit Agreement
required by the terms thereof as in effect on the Closing Date and
the Second Lien Credit Agreement required by the terms thereof as
in effect on the Closing Date), (h), (i), (j), or (m)
below):

 

(a) each of the
Borrower and any Restricted Subsidiary may declare and pay
dividends with
respect to its Equity Interests payable solely in additional Equity
Interests in such Person to the extent not otherwise prohibited
hereunder;

 

(b) any Restricted
Subsidiary may declare and pay dividends or make other
distributions with respect to its capital stock, partnership or
membership interests or other similar Equity Interests, and declare
and make other Restricted Junior Payments in respect of its Equity
Interests, in each case ratably to the holders of such Equity
Interests (or, if not ratably, on a basis more favorable to the
Borrower and the Restricted Subsidiaries);

 

(c) the Borrower may
make payments in respect of, or repurchases of its Equity Interests
deemed to occur upon the “cashless exercise” of, stock
options, stock purchase rights, stock exchange rights or other
equity-based awards if such payment or repurchase represents a
portion of the exercise price of such options, rights or awards or
withholding taxes, payroll taxes or other similar taxes due upon
such exercise;

 

(d) the Borrower may
make cash payments in lieu of the issuance of fractional shares
representing Equity Interests in the Borrower in connection with
the exercise of warrants, options or other Securities convertible
into or exchangeable for common stock in the Borrower;

 

(e) the Borrower may
make Restricted Junior Payments in respect of its Equity Interests
pursuant to and in accordance with stock option plans or other
benefit plans or agreements for, or otherwise make Restricted
Junior Payments to redeem, retire, purchase or otherwise acquire
any of its Equity Interests held by, future, present or former
directors, officers, employees or consultants of the Borrower and
the Restricted Subsidiaries; provided that (i) the aggregate
amount of the Restricted Junior Payments made in reliance on this
clause (e) in any Fiscal Year shall not exceed the sum of (A)
$2,000,000 plus (B) an amount equal to any unutilized portion of
such amount in clause (A) in any preceding Fiscal Year
ended after the Closing Date and (ii) Restricted Junior Payments
made in reliance on this clause (e) during any Fiscal Year shall be
deemed to use, first, the amount set forth in clause (A) above for
such Fiscal Year and, second, any portion of the amount set forth
in clause (A) above for any preceding Fiscal Year that has been
carried over to such Fiscal Year pursuant to clause (B)
above;

 

 

 

107

 

 

(f) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that, immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (i) no Event of Default shall have
occurred and be continuing, (ii) the Total Net Leverage Ratio,
determined as of the last day of the then most recently ended Test
Period, shall not exceed 1.15:1.00 and (iii) the Borrower shall be
in compliance with Sections 6.7(a) of the First Lien Credit
Agreement and, during the Fixed Charge Coverage Ratio Covenant
Period, 6.7(c) of the First Lien Credit Agreement;

 

(g) the Borrower and
the Restricted Subsidiaries may make (i) regularly scheduled
interest and principal payments as and when due in respect of any
Junior Indebtedness, other than payments in respect of Subordinated
Indebtedness prohibited by the subordination provisions thereof,
and (ii) prepayments in respect of any Junior Indebtedness to the
extent required by Section 2.14(c);

 

(h) the Borrower and
the other Credit Parties may refinance any Junior Indebtedness with
the proceeds of other Indebtedness to the extent permitted under
Section 6.1;

 

(i) so long as no
Default or Event of Default shall have occurred and be continuing,
the Borrower and the Restricted Subsidiaries may make other
Restricted Junior Payments; provided that the aggregate
amount of Restricted Junior Payments made in reliance on this
clause (i) since the Closing Date shall not exceed
$1,000,000;

 

(j) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that (i) immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (A) no Event of Default shall have
occurred and be continuing, (B) the Total Net Leverage Ratio shall
not be greater than the lesser of (x) 1.65:1.00 and (y) the
maximum Total Net Leverage Ratio permitted under the financial
covenant set forth in Section 6.7(a) of the First Lien Credit
Agreement, in each case, determined as of the last day of the then
most recently ended Test Period, and (C) in the case of any such
Restricted Junior Payment made during the Fixed Charge Coverage
Ratio Covenant Period, the Fixed Charge Coverage Ratio shall not be
less than the minimum Fixed Charge Coverage Ratio permitted under
the financial covenant set forth in Section 6.7(c) of the First
Lien Credit Agreement, determined for the then most recently ended
Test Period, (ii) the amount of any such Restricted Junior
Payment shall not exceed the Available Basket Amount at the time
such Restricted Junior Payment is made and (iii) the Borrower
shall have delivered to the Administrative Agent a certificate of
an Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (j) have been satisfied with
respect to such Restricted Junior Payment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clauses (i)(B), (i)(C) (if applicable)
and (ii) above;

 

(k) [reserved];

 

(l) [reserved];
and

 

 

 

108

 

 

(m) the Borrower may
redeem the Holcombe Preferred Stock solely with the Net Proceeds
received (and not otherwise applied) by the Borrower substantially
concurrently with the making of such redemption from any issuance
and sale of Equity Interests in the Borrower (other than any
Disqualified Equity Interests and other than any Equity Interests
issued or sold to any Subsidiary of the Borrower); provided that, immediately
prior to the making of such redemption, and immediately after
giving Pro Forma Effect thereto, no Event of Default shall have
occurred and be continuing.

 

6.5. Restrictions
on Subsidiary Distributions. Neither the
Borrower nor any Restricted Subsidiary will, directly or
indirectly, enter into, incur or permit to exist any agreement or
other arrangement that prohibits, restricts or imposes any
condition upon the ability of any Restricted Subsidiary (a) to
pay dividends or make other distributions on its Equity Interests
owned by the Borrower or any Restricted Subsidiary, (b) to
repay or prepay any Indebtedness owing by such Restricted
Subsidiary to the Borrower or any Restricted Subsidiary,
(c) to make loans or advances to the Borrower or any
Restricted Subsidiary or to Guarantee the Obligations or (d) to
transfer, lease or license any of its assets to the Borrower or any
Restricted Subsidiary; provided that the foregoing
shall not apply to (i) restrictions and conditions imposed by
law or by any Credit Document, (ii) restrictions and
conditions existing on the date hereof identified on Schedule
6.5, and amendments, modifications, extensions or renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (iii) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary of the Borrower
or, in the case of restrictions and conditions referred to in
clause (d) above, the Equity Interests in any Person that is not a
Restricted Subsidiary (including any Unrestricted Subsidiary),
restrictions and conditions imposed by agreements and documents
governing Indebtedness of such Restricted Subsidiary or such Person
or its Organizational Documents or any related joint venture,
shareholders’ or similar agreement, provided that such restrictions
and conditions apply only to such Restricted Subsidiary or, in the
case of restrictions and conditions referred to in clause (d)
above, to any Equity Interests in such Restricted Subsidiary or
such other Person (including any Unrestricted Subsidiary), as
applicable, (iv) in the case of restrictions and conditions
referred to clause in (d) above, restrictions and conditions
imposed by any agreement relating to secured Indebtedness permitted
by Section 6.1(f) or 6.1(n) or governing Liens permitted by
Section 6.2(d), 6.2(l), 6.2(o), 6.2(p)(i) or 6.2(q) or by
clause (c), (d) or (m) of the definition of “Permitted Encumbrances”,
provided that such
restrictions and conditions apply only to the assets securing such
Indebtedness or subject to such Liens, (v) restrictions and
conditions imposed by any agreement or document relating to
Indebtedness assumed in reliance on Section 6.1(g)(i) or
Refinancing Indebtedness in respect thereof incurred in reliance on
Section 6.1(g)(ii), provided that such restrictions
and conditions apply only to Persons that are permitted under such
Section to be obligors in respect of such Indebtedness and are not
less favorable to the Lenders than the restrictions and conditions
imposed by such Indebtedness (or, in the case of any Refinancing
Indebtedness, by the applicable Original Indebtedness) at the time
such Indebtedness first became subject to Section 6.1, (vi) in
connection with the sale of any Equity Interests in a Subsidiary or
any other assets, customary restrictions and conditions contained
in agreements relating to such sale pending the completion thereof,
provided that such
restrictions and conditions apply only to the Subsidiary or the
other assets to be sold and such sale is permitted under Section
6.8, (vii) in the case of restrictions or conditions referred to in
clauses (c) and (d) above, restrictions and conditions imposed by
any agreement or document governing Indebtedness of any Restricted
Subsidiary that is not, and is not required to become, a Credit
Party hereunder, provided that such restrictions
and conditions apply only to such Restricted Subsidiary, (viii) in
the case of restrictions and conditions referred to in clause (d)
above, restrictions and conditions imposed by customary provisions
in leases, licenses and other agreements restricting the assignment
thereof or, in the case of any lease or license, permitting to
exist any Lien on the assets leased or licensed thereunder,
(ix) restrictions on cash or deposits or net worth imposed by
customers, suppliers or landlords under agreements entered into in
the ordinary course of business, (x) in the case of restrictions
and conditions referred to in clause (d) above, customary
restrictions in respect of Intellectual Property contained in
licenses or sublicenses of, or other grants of rights to use or
exploit, such Intellectual Property, (xi) restrictions and
conditions contained in any Permitted First Lien Indebtedness
Document, Permitted Second Lien Indebtedness Document or any
Permitted Subordinated Indebtedness Document, in each case, as in
effect on the Closing Date and amendments, modifications,
extensions and renewals thereof, provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (xii) restrictions and
conditions contained in any agreement or instrument evidencing or
governing any Indebtedness permitted by Section 6.1(e), 6.1(g)
(other than in respect of existing Indebtedness assumed in reliance
thereon), 6.1(h), 6.1(i) or 6.1(o) so long as the Borrower has
determined in good faith that such restrictions and conditions
would not reasonably be expected to impair in any material respect
the ability of the Credit Parties to meet their obligations under
the Credit Documents, and (xiii) in the case of restrictions
and conditions referred to in clause (d) above, restrictions and
conditions imposed by the Vector Facility Arrangements on the
assignment or transfer by the Borrower of its rights under the
Vector Subordinated Note. Nothing in this Section 6.5 shall be
deemed to modify the requirements set forth in the definition of
the term “Collateral and
Guarantee Requirement” or the obligations of the
Credit Parties under Sections 5.10, 5.11 or 5.12 or under the
Collateral Documents.

 

 

 

109

 

 

6.6. Investments.
Neither the Borrower nor any Restricted Subsidiary will purchase or
acquire (including pursuant to any merger or consolidation with any
Person that was not a wholly owned Restricted Subsidiary of the
Borrower prior thereto), hold, make or otherwise permit to exist
any Investment in any other Person, or make any Acquisition, except
(and, provided,
that during the Default Period, the Borrower and the Restricted
Subsidiaries may not, purchase or acquire (including pursuant to
any merger or consolidation with any Person that was not a wholly
owned Restricted Subsidiary of the Borrower prior thereto), hold,
make or otherwise permit to exist any Investment in any other
Person, or make any Acquisition, described in clauses (c) (solely
with respect to any Investments by any Credit Parties in, and loans
and advances to, non-Credit Parties unless specifically identified
as such in the Approved Super Senior Budget), (d) (solely with
respect to any Investments by any Credit Parties in, and loans and
advances to, non-Credit Parties unless specifically identified as
such in the Approved Super Senior Budget), (e) (solely with respect
to any Guarantees by any Credit Parties of Indebtedness or other
obligations of non-Credit Parties unless permitted by the Approved
Super Senior Budget), (k) (in excess of $50,000), (l), (m), (n),
(o) (unless specifically identified as such in the Approved Super
Senior Budget and not in excess of $250,000), (p), (s), (t), (v) or
(w) below, in each case other than Investments existing on the
Closing Date and described on Schedule 6.6 hereto):

 

(a) Investments in Cash
and Cash Equivalents;

 

(b) Investments
existing on the date hereof that are set forth on
Schedule 6.6 (but not
any additions thereto (including any capital contributions) made
after the date hereof);

 

(c) Investments by the
Borrower and the Restricted Subsidiaries in Equity Interests in
their Restricted Subsidiaries; provided that (i) such
investees are Restricted Subsidiaries prior to such Investments (or
such Equity Interests in a Restricted Subsidiary are held as the
result of a designation of an Unrestricted Subsidiary as a
Restricted Subsidiary), (ii) any such Equity Interests held by a
Credit Party shall be pledged in accordance with the requirements
of the definition of the term “Collateral and Guarantee
Requirement” and (iii) the aggregate amount of such
Investments by the Credit Parties in, and loans and advances under
clause (d) below by the Credit Parties to, and Guarantees under
clause (e) by the Credit Parties of Indebtedness and other
obligations of, Restricted Subsidiaries that are not Credit Parties
(excluding all such Investments, loans, advances and Guarantees
existing on the date hereof and permitted by clause (b) above)
shall not exceed $20,000,000 at any time outstanding;

 

(d) loans or advances
made by the Borrower or any Restricted Subsidiary to the Borrower
or any Restricted Subsidiary; provided that (i) the
Indebtedness resulting therefrom is permitted by
Section 6.1(b) and (ii) the amount of such loans and
advances made by the Credit Parties to Restricted Subsidiaries that
are not Credit Parties shall be subject to the limitation set forth
in clause (c) above;

 

(e) Guarantees by the
Borrower or any Restricted Subsidiary of Indebtedness or other
obligations of the Borrower or any Restricted Subsidiary (including
any such Guarantees arising as a result of any such Person being a
joint and several co-applicant with respect to any letter of credit
or letter of guaranty); provided that (i) a Restricted
Subsidiary shall not Guarantee any Junior Indebtedness unless (A)
such Restricted Subsidiary has Guaranteed the Obligations pursuant
hereto and (B) in the case of Junior Indebtedness that is
Subordinated Indebtedness such Guarantee is subordinated to such
Guarantee of the Obligations on terms no less favorable to the
Lenders than the subordination provisions of such Subordinated
Indebtedness, (ii) a Subsidiary that has not Guaranteed the
Obligations pursuant hereto shall not Guarantee any Indebtedness of
any Credit Party and (iii) the aggregate amount of
Indebtedness and other obligations of Subsidiaries that are not
Credit Parties that is Guaranteed by any Credit Party shall be
subject to the limitation set forth in clause (c)
above;

 

 

 

110

 

 

(f) (i) Investments
received in satisfaction or partial satisfaction of obligations
thereof from financially troubled account debtors and
(ii) deposits, prepayments and other credits to suppliers made
in the ordinary course of business consistent with the past
practices of the Borrower and the Restricted
Subsidiaries;

 

(g) Investments made as
a result of the receipt of noncash consideration from any
Disposition of any asset in compliance with
Section 6.8;

 

(h) Investments by the
Borrower or any Restricted Subsidiary that result solely from the
receipt by the Borrower or any Restricted Subsidiary from any of
its Subsidiaries of a dividend or other Restricted Junior Payment
in the form of Equity Interests, evidences of Indebtedness or other
Securities (but not any additions thereto made after the date of
the receipt thereof);

 

(i) Investments in the
form of Hedge Agreements permitted under Section 6.12;

 

(j) payroll, travel and
similar advances to directors, officers, employees and consultants
of the Borrower or any Restricted Subsidiary to cover matters that
are expected at the time of such advances to be treated as expenses
of the Borrower or such Restricted Subsidiary for accounting
purposes and that are made in the ordinary course of
business;

 

(k) loans or advances
to directors, officers, employees and consultants (or their
respective estates, heirs, family members, spouses and former
spouses, domestic partners and former domestic partners or
beneficiaries under their respective estates) of the Borrower or
any Restricted Subsidiary in connection with such Person’s
purchase of Equity Interests in the Borrower; provided that the aggregate
amount of Investments permitted by this clause (k) (other than any
such loan or advance where no Cash or Cash Equivalent is actually
advanced by the Borrower or any Restricted Subsidiary) shall not
exceed $5,000,000 at any time outstanding;

 

(l) Permitted
Acquisitions; provided that the Acquisition
Consideration with respect to any such Acquisition of Subsidiaries
that do not become Guarantor Subsidiaries, or any Acquisitions by
Subsidiaries that are not Guarantors, shall not cause the aggregate
amount of all Acquisition Consideration paid in connection with all
such Permitted Acquisitions made in each case in reliance on this
clause (l) to exceed $5,000,000;

 

(m) any other
Acquisition or other Investment (other than Investments between or
among the Borrower or the Restricted Subsidiaries); provided that, immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (i) no Event of Default shall have occurred and be
continuing, (ii) the Total Net Leverage Ratio shall not be
greater than the lesser of (A) 1.90:1.00 and (B) the maximum Total
Net Leverage Ratio permitted under the financial covenant set forth
in Section 6.7(a) of the First Lien Credit Agreement, in each case,
determined as of the last day of the then most recently ended Test
Period, and (iii) in the case of any such Acquisition or
Investment consummated during the Fixed Charge Coverage Ratio
Covenant Period, the Fixed Charge Coverage Ratio shall not be less
than the minimum Fixed Charge Coverage Ratio permitted under the
financial covenant set forth in Section 6.7(c) of the First Lien
Credit Agreement, determined for the then most recently ended Test
Period;

 

 

 

111

 

 

(n) any other
Acquisition or other Investment; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing, (B) the Total Net Leverage Ratio shall not be greater
than the lesser of (x) 2.15:1.00 and (y) the maximum Total Net
Leverage Ratio permitted under the financial covenant set forth in
Section 6.7(a) of the First Lien Credit Agreement, in each
case, determined as of the last day of the then most recently ended
Test Period, and (C) in the case of any such Acquisition or
Investment consummated during the Fixed Charge Coverage Ratio
Covenant Period, the Fixed Charge Coverage Ratio shall not be less
than the minimum Fixed Charge Coverage Ratio permitted under the
financial covenant set forth in Section 6.7(c) of the First Lien
Credit Agreement, determined for the then most recently ended Test
Period, (ii) the Acquisition Consideration with respect to any such
Acquisition or the amount of any such other Investment, in each
case made in reliance on this clause (n), shall not exceed the
Available Basket Amount at the time of the consummation thereof and
(iii) the Borrower shall have delivered to the Administrative
Agent a certificate of an Authorized Officer of the Borrower
certifying that all the requirements set forth in this clause (n)
have been satisfied with respect to such Investment or Acquisition
and including reasonably detailed calculations demonstrating
satisfaction of the requirements set forth in clauses (i) and (ii)
above;

 

(o) Investments not
constituting Acquisitions; provided that the amount of any
such Investment made in any Fiscal Year and outstanding in reliance
on this clause (o) shall not cause the aggregate amount of all
Investments made in such Fiscal Year and outstanding in reliance on
this clause (o) to exceed for such Fiscal Year the sum of
(i) $1,000,000 plus (ii) an amount equal to any unutilized
portion of such amount in clause (i) in respect of any preceding
Fiscal Year ended after the Closing Date; provided further that (A) the
aggregate amount of Investments permitted by this clause (o)
shall not exceed $5,000,000 at any time outstanding and (B)
Investments made in reliance on this clause (o) during any Fiscal
Year shall be deemed to use, first, the amount set forth in
clause (i) above for such Fiscal Year and, second, any portion
of the amount set forth in clause (i) above for any preceding
Fiscal Year that has been carried over to such Fiscal Year pursuant
to clause (ii) above;

 

(p) Investments by the
Borrower or any other Credit Party in any Restricted Subsidiary
that is not a Credit Party to the extent made with Cash or Cash
Equivalents necessary to fund an Acquisition permitted
hereunder;

 

(q) Investments in the
ordinary course of business consisting of (i) endorsements for
collection or deposit and (ii) customary trade arrangements
with customers;

 

(r) Guarantees of
obligations of the Borrower or any Restricted Subsidiary in respect
of leases (other than Capital Lease Obligations) entered into in
the ordinary course of business;

 

(s) Investments held by
a Person that becomes (other than as a result of a redesignation of
an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into the Borrower or a Restricted Subsidiary in a
transaction permitted hereunder) after the Closing Date,
provided that such
Investments exist at the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated) and are not made in
contemplation of or in connection with such Person becoming a
Restricted Subsidiary (or such merger or
consolidation);

 

 

 

112

 

 

(t) Investments held by
any Unrestricted Subsidiary at the time such Unrestricted
Subsidiary is redesignated as a Restricted Subsidiary pursuant to
the definition of the term “Unrestricted Subsidiary”,
provided that such
Investments have not been made in contemplation of or in connection
with such redesignation;

 

(u) [Reserved];

 

(v) any other
Acquisition or other Investment to the extent consideration
therefor is made with Equity Interests, or with the Net Proceeds
received (and not otherwise applied) by the Borrower within 120
consecutive days prior to the date of consummation of such
Acquisition or Investment from any issuance and sale of Equity
Interests, in each case, in the Borrower (other than any
Disqualified Equity Interests, unless the issuance of such
Disqualified Equity Interests is otherwise permitted hereunder, and
other than any Equity Interests issued or sold to any Subsidiary of
the Borrower);

 

(w) any other
Acquisition or other Investment consummated on or prior to
December 31, 2018; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing and (B) the Total Leverage Ratio shall not be greater
than 3.65:1.00, determined as of the last day of the then most
recently ended Test Period, (ii) the Acquisition Consideration with
respect to any such Acquisition or the amount of any such other
Investment shall not cause the aggregate amount of all Acquisition
Consideration paid in connection with all Acquisitions made,
together with the aggregate amount of all Investments outstanding,
in each case in reliance on this clause (w), to exceed $75,000,000,
(iii) no Acquisition of, or Investment in, Subsidiaries that
do not become Guarantor Subsidiaries, and no acquisition of assets
by any Restricted Subsidiary that is not a Guarantor Subsidiary,
may be made in reliance on this clause (w), (iv) all actions
required to be taken with respect to any Person or assets acquired
pursuant to such Acquisition or other Investment, as the case may
be, in order to satisfy the requirements set forth in clauses (a),
(b), (c) and (d) of the definition of the term “Collateral and Guarantee
Requirement” (subject to the discretion of the
Collateral Agent set forth in such definition) shall have been
taken (or arrangements for the taking of such actions satisfactory
to the Collateral Agent shall have been made) (it being understood
that all other requirements set forth in such definition that are
applicable to such Acquisition or Investment shall be required to
be satisfied in accordance with (and within the time periods
provided in) Sections 5.10 and 5.11) and (v) the Borrower shall
have delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (w) have been satisfied with
respect to such Acquisition or Investment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clause (i) above; and

 

(x) Investments made by
the Borrower on May 4, 2018 in the Vector Subordinated
Note.

 

Notwithstanding
anything to the contrary in this Section 6.6, neither the Borrower
nor any Restricted Subsidiary shall make any Investment that
results in or facilitates in any manner any Restricted Junior
Payment not permitted under Section 6.4.

 

 

 

113

 

 

6.7. [Reserved].

 

6.8. Fundamental
Changes; Disposition of Assets; Equity Interests of
Subsidiaries. Neither the Borrower nor any
Restricted Subsidiary will merge or consolidate with or into any
other Person, or liquidate, wind-up or dissolve (or suffer any
liquidation or dissolution), and neither the Borrower nor any
Restricted Subsidiary shall Dispose (whether in one transaction or
in a series of transactions) of assets that represent all or
substantially all of the assets of the Borrower and the Restricted
Subsidiaries, on a consolidated basis, except that:

 

(i) any Person may
merge into the Borrower in a transaction in which the Borrower is
the surviving Person;

 

(ii) any
Person (other than the Borrower) may merge or consolidate with or
into any Restricted Subsidiary in a transaction in which the
surviving entity is a Restricted Subsidiary (and if any party to
such merger or consolidation is a Guarantor Subsidiary, the
surviving Person is a Guarantor Subsidiary);

 

(iii) any
Restricted Subsidiary may merge or consolidate with or into any
Person (other than the Borrower) in a transaction permitted under
Section 6.8(b) in which, after giving effect to such
transaction, the surviving Person is not a Subsidiary, except to
the extent such transaction constitutes an Investment in a
Restricted Subsidiary that is not a Credit Party permitted by
Section 6.6;

 

(iv) any
Restricted Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in
the best interests of the Borrower and is not disadvantageous to
the Lenders in any material respect; and

 

(v) the Borrower or any
other Credit Party may Dispose of all or substantially all of its
assets to the Borrower or to another Credit Party;

 

provided that, in the case of
clauses (i), (ii) and (iii) above, any such merger or consolidation
shall not be permitted unless it, and each Investment resulting
therefrom, is also permitted under Section 6.6 and during the
Default Period, no transaction described in any of the foregoing
clauses (i) through (iv) shall be permitted.

 

(y) Neither the
Borrower nor any Restricted Subsidiary will Dispose of, or
exclusively license, any asset, including any Equity Interest,
owned by it, except (and, provided, that during the
Default Period, the Borrower and the Restricted Subsidiaries may
not, Dispose of, or exclusively license, any asset, including any
Equity Interest, owned by it pursuant to clauses (v) or (ix)
below):

 

(i) Dispositions of (A)
inventory and obsolete, worn out or surplus equipment in the
ordinary course of business, (B) leasehold improvements to
landlords pursuant to the terms of leases in respect of any
Leasehold Property and (C) Cash and Cash
Equivalents;

 

 

 

114

 

 

(ii) Dispositions,
and exclusive licenses, to any Credit Party;

 

(iii) Investments
made in compliance with Sections 6.6 and 6.10;

 

(iv) Dispositions
of accounts receivable in connection with the compromise or
collection thereof in the ordinary course of business consistent
with past practice and not as part of any accounts receivables
financing transaction;

 

(v) Dispositions of
Equity Interests in, or Indebtedness or other Securities of, any
Unrestricted Subsidiary, provided that all Dispositions
made in reliance on this clause (v) shall be made for fair value
(as determined reasonably and in good faith by the
Borrower);

 

(vi) leases
and licenses entered into by the Borrower or any Restricted
Subsidiary as a licensor or lessor in the ordinary course of
business, provided
that such leases or license do not adversely affect in any material
respect the value of the properties subject thereto (including the
value thereof as Collateral) or interfere in any material respect
with the ordinary conduct of business of the Borrower or any
Restricted Subsidiary;

 

(vii) Dispositions
of assets in any Insurance/Condemnation Event;

 

(viii) to
the extent constituting Dispositions, Restricted Junior Payments
made in compliance with Section 6.4;

 

(ix) other
Dispositions of assets that are not permitted by any other clause
of this Section 6.8(b); provided that (A) all
Dispositions made in reliance on this clause (ix) shall be made for
fair value and at least 75% Cash consideration, (B) the Net
Proceeds thereof shall be applied as required by Section 2.13
and (C) no Default or Event of Default shall have occurred and be
continuing at the time such Disposition is made or would result
therefrom; and

 

(x) the Iqmax
Disposition (as defined in the First Lien Credit
Agreement).

