Document:

Exhibit 10.1

 

 

CREDIT AND SECURITY AGREEMENT

dated as of December 31, 2019

by and among

MODUSLINK CORPORATION,

AND CERTAIN OF ITS SUBSIDIARIES,

each as Borrower, and collectively
as Borrowers,

the Subsidiaries of Borrowers from
time to time party hereto as Guarantors,

and

MIDCAP FINANCIAL TRUST,

as Agent and as a Lender,

and

THE ADDITIONAL LENDERS

FROM TIME TO TIME PARTY HERETO

     

     

    

TABLE OF CONTENTS

Page

	ARTICLE 1 - DEFINITIONS	1
	Section 1.1   Certain
    Defined Terms	1
	Section 1.2   Accounting
    Terms and Determinations	33
	Section 1.3   Other
    Definitional and Interpretive Provisions	33
	Section 1.4   Time
    is of the Essence	34
	ARTICLE 2 - LOANS AND LETTERS OF CREDIT	34
	Section 2.1   Loans.	34
	Section 2.2   Interest,
    Interest Calculations and Certain Fees.	36
	Section 2.3   Notes	38
	Section 2.4   Reserves	38
	Section 2.5   Letters
    of Credit and Letter of Credit Fees.	38
	Section 2.6   General
    Provisions Regarding Payment; Loan Account.	41
	Section 2.7   Maximum
    Interest	42
	Section 2.8   Taxes;
    Capital Adequacy.	42
	Section 2.9   Appointment
    of Borrower Representative.	47
	Section 2.10   Joint
    and Several Liability; Rights of Contribution; Subordination and Subrogation.	48
	Section 2.11   Collections
    and Lockbox Account.	50
	Section 2.12   Termination;
    Restriction on Termination.	52
	ARTICLE 3 - REPRESENTATIONS AND WARRANTIES	53
	Section 3.1   Existence
    and Power	53
	Section 3.2   Organization
    and Governmental Authorization; No Contravention	53
	Section 3.3   Binding
    Effect	53
	Section 3.4   Capitalization	53
	Section 3.5   Financial
    Information	54
	Section 3.6   Litigation	54
	Section 3.7   Ownership
    of Property	54
	Section 3.8   No
    Default	54
	Section 3.9   Labor
    Matters	54
	Section 3.10   Regulated
    Entities	54
	Section 3.11   Margin
    Regulations	55
	Section 3.12   Compliance
    With Laws; Anti-Terrorism Laws.	55
	Section 3.13   Taxes	55
	Section 3.14   Compliance
    with ERISA.	55
	Section 3.15   Consummation
    of Financing Documents; Brokers	56
	Section 3.16   Related
    Transactions	56
	Section 3.17   Material
    Contracts	56
	Section 3.18   Compliance
    with Environmental Requirements; No Hazardous Materials	57
	Section 3.19   Intellectual
    Property	58
	Section 3.20   Solvency	58
	Section 3.21   Full
    Disclosure	58
	Section 3.22   Interest
    Rate	59
	Section 3.23   Subsidiaries	59
	Section 3.24   Certain
    Subsidiaries and Affiliates of Borrowers	59

 

    	-i-

     

    

	ARTICLE 4 - AFFIRMATIVE COVENANTS	59
	Section 4.1   Financial
    Statements and Other Reports	59
	Section 4.2   Payment
    and Performance of Obligations	60
	Section 4.3   Maintenance
    of Existence	60
	Section 4.4   Maintenance
    of Property; Insurance.	60
	Section 4.5   Compliance
    with Laws and Material Contracts	62
	Section 4.6   Inspection
    of Property, Books and Records	62
	Section 4.7   Use
    of Proceeds	62
	Section 4.8   Estoppel
    Certificates	62
	Section 4.9   Notices
    of Litigation and Defaults	63
	Section 4.10   Hazardous
    Materials; Remediation.	63
	Section 4.11   Further
    Assurances.	64
	Section 4.12   [Reserved]	66
	Section 4.13   Power
    of Attorney	66
	Section 4.14   Borrowing
    Base Collateral Administration.	66
	Section 4.15   Maintenance
    of Management	67
	ARTICLE 5 - NEGATIVE COVENANTS	67
	Section 5.1   Debt;
    Contingent Obligations	67
	Section 5.2   Liens	67
	Section 5.3   Restricted
    Distributions	67
	Section 5.4   Restrictive
    Agreements	67
	Section 5.5   Payments
    and Modifications of Subordinated Debt	67
	Section 5.6   Consolidations,
    Mergers and Sales of Assets; Change in Control	68
	Section 5.7   Purchase
    of Assets, Investments	68
	Section 5.8   Transactions
    with Affiliates	69
	Section 5.9   Modification
    of Organizational Documents	69
	Section 5.10   Modification
    of Certain Agreements	69
	Section 5.11   Conduct
    of Business	69
	Section 5.12   Lease
    Payments	69
	Section 5.13   Limitation
    on Sale and Leaseback Transactions	70
	Section 5.14   Deposit
    Accounts and Securities Accounts; Payroll and Benefits Accounts	70
	Section 5.15   Compliance
    with Anti-Terrorism Laws	70
	Section 5.16   Agreements
    Regarding Receivables	70
	ARTICLE 6 - FINANCIAL COVENANTS	71
	Section 6.1   [Reserved]	71
	Section 6.2   Fixed
    Charge Coverage Ratio	71
	Section 6.3   Evidence
    of Compliance	71

 

    	-ii-

     

    

	ARTICLE 7 - CONDITIONS	71
	Section 7.1   Conditions
    to Closing	71
	Section 7.2   Conditions
    to Each Loan, Support Agreement and Lender Letter of Credit	72
	Section 7.3   Searches	73
	Section 7.4   Post-Closing
    Requirements	73
	ARTICLE 8 - [RESERVED]	73
	ARTICLE 9 - SECURITY AGREEMENT	73
	Section 9.1   Generally	73
	Section 9.2   Representations
    and Warranties and Covenants Relating to Collateral.	73
	ARTICLE 10 - EVENTS OF DEFAULT	77
	Section 10.1   Events
    of Default	77
	Section 10.2   Acceleration
    and Suspension or Termination of Revolving Loan Commitment	80
	Section 10.3   UCC
    Remedies.	80
	Section 10.4   Cash
    Collateral	82
	Section 10.5   Default
    Rate of Interest	82
	Section 10.6   Setoff
    Rights	82
	Section 10.7   Application
    of Proceeds.	83
	Section 10.8   Waivers.	84
	Section 10.9   Injunctive
    Relief	86
	Section 10.10   Marshalling;
    Payments Set Aside	86
	ARTICLE 11 - AGENT	86
	Section 11.1   Appointment
    and Authorization	86
	Section 11.2   Agent
    and Affiliates	87
	Section 11.3   Action
    by Agent	87
	Section 11.4   Consultation
    with Experts	87
	Section 11.5   Liability
    of Agent	87
	Section 11.6   Indemnification	88
	Section 11.7   Right
    to Request and Act on Instructions	88
	Section 11.8   Credit
    Decision	88
	Section 11.9   Collateral
    Matters	88
	Section 11.10   Agency
    for Perfection	89
	Section 11.11   Notice
    of Default	89
	Section 11.12   Assignment
    by Agent; Resignation of Agent; Successor Agent.	89
	Section 11.13   Payment
    and Sharing of Payment.	90
	Section 11.14   Right
    to Perform, Preserve and Protect	93
	Section 11.15   Additional
    Titled Agents	93
	Section 11.16   Amendments
    and Waivers.	93
	Section 11.17   Assignments
    and Participations.	94
	Section 11.18   Funding
    and Settlement Provisions Applicable When Non-Funding Lenders Exist	97
	Section 11.19   Buy-Out
    Upon Refinancing	99
	Section 11.20   Subordination
    Agreements	99

 

    	-iii-

     

    

	ARTICLE 12 - MISCELLANEOUS	99
	Section 12.1   Survival	99
	Section 12.2   No
    Waivers	99
	Section 12.3   Notices.	99
	Section 12.4   Severability	100
	Section 12.5   Headings	100
	Section 12.6   Confidentiality.	100
	Section 12.7   Waiver
    of Consequential and Other Damages	101
	Section 12.8   GOVERNING
    LAW; SUBMISSION TO JURISDICTION.	101
	Section 12.9   WAIVER
    OF JURY TRIAL.	102
	Section 12.10   Publication;
    Advertisement.	102
	Section 12.11   Counterparts;
    Integration	103
	Section 12.12   No
    Strict Construction	103
	Section 12.13   Lender
    Approvals	103
	Section 12.14   Expenses;
    Indemnity.	103
	Section 12.15   [Reserved]	105
	Section 12.16   Reinstatement	105
	Section 12.17   Successors
    and Assigns	105
	Section 12.18   USA
    PATRIOT Act Notification	106
	Section 12.19   Acknowledgement
    and Consent to Bail-In of EEA Financial Institutions	106

    	-iv-

     

    

ANNEXES, EXHIBITS AND SCHEDULES

	ANNEXES
	Annex A	-	Commitment Annex
	 	 	 
	EXHIBITS
	Exhibit A	-	[Reserved]
	Exhibit B	-	Form of Compliance Certificate
	Exhibit C	-	Borrowing Base Certificate
	Exhibit D	-	Form of Notice of Borrowing
	Exhibit E	-	Form of Annual Budget
	Exhibit F-1	-	Form of U.S. Tax Compliance Certificate
	Exhibit F-2	-	Form of U.S. Tax Compliance Certificate
	Exhibit F-3	-	Form of U.S. Tax Compliance Certificate
	Exhibit F-4	-	Form of U.S. Tax Compliance Certificate
	 	 	 
	SCHEDULES
	Schedule 3.1	-	Existence, Organizational ID Numbers, Foreign Qualification, Prior Names
	Schedule 3.4	-	Capitalization
	Schedule 3.6	-	Litigation
	Schedule 3.17	-	Material Contracts
	Schedule 3.18	-	Environmental Compliance
	Schedule 3.19	-	Intellectual Property
	Schedule 4.4	-	Insurance
	Schedule 4.9	-	Litigation, Governmental Proceedings and Other Notice Events
	Schedule 5.1	-	Debt; Contingent Obligations
	Schedule 5.2	-	Liens
	Schedule 5.7	-	Permitted Investments
	Schedule 5.8	-	Affiliate Transactions
	Schedule 5.11	-	Business Description
	Schedule 5.14	-	Deposit Accounts and Securities Accounts
	Schedule 7.4	-	Post-Closing Obligations
	Schedule 9.1	-	Collateral
	Schedule 9.2	-	Location of Collateral

 

    	-v-

     

    

 

CREDIT AND SECURITY AGREEMENT

 

THIS CREDIT AND
SECURITY AGREEMENT (as the same may be amended, supplemented, restated or otherwise modified from time to time, the "Agreement")
is dated as of December 31, 2019 by and among, MODUSLINK CORPORATION, a Delaware corporation ("ModusLink"),
each additional Person that may hereafter be joined to this Agreement as a "Borrower" from time to time (together with
ModusLink, each individually, a "Borrower", and collectively, the "Borrowers"), certain Subsidiaries
of Borrowers from time to time party hereto as Guarantors, MIDCAP FINANCIAL TRUST, a Delaware statutory trust, individually
as a Lender, and as Agent, and the financial institutions or other entities from time to time parties hereto, each as a Lender.

RECITALS:

Borrowers have requested
that Lenders make available to Borrowers the financing facilities as described herein. Lenders are willing to extend such credit
to Borrowers under the terms and conditions herein set forth.

AGREEMENT

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, Borrowers, Lenders and Agent agree
as follows:

ARTICLE 1 - DEFINITIONS

Section 1.1
Certain Defined Terms. The following terms have the following meanings:

"Acceleration
Event" means the occurrence of an Event of Default (a) in respect of which Agent has declared all or any portion
of the Obligations to be immediately due and payable pursuant to Section 10.2, (b) pursuant to Section 10.1(a), and in respect
of which Agent has suspended or terminated the Revolving Loan Commitment pursuant to Section 10.2, and/or (c) pursuant to
either Section 10.1(e) and/or Section 10.1(f).

"Account
Debtor" means "account debtor", as defined in Article 9 of the UCC, and any other obligor in respect of an Account.

"Accounts"
means, collectively, (a) any right to payment of a monetary obligation, whether or not earned by performance, (b) without
duplication, any "account" (as defined in the UCC), any accounts receivable (whether in the form of payments for services
rendered or goods sold, rents, license fees or otherwise), any "health-care-insurance receivables" (as defined in the
UCC), any "payment intangibles" (as defined in the UCC) and all other rights to payment and/or reimbursement of every
kind and description, whether or not earned by performance, (c) all accounts, "general intangibles" (as defined
in the UCC), Intellectual Property, rights, remedies, Guarantees, "supporting obligations" (as defined in the UCC), "letter-of-credit
rights" (as defined in the UCC) and security interests in respect of the foregoing, all rights of enforcement and collection,
all books and records evidencing or related to the foregoing, and all rights under the Financing Documents in respect of the foregoing,
(d) all information and data compiled or derived by any Borrower or to which any Borrower is entitled in respect of or related
to the foregoing, and (e) all proceeds of any of the foregoing.

    	 

     

    

"Acquisition"
means (a) the purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or
any division or business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger,
consolidation, or otherwise) by a Person or its Subsidiaries of all of the equity interests of any other Person.

"Acquisition
EBITDA" means, with respect to any target acquired in a Permitted Acquisition, earnings before interest, taxes, depreciation
and amortization for such Target for the most recently ended twelve (12) month period for which financial statements are made available
to Agent at the time of determination thereof, with adjustments calculated by Borrowers and approved by Agent in its reasonable
discretion.

"Agent"
means MCF, in its capacity as administrative agent for itself and for Lenders hereunder, as such capacity is established in, and
subject to the provisions of, Article 11, and the successors and assigns of MCF in such capacity.

"Affiliate"
means, with respect to any Person, (a) any Person that directly or indirectly controls such Person, (b) any Person which
is controlled by or is under common control with such controlling Person, and (c) each of such Person's (other than, with
respect to any Lender, any Lender's) officers or directors (or Persons functioning in substantially similar roles) and the spouses,
parents, descendants and siblings of such officers, directors or other Persons. As used in this definition, the term "control"
of a Person means the possession, directly or indirectly, of the power to vote five percent (5%) or more of any class of voting
securities of such Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership
of voting securities, by contract or otherwise.