 

(z) Notwithstanding
anything to the contrary set forth herein, (i) neither the Borrower
nor any Restricted Subsidiary will sell, transfer or otherwise
dispose of any Equity Interests in any Restricted Subsidiary unless
(A) such Equity Interests constitute all the Equity Interests
in such Restricted Subsidiary held by the Borrower and the
Restricted Subsidiaries and (B) immediately after giving
effect to such transaction, the Borrower and the Restricted
Subsidiaries shall otherwise be in compliance with Section 6.6
and (ii) no Restricted Subsidiary will issue any additional Equity
Interests in such Restricted Subsidiary other than (A) to the
Borrower or any Restricted Subsidiary in compliance with
Section 6.4, (B) directors’ qualifying shares and
(C) other nominal amounts of Equity Interests that are
required to be held by other Persons under applicable
law.

 

 

 

115

 

 

(aa) The
Borrower will not permit any Person other than the Borrower, or one
or more of its Restricted Subsidiaries that is not a CFC or CFC
Holding Company, to own any Equity Interests in any Restricted
Subsidiary that is a Domestic Subsidiary (other than any Domestic
Subsidiary that itself is a CFC Holding Company).

 

6.9. Sales
and Leasebacks. Neither the
Borrower nor any Restricted Subsidiary will enter into any
Sale/Leaseback Transaction unless, except during the Default
Period, (a) any Capital Lease Obligations arising in connection
therewith are permitted under Section 6.1(n) and (b) any Liens
arising in connection therewith (including Liens deemed to arise in
connection with any such Capital Lease Obligations) are permitted
under Section 6.2(o).

 

6.10. Transactions
with Affiliates. Neither the
Borrower nor any Restricted Subsidiary will, directly or
indirectly, enter into or permit to exist any transaction
(including the purchase, sale, lease or exchange of any property or
the rendering of any service) with any Affiliate of the Borrower or
such Restricted Subsidiary on terms that are less favorable to the
Borrower or such Restricted Subsidiary, as the case may be, than
those that would prevail in an arm’s-length transaction with
unrelated third parties; provided that the foregoing
restriction shall not apply to (a) transactions between or among
the Credit Parties not involving any other Affiliate, (b) any
Restricted Junior Payment permitted under Section 6.4, (c)
issuances by the Borrower of Equity Interests (other than
Disqualified Equity Interests) and receipt by the Borrower of
capital contributions, (d) compensation and indemnification
arrangements for directors, officers, employees and consultants of
the Borrower or any Restricted Subsidiary entered into in the
ordinary course of business (including, for the avoidance of doubt,
grants of stock options, stock purchase rights, stock exchange
rights or other equity-based awards to directors, employees and
officers and any “key-man” insurance policy
maintained by a Credit Party), (e) loans and advances permitted
under Section 6.6(j) or 6.6(k), (f) [reserved], (g) [reserved] and
(h) the transactions set forth on Schedule 6.10
(without giving effect to any amendment, restatement, supplement or
other modification thereto after the Closing Date that could
reasonably be expected to be adverse in any material respect to the
Lenders).

 

6.11. Conduct
of Business. Neither the
Borrower nor any Restricted Subsidiary will engage in any business
other than the businesses engaged in by the Borrower and the
Restricted Subsidiaries on the Closing Date, provided that the Borrower and
the Restricted Subsidiaries shall be permitted to engage in any
business that is similar, complementary or related to, or a
reasonable extension of, the business engaged in by the Borrower
and the Restricted Subsidiaries on the Closing Date (giving effect
to the foregoing parenthetical).

 

6.12. Hedge
Agreements. Neither the
Borrower nor any Restricted Subsidiary will enter into any Hedge
Agreement, except (a) Hedge Agreements entered into to hedge
or mitigate risks to which the Borrower or any Restricted
Subsidiary has actual exposure (other than in respect of Equity
Interests or Indebtedness of the Borrower or any Restricted
Subsidiary) and (b) Hedge Agreements entered into in order to
effectively cap, collar or exchange interest rates (from fixed to
floating rates, from one floating rate to another floating rate or
otherwise) with respect to any interest-bearing liability or
investment of the Borrower or any Restricted
Subsidiary.

 

 

 

116

 

 

6.13. Amendments
or Waivers of Organizational Documents and Certain
Agreements. Neither the
Borrower nor any Restricted Subsidiary will agree to any amendment,
restatement, supplement or other modification to, or waiver of any
of its rights under, (a) its Organizational Document, (b) any
certificate of designation or other agreement or instrument
governing or evidencing the Holcombe Preferred Stock or (c) any
agreement or instrument governing or evidencing Junior
Indebtedness, in each case, to the extent such amendment,
modification or waiver could reasonably be expected to be adverse
in any material respect to the Lenders, it being understood that
any Junior Indebtedness may be modified to permit any extension or
refinancing thereof to the extent otherwise permitted by this
Agreement.

 

6.14. Fiscal
Year. Neither the
Borrower nor any Restricted Subsidiary will change its Fiscal Year
to end on a date other than December 31.

 

6.15. Budget
Variance Covenant. The Borrower will
not permit with respect to each Budget Cumulative Test Period as of
the last day thereof, beginning with the Budget Cumulative Test
Period ending on the Friday prior to the third Wednesday after the
Closing Date, (i) the negative variance (as compared to the
Approved Super Senior Budget) of the aggregate receipts of the
Credit Parties to exceed (x) for the Budget Cumulative Test Period
ending on the Friday prior to the third Wednesday after the Closing
Date 10.0%, (y) for the Budget Cumulative Test Period ending on the
Friday prior to the fourth Wednesday after the Closing Date, 7.5%
and (z)  for any Budget Cumulative Test Period ending
thereafter, 5.0% and (ii) the positive variance (as compared to the
Approved Super Senior Budget) of the aggregate operating
disbursements (excluding professional fees and expenses) made by
the Credit Parties to exceed (x) for the Budget Cumulative Test
Period ending on the Friday prior to the third Wednesday after the
Closing Date and for the Budget Cumulative Test Period ending on
the Friday prior to the fourth Wednesday after the Closing Date,
$1,500,000 and (y) for any Budget Cumulative Test Period ending
thereafter, $2,000,000.

 

6.16. Payments
to Lingo. The Borrower and
its Restricted Subsidiaries shall (i) continue to diligently pursue
all outstanding receivables from Lingo Communications, LLC or its
affiliates (“Lingo”) and (ii) keep the Lenders
promptly advised of the progress and developments related thereto
until all obligations owing from Lingo to the Borrower are paid in
full and Lingo is current on all payments.

 

SECTION
7. GUARANTEE

 

7.1. Guarantee
of the Obligations. The Guarantors
jointly and severally hereby irrevocably and unconditionally
guarantee the due and punctual payment in full of all Obligations
when and as the same shall become due. In furtherance of the
foregoing, the Guarantors hereby jointly and severally agree that
upon the failure of the Borrower or any other Person to pay any of
the Obligations when and as the same shall become due, whether at
stated maturity, by required prepayment, acceleration, demand or
otherwise (including amounts that would become due but for the
operation of the automatic stay under Section 362(a) of the
Bankruptcy Code or any similar provision of, or stay imposed under,
any other Debtor Relief Law), the Guarantors will upon demand pay,
or cause to be paid, in Cash, to the Administrative Agent, for the
ratable benefit of Secured Parties, an amount equal to the sum of
all Obligations then due as aforesaid.

 

 

 

117

 

 

7.2. Indemnity
by the Borrower; Contribution by the Guarantors. In addition to
all such rights of indemnity and subrogation as any Guarantor
Subsidiary may have under applicable law (but subject to Section
7.5), the Borrower agrees that (i) in the event a payment shall be
made by any Guarantor Subsidiary under its Obligations Guarantee,
the Borrower shall indemnify such Guarantor Subsidiary for the full
amount of such payment and such Guarantor Subsidiary shall be
subrogated to the rights of the Person to whom such payment shall
have been made to the extent of such payment and (ii) in the event
any Collateral provided by any Guarantor Subsidiary shall be sold
pursuant to any Collateral Document to satisfy in whole or in part
any Obligations, the Borrower shall indemnify such Guarantor
Subsidiary in an amount equal to the fair market value of the
assets so sold.

 

(a) The Guarantor
Subsidiaries desire to allocate among themselves, in a fair and
equitable manner, their obligations arising under this Section 7
and under the Collateral Documents. Accordingly, in the event any
payment or distribution is made on any date by a Guarantor
Subsidiary under its Obligations Guarantee such that its Aggregate
Payments exceed its Fair Share as of such date (such Guarantor
Subsidiary being referred to as a “Claiming Guarantor”) and the
Borrower does not indemnify such Claiming Guarantor in accordance
with Section 7.2(a), such Claiming Guarantor shall be entitled to a
contribution from each other Guarantor Subsidiary in an amount
sufficient to cause each Guarantor Subsidiary’s Aggregate
Payments to equal its Fair Share as of such date (and for all
purposes of this Section 7.2(b), any sale or other
dispositions of Collateral of a Guarantor Subsidiary pursuant to an
exercise of remedies under any Collateral Document shall be deemed
to be a payment by such Guarantor Subsidiary under its Obligations
Guarantee in an amount equal to the fair market value of such
Collateral, less any amount of the proceeds of such sale or other
dispositions returned to such Guarantor Subsidiary).
“Fair Share”
means, with respect to any Guarantor Subsidiary as of any date of
determination, an amount equal to (i) the ratio of (A) the
Fair Share Contribution Amount with respect to such Guarantor
Subsidiary to (B) the aggregate of the Fair Share Contribution
Amounts with respect to all Guarantor Subsidiaries multiplied by (ii) the
aggregate amount paid or distributed on or before such date by all
Claiming Guarantors under their Obligations Guarantees.
“Fair Share Contribution
Amount” means, with respect to any Guarantor
Subsidiary as of any date of determination, the maximum aggregate
amount of the obligations of such Guarantor Subsidiary under its
Obligations Guarantee that would not render its obligations
thereunder subject to avoidance as a preference, fraudulent
transfer or conveyance or transfer at undervalue under Section 548
of the Bankruptcy Code or any comparable applicable provisions of
state or foreign law; provided that solely for
purposes of calculating the “Fair Share Contribution Amount”
with respect to any Guarantor Subsidiary for purposes of this
Section 7.2(b), any assets or liabilities of such Guarantor
Subsidiary arising by virtue of any rights to subrogation,
reimbursement or indemnification or any rights to or obligations of
contribution under this Section 7 shall not be considered as assets
or liabilities of such Guarantor Subsidiary. “Aggregate Payments” means, with
respect to any Guarantor Subsidiary as of any date of
determination, an amount equal to (A) the aggregate amount of
all payments and distributions made on or before such date by such
Guarantor Subsidiary in respect of its Obligations Guarantee
(including any payments and distributions made under this
Section 7.2(b)), minus (B) the aggregate
amount of all payments received on or before such date by such
Guarantor Subsidiary from the Borrower pursuant to
Section 7.2(a) or the other Guarantor Subsidiaries pursuant to
this Section 7.2(b). The amounts payable under this
Section 7.2(b) shall be determined as of the date on which the
related payment or distribution is made by the applicable Claiming
Guarantor. The allocation among Guarantor Subsidiaries of their
obligations as set forth in this Section 7.2(b) shall not be
construed in any way to limit the liability of any Guarantor
Subsidiary hereunder or under any Collateral Document.

 

 

 

118

 

 

7.3. Liability
of Guarantors Absolute. Each Guarantor
agrees that its obligations under this Section 7 are irrevocable,
absolute, independent and unconditional and shall not be affected
by any circumstance that constitutes a legal or equitable discharge
of a guarantor or surety other than payment in full in Cash of the
Obligations. In furtherance of the foregoing and without limiting
the generality thereof, each Guarantor agrees as
follows:

 

(a) its Obligations
Guarantee is a guarantee of payment when due and not of
collectability and is a primary obligation of such Guarantor and
not merely a contract of surety;

 

(b) the Administrative
Agent may enforce its Obligations Guarantee upon the occurrence of
an Event of Default notwithstanding the existence of any dispute
between the Borrower and any Secured Party with respect to the
existence of such Event of Default;

 

(c) the obligations of
each Guarantor hereunder are independent of the obligations of the
Borrower or of any other guarantor (including any other Guarantor)
of the Obligations, and a separate action or actions may be brought
and prosecuted against such Guarantor whether or not any action is
brought against the Borrower, any such other Guarantor or any other
Person and whether or not the Borrower, any such other Guarantor or
any other Person is joined in any such action or
actions;

 

(d) payment by any
Guarantor of a portion, but not all, of the Obligations shall in no
way limit, affect, modify or abridge any Guarantor’s
liability for any portion of the Obligations that has not been paid
(and, without limiting the generality of the foregoing, if the
Administrative Agent is awarded a judgment in any suit brought to
enforce any Guarantor’s covenant to pay a portion of the
Obligations, such judgment shall not be deemed to release such
Guarantor from its covenant to pay the portion of the Obligations
that is not the subject of such suit, and such judgment shall not,
except to the extent satisfied by such Guarantor, limit, affect,
modify or abridge any other Guarantor’s liability hereunder
in respect of the Obligations);

 

(e) any Secured Party
may, upon such terms as it deems appropriate, without notice or
demand and without affecting the validity or enforceability of the
Obligations Guarantees or giving rise to any reduction, limitation,
impairment, discharge or termination of any Guarantor’s
liability under this Section 7, at any time and from time to time
(i) renew, extend, accelerate, increase the rate of interest
on, or otherwise change the time, place, manner or terms of payment
of the Obligations, (ii) settle, compromise, release or discharge,
or accept or refuse any offer of performance with respect to, or
substitutions for, the Obligations or any agreement relating
thereto, and/or subordinate the payment of the same to the payment
of any other obligations, (iii) request and accept other
guarantees of the Obligations and take and hold security for the
payment of the Obligations, (iv) release, surrender, exchange,
substitute, compromise, settle, rescind, waive, alter, subordinate
or modify, with or without consideration, any security for payment
of the Obligations, any other guarantees of the Obligations or any
other obligation of any Person (including any other Guarantor) with
respect to the Obligations, (v) enforce and apply any security
now or hereafter held by or for the benefit of such Secured Party
in respect of the Obligations and direct the order or manner of
sale thereof, or exercise any other right or remedy that such
Secured Party may have against any such security, in each case as
such Secured Party in its discretion may determine consistent
herewith and any applicable security agreement, including
foreclosure on any such security or exercise of a power of sale
pursuant to one or more judicial or nonjudicial sales, whether or
not every aspect of any such sale is commercially reasonable, and
even though such action operates to impair or extinguish any right
of reimbursement or subrogation or other right or remedy of any
Guarantor against any other Credit Party or any security for the
Obligations, and (vi) exercise any other rights available to
it under the Credit Documents; and

 

 

 

119

 

 

(f) the Obligations
Guarantees and the obligations of the Guarantors thereunder shall
be valid and enforceable and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason,
including the occurrence of any of the following, whether or not
any Guarantor shall have had notice or knowledge of any of them (in
any case other than payment in full in Cash of the Obligations or
release of a Guarantor Subsidiary’s Obligations Guarantee in
accordance with Section 9.8(d)(ii)): (i) any failure or
omission to assert or enforce or agreement or election not to
assert or enforce, or the stay or enjoining, by order of court, by
operation of law or otherwise, of the exercise or enforcement of,
any claim or demand or any right, power or remedy (whether arising
under the Credit Documents, at law, in equity or otherwise) with
respect to the Obligations or any agreement relating thereto, or
with respect to any other guarantee of or security for the payment
of the Obligations, (ii) any rescission, waiver, amendment or
modification of, or any consent to departure from, any of the terms
or provisions (including provisions relating to events of default)
of any Credit Document, or any agreement or instrument executed
pursuant thereto, or of any other guarantee or security for the
Obligations, in each case whether or not in accordance with the
terms hereof or such Credit Document, or any agreement relating to
such other guarantee or security, (iii) the Obligations, or
any agreement relating thereto, at any time being found to be
illegal, invalid or unenforceable in any respect, (iv) the
application of payments received from any source (other than
payments received pursuant to the other Credit Documents under
which any Obligations arose or from the proceeds of any security
for the Obligations, except to the extent such security also serves
as collateral for Indebtedness other than the Obligations) to the
payment of obligations other than the Obligations, even though any
Secured Party could have elected to apply such payment to all or
any part of the Obligations, (v) any Secured Party’s
consent to the change, reorganization or termination of the
corporate structure or existence of the Borrower or any Subsidiary
and to any corresponding restructuring of the Obligations,
(vi) any failure to perfect or continue perfection of a
security interest in any collateral that secures any of the
Obligations, (vii) any defenses, set-offs or counterclaims
that the Borrower or any other Person may allege or assert against
any Secured Party in respect of the Obligations, including failure
of consideration, breach of warranty, statute of frauds, statute of
limitations, accord and satisfaction and usury, and (viii) any
other act or thing or omission, or delay to do any other act or
thing, that may or might in any manner or to any extent vary the
risk of any Guarantor as an obligor in respect of the
Obligations.

 

7.4. Waivers
by the Guarantors. Each Guarantor
hereby waives, for the benefit of the Secured Parties: (a) any
right to require any Secured Party, as a condition of payment or
performance by such Guarantor in respect of its obligations under
this Section 7, (i) to proceed against the Borrower, any other
guarantor (including any other Guarantor) of the Obligations or any
other Person, (ii) to proceed against or exhaust any security held
from the Borrower, any such other guarantor or any other Person,
(iii) to proceed against or have resort to any balance of any
deposit account or credit on the books of any Secured Party in
favor of any Credit Party or any other Person, or (iv) to pursue
any other remedy in the power of any Secured Party whatsoever; (b)
any defense arising by reason of the incapacity, lack of authority
or any disability or other defense of the Borrower or any other
Guarantor, including any defense based on or arising out of the
lack of validity or the unenforceability of the Obligations or any
agreement or instrument relating thereto or by reason of the
cessation of the liability of the Borrower or any other Guarantor
from any cause other than payment in full in Cash of the
Obligations; (c) any defense based upon any law that provides that
the obligation of a surety must be neither larger in amount nor in
other respects more burdensome than that of the principal; (d) any
defense based upon any Secured Party’s errors or omissions in
the administration of the Obligations; (e) (1) any principles
or provisions of any law that are or might be in conflict with the
terms hereof or any legal or equitable discharge of such
Guarantor’s obligations hereunder, (2) the benefit of any
statute of limitations affecting such Guarantor’s liability
hereunder or the enforcement hereof, (3) any rights to set-offs,
recoupments and counterclaims and (4) promptness, diligence
and any requirement that any Secured Party protect, secure, perfect
or insure any security interest or lien or any property subject
thereto; (f) notices, demands, presentments, protests, notices of
protest, notices of dishonor and notices of any action or inaction,
including acceptance hereof, notices of default under the Credit
Documents or any agreement or instrument related thereto, notices
of any renewal, extension or modification of the Obligations or any
agreement related thereto, notices of any extension of credit to
the Borrower or any other Guarantor and notices of any of the
matters referred to in Section 7.3 and any right to consent to
any thereof; and (g) any defenses or benefits that may be derived
from or afforded by law which limit the liability of or exonerate
guarantors or sureties, or which may conflict with the terms
hereof.

 

 

 

120

 

 

7.5. Guarantors’
Rights of Subrogation, Contribution, Etc.

 

 Until
the Obligations shall have been indefeasibly paid in full in Cash
and the Commitments shall have terminated, each Guarantor hereby
waives any claim, right or remedy, direct or indirect, that such
Guarantor now has or may hereafter have against the Borrower or any
other Guarantor or any of its assets in connection with its
Obligations Guarantee or the performance by such Guarantor of its
obligations thereunder, in each case whether such claim, right or
remedy arises in equity, under contract, by statute, under common
law or otherwise and including (a) any right of subrogation,
reimbursement or indemnity that such Guarantor now has or may
hereafter have against the Borrower with respect to the
Obligations, including any such right of indemnity under Section
7.2(a), (b) any right to enforce, or to participate in, any
claim, right or remedy that any Secured Party now has or may
hereafter have against the Borrower, and (c) any benefit of, and
any right to participate in, any collateral or security now or
hereafter held by or for the benefit of any Secured Party. In
addition, until the Obligations shall have been indefeasibly paid
in full in Cash, the Commitments shall have terminated, each
Guarantor shall withhold exercise of any right of contribution such
Guarantor may have against any other guarantor (including any other
Guarantor) of the Obligations, including any such right of
contribution under Section 7.2(b). Each Guarantor further agrees
that, to the extent the waiver or agreement to withhold the
exercise of its rights of subrogation, reimbursement, indemnity and
contribution as set forth herein is found by a court of competent
jurisdiction to be void or voidable for any reason, any rights of
subrogation, reimbursement or indemnity such Guarantor may have
against the Borrower or against any collateral or security, and any
rights of contribution such Guarantor may have against any such
other Guarantor, shall be junior and subordinate to any rights any
Secured Party may have against the Borrower or any other Guarantor,
to all right, title and interest any Secured Party may have in any
such collateral or security, and to any right any Secured Party may
have against such other Guarantor. If any amount shall be paid to
any Guarantor on account of any such subrogation, reimbursement,
indemnity or contribution rights at any time when all Obligations
shall not have been indefeasibly paid in full in Cash and all
Commitments not having terminated, such amount shall be held in
trust for the Administrative Agent, for the benefit of the Secured
Parties, and shall forthwith be paid over to the Administrative
Agent, for the benefit of Secured Parties, to be credited and
applied against the Obligations, whether matured or unmatured, in
accordance with the terms hereof.

 

7.6. Continuing
Guarantee. The Obligations
Guarantee is a continuing guarantee and shall remain in effect
(except, in the case of a Guarantor Subsidiary, if such Guarantor
Subsidiary’s Obligations Guarantee shall have been released
in accordance with Section 9.8(d)(ii)) until all of the Obligations
(excluding contingent obligations as to which no claim has been
made) shall have been paid in full in Cash and the Commitments
shall have terminated. Each Guarantor hereby irrevocably waives any
right to revoke its Obligations Guarantee as to future transactions
giving rise to any Obligations.

 

7.7. Authority
of the Guarantors or the Borrower. It is not
necessary for any Secured Party to inquire into the capacity or
powers of any Guarantor or the Borrower or any Related Party acting
or purporting to act on behalf of any such Person.

 

 

 

121

 

 

7.8. Financial
Condition of the Credit Parties. Any Credit
Extension may be made or continued from time to time, without
notice to or authorization from any Guarantor regardless of the
financial or other condition of the Borrower or any Subsidiary at
the time of any such making or continuation. No Secured Party shall
have any obligation to disclose or discuss with any Guarantor its
assessment, or any Guarantor’s assessment, of the financial
condition of the Borrower or any Subsidiary. Each Guarantor has
adequate means to obtain information from the Borrower and the
Subsidiaries on a continuing basis concerning the financial
condition of the Borrower and the Subsidiaries and their ability to
perform the Obligations, and each Guarantor assumes the
responsibility for being and keeping informed of the financial
condition of the Borrower and the Subsidiaries and of all
circumstances bearing upon the risk of nonpayment of the
Obligations. Each Guarantor hereby waives and relinquishes any duty
on the part of any Secured Party to disclose any matter, fact or
thing relating to the business, results of operations, assets,
liabilities, condition (financial or otherwise) or prospects of the
Borrower or any Subsidiary now or hereafter known by any Secured
Party.

 

7.9. Bankruptcy,
Etc.

 

(a)  (a)The
obligations of the Guarantors hereunder shall not be reduced,
limited, impaired, discharged, deferred, suspended or terminated by
any case or proceeding, voluntary or involuntary, involving the
bankruptcy, insolvency, receivership, reorganization, liquidation,
arrangement or similar proceeding of the Borrower or any other
Guarantor or by any defense that the Borrower or any other
Guarantor may have by reason of the order, decree or decision of
any court or administrative body resulting from any such
proceeding.

 

(b) Each Guarantor
acknowledges and agrees that any interest on any portion of the
Obligations that accrues after the commencement of any case or
proceeding referred to in Section 7.9(a) (or, if interest on any
portion of the Obligations ceases to accrue by operation of law by
reason of the commencement of such case or proceeding, such
interest as would have accrued on such portion of the Obligations
if such case or proceeding had not been commenced) shall be
included in the Obligations because it is the intention of the
Guarantors and the Secured Parties that the Obligations that are
guaranteed by the Guarantors pursuant to this Section 7 should be
determined without regard to any rule of law or order that may
relieve the Borrower or any Subsidiary of any portion of any
Obligations. The Guarantors will permit any trustee in bankruptcy,
receiver, debtor in possession, assignee for the benefit of
creditors or similar Person to pay to the Administrative Agent, for
the benefit of the Secured Parties, or allow the claim of any
Secured Party or of the Administrative Agent, for the benefit of
the Secured Parties, in respect of, any such interest accruing
after the date on which such case or proceeding is
commenced.