"AMD"
means Advanced Micro Devices, Inc., a Delaware corporation.

"Anti-Terrorism
Laws" means any Laws relating to terrorism or money laundering, including, without limitation, Executive Order No. 13224
(effective September 24, 2001), the USA PATRIOT Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered
by OFAC.

"Applicable
Margin" means four percent (4.00%).

"Approved
Credit Insurance" means, as of any date, insurance issued to a Borrower by an insurance company acceptable to Agent, which
(a) is in full force and effect, (b) insures the collection of one or more of a Borrower's Eligible Accounts on terms
acceptable to Agent, and (c) is the subject of a prior assignment in favor of Agent so that Agent is the first (and exclusive)
loss payee thereof.

"Approved
Credit Insurance Document" means collectively, (a) all collateral assignments and endorsements relating to the Approved
Credit Insurance and (b) all other documents, instruments, and other agreements executed and/or delivered by Borrowers to
Agent in connection with the Approved Credit Insurance.

    	2

     

    

"Approved
Credit Insurance Insured Accounts" means, as of any date, otherwise Eligible Accounts which, in each instance, are insured
by Approved Credit Insurance but solely to the extent insured under such Approved Credit Insurance (e.g., net of applicable
deductibles, country limitations, policy limits, co-insurance and Account Debtor limitations).

"Approved
Fund" means any (a) investment company, fund, trust, securitization vehicle or conduit that is (or will be) engaged
in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course
of Business, or (b) any Person (other than a natural person) which temporarily warehouses loans for any Lender or any entity
described in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed
by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) a Person (other than a natural person) or an Affiliate
of a Person (other than a natural person) that administers or manages a Lender.

"Asset Disposition"
means any sale, lease, license, transfer, assignment, statutory division or other consensual disposition of assets by, or liquidation
or dissolution of, any Credit Party.

"Assignment
Agreement" means an assignment agreement in form and substance acceptable to Agent.

"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", as the same may be amended, modified or
supplemented from time to time, and any successor statute thereto.

"Base Rate"
means the per annum rate of interest announced, from time to time, within Wells Fargo at its principal office in San Francisco
as its "prime rate," with the understanding that the "prime rate" is one of Wells Fargo's base rates (not necessarily
the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making
reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo
may designate; provided, however, that Agent may, upon prior written notice to Borrower, choose a reasonably comparable
index or source to use as the basis for the Base Rate.

"Blocked
Person" means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order
No. 13224, (b) owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224, (c) with which any Lender is prohibited from dealing or otherwise
engaging in any transaction by any Anti-Terrorism Law, (d) that commits, threatens or conspires to commit or supports "terrorism"
as defined in Executive Order No. 13224, or (e) that is named a "specially designated national" or "blocked
person" on the most current list published by OFAC or other similar list or is named as a "listed person" or "listed
entity" on other lists made under any Anti-Terrorism Law.

    	3

     

    

"Borrower"
and "Borrowers" mean the entity(ies) described in the first paragraph of this Agreement and each of their successors
and permitted assigns.

"Borrower
Representative" means ModusLink, in its capacity as Borrower Representative pursuant to the provisions of Section 2.9,
or any successor Borrower Representative selected by Borrowers and approved by Agent.

"Borrowing
Base" means:

(a)
the product of (i) fifty percent (50%) multiplied by (ii) the aggregate net amount at such time of the
Eligible Accounts; plus

(b)
the least of (i) fifty percent (50%) multiplied by the Net Orderly Liquidation Value of the Eligible Inventory,
(ii) sixty-five (65%) multiplied by the value of the Eligible Inventory, valued at the lower of first-in-first-out
cost or market cost, and after factoring in all rebates, discounts and other incentives or rewards associated with the purchase
of the applicable Inventory, and (iii) $4,500,000; minus

(c)
the amount of any reserves (including, without limitation, the Dilution Reserve, the Overdue AP Reserve and any Landlord
Reserves) and/or adjustments provided for in this Agreement.

"Borrowing
Base Certificate" means a certificate, duly executed by a Responsible Officer of Borrower Representative, appropriately
completed and substantially in the form of Exhibit C hereto.

"Business
Day" means any day except a Saturday, Sunday or other day on which either the New York Stock Exchange is closed, or on
which commercial banks in Washington, DC and New York City are authorized by law to close.

"Capital
Expenditures" means any expenditure that would be classified as a capital expenditure on a statement of cash flow of Borrowers
prepared in accordance with GAAP.

"CERCLA"
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.A. § 9601 et seq., as
the same may be amended from time to time.

"CFC"
means a "controlled foreign corporation" within the meaning of Section 957 of the Code in which any Loan Party or Affiliate
thereof is a "United States shareholder" within the meaning of Section 951(b) of the Code.

    	4

     

    

"Change
in Control" means any of the following events: (a) any Person or two or more Persons acting in concert (other than
Steel Partners Holdings L.P. and its Affiliates) shall have acquired beneficial ownership, directly or indirectly, of, or shall
have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation, will result
in its or their acquisition of or control over, voting stock of Holdings (or other securities convertible into such voting stock)
representing 40% or more of the combined voting power of all voting stock of Holdings; (b) Holdings ceases to own, directly
or indirectly, 100% of the capital stock of ModusLink; (c) ModusLink ceases to own, directly or indirectly, 100% of the capital
stock of each of its Subsidiaries (other than pursuant to a transaction expressly permitted hereunder); or (d) the occurrence of
any "Change of Control", "Change in Control", or terms of similar import under any document or instrument governing
or relating to Debt of or equity in such Person. As used herein, "beneficial ownership" shall have the meaning provided
in Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934.

"Closing
Date" means the date of this Agreement.

"Code"
means the Internal Revenue Code of 1986, as amended from time to time, any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form.

"Collateral"
means all property, now existing or hereafter acquired, mortgaged or pledged to, or purported to be subjected to a Lien in favor
of, Agent, for the benefit of Agent and Lenders, pursuant to this Agreement and the Security Documents, including, without limitation,
all of the property described in Schedule 9.1 hereto.

"Collateral
Access Agreement" means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor,
consignee, or other Person in possession of, having a Lien upon, or having rights or interests in any Credit Party's or its Subsidiaries'
books and records or Inventory, in each case, in form and substance reasonably satisfactory to Agent.

"Collateralized
LCs" means, collectively, one or more letters of credit (excluding any "Letters of Credit") with an aggregate
face value not to exceed $5,000,000 at any time outstanding, issued for the account of a Borrower by PNC Bank, National Association
or another issuer reasonably acceptable to Agent, and secured only by Permitted Liens of the type set forth in clause (i) of the
definition thereof.

"Commitment
Annex" means Annex A to this Agreement.

"Commitment
Expiry Date" means the date that is 3 years following the Closing Date.

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

"Compliance
Certificate" means a certificate, duly executed by a Responsible Officer of Borrower Representative, appropriately completed
and substantially in the form of Exhibit B hereto.

"Consolidated
Subsidiary" means, at any date and with respect to any Person, any Subsidiary the accounts of which would be consolidated
with those of such Person in its consolidated financial statements if such statements were prepared as of such date.

    	5

     

    

"Contingent
Obligation" means, with respect to any Person, any direct or indirect liability of such Person: (a) with respect
to any Debt of another Person (a "Third Party Obligation") if the purpose or intent of such Person incurring such
liability, or the effect thereof, is to provide assurance to the obligee of such Third Party Obligation that such Third Party Obligation
will be paid or discharged, or that any agreement relating thereto will be complied with, or that any holder of such Third Party
Obligation will be protected, in whole or in part, against loss with respect thereto; (b) with respect to any undrawn portion
of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for the reimbursement
of any drawing; (c) under any Swap Contract, to the extent not yet due and payable; (d) to make take-or-pay or similar
payments if required regardless of nonperformance by any other party or parties to an agreement; or (e) for any obligations
of another Person pursuant to any Guarantee or pursuant to any agreement to purchase, repurchase or otherwise acquire any obligation
or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to preserve
the solvency, financial condition or level of income of another Person. The amount of any Contingent Obligation shall be equal
to the amount of the obligation so Guaranteed or otherwise supported or, if not a fixed and determinable amount, the maximum amount
so Guaranteed or otherwise supported.

"Controlled
Group" means all members of any group of corporations and all members of a group of trades or businesses (whether or not
incorporated) under common control which, together with any Borrower, are treated as a single employer under Section 414(b), (c),
(m) or (o) of the Code or Section 4001(b) of ERISA.

"Credit
Exposure" means, at any time, any portion of the Revolving Loan Commitment that remains outstanding, or any Reimbursement
Obligation or other Obligation that remains unpaid or any Letter of Credit or Support Agreement not supported with cash collateral
required by this Agreement that remains outstanding; provided, however, that no Credit Exposure shall be deemed to
exist solely due to the existence of contingent indemnification liability, absent the assertion of a claim, or the known existence
of a claim reasonably likely to be asserted, with respect thereto.

"Credit
Party" means any Guarantor under a Guarantee of the Obligations or any part thereof, any Borrower and any other Person
(other than Agent, a Lender or a participant of a Lender), whether now existing or hereafter acquired or formed, that becomes obligated
as a borrower, guarantor, surety, indemnitor, pledgor, assignor or other obligor under any Financing Document; and "Credit
Parties" means all such Persons, collectively; provided, however, that notwithstanding anything to the contrary set
forth in this Agreement, solely for purposes of Article 9 of this Agreement, the term "Credit Party" shall exclude Holdings.

"Debt"
of a Person means at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay
the deferred purchase price of property or services, except trade accounts payable and accrued expenses arising and paid on a timely
basis and in the Ordinary Course of Business, (d) all capital leases of such Person, (e) all non-contingent obligations
of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker's acceptance or
similar instrument, (f) all equity securities of such Person subject to repurchase or redemption other than at the sole option
of such Person, (g) all obligations secured by a Lien on any asset of such Person, whether or not such obligation is otherwise
an obligation of such Person, (h) "earnouts", purchase price adjustments, profit sharing arrangements, deferred
purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase
and sale contracts, (i) all Debt of others Guaranteed by such Person, (j) off-balance sheet liabilities and/or Pension
Plan or Multiemployer Plan liabilities of such Person, (k) [reserved], and (l) obligations arising under bonus, deferred
compensation, incentive compensation or similar arrangements, other than those arising in the Ordinary Course of Business. Without
duplication of any of the foregoing, Debt of Borrowers shall include any and all Loans and Letter of Credit Liabilities.

    	6

     

    

"Default"
means any condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become an
Event of Default.

"Defaulted
Lender" means, so long as such failure shall remain in existence and uncured, any Lender which shall have failed to make
any Loan or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Financing
Document.

"Defined
Period" means, for purposes of calculating the Fixed Charge Coverage Ratio for any given calendar month, the twelve (12)
month period immediately preceding any such calendar month.

"Deposit
Account" means a "deposit account" (as defined in Article 9 of the UCC), an investment account, or other account
in which funds are held or invested for credit to or for the benefit of any Credit Party.

"Deposit
Account Control Agreement" means an agreement, in form and substance satisfactory to Agent, among Agent, any Credit Party
and each financial institution in which such Credit Party maintains a Deposit Account, which agreement provides that (a) such
financial institution shall comply with instructions originated by Agent directing disposition of the funds in such Deposit Account
without further consent by the applicable Credit Party, and (b) such financial institution shall agree that it shall have
no Lien on, or right of setoff or recoupment against, such Deposit Account or the contents thereof, other than in respect of usual
and customary service fees and returned items for which Agent has been given value, in each such case expressly consented to by
Agent, and containing such other terms and conditions as Agent may require, including as to any such agreement pertaining to any
Lockbox Account, providing that such financial institution shall wire, or otherwise transfer, in immediately available funds, on
a daily basis to the Payment Account all funds received or deposited into such Lockbox or Lockbox Account.

"Dilution"
means, as of any date of determination, a percentage, based upon the experience during any prior period selected from time to time
by Agent in its sole discretion, that is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts,
advertising allowances, credits, or other dilutive items with respect to Borrowers' Accounts during such period, by (b) Borrowers'
billings with respect to Accounts during such period.

    	7

     

    

"Dilution
Reserve" means, as of any date of determination, an amount sufficient to reduce the advance rate against Eligible Accounts
by one (1) percentage point for each percentage point by which Dilution is in excess of five (5%) percent.

"Dollars"
or "$" means the lawful currency of the United States of America.

"Domestic
Subsidiary" means any Subsidiary of any Borrower that is not a Foreign Subsidiary.

"EBITDA"
has the meaning provided in the Compliance Certificate.