 

In the
event that all or any portion of the Obligations are paid by the
Borrower or any Subsidiary, the obligations of the Guarantors under
this Section 7 shall continue and remain in full force and effect
or be reinstated, as the case may be (notwithstanding any prior
release of any Obligations Guarantee), in the event that all or any
part of such payment(s) are rescinded or recovered directly or
indirectly from any Secured Party as a preference, fraudulent
transfer or conveyance or transfer at undervalue or otherwise, and
any such payments that are so rescinded or recovered shall
constitute Obligations for all purposes hereunder.

 

 

 

122

 

 

SECTION
8. EVENTS
OF DEFAULT

 

8.1. Events
of Default. If any one or
more of the following conditions or events shall
occur:

 

(a) Failure to Make Payments When
Due. Failure by the Borrower (i) to pay, when due, any
principal of any Loan, whether at stated maturity, by acceleration,
by notice of voluntary prepayment, by mandatory prepayment or
otherwise, or (ii) to pay, within five Business Days after the date
due, any interest on any Loan or any fee or any other amount due
hereunder or under any other Credit Document;

 

(b) Default in Other Agreements.
(i) Failure by the Borrower or any Restricted Subsidiary, after the
expiration of any applicable grace period, to make any payment that
shall have become due and payable (whether of principal, interest
or otherwise) in respect of any Material Indebtedness, (ii) any
condition or event shall occur that results in any Material
Indebtedness becoming due, or being required to be prepaid,
repurchased, redeemed or defeased, prior to its stated maturity or,
in the case of any Hedge Agreement, being terminated, or that
enables or permits the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf, or, in
the case of any Hedge Agreement, the applicable counterparty, with
or without the giving of notice but only after the expiration of
any applicable grace period, to cause such Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its stated maturity or, in the case of
any Hedge Agreement, to cause the termination thereof (it being
understood that (1) any event of default under the First Lien
Credit Agreement with respect to which the lenders under the First
Lien Credit Agreement have agreed to forbear from the exercise of
remedies pursuant to the Forbearance Agreement, (2) any event of
default under the Second Lien Credit Agreement described on
Schedule 8.1(b) or (3) any event of default under the Green
Subordinated Note described on Schedule 8.1(b) shall not constitute
an Event of Default pursuant to this Section 8.1(b)(ii), in each
case unless the lenders or holders of such applicable Indebtedness
have accelerated the obligations thereunder, shall have required
the prepayment, repurchase, redemption or defeasance thereof, prior
to its stated maturity, or shall have taken any other remedies
available to such lenders or holders resulting from such events of
defaults), (iii) the occurrence of any Forbearance Termination
Event (as such term is defined in the Forbearance Agreement) or the
termination or expiration of the Forbearance Period (as such term
is defined in the Forbearance Agreement) or (iv) the occurrence of
a termination event or similar event under the RSA; provided that this
clause (b) shall not apply to (A) any secured
Indebtedness becoming due as a result of the voluntary sale or
transfer of the assets securing such Indebtedness; (B) any
Indebtedness becoming due as a result of a voluntary refinancing
thereof permitted under Section 6.1; or (C) any Indebtedness
becoming due as a result of a voluntary (or, to the extent
permitted by Section 2.14(c) or, in the case of Permitted Pari
Passu Secured Indebtedness, Sections 2.13(a), 2.13(b) and 2.13(e),
mandatory) prepayment, repurchase, redemption or defeasance thereof
permitted hereunder;

 

(c) Breach of Certain Covenants.
Failure of any Credit Party to perform or comply with any term or
condition contained in Section 5.14, 5.15, 5.17 or 6;

 

 

 

123

 

 

(d) Breach of Representations, Etc.
Any representation, warranty, certification or other statement made
or deemed made by or on behalf of any Credit Party in any Credit
Document or in any report, certificate or statement at any time
provided in writing by or on behalf of any Credit Party pursuant to
or in connection with any Credit Document or the Transactions shall
be incorrect in any material respect as of the date made or deemed
made (or if any representation or warranty is expressly stated to
have been made as of a specific date incorrect in any material
respect as of such specific date);

 

(e) Other Defaults under Credit
Documents. Failure of any Credit Party to perform or comply
with any term or condition contained herein or in any other Credit
Document, other than any such term or condition referred to in any
other clause of this Section 8.1, and, except as may be
expressly set forth in any such other Credit Document, such failure
shall not have been remedied within 30 days after receipt by the
Borrower of notice from the Administrative Agent or the Requisite
Lenders of such failure;

 

(f) Involuntary Bankruptcy; Appointment of
Receiver, Etc. (i) A court of competent jurisdiction shall
enter a decree or order for relief in respect of the Borrower or
any Restricted Subsidiary in an involuntary case under any Debtor
Relief Laws, which decree or order is not stayed; or any other
similar relief shall be granted under any applicable federal, state
or foreign law; or (ii) an involuntary case shall be commenced
against the Borrower or any Restricted Subsidiary under any Debtor
Relief Laws; or a decree or order of a court having jurisdiction in
the premises for the involuntary appointment of an interim
receiver, receiver, liquidator, sequestrator, trustee, custodian or
other officer having similar powers over the Borrower or any
Restricted Subsidiary, or over all or a substantial part of its
property, shall have been entered; or there shall have occurred the
involuntary appointment of an interim receiver, receiver,
liquidator, sequestrator, trustee, custodian or other officer
having similar powers over the Borrower or any Restricted
Subsidiary, or over all or a substantial part of its property; or a
warrant of attachment, execution or similar process shall have been
issued against all or a substantial part of the property of the
Borrower or any Restricted Subsidiary, and any such event described
in this clause (ii) shall continue for 60 days without having been
dismissed, bonded or discharged;

 

(g) Voluntary Bankruptcy; Appointment of
Receiver, Etc. The Borrower or any Restricted Subsidiary
shall have an order for relief entered with respect to it or shall
commence a voluntary case under any Debtor Relief Laws, or shall
consent to the entry of an order for relief in an involuntary case,
or to the conversion of an involuntary case to a voluntary case,
under any Debtor Relief Laws, or shall consent to the appointment
of or taking possession by an interim receiver, receiver,
liquidator, sequestrator, trustee, custodian or other officer
having similar powers over the Borrower or any Restricted
Subsidiary, or over all or a substantial part of its property
(other than any liquidation permitted by Section 6.8(a)(iv));
or the Borrower or any other Restricted Subsidiary shall make any
general assignment for the benefit of creditors; or the Borrower or
any Restricted Subsidiary shall be unable, or shall fail generally,
or shall admit in writing its inability, to pay its debts as such
debts become due; or the board of directors (or similar governing
body) of the Borrower or any Restricted Subsidiary (or any
committee thereof) shall adopt any resolution or otherwise
authorize any action to approve any of the actions referred to in
this Section 8.1(g) or in Section 8.1(f);

 

 

 

124

 

 

(h) Judgments and Attachments. One
or more judgments for the payment of money in an aggregate amount
of $10,000,000 or more (other than any such judgment covered by
insurance (other than under a self-insurance program) provided by a
financially sound insurer to the extent a claim therefor has been
made in writing and liability therefor has not been denied in
writing by the insurer), shall be rendered against the Borrower,
any Restricted Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 60 consecutive days
during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any Restricted Subsidiary
to enforce any such judgment;

 

(i) Employee Benefit Plans. The
occurrence of one or more ERISA Events or Foreign Plan Events that
have had, or could reasonably be expected to result in liability
which would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect;

 

(j) Change of Control. A Change of
Control shall occur;

 

(k) Obligations Guarantees, Collateral
Documents and other Credit Documents. Any Obligations
Guarantee purported to be created under the Credit Documents for
any reason shall cease to be, or shall be asserted by any Credit
Party not to be, in full force and effect (other than in accordance
with its terms), or shall be declared to be null and void; any Lien
purported to be created under any Collateral Document shall cease
to be, or shall be asserted by any Credit Party not to be, a valid
and perfected Lien on any material Collateral, with the priority
required by the applicable Collateral Document, except as a result
of (i) a Disposition of the applicable Collateral in a transaction
permitted under the Credit Documents, (ii) the release thereof
as provided in Section 9.8(d) or (iii) the Collateral Agent’s
failure to maintain possession of any stock certificate, promissory
note or other instrument delivered to it under the Collateral
Documents; or this Agreement or any Collateral Document shall cease
to be in full force and effect (other than in accordance with its
terms), or shall be declared null and void, or any Credit Party
shall contest the validity or enforceability of any Credit Document
or deny that it has any further liability, including with respect
to future advances by Lenders, under any Credit Document to which
it is a party (other than in accordance with its
terms);

 

(l) Intercreditor Agreement. (i)
Any Credit Party shall knowingly contest, or knowingly support
another Person in any action that seeks to contest, the validity or
effectiveness of the Intercreditor Agreement or any other Permitted
Intercreditor Agreement (other than pursuant to the terms hereof or
thereof) or (ii) the Intercreditor Agreement, or any other
Permitted Intercreditor Agreement entered into after the date
hereof, shall, in whole or in part, terminate, cease to be
effective or cease to be legally valid, binding and enforceable
against any party thereto (other than pursuant to the terms hereof
or thereof); or

 

(m) Certain Subordination
Agreements. (i) Any Credit Party or any holder of Permitted
Subordinated Indebtedness shall knowingly contest, or knowingly
support another Person in any action that seeks to contest, the
validity or effectiveness of the subordination of any Permitted
Subordinated Indebtedness to the Obligations on the terms required
under this Agreement or (ii) any agreement (including any
subordination provisions set forth in the Permitted Subordinated
Indebtedness Documents) providing for subordination of any
Permitted Subordinated Indebtedness to the Obligations shall, in
whole or in part, terminate, cease to be effective or cease to be
legally valid, binding and enforceable against any Credit Party or
any holder of such Permitted Subordinated
Indebtedness;

 

 

 

125

 

 

THEN, (i) upon the occurrence of any Event of Default
described in Section 8.1(f) or 8.1(g), automatically, and (ii) upon
(A) the occurrence and during the continuance of any other Event of
Default and (B) notice to the Borrower by the Administrative Agent
provided at the written request of (or with the consent of) the
Requisite Lenders, (1) the Commitments shall immediately terminate,
(2) the unpaid principal amount of and accrued interest on the
Loans and all other Obligations shall immediately become due and
payable, in each case without presentment, demand, protest or other
requirement of any kind, all of which are hereby expressly waived
by each Credit Party, and (3) the Administrative Agent may cause
the Collateral Agent to enforce any and all Liens created pursuant
to the Collateral Documents.

 

After
the exercise of remedies provided for in this Section 8 (or after
the Loans have automatically become immediately due and payable,
any amounts received on account of the Obligations, whether as
proceeds of Collateral or otherwise, shall be applied by the
Administrative Agent in the following order (to the fullest extent
permitted by mandatory provisions of applicable law), subject to
the Intercreditor Agreement and the Pledge and Security
Agreement:

 

First, to payment of that portion of
the Obligations constituting fees, indemnities, expenses and other
amounts payable to each of the Administrative Agent and the
Collateral Agent in their respective capacities as
such;

 

Second, to payment of that portion of
the Obligations constituting fees, indemnities and other amounts
(other than principal and interest) payable to the Lenders, 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 (including
post-petition interest) on the Loans, ratably among the Secured
Parties 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, ratably
among the Secured Parties in proportion to the respective amounts
described in this clause Fourth held by them;

 

Fifth, to the payment of all other
Obligations of the Borrower that are due and payable to the
Administrative Agent and the other Secured Parties on such date,
ratably based upon the respective aggregate amounts of all such
Obligations owing to the Administrative Agent and the other Secured
Parties on such date; and

 

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

 

 

 

126

 

 

SECTION
9. AGENTS

 

9.1. Appointment
of Agents. Wilmington Trust
is hereby appointed Administrative Agent and Collateral Agent
hereunder and under the other Credit Documents, and each Lender
hereby authorizes Wilmington Trust to act as the Administrative
Agent and the Collateral Agent in accordance with the terms hereof
and of the other Credit Documents. Without limiting the generality
of the foregoing, the Lenders hereby expressly authorize the Agents
to (i) execute any and all documents (including releases) with
respect to the Collateral and the rights of the Secured Parties
with respect thereto, as contemplated by and in accordance with the
provisions of this Agreement and the Collateral Documents and (ii)
negotiate, enforce or settle any claim, action or proceeding
affecting the Lenders in their capacity as such, at the direction
of the Requisite Lenders and, in each case, acknowledge and agree
that any such action by any Agent shall bind the Lenders. Each such
Agent hereby agrees to act in its capacity as such upon the express
conditions contained herein and in the other Credit Documents, as
applicable. Other than Sections 9.7 and 9.8(d), the provisions
of this Section 9 are solely for the benefit of the Agents, the
Lenders, and no Credit Party shall have any rights as a third party
beneficiary of any such provisions. In performing its functions and
duties hereunder, no Agent assumes, and shall not be deemed to have
assumed, any obligation towards or relationship of agency or trust
with or for the Borrower or any Subsidiary.

 

9.2. Powers
and Duties. Each Lender
irrevocably authorizes each Agent to take such actions on such
Lender’s behalf and to exercise such powers, rights and
remedies hereunder and under the other Credit Documents as are
specifically delegated or granted to such Agent by the terms hereof
and thereof, together with such actions, powers, rights and
remedies as are reasonably incidental thereto. Each Agent shall
have only those duties and responsibilities that are expressly
specified herein and in the other Credit Documents. Each Agent may
exercise such powers, rights and remedies and perform such duties
by or through its agents, employees and other Related Parties. No
Agent shall have, by reason hereof or of any of the other Credit
Documents, a fiduciary relationship in respect of any Lender or any
other Person (regardless of whether or not a Default or an Event of
Default has occurred), it being understood and agreed that the use
of the term “agent” (or any other similar term) herein
or in any other Credit Documents with reference to any Agent is not
intended to connote any fiduciary or other implied obligations
arising under any agency doctrine of any applicable law, and that
such term is used as a matter of market custom; and nothing herein
or in any of the other Credit Documents, expressed or implied, is
intended to or shall be so construed as to impose upon any Agent
any obligations in respect hereof or of any of the other Credit
Documents except as expressly set forth herein or therein. Without
limiting the generality of the foregoing, no Agent shall, except as
expressly set forth herein and in the other Credit Documents, have
any duty to disclose, or be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that
is communicated to or obtained by the Person serving as such Agent
or any of its Affiliates in any capacity.

 

9.3. General
Immunity.

 

(a) No Responsibility for Certain
Matters. No Agent shall be responsible to any Lender for (i)
the execution, effectiveness, genuineness, validity,
enforceability, collectability or sufficiency hereof or of any
other Credit Document; (ii) the creation, perfection, maintenance,
preservation, continuation or priority of any Lien or security
interest created, purported to be created or required under any
Credit Document; (iii) the value or the sufficiency of any
Collateral; (iv) the satisfaction of any condition set forth in
Section 3 or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to such Agent; (v) the
failure of any Credit Party, Lender, or other Agent to perform its
obligations hereunder or under any other Credit Document; or (vi)
any representations, warranties, recitals or statements made herein
or therein or in any written or oral statements or in any financial
or other statements, instruments, reports or certificates or any
other documents furnished or made by any Agent to the Lenders or by
or on behalf of any Credit Party to any Agent or any Lender in
connection with the Credit Documents and the transactions
contemplated thereby or for the financial condition or affairs of
any Credit Party or any other Person liable for the payment of any
Obligations, nor shall any Agent be required to ascertain or
inquire as to the performance or observance of any of the terms,
conditions, provisions, covenants or agreements contained in any of
the Credit Documents or as to the use of the proceeds of the Loans
or as to the existence or possible existence of any Default or
Event of Default (nor shall any Agent be deemed to have knowledge
of the existence or possible existence of any Default or Event of
Default unless and until written notice thereof (stating that it is
a “notice of default”) is given to such Agent by the
Borrower or any Lender) or to make any disclosures with respect to
the foregoing. Notwithstanding anything herein to the contrary, the
Administrative Agent shall not have any liability arising from, or
be responsible for any loss, cost or expense suffered by the
Borrower, any Subsidiary or any Lender as a result of,
confirmations of the amount of outstanding Loans, the calculation
of the Weighted Average Yield with respect to any Indebtedness, any
exchange rate determination or currency conversion, the terms and
conditions of any Permitted Intercreditor Agreement or any
Permitted Subordinated Indebtedness Document or of any
subordination terms applicable to any Permitted Subordinated
Indebtedness, in each case except to the extent caused by such
Agent’s gross negligence or willful misconduct, as determined
by a final, non-appealable judgment of a court of competent
jurisdiction.

 

 

 

127

 

 

(b) Exculpatory Provisions. None of
any Agent or any of its Related Parties shall be liable to the
Lenders for any action taken or omitted by such Agent under or in
connection with any of the Credit Documents except to the extent
caused by such Agent’s gross negligence or willful
misconduct, as determined by a final, non-appealable judgment of a
court of competent jurisdiction. Without limiting the generality of
the foregoing, no Agent (i) nor any of its Related Parties shall
(x) be liable to any Secured Party for any action taken or omitted
by any Agent (i) with the consent or at the request of the
Requisite Lenders (or such other Lenders as may be required, or as
such Agent shall believe in good faith to be required, to give such
instructions under Section 8.1 or Section 10.5), or (y) in the
absence of its own gross negligence or willful misconduct as
determined by a court of competent jurisdiction by final and
nonappealable judgment, (ii) shall be subject to any fiduciary or
other implied duties, regardless of whether a Default or Event of
Default has occurred and is continuing, and (iii) shall be liable
for any apportionment or distribution of payments made by it in
good faith and if any such apportionment or distribution is
subsequently determined to have been made in error the sole
recourse of any Lender to whom payment was due but not made, shall
be to recover from other Lenders any payment in excess of the
amount to which they are determined to be entitled (and such other
Lenders hereby agree to return to such Lender any such erroneous
payments received by them). Each Agent shall be entitled to refrain
from the taking of any action (including the failure to take an
action) in connection herewith or with any of the other Credit
Documents or from the exercise of any power, discretion or
authority (including the making of any requests, determinations,
judgments, calculations or the expression of any satisfaction or
approval) vested in it hereunder or thereunder unless and until
such Agent shall have received instructions in respect thereof from
the Requisite Lenders (or such other Lenders as may be required, or
as such Agent shall believe in good faith to be required, to give
such instructions under Section 8.1 or Section 10.5) and upon
receipt of such instructions from the Requisite Lenders (or such
other Lenders, as the case may be), such Agent shall be entitled to
act or (where so instructed) refrain from acting, or to exercise
such power, discretion or authority, in accordance with such
instructions; provided that such Agent shall
not be required to take any action that, in its opinion, could
expose such Agent to liability or be contrary to any Credit
Document or applicable law, including any action that may be in
violation of the automatic stay under any Debtor Relief Laws or
that may effect a forfeiture, modification or termination of
property of a Defaulting Lender in violation of any Debtor Relief
Law. Without prejudice to the generality of the foregoing, (i) each
Agent shall be entitled to rely, and shall be fully protected in
relying, upon any notice, request, certificate, consent, statement,
instrument, document or other writing (including any telephonic
notice, electronic message, Internet or intranet website posting or
other distribution) believed by it to be genuine and to have been
signed, sent or otherwise provided by the proper Person (whether or
not such Person in fact meets the requirements set forth in the
Credit Documents for being the signatory, sender or provider
thereof) and on opinions and judgments of attorneys (who may be
attorneys for the Borrower and the Subsidiaries), accountants,
insurance consultants, architects, engineers and other experts or
professional advisors selected by it, and such Agent shall not be
liable for any action it takes or omits to take in good faith in
reliance on any of the foregoing documents; and (ii) no Lender
shall have any right of action whatsoever against any Agent as a
result of such Agent acting or (where so instructed) refraining
from acting hereunder or any of the other Credit Documents in
accordance with the instructions of the Requisite Lenders (or such
other Lenders as may be required, or as such Agent shall believe in
good faith to be required, to give such instructions under Section
8.1 or Section 10.5). In determining compliance with any condition
hereunder to the making of any Credit Extension that by its terms
must be fulfilled to the satisfaction of a Lender, the
Administrative Agent may presume the satisfaction of such Lender
unless the Administrative Agent shall have received written notice
to the contrary from such Lender reasonably in advance of such
Credit Extension.

 

 

 

128

 

 

(c) Delegation of Duties. Each
Agent may perform any and all of its duties and exercise any and
all of its powers, rights and remedies under this Agreement or any
other Credit Document by or through any one or more sub-agents
appointed by such Agent. Each Agent and any such of its sub-agents
may perform any and all of its duties and exercise any and all of
its powers, rights and remedies by or through their respective
Affiliates. The exculpatory, indemnification and other provisions
set forth in this Section 9.3 and in Sections 9.6 and 10.3 shall
apply to any such sub-agent or Affiliate (and to their respective
Related Parties) as if they were named as such Agent. No Agent
shall be responsible for the negligence or misconduct of any
sub-agent appointed by it except to the extent that a court of
competent jurisdiction determines in a final, non-appealable
judgment that such Agent acted with gross negligence or willful
misconduct in the selection of such sub-agent. Notwithstanding
anything herein to the contrary, with respect to each sub-agent
appointed by any Agent, (i) such sub-agent shall be a third party
beneficiary under the exculpatory, indemnification and other
provisions set forth in this Section 9.3 and Sections 9.6 and 10.3
and shall have all of the rights and benefits of a third party
beneficiary, including an independent right of action to enforce
such provisions directly, without the consent or joinder of any
other Person, against any or all of the Credit Parties and the
Lenders and (ii) such sub-agent shall only have obligations to
such Agent, and not to any Credit Party, any Lender or any other
Person, and no Credit Party, Lender or any other Person shall have
any rights, directly or indirectly, as a third party beneficiary or
otherwise, against such sub-agent.

 

9.4. Acts
in Individual Capacity. Nothing herein or
in any other Credit Document shall in any way impair or affect any
of the rights and powers of, or impose any duties or obligations
upon, if applicable, any Agent in its individual capacity as a
Lender hereunder. With respect to its Loans, if applicable, each
Agent shall have the same rights and powers hereunder as any other
Lender and may exercise the same as if it were not performing the
duties and functions delegated to it hereunder. Each Agent 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 banking, trust, financial
advisory, commodity, derivative or other business with the Borrower
or any of its Affiliates as if it were not performing the duties
and functions specified herein, and may accept fees and other
consideration from the Borrower and its Affiliates for services in
connection herewith and otherwise, in each case without having to
account therefor to the Lenders. Each Agent and its Affiliates,
when acting under any agreement in respect of any such activity or
under any related agreements, will be acting for its own account as
principal and will be under no obligation or duty as a result of
such Agent’s role in connection with the credit facility
provided herein or otherwise to take any action or refrain from
taking any action (including refraining from exercising any right
or remedy that might be available to it).

 

9.5. Lenders’
Representations, Warranties and Acknowledgments

 

(a)

. (a) Each Lender
represents and warrants that it has made, and will continue to
make, its own independent investigation of the financial condition
and affairs of the Borrower and the Subsidiaries in connection with
Credit Extensions or taking or not taking action under or based
upon any Credit Document, in each case without reliance on any
Agent or any of its Related Parties. No Agent shall have any duty
or responsibility, either initially or on a continuing basis, to
make any such investigation or any such appraisal on behalf of
Lenders or to provide any Lender with any credit or other
information with respect thereto, whether coming into its
possession before the making of the Credit Extensions or at any
time or times thereafter.

 

 

 

129

 

 

(b)  Each Lender,
by delivering its signature page to this Agreement or an Assignment
Agreement and funding its Loans on the Closing Date shall be deemed
to have acknowledged receipt of, and consented to and approved,
each Credit Document and each other document required to be
approved by any Agent, the Requisite Lenders or any other Lenders,
as applicable, on the Closing Date.

 

(c)   Each
Lender acknowledges and agrees that Wilmington Trust or one or more
of its Affiliates will be acting as the administrative agent and
collateral agent under the First Lien Credit Agreement and acting
as the administrative agent and collateral agent under the Second
Lien Credit Agreement and may (but is not obligated to) act as
administrative agent, collateral agent or a similar representative
for the holders of any other Permitted First Lien Indebtedness,
Permitted Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness and any Permitted Incremental Equivalent
Indebtedness and, in its capacity as the administrative agent and
collateral agent under the First Lien Credit Agreement is a party
to the Intercreditor Agreement and the 1L/2L Intercreditor
Agreement, and as administrative agent and collateral agent under
the Second Lien Credit Agreement, is a party to the 1L/2L
Intercreditor Agreement and, in such other capacities, may be a
party to a Permitted Intercreditor Agreement. Each Lender and
Credit Party waives any conflict of interest, now contemplated or
arising hereafter, in connection therewith and agrees not to assert
against Wilmington Trust or any of its Affiliates any claims,
causes of action, damages or liabilities of whatever kind or nature
relating to any such conflict of interest.