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

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

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

"Eligible
Account" means, subject to the criteria below, an account receivable of a Borrower, which was generated in the Ordinary
Course of Business, which was generated originally in the name of a Borrower and not acquired via assignment or otherwise, and
which Agent, in its good faith credit judgment and discretion, deems to be an Eligible Account. The net amount of an Eligible Account
at any time shall be the face amount of such Eligible Account as originally billed minus all cash collections and other proceeds
of such Account received from or on behalf of the Account Debtor thereunder as of such date and any and all returns, rebates, discounts
(which may, at Agent's option, be calculated on shortest terms), credits, allowances or excise taxes of any nature at any time
issued, owing, claimed by Account Debtors, granted, outstanding or payable in connection with such Accounts at such time. Without
limiting the generality of the foregoing, no Account shall be an Eligible Account if:

(a)
the Account remains unpaid more than ninety (90) days past the claim or invoice date (but in no event more than one hundred
twenty (120) days after the applicable goods or services have been rendered or delivered);

(b)
the Account is subject to any defense, set-off, recoupment, counterclaim, deduction, discount, credit, chargeback, freight
claim, allowance, or adjustment of any kind (but only to the extent of such defense, set-off, recoupment, counterclaim, deduction,
discount, credit, chargeback, freight claim, allowance, or adjustment), or the applicable Borrower is not able to bring suit or
otherwise enforce its remedies against the Account Debtor through judicial process;

    	8

     

    

(c)
if the Account arises from the sale of goods, any part of any goods the sale of which has given rise to the Account has
been returned, rejected, lost, or damaged (but only to the extent that such goods have been so returned, rejected, lost or damaged);

(d)
if the Account arises from the sale of goods, the sale was not an absolute, bona fide sale, or the sale was made on consignment
or on approval or on a sale-or-return or bill-and-hold or progress billing basis, or the sale was made subject to any other repurchase
or return agreement, or the goods have not been shipped to the Account Debtor or its designee or the sale was not made in compliance
with applicable Laws;

(e)
if the Account arises from the performance of services, the services have not actually been performed or the services were
undertaken in violation of any Law or the Account represents a progress billing for which services have not been fully and completely
rendered;

(f)
the Account is subject to a Lien (other than Liens in favor of Agent under the Financing Documents), or Agent does not have
a first priority, perfected Lien on such Account;

(g)
the Account is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment, unless such Chattel
Paper or Instrument has been delivered to Agent;

(h)
the Account Debtor is an Affiliate or Subsidiary of a Credit Party, or if the Account Debtor holds any Debt of a Credit
Party;

(i)
more than fifty percent (50%) of the aggregate balance of all Accounts owing from the Account Debtor obligated on the Account
are ineligible under subclause (a) above (in which case all Accounts from such Account Debtor shall be ineligible);

(j)
without limiting the provisions of clause (i) above, fifty percent (50%) or more of the aggregate unpaid Accounts from the
Account Debtor obligated on the Account are not deemed Eligible Accounts under this Agreement for any reason;

(k)
the total unpaid Accounts of the Account Debtor obligated on the Account exceed (i) with respect to Accounts owing by AMD,
zero percent (0%); provided, that such percentage shall be increased to fifty percent (50%) to the extent such Accounts
owing by AMD are Approved Credit Insurance Insured Accounts, or (ii) with respect to Accounts owing by any Account Debtor other
than AMD, twenty-five percent (25%), in each case of the net amount of all Eligible Accounts owing from all Account Debtors (but
only the amount of the Accounts of such Account Debtor exceeding the limitation applicable to such Account Debtor shall be considered
ineligible);

(l)
any covenant, representation or warranty contained in the Financing Documents with respect to such Account has been breached
in any material respect;

(m)
the Account is unbilled or has not been invoiced to the Account Debtor in accordance with the procedures and requirements
of the applicable Account Debtor;

    	9

     

    

(n)
the Account is an obligation of an Account Debtor that is the federal, state or local government or any political subdivision
thereof, unless Agent has agreed to the contrary in writing and Agent has received from the Account Debtor the acknowledgement
of Agent's notice of assignment of such obligation pursuant to this Agreement;

(o)
the Account is an obligation of an Account Debtor that has suspended business, made a general assignment for the benefit
of creditors, is unable to pay its debts as they become due or as to which a petition has been filed (voluntary or involuntary)
under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or the Account is an Account as to which
any facts, events or occurrences exist which could reasonably be expected to impair the validity, enforceability or collectability
of such Account or reduce the amount payable or delay payment thereunder;

(p)
the Account is an obligation of an Account Debtor that has its principal place of business or executive office outside the
United States, unless such Account is an Eligible Foreign Account; provided, that (i) the total amount of Eligible Foreign
Accounts included in the calculation of the Borrowing Base shall not at any time exceed an amount equal to 35% of all Eligible
Accounts at such time and (ii) no more than $7,500,000 of the Borrowing Base shall be attributable to Eligible Foreign Accounts
at any time;

(q)
the Account is payable in a currency other than United States dollars;

(r)
the Account Debtor is an individual;

(s)
the Borrower owning such Account has not signed and delivered to Agent notices, in the form requested by Agent, directing
the Account Debtors to make payment to the applicable Lockbox Account;

(t)
the Account includes late charges or finance charges (but only such portion of the Account shall be ineligible);

(u)
the Account arises out of the sale of any Inventory upon which any other Person holds, claims or asserts a Lien; or

(v)
the Account or Account Debtor fails to meet such other specifications and requirements which may from time to time be established
by Agent in its good faith credit judgment and discretion.

"Eligible
Assignee" means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other
Person (other than a natural person) approved by Agent; provided, however, that notwithstanding the foregoing, (x)
 "Eligible Assignee" shall not include any Borrower or any of a Borrower's Affiliates, and (y) no proposed assignee intending
to assume all or any portion of the Revolving Loan Commitment shall be an Eligible Assignee unless such proposed assignee either
already holds a portion of such Revolving Loan Commitment, or has been approved as an Eligible Assignee by Agent.

    	10

     

    

"Eligible
Inventory" means Inventory owned by a Borrower and acquired and dispensed by such Borrower in the Ordinary Course of Business
that Agent, in its good faith credit judgment and discretion, deems to be Eligible Inventory. Without limiting the generality of
the foregoing, no Inventory shall be Eligible Inventory if:

(a)
such Inventory is not owned by a Borrower free and clear of all Liens (other any Liens in favor of Agent under the Financing
Documents) and rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of
a surety that has issued a bond to assure such Borrower's performance with respect to that Inventory);

(b)
such Inventory is (i) placed on consignment or (ii) in transit;

(c)
such Inventory is covered by a negotiable document of title, unless such document has been delivered to Agent with all necessary
endorsements, free and clear of all Liens except those in favor of Agent;

(d)
such Inventory is excess, obsolete, unsalable, shopworn, seconds, damaged, unfit for sale, unfit for further processing,
is of substandard quality or is not of good and merchantable quality, free from any defects;

(e)
such Inventory consists of marketing materials, display items, manufacturing supplies or Work-In-Process;

(f)
such Inventory is not subject to a first priority, perfected Lien in favor of Agent;

(g)
such Inventory consists of goods that can be transported or sold only with licenses that are not readily available or of
any substances defined or designated as hazardous or toxic waste, hazardous or toxic material, hazardous or toxic substance, or
similar term, by any environmental law or any Governmental Authority applicable to Borrowers or their business, operations or assets;

(h)
such Inventory is not covered by casualty insurance acceptable to Agent;

(i)
any covenant, representation or warranty contained in the Financing Documents with respect to such Inventory has been breached
in any material respect;

(j)
such Inventory is located (i) outside of the continental United States or (ii) on premises where the aggregate
amount of all Inventory (valued at cost) of Borrowers located thereon is less than $10,000;

(k)
such Inventory is located on premises with respect to which Agent has not received a Collateral Access Agreement, unless
Agent has established a Landlord Reserve with respect to such location;

(l)
such Inventory consists of (i) discontinued items, (ii) slow-moving or excess items held in inventory, or (iii) used
items held for resale;

(m)
such Inventory does not consist of finished goods or parts inventory;

    	11

     

    

(n)
such Inventory does not meet all standards imposed by any Governmental Authority, including with respect to its production,
acquisition or importation (as the case may be);

(o)
such Inventory has an expiration date within the next six (6) months;

(p)
such Inventory consists of products for which Borrowers have a greater than three (3) month supply on hand;

(q)
such Inventory is held for rental or lease by or on behalf of Borrowers;

(r)
such Inventory is subject to any licensing, patent, royalty, trademark, trade name or copyright agreement with any third
parties, which agreement restricts the ability of Agent or any Lender to sell or otherwise dispose of such Inventory; or

(s)
such Inventory fails to meet such other specifications and requirements which may from time to time be established by Agent
in its good faith credit judgment. Agent and Borrowers agree that Inventory shall be subject to periodic appraisal by Agent and
that valuation of Inventory shall be subject to adjustment pursuant to the results of such appraisal. Notwithstanding the foregoing,
the valuation of Inventory shall be subject to any legal limitations on sale and transfer of such Inventory.

"Eligible
Foreign Accounts" means Accounts that are (i) an obligation of an Account Debtor that has its principal place of business
or executive office outside the United States and (ii) Approved Credit Insurance Insured Accounts.

"Eligible
Swap Counterparty" means Agent, any Affiliate of Agent, any Lender and/or any Affiliate of any Lender, that (a) at
any time it occupies such role or capacity (whether or not it remains in such capacity) enters into a Swap Contract permitted hereunder
with any Borrower, and (b) in the case of a Lender or an Affiliate of a Lender other than Agent, maintains a reporting system
acceptable to Agent with respect to Swap Contract exposure and agrees with Agent to provide regular reporting to Agent, in form
and substance reasonably satisfactory to Agent, with respect to such exposure. In addition thereto, any Affiliate of a Lender shall,
upon Agent's request, execute and deliver to Agent a letter agreement pursuant to which such Affiliate designates Agent as its
agent and agrees to share, pro rata, all expenses relating to liquidation of the Collateral for the benefit of such Affiliate.

"Environmental
Laws" means any present and future federal, state and local laws, statutes, ordinances, rules, regulations, standards,
policies and other governmental directives or requirements, as well as common law, pertaining to the environment, natural resources,
pollution, health (including any environmental clean-up statutes and all regulations adopted by any local, state, federal or other
Governmental Authority, and any statute, ordinance, code, order, decree, law rule or regulation all of which pertain to or impose
liability or standards of conduct concerning medical waste or medical products, equipment or supplies), safety or clean-up that
apply to any Borrower and relate to Hazardous Materials, including, without limitation, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Resource Conservation and Recovery Act of 1976
(42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Hazardous Materials
Transportation Act (49 U.S.C. § 5101 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Federal Insecticide,
Fungicide and Rodenticide Act (7 U.S.C. § 136 et seq.), the Emergency Planning and Community Right-to-Know Act (42 U.S.C.
 § 11001 et seq.), the Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), the Residential Lead-Based
Paint Hazard Reduction Act (42 U.S.C. § 4851 et seq.), any analogous state or local laws, any amendments thereto, and
the regulations promulgated pursuant to said laws, together with all amendments from time to time to any of the foregoing and judicial
interpretations thereof.

    	12

     

    

"ERISA"
means the Employee Retirement Income Security Act of 1974, as the same may be amended, modified or supplemented from time to time,
and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

"ERISA Plan"
means any "employee benefit plan", as such term is defined in Section 3(3) of ERISA (other than a Multiemployer Plan),
which any Credit Party maintains, sponsors or contributes to or has an obligation to contribute to, or, in the case of an employee
benefit plan which is subject to Section 412 of the Code or Title IV of ERISA, to which any Credit Party or any member of the Controlled
Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section
4063 of ERISA at any time during the preceding five (5) years, or by reason of being deemed to be a contributing sponsor under
Section 4069 of ERISA.

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

"Excess
Availability" means, at a particular date, an amount equal to the Revolving Loan Availability minus all amounts due and
owing to any Borrower's or any of their Subsidiaries' trade creditors which are outstanding sixty (60) days or more past their
due date.

"Excluded
Equity Interests" means any voting equity interests of any CFC (other than a Protected CFC) or Foreign Subsidiary Holdco,
other than voting equity interests are held directly by a Borrower or a Subsidiary that is a Credit Party and represent 65% (or
such greater percentage to the extent no adverse tax consequences would result therefrom) of the voting equity interests of such
CFC or Foreign Subsidiary Holdco.

"Excluded
Swap Obligations" means, with respect to any Credit Party, (x) as it relates to all or a portion of the Guarantee
of such Credit Party, any Swap Obligation if, and to the extent that, such Swap Obligation (or any Guarantee thereof) is or becomes
illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Credit Party's failure for any reason to constitute an "eligible
contract participant" as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of
such Credit Party becomes effective with respect to such Swap Obligation or (y) as it relates to all or a portion of the grant
by such Credit Party of a security interest, any Swap Obligation if, and to the extent that, such Swap Obligation (or such security
interest in respect thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party's failure
for any reason to constitute an "eligible contract participant" as defined in the Commodity Exchange Act and the regulations
thereunder at the time the security interest of such Credit Party becomes effective with respect to such Swap Obligation. If a
Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of
such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

    	13

     

    

"Excluded
Taxes" means any of the following Taxes imposed on or with respect to Agent, any Lender or any other recipient of any
payment to be made by or on behalf of any obligation of Credit Parties hereunder or the Obligations or required to be withheld
or deducted from a payment to Agent, such Lender or such recipient (including any interest and penalties thereon): (a) Taxes
to the extent imposed on or measured by Agent's, any Lender's or such recipient's net income (however denominated), branch profits
Taxes, and franchise Taxes and similar Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision
thereof) under which Agent, such Lender or such recipient is organized, has its principal office or conducts business with respect
to entering into any of the Financing Documents or taking any action thereunder or (ii) that are Other Connection Taxes; (b) in
the case of a Lender, United States withholding Taxes imposed on amounts payable to or for the account of such Lender with respect
to an applicable interest in the Loans pursuant to a Law in effect on the date on which (i) such Lender becomes a party to
this Agreement other than as a result of an assignment requested by a Credit Party under the terms hereof or (ii) such Lender
changes its lending office for funding its Loan, except in each case to the extent that, pursuant to Section 2.8, amounts with
respect to such Taxes were payable either to such Lender's assignor immediately before such Lender acquired the applicable interest
in a Loan, Letter of Credit or Revolving Loan Commitment or to such Lender immediately before it changed its lending office; (c) United
States Taxes attributable to such Lender's failure to comply with Section 2.8(c); and (d) any U.S. federal withholding taxes imposed
in respect of a Lender under FATCA.

"Event of
Default" has the meaning set forth in Section 10.1.

"FATCA"
means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future Treasury regulations or official interpretations
thereof and any agreement entered into pursuant to the implementation of Section 1471(b)(1) of the Code, and any intergovernmental
agreement between the United States Internal Revenue Service, the U.S. Government and any governmental or taxation authority under
any other jurisdiction which agreement's principal purposes deals with the implement such sections of the Code.

"Federal
Funds Rate" means, for any day, the rate of interest per annum (rounded upwards, if necessary, to the nearest whole multiple
of 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day, provided, however, that (a) if such day is not a Business Day, the Federal Funds
Rate for such day shall be such rate on such transactions on the next preceding Business Day, and (b) if no such rate is so
published on such next preceding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Agent on
such day on such transactions as determined by Agent.

    	14

     

    

"Financing
Documents" means this Agreement, any Notes, the Security Documents, any subordination or intercreditor agreement pursuant
to which any Debt and/or any Liens securing such Debt is subordinated to all or any portion of the Obligations and all other documents,
instruments and agreements (other than any Swap Contract) related to the Obligations and heretofore executed, executed concurrently
herewith or executed at any time and from time to time hereafter, as any or all of the same may be amended, supplemented, restated
or otherwise modified from time to time.

"Fixed Charge
Coverage Ratio" means the ratio of Operating Cash Flow (as defined in the Compliance Certificate) to Fixed Charges (as
defined in the Compliance Certificate) for each Defined Period.

"Foreign
Lender" has the meaning set forth in Section 2.8(b)(i).

"Foreign
Subsidiary" means any direct or indirect Subsidiary of any Borrower that is organized under the laws of any jurisdiction
other than the United States, any state thereof or the District of Columbia.

"Foreign
Subsidiary Holdco" means any Domestic Subsidiary of any Borrower, all of whose assets (other than a de minimis amount)
are equity interests in one or more CFCs, other than Protected CFCs.

"GAAP"
means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the United States accounting
profession), which are applicable to the circumstances as of the date of determination.

"General
Intangible" means any "general intangible" as defined in Article 9 of the UCC, and any personal property, including
things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments,
investment property, letter-of-credit rights, letters of credit, money, and oil, gas or other minerals before extraction, but including
payment intangibles and software.

"Governmental
Authority" means any nation or government, any state or other political subdivision thereof, and any agency, department
or Person exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and
any corporation or other Person owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing,
whether domestic or foreign.

"Guarantee"
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other
obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent
or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt
or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise), or (b) entered into for
the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such
obligee against loss in respect thereof (in whole or in part), provided, however, that the term Guarantee shall not
include endorsements for collection or deposit in the Ordinary Course of Business. The term "Guarantee" used as
a verb has a corresponding meaning.

    	15

     

    

"Guarantor"
means each Credit Party that has executed or delivered, or shall in the future execute or deliver, any Guarantee of any portion
of the Obligations.

"Hazardous
Materials" means petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil;
explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead-based
paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing any substance;
any substance the presence of which is prohibited by any Environmental Laws; toxic mold, any substance that requires special handling;
and any other material or substance now or in the future defined as a "hazardous substance," "hazardous material,"
 "hazardous waste," "toxic substance," "toxic pollutant," "contaminant," "pollutant"
or other words of similar import within the meaning of any Environmental Law, including: (a) any "hazardous substance"
defined as such in (or for purposes of) CERCLA, or any so-called "superfund" or "superlien" Law, including
the judicial interpretation thereof; (b) any "pollutant or contaminant" as defined in 42 U.S.C.A. § 9601(33);
(c) any material now defined as "hazardous waste" pursuant to 40 C.F.R. Part 260; (d) any petroleum or petroleum
by-products, including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or
synthetic gas usable for fuel; (f) any "hazardous chemical" as defined pursuant to 29 C.F.R. Part 1910; (g) any
toxic or harmful substances, wastes, materials, pollutants or contaminants (including, without limitation, asbestos, polychlorinated
biphenyls ("PCB's"), flammable explosives, radioactive materials, infectious substances, materials containing
lead-based paint or raw materials which include hazardous constituents); and (h) any other toxic substance or contaminant that
is subject to any Environmental Laws or other past or present requirement of any Governmental Authority.

"Hazardous
Materials Contamination" means contamination (whether now existing or hereafter occurring) of the improvements, buildings,
facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Materials, or any
derivatives thereof, or on or of any other property as a result of Hazardous Materials, or any derivatives thereof, generated on,
emanating from or disposed of in connection with the relevant property.

"Holdings"
means Steel Connect, Inc., a Delaware corporation.

"Ireland
Subsidiaries" means, collectively, (a) Modus Media International (Ireland) Limited, a Delaware corporation, (b) Modus
Media International Documentation Services (Ireland) Limited, a Delaware corporation, and (c) each of their respective Subsidiaries.

    	16

     

    

"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 Financing Document and (b) to the extent not otherwise described in (a),
Other Taxes.

"Instrument"
means "instrument", as defined in Article 9 of the UCC.

"Intellectual
Property" means, with respect to any Person, all patents, patent applications and like protections, including improvements
divisions, continuation, renewals, reissues, extensions and continuations in part of the same, trademarks, trade names, trade styles,
trade dress, service marks, logos and other business identifiers and, to the extent permitted under applicable law, any applications
therefor, whether registered or not, and the goodwill of the business of such Person connected with and symbolized thereby, copyright
rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative works, whether
published or unpublished, technology, know-how and processes, operating manuals, trade secrets, computer hardware and software,
rights to unpatented inventions and all applications and licenses therefor, used in or necessary for the conduct of business by
such Person and all claims for damages by way of any past, present or future infringement of any of the foregoing.

"Interest
Period" means any period commencing on the first day of a calendar month and ending on the last day of such calendar month.

"Inventory"
means "inventory" as defined in Article 9 of the UCC.

"Investment"
means any investment in any Person, whether by means of acquiring (whether for cash, property, services, securities or otherwise),
making or holding Debt, securities, capital contributions, loans, time deposits, advances, Guarantees or otherwise (including by
statutory division). The amount of any Investment shall be the original cost of such Investment plus the cost of all additions
thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect thereto.

"IRS"
has the meaning set forth in Section 2.8(b)(i).

"Knowledge"
or "knowledge" means that Borrowers or any Credit Party, as applicable, have made such inquiries of the relevant
Persons, engaged in appropriate due diligence, and made such reviews of related documents as a reasonable Person would deem prudent,
and that in the course of such inquiries, due diligence, and inspections, no information has come to, or would reasonably be expected
to come to, the attention of Borrowers or any Credit Party that causes such Person to believe such representation or warranty to
be untrue or misleading in any respect.

"Landlord
Reserve" means, as to each location at which a Borrower has Inventory and as to which a Collateral Access Agreement has
not been received by Agent, a reserve in an amount equal to 3 months' rent, storage charges, fees or other amounts due under the
lease or other applicable agreement relative to such location or, if greater and Agent so elects, the number of months' rent, storage
charges, fees or other amounts for which the landlord, bailee, warehouseman or other property owner will have, under applicable
law, a Lien in the Inventory of such Borrower to secure the payment of such amounts under the lease or other applicable agreement
relative to such location.

    	17

     

    

"Laws"
means any and all federal, state, provincial, territorial, local and foreign statutes, laws, judicial decisions, regulations, ordinances,
rules, judgments, orders, decrees, codes, injunctions, permits, governmental agreements and governmental restrictions, whether
now or hereafter in effect, which are applicable to any Credit Party in any particular circumstance. "Laws" includes,
without limitation, Environmental Laws.

"LC Issuer"
means one or more banks, trust companies or other Persons in each case expressly identified by Agent from time to time, in its
sole discretion, as an LC Issuer for purposes of issuing one or more Letters of Credit hereunder. Without limitation of Agent's
discretion to identify any Person as an LC Issuer, no Person shall be designated as an LC Issuer unless such Person maintains reporting
systems acceptable to Agent with respect to letter of credit exposure and agrees to provide regular reporting to Agent satisfactory
to it with respect to such exposure.

"Lender"
means each of (a) MCF, in its capacity as a lender hereunder, (b) each other Person party hereto in its capacity as a
lender hereunder, (c) each other Person that becomes a party hereto as Lender pursuant to Section 11.17, and (d) the
respective successors of all of the foregoing, and "Lenders" means all of the foregoing. In addition to the foregoing,
solely for the purpose of identifying the Persons entitled to share in payments and collections from the Collateral as more fully
set forth in this Agreement and the Security Documents, the term "Lender" shall include Eligible Swap Counterparties.
In connection with any such distribution of payments and collections, Agent shall be entitled to assume that no amounts are due
to any Eligible Swap Counterparty unless such Eligible Swap Counterparty has notified Agent of the amount of any such liability
owed to it prior to such distribution.

"Lender
Letter of Credit" means a Letter of Credit issued by an LC Issuer that is also, at the time of issuance of such Letter
of Credit, a Lender.

"Letter
of Credit" means a standby letter of credit issued for the account of any Borrower by an LC Issuer which expires by its
terms within one year after the date of issuance and in any event at least thirty (30) days prior to the Commitment Expiry Date.
Notwithstanding the foregoing, a Letter of Credit may provide for automatic extensions of its expiry date for one or more successive
one (1) year periods, provided, however, that the LC Issuer that issued such Letter of Credit has the right to terminate
such Letter of Credit on each such annual expiration date and no renewal term may extend the term of the Letter of Credit to a
date that is later than the thirtieth (30th) day prior to the Commitment Expiry Date. Each Letter of Credit shall be either a Lender
Letter of Credit or a Supported Letter of Credit.

"Letter
of Credit Liabilities" means, at any time of calculation, the sum of (a) without duplication, the amount then available
for drawing under all outstanding Lender Letters of Credit and all Supported Letters of Credit, in each case without regard to
whether any conditions to drawing thereunder can then be met, plus (b) without duplication, the aggregate unpaid amount
of all reimbursement obligations in respect of previous drawings made under all such Lender Letters of Credit and Supported Letters
of Credit.

    	18

     

    

"LIBOR Rate"
means for any Interest Period, the greater of (a) the rate (expressed as a percentage per annum and rounded upward, if necessary,
to the next nearest 1/100 of 1%) for deposits in Dollars, for a thirty-day period, that appears on Bloomberg Screen US0001M (or
the successor thereto) as the London interbank offered rate for deposits in Dollars as of 11:00 a.m., London time, as of two
(2) Business Days prior to the commencement of such Interest Period and (b) one percent (1.0%).

"Lien"
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, in respect
of such asset. For the purposes of this Agreement and the other Financing Documents, any Borrower or any Subsidiary shall be deemed
to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional
sale agreement, capital lease or other title retention agreement relating to such asset.

"Litigation"
means any action, suit or proceeding before any court, mediator, arbitrator or Governmental Authority.

"Loan Account"
has the meaning set forth in Section 2.6(b).

"Loan(s)"
means the Revolving Loans.

"Lockbox"
has the meaning set forth in Section 2.11.

"Lockbox
Account" means an account or accounts maintained at the Lockbox Bank into which collections of Accounts are paid, which
account or accounts shall be, if requested by Agent, opened in the name of Agent (or a nominee of Agent).

"Lockbox
Bank" has the meaning set forth in Section 2.11.

"Management
Agreement" means that certain Management Services Agreement, dated as of June 1, 2019, between Holdings and Steel Services,
as in effect on the Closing Date.

"Material
Adverse Effect" means with respect to any event, act, condition or occurrence of whatever nature (including any adverse
determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with
any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, (a) a
material adverse change in, or a material adverse effect upon, any of (i) the condition (financial or otherwise), operations,
business, or properties of any of the Credit Parties, (ii) the rights and remedies of Agent or Lenders under any Financing
Document or the ability of Agent or Lenders to enforce the Obligations or realize upon the Collateral, or the ability of any Credit
Party to perform any of its obligations under any Financing Document to which it is a party, (iii) the legality, validity
or enforceability of any Financing Document, (iv) the existence, perfection or priority of any security interest granted in
any Financing Document, (v) the value of any material Collateral; (b) an impairment to the likelihood that Eligible Accounts
in general will be collected and paid in the Ordinary Course of Business of any Borrower and upon the same schedule and with the
same frequency as such Borrowers' recent collections history; or (c) the imposition of a fine against or the creation of any
liability of any Credit Party to any Governmental Authority in excess of $1,000,000.00.

    	19

     

    

"Material
Contracts" has the meaning set forth in Section 3.17.

"Maximum
Lawful Rate" has the meaning set forth in Section 2.7.

"MCF"
means MidCap Financial Trust, a Delaware statutory trust, and its successors and assigns.

"ModusLink"
has the meaning set forth in the preamble.

"Multiemployer
Plan" means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA to which any Credit Party or any other
member of the Controlled Group (or any Person who in the last five years was a member of the Controlled Group) is making or accruing
an obligation to make contributions or has within the preceding five plan years (as determined on the applicable date of determination)
made contributions.

"Net Orderly
Liquidation Value" means the net amount (after all costs of sale), expressed in terms of money, which Agent, in its good
faith discretion, estimates can be realized from a sale, as of a specific date, given a reasonable period to find a purchaser(s),
with the seller being compelled to sell on an as-is/where-is basis.

"Note"
has the meaning set forth in Section 2.3.

"Notice
of Borrowing" means a notice of a Responsible Officer of Borrower Representative, appropriately completed and substantially
in the form of Exhibit D hereto.

"Notice
of LC Credit Event" means a notice from a Responsible Officer of Borrower Representative to Agent with respect to any
issuance, increase or extension of a Letter of Credit specifying: (a) the date of issuance or increase of a Letter of Credit;
(b) the identity of the LC Issuer with respect to such Letter of Credit, (c) the expiry date of such Letter of Credit;
(d) the proposed terms of such Letter of Credit, including the face amount; and (e) the transactions that are to be supported
or financed with such Letter of Credit or increase thereof.

"Obligations"
means all obligations, liabilities and indebtedness (monetary (including, without limitation, the payment of interest and other
amounts arising after the commencement of any case with respect to any Credit Party under the Bankruptcy Code or any similar statute
which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or allowable in
whole or in part in such case) or otherwise) of each Credit Party under this Agreement or any other Financing Document, in each
case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or
due or to become due. In addition to, but without duplication of, the foregoing, the Obligations shall include, without limitation,
all obligations, liabilities and indebtedness arising from or in connection with (a) all Support Agreements, (b) all
Lender Letters of Credit, and (c) all Swap Contracts entered into with any Eligible Swap Counterparty; provided, however,
that the "Obligations" of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party.

"OFAC"
means the U.S. Department of Treasury Office of Foreign Assets Control.

    	20

     

    

"OFAC Lists"
means, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order
No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant
to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders.

"Ordinary
Course of Business" means, in respect of any transaction involving any Credit Party, the ordinary course of business of
such Credit Party, as conducted by such Credit Party in accordance with past practices.

"Organizational
Documents" means, with respect to any Person other than a natural person, the documents by which such Person was organized
(such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including, without
limitation, any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal
governance of such Person (such as by-laws, a partnership agreement or an operating, limited liability company or members agreement),
including any and all shareholder agreements or voting agreements relating to the capital stock or other equity interests of such
Person.

"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 Financing Document, or sold or assigned an interest in any Loan or Financing
Document).