 

9.6. Right
to Indemnity. Each Lender, in
proportion to its applicable Pro Rata Share (determined as set
forth below), severally agrees to indemnify each Agent and each
Related Party thereof, to the extent that such Agent or such
Related Party shall not have been reimbursed by any Credit Party
(and without limiting any Credit Party’s obligations under
the Credit Documents to do so), for and against any and all
Indemnified Liabilities of any kind or nature whatsoever that may
be imposed on, incurred by or asserted against such Agent or any
such Related Party in its capacity as such; provided that no Lender shall
be liable for any portion of such liabilities, obligations, losses,
damages, penalties, claims, actions, judgments, suits, costs,
expenses or disbursements resulting from such Agent’s gross
negligence or willful misconduct, as determined by a final,
non-appealable judgment of a court of competent jurisdiction;
provided
further that no
action taken in accordance with the directions of the Requisite
Lenders (or such other number or percentage of the Lenders as shall
be required by the Credit Documents) shall be deemed to constitute
gross negligence or willful misconduct for purposes of this Section
9.6. If any indemnity furnished to any Agent for any purpose shall,
in the opinion of such Agent, be insufficient or become impaired,
such Agent may call for additional indemnity and cease, or not
commence, to do the acts indemnified against until such additional
indemnity is furnished; provided that in no event shall
this sentence require any Lender to indemnify such Agent against
any liability, obligation, loss, damage, penalty, claim, action,
judgment, suit, cost, expense or disbursement in excess of such
Lender’s applicable Pro Rata Share thereof; and provided further that this sentence
shall not be deemed to require any Lender to indemnify such Agent
against any liability, obligation, loss, damage, penalty, claim,
action, judgment, suit, cost, expense or disbursement described in
the first proviso (but subject to the second proviso) in the
immediately preceding sentence. In the case of any investigation,
litigation or proceeding giving rise to any Indemnified
Liabilities, this Section 9.6 applies whether any such
investigation, litigation or proceeding is brought by any Lender or
any other Person. Without limitation of the foregoing, each Lender
shall reimburse each Agent upon demand for its Pro Rata Share of
any costs or out-of-pocket expenses (with respect to the fees and
expenses of counsel, limited to such fees, expenses and
disbursements of counsel to the Agents for which the Agents are
entitled payment or reimbursement from any Borrower under Section
10.2 or 10.3) incurred by the Administrative Agent or the
Collateral Agent, as the case may be, in connection with the
preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights
or responsibilities under, this Agreement, any other Credit
Document, or any document contemplated by or referred to herein, to
the extent that the Administrative Agent or the Collateral Agent,
as the case may be, is not reimbursed for such expenses by or on
behalf of the Credit Parties; provided that such reimbursement by
the Lenders shall not affect the Credit Parties’ continuing
reimbursement obligations with respect thereto. For purposes of
this Section 9.6, “Pro Rata
Share” shall be determined as of the time that the
applicable indemnity payment is sought (or, in the event at such
time all the Commitments shall have terminated and all the Loans
shall have been repaid in full, as of the time most recently prior
thereto when any Loans or Commitments remained outstanding). Each
Lender hereby authorizes the Administrative Agent and Collateral
Agent to set off and apply any and all amounts at any time owing to
such Lender under any Credit Document or otherwise payable by the
Administrative Agent or the Collateral Agent to such Lender from
any source against any amount due to the Administrative Agent or
the Collateral Agent under this Section 9.6. The undertaking in
this Section 9.6 shall survive termination of the Commitments, the
payment of all other Obligations and the resignation and/or
replacement of the Administrative Agent or the Collateral Agent, as
the case may be.

 

 

 

130

 

 

9.7. Successor
Administrative Agent and Collateral Agent. Subject to the
terms of this Section 9.7, the Administrative Agent may resign at
any time from its capacity as such. In connection with such
resignation, the Administrative Agent shall give notice of its
intent to resign to the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Requisite Lenders, subject to,
unless an Event of Default shall have occurred and is continuing,
the prior written consent of the Borrower (not to be unreasonably
withheld, conditioned or delayed), shall have the right to appoint
a successor. If no successor shall have been so appointed by the
Requisite Lenders and shall have accepted such appointment within
30 days after the resigning Administrative Agent gives notice of
its intent to resign, then the resigning Administrative Agent may,
on behalf of the Lenders, appoint a successor; provided that in no event shall
any such successor Administrative Agent be a Defaulting Lender or a
Disqualified Institution. If the Administrative Agent shall be a
Defaulting Lender pursuant to clause (d) of the definition of such
term, the Requisite Lenders may, to the extent permitted by
applicable law, by notice in writing to the Borrower and the
Administrative Agent remove the Administrative Agent in its
capacity as such and, subject to, unless an Event of Default shall
have occurred and is continuing, the prior written consent of the
Borrower (not to be unreasonably withheld, conditioned or delayed),
appoint a successor. Any resignation or removal of the
Administrative Agent shall be deemed to be a resignation of the
Collateral Agent, and any successor Administrative Agent appointed
pursuant to this Section 9.7 shall, upon its acceptance of such
appointment, become the successor Collateral Agent for all purposes
of the Credit Documents. Upon the acceptance of its appointment as
Administrative Agent and Collateral Agent hereunder by a successor,
such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, and the resigning or
removed Administrative Agent and Collateral Agent shall be
discharged from its duties and obligations hereunder and under the
other Credit Documents. The fees payable by the Borrower to a
successor Administrative Agent and Collateral Agent shall be the
same as those payable to its predecessor unless otherwise agreed by
the Borrower and such successor. Notwithstanding the foregoing, in the
event (a) no successor to a resigning Administrative Agent shall
have been so appointed and shall have accepted such appointment
within 30 days after the resigning Administrative Agent gives
notice of its intent to resign, the resigning Administrative Agent
may give notice of the effectiveness of its resignation to the
Lenders and the Borrower or (b) no successor to a removed
Administrative Agent shall have been so appointed and shall have
accepted such appointment by the day that is 30 days following of
the issuance of a notice of removal, the removal shall become
effective on such 30th day, and on the date of effectiveness of
such resignation or removal, as the case may be, (i) the resigning
or removed Administrative Agent and Collateral Agent shall be
discharged from its duties and obligations hereunder and under the
other Credit Documents, provided that, solely for
purposes of maintaining any security interest granted to the
Collateral Agent under any Collateral Document for the benefit of
the Secured Parties, the resigning or removed Collateral Agent
shall continue to be vested with such security interest as
collateral agent for the benefit of the Secured Parties and, in the
case of any Collateral in the possession of the Collateral Agent,
shall continue to hold such Collateral, in each case until such
time as a successor Collateral Agent is appointed and accepts such
appointment in accordance with this paragraph (it being understood
and agreed that the resigning or removed Collateral Agent shall
have no duty or obligation to take any further action under any
Collateral Document, including any action required to maintain the
perfection of any such security interest), and (ii) the Requisite
Lenders shall succeed to and become vested with all the rights,
powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, provided that (A) all payments
required to be made hereunder or under any other Credit Document to
the Administrative Agent for the account of any Person other than
the Administrative Agent shall be made directly to such Person and
(B) all notices and other communications required or contemplated
to be given or made to the Administrative Agent or the Collateral
Agent shall also directly be given or made to each Lender.
Following the effectiveness of the Administrative Agent’s and
Collateral Agent’s resignation from its capacity as such, the
provisions of this Section 9 and of Section 10.2 and Section 10.3
shall continue in effect for the benefit of such resigning or
removed 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 it was acting as Administrative Agent or Collateral
Agent, as applicable, and in respect of the matters referred to in
the proviso under clause (a) above.

 

 

 

131

 

 

9.8. Collateral
Documents and Obligations Guarantee. Agents under Collateral Documents and
the Obligations Guarantee. Each Secured Party hereby further
authorizes the Administrative Agent and the Collateral Agent to be
the agent for and representative of the Secured Parties with
respect to the Guarantees purported to be created under the Credit
Documents, the Collateral and the Credit Documents and authorizes
the Administrative Agent and the Collateral Agent to execute and
deliver, on behalf of such Secured Party, any Collateral Documents
that the Administrative Agent or the Collateral Agent determines in
its discretion to execute and deliver in connection with the
satisfaction of the Collateral and Guarantee Requirement (and
hereby grants to the Administrative Agent and the Collateral Agent
any power of attorney that may be required under any applicable law
in connection with such execution and delivery on behalf of such
Secured Party).

 

(a) Right to Realize on Collateral and
Enforce Obligations Guarantee. Notwithstanding anything
contained in any of the Credit Documents to the contrary, the
Credit Parties, the Administrative Agent, the Collateral Agent and
each Secured Party hereby agree that (i) except with respect
to the exercise of set-off rights of any Lender or with respect to
a Secured Party’s right to file a proof of claim in any
proceeding under the Debtor Relief Laws, no Secured Party shall
have any right individually to realize upon any of the Collateral
or to enforce any Guarantees purported to be created under the
Credit Documents, it being understood and agreed that all powers,
rights and remedies under the Credit Documents may be exercised
solely by the Administrative Agent or the Collateral Agent, as
applicable, for the benefit of the Secured Parties in accordance
with the terms thereof and that all powers, rights and remedies
under the Collateral Documents may be exercised solely by the
Collateral Agent for the benefit of the Secured Parties in
accordance with the terms thereof, (ii) [reserved] and (iii)
in the event of a foreclosure, exercise of a power of sale or
similar enforcement action by the Collateral Agent on any of the
Collateral pursuant to a public or private sale or other
disposition (including pursuant to Section 363(k), Section
1129(b)(2)(a)(ii) or any other applicable section of the Bankruptcy
Code, any analogous Debtor Relief Laws or any law relating to the
granting or perfection of security interests), the Collateral Agent
(or any Lender, except with respect to a “credit bid” pursuant to Section
363(k), Section 1129(b)(2)(a)(ii) or any other applicable
section of the Bankruptcy Code any analogous Debtor Relief Laws or
any law relating to the granting or perfection of security
interests) may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition and the Collateral
Agent, as agent for and representative of the Secured Parties (but
not any Lender or Lenders in its or their respective individual
capacities) shall be entitled, upon instructions from the Requisite
Lenders (subject to procedures reasonably satisfactory to the
Collateral Agent), for the purpose of bidding and making settlement
or payment of the purchase price for all or any portion of the
Collateral sold or licensed at any such sale or other disposition,
to use and apply any of the Obligations as a credit on account of
the purchase price for any Collateral payable by the Collateral
Agent at such sale or other disposition. In connection with any
such bid referred to in clause (iii) above, (A) the Collateral
Agent shall be authorized to form one or more acquisition vehicles
to make a bid, (B) the Collateral Agent shall be authorized to
adopt documents providing for the governance of the acquisition
vehicle or vehicles (provided that any actions by
the Collateral Agent with respect to such acquisition vehicle or
vehicles, including any disposition of the assets or Equity
Interests thereof, shall be governed, directly or indirectly, by
the vote of the Requisite Lenders, irrespective of the termination
of this Agreement and without giving effect to the limitations on
actions by the Requisite Lenders contained in Section 10.5(a),
(C) the Collateral Agent shall be authorized to assign the relevant
Obligations to any such acquisition vehicle pro rata among the
Lenders, as a result of which each of the Lenders shall be deemed
to have received a pro rata portion of any Equity Interests and/or
debt instruments issued by such an acquisition vehicle on account
of the assignment of the Obligations to be credit bid, all without
the need for any Secured Party or acquisition vehicle to take any
further action, and (D) to the extent that Obligations that are
assigned to an acquisition vehicle are not used to acquire
Collateral for any reason (as a result of another bid being higher
or better, because the amount of Obligations assigned to the
acquisition vehicle exceeds the amount of debt credit bid by the
acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Lenders pro rata and the Equity
Interests and/or debt instruments issued by any acquisition vehicle
on account of the Obligations that had been assigned to the
acquisition vehicle shall automatically be cancelled, without the
need for any Secured Party or any acquisition vehicle to take any
further action.

 

 

 

132

 

 

(b) [Reserved].

 

(c) Release of Collateral and Obligations
Guarantees. Notwithstanding anything to the contrary herein
or in any other Credit Document:

 

(i) When all
Obligations have been paid in full (excluding contingent
obligations as to which no claim has been made) and all Commitments
have terminated, upon request of the Borrower, the Administrative
Agent and the Collateral Agent shall (without notice to, or vote or
consent of, any Secured Party) take such actions as shall be
required to release its security interest in all Collateral, and to
release all Guarantees provided for in any Credit
Document.

 

(ii)  If
(x) any Guarantor Subsidiary shall have been designated as an
Unrestricted Subsidiary in accordance with the terms hereof or (y)
all the Equity Interests in any Guarantor Subsidiary held by the
Borrower and the Subsidiaries shall be sold or otherwise disposed
of (including by merger or consolidation) in any transaction
permitted by this Agreement, and as a result of such sale or other
disposition such Guarantor Subsidiary shall cease to be a
Subsidiary of the Borrower, such Guarantor Subsidiary shall, upon
effectiveness of such designation, or the consummation of such sale
or other disposition, automatically be discharged and released from
its Obligations Guarantee and all security interests created by the
Collateral Documents in Collateral owned by such Guarantor
Subsidiary shall be automatically released, without any further
action by any Secured Party or any other Person; provided that no such discharge
or release shall occur unless substantially concurrently therewith,
such Subsidiary shall have been discharged and released from its
Guarantee of all Permitted First Lien Indebtedness, Permitted
Second Lien Indebtedness, all Permitted Credit Agreement
Refinancing Indebtedness, all Permitted Incremental Equivalent
Indebtedness and all Permitted Subordinated Indebtedness, and all
Liens on the assets of such Subsidiary securing any such
Indebtedness shall have been released.

 

(A) Upon any sale or
other transfer by any Credit Party (other than to the Borrower or
any Restricted Subsidiary) of any Collateral in a transaction
permitted under this Agreement, or upon the effectiveness of any
written consent to the release of the security interest created
under any Collateral Document in any Collateral pursuant to
Section 10.5, the security interests in such Collateral
created by the Collateral Documents shall be automatically
released, without any further action by any Secured Party or any
other Person; provided that no such release
shall occur unless substantially concurrently therewith, such
Collateral shall cease to be subject to any security interests
securing any Permitted First Lien Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness and any Permitted
Incremental Equivalent Indebtedness.

 

 

 

133

 

 

(iii) Each
Secured Party authorizes the Collateral Agent to subordinate, at
the request of the Borrower, any Lien on any property granted to or
held by the Collateral Agent under any Credit Document to the
holder of any Lien on such property that is permitted by
Section 6.2(d) or 6.2(o); provided that no such
subordination shall occur unless substantially concurrently
therewith, any Lien on such property securing any Permitted First
Lien Indebtedness, Permitted Second Lien Indebtedness, any
Permitted Credit Agreement Refinancing Indebtedness and any
Permitted Incremental Equivalent Indebtedness shall also be so
subordinated.

 

(iv) In
connection with any termination, release or subordination pursuant
to this Section 9.8(d), the Administrative Agent and the Collateral
Agent shall execute and deliver to any Credit Party, at such Credit
Party’s expense, all documents that such Credit Party shall
reasonably request to evidence such termination, release or
subordination provided, that, other than in the case of a release
pursuant to Section 9.8(d)(i) above, the Borrower or other
applicable Loan Party shall have provided the Administrative Agent
and the Collateral Agent, at least five (5) Business Days prior to
the date of the proposed termination, release or subordination, a
request for such termination, release or subordination identifying
the terms of the termination, release or subordination in
reasonable detail, together with a written certification by the
Borrower stating that such transaction is in compliance with this
Agreement and the other Credit Documents (and the Lenders hereby
authorize and direct each Agent to conclusively rely on such
certifications in performing its obligations under this Section
9.8(d)). Any execution and delivery of documents pursuant to this
Section 9.8(d) shall be without recourse to or warranty by the
Administrative Agent or the Collateral Agent.

 

(d) Additional Exculpatory
Provisions. The Collateral Agent shall not be responsible
for or have a duty to ascertain or inquire into any representation
or warranty regarding the existence, value or collectability of any
Collateral, the existence, priority or perfection of the Collateral
Agent’s Lien on any Collateral or any certificate prepared by
any Credit Party in connection therewith, nor shall the Collateral
Agent be responsible or liable to the Secured Parties for any
failure to monitor or maintain any portion of the
Collateral.

 

(e) Acceptance of Benefits. Each
Secured Party, whether or not a party hereto, will be deemed, by
its acceptance of the benefits of the Collateral or the Guarantees
purported to be created under the Credit Documents, to have agreed
to the provisions of this Section 9 (including the authorization
and the grant of the power of attorney pursuant to Section 9.8(a)),
Section 10.24 and all the other provisions of this Agreement
relating to Collateral, any such Guarantee or any Collateral
Document and to have agreed to be bound by the Credit Documents as
a Secured Party thereunder. It is understood and agreed that the
benefits of the Collateral and any such Guarantee to any Secured
Party are made available on an express condition that, and is
subject to, such Secured Party not asserting that it is not bound
by the appointments and other agreements expressed herein to be
made, or deemed herein to be made, by such Secured
Party.

 

 

 

134

 

 

9.9. Withholding
Taxes. 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 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, or if the Administrative Agent reasonably
determines that a payment was made to a Lender pursuant to this
Agreement without deduction of applicable withholding Tax from such
payment, 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.

 

9.10. Administrative
Agent May File Bankruptcy Disclosure and Proofs of
Claim. In case of the
pendency of any proceeding under any Debtor Relief Laws with
respect to any Credit 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 proceeding or otherwise:

 

(a) to file a verified
statement pursuant to rule 2019 of the Federal Rules of Bankruptcy
Procedure that, in its sole opinion, complies with such
rule’s disclosure requirements for entities representing more
than one creditor;

 

(b) 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,
the Administrative Agent, the Collateral Agent and any other
Secured Party (including any claim under Sections 2.7, 2.9, 2.15,
2.17, 2.18, 2.19, 10.2 and 10.3) allowed in such judicial
proceeding; and

 

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

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such proceeding is hereby authorized
by each Lender and each other Secured Party to make such payments
to the Administrative Agent and, in the event that the
Administrative Agent shall consent to the making of such payments
directly to the Lenders or the other Secured Parties, to pay to the
Administrative Agent any amount due to the Administrative Agent, in
such capacity or in its capacity as the Collateral Agent, or to its
Related Parties under the Credit Documents (including under Section
10.2 and Section 10.3). To the extent that the payment of any such
amounts due to the Administrative Agent, in such capacity or in its
capacity as the Collateral Agent, or to its Related Parties out of
the estate in any such proceeding shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money,
securities and other property that the Lenders, or the other
Secured Parties may be entitled to receive in such proceeding,
whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing contained herein shall be deemed
to authorize the Administrative Agent to authorize or consent to or
accept or adopt on behalf of any Lender any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or
the rights of any Lender, or to vote in respect of the claim of any
Lender in any such proceeding.

 

 

 

135

 

 

9.11. Certain
ERISA Matters.

 

(a) Each Lender (x)
represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of, the Administrative Agent
and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Credit 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) of one or more Benefit Plans with respect to such
Lender’s entrance into, participation in, administration of
and performance of the Loans, Commitments or this
Agreement,

 

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

 

(iii) (A)
such Lender is an investment fund managed by a “Qualified Professional Asset
Manager” (within the meaning of Part VI of PTE 84-14),
(B) such Qualified Professional Asset Manager made the investment
decision on behalf of such Lender to enter into, participate in,
administer and perform the Loans, Commitments and this Agreement,
(C) the entrance into, participation in, administration of and
performance of the Loans, Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE
84- 14 and (D) to the best knowledge of such Lender, the
requirements of subsection (a) of Part I of PTE 84-14 are satisfied
with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, 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 (1) sub-clause (i) in the immediately preceding clause (a)
is true with respect to a Lender or (2) a Lender has provided
another representation, warranty and covenant in accordance with
sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Credit Party, that the
Administrative Agent is not a fiduciary with respect to the assets
of such Lender involved in such Lender’s entrance into,
participation in, administration of and performance of the Loans,
Commitments and this Agreement (including in connection with the
reservation or exercise of any rights by the Administrative Agent
under this Agreement, any Credit Document or any documents related
hereto or thereto).

 

 

 

136

 

 

SECTION
10. MISCELLANEOUS

 

10.1. Notices.
Notices Generally.
Any notice or other communication hereunder given to any Credit
Party, the Administrative Agent, the Collateral Agent or any Lender
shall be given to such Person at its address, fax number or e-mail
address as set forth on Schedule 10.1
or, in the case of any Lender, at such address, fax number or
e-mail address as shall have been provided by such Lender to the
Administrative Agent in writing; provided that, notwithstanding
the foregoing, no notice or other communication hereunder may be
provided to any Credit Party by means of a fax. Except in the case
of notices and other communications expressly permitted to be given
as provided in Section 10.1(b), each notice or other
communication hereunder shall be in writing and shall be delivered
in person or sent by e-mail, courier service or certified or
registered United States mail or, except for notices or other
communications to any Credit Party, facsimile and shall be deemed
to have been given when delivered in person or by courier service
and signed for against receipt thereof, when sent by facsimile as
shown on the transmission report therefor (or, if not sent during
normal business hours for the recipient, at the opening of business
on the next Business Day for the recipient), as provided in Section
10.1(b) if sent by e-mail or upon receipt if sent by United States
mail; provided that
no notice or other communication given to the Administrative Agent
or the Collateral Agent shall be effective until received by it;
and provided
further that any
such notice or other communication shall, at the request of the
Administrative Agent, be provided to any sub-agent appointed
pursuant to Section 9.3(c) from time to time. Any party hereto
may change its address (including its e-mail address, fax or
telephone number) for notices and other communications hereunder by
notice to each of the Administrative Agent and the
Borrower.

 

(a) Electronic
Communications.

 

(i) Notices and other
communications to any Lender hereunder may be delivered or
furnished by electronic communication (including e-mail and
Internet or intranet websites, including the Platform) pursuant to
procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices to any Lender pursuant to Section 2
if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Section by electronic
communication. Each of the Administrative Agent, the Collateral
Agent and 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
or rescinded by such Person by notice to each other such Person;
provided,
further, that
notices and other communications to the Administrative Agent or the
Collateral Agent may be delivered to it at the e-mail address
specified in Section 10.1(a). Unless the Administrative Agent
otherwise prescribes, (A) notices and other communications
sent to an e-mail address, if not sent during the normal business
hours of the recipient, shall be deemed to have been sent at the
opening of business on the next Business Day for the recipient; and
(B) 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 (A) of notification that such notice or
communication is available and identifying the website address
therefor.

 

 

 

137

 

 

(ii) Each
party hereto understands that the distribution of materials through
an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution,
and agrees and assumes the risks associated with such electronic
distribution, except to the extent caused by the willful misconduct
or gross negligence of the Administrative Agent, as determined by a
final, non-appealable judgment of a court of competent
jurisdiction.

 

(iii) THE
PLATFORM AND ANY APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED
“AS IS” AND “AS AVAILABLE”. NONE OF THE
AGENTS OR ANY OF THEIR RELATED PARTIES WARRANTS AS TO THE ACCURACY,
ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS
OR THE PLATFORM, AND EACH OF THE AGENTS AND THEIR RELATED PARTIES
EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE
PLATFORM AND THE APPROVED ELECTRONIC 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 ANY AGENT OR ANY OF ITS RELATED PARTIES IN
CONNECTION WITH THE PLATFORM OR THE APPROVED ELECTRONIC
COMMUNICATIONS.

 

(iv) Each
Credit Party and each Lender agrees that the Administrative Agent
may, but shall not be obligated to, store any Approved Electronic
Communications on the Platform in accordance with the
Administrative Agent’s customary document retention
procedures and policies.

 

(b) Private Side Information
Contacts. Each Public Lender agrees to cause at least one
individual at or acting on behalf of such Public Lender to at all
times have selected the “Private Side Information” or
similar designation on the content declaration screen of the
Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures
and applicable law, including United States federal and state
securities laws, to make reference to information that is not made
available through the “Public
Side Information” portion of the Platform and that may
contain Private-Side Information. In the event that any Public
Lender has determined for itself not to access any information
disclosed through the Platform or otherwise, such Public Lender
acknowledges that (i) other Lenders may have availed themselves of
such information and (ii) none of any Credit Party or any Agent has
any responsibility for such Public Lender’s decision to limit
the scope of the information it has obtained in connection with
this Agreement and the other Credit Documents.

 

 

 

138

 

 

10.2. Expenses.
The Borrower agrees to pay promptly (a) all reasonable and
documented out-of-pocket costs and expenses (including the
reasonable fees, expenses and other charges of counsel) incurred by
any Agent, the Ad Hoc Group of Term Lenders and any of their
respective Affiliates in connection with the structuring,
documentation, negotiation, arrangement and syndication of the
credit facilities provided for herein and any credit or similar
facility refinancing, extending or replacing, in whole or in part,
the credit facilities provided herein, including the preparation,
execution, delivery and administration of this Agreement, the other
Credit Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions
contemplated thereby shall be consummated) or any other document or
matter requested by the Borrower or any other Credit Party, (b) all
reasonable and documented out-of-pocket costs and expenses of
creating, perfecting, recording, maintaining and preserving Liens
in favor of the Collateral Agent for the benefit of the Secured
Parties, including filing and recording fees, expenses and taxes,
stamp or documentary taxes, search fees, title insurance premiums
and reasonable fees, expenses and other charges of counsel to the
Collateral Agent and of counsel providing any opinions that the
Administrative Agent or the Collateral Agent may reasonably request
in respect of the Collateral or the Liens created pursuant to the
Collateral Documents, (c) all reasonable and documented
out-of-pocket costs, fees, expenses and other charges of any
auditors, accountants, consultants or appraisers of any Agent or
the Ad Hoc Group of Term Lenders, (d) all reasonable and documented
out-of-pocket costs and expenses (including the reasonable fees,
expenses and other charges of any appraisers, consultants, advisors
and agents employed or retained by the Collateral Agent and its
counsel) in connection with the custody or preservation of any of
the Collateral or any insurance process, (e) all out-of-pocket
costs and expenses, including reasonable fees, expenses and other
charges of counsel and costs of settlement, incurred by any Agent,
any Lender, the Ad Hoc Group of Term Lenders and any Term Loan
Lender Advisor in enforcing any Obligations of or in collecting any
payments due from any Credit Party hereunder or under the other
Credit Documents by reason of such Default or Event of Default
(including in connection with the sale, lease or license of,
collection from, or other realization upon any of the Collateral or
the enforcement of any Obligations Guarantee) or in connection with
any refinancing or restructuring of the credit arrangements
provided hereunder in the nature of a “work-out” or
pursuant to any insolvency or bankruptcy cases or proceedings and
(f) all reasonable and documented or invoiced out-of-pocket costs
and expenses incurred by the Ad Hoc Group of Term Lenders, the
Lenders, and the Term Loan Lender Advisors, in each case, in
connection with the negotiation, execution, delivery and
administration of the RSA, the other instruments, documents and
agreements relating to the RSA and the transactions contemplated
thereby (including the Chapter 11 Cases) or any amendments,
modifications or waivers of the provisions thereof; provided that, in the case of
clauses (a), (b), (c) and (d) above, costs and expenses with
respect to counsel shall be limited to (i) one primary counsel for
the Agents and their Related Parties (taken as a whole), (ii) one
primary counsel for the Lenders and their Related Parties (taken as
a whole), (iii) in the event of any proceeding or hearing under any
Debtor Relief Laws in any jurisdiction other than New York, (x) one
firm of local counsel for the Agents and their Related Parties
(taken as a whole) and (y) one firm of local counsel for the
Lenders and their Related Parties (taken as a whole), (iv) one firm
of regulatory counsel and (v) if reasonably necessary, one firm of
local counsel in each applicable jurisdiction (other than as
described in the preceding clause (iii)), in the case of clauses
(iv) and (v) above, for all Persons entitled to reimbursement under
this Section 10.2 (and, if any such Person shall have advised the
Borrower that there is an actual or perceived conflict of interest,
one additional firm of primary counsel, one additional firm of
regulatory counsel, and, if reasonably necessary, one additional
firm of local counsel in each applicable jurisdiction for each
group of affected Persons that are similarly situated (in each
case, excluding allocated costs of in-house counsel)). All amounts
due under this Section 10.2 shall be payable promptly after written
demand therefor.