"Other
Taxes" means all present or future stamp, court or documentary, excise, intangible, recording, filing or similar Taxes
that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Financing Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment by a Lender of its interests herein after the date hereof (other than
an assignment by a Lender of its interests herein after the date hereof made pursuant to Section 2.8(i) or at the request
of any Credit Party).

"Overdue
AP Reserve" means, as of any date of determination, a reserve established and maintained by Agent in an amount equal to
the sum of all amounts due and owing to the Borrowers' trade creditors which are outstanding sixty (60) days or more past their
due date as most recently reported to Agent pursuant to Section 4.1.

"Participant
Register" has the meaning set forth in Section 11.17(b).

"Payment
Account" means the account specified on the signature pages hereof into which all payments by or on behalf of each Borrower
to Agent under the Financing Documents shall be made, or such other account as Agent shall from time to time specify by notice
to Borrower Representative.

"PBGC"
means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all of its functions under ERISA.

    	21

     

    

"Pension
Plan" means any ERISA Plan that is subject to Section 412 of the Code or Title IV of ERISA.

"Permits"
means all governmental licenses, authorizations, provider numbers, supplier numbers, registrations, permits, drug or device authorizations
and approvals, certificates, franchises, qualifications, accreditations, consents and approvals of a Credit Party required under
all applicable Laws and required for such Credit Party in order to carry on its business as now conducted.

"Permitted
Acquisition" means any Acquisition by a Borrower or a wholly-owned Domestic Subsidiary of a Borrower, in each case
so long as each of the following conditions shall have been satisfied:

(a)
the assets being acquired (other than a de minimis amount of assets in relation to Borrowers' and their Subsidiaries'
total assets), or the Person whose equity interests are being acquired, are useful in or engaged in, as applicable, the business
of the Loan Parties and their Subsidiaries or a business reasonably related thereto,

(b)
[reserved];

(c)
Borrowers shall have delivered to Agent at least ten (10) Business Days prior to the consummation thereof (or such shorter
period as Agent may agree to in writing):

(i)(w) notice
of such Acquisition setting forth in reasonable detail the terms and conditions of such Acquisition, (x) pro forma financial
statements of Borrowers and their Subsidiaries after giving effect to the consummation of such Acquisition and the incurrence or
assumption of any Debt in connection therewith, (y) drafts of the respective principal agreements, documents or instruments pursuant
to which such Acquisition is to be consummated (including, without limitation, any related management, non-compete, employment,
option or other material agreements), any schedules to such agreements, documents or instruments and all other material ancillary
agreements, instruments and documents to be executed or delivered in connection therewith, and (z) a due diligence package
relative to the proposed Acquisition (including, in each case to the extent available, forecasted balance sheets, profit and loss
statements, and cash flow statements of the Person or assets to be acquired, all prepared on a basis consistent with such Person's
(or assets') historical financial statements, together with appropriate supporting details and a statement of underlying assumptions
for the one year period following the date of the proposed Acquisition, on a month by month basis, and such other information as
Agent may reasonably request), in form and substance reasonably satisfactory to Agent;

(ii)a
certificate of a Responsible Officer of Borrower Representative, in form and substance reasonably satisfactory to Agent, demonstrating
Borrowers' compliance with the financial covenant set forth in Article 6 of this Agreement on a pro forma basis after giving effect
to the consummation of such Acquisition (calculated as of the last day of the most recent month preceding the date on which such
Acquisition is consummated for which financial statements were required to have been delivered under the Agreement, for the 12-month
period ending on such date, as if such Acquisition were consummated on the first day of such period); and

    	22

     

    

(iii)to
the extent available, such other information, agreements, instruments and other documents as Agent reasonably shall request;

(d)
Borrowers shall have delivered to Agent (i) as soon as available, executed counterparts of the respective agreements,
documents or instruments pursuant to which such Acquisition is to be consummated (including, without limitation, any related management,
non-compete, employment, option or other material agreements), any schedules to such agreements, documents or instruments and all
other material ancillary agreements, instruments and documents to be executed or delivered in connection therewith, and (ii) to
the extent required under the related acquisition agreement, all consents and approvals from applicable Governmental Authorities
and other Persons;

(e)
the Credit Parties (including any new Subsidiary to the extent required by Section 4.11) shall execute and deliver
the agreements, instruments and other documents required by Section 4.11;

(f)
such Acquisition shall not be hostile and shall have been approved by the board of directors (or other similar body) and/or
the stockholders or other equity holders of the target of such Acquisition;

(g)
without limiting the conditions set forth in Section 7.2 if such Acquisition is being financed with the proceeds
of Loans, no Default or Event of Default shall then exist or would exist after giving effect thereto;

(h)
Borrowers have Revolving Loan Availability, immediately before and for the period of 90 consecutive days after giving effect
to such Acquisition, of at least $3,000,000;

(i)
the total consideration paid or payable (including without limitation, all transaction costs, Debt incurred, assumed and/or
reflected on a consolidated balance sheet of the Credit Parties after giving effect to such Acquisition and the maximum amount
of all deferred payments (including seller notes, earnout obligations, holdbacks or similar deferred or contingent obligations
of a Credit Party or any Subsidiary incurred or created) in connection therewith shall not exceed: (x) with respect to Permitted
Acquisitions in which the assets being acquired (other than a de minimis amount of assets in relation to the assets being
acquired) are located within the United States, or the Person whose equity interests are being acquired is organized in a jurisdiction
located within the United States, $15,000,000 in the aggregate for any single Acquisition or series of related Acquisitions; (y)
with respect to Permitted Acquisitions in which the assets being acquired are not located within the United States, or the Person
whose equity interests are being acquired is organized in a jurisdiction not located within the United States, $10,000,000 in the
aggregate for all such Acquisitions consummated during the term of this Agreement; or (z) $50,000,000 in the aggregate for
all Acquisitions consummated during the term of this Agreement; and

    	23

     

    

(j)
the assets being acquired or the Person whose Equity Interests are being acquired has Acquisition EBITDA for the most recent
four quarters prior to the acquisition date for which financial statements are available, greater than zero.

Notwithstanding the foregoing, no Accounts
or Inventory acquired by a Borrower in a Permitted Acquisition shall be included as Eligible Accounts, Eligible Inventory or Eligible
Foreign Accounts until a field examination (and, if required by Agent, an Inventory appraisal) with respect thereto has been completed
to the reasonable satisfaction of Agent, and any reserves required by Agent have been established.

"Permitted
Asset Dispositions" means the following Asset Dispositions, provided, however, that at the time of such
Asset Disposition, no Default or Event of Default exists or would result from such Asset Disposition: (a) dispositions of
Inventory in the Ordinary Course of Business and not pursuant to any bulk sale, (b) dispositions of furniture, fixtures, equipment
and other fixed assets (excluding, for the avoidance of doubt, Accounts and Inventory) in the Ordinary Course of Business that
the applicable Borrower or Subsidiary determines in good faith is no longer used or useful in the business of such Borrower and
its Subsidiaries, (c) the licensing, on a non-exclusive basis, of Intellectual Property in the Ordinary Course of Business, (d)
any involuntary loss, damage or destruction of property, (e) furniture, fixtures, equipment and other fixed assets (excluding,
for the avoidance of doubt, Accounts and Inventory) not otherwise permitted in clauses (a) through (d) above, so long as (i) no
Default or Event of Default has occurred and is continuing or would result therefrom, (ii) each such sale or disposition is
in an arm's-length transaction and the applicable Credit Party or its Subsidiary receives at least the fair market value of the
assets so disposed, (iii) the consideration received by the applicable Credit Party or its Subsidiary consists of at least
75% cash and is paid at the time of the closing of such sale or disposition, (iv) the aggregate amount of the cash and non-cash
proceeds received from all assets sold or disposed of pursuant to this clause (e) shall not exceed $2,000,000 during the term of
this Agreement (for this purpose, using the fair market value of property other than cash), and (f) dispositions approved
by Agent in writing.

"Permitted
Contest" means, with respect to any tax obligation or other obligation allegedly or potentially owing from any Borrower
or its Subsidiary to any governmental tax authority or other third party, a contest maintained in good faith by appropriate proceedings
promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as
shall be required in conformity with GAAP shall have been made on the books and records and financial statements of the applicable
Credit Party(ies); provided, however, that (a) compliance with the obligation that is the subject of such contest
is effectively stayed during such challenge; (b) the Borrowers' and their Subsidiaries' title to, and its right to use, the
Collateral is not adversely affected thereby and Agent's Lien and priority on the Collateral are not adversely affected, altered
or impaired thereby; (c) Borrowers have given prior written notice to Agent of a Borrower's or its Subsidiary's intent to
so contest the obligation; (d) the Collateral or any part thereof or any interest therein shall not be in any danger of being
sold, forfeited or lost by reason of such contest by Borrowers or their Subsidiaries; (e) Borrowers have given Agent notice
of the commencement of such contest and upon reasonable request by Agent, from time to time, notice of the status of such contest
by Borrowers and/or confirmation of the continuing satisfaction of this definition; and (f) upon a final determination of
such contest, Borrowers and their Subsidiaries shall promptly comply with the requirements thereof.

    	24

     

    

"Permitted
Contingent Obligations" means (a) Contingent Obligations arising in respect of the Debt under the Financing Documents;
(b) Contingent Obligations outstanding on the date of this Agreement and set forth on Schedule 5.1 (but not including
any refinancings, extensions, increases or amendments to the indebtedness underlying such Contingent Obligations other than extensions
of the maturity thereof without any other change in terms); (c) Contingent Obligations arising under indemnity agreements
with title insurers to cause such title insurers to issue to Agent mortgagee title insurance policies; (d) Contingent Obligations
arising in respect of Permitted Debt, to the extent that the Person that is obligated under such Contingent Obligation could have
incurred such underlying Debt (and provided, that if such Permitted Debt is subordinated to the Obligations, such Contingent Obligations
in respect of such Permitted Debt are subordinated to the Obligations on the same terms and conditions); and (e) other Contingent
Obligations not permitted by clauses (a) through (d) above, not to exceed $2,000,000 in the aggregate at any time outstanding.

"Permitted
Debt" means: (a) Borrowers' and their Subsidiaries' Debt to Agent and each Lender under this Agreement and the other
Financing Documents; (b) Debt incurred as a result of endorsing negotiable instruments received in the Ordinary Course of
Business; (c) purchase money Debt not to exceed $1,000,000 at any time (whether in the form of a loan or a lease) used solely
to acquire equipment used in the Ordinary Course of Business and secured only by such equipment; (d) Debt existing on the
date of this Agreement and described on Schedule 5.1 (but not including any refinancings, extensions, increases or amendments
to such Debt other than extensions of the maturity thereof without any other change in terms); (e) so long as there exists
no Event of Default both immediately before and immediately after giving effect to any such transaction, Debt existing or arising
under any Swap Contract, provided, however, that such obligations are (or were) entered into by a Borrower or its
Subsidiaries in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments,
investments, assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; (f) Debt
in the form of insurance premiums financed through the applicable insurance company; (g) trade accounts payable arising and
paid on a timely basis and in the Ordinary Course of Business; and (h) Subordinated Debt; (i) unsecured Debt incurred in the
Ordinary Course of Business consisting of contingent liabilities in respect of (1) customary indemnification obligations, adjustments
of purchase price, non-competes, or similar obligations of any Credit Party incurred in connection with the consummation of one
or more Permitted Acquisitions, or (2) customary indemnification obligations in favor of purchasers arising in connection with
dispositions of personal property assets permitted under Section 5.6; (j) Debt incurred in the Ordinary Course of Business in connection
with performance, surety, statutory or appeal bonds, in an aggregate amount not to exceed $500,000 at any time outstanding; (k)
Debt incurred in the Ordinary Course of Business in respect of credit cards, credit card processing services, debit cards, stored
value cards, commercial cards (including so-called "purchase cards", "procurement cards" or "p-cards"),
or cash management products and services, in each case incurred in the Ordinary Course of Business and in an aggregate amount not
to exceed $500,000 at any time outstanding; (l) Debt, in an aggregate amount not to exceed $5,000,000 at any time outstanding,
in respect of Collateralized LCs; and (m) any other unsecured Debt in an aggregate amount not to exceed $500,000 at any time outstanding;
provided that, notwithstanding anything to the contrary set forth herein or in any other Financing Document, (1) neither
Borrowers nor their Subsidiaries shall incur or otherwise be obligated on any Debt owing to either (i) Holdings, or (ii) any Affiliate
of Holdings that is not also a direct or indirect Subsidiary of a Borrower and (2) any loans to a Credit Party by a Subsidiary
that is not a Credit Party must be subject to the Intercompany Subordination Agreement.

    	25

     

    

"Permitted
Distributions" means the following Restricted Distributions: (a) dividends by any Subsidiary of any Borrower to such
parent Borrower; (b) dividends payable solely in common stock; (c) repurchases of stock of Holdings from former employees,
directors or consultants pursuant to stock purchase agreements, so long as an Event of Default does not exist at the time of such
repurchase and would not exist after giving effect to such repurchase, provided, however, that such repurchases do not exceed
$500,000 in the aggregate per fiscal year; (d) the payment by ModusLink to Holdings of ModusLink's allocated portion (as reasonably
determined by Holdings and ModusLink acting in good faith) of (i) the monthly management fees owing to Steel Services, in an aggregate
amount not to exceed $125,000 for any month, so long as (x) no Event of Default has occurred and is continuing or would result
therefrom and (y) Borrowers have delivered to Agent a certificate of a Responsible Officer of Borrower Representative, in form
and substance reasonably satisfactory to Agent, demonstrating Borrowers' compliance with the financial covenant set forth in Article
6 of this Agreement on a pro forma basis after giving effect to the making of such payment (calculated as of the last day of the
most recent month preceding the date on which the dividend is made for which financial statements were required to have been delivered
under the Agreement, for the 12-month period ending on such date, as if such dividend were made on the first day of such period),
(ii) so long as no Event of Default has occurred and is continuing or would result therefrom, reasonable and documented out-of-pocket
expenses incurred by Steel Services in rendering services under, and that are reimbursable to Steel Services, and (iii) so long
as no Event of Default has occurred and is continuing or would result therefrom, indemnification obligations required to be made
to Steel Services, in each case for this clause (d) to the extent made in accordance with and pursuant to Section 3 and/or Section
9, as applicable, of the Management Agreement; and (e) dividends by ModusLink to Holdings in an aggregate amount not to exceed
$2,000,000 in any fiscal year of Borrowers, so long as (i) no Event of Default has occurred and is continuing or would result therefrom,
(ii) Borrowers have Revolving Loan Availability, immediately before and for the period of 90 consecutive days after giving effect
to such payment, of at least $3,000,000, and (iii) Borrowers have delivered to Agent a certificate of a Responsible Officer of
Borrower Representative, in form and substance reasonably satisfactory to Agent demonstrating Borrowers' compliance with the financial
covenant set forth in Article 6 of this Agreement on a pro forma basis after giving effect to the making of such dividend (calculated
as of the last day of the most recent month preceding the date on which the dividend is made for which financial statements were
required to have been delivered under the Agreement, for the 12-month period ending on such date, as if such dividend were made
on the first day of such period).