 

 

 

139

 

 

10.3. Indemnity.
In addition to the payment of expenses pursuant to Section 10.2,
each Credit Party agrees to defend (subject to the applicable
Indemnitee’s selection of counsel), indemnify, pay and hold
harmless each Agent (and each sub-agent thereof) and Lender and
each of their respective Related Parties (each, an
“Indemnitee”),
from and against any and all Indemnified Liabilities. THE FOREGOING INDEMNIFICATION SHALL APPLY
WHETHER OR NOT SUCH INDEMNIFIED LIABILITIES ARE IN ANY WAY OR TO
ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF
STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY OR OUT OF
ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNITEE;
provided that no
Credit Party shall have any obligation to any Indemnitee hereunder
with respect to any Indemnified Liabilities to the extent such
Indemnified Liabilities have been found by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted from
(i) the gross negligence or willful misconduct of such Indemnitee
or its Related Parties, (ii) other than in the case of any Agent or
any of its Related Parties, a material breach in bad faith by such
Indemnitee or its Related Parties of its express obligations under
this Agreement or (iii) any action, investigation, claim,
litigation or proceeding not involving an act or omission by any
Credit Party or the equityholders or Affiliates of any Credit Party
(or the Related Parties of any Credit Party) that is brought by an
Indemnitee against another Indemnitee (other than against any Agent
(or any holder of any other title or role) in its capacity as
such). This Section 10.3(a) shall not apply with respect to Taxes
other than any Taxes that represent Indemnified Liabilities arising
from any non-Tax claim.

 

(a) To the extent
permitted by applicable law, no Credit Party shall assert, and each
Credit Party hereby waives, any claim against any Agent or any
Lender or any Related Party of any of the foregoing on any theory
of liability, for indirect, consequential, special or punitive
damages (as opposed to direct or actual damages) (whether or not
the claim therefor is based on contract, tort or any duty imposed
by any applicable legal requirement) arising out of, in connection
with, as a result of, or in any way related to this Agreement or
any other Credit Document or any agreement or instrument
contemplated hereby or thereby or referred to herein or therein,
the transactions contemplated hereby or thereby, the syndication of
the credit facilities provided for herein, any Loan or the use of
the proceeds thereof or any act or omission or event occurring in
connection therewith, and each Credit Party hereby waives, releases
and agrees not to sue upon any such claim for indirect,
consequential, special or punitive damages, whether or not accrued
and whether or not known or suspected to exist in its
favor.

 

(b) Each Credit Party
agrees that no Agent or Lender or any Related Party of any of the
foregoing will have any liability to any Credit Party or any Person
asserting claims on behalf of or in right of any Credit Party or
any other Person in connection with or as a result of this
Agreement or any other Credit Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, any Loan
or the use of the proceeds thereof or any act or omission or event
occurring in connection therewith except (but subject to Section
10.3(b)), in the case of any Credit Party, to the extent that any
losses, claims, damages, liabilities or expenses have been found by
a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from (i) the gross negligence or
willful misconduct of such Agent or Lender or its Related Parties
in performing its obligations under this Agreement or any other
Credit Document or (ii) other than in the case of any Agent or its
Related Parties, a material breach in bad faith by such Lender or
its Related Parties of its express obligations under this
Agreement.

 

 

 

140

 

 

10.4. Set-Off.
In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, upon the
occurrence and during the continuance of any Event of Default each
Lender is hereby authorized by each Credit Party at any time or
from time to time, without notice to any Credit Party, any such
notice being hereby expressly waived, to set-off and to appropriate
and to apply any and all deposits (general or special, including
Indebtedness evidenced by certificates of deposit, whether matured
or unmatured, but not including trust accounts) and any other
Indebtedness at any time held or owing by such Lender to or for the
credit or the account of any Credit Party against and on account of
the obligations and liabilities of any Credit Party to such Lender
hereunder and under the other Credit Documents, including all
claims of any nature or description arising out of or connected
hereto or thereto, irrespective of whether or not (a) such Lender
shall have made any demand hereunder or (b) the principal of or the
interest on the Loans or any other amounts due hereunder shall have
become due and payable and although such obligations and
liabilities, or any of them, may be contingent or unmatured. Each
Lender agrees to notify the Administrative Agent promptly after any
such set-off and application; provided that the failure to
give such notice shall not affect the validity of such set-off and
application.

 

10.5. Amendments
and Waivers. Requisite Lenders’
Consent. None of this Agreement, any other Credit Document
or any provision hereof or thereof may be waived, amended or
modified, and no consent to any departure by any Credit Party
therefrom may be made, except, subject to the additional
requirements of Sections 10.5(b) and 10.5(c) and as otherwise
provided in Section 10.5(e), in the case of this Agreement,
pursuant to an agreement or agreements in writing entered into by
the Borrower and the Requisite Lenders, and acknowledged by the
Administrative Agent, and, in the case of any other Credit
Document, pursuant to an agreement or agreements in writing entered
into by the Administrative Agent or the Collateral Agent, as
applicable, and the Credit Party or Credit Parties that are parties
thereto, in each case with the consent of the Requisite Lenders;
provided, that any
amendment or modification to the Administrative Agent Fee Letter,
or waiver of any rights or privileges thereunder, shall only
require the consent of the Borrower and the Agents; provided, further, that the prior written
consent of Lenders having or holding Term Loan Exposure
representing more than 66 2/3% of the sum of the Term Loan Exposure
of all the Lenders at such time (excluding the Term Loan Exposure
of Defaulting Lenders) shall be required to extend the scheduled
final maturity date of any Loan (it being understood that any such
extension beyond July 3, 2019 shall also be subject to Section
10.5(b)(ii)).

 

(a) Affected Lenders’
Consent. In addition to any consent required pursuant to
Section 10.5(a), without the written consent of each Lender
that would be directly affected thereby, no waiver, amendment or
other modification of this Agreement or any other Credit Document,
or any consent to any departure by any Credit Party therefrom,
shall be effective if the effect thereof would be to:

 

(i) increase any
Commitment or postpone the scheduled expiration date of any
Commitment (it being understood that no waiver, amendment or other
modification of any condition precedent, covenant, Default or Event
of Default shall constitute an increase in any Commitment of any
Lender);

 

 

 

141

 

 

(ii) extend
the scheduled final maturity date of any Loan beyond July 3,
2019;

 

(iii) [Reserved];

 

(iv) waive,
reduce or postpone any scheduled amortization payment (but not any
voluntary or mandatory prepayment) of any Loan;

 

(v) reduce the rate of
interest on any Loan (other than any waiver of any increase in the
interest rate applicable to any Loan pursuant to Section 2.9) or
any fee or any premium payable hereunder), or waive or postpone the
time for payment of any such interest, fee or premium;

 

(vi) reduce
the principal amount of any Loan;

 

(vii) waive,
amend or otherwise modify any provision of this Section 10.5(b),
Section 10.5(c) or any other provision of this Agreement or any
other Credit Document that expressly provides that the consent of
all Lenders is required to waive, amend or otherwise modify any
rights thereunder or to make any determination or grant any consent
thereunder (including such provision set forth in Section
10.6(a));

 

(viii) amend
the percentage specified in the definition of the term
“Requisite
Lenders” or amend the term “Pro Rata Share” or waive, amend or
otherwise modify Section 2.16 hereof or Section 5.02 of the Pledge
and Security Agreement (and any comparable provision of any other
Collateral Document) in a manner that would alter the pro rata
sharing of payments required thereby; or

 

(ix) release
all or substantially all the Collateral from the Liens of the
Collateral Documents, or all or substantially all the Guarantor
Subsidiaries from the Guarantees created under the Credit Documents
(or limit liability of all or substantially all the Guarantor
Subsidiaries in respect of any such Guarantee), in each case except
as expressly provided in the Credit Documents and except in
connection with a “credit
bid” undertaken by the Collateral Agent at the
direction of the Requisite Lenders pursuant to section 363(k),
section 1129(b)(2)(a)(ii) or any other section of the
Bankruptcy Code or any other sale or other disposition of assets in
connection with other Debtor Relief Laws or an enforcement action
with respect to the Collateral permitted pursuant to the Credit
Documents (in which case only the consent of the Requisite Lenders
will be required for such release) (it being understood that
(A) an amendment or other modification of the type of
obligations secured by the Collateral Documents or Guaranteed
hereunder or thereunder shall not be deemed to be a release of the
Collateral from the Liens of the Collateral Documents or a release
or limitation of any such Guarantee and (B) an amendment or
other modification of Section 6.8 shall only require the consent of
the Requisite Lenders);

 

provided that, for the
avoidance of doubt, all Lenders shall be deemed directly affected
by any waiver, amendment or other modification, or any consent,
described in the preceding clauses (vii), (viii) and
(ix).

 

 

 

142

 

 

(b) Other Consents. No waiver,
amendment or other modification of this Agreement or any other
Credit Document, or any consent to any departure by any Credit
Party therefrom, shall:

 

(i) [reserved];

 

(ii) waive,
amend or otherwise modify the rights, duties, privileges,
protections, indemnities, immunities or obligations of, or any fees
or other amounts payable to any Agent without the prior written
consent of such Agent.

 

(c) [Reserved].

 

(d) Certain Permitted Amendments.
Notwithstanding anything herein or in any other Credit Document to
the contrary:

 

(i) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower and the
Administrative Agent to cure any obvious error or any ambiguity,
omission, defect or inconsistency of a technical nature, so long as
the Lenders shall have received at least five Business Days’
prior written notice thereof and the Administrative Agent shall not
have received, within five Business Days of the date of such notice
to the Lenders, a written notice from the Requisite Lenders stating
that the Requisite Lenders object to such amendment;

 

(ii) the
Borrower, the Requisite Lenders, the Term Loan Lenders providing
additional Term Loans pursuant to Section 2.1(a)(ii) and the
Administrative Agent may, without the consent of any other Lender,
enter into amendments to this Agreement and the other Credit
Documents as may be necessary or appropriate, in the good faith
determination of the Lenders providing such additional Term Loans,
to give effect to the provisions of Section
2.1(a)(ii);

 

(iii) in
connection with the incurrence of any Permitted First Lien
Indebtedness, Permitted Second Lien Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness or any Permitted
Incremental Equivalent Indebtedness, this Agreement and the other
Credit Documents may be amended by an agreement in writing entered
into by the Borrower and the Administrative Agent to add any
covenant applicable to the Borrower and/or the Restricted
Subsidiaries (including any Previously Absent Financial Maintenance
Covenant) or any other provisions for the benefit of the
Lenders;

 

(iv) the
Administrative Agent and the Collateral Agent may, without the
consent of any other Secured Party, (A) consent to a departure by
any Credit Party from any covenant of such Credit Party set forth
in this Agreement or any other Credit Document to the extent such
departure is consistent with the authority of the Collateral Agent
set forth in the definition of the term “Collateral and Guarantee
Requirement” or (B) waive, amend or modify any
provision in any Credit Document (other than this Agreement), or
consent to a departure by any Credit Party therefrom, to the extent
the Administrative Agent or the Collateral Agent determines that
such waiver, amendment, modification or consent is necessary in
order to eliminate any conflict between such provision and the
terms of this Agreement;

 

 

 

143

 

 

(v) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower, the
Administrative Agent and the Lenders that will remain parties
hereto after giving effect to such amendment if (A) by the terms of
such agreement the Commitments of each Lender not consenting to the
amendment provided for therein shall be reduced to zero upon the
effectiveness of such amendment and (B) at the time such amendment
becomes effective, each Lender not consenting thereto receives
payment in full of the principal of and interest accrued on each
Loan made by it and all other amounts owing to it or accrued for
its account under this Agreement; and

 

(vi) this
Agreement and the other Credit Documents may be amended in the
manner provided in Section 10.24.

 

Each
Lender hereby expressly authorizes the Administrative Agent and/or
the Collateral Agent to enter into any waiver, amendment or other
modification of this Agreement and the other Credit Documents
contemplated by this Section 10.5(e).

 

(e) Requisite Execution of Amendments,
Etc. With the concurrence of any Lender, the Administrative
Agent may, but shall have no obligation to, execute waivers,
amendments, modifications or consents on behalf of such Lender. Any
waiver or consent shall be effective only in the specific instance
and for the specific purpose for which it is given. No notice to or
demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other
circumstances. Any amendment, modification, waiver or consent
effected in accordance with this Section 10.5 shall be binding
upon each Person that is at the time thereof a Lender and each
Person that subsequently becomes a Lender.

 

10.6. Successors
and Assigns; Participations

 

.
Generally. This
Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns
permitted hereby. No Credit Party’s rights or obligations
under the Credit Documents, and no interest therein, may be
assigned or delegated by any Credit Party (except, in the case of
any Guarantor Subsidiary, any assignment or delegation by operation
of law as a result of any merger or consolidation of such Guarantor
Subsidiary permitted by Section 6.8) without the prior written
consent of the Administrative Agent and each Lender, and any
attempted assignment or delegation without such consent shall be
null and void. Nothing in this Agreement, expressed or implied,
shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted
hereby, the participants referred to in Section 10.6(g) (to the
extent provided in clause (iii) of such Section) and, to the extent
expressly contemplated hereby, Affiliates of any Agent or any
Lender, the other Indemnitees and other express third party
beneficiaries hereof) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

 

 

 

144

 

 

(a) Register. The Borrower, the
Administrative Agent, the Collateral Agent, and the Lenders shall
deem and treat the Persons recorded as Lenders in the Register as
Lenders hereunder for all purposes of this Agreement and the
holders and owners of the corresponding Commitments and Loans
recorded therein for all purposes hereof. No assignment or transfer
of any Commitment or Loan shall be effective unless and until
recorded in the Register, and following such recording, unless
otherwise determined by the Administrative Agent (such
determination to be made in the sole discretion of the
Administrative Agent, which determination may be conditioned on the
consent of the assigning Lender and the assignee), shall be
effective notwithstanding any defect in the Assignment Agreement
relating thereto. Each assignment and transfer shall be recorded in
the Register following receipt by the Administrative Agent of the
fully executed Assignment Agreement, together with the required
forms and certificates regarding tax matters and any registration
and processing fee payable in connection therewith, in each case as
provided in Section 10.6(d); provided that the
Administrative Agent shall not be required to accept such
Assignment Agreement or so record the information contained therein
if the Administrative Agent reasonably believes that such
Assignment Agreement lacks any written consent required by this
Section 10.6 or is otherwise not in proper form, it being
acknowledged that the Administrative Agent shall have no duty or
obligation (and shall incur no liability) with respect to obtaining
(or confirming the receipt) of any such written consent or with
respect to the form of (or any defect in) such Assignment
Agreement, any such duty and obligation being solely with the
assigning Lender and the assignee. Each assigning Lender and the
assignee, by its execution and delivery of an Assignment Agreement,
shall be deemed to have represented to the Administrative Agent
that all written consents required by this Section 10.6 with
respect thereto (other than the consent of the Administrative Agent
and the Borrower, if applicable) have been obtained and that such
Assignment Agreement is otherwise duly completed and in proper
form. The date of such recordation of an assignment and transfer is
referred to herein as the “Assignment Effective Date”
with respect thereto. Any request, authority or consent of any
Person that, at the time of making such request or giving such
authority or consent, is recorded in the Register as a Lender shall
be conclusive and binding on any subsequent holder, assignee or
transferee of the corresponding Commitments or Loans.

 

(b) Right to Assign. Each Lender
shall have the right at any time to sell, assign or transfer all or
a portion of its rights and obligations under this Agreement,
including all or a portion of its Commitment or Loans or other
Obligations owing to it to:

 

(i) any Eligible
Assignee of the type referred to in clause (a) of the definition of
the term “Eligible Assignee” upon the giving of notice
to the Borrower and the Administrative Agent; or

 

(ii) any
Eligible Assignee of the type referred to in clause (b) of the
definition of the term “Eligible Assignee”, upon (A)
the giving of notice to the Borrower and the Administrative Agent
and (B) except in the case of assignments made during the
primary syndication of any credit facilities established hereunder,
receipt of prior written consent (each such consent not to be
unreasonably withheld or delayed) of the Administrative
Agent;

 

provided that:

 

 

 

145

 

 

(A) in the case of any
such assignment or transfer (other than to any Eligible Assignee
meeting the requirements of clause (i) above), the amount of the
Commitment or Loans of the assigning Lender subject thereto shall
not be less than $1,000,000 (with concurrent assignments to
Eligible Assignees that are Affiliates or Related Funds thereof to
be aggregated for purposes of the foregoing minimum assignment
amount requirements) or, in each case, such lesser amount as shall
be agreed to by the Borrower and the Administrative Agent or as
shall constitute the aggregate amount of the Commitments or Loans
of the assigning Lender, provided that the consent of
the Borrower to any lesser amount (x) shall not be required if an
Event of Default shall have occurred and is continuing pursuant to
Section 8.1(a), 8.1(f) or 8.1(g) and (y) shall be deemed to have
been granted if notice shall be given to the Borrower requesting
its consent to a lesser amount and the Borrower shall not have
objected thereto by written notice to the Administrative Agent
within 10 Business Days after having received such
request;

 

(B) each partial
assignment or transfer shall be of a uniform, and not varying,
percentage of all rights and obligations of the assigning Lender
hereunder.

 

(c) Mechanics. Assignments and
transfers of Loans and Commitments by Lenders shall be effected by
the execution and delivery to the Administrative Agent of an
Assignment Agreement. In connection with all assignments, there
shall be delivered to the Administrative Agent (i) to the extent
the assignee is not already a Lender, an Administrative
Questionnaire, (ii) such forms, certificates or other evidence, if
any, with respect to United States federal income tax withholding
matters as the assignee thereunder may be required to deliver
pursuant to Section 2.19(g), and (iii) payment to the
Administrative Agent by the assignor or the assignee of a
registration and processing fee of $3,500 (except that no such
registration and processing fee shall be payable (i) in connection
with an assignment during the primary syndication of any credit
facilities established hereunder or (ii) otherwise waived by
the Administrative Agent in its sole discretion).

 

(d) Representations and Warranties of
Assignee. Each Lender, upon execution and delivery hereof or
upon succeeding to an interest in the Commitments and Loans, as the
case may be, represents and warrants as of the Closing Date or as
of the applicable Assignment Effective Date, as applicable, that
(i) it is an Eligible Assignee, (ii) it has experience and
expertise in the making of or investing in commitments or loans
such as the applicable Commitments or Loans, as the case may be,
(iii) it will make or invest in, as the case may be, its
Commitments or Loans for its own account in the ordinary course and
without a view to distribution of such Commitments or Loans within
the meaning of the Securities Act or the Exchange Act or other
United States federal securities laws (it being understood that,
subject to the provisions of this Section 10.6, the disposition of
such Commitments or Loans or any interests therein shall at all
times remain within its exclusive control) and (iv) it will not
provide any information obtained by it in its capacity as a Lender
to the Borrower, any Permitted Holder or any Affiliate of the
Borrower.

 

 

 

146

 

 

(e) Effect of Assignment. Subject
to the terms and conditions of this Section 10.6, as of the
Assignment Effective Date with respect to any assignment and
transfer of any Commitment or Loan, (i) the assignee thereunder
shall have the rights and obligations of a “Lender” hereunder to the extent of
its interest in such Commitment or Loan as reflected in the
Register and shall thereafter be a party hereto and a
“Lender” for all
purposes hereof, (ii) the assigning Lender thereunder shall, to the
extent that rights and obligations hereunder have been assigned and
transferred to the assignee, relinquish its rights (other than any
rights that survive the termination hereof under Section 10.8) and
be released from its obligations hereunder (and, in the case of an
assignment covering all the remaining rights and obligations of an
assigning Lender hereunder, such Lender shall cease to be a party
hereto as a “Lender” (on such Assignment
Effective Date, provided that such assigning
Lender shall continue to be entitled to the benefit of all rights
that survive the termination hereof under Section 10.8), and
provided
further that except
to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or
release of any claim of any party hereunder arising from such
Lender’s having been a Defaulting Lender, and (iii) the
assigning Lender shall, upon the effectiveness thereof or as
promptly thereafter as practicable, surrender its applicable Notes
(if any) to the Administrative Agent for cancellation, and
thereupon the Borrower shall issue and deliver new Notes, if so
requested by the assignee and/or assigning Lender, to such assignee
and/or to such assigning Lender, with appropriate insertions, to
reflect the new Commitments and/or outstanding Loans of the
assignee and/or the assigning Lender.

 

(f) Participations.

 

(i) Each Lender shall
have the right at any time to sell one or more participations to
any Eligible Assignee in all or any part of its Commitments or
Loans or in any other Obligation; provided that (A) such
Lender’s obligations under this Agreement shall remain
unchanged, (B) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations
and (C) the Credit Parties, the Administrative Agent, the
Collateral Agent, the Lenders shall continue to deal solely and
directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Each Lender that sells
a participation pursuant to this Section 10.6(g) shall, acting
solely for United States federal income tax purposes as a
non-fiduciary agent of the Borrower, maintain a register on which
it records the name and address of each participant to which it has
sold a participation and the principal amounts (and stated
interest) of each such participant’s interest in the
Commitments or Loans or other rights and obligations of such Lender
under this Agreement or any other Credit Document (the
“Participant
Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the
Participant Register to any Person (including the identity of any
participant or any information relating to a participant’s
interest in any Commitments, Loans or other rights and obligations
under any Credit Document), except to the extent that such
disclosure is necessary to establish that such Commitment, Loan or
other right or obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. Unless
otherwise required by the IRS, any disclosure required by the
foregoing sentence shall be made by the relevant Lender directly
and solely to the IRS. 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 under
this Agreement, notwithstanding any notice to the contrary. For the
avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining
a Participant Register.

 

 

 

147

 

 

(ii) The
holder of any such participation, other than an Affiliate of the
Lender granting such participation, shall not be entitled to
require such Lender to take or omit to take any action hereunder,
except that any participation agreement may provide that the
participant’s consent must be obtained with respect to the
consent of such Lender to any waiver, amendment, modification or
consent that is described in Section 10.5(b) that affects such
participant or requires the approval of all the
Lenders.

 

(iii) The
Credit Parties agree that each participant shall be entitled to the
benefits of Sections 2.17(c), 2.18 and 2.19 (subject to the
requirements and limitations therein, including the requirements
under Section 2.19(g) (it being understood that the documentation
required under Section 2.19(g) shall be delivered to the
participating Lender)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to Section
10.6(c); provided
that such participant (x) agrees to be subject to the provisions of
Sections 2.20 and 2.22 as if it were an assignee under Section
10.6(c) and (y) such participant shall not be entitled to receive
any greater payment under Section 2.18 or 2.19 with respect to any
participation than the applicable Lender would have been entitled
to receive with respect to such participation sold to such
participant, except to the extent such entitlement to receive a
greater payment results from a Change in Law that occurs after the
participant acquired the applicable participation. To the extent
permitted by law, each participant also shall be entitled to the
benefits of Section 10.4 as though it were a Lender, provided that such participant
agrees to be subject to Section 2.16 as though it were a
Lender.

 

(g) Certain Other Assignments and
Participations. In addition to any other assignment or
participation permitted pursuant to this Section 10.6, any Lender
may assign, pledge and/or grant a security interest in all or any
portion of its Loans or the other Obligations owed to such Lender,
and its Notes, if any, to secure obligations of such Lender,
including to any Federal Reserve Bank as collateral security
pursuant to Regulation A of the Board of Governors and any
operating circular issued by any Federal Reserve Bank or to any
other central bank; provided that no Lender, as
between the Borrower and such Lender, shall be relieved of any of
its obligations hereunder as a result of any such assignment and
pledge; and provided further that in no event shall
the applicable Federal Reserve Bank, other central bank, pledgee or
trustee be considered to be a “Lender”
hereunder.

 

10.7. Independence
of Covenants. All covenants
hereunder shall be given independent effect so that if a particular
action or condition is not permitted by any of such covenants, the
fact that it would be permitted by an exception to, or would
otherwise be within the limitations of, another covenant shall not
avoid the occurrence of a Default or an Event of Default if such
action is taken or condition exists.

 

10.8. Survival
of Representations, Warranties and Agreements. All covenants,
agreements, representations and warranties made by the Credit
Parties in the Credit Documents and in the certificates or other
documents delivered in connection with or pursuant to this
Agreement or any other Credit Document shall be considered to have
been relied upon by the other parties hereto and shall survive the
execution and delivery of the Credit Documents and the making of
any Loans, regardless of any investigation made by any such other
party or on its behalf and notwithstanding that any Agent, Lender
may have had notice or knowledge of any Default or Event of Default
or incorrect representation or warranty at the time any Credit
Document is executed and delivered or any credit is extended
hereunder, 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 is outstanding and
unpaid and so long as the Commitments have not expired or
terminated. The provisions of Sections 2.17(c), 2.18, 2.19, 9,
10.2, 10.3 and 10.4 shall survive and remain in full force and
effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans or the termination
of this Agreement or any provision hereof.

 

 

 

148

 

 

10.9. No
Waiver; Remedies Cumulative. No failure or
delay on the part of any Agent or Lender in the exercise of any
power, right or privilege hereunder or under any other Credit
Document shall impair such power, right or privilege or be
construed to be a waiver thereof or of any Default or Event of
Default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege, or any abandonment
or discontinuance of steps to enforce such power, right or
privilege, preclude any other or further exercise thereof or the
exercise of any other power, right or privilege. The powers,
rights, privileges and remedies of the Agents and the Lenders
hereunder and under the other Credit Documents are cumulative and
shall be in addition to and independent of all powers, rights,
privileges and remedies they would otherwise have. Without limiting
the generality of the foregoing, the execution and delivery of this
Agreement or the making of any Loan hereunder shall not be
construed as a waiver of any Default or Event of Default,
regardless of whether any Agent or Lender may have had notice or
knowledge of such Default or Event of Default at the
time.

 

10.10. Marshalling;
Payments Set Aside. None of the
Agents or the Lenders shall be under any obligation to marshal any
assets in favor of any Credit Party or any other Person or against
or in payment of any or all of the Obligations. To the extent that
any Credit Party makes a payment or payments to any Agent or Lender
(or to the Administrative Agent or the Collateral Agent, on behalf
of any Agent or Lender), or any Agent or Lender enforces any
security interests or exercises any right of set-off, and such
payment or payments or the proceeds of such enforcement or set-off
or any part thereof are subsequently invalidated, declared to be
fraudulent, preferential or at undervalue, set aside and/or
required to be repaid to a trustee, receiver or any other party
under any Debtor Relief Laws, any other state or federal law,
common law or any equitable cause, then, to the extent of such
recovery, the obligation or part thereof originally intended to be
satisfied, and all Liens, rights and remedies therefor or related
thereto, shall be revived and continued in full force and effect as
if such payment or payments had not been made or such enforcement
or set-off had not occurred.

 

10.11. Severability.
In case any provision in or obligation hereunder or under any other
Credit Document shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

 

10.12. Independent
Nature of Lenders’ Rights. Nothing contained
herein or in any other Credit Document, and no action taken by the
Lenders pursuant hereto or thereto, shall be deemed to constitute
the Lenders as a partnership, an association, a joint venture or
any other kind of entity. The amounts payable at any time hereunder
to each Lender shall be a separate and independent debt, and each
Lender shall be entitled to protect and enforce its rights arising
hereunder and it shall not be necessary for any other Lender to be
joined as an additional party in any proceeding for such
purpose.

 

10.13. Headings.
Section headings herein are included herein for convenience of
reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

 

 

149

 

 

10.14. APPLICABLE
LAW.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT
LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS
WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN
THE LAW OF THE STATE OF NEW YORK.

 

10.15. CONSENT
TO JURISDICTION.
SUBJECT TO CLAUSE (E) BELOW, ALL JUDICIAL PROCEEDINGS BROUGHT
AGAINST ANY PARTY HERETO ARISING OUT OF OR RELATING HERETO OR ANY
OTHER CREDIT DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT
EXCLUSIVELY IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA
SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE
SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY
AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT,
EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS
PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY
THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (SUBJECT TO
CLAUSE (E) BELOW); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;
(C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN
ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED
IN ACCORDANCE WITH SECTION 10.1; (D) AGREES THAT SERVICE AS
PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE
AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE
AGENTS AND THE LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY
CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION
WITH THE EXERCISE OF ANY RIGHTS UNDER ANY CREDIT DOCUMENT OR ANY
EXERCISE OF REMEDIES IN RESPECT OF COLLATERAL OR THE ENFORCEMENT OF
ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND
CONSENTS TO VENUE IN, ANY SUCH COURT.

 

 

 

150

 

 

10.16. WAIVER
OF JURY TRIAL.
EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY
DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN
TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING
ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND
ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS
WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE
TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY
HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS
WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL
WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10.16 AND
EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER.
IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

10.17. Confidentiality.
Each Agent and each Lender shall hold all Confidential Information
(as defined below) obtained by such Agent or such Lender in
accordance with such Agent’s and such Lender’s
customary procedures for handling confidential information of such
nature, it being understood and agreed by the Borrower that, in any
event, the Administrative Agent and the Collateral Agent may
disclose Confidential Information to the Lenders and the other
Agents and that each Agent and each Lender may disclose
Confidential Information (a) to Affiliates of such Agent or Lender
and to its and their respective Related Parties, independent
auditors and other advisors, experts or agents who need to know
such Confidential Information (and to other Persons authorized by a
Lender or Agent to organize, present or disseminate such
information in connection with disclosures otherwise made in
accordance with this Section 10.17) (it being understood that the
Persons to whom such disclosure is made will be informed of the
confidential nature of such Confidential Information and instructed
to keep such Confidential Information confidential or shall
otherwise be subject to an obligation of confidentiality),
(b) to any potential or prospective assignee, transferee or
participant in connection with the contemplated assignment,
transfer or participation of any Loans or other Obligations or any
participations therein or to any direct or indirect contractual
counterparties (or the professional advisors thereto) to any swap
or derivative transaction relating to the Borrower or any of its
Affiliates and their obligations (provided that such assignees,
transferees, participants, counterparties and advisors are advised
of and agree to be bound by either the provisions of this Section
10.17 or other provisions at least as restrictive as this
Section 10.17 or otherwise reasonably acceptable to the
Administrative Agent, the Collateral Agent or the applicable
Lender, as the case may be, and the Borrower, including pursuant to
the confidentiality terms set forth in the Confidential Information
Memorandum or other marketing materials relating to the credit
facilities governed by this Agreement; and provided further that without the
Borrower’s prior written consent, no such disclosure may be
made to any Disqualified Institution), (c) on a confidential basis,
to any rating agency, (d) on a confidential basis, to the CUSIP
Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers with respect to the Loans,
(e) for purposes of establishing a “due diligence” defense or in
connection with the exercise of any remedies hereunder or under any
other Credit Document, (f) as required by law or pursuant to legal
or judicial process (in which case, unless specifically prohibited
by applicable law or court order, such Agent or such Lender shall
make reasonable efforts to notify the Borrower promptly thereof),
(g) as required or requested by any Governmental Authority or by
any regulatory or quasi-regulatory authority (including any
self-regulatory organization) having jurisdiction or claiming to
have jurisdiction over such Agent or such Lender or any of their
respective Affiliates, (h) received by it on a non-confidential
basis from a source (other than the Borrower or its Affiliates or
Related Parties) not known by it to be prohibited from disclosing
such information to such persons by a legal, contractual or
fiduciary obligation, (i) to the extent that such information was
already in possession of such Agent or such Lender, as the case may
be, or any of its Affiliates or is independently developed by it or
any of its Affiliates, (j) with the consent of the Borrower, and
(k) to any other party to this Agreement. For purposes of the
foregoing, “Confidential
Information” means, with respect to any Agent or any
Lender, any non-public information regarding the business, assets,
liabilities and operations of the Borrower and the Subsidiaries
obtained by such Agent or Lender under the terms of this Agreement
and identified as confidential by the Borrower. 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
Credit Documents. It is agreed that, notwithstanding the
restrictions of any prior confidentiality agreement binding on any
Agent, such parties may disclose
Confidential Information as provided in this
Section 10.17.

 

 

 

151

 

 

10.18. Usury
Savings Clause. Notwithstanding
any other provision herein, the aggregate interest rate charged
with respect to any of the Obligations, including all charges or
fees in connection therewith deemed in the nature of interest under
applicable law shall not exceed the Highest Lawful Rate. If the
rate of interest (determined without regard to the preceding
sentence) under this Agreement at any time exceeds the Highest
Lawful Rate, the outstanding amount of the Loans made hereunder
shall bear interest at the Highest Lawful Rate until the total
amount of interest due hereunder equals the amount of interest that
would have been due hereunder if the stated rates of interest set
forth in this Agreement had at all times been in effect. In
addition, if when the Loans made hereunder are repaid in full the
total interest due hereunder (taking into account the increase
provided for above) is less than the total amount of interest that
would have been due hereunder if the stated rates of interest set
forth in this Agreement had at all times been in effect, then to
the extent permitted by law, the Borrower shall pay to the
Administrative Agent an amount equal to the difference between the
amount of interest paid and the amount of interest that would have
been paid if the Highest Lawful Rate had at all times been in
effect. Notwithstanding the foregoing, it is the intention of the
Lenders and the Borrower to conform strictly to any applicable
usury laws. Accordingly, if any Lender contracts for, charges, or
receives any consideration that constitutes interest in excess of
the Highest Lawful Rate, then any such excess shall be cancelled
automatically and, if previously paid, shall at such Lender’s
option be applied to the outstanding amount of the Loans made
hereunder or be refunded to the Borrower.

 

10.19. Counterparts.
This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but
one and the same instrument. Delivery of an executed counterpart of
a signature page of this Agreement in electronic format (i.e.,
“pdf” or
“tif”) shall be
effective as delivery of a manually executed counterpart of this
Agreement.

 

10.20. Effectiveness;
Entire Agreement

 

.
Subject to Section 3, this Agreement shall become effective when it
shall have been executed by the Administrative Agent and there
shall have been delivered to the Administrative Agent counterparts
hereof that, when taken together, bear the signatures of each of
the other parties hereto. THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE
CONTRACT AMONG THE PARTIES RELATING TO THE SUBJECT MATTER HEREOF
AND SUPERSEDE ANY AND ALL PREVIOUS AGREEMENTS AND UNDERSTANDINGS,
ORAL OR WRITTEN, RELATING TO THE SUBJECT MATTER HEREOF (BUT DO NOT
SUPERSEDE ANY PROVISIONS OF ANY FEE LETTER BETWEEN OR AMONG ANY
CREDIT PARTIES AND ANY AGENT OR ANY AFFILIATE OF ANY OF THE
FOREGOING THAT BY THE TERMS OF SUCH DOCUMENTS ARE STATED TO SURVIVE
THE EFFECTIVENESS OF THIS AGREEMENT, ALL OF WHICH PROVISIONS SHALL
REMAIN IN FULL FORCE AND EFFECT).

 

10.21. PATRIOT
Act. Each Lender and
the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies each Credit Party that pursuant to the
requirements of the PATRIOT Act it is required to obtain, verify
and record information that identifies each Credit Party, which
information includes the name and address of each Credit Party and
other information that will allow such Lender or the Administrative
Agent, as applicable, to identify such Credit Party in accordance
with the PATRIOT Act.

 

 

 

152

 

 

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

 

10.23. No
Fiduciary Duty. Each Agent, each
Lender and their respective Affiliates (collectively, solely for
purposes of this paragraph, the “Lenders”) may have economic
interests that conflict with those of the Credit Parties, their
equityholders and/or their Affiliates. Each Credit Party agrees
that nothing in the Credit Documents or otherwise will be deemed to
create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Agent or Lender, on the one hand,
and such Credit Party or its equityholders or its Affiliates, on
the other. The Credit Parties acknowledge and agree that (a) the
transactions contemplated by the Credit Documents (including the
exercise of rights and remedies hereunder and thereunder) are
arm’s-length commercial transactions between the Agents and
Lenders, on the one hand, and the Credit Parties, on the other, and
(b) in connection therewith and with the process leading thereto,
(i) no Agent or Lender has assumed an advisory or fiduciary
responsibility in favor of any Credit Party, its equityholders or
its Affiliates 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 Agent or
Lender has advised, is currently advising or will advise any Credit
Party, its equityholders or its Affiliates on other matters) or any
other obligation to any Credit Party except the obligations
expressly set forth in the Credit Documents and (ii) each Agent and
Lender is acting solely as principal and not as the agent or
fiduciary of any Credit Party, its management, equityholders,
creditors or any other Person. Each Credit Party acknowledges and
agrees that it has consulted its own legal and financial advisors
to the extent it has deemed appropriate and that it is responsible
for making its own independent judgment with respect to such
transactions and the process leading thereto. Each Credit Party
agrees that it will not assert, and hereby waives to the maximum
extent permitted by applicable law, any claim that any Agent or
Lender has rendered advisory services of any nature or respect, or
owes a fiduciary or similar duty to such Credit Party, in
connection with any such transaction or the process leading
thereto.

 

 

 

153

 

 

10.24. Permitted
Intercreditor Agreements. Each of the
Lenders and the other Secured Parties acknowledges that obligations
of the Credit Parties under the First Lien Credit Agreement and the
Second Lien Credit Agreement are, and under any other Permitted
First Lien Indebtedness, any other Permitted Second Lien
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness
may be, secured by Liens on assets of the Credit Parties that
constitute Collateral and that the relative Lien priority and other
creditor rights of the Secured Parties and the secured parties
under the First Lien Credit Agreement and the Second Lien Credit
Agreement will be set forth in the Intercreditor Agreement, and the
relative Lien priority and other creditor rights of the Secured
Parties and the secured parties under any other Permitted First
Lien Indebtedness, any other Permitted Second Lien Indebtedness,
any Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness will be set forth in
the applicable Permitted Intercreditor Agreement. Each of the
Lenders and the other Secured Parties hereby acknowledges that it
has received a copy of the Intercreditor Agreement and the 1L/2L
Intercreditor Agreement. Each of the Lenders and the other Secured
Parties hereby irrevocably authorizes and directs the
Administrative Agent and the Collateral Agent to execute and
deliver, in each case on behalf of such Secured Party and without
any further consent, authorization or other action by such Secured
Party, (i) on the Closing Date, the Intercreditor Agreement,
the 1L/2L Intercreditor Agreement and any documents relating
thereto and (ii) from time to time upon the request of the
Borrower, in connection with the establishment, incurrence,
amendment, refinancing or replacement of any Permitted First Lien
Indebtedness, any Permitted Second Lien Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness or any Permitted
Incremental Equivalent Indebtedness, any Permitted Intercreditor
Agreement (it being understood that the Administrative Agent and
the Collateral Agent are hereby authorized and directed to
determine the terms and conditions of any such Permitted
Intercreditor Agreement as contemplated by the definition of the
terms “1L/2L Intercreditor
Agreement”, “Intercreditor Agreement”,
“Junior Lien Intercreditor
Agreement” and “Pari Passu Intercreditor
Agreement”) and any documents relating
thereto.

 

(a) Each of the Lenders
and the other Secured Parties hereby irrevocably (i) consents to
the treatment of Liens to be provided for under any Permitted
Intercreditor Agreement, (ii) agrees that, upon the execution and
delivery thereof, such Secured Party will be bound by the
provisions of any Permitted Intercreditor Agreement as if it were a
signatory thereto and will take no actions contrary to the
provisions of any Permitted Intercreditor Agreement, (iii) agrees
that no Secured Party shall have any right of action whatsoever
against the Administrative Agent or any Collateral Agent as a
result of any action taken by the Administrative Agent or the
Collateral Agent pursuant to this Section 10.24 or in accordance
with the terms of any Permitted Intercreditor Agreement,
(iv) authorizes and directs the Administrative Agent and the
Collateral Agent to carry out the provisions and intent of each
such document and (v) authorizes and directs the Administrative
Agent and the Collateral Agent to take such actions as shall be
required to release Liens on the Collateral in accordance with the
terms of any Permitted Intercreditor Agreement.

 

(b) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Permitted Intercreditor Agreement that the
Borrower may from time to time request and that are reasonably
acceptable to the Administrative Agent (i) to give effect to any
establishment, incurrence, amendment, extension, renewal,
refinancing or replacement of any Obligations, any Permitted Second
Lien Indebtedness, any Permitted First Lien Indebtedness, any
Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness, (ii) to confirm for
any party that such Permitted Intercreditor Agreement is effective
and binding upon the Administrative Agent and the Collateral Agent
on behalf of the Secured Parties or (iii) to effect any other
amendment, supplement or modification so long as the resulting
agreement would constitute a Permitted Intercreditor Agreement if
executed at such time as a new agreement.

 

 

 

154

 

 

(c) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Collateral Document to add or remove any
legend that may be required pursuant to any Permitted Intercreditor
Agreement.

 

(d) Each of the
Administrative Agent and the Collateral Agent shall have the
benefit of the provisions of Sections 9, 10.2 and 10.3 with respect
to all actions taken by it pursuant to this Section 10.24 or
in accordance with the terms of any Permitted Intercreditor
Agreement to the full extent thereof.

 

(e) The provisions of
this Section 10.24 are intended as an inducement to the secured
parties under the First Lien Credit Documents or under any other
Permitted Second Lien Indebtedness Documents, any Permitted Credit
Agreement Refinancing Indebtedness or Permitted Incremental
Equivalent Indebtedness to extend credit to the Borrower thereunder
and such secured parties are intended third party beneficiaries of
such provisions.

 

10.25. Acknowledgement
and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding
anything to the contrary in any Credit Document or in any other
agreement, arrangement or understanding among the parties hereto,
each party hereto acknowledges that any liability of any EEA
Financial Institution arising under any Credit Document, to the
extent such liability is unsecured, may be subject to the
Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound
by:

 

(a) the application of
any Write-Down and Conversion Powers by an EEA Resolution Authority
to any such liabilities arising hereunder which may be payable to
it by any party hereto that is an EEA 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 EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued
to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any
rights with respect to any such liability under this Agreement or
any other Credit Document; or

 

(iii) the
variation of the terms of such liability in connection with the
exercise of the Write-Down and Conversion Powers of any EEA
Resolution Authority.

 

[Remainder
of page intentionally left blank]

 

 

155

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date
first written above.

 

	

FUSION CONNECT, INC., as Borrower

	

By:

	

/s/
Keith Soldan

	
 

	

Name: Keith
Soldan

	
 

	

Title: Chief
Financial Officer

 

	

FUSION NBS ACQUISITION CORP.

FUSION LLC

FUSION BCHI ACQUISITION LLC

FUSION CB HOLDINGS, INC.

FUSION CLOUD SERVICES LLC

FUSION COMMUNICATIONS, LLC

FUSION MANAGEMENT SERVICES LLC

FUSION TELECOM, LLC

FUSION TEXAS HOLDINGS, INC.

FUSION TELECOM OF KANSAS, LLC

FUSION TELECOM OF OKLAHOMA, LLC

FUSION TELECOM OF MISSOURI, LLC

BIRCAN HOLDINGS, LLC

FUSION PM HOLDINGS, INC.

FUSION CLOUD COMPANY LLC

FUSION MPHC GROUP, INC.

FUSION MPHC HOLDING CORPORATION, as Guarantors

 

	

By:

	

/s/
Keith Soldan

	
 

	

Name: Keith
Soldan

	
 

	

Title: Chief
Financial Officer

 

FUSION
TELECOM OF TEXAS LTD.,

   L.L.P.,
AS Grantor

 

By: Fusion Texas Holdings, Inc.,
its

 general
partner

	

By:

	

/s/
Keith Soldan

	
 

	

Name: Keith
Soldan

	
 

	

Title: Chief
Financial Officer

 

 

 

	

WILMINGTON TRUST, NATIONAL ASSOCIATION, as the
Administrative Agent

and the
Collateral Agent,

	

By:

	

/s/
Jeffery Rose

	
 

	

Name:
Jeffery Rose

Title:
Vice President

 

 

169

 

	

CREDIT SUISSE LOAN FUNDING, LLC, as a Lender

 

	

By:

	
 

	

  /s/
Jinam Lim

	
 

	

Name: Jinam
Lim

	
 

	

Title: Vice
President

 

 

 

 

169

EXHIBIT
A

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

ASSIGNMENT AGREEMENT

 

This
Assignment and Assumption Agreement (this “Assignment”) is dated as of the
Assignment Effective Date set forth below and is entered into by
and between the Assignor identified below and the Assignee
identified below. Capitalized terms used but not defined herein
shall have the meanings given to them in the Super Senior Secured
Credit Agreement identified below (as it may be amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set
forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment
as if set forth herein in full.

 

For an
agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions set forth in
Annex 1 attached hereto and the Credit Agreement, as of the
Assignment Effective Date inserted by the Administrative Agent as
contemplated below, (a) the interest in and to all of the
Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments
delivered pursuant thereto that represents the amount and
percentage interest identified below of all of the Assignor’s
outstanding rights and obligations under the facility identified
below (including any Guarantees included in such facilities) and
(b) to the extent permitted to be assigned under applicable law,
all claims, suits, causes of action and any other right of the
Assignor in its capacity as a Lender under the Credit Agreement
against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the Transactions governed
thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned
pursuant to clause (a) above (the rights and obligations sold and
assigned by the Assignor to the Assignee pursuant to clauses (a)
and (b) above being referred to herein collectively as the
“Assigned
Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this
Assignment and the Credit Agreement, without representation or
warranty by the Assignor.

 

 

169

 

1.            

Assignor:
_________________________

 

2.            

Assignee:
_________________________

 

3.            

Is the Assignee a
Lender/an Affiliate of a Lender/a Related Fund? Yes:No: Specify if
“Yes”.

 

4.            

Borrower: Fusion
Connect, Inc.

 

5.            

Administrative
Agent: Wilmington Trust, National Association, as the
Administrative Agent under the Credit Agreement.

 

6.            

Credit Agreement:
Super Senior Secured Credit Agreement, dated as of May 9, 2019,
among Fusion Connect, Inc., certain Subsidiaries of Fusion Connect,
Inc. party thereto, the Lenders party thereto and Wilmington Trust,
National Association, as Administrative Agent and Collateral
Agent.

 

7.            

Assigned
Interest:

 

	

Facility
Assigned

 

	

Aggregate
Amount of Commitments/Loans of all Lenders

 

	

Amount
of Commitment/Loans Assigned2

 

	

Percentage
Assigned of Commitments/Loans of all Lenders3

 

	

Term
Loans

 

	

$                           

 

	

$                           

 

	

%

 

 

2 In the case of any
assignment (other than to an Eligible Assignee meeting the
requirements of Section 10.6(c)(i) of the Credit Agreement), the
amount of Commitment or Loans assigned shall not be less than
$1,000,000 in the case of assignments of any Commitment or Loan,
or, in each case, a lesser amount permitted under Section 10.6(c)
of the Credit Agreement. Any partial assignment shall be of a
uniform, and not varying, percentage of all rights and obligations
of the Assignor.

3 Set forth, to at
least 9 decimals, as a percentage of the Loans of all Lenders
thereunder.

 

169

 

8.            

Assignment
Effective Date: ____________________, 20 [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH DATE SHALL BE THE ASSIGNMENT
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

 

9.            

Notice and Wire
Instructions:

 

	

[NAME OF ASSIGNOR]

Notices:

Attention:Facsimile:

with a
copy to:

Attention:Facsimile:

Wire
Instructions:

 

	

[NAME OF ASSIGNEE]

Notices:

Attention:Facsimile:

with a
copy to:

Attention:Facsimile:

Wire
Instructions:

 

 

 

 

The
terms set forth in this Assignment are hereby agreed
to:

 

ASSIGNOR:

 

[NAME
OF ASSIGNOR]

 

By:           

 

Name:

 

Title:

 

ASSIGNEE:

 

[NAME
OF ASSIGNEE]

 

By:           

 

Name:

 

Title:

 

[Consented
to and]4 Accepted by:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as

 

 

 

Administrative
Agent

 

By:           

 

Name:

 

Title:

 

4 If consent of the
Administrative Agent is required under Section 10.6(c) of the
Credit Agreement.

 

 

 

ANNEX
1

 

STANDARD
TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

1.            

Representations and
Warranties.

 

1.1.            

Assignor. The Assignor (a)
represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free
and clear of any lien, encumbrance or other adverse claim and (iii)
it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and to consummate
the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement
or any other Credit Document, other than this Assignment, (ii) the
execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Credit Document, or any collateral
thereunder, (iii) the financial condition of the Borrower, the
Subsidiaries or any other Affiliate of the Borrower or any other
Person obligated in respect of any Credit Document or (iv) the
performance or observance by the Borrower, the Subsidiaries or any
other Affiliate of the Borrower or any other Person of any of their
respective obligations under any Credit Document.

 

1.2.            

Assignee. The Assignee (a)
represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this
Assignment and to consummate the transactions contemplated hereby
and to become a Lender under the Credit Agreement, (ii) it is an
Eligible Assignee, (iii) it has experience and expertise in the
making of or investing in commitments or loans such as the Assigned
Interest, (iv) it will acquire the Assigned Interest for its own
account in the ordinary course and without a view to distribution
of the Assigned Interest within the meaning of the Securities Act
or the Exchange Act or other United States federal securities laws
(it being understood that, subject to the provisions of Section
10.6 of the Credit Agreement, the disposition of the Assigned
Interest or any interests therein shall at all times remain within
its exclusive control), (v) it will not provide any information or
materials obtained by it in its capacity as Lender to the Borrower,
any Permitted Holder or any Affiliate of the Borrower, (vi) from
and after the Assignment Effective Date, it shall be bound by the
provisions of the Credit Agreement (including as to each Permitted
Intercreditor Agreement) and, to the extent of the Assigned
Interest, shall have the obligations of a Lender thereunder, (vii)
it has received a copy of the Credit Agreement and such other
documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment and
to purchase the Assigned Interest on the basis of which it has made
such analysis and decision and (viii) attached to this Assignment
is any tax documentation required to be delivered by it pursuant to
the terms of the Credit Agreement, duly completed and executed by
the Assignee.