"Permitted
Intercompany Advances" means loans made by:

(a) a Subsidiary of
a Credit Party that is not a Credit Party to another Subsidiary of a Credit Party that is not a Credit Party;

(b) a Subsidiary of
a Credit Party that is not a Credit Party to a Credit Party, so long as the parties thereto are party to the Intercompany Subordination
Agreement; and

    	26

     

    

(c) a Credit Party
to a Subsidiary of a Credit Party that is not a Credit Party, so long as (i) at the time of the making of such loan, no Event
of Default has occurred and is continuing or would result therefrom, (ii) immediately before and for the period of 90 consecutive
days after giving pro forma effect to such loan or equity investment, Revolving Loan Availability is greater than $3,000,000, and
(iii) such loan is evidenced by a promissory note, in form and substance reasonably acceptable to Agent, the original of which
has been pledged and delivered to Agent to be held as Collateral;

provided that,
notwithstanding anything to the contrary set forth herein or in any other Financing Document, no loans or equity investments may
be made by Borrowers or their Subsidiaries to either (1) Holdings, or (2) any Affiliate of Holdings that is not also a direct or
indirect Subsidiary of a Borrower.

"Permitted
Investments" means: (a) Investments shown on Schedule 5.7 and existing on the Closing Date; (b) cash
and cash equivalents; (c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or
similar transactions in the Ordinary Course of Business; (d) Investments consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the Ordinary Course of Business, and (ii) loans to employees, officers
or directors relating to the purchase of equity securities of Holdings pursuant to employee stock purchase plans or agreements
approved by Borrowers' Board of Directors (or other governing body), but the aggregate of all such loans outstanding may not exceed
$500,000 at any time; (e) Investments (including debt obligations) received in connection with the bankruptcy or reorganization
of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising
in the Ordinary Course of Business; (f) Investments consisting of notes receivable of, or prepaid royalties and other credit
extensions to, customers and suppliers who are not Affiliates of the Borrowers, in the Ordinary Course of Business, provided,
however, for the avoidance of doubt, that this subpart (f) shall not apply to Investments of Borrowers in any Subsidiary;
(g) Investments consisting of deposit accounts in which Agent has received a Deposit Account Control Agreement; (h) Investments
by any Borrower in any other Borrower made in compliance with Section 4.11(c); (i) Investments constituting Permitted Intercompany
Advances; (j) Investments constituting Permitted Acquisitions; and (i) other Investments (other than Acquisitions) not otherwise
covered in clauses (a) through (j) above in an amount not exceeding $500,000 in the aggregate.

"Permitted
Liens" means: (a) deposits or pledges of cash to secure obligations under workmen's compensation, social security
or similar laws, or under unemployment insurance (but excluding Liens arising under ERISA) pertaining to a Borrower's or its Subsidiary's
employees arising in the Ordinary Course of Business; (b) deposits or pledges of cash to secure bids, tenders, contracts (other
than contracts for the payment of money or the deferred purchase price of property or services), leases, statutory obligations,
surety and appeal bonds and other obligations of like nature arising in the Ordinary Course of Business; (c) carrier's, warehousemen's,
mechanic's, workmen's, materialmen's or other like Liens on Collateral, other than any Collateral which is part of the Borrowing
Base, arising in the Ordinary Course of Business with respect to obligations which are not due, or which are being contested pursuant
to a Permitted Contest; (d) Liens on Collateral, other than Accounts and Inventory, for taxes or other governmental charges
not at the time delinquent or thereafter payable without penalty or the subject of a Permitted Contest; (e) attachments, appeal
bonds, judgments and other similar Liens on Collateral other than Accounts, for sums not exceeding $500,000 in the aggregate arising
in connection with court proceedings; provided, however, that the execution or other enforcement of such Liens is
effectively stayed and the claims secured thereby are the subject of a Permitted Contest; (f) non-exclusive licenses of Intellectual
Property rights granted in the Ordinary Course of Business; (g) Liens and encumbrances in favor of Agent under the Financing
Documents; (h) Liens on Collateral, other than Collateral which is part of the Borrowing Base, existing on the date hereof
and set forth on Schedule 5.2; (i) Liens on deposits of cash collateral, in an aggregate amount not to exceed $5,000,000,
to secure obligations of the Borrowers under Collateralized L/Cs; and (j) any Lien on any equipment securing Debt permitted
under subpart (c) of the definition of Permitted Debt, provided, however, that such Lien attaches concurrently with
or within twenty (20) days after the acquisition thereof.

    	27

     

    

"Permitted
Modifications" means (a) such amendments or other modifications to a Borrower's or Subsidiary's Organizational Documents
as are required under this Agreement or by applicable Law and fully disclosed to Agent within thirty (30) days after such amendments
or modifications have become effective, and (b) such amendments or modifications to a Borrower's or Subsidiary's Organizational
Documents (other than those involving a change in the name of a Borrower or Subsidiary or involving a reorganization of a Borrower
or Subsidiary under the laws of a different jurisdiction) that would not adversely affect the rights and interests of Agent or
Lenders and fully disclosed to Agent within thirty (30) days after such amendments or modifications have become effective.

"Person"
means any natural person, corporation, limited liability company, professional association, limited partnership, general 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.

"Pro Rata
Share" means (a) with respect to a Lender's obligation to make Revolving Loans, such Lender's right to receive the
unused line fee described in Section 2.2(b), such Lender's obligation to purchase interests and participations in Letters
of Credit and related Support Agreement liabilities and obligations, and such Lender's obligation to share in Letter of Credit
Liabilities and to receive the related Letter of Credit fee described in Section 2.5(b), the Revolving Loan Commitment Percentage
of such Lender, (b) with respect to a Lender's right to receive payments of principal and interest with respect to Revolving
Loans, such Lender's Revolving Loan Exposure with respect thereto; and (c) for all other purposes (including, without limitation,
the indemnification obligations arising under Section 11.6) with respect to any Lender, the percentage obtained by dividing
(i) the sum of the Revolving Loan Commitment Amount of such Lender (or, in the event the Revolving Loan Commitment shall have
been terminated, such Lender's then existing Revolving Loan Outstandings), by (ii) the sum of the Revolving Loan Commitment
(or, in the event the Revolving Loan Commitment shall have been terminated, the then existing Revolving Loan Outstandings) of all
Lenders.

"Protected
CFC" means any "controlled foreign corporation" within the meaning of Section 957 of the Code all of whose United
States shareholders as defined in Section 951(b) of the Code are treated as domestic "C-corporations" for federal income
tax purposes that are eligible for the deduction under Section 245A of the Code with respect to dividends from such controlled
foreign corporation and with respect to all exclusions under Sections 951(a)(i)(B) and 956 of the Code.

    	28

     

    

"Qualified
Cash" means, as of any date of determination, the aggregate amount of unrestricted cash on-hand of the Credit Parties
maintained in deposit accounts in the United States in the name of a Credit Party as of such date which deposit accounts are subject
to Deposit Account Control Agreements in favor of Agent.

"Qualified
ECP Credit Party" means, in respect of any Swap Obligation, each Credit Party that has total assets exceeding $10,000,000
at the time the relevant Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an "eligible contract participant" under the Commodity Exchange Act and can cause
another person to qualify as an "eligible contract participant" at such time by entering into a keepwell under Section
1a(18)(A)(v)(II) of the Commodity Exchange Act.

"Recipient"
means (a) Agent, (b) any Lender, (c) any Letter of Credit Provider, and (d) any other recipient of any payment
from any Credit Party under any Financing Document, as applicable.

"Reimbursement
Obligations" means, at any date, the obligations of each Borrower then outstanding to reimburse (a) Agent for payments
made by Agent under a Support Agreement, and/or (b) any LC Issuer, for payments made by such LC Issuer under a Lender Letter
of Credit.

"Required
Lenders" means at any time Lenders holding (a) sixty-six and two thirds percent (66 2/3%) or more of the Revolving
Loan Commitment, or (b) if the Revolving Loan Commitment has been terminated, sixty-six and two thirds percent (66 2/3%) or
more of the sum of (x) the then aggregate outstanding principal balance of the Loans plus (y) the then aggregate
amount of Letter of Credit Liabilities.

"Responsible
Officer" means any of the Chief Executive Officer, Chief Financial Officer or any other officer of the applicable Borrower
acceptable to Agent.

"Restricted
Distribution" means as to any Person (a) any dividend or other distribution (whether in cash, securities or other
property) on any equity interest in such Person (except those payable solely in its equity interests of the same class), (b) any
payment by such Person on account of (i) the purchase, redemption, retirement, defeasance, surrender, cancellation, termination
or acquisition of any equity interests in such Person or any claim respecting the purchase or sale of any equity interest in such
Person, or (ii) any option, warrant or other right to acquire any equity interests in such Person, (c) any management
fees, salaries or other fees or compensation to any Person holding an equity interest in Borrowers or any Subsidiary of Borrowers
(other than (i) payments of salaries to individuals, (ii)  directors fees, and (iii) advances and reimbursements
to employees or directors, in each case in the Ordinary Course of Business), or any Affiliate of Borrowers or any of its Subsidiaries,
(d) any lease or rental payments to an Affiliate or Subsidiary of a Borrower, (e) repayments of or debt service on loans
or other indebtedness held by any Person holding an equity interest in a Borrower or a Subsidiary of a Borrower, an Affiliate of
a Borrower or an Affiliate of any Subsidiary of a Borrower unless permitted under and made pursuant to a Subordination Agreement
applicable to such loans or other indebtedness or (f) any transfer or other distribution of property to any Person other than a
Credit Party (excluding Holdings) pursuant to a statutory division.

    	29

     

    

"Revolving
Lender" means each Lender having a Revolving Loan Commitment Amount in excess of $0 (or, in the event the Revolving Loan
Commitment shall have been terminated at any time, each Lender at such time having Revolving Loan Outstandings in excess of $0).

"Revolving
Loan Availability" means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

"Revolving
Loan Borrowing" means a borrowing of a Revolving Loan.

"Revolving
Loan Commitment" means, as of any date of determination, the aggregate Revolving Loan Commitment Amounts of all Lenders
as of such date.

"Revolving
Loan Commitment Amount" means, as to any Lender, the dollar amount set forth opposite such Lender's name on the Commitment
Annex under the column "Revolving Loan Commitment Amount" (if such Lender's name is not so set forth thereon, then the
dollar amount on the Commitment Annex for the Revolving Loan Commitment Amount for such Lender shall be deemed to be $0), as such
amount may be adjusted from time to time by any amounts assigned (with respect to such Lender's portion of Revolving Loans outstanding
and its commitment to make Revolving Loans) pursuant to the terms of any and all effective assignment agreements to which such
Lender is a party. For the avoidance of doubt, the aggregate Revolving Loan Commitment Amount of all Lenders on the Closing Date
shall be $12,500,000.

"Revolving
Loan Commitment Percentage" means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite such
Lender's name on the Commitment Annex under the column "Revolving Loan Commitment Percentage" (if such Lender's name
is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and (b) on
any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender on such date divided
by the Revolving Loan Commitment on such date.

"Revolving
Loan Exposure" means, with respect to any Lender on any date of determination, the percentage equal to the amount of such
Lender's Revolving Loan Outstandings on such date divided by the aggregate Revolving Loan Outstandings of all Lenders on such date.

"Revolving
Loan Limit" means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

"Revolving
Loan Outstandings" means, at any time of calculation, (a) the sum of the then existing aggregate outstanding principal
amount of Revolving Loans plus the then existing Letter of Credit Liabilities, and (b) when used with reference to
any single Lender, the sum of the then existing outstanding principal amount of Revolving Loans advanced by such Lender plus
the then existing Letter of Credit Liabilities for the account of such Lender.

    	30

     

    

"Revolving
Loans" has the meaning set forth in Section 2.1(b).

"SEC"
means the United States Securities and Exchange Commission.

"Securities
Account" means a "securities account" (as defined in Article 9 of the UCC), an investment account, or other
account in which investment property or securities are held or invested for credit to or for the benefit of any Borrower.

"Securities
Account Control Agreement" means an agreement, in form and substance satisfactory to Agent, among Agent, any applicable
Borrower and each securities intermediary in which such Borrower maintains a Securities Account pursuant to which Agent shall obtain
 "control" (as defined in Article 9 of the UCC) over such Securities Account.

"Security
Document" means this Agreement, each Approved Credit Insurance Document, and each other agreement, document or instrument
executed concurrently herewith or at any time hereafter pursuant to which one or more Credit Parties or any other Person either
(a) Guarantees payment or performance of all or any portion of the Obligations, and/or (b) provides, as security for
all or any portion of the Obligations, a Lien on any of its assets in favor of Agent for its own benefit and the benefit of Lenders,
as any or all of the same may be amended, supplemented, restated or otherwise modified from time to time.

"Solvent"
means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of which are (i) greater
than the total amount of its liabilities (including Contingent Obligations), and (ii) greater than the amount that will be
required to pay the probable liabilities of its then existing debts as they become absolute and matured considering all financing
alternatives and potential asset sales reasonably available to it; (b) has capital that is not unreasonably small in relation
to its business as presently conducted or after giving effect to any contemplated transaction; and (c) does not intend to
incur and does not believe that it will incur debts beyond its ability to pay such debts as they become due.

"Steel Services"
means Steel Services Ltd., a Delaware corporation.