 

 

 

 

 

2.            

Payments. From and after the
Assignment Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of
principal, interest, fees and other amounts) to the Assignor for
amounts that have accrued to but excluding the Assignment Effective
Date and to the Assignee for amounts that have accrued from and
after the Assignment Effective Date.

 

3.            

General Provisions. This
Assignment shall be binding upon the parties hereto and their
respective successors and assigns permitted in accordance with the
Credit Agreement and shall inure to the benefit of the parties
hereto and their respective successors and assigns. This Assignment
may be executed in any number of counterparts, each of which when
so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature
page of this Assignment by facsimile or other electronic format
(i.e., “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this Assignment.
THIS ASSIGNMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER
HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE
APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

 

 

EXHIBIT
B

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

CLOSING DATE CERTIFICATE

 

May 9,
2019

 

The
undersigned hereby certifies as follows:

 

1.           I
am an Authorized Officer of Fusion Connect, Inc., a Delaware
corporation (the “Borrower”).

 

2.           I
have reviewed the terms of the Super Senior Secured Credit
Agreement, dated as of May 9, 2019 (the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, the
Lenders party thereto and Wilmington Trust, National Association,
as Administrative Agent and Collateral Agent, and in my opinion I
have made, or have caused to be made under my supervision, such
examination or investigation as is reasonably necessary to enable
me to certify as to the matters referred to herein. Capitalized
terms used but not otherwise defined herein shall have the meanings
specified in the Credit Agreement.

 

3.           Based
upon my review and examination described in paragraph 2 above, I
certify, on behalf of the Borrower, in my capacity as an Authorized
Officer of the Borrower and not in my individual or personal
capacity and without personal liability, that:

 

(a)           the
representations and warranties of each Credit Party set forth in
the Credit Documents are true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects, and (ii)
otherwise, in all material respects, in each case on and as of the
date hereof, except in the case of any such representation and
warranty that expressly relates to an earlier date, in which case
such representation and warranty is so true and correct on and as
of such earlier date;

 

(b)           no
Default or Event of Default has occurred and is continuing or would
result from any credit extension made by a Lender on the date
hereof; and

 

(c)           subject
to the completion of any actions contemplated by Section 5.15 of
the Credit Agreement, the Collateral and Guarantee Requirement has
been satisfied.

 

 

 

 

 

The
foregoing certifications are made and delivered as of the date
first stated above.

 

FUSION
CONNECT, INC.,

 

By:           

 

Name:
[●]

 

Title:                       

[●]

 

 

 

 

EXHIBIT
C

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

[RESERVED]

 

 

 

EXHIBIT
D

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

FUSION
CONNECT, INC.

 

420
Lexington Avenue

 

Suite
1718

 

New
York, New York 10170

 

Wilmington
Trust, National Association

 

50
South Sixth Street, Suite 1290

 

Minneapolis,
MN 55402

 

Attention:
Jeffery Rose

 

Telephone:
(612) 217-5630

 

Fax:
(612) 217-5651

 

Email:
jrose@wilmingtontrust.com

 

CONVERSION/CONTINUATION NOTICE

 

Reference is made
to the Super Senior Secured Credit Agreement, dated as of May 9,
2019 (as it may be amended, supplemented or otherwise modified from
time to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to Section
2.8 of the Credit Agreement, the Borrower hereby notifies the
Administrative Agent of the following information with respect to
the conversion or continuation requested hereby:

1. 

Type (e.g., Base
Rate or Eurodollar Rate) of existing Borrowing to which this
request applies5:

 

 

 

2. 

Principal amount of
existing Borrowing to be converted/continued6:

 

 

 

3. 

Type (e.g., Base
Rate or Eurodollar Rate) and principal amount of each new Borrowing
resulting from the requested conversion/continuation7:

 

 

 

4. 

Interest Period of
each new Borrowing resulting from the requested
conversion/continuation (if applicable) 8:

 

5. 

Effective date of
election9: 

 

Date:
[     ], 20[ ]

 

FUSION
CONNECT, INC.

 

By:           

 

Name:

 

Title:

 

 

5            

If a Eurodollar
Rate Borrowing, specify last day of current Interest
Period.

 

6            

If different
options are being elected with respect to different portions of the
existing Borrowing, indicate the portions thereof to be allocated
to each resulting Borrowing.

 

7            

Base Rate Borrowing
or Eurodollar Rate Borrowing. If different options are being
elected with respect to different portions of the Borrowing,
specify type for each resulting new Borrowing.

 

8            

Applicable only if
the resulting Borrowing is to be a Eurodollar Rate Borrowing, and
subject to the definition of “Interest Period”, which
allows the Borrower to request one month periods (or such longer
period as consented to by each Lender and notified in writing to
the Administrative Agent by each Lender). If different options are
being elected with respect to different portions of the existing
Borrowing, specify for each resulting Borrowing.

 

9            

Must be a Business
Day. Conversion/Continuation Notice to be delivered to the
Administrative Agent (a) in the case of a conversion to a Base Rate
Borrowing, not later than 11:00 a.m. (New York City time) one
Business Day in advance of the proposed Conversion/Continuation
Date and (b) in the case of a conversion to, or a continuation of,
a Eurodollar Rate Borrowing, not later than 2:00 p.m. (New York
City time) at least three Business Days in advance of the proposed
Conversion/Continuation Date.

 

 

 

EXHIBIT
E

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

SUPER SENIOR COUNTERPART AGREEMENT

 

This
SUPER SENIOR COUNTERPART
AGREEMENT, dated
[          ], 20[
] (this “Counterpart
Agreement”), is delivered pursuant to the Super Senior
Secured Credit Agreement, dated as of May 9, 2019 (as it may be
amended, supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

SECTION
1. In accordance with Section 5.10 of the Credit Agreement, the
undersigned by its signature below becomes a Guarantor Subsidiary
under the Credit Agreement with the same force and effect as if
originally named therein as a Guarantor Subsidiary, and the
undersigned hereby (a) agrees to all the terms and provisions of
the Credit Agreement applicable to it as a Guarantor Subsidiary
(and, accordingly, as a Credit Party) thereunder and (b) in
furtherance of the foregoing, hereby irrevocably and
unconditionally guarantees, jointly and severally with the other
Guarantors, the due and punctual payment in full of all Obligations
when and as the same shall become due, whether at stated maturity,
by required prepayment, acceleration, demand or otherwise
(including amounts that would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code or
any similar provision of any other Debtor Relief Law), all in
accordance with, and subject to the provisions of, Section 7 of the
Credit Agreement.

 

SECTION
2. The undersigned hereby represents and warrants, as to itself,
that the representations and warranties set forth in Sections 4.1,
4.3, 4.4, 4.5 and 4.6 of the Credit Agreement are true and correct
on and as of the date hereof.

 

SECTION
3. The undersigned agrees to execute any and all further documents,
agreements and instruments, and take all such further actions, that
the Administrative Agent may reasonably request to effectuate the
transactions contemplated by, and to carry out the intent of, this
Counterpart Agreement.

 

SECTION
4. Neither this Counterpart Agreement nor any provision hereof may
be waived, amended or modified, and no consent to any departure by
the undersigned therefrom may be made, except in accordance with
the Credit Agreement. Any notice or other communication herein
required or permitted to be given shall be given pursuant to
Section 10.1 of the Credit Agreement. In case any provision in or
obligation under this Counterpart Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

 

 

 

 

SECTION
5. THIS COUNTERPART AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

[Remainder
of page intentionally left blank]

 

 

 

 

IN WITNESS WHEREOF, the undersigned has
caused this Super Senior Counterpart Agreement to be duly executed
and delivered by its duly authorized officer as of the date above
first written.

 

[NAME
OF DESIGNATED SUBSIDIARY]

 

By:           

 

Name:

 

Title:

 

ACKNOWLEDGED
AND ACCEPTED,

 

as of
the date above first written:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 

as
Administrative Agent

 

By:                                                                

 

Name:

 

Title:

 

 

 

EXHIBIT
F

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

FUSION
CONNECT, INC.

 

420
Lexington Avenue

 

Suite
1718

 

New
York, New York 10170

 

Wilmington
Trust, National Association

 

50
South Sixth Street, Suite 1290

 

Minneapolis,
MN 55402

 

Attention:
Jeffery Rose

 

Telephone:
(612) 217-5630

 

Fax:
(612) 217-5651

 

Email:
jrose@wilmingtontrust.com

 

FUNDING NOTICE

 

Reference is made
to the Super Senior Secured Credit Agreement, dated as of May 9,
2019 (as it may be amended, supplemented or otherwise modified from
time to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to Section
2.1 of the Credit Agreement, the Borrower desires that Lenders make
the following Loans to the Borrower in accordance with the
applicable terms and conditions of the Credit Agreement on [ ], 20[
] (the “Credit
Date”):

 

Term
Loans10:

 

	

☐ Base Rate
Loans:

 

	

$[     ,     ,     ]

 

	

☐ Eurodollar Rate
Loans, with an initial Interest Period of one month11:

 

	

$[     ,     ,     ]

 

	

Wiring
instructions for account to whichproceeds of Loans are to be
remitted:

 

	

[  ]

 

 

 

 

10            

Funding Notice must
be delivered to the Administrative Agent (a) with respect to a Base
Rate Borrowing, not later than 11:00 a.m. (New York City time) at
least one Business Day in advance of the proposed Credit Date
(which shall be a Business Day) and (b) with respect to a
Eurodollar Rate Borrowing, not later than 2:00 p.m. (New York City
time) at least three Business Days in advance of the proposed
Credit Date (which shall be a Business Day). Eurodollar Rate
Borrowings generally shall be in an aggregate amount of $1,000,000
or an integral multiple of $500,000 in excess of such
amount.

 

11            Subject
to the definition of “Interest Period”, which generally
allows the Borrower to request one month periods (or, such longer
period as consented to by each Lender and notified in writing to
the Administrative Agent by each Lender).

 

 

 

The
Borrower hereby certifies that:

 

(a)           The
representations and warranties of each Credit Party set forth in
the Credit Documents are true and correct (i) in the case of the
representations and warranties qualified as to materiality in the
text thereof, in all respects, and (ii) otherwise, in all material
respects, in each case on and as of the Credit Date set forth
above, except in the case of any such representation and warranty
that expressly relates to an earlier date, in which case such
representation and warranty is so true and correct on and as of
such earlier date.

 

(b)           At
the time of and immediately after giving effect to such credit
extension, no Default or Event of Default has occurred and is
continuing or would result therefrom.

 

 

Date:
[     ],
20[  ] 

FUSION CONNECT,
INC.

 

By:           

 

Name:

 

Title:

 

 

 

EXHIBIT
G

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

SUPER
SENIOR INTERCOMPANY INDEBTEDNESS SUBORDINATION AGREEMENT, dated as
of May 9, 2019 (this “Agreement”), among FUSION CONNECT,
INC., a Delaware corporation (the “Borrower”), the other Intercompany
Lenders and Intercompany Debtors (each as defined below) from time
to time party hereto and Wilmington Trust, National Association, as
Administrative Agent.

 

Reference is made
to the Super Senior Secured Credit Agreement, dated as of May 9,
2019 (as it may be amended, supplemented or otherwise modified from
time to time, the “Credit
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

The
Credit Agreement provides that Indebtedness owing by a Credit Party
to any Restricted Subsidiary that is not a Credit Party shall be
subordinated in right of payment to the Obligations. For purposes
of this Agreement, (a) “Intercompany Indebtedness” means
any Indebtedness owed by any Credit Party to any Restricted
Subsidiary that is not a Credit Party, together with all interest
(including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding) on the principal
of such Indebtedness and all other monetary obligations of any
Credit Party arising from or in respect of such Indebtedness,
including obligations to pay fees, expense reimbursement
obligations and indemnification obligations, whether primary,
secondary, direct, contingent, fixed or otherwise (including
monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), (b)
each of the Credit Parties, in its capacity as an obligor in
respect of any Intercompany Indebtedness, is referred to herein as
an “Intercompany
Debtor”, (c) each of the Restricted Subsidiaries that
is not a Credit Party, in its capacity as an obligee in respect of
any Intercompany Indebtedness, is referred to herein as an
“Intercompany
Lender” and (d) the Lenders, the Agents (including
former Agents, as applicable) and the other Secured Parties are
sometimes collectively referred to as “Senior Lenders”.

 

The
Senior Lenders have agreed to extend credit to the Borrower, and to
permit the Credit Parties to incur Intercompany Indebtedness,
subject to the terms and conditions set forth in the Credit
Agreement. The Borrower and the other Restricted Subsidiaries are
required to execute and deliver this Agreement pursuant to the
terms of the Credit Agreement. In accordance with the Credit
Agreement, each of the Restricted Subsidiaries party hereto that is
not a Credit Party desires to enter into this Agreement in order to
subordinate, on the terms set forth herein, its rights, as an
Intercompany Lender, to payment under any Intercompany Indebtedness
to the prior payment in full in cash or immediately available funds
of the Obligations (other than contingent obligations as to which
no claim has been made). The Intercompany Lenders are Affiliates of
the Borrower, will derive substantial benefits from the extension
of credit to the Borrower pursuant to the Credit Agreement and are
willing to execute and deliver this Agreement in order to induce
the Senior Lenders to extend such credit. Accordingly, the parties
hereto agree as follows:

 

 

 

 

 

1.           Definitions
and Construction. Terms defined in the Credit Agreement or
the Pledge and Security Agreement referred to therein, as
applicable, are used herein (including the preliminary statements
hereto) as defined therein. The rules of construction specified in
Section 1.3 of the Credit Agreement shall apply to this Agreement,
mutatis
mutandis.

 

2.           Subordination.
(a) Each Intercompany Lender hereby agrees that all its right,
title and interest in, to and under any Intercompany Indebtedness
owed to it by any Intercompany Debtor shall be subordinate, and
junior in right of payment, to the extent and in the manner
hereinafter set forth, to all Obligations of such Intercompany
Debtor until the payment in full in cash or immediately available
funds of all Obligations of such Intercompany Debtor (such
Obligations, including interest thereon (including interest
accruing at the default rate specified in the Credit Agreement)
accruing after the commencement of any proceedings referred to in
paragraph (b) of this Section, whether or not such interest is an
allowed or allowable claim in such proceeding, being hereinafter
collectively referred to as “Senior
Indebtedness”).

 

(c) In the event of any
insolvency or bankruptcy proceedings, and any receivership,
liquidation, reorganization or other similar proceedings in
connection therewith, relating to any Intercompany Debtor or to its
property, and in the event of any proceedings for voluntary
liquidation, dissolution or other winding up of any Intercompany
Debtor, whether or not involving insolvency or bankruptcy, then (i)
the holders of Senior Indebtedness shall be paid in full in cash or
immediately available funds in respect of all amounts constituting
Senior Indebtedness before any Intercompany Lender shall be
entitled to receive (whether directly or indirectly), or make any
demand for, any payment or distribution of any kind or character,
whether in cash securities or other property (other than
Restructured Debt Securities (as defined below)), and whether
directly, by purchase, redemption, exercise of any right of setoff
or otherwise, from such Intercompany Debtor on account of any
Intercompany Indebtedness owed by such Intercompany Debtor to such
Intercompany Lender (provided that the foregoing
shall not impair the right of any such Intercompany Lender to file
a proof of claim in any such proceeding in accordance with the
terms hereof) and (ii) until the holders of Senior Indebtedness are
paid in full in cash or immediately available funds in respect of
all amounts constituting Senior Indebtedness, any payment or
distribution to which such Intercompany Lender would otherwise be
entitled, whether in cash, property or securities (other than a
payment of debt securities of such Intercompany Debtor that are
subordinated and junior in right of payment to the Senior
Indebtedness to at least the same extent as the Intercompany
Indebtedness described in this Agreement is subordinated and junior
in right of payment to the Senior Indebtedness then outstanding
(such securities being hereinafter referred to as
“Restructured Debt
Securities”)) shall instead be made to the holders of
Senior Indebtedness.

 

(d) If any Event of
Default has occurred and is continuing and the Administrative Agent
has provided prior written notice to the Borrower requesting that
no such payment or distribution, or no such forgiveness or
reduction, be made, then (i) no payment or distribution of any kind
or character, whether in cash securities or other property (other
than Restructured Debt Securities), and whether directly, by
purchase, redemption, exercise of any right of setoff or otherwise,
shall be made by or on behalf of any Intercompany Debtor with
respect to any Intercompany Indebtedness owed to any Intercompany
Lender and (ii) no Intercompany Indebtedness owing by any
Intercompany Debtor to any Intercompany Lender shall be forgiven or
otherwise reduced in any way, other than as a result of payment of
such amount in full in cash or immediately available
funds.

 

 

 

 

 

(e) If any payment or
distribution of any kind or character, whether in cash, securities
or other property (other than Restructured Debt Securities), and
whether directly, by purchase, redemption, exercise of any right of
setoff or otherwise, with respect to any Intercompany Indebtedness
shall (despite these subordination provisions) be received by any
Intercompany Lender from any Intercompany Debtor in violation of
paragraph (b) or (c) of this Section prior to all Senior
Indebtedness having been paid in full in cash or immediately
available funds (other than contingent obligations as to which no
claim has been made), such payment or distribution shall be held by
such Intercompany Lender (segregated from other property of such
Intercompany Lender) for the benefit of the Administrative Agent,
and shall be paid over or delivered to the Administrative Agent
promptly upon receipt to the extent necessary to pay all Senior
Indebtedness in full in cash or immediately available
funds.

 

(f) Each Intercompany
Lender and each Intercompany Debtor hereby agrees that the
subordination provisions set forth in this Agreement are for the
benefit of the Administrative Agent and the other holders of Senior
Indebtedness. The Administrative Agent may, on behalf of itself and
such other holders of Senior Indebtedness, proceed to enforce these
subordination provisions set forth herein.

 

3.           Waivers
and Consents. (a) Each Intercompany Lender waives, to the
extent permitted by applicable law, the right to compel that any
property or asset of any Intercompany Debtor or any property or
asset of any other Credit Party be applied in any particular order
to discharge the Obligations. Each Intercompany Lender expressly
waives, to the extent permitted by applicable law, the right to
require the Administrative Agent or any other Senior Lender to
proceed against any Intercompany Debtor, any guarantor of any
Obligation or any other Person, or to pursue any other remedy in
its or their power that such Intercompany Lender cannot pursue and
that would lighten such Intercompany Lender’s burden,
notwithstanding that the failure of the Administrative Agent or any
other Senior Lender to do so may thereby prejudice such
Intercompany Lender. Each Intercompany Lender agrees that it shall
not be discharged, exonerated or have its obligations hereunder
reduced (i) by the Administrative Agent’s or any other Senior
Lender’s delay in proceeding against or enforcing any remedy
against any Intercompany Debtor, any guarantor of any Obligation or
any other Person; (ii) by the Administrative Agent or any other
Senior Lender releasing any Intercompany Debtor, any guarantor of
any Obligation or any other Person from all or any part of the
Obligations; or (iii) by the discharge of any Intercompany Debtor,
any guarantor of any Obligation or any other Person by an operation
of law or otherwise, with or without the intervention or omission
of the Administrative Agent or any other Senior
Lender.

 

(b)           Each
Intercompany Lender waives, to the extent permitted by applicable
law, all rights and defenses arising out of an election of remedies
by the Administrative Agent or any other Senior Lender, even though
that election of remedies, including any nonjudicial foreclosure
with respect to any property or asset securing any Obligation, has
impaired the value of such Intercompany Lender’s rights of
subrogation, reimbursement, or contribution against any
Intercompany Debtor or any other Credit Party. Each Intercompany
Lender expressly waives, to the extent permitted by law, any rights
or defenses (other than the defense of payment or performance) it
may have by reason of protection afforded to any Intercompany
Debtor or any other Credit Party with respect to the Obligations
pursuant to any anti-deficiency laws or other laws of similar
import that limit or discharge the principal debtor’s
indebtedness upon judicial or nonjudicial foreclosure of property
or assets securing any Obligation.

 

 

 

 

 

(c)           Each
Intercompany Lender agrees that, without the necessity of any
reservation of rights against it, and without notice to or further
assent by it, any demand for payment of any Obligation made by the
Administrative Agent or any other Senior Lender may be rescinded in
whole or in part by such Person, and any Obligation may be
continued, and the Obligations or the liability of any Intercompany
Debtor or any other Credit Party obligated thereunder, or any right
of offset with respect thereto, may, from time to time, in whole or
in part, be renewed, extended, modified, accelerated, compromised,
waived, surrendered or released by the Administrative Agent or any
other Senior Lender, in each case without notice to or further
assent by such Intercompany Lender, which will remain bound
hereunder, and without impairing, abridging, releasing or affecting
the subordination provided for herein.

 

(d)           Each
Intercompany Lender waives, to the extent permitted by applicable
law, any and all notice of the creation, renewal, extension or
accrual of any of the Obligations, and any and all notice of or
proof of reliance by the Senior Lenders upon this Agreement. The
Obligations, and any of them, shall be deemed conclusively to have
been created, contracted or incurred, and the consent to create the
obligations of any Intercompany Debtor in respect of the
Intercompany Indebtedness of such Intercompany Debtor shall be
deemed conclusively to have been given, in reliance upon this
Agreement. Each Intercompany Lender waives, to the extent permitted
by applicable law, any protest, demand for payment and notice of
default in respect of the Obligations.

 

4.           Obligations
Unconditional. All rights and interests of the
Administrative Agent and the other Senior Lenders hereunder, and
all agreements and obligations of each Intercompany Lender and each
Intercompany Debtor hereunder, shall remain in full force and
effect irrespective of:

 

(a)           any
lack of validity or enforceability of the Credit Agreement or any
other Credit Document;

 

(b)           any
change in the time, manner or place of payment of, or in any other
term of, all or any of the Obligations or any amendment or waiver
or other modification, whether by course of conduct or otherwise,
of, or consent to departure from, the Credit Agreement or any other
Credit Document;

 

(c)           any
exchange, release or nonperfection of any Lien in any Collateral,
or any release, amendment, waiver or other modification, whether in
writing or by course of conduct or otherwise, of or consent to
departure from, any guarantee of any Obligation; or

 

(d)           any
other circumstances that might otherwise constitute a defense
available to, or a discharge of, any Intercompany Debtor in respect
of the Obligations or of such Intercompany Lender or such
Intercompany Debtor in respect of the subordination provisions set
forth herein (other than the payment in full in cash or immediately
available funds of the Obligations).

 

 

 

 

 

5.           Waiver
of Claims. (a) To the maximum extent permitted by law, each
Intercompany Lender waives any claim it might have against the
Administrative Agent or any other Senior Lender with respect to, or
arising out of, any action or failure to act or any error of
judgment, negligence, or mistake or oversight whatsoever on the
part of the Administrative Agent or any other Senior Lender or any
Related Party of any of the foregoing with respect to any exercise
of rights or remedies under the Credit Documents in the absence of
the gross negligence or willful misconduct of such Person or its
Related Parties (such absence to be presumed unless otherwise
determined by a final, non-appealable judgment of a court of
competent jurisdiction). None of the Administrative Agent or any
other Senior Lender or any Related Party of any of the foregoing
shall be liable to any Intercompany Lender for failure to demand,
collect or realize upon any of the Collateral or any guarantee of
any Obligation, or for any delay in doing so, or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the
request of any such Intercompany Lender or any other Person or to
take any other action whatsoever with regard to the Collateral, or
any part thereof, except to the extent such liability has been
found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from the gross negligence or willful
misconduct of such Person or its Related Parties.

 

(b)           Each
Intercompany Lender, for itself and on behalf of its successors and
assigns, hereby waives, to the extent permitted by applicable law,
any and all now existing or hereafter arising rights it may have to
require the Senior Lenders to marshal assets for the benefit of
such Intercompany Lender, or to otherwise direct the timing, order
or manner of any sale, collection or other enforcement of the
Collateral or enforcement of any rights or remedies under the
Credit Documents. The Senior Lenders are under no duty or
obligation, and each Intercompany Lender hereby waives, to the
extent permitted by applicable law, any right it may have to compel
any Senior Lender, to pursue any Intercompany Debtor or any other
Credit Party that may be liable for the Obligations, or to enforce
any Lien in any Collateral.

 

(c)           Each
Intercompany Lender hereby waives, to the extent permitted by
applicable law, and releases all rights which a guarantor or surety
with respect to the Senior Indebtedness could
exercise.

 

6.           Notices.
All communications and notices hereunder shall be in writing and
given in the manner provided in Section 10.1 of the Credit
Agreement. All communications and notices to any Intercompany
Lender or Intercompany Debtor shall be given to it in care of the
Borrower in the manner provided in Section 10.1 of the Credit
Agreement.

 

7.           Waivers;
Amendment. (a) No failure or delay by the Administrative
Agent or any other Senior Lender in exercising any right or power
hereunder 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 and the other Senior Lenders hereunder 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 consent to any departure by any Intercompany Lender or
any Intercompany Debtor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section
7, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No
notice or demand on any Intercompany Lender or any Intercompany
Debtor in any case shall entitle any Intercompany Lender or any
Intercompany Debtor to any other or further notice or demand in
similar or other circumstances.

 

 

 

 

 

(b)           Neither
this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the Administrative Agent, the Borrower and the
Intercompany Lenders or Intercompany Debtors with respect to which
such waiver, amendment or modification is to apply, subject to any
consent required in accordance with Section 10.5 of the Credit
Agreement.