"Subordinated
Debt" means any Debt of Borrowers incurred pursuant to the terms of the Subordinated Debt Documents and with the prior
written consent of Agent, all of which documents must be in form and substance acceptable to Agent in its sole discretion.

"Subordinated
Debt Documents" means any documents evidencing and/or securing Debt governed by a Subordination Agreement, all of which
documents must be in form and substance acceptable to Agent in its sole discretion.

"Subordination
Agreement" means any agreement between Agent and another creditor of Borrowers, as the same may be amended, supplemented,
restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which the Debt owing from any
Borrower(s) and/or the Liens securing such Debt granted by any Borrower(s) to such creditor are subordinated in any way to the
Obligations and the Liens created under the Security Documents, the terms and provisions of such Subordination Agreements to have
been agreed to by and be acceptable to Agent in the exercise of its sole discretion.

    	31

     

    

"Subsidiary"
means, with respect to any Person, (a) any corporation of which an aggregate of more than fifty percent (50%) of the outstanding
capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether,
at the time, capital stock of any other class or classes of such corporation shall have or might have voting power by reason of
the happening of any contingency) is at the time, directly or indirectly, owned legally or beneficially by such Person or one or
more Subsidiaries of such Person, or with respect to which any such Person has the right to vote or designate the vote of more
than fifty percent (50%) of such capital stock whether by proxy, agreement, operation of law or otherwise, and (b) any partnership
or limited liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether
in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%) or of which any such
Person is a general partner or may exercise the powers of a general partner. Unless the context otherwise requires, each reference
to a Subsidiary shall be a reference to a Subsidiary of a Borrower.

"Support
Agreement" has the meaning set forth in Section 2.5(a).

"Supported
Letter of Credit" means a Letter of Credit issued by an LC Issuer in reliance on one or more Support Agreements.

"Swap Contract"
means any "swap agreement", as defined in Section 101 of the Bankruptcy Code, that is obtained by Borrower to provide
protection against fluctuations in interest or currency exchange rates, but only if Agent provides its prior written consent to
the entry into such "swap agreement".

"Swap Obligation"
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

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

"Termination
Date" means the earlier to occur of (a) the Commitment Expiry Date, (b) any date on which Agent accelerates
the maturity of the Loans pursuant to Section 10.2 or terminates this Agreement in accordance with Section 2.12, or (c) the
termination date stated in any notice of termination of this Agreement provided by Borrowers in accordance with Section 2.12.

"UCC"
means the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied in
connection with the perfection of security interests in any Collateral.

"Unfinanced
Capital Expenditures" means Capital Expenditures not financed with the proceeds of any incurrence of Debt (other than
the incurrence of any Revolving Loans).

"United
States" means the United States of America.

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"U.S.
Tax Compliance Certificate" has the meaning set forth in Section 2.8(b)(i).

"Withholding
Agent" means each Borrower and Agent.

"Work-In-Process"
means Inventory that is not a product that is finished and approved by a Borrower in accordance with applicable Laws and such Borrower's
normal business practices for release and delivery to customers.

"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.

Section 1.2
Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall
be interpreted, all accounting determinations hereunder (including, without limitation, determinations made pursuant to the exhibits
hereto) shall be made, and all financial statements required to be delivered hereunder shall be prepared on a consolidated basis
in accordance with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of Holdings
and its Consolidated Subsidiaries delivered to Agent and each of Lenders on or prior to the Closing Date. If at any time any change
in GAAP would affect the computation of any financial ratio or financial requirement set forth in any Financing Document, and either
Borrowers or the Required Lenders shall so request, Agent, Lenders and Borrowers shall negotiate in good faith to amend such ratio
or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required
Lenders); provided, however, that until so amended, (a) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (b) Borrowers shall provide to Agent and Lenders financial statements
and other documents required under this Agreement which include a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP. 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, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial
Accounting Standard having a similar result or effect) to value any Debt or other liabilities of any Credit Party or any Subsidiary
of any Credit Party at "fair value", as defined therein.

Section 1.3
Other Definitional and Interpretive Provisions. References in this Agreement to "Articles", "Sections",
 "Annexes", "Exhibits", or "Schedules" shall be to Articles, Sections, Annexes, Exhibits or Schedules
of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the singular or plural.
 "Include", "includes" and "including" shall be deemed to be followed by "without limitation".
Except as otherwise specified or limited herein, references to any Person include the successors and assigns of such Person. References
 "from" or "through" any date mean, unless otherwise specified, "from and including" or "through
and including", respectively. Unless otherwise specified herein, the settlement of all payments and fundings hereunder between
or among the parties hereto shall be made in lawful money of the United States and in immediately available funds. Except as otherwise
expressly provided herein, references to any statute or act shall include all related current regulations and all amendments and
any successor statutes, acts and regulations. All amounts used for purposes of financial calculations required to be made herein
shall be without duplication. References to any statute or act, without additional reference, shall be deemed to refer to federal
statutes and acts of the United States. References to any agreement, instrument or document shall include all schedules, exhibits,
annexes and other attachments thereto. References to capitalized terms that are not defined herein, but are defined in the UCC,
shall have the meanings given them in the UCC. All references herein to times of day shall be references to daylight or standard
time, as applicable.

    	33

     

    

Any reference herein
or in any other Financing Document to the satisfaction, repayment, or payment in full of the Obligations shall mean (a) the payment
or repayment in full in immediately available funds of (i) the principal amount of, and interest accrued and unpaid with respect
to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (ii) all costs and
expenses owing to Agent and/or Lenders hereunder or under any other Financing Document that have accrued and are unpaid regardless
of whether demand has been made therefor, and (iii) all fees or charges that have accrued hereunder or under any other Financing
Document (including fees payable pursuant to Section 2.2 and Section 2.5(b)) and are unpaid, (b) in the case of contingent reimbursement
obligations with respect to Letters of Credit, providing cash collateral in respect thereof pursuant to Section 2.5(e), (c) the
receipt by Lender of cash collateral in order to secure any other contingent Obligations for which a claim or demand for payment
has been made on or prior to such time or in respect of matters or circumstances known to Lender at such time that are reasonably
expected to result in any loss, cost, damage, or expense (including attorneys' fees and legal expenses), such cash collateral to
be in such amount as Lender reasonably determines is appropriate to secure such contingent Obligations, (d) the payment or repayment
in full in immediately available funds of all other outstanding Obligations (including the payment of any termination amount then
applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Swap Contracts)
other than (i) unasserted contingent indemnification Obligations, and (ii) any Swap Contracts that, at such time, are allowed by
the applicable secured party to remain outstanding without being required to be repaid, and (e) the termination of all of the Revolving
Loan Commitments of Lenders.

Section 1.4
Time is of the Essence. Time is of the essence in Borrower's and each other Credit Party's performance under
this Agreement and all other Financing Documents.

ARTICLE 2 - LOANS
AND LETTERS OF CREDIT

Section 2.1
Loans.

(a)
[Reserved].

(b)
Revolving Loans.

(i)
Revolving Loans and Borrowings. On the terms and subject to the conditions set forth herein, each Lender severally
agrees to make loans to Borrowers from time to time as set forth herein (each a "Revolving Loan", and collectively,
 "Revolving Loans") equal to such Lender's Revolving Loan Commitment Percentage of Revolving Loans requested by
Borrowers hereunder, provided, however, that after giving effect thereto, the Revolving Loan Outstandings shall not
exceed the Revolving Loan Limit. Borrowers shall deliver to Agent a Notice of Borrowing with respect to each proposed Revolving
Loan Borrowing, such Notice of Borrowing to be delivered before 1:00 p.m. (Eastern time) two (2) Business Days prior to the date
of such proposed borrowing. Each Borrower and each Revolving Lender hereby authorizes Agent to make Revolving Loans on behalf of
Revolving Lenders, at any time in its sole discretion, (A) as provided in Section 2.5(c), with respect to obligations arising
under Support Agreements and/or Lender Letters of Credit, and (B) to pay principal owing in respect of the Loans and interest,
fees, expenses and other charges payable by any Credit Party from time to time arising under this Agreement or any other Financing
Document. The Borrowing Base shall be determined by Agent based on the most recent Borrowing Base Certificate delivered to Agent
in accordance with this Agreement and such other information as may be available to Agent, and shall, for the avoidance of doubt,
take into account any Borrowing Base reserves established by Agent from time to time pursuant to Section 2.4 of this Agreement.

    	34

     

    

(ii)
Mandatory Revolving Loan Repayments and Prepayments.

(A)
The Revolving Loan Commitment shall terminate on the Termination Date. On such Termination Date, there shall become due,
and Borrowers shall pay, the entire outstanding principal amount of each Revolving Loan, together with accrued and unpaid Obligations
pertaining thereto incurred to, but excluding the Termination Date; provided, however, that such payment is made
not later than 12:00 Noon (Eastern time) on the Termination Date.

(B)
If at any time the Revolving Loan Outstandings exceed the Revolving Loan Limit, then, on the next succeeding Business Day,
Borrowers shall repay the Revolving Loans or cash collateralize Letter of Credit Liabilities in the manner specified in Section
2.5(e) or cause the cancellation of outstanding Letters of Credit, or any combination of the foregoing, in an aggregate amount
equal to such excess.

(C)
Principal payable on account of Revolving Loans shall be payable by Borrowers to Agent (I) immediately upon the receipt
by any Borrower or Agent of any payments on or proceeds from any of the Accounts, to the extent of such payments or proceeds, as
further described in Section 2.11 below, and (II) in full on the Termination Date.

(iii)
Optional Prepayments. Borrowers may not terminate the Revolving Loan Commitment other than in connection with a prepayment
of all Obligations in full and termination of the Revolving Loan Commitment and the Financing Documents in accordance with Section
2.12.

    	35

     

    

(iv)
LIBOR Rate.

(A)
Except as provided in subsection (C) below, Revolving Loans shall accrue interest at the LIBOR Rate plus the Applicable
Margin.

(B)
The LIBOR Rate may be adjusted by Agent with respect to any Lender on a prospective basis to take into account any additional
or increased costs to such Lender of maintaining or obtaining any eurodollar deposits or increased costs, in each case, due to
changes in applicable Law occurring subsequent to the commencement of the then applicable Interest Period, including changes in
tax laws (except changes of general applicability in corporate income tax laws) and changes in the reserve requirements imposed
by the Board of Governors of the Federal Reserve System (or any successor), which additional or increased costs would increase
the cost of funding loans bearing interest based upon the LIBOR Rate; provided, however, that notwithstanding anything
in this Agreement 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 applicable Law", regardless of the date enacted, adopted or issued. In any such event, the affected
Lender shall give Borrowers and Agent notice of such a determination and adjustment and Agent promptly shall transmit the notice
to each other Lender and, upon its receipt of the notice from the affected Lender, Borrowers may, by notice to such affected Lender
(I) require such Lender to furnish to Borrowers a statement setting forth the basis for adjusting such LIBOR Rate and the
method for determining the amount of such adjustment, or (II) repay the Loans bearing interest based upon the LIBOR Rate with
respect to which such adjustment is made.

(C)
In the event that any change in market conditions or any law, regulation, treaty, or directive, or any change therein or
in the interpretation of application thereof, shall at any time after the date hereof, in the reasonable opinion of any Lender,
make it unlawful or impractical for such Lender to fund or maintain Loans bearing interest based upon the LIBOR Rate or to continue
such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, such Lender shall give notice of such
changed circumstances to Agent and Borrowers and Agent promptly shall transmit the notice to each other Lender and (I) in
the case of any outstanding Loans of such Lender bearing interest based upon the LIBOR Rate, the date specified in such Lender's
notice shall be deemed to be the last day of the Interest Period of such Loans, and interest upon such Lender's Loans thereafter
shall accrue interest at Base Rate plus the Applicable Margin, and (II) such Loans shall continue to accrue interest at Base
Rate plus the Applicable Margin until such Lender determines that it would no longer be unlawful or impractical to maintain such
Loans at the LIBOR Rate.

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(D)
Anything to the contrary contained herein notwithstanding, neither Agent nor any Lender is required actually to acquire
eurodollar deposits to fund or otherwise match fund any Obligation as to which interest accrues based on the LIBOR Rate.

(c)
[Reserved].

Section 2.2
Interest, Interest Calculations and Certain Fees.

(a)
Interest. From and following the Closing Date, except as expressly set forth in this Agreement, Loans and the other
Obligations shall bear interest at the sum of the LIBOR Rate plus the Applicable Margin. Interest on the Loans shall be paid in
arrears on the first (1st) day of each month and on the maturity of such Loans, whether by acceleration or otherwise. Interest
on all other Obligations shall be payable upon demand. For purposes of calculating interest, all funds transferred to the Payment
Account for application to any Revolving Loans shall be subject to a three (3) Business Day clearance period and all interest accruing
on such funds during such clearance period shall accrue for the benefit of Agent, and not for the benefit of Lenders.

(b)
Unused Line Fee. From and following the Closing Date, Borrowers shall pay Agent, for the benefit of all Lenders committed
to make Revolving Loans, in accordance with their respective Pro Rata Shares, a fee in an amount equal to (i) (A) the
Revolving Loan Commitment minus (B) the average daily balance of the sum of the Revolving Loan Outstandings during the preceding
month, multiplied by (ii) one-half of one percent (0.50%) per annum. Such fee is to be paid monthly in arrears on the
first day of each month.

(c)
[Reserved].

(d)
[Reserved].

(e)
[Reserved].

(f)
Deferred Revolving Loan Origination Fee. If Lenders' funding obligations in respect of the Revolving Loan Commitment
under this Agreement terminate for any reason (whether by voluntary termination by Borrowers, by reason of the occurrence of an
Event of Default or otherwise, and whether before or after acceleration of the Obligations) prior to the Commitment Expiry Date,
Borrowers shall pay to Agent, for the benefit of all Lenders committed to make Revolving Loans on the Closing Date, a fee as compensation
for the costs of such Lenders being prepared to make funds available to Borrowers under this Agreement, equal to an amount determined
by multiplying the Revolving Loan Commitment by the following applicable percentage amount: 2.5% for the first year following the
Closing Date, 1.0% for the second year following the Closing Date, and 0.5% for the first six months of the third year following
the Closing Date. All fees payable pursuant to this paragraph shall be deemed fully earned and non-refundable as of the Closing
Date.