 

8.           Successors
and Assigns. (a) This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective
successors and permitted assigns permitted hereby.

 

(b)           The
Administrative Agent and the other Secured Parties shall have a
full and unfettered right to assign or otherwise transfer the whole
or any part of the benefit of this Agreement to any Person to whom
all or a corresponding part of the Obligations are assigned or
transferred in accordance with the Credit Agreement or pursuant to
applicable law, all without impairing, abridging, releasing or
affecting the subordination provided for herein.

 

9.           Survival
of Agreement. All covenants, agreements, representations and
warranties made by the Intercompany Lenders and the Intercompany
Debtors in this Agreement shall be considered to have been relied
upon by the Administrative Agent and the other Senior Lenders and
shall survive the execution and delivery of this Agreement,
regardless of any investigation made by or on behalf of the
Administrative Agent or any other Senior Lender and notwithstanding
that the Administrative Agent or any other Senior Lender may have
had notice or knowledge of any default hereunder or incorrect
representation or warranty at the time this Agreement is executed
and delivered and shall continue in full force and effect until
terminated in accordance with Section 17. The provisions of Section
5 shall survive and remain in full force and effect regardless of
the termination of this Agreement or any provision hereof. This
Agreement shall apply in respect of the Obligations notwithstanding
any intermediate payment in whole or in part of the Obligations and
shall apply to the ultimate balance of the
Obligations.

 

10.           Counterparts;
Effectiveness; Several Agreement. This Agreement may be
executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Agreement. This
Agreement shall become effective as to any Intercompany Lender or
Intercompany Debtor when a counterpart hereof executed on behalf of
such Intercompany Lender or Intercompany Debtor shall have been
delivered to the Administrative Agent and a counterpart hereof
shall have been executed on behalf of the Administrative Agent and
delivered to the Borrower. This Agreement shall be construed as a
separate agreement with respect to each Intercompany Lender and
each Intercompany Debtor and may be amended, modified,
supplemented, waived or released with respect to any Intercompany
Lender or Intercompany Debtor without the approval of any other
Intercompany Lender or Intercompany Debtor and without affecting
the obligations of any other Intercompany Lender or Intercompany
Debtor hereunder.

 

 

 

 

 

11.           Severability.
In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

12.           Further
Assurances. The Borrower, each other Intercompany Lender and
each other Intercompany Debtor agrees that it will execute any and
all further documents, agreements and instruments, and take all
such further actions that may be required under any applicable law,
or that the Administrative Agent may reasonably request for the
purposes of obtaining or preserving the full benefits of the
subordination provisions set forth herein and of the rights and
powers herein granted, all at the expense of the Borrower or such
Intercompany Lenders or such Intercompany Debtors.

 

13.           GOVERNING
LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; APPOINTMENT OF
SERVICE OF PROCESS AGENT. (a) THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER
HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST- JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN
THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

(b)           EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE JURISDICTION OF ANY FEDERAL COURT
OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN
OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, ANY
STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWER, EACH OTHER
INTERCOMPANY LENDER AND EACH OTHER INTERCOMPANY DEBTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING BROUGHT BY IT OR ANY OF ITS
AFFILIATES SHALL BE BROUGHT, AND SHALL BE HEARD AND DETERMINED,
EXCLUSIVELY 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
OR ANY OTHER SENIOR LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE BORROWER, ANY
OTHER INTERCOMPANY LENDER, ANY OTHER INTERCOMPANY DEBTOR OR ANY OF
ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

 

 

 

 

(c)           Each
party hereto hereby irrevocably and unconditionally waives, to the
fullest extent permitted by law, any objection that 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 in any
court referred to in paragraph (b) of this Section 13. Each of the
parties hereto hereby irrevocably waives, to the fullest extent
permitted by law, any defense of forum non conveniens to the
maintenance of such action or proceeding in any such
court.

 

(d)           Each
party hereto irrevocably consents to the service of process by
mailing of copies of such process in the manner provided for
notices in Section 6. Nothing in this Agreement will affect the
right of any party to this Agreement or any Secured Party to serve
process in any other manner permitted by law.

 

14.           WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY
HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON
THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL
CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.
EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS
REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL
WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 14 AND
EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS HERETO OR TO THE TRANSACTIONS CONTEMPLATED HEREBY. IN
THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

15.           Headings.
Article and Section headings used herein are for convenience of
reference only, are not part of this Agreement and shall not affect
the construction of, or to be taken into consideration in
interpreting, this Agreement.

 

16.           Provisions
Define Relative Rights. The subordination provisions set
forth herein are intended solely for the purpose of defining the
relative rights of the Intercompany Lenders and the Intercompany
Debtors, on the one hand, and the Administrative Agent and the
other Secured Parties, on the other, and no other Person shall have
any right, benefit or other interest under these subordination
provisions.

 

 

 

 

 

17.           Termination.
This Agreement and the subordination provisions set forth herein
shall automatically terminate when all the Obligations (other than
contingent obligations as to which no claim has been made) have
been paid in full in cash or immediately available funds and all
Commitments have terminated. If (a) any Restricted Subsidiary shall
have been designated as an Unrestricted Subsidiary in accordance
with the terms of the Credit Agreement or (b) all the Equity
Interests in any Restricted Subsidiary held by the Borrower and the
Subsidiaries shall be sold or otherwise disposed of (including by
merger or consolidation) in any transaction permitted by the Credit
Agreement, and as a result of such sale or other disposition such
Restricted Subsidiary shall cease to be a Subsidiary of the
Borrower, then such Restricted Subsidiary shall, upon effectiveness
of such designation, or the consummation of such sale or other
disposition, automatically be discharged and released from its
obligations hereunder; provided that that no such
discharge and release shall occur unless substantially concurrently
therewith, such Restricted Subsidiary shall cease to be subject to
any obligations under any subordination agreement with respect to
intercompany Indebtedness in favor of any Permitted Second Lien
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness, any Permitted Incremental Equivalent Indebtedness and
any Permitted Subordinated Indebtedness.

 

18.           Additional
Subsidiaries. Pursuant to the Credit Agreement, certain
Restricted Subsidiaries not a party hereto on the Closing Date are
required to enter into this Agreement. Upon execution and delivery
to the Administrative Agent after the date hereof by any Restricted
Subsidiary of a counterpart signature page hereto, such Restricted
Subsidiary shall become a party hereto with the same force and
effect as if originally named as such herein. The execution and
delivery of such a counterpart signature page shall not require the
consent of any party hereto. The rights and obligations under this
Agreement of each other party hereto shall remain in full force and
effect notwithstanding the addition of any new Restricted
Subsidiary as a party to this Agreement.

 

 

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.

 

FUSION
CONNECT, INC.,

 

By:           

 

Name:

 

Title:

 

[
]

 

By:           

 

Name:

 

Title:

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Administrative Agent,

 

By:           

 

Name:

 

Title:

 

 

 

EXHIBIT
H

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

GLOBAL
INTERCOMPANY NOTE

 

May 9,
2019

 

FOR
VALUE RECEIVED, each of the undersigned, to the extent a borrower
from time to time from any other Person listed on the signature
pages hereto (each, in such capacity, a “Payor”), hereby promises to pay on
demand to such other Person listed below (each, in such capacity, a
“Payee”), in
lawful money of the United States of America, or in such other
currency as agreed to by such Payor and such Payee, in immediately
available funds, at such location as such Payee shall from time to
time designate, the unpaid principal amount of all Indebtedness
owed by such Payor to such Payee. Each Payor promises also to pay
interest on the unpaid principal amount of all such Indebtedness in
like money at said location from the date that such Indebtedness
was incurred until it is paid in full at such rate per annum as
shall be agreed upon from time to time by such Payor and such
Payee.

 

Reference is made
to (a) that certain Super Senior Secured Credit Agreement, dated as
of May 9, 2019 (as it may be amended, supplemented or otherwise
modified from time to time, the “Super Senior Credit Agreement”),
among Fusion Connect, Inc., a Delaware corporation (the
“Borrower”),
certain subsidiaries of the Borrower party thereto, the lenders
party thereto and Wilmington Trust, National Association, as
administrative agent and collateral agent (in its capacity as
collateral agent, the “Super
Senior Collateral Agent”), (b) that certain First Lien
Credit and Guaranty Agreement, dated as of May 4, 2018 (as it may
be amended, supplemented or otherwise modified from time to time,
the “First Lien Credit
Agreement”), among the Borrower, certain subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent (in its capacity as collateral agent, the
“First Lien Collateral
Agent”) and (c) that certain Second Lien Credit and
Guaranty Agreement, dated as of May 4, 2018 (as it may be amended,
supplemented or otherwise modified from time to time, the
“Second Lien Credit
Agreement” and, together with the Super Senior Credit
Agreement and the First Lien Credit Agreement, the
“Credit
Agreements”), among the Borrower, certain subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent (in its capacity as collateral agent, the
“Second Lien Collateral
Agent” and, together with the Super Senior Collateral
Agent and the First Lien Collateral Agent, the “Collateral Agents”).

 

Capitalized terms
used in this Global Intercompany Note (this “Note”) but not otherwise defined
herein shall have the meanings given to them in (a) the Super
Senior Credit Agreement, or in the Pledge and Security Agreement
referenced to therein, (b) the First Lien Credit Agreement, or in
the Pledge and Security Agreement referred to therein or (c) the
Second Lien Credit Agreement, or in the Pledge and Security
Agreement referred to therein, as applicable. This Note shall
replace and supersede in its entirety that certain Global
Intercompany Note dated as of May 4, 2018 among the Borrower and
certain subsidiaries of the Borrower party thereto.

 

 

 

 

 

This
Note is subject to the terms of each Credit Agreement, and shall be
pledged by each Payee that is a Credit Party to each Collateral
Agent, for the benefit of the related Secured Parties, pursuant to
the related Credit Documents as security for the payment and
performance in full of the Obligations under each Credit Agreement
and the related other Credit Documents, to the extent required
pursuant to the terms thereof. Each Payee hereby acknowledges and
agrees that upon the occurrence and during the continuance of an
Event of Default under a Credit Agreement, (a) the applicable
Collateral Agent may exercise any and all rights of any Credit
Party with respect to this Note and (b) upon demand of the
applicable Collateral Agent, all amounts evidenced by this Note
that are owed by any Payor to any Credit Party shall become
immediately due and payable, without presentment, demand, protest
or notice of any kind (it being understood that the applicable
Collateral Agent may make any such demand for all or any subset of
the amounts owing to such Credit Party and upon any or all Payors
obligated to such Credit Party, all without the consent or
permission of any Payor or Payee). Each Payor also hereby
acknowledges and agrees that this Note constitutes notice of
assignment for security, pursuant to the relevant Credit Documents,
of the Indebtedness and all other amounts evidenced by this Note
and further acknowledges the receipt of such notice of assignment
for security.

 

Upon
the commencement of any insolvency or bankruptcy proceeding, or any
receivership, liquidation, reorganization or other similar
proceeding in connection therewith, in respect of any Payor owing
any amounts evidenced by this Note to any Credit Party, or in
respect of all or a substantial part of any such Payor’s
property, or upon the commencement of any proceeding for voluntary
liquidation, dissolution or other winding up of any such Payor, all
amounts evidenced by this Note owing by such Payor to any and all
Credit Parties shall become immediately due and payable, without
presentment, demand, protest or notice of any kind.

 

Each
Payee is hereby authorized to record all loans and advances made by
it to any Payor (all of which shall be evidenced by this Note), and
all repayments or prepayments thereof, in its books and records,
such books and records constituting prima facie evidence of the
accuracy of the information contained therein; provided, however, that the failure of
any such Payee to so record any such information in accordance with
this clause shall not affect any such Payor’s obligations
hereunder.

 

Each
Payor hereby waives diligence, presentment, demand, protest or
notice of any kind whatsoever in connection with this Note. All
payments under this Note shall be made without set-off,
counterclaim or deduction of any kind.

 

This
Note shall be binding upon each Payor and its successors and
assigns, and the terms and provisions of this Note shall inure to
the benefit of each Payee and its successors and assigns, including
subsequent holders hereof.

 

From
time to time after the date hereof, additional Restricted
Subsidiaries of the Borrower may become parties hereto (as Payor
and/or Payee, as the case may be) by executing a counterpart
signature page to this Note (each additional Restricted Subsidiary,
an “Additional
Party”). Upon delivery of such counterpart signature
page to the Payees, notice of which is hereby waived by the other
Payors, each Additional Party shall be a Payor and/or a Payee, as
the case may be, and shall be as fully a party hereto as if such
Additional Party were an original signatory hereof. Each Payor
expressly agrees that its obligations arising hereunder shall not
be affected or diminished by the addition or release of any other
Payor or Payee hereunder. This Note shall be fully effective as to
any Payor or Payee that is or becomes a party hereto regardless of
whether any other Person becomes or fails to become or ceases to be
a Payor or Payee hereunder.

 

 

 

 

 

No
amendment, modification or waiver of, or consent with respect to,
any provisions of this Note shall be effective unless the same
shall be in writing and signed and delivered by each Payor and
Payee whose rights or obligations shall be affected thereby;
provided that,
until such time as (a) all the Obligations (other than contingent
obligations as to which no claim has been made and the Specified
Hedge Obligations and Specified Cash Management Services
Obligations under the First Lien Credit Agreement) under each
Credit Agreement and the related other Credit Documents have been
paid in full in cash or immediately available funds, (b) all
Commitments have terminated and (c) no Letter of Credit shall be
outstanding under the First Lien Credit Agreement, as applicable,
each Administrative Agent shall have provided its prior written
consent to such amendment, modification, waiver or consent (which
consent shall not be unreasonably withheld or
delayed).

 

THIS
NOTE AND ALL INDEBTEDNESS EVIDENCED HEREBY ARE SUBJECT TO THE
SUBORDINATION PROVISIONS OF (a) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF May 9, 2019 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“SUPER SENIOR INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
SUPER SENIOR CREDIT AGREEMENT, (b) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“FIRST LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
FIRST LIEN CREDIT AGREEMENT, AND (c) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“SECOND LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT” AND, TOGETHER
WITH THE SUPER SENIOR INTERCOMPANY INDEBTEDNESS SUBORDINATION
AGREEMENT AND THE FIRST LIEN INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, THE “INTERCOMPANY INDEBTEDNESS SUBORDINATION
AGREEMENTS”), AMONG THE BORROWER, SUBSIDIARIES OF THE
BORROWER PARTY THERETO AND WILMINGTON TRUST, NATIONAL ASSOCIATION,
AS ADMINISTRATIVE AGENT UNDER THE SECOND LIEN CREDIT AGREEMENT.
NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, NEITHER
THE PRINCIPAL OF NOR THE INTEREST ON, NOR ANY OTHER AMOUNTS PAYABLE
IN RESPECT OF, ANY INDEBTEDNESS CREATED OR EVIDENCED BY THIS NOTE
SHALL BE PAID OR PAYABLE, EXCEPT TO THE EXTENT PERMITTED UNDER THE
INTERCOMPANY INDEBTEDNESS SUBORDINATION AGREEMENTS, WHICH ARE
INCORPORATED HEREIN BY REFERENCE WITH THE SAME FORCE AND EFFECT AS
IF FULLY SET FORTH HEREIN.

 

 

 

 

 

THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

PAYORS:

 

FUSION
CONNECT, INC.

 

By:           

 

Name:

 

Title:

 

FUSION
NBS ACQUISITION CORP.

 

FUSION
LLC

 

FUSION
BCHI ACQUISITION LLC

 

FUSION
CLOUD SERVICES, LLC

 

FUSION
CB HOLDINGS, INC.

 

FUSION
COMMUNICATIONS, LLC

 

FUSION
MANAGEMENT SERVICES LLC

 

FUSION
TELECOM LLC

 

FUSION
TEXAS HOLDINGS, INC.

 

FUSION
TELECOM OF KANSAS, LLC

 

FUSION
TELECOM OF OKLAHOMA, LLC

 

FUSION
TELECOM OF MISSOURI, LLC

 

FUSION
TELECOM OF TEXAS LTD, L.L.P.

 

BIRCAN
HOLDINGS, LLC

 

FUSION
PM HOLDINGS, INC.

 

FUSION
CLOUD COMPANY LLC

 

FUSION
MPHC GROUP, INC.

 

FUSION
MPHC HOLDING CORPORATION

 

By:           

 

Name:

 

Title:

 

PRIMUS
MANAGEMENT ULC

 

BIRCAN
MANAGEMENT ULC,

 

By:           

 

Name:

 

Title:

 

 

 

 

 

PAYEES:

 

FUSION
CONNECT, INC.

 

By:           

 

Name:

 

Title:

 

FUSION
NBS ACQUISITION CORP.

 

FUSION
LLC

 

FUSION
BCHI ACQUISITION LLC

 

FUSION
CLOUD SERVICES, LLC

 

FUSION
CB HOLDINGS, INC.

 

FUSION
COMMUNICATIONS, LLC

 

FUSION
MANAGEMENT SERVICES LLC

 

FUSION
TELECOM LLC

 

FUSION
TEXAS HOLDINGS, INC.

 

FUSION
TELECOM OF KANSAS, LLC

 

FUSION
TELECOM OF OKLAHOMA, LLC

 

FUSION
TELECOM OF MISSOURI, LLC

 

FUSION
TELECOM OF TEXAS LTD, L.L.P.

 

BIRCAN
HOLDINGS, LLC

 

FUSION
PM HOLDINGS, INC.

 

FUSION
CLOUD COMPANY LLC

 

FUSION
MPHC GROUP, INC.

 

FUSION
MPHC HOLDING CORPORATION

 

By:           

 

Name:

 

Title:

 

PRIMUS
MANAGEMENT ULC BIRCAN MANAGEMENT ULC,

 

By:           

 

Name:

 

Title:

 

 

 

EXHIBIT
I

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

FORM OF INTERCREDITOR AGREEMENT

 

[omitted
-- see executed version]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
J

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

[RESERVED]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
K

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

FORM OF SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

 

[omitted
-- see executed version]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
L

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

[RESERVED]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
M

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

[RESERVED]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
N

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

FORM OF NOTE

 

[$__________]  [     ],
20__

 

FOR
VALUE RECEIVED, the undersigned, FUSION CONNECT, INC., a Delaware
corporation (the “Borrower”), hereby unconditionally
promises to pay to_________________________ (the
“Lender”) or its
registered assigns, in lawful money of the United States of America
and in same day funds, (a) the principal amount of _______________
DOLLARS ($_______________) or (b) if less, the aggregate unpaid principal
amount of all Term Loans made by the Lender to the Borrower
pursuant to the Super Senior Secured Credit Agreement, dated as of
May 9, 2019 (as amended, supplemented or otherwise modified from
time to time, the “Credit
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent, on such dates and in such amounts as are set
forth in the Credit Agreement. Capitalized terms used in this Note
but not otherwise defined herein shall have the meanings given to
them in the Credit Agreement.

 

The
Borrower also promises to pay interest in like money on the unpaid
principal amount hereof from time to time outstanding from and
including the date hereof until maturity (whether by acceleration
or otherwise) and, after maturity, until paid, at the rates per
annum and on the dates specified in the Credit
Agreement.

 

The
holder of this Note (this “Note”) is authorized to endorse on
Schedule A attached hereto and made a part hereof or on a
continuation thereof which shall be attached hereto and made a part
hereof the date, Type and amount of each Term Loan made pursuant to
the Credit Agreement and the date and amount of each payment or
prepayment of principal thereof, each continuation thereof, each
conversion of all or a portion thereof to another Type and, in the
case of a Eurodollar Rate Loan, the length of each Interest Period
with respect thereto. The failure to make any such endorsement
shall not affect the obligations of the Borrower in respect of any
such Term Loan.

 

This
Note (a) is one of the Notes referred to in the Credit Agreement,
(b) is subject to the provisions of the Credit Agreement and (c) is
subject to optional prepayment in whole or in part as provided in
the Credit Agreement. Reference is made to the Credit Agreement for
provisions for the acceleration of the maturity hereof. This Note
may not be transferred except in compliance with the terms of the
Credit Agreement. Transfers of this Note must be recorded in the
Register maintained by the Administrative Agent pursuant to the
terms of the Credit Agreement.

 

THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

FUSION
CONNECT, INC.

 

By:           

 

Name:

 

Title:

 

 

 

SCHEDULE
A

 

to
Note

 

LOANS,
CONTINUATIONS, CONVERSIONS AND

 

REPAYMENTS
OF EURODOLLAR RATE LOANS

 

	

Date

	

Amount
of Eurodollar Rate Loans

	

Amount
Continued or Converted to Eurodollar Rate Loans

	

Interest
Period and Eurodollar Rate with Respect Thereto

	

Amount
of Principal of Eurodollar Rate Loans Repaid

	

Amount
of Eurodollar Rate Loans Converted to Base Rate Loans

	

Unpaid
Principal Balance of Eurodollar Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

SCHEDULE
B

 

to
Note

 

LOANS,
CONVERSIONS AND

 

REPAYMENTS
OF BASE RATE LOANS

 

	

Date

	

Amount
of Base Rate Loans

	

Amount
Converted to Base Rate Loans

	

Amount
of Principal of Base Rate Loans Repaid

	

Amount
of Base Rate Loans Converted to Eurodollar Rate Loans

	

Unpaid
Principal Balance of Base Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

EXHIBIT
O-1

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

 

 

 

(For
Foreign Lenders That Are Not Partnerships For US Federal Income Tax
Purposes)

 

Reference is hereby
made to the Super Senior Secured Credit Agreement dated as of May
9, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, as Guarantors, the Lenders party
thereto and Wilmington Trust, National Association, as
Administrative Agent and Collateral Agent.

 

Pursuant to the
provisions of Section 2.19(g)(ii)(B)(3) of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing
such Loan(s)) in respect of which it is providing this certificate,
(b) it is not a bank within the meaning of Section 881(c)(3)(A) of
the Internal Revenue Code, (c) it is not a ten percent shareholder
of the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (d) it is not a controlled foreign
corporation related to the Borrower as described in Section
881(c)(3)(C) of the Internal Revenue Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-US Person status on IRS Form W-8BEN
or W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (b) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

[NAME
OF LENDER]

 

By:                                                                           

 

Name:

 

Title:

 

Date:__________,
20[ ]

 

 

 

 

 

EXHIBIT
O-2

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

 

 

 

(For
Foreign Participants That Are Not Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby
made to the Super Senior Secured Credit Agreement dated as of May
9, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, as Guarantors, the Lenders party
thereto and Wilmington Trust, National Association, as
Administrative Agent and Collateral Agent.

 

Pursuant to the
provisions of Section 2.19(g)(ii)(B)(4) of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record and
beneficial owner of the participation in respect of which it is
providing this certificate, (b) it is not a bank within the meaning
of Section 881(c)(3)(A) of the Internal Revenue Code, (c) it is not
a ten percent shareholder of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code, and (d) it is
not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Internal Revenue
Code.

 

The
undersigned has furnished its participating Lender with a
certificate of its non-US Person status on IRS Form W-8BEN or
W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform such
Lender in writing, and (b) the undersigned shall have at all times
furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

[NAME
OF PARTICIPANT]

 

By:                                                                           

 

Name:

 

Title:

 

Date:__________,
20[ ]

 

 

 

 

EXHIBIT
O-3

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

 

 

 

(For
Foreign Participants That Are Partnerships For US Federal Income
Tax Purposes)

 

Reference is hereby
made to the Super Senior Secured Credit Agreement dated as of May
9, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, as Guarantors, the Lenders party
thereto and Wilmington Trust, National Association, as
Administrative Agent and Collateral Agent.

 

Pursuant to the
provisions of Section 2.19(g)(ii)(B)(4) of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record
owner of the participation in respect of which it is providing this
certificate, (b) its direct or indirect partners/members are the
sole beneficial owners of such participation, (c) with respect to
such participation, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to
a loan agreement entered into in the ordinary course of its trade
or business within the meaning of Section 881(c)(3)(A) of the
Internal Revenue Code, (d) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 881(c)(3)(B) of the Internal Revenue
Code and (e) none of its direct or indirect partners/members is a
controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Internal Revenue Code.

 

The
undersigned has furnished its participating Lender with IRS Form
W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption:
(a) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (b) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as
applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees
that (i) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (ii) the
undersigned shall have at all times furnished such Lender with a
properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such
payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

[NAME
OF PARTICIPANT]

 

By:                                                                           

 

Name:

 

Title:

 

Date:__________,
20[ ]

 

 

EXHIBIT
O-4

 

TO
FUSION CONNECT, INC.

 

SUPER
SENIOR SECURED CREDIT AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

 

 

 

(For
Foreign Lenders That Are Partnerships For US Federal Income Tax
Purposes)

 

Reference is hereby
made to the Super Senior Secured Credit Agreement dated as of May
9, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, as Guarantors, the Lenders party
thereto and Wilmington Trust, National Association, as
Administrative Agent and Collateral Agent.

 

Pursuant to the
provisions of Section 2.19(g)(ii)(B)(4) of the Credit Agreement,
the undersigned hereby certifies that (a) it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such
Loan(s)) in respect of which it is providing this certificate, (b)
its direct or indirect partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (c) with respect to the extension of credit pursuant to
this Credit Agreement or any other Credit Document, neither the
undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (e) none of its direct or indirect
partners/members is a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN or W-8BEN-E, as
applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as applicable, from each of such
partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate,
the undersigned agrees that (i) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (ii) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

[Signature
Page to Super Senior Secured Credit Agreement]

 

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

[NAME
OF LENDER]

 

By:                                                                           

 

Name:

 

Title:

 

Date:__________,
20[ ]

 

 

 

 

 [Signature Page to
Super Senior Secured Credit Agreement]

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