(g)
Audit Fees. Borrowers shall pay to Agent, for its own account and not for the benefit of any other Lenders, all reasonable
fees and expenses in connection with audits and inspections of Borrowers' books and records, audits, valuations or appraisals of
the Collateral, audits of Borrowers' compliance with applicable Laws and such other matters as Agent reasonably shall deem appropriate,
which shall be due and payable on the first Business Day of the month following the date of issuance by Agent of a written request
for payment thereof to Borrowers.

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(h)
Wire Fees. Borrowers shall pay to Agent, for its own account and not for the account of any other Lenders, on written
demand, fees for incoming and outgoing wires made for the account of Borrowers, such fees to be based on Agent's then current wire
fee schedule (available upon written request of the Borrowers); provided, that such fee shall not exceed the actual costs incurred
by Agent in respect of such wires.

(i)
Late Charges. If payments of principal (other than a final installment of principal upon the Termination Date), interest
due on the Obligations, or any other amounts due hereunder or under the other Financing Documents are not timely made and remain
overdue for a period of five (5) days, Borrowers, without notice or demand by Agent, promptly shall pay to Agent, for its own account
and not for the benefit of any other Lenders, as additional compensation to Agent in administering the Obligations, an amount equal
to two percent (2.0%) of each delinquent payment.

(j)
Computation of Interest and Related Fees. All interest and fees under each Financing Document shall be calculated
on the basis of a 360-day year for the actual number of days elapsed. The date of funding of a Loan shall be included in the calculation
of interest. The date of payment of a Loan shall be excluded from the calculation of interest. If a Loan is repaid on the same
day that it is made, one (1) day's interest shall be charged.

Section 2.3
Notes. The portion of the Loans made by each Lender shall be evidenced, if so requested by such Lender, by one
or more promissory notes executed by Borrowers on a joint and several basis (each, a "Note") in an original principal
amount equal to such Lender's Revolving Loan Commitment Amount.

Section 2.4
Reserves. Without limiting any other rights and remedies of Agent hereunder or under the other Financing Documents,
Agent shall have the right (but not the obligation), at any time, to establish reserves against the Borrowing Base (including without
limitation the Dilution Reserve, the Overdue AP Reserve, and Landlord Reserves), and to increase and decrease such reserves from
time to time, in each case if and to the extent that in Agent's good faith credit judgment and discretion such reserves and/or
adjustments are necessary or desirable.

Section 2.5
Letters of Credit and Letter of Credit Fees.

(a)
Letter of Credit. On the terms and subject to the conditions set forth herein, the Revolving Loan Commitment may
be used by Borrowers, in addition to the making of Revolving Loans hereunder, for the issuance, prior to that date which is one
year prior to the Termination Date, by (i) Agent, of letters of credit, Guarantees or other agreements or arrangements (each,
a "Support Agreement") to induce an LC Issuer to issue or increase the amount of, or extend the expiry date of,
one or more Letters of Credit and (ii) a Lender, identified by Agent, as an LC Issuer, of one or more Lender Letters of Credit,
so long as, in each case:

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(i)
Agent shall have received a Notice of LC Credit Event at least five (5) Business Days before the relevant date of issuance,
increase or extension; and

(ii)
after giving effect to such issuance, increase or extension, (A) the aggregate Letter of Credit Liabilities do not
exceed $0, and (B) the Revolving Loan Outstandings do not exceed the Revolving Loan Limit.

Nothing in this
Agreement shall be construed to obligate any Lender to issue, increase the amount of or extend the expiry date of any Letter of
Credit, which act or acts, if any, shall be subject to agreements to be entered into from time to time between Borrowers and such
Lender. Each Lender that is an LC Issuer hereby agrees to give Agent prompt written notice of each issuance of a Lender Letter
of Credit by such Lender and each payment made by such Lender in respect of Lender Letters of Credit issued by such Lender.

Notwithstanding
anything to the contrary set forth herein, Borrowers agree and acknowledge that no part of the Revolving Loan Commitment will be
available for the issuance of a Letter of Credit until such times as Agent notifies Borrower Representative that a Lender party
to this Agreement is an LC Issuer.

(b)
Letter of Credit Fee. Borrowers shall pay to Agent, for the benefit of the Revolving Lenders in accordance with their
respective Pro Rata Shares, a letter of credit fee with respect to the Letter of Credit Liabilities for each Letter of Credit,
computed for each day from the date of issuance of such Letter of Credit to the date that is the last day a drawing is available
under such Letter of Credit, at a rate per annum equal to the Applicable Margin then applicable to Loans bearing interest based
upon the LIBOR Rate. Such fee shall be payable in arrears on the last day of each calendar month prior to the Termination Date
and on such date. In addition, Borrowers agree to pay promptly to the LC Issuer any fronting or other fees that it may charge in
connection with any Letter of Credit.

(c)
Reimbursement Obligations of Borrowers. If either (i) Agent shall make a payment to an LC Issuer pursuant to a Support
Agreement, or (ii) any Lender shall notify Agent that it has made payment in respect of, a Lender Letter of Credit, (A) the applicable
Borrower shall reimburse Agent or such Lender, as applicable, for the amount of such payment by the end of the day on which Agent
or such Lender shall make such payment and (B) Borrowers shall be deemed to have immediately requested that Revolving Lenders make
a Revolving Loan, in a principal amount equal to the amount of such payment (but solely to the extent such Borrower shall have
failed to directly reimburse Agent or, with respect to Lender Letters of Credit, the applicable LC Issuer, for the amount of such
payment). Agent shall promptly notify Revolving Lenders of any such deemed request and each Revolving Lender hereby agrees to make
available to Agent not later than noon (Eastern time) on the Business Day following such notification from Agent such Revolving
Lender's Pro Rata Share of such Revolving Loan. Each Revolving Lender hereby absolutely and unconditionally agrees to fund such
Revolving Lender's Pro Rata Share of the Loan described in the immediately preceding sentence, unaffected by any circumstance whatsoever,
including, without limitation, (x) the occurrence and continuance of a Default or Event of Default, (y) the fact that, whether
before or after giving effect to the making of any such Revolving Loan, the Revolving Loan Outstandings exceed or will exceed the
Revolving Loan Limit, and/or (z) the non-satisfaction of any conditions set forth in Section 7.2. Agent hereby agrees to apply
the gross proceeds of each Revolving Loan deemed made pursuant to this Section 2.5(c) in satisfaction of Borrowers' reimbursement
obligations arising pursuant to this Section 2.5(c). Borrowers shall pay interest, on demand, on all amounts so paid by Agent pursuant
to any Support Agreement or to any applicable Lender in honoring a draw request under any Lender Letter of Credit for each day
from the date of such payment until Borrowers reimburse Agent or the applicable Lender therefor (whether pursuant to clause (A)
or (B) of the first sentence of this subsection (c)) at a rate per annum equal to the sum of two percent (2%) plus the interest
rate applicable to Revolving Loans for such day.

    	39

     

    

(d)
Reimbursement and Other Payments by Borrowers. The obligations of each Borrower to reimburse Agent and/or the applicable
LC Issuer pursuant to Section 2.5(c) shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement, under all circumstances whatsoever, including the following:

(i)
any lack of validity or enforceability of, or any amendment or waiver of or any consent to departure from, any Letter of
Credit or any related document;

(ii)
the existence of any claim, set-off, defense or other right which any Borrower may have at any time against the beneficiary
of any Letter of Credit, the LC Issuer (including any claim for improper payment), Agent, any Lender or any other Person, whether
in connection with any Financing Document or any unrelated transaction, provided, however, that nothing herein shall
prevent the assertion of any such claim by separate suit or compulsory counterclaim;

(iii)
any statement or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect whatsoever;

(iv)
any affiliation between the LC Issuer and Agent; or

(v)
to the extent permitted under applicable law, any other circumstance or happening whatsoever, whether or not similar to
any of the foregoing.

(e)
Deposit Obligations of Borrowers. In the event any Letters of Credit are outstanding at the time that Borrowers prepay
in full or are required to repay the Obligations or the Revolving Loan Commitment is terminated, Borrowers shall (i) deposit
with Agent for the benefit of all Revolving Lenders cash in an amount equal to one hundred ten percent (110%) of the aggregate
outstanding Letter of Credit Liabilities to be available to Agent, for its benefit and the benefit of issuers of Letters of Credit,
to reimburse payments of drafts drawn under such Letters of Credit and pay any fees and expenses related thereto, and (ii) prepay
the fee payable under Section 2.5(b) with respect to such Letters of Credit for the full remaining terms of such Letters of Credit
assuming that the full amount of such Letters of Credit as of the date of such repayment or termination remain outstanding until
the end of such remaining terms. Upon termination of any such Letter of Credit and so long as no Event of Default has occurred
and is continuing, the unearned portion of such prepaid fee attributable to such Letter of Credit shall be refunded to Borrowers,
together with the deposit described in the preceding clause (i) attributable to such Letter of Credit, but only to the extent not
previously applied by Agent in the manner described herein.

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(f)
Participations in Support Agreements and Lender Letters of Credit.

(i)
Concurrently with the issuance of each Supported Letter of Credit, Agent shall be deemed to have sold and transferred to
each Revolving Lender, and each such Revolving Lender shall be deemed irrevocably and immediately to have purchased and received
from Agent, without recourse or warranty, an undivided interest and participation in, to the extent of such Lender's Pro Rata Share,
Agent's Support Agreement liabilities and obligations in respect of such Supported Letter of Credit and Borrowers' Reimbursement
Obligations with respect thereto. Concurrently with the issuance of each Lender Letter of Credit, the LC Issuer in respect thereof
shall be deemed to have sold and transferred to each Revolving Lender, and each such Revolving Lender shall be deemed irrevocably
and immediately to have purchased and received from such LC Issuer, without recourse or warranty, an undivided interest and participation
in, to the extent of such Lender's Pro Rata Share, such Lender Letter of Credit and Borrowers' Reimbursement Obligations with respect
thereto. Any purchase obligation arising pursuant to the immediately two preceding sentences shall be absolute and unconditional
and shall not be affected by any circumstances whatsoever.

(ii)
If either (A) Agent makes any payment or disbursement under any Support Agreement and/or (B) an LC Issuer makes
any payment or disbursement under any Lender Letter of Credit, and (I) Borrowers have not reimbursed Agent or the applicable
LC Issuer, as applicable, in full for such payment or disbursement in accordance with Section 2.5(c), or (II) any reimbursement
under any Support Agreement or Lender Letter of Credit received by Agent or any LC Issuer, as applicable, from any Credit Party
is or must be returned or rescinded upon or during any bankruptcy or reorganization of any Credit Party or otherwise, each Revolving
Lender shall be irrevocably and unconditionally obligated to pay to Agent or the applicable LC Issuer, as applicable, its Pro Rata
Share of such payment or disbursement (but no such payment shall diminish the Obligations of Borrowers under Section 2.5(c)). To
the extent any such Revolving Lender shall not have made such amount available to Agent or the applicable LC Issuer, as applicable,
before 12:00 Noon (Eastern time) on the Business Day on which such Lender receives notice from Agent or the applicable LC Issuer,
as applicable, of such payment or disbursement, or return or rescission, as applicable, such Lender agrees to pay interest on such
amount to Agent or the applicable LC Issuer, as applicable, forthwith on demand accruing daily at the Federal Funds Rate, for the
first three (3) days following such Lender's receipt of such notice, and thereafter at the Base Rate plus the Applicable Margin
in respect of Revolving Loans. Any such Revolving Lender's failure to make available to Agent or the applicable LC Issuer, as applicable,
its Pro Rata Share of any such payment or disbursement, or return or rescission, as applicable, shall not relieve any other Lender
of its obligation hereunder to make available such other Revolving Lender's Pro Rata Share of such payment, but no Revolving Lender
shall be responsible for the failure of any other Lender to make available such other Lender's Pro Rata Share of any such payment
or disbursement, or return or rescission.

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Section 2.6
General Provisions Regarding Payment; Loan Account.

(a)
All payments to be made by each Borrower under any Financing Document, including payments of principal and interest made
hereunder and pursuant to any other Financing Document, and all fees, expenses, indemnities and reimbursements, shall be made without
set-off, recoupment or counterclaim. If any payment hereunder becomes due and payable on a day other than a Business Day, such
payment shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall
be payable at the then applicable rate during such extension (it being understood and agreed that, solely for purposes of calculating
financial covenants and computations contained herein and determining compliance therewith, if payment is made, in full, on any
such extended due date, such payment shall be deemed to have been paid on the original due date without giving effect to any extension
thereto). Any payments received in the Payment Account before 12:00 Noon (Eastern time) on any date shall be deemed received by
Agent on such date, and any payments received in the Payment Account at or after 12:00 Noon (Eastern time) on any date shall be
deemed received by Agent on the next succeeding Business Day.

(b)
Agent shall maintain a loan account (the "Loan Account") on its books to record Loans and other extensions
of credit made by Lenders hereunder or under any other Financing Document, and all payments thereon made by each Borrower. All
entries in the Loan Account shall be made in accordance with Agent's customary accounting practices as in effect from time to time.
The balance in the Loan Account, as recorded in Agent's books and records at any time shall be conclusive and binding evidence
of the amounts due and owing to Agent by each Borrower absent manifest error; provided, however, that any failure
to so record or any error in so recording shall not limit or otherwise affect any Borrower's duty to pay all amounts owing hereunder
or under any other Financing Document. Agent shall endeavor to provide Borrowers with a monthly statement regarding the Loan Account
(but neither Agent nor any Lender shall have any liability if Agent shall fail to provide any such statement). Unless any Borrower
notifies Agent of any objection to any such statement (specifically describing the basis for such objection) within ninety (90)
days after the date of receipt thereof, it shall be deemed final, binding and conclusive upon Borrowers in all respects as to all
matters reflected therein.

Section 2.7
Maximum Interest. In no event shall the interest charged with respect to the Loans or any other Obligations of
any Borrower under any Financing Document exceed the maximum amount permitted under the laws of the State of New York or of any
other applicable jurisdiction. Notwithstanding anything to the contrary herein or elsewhere, if at any time the rate of interest
payable hereunder or under any Note or other Financing Document (the "Stated Rate") would exceed the highest rate
of interest permitted under any applicable law to be charged (the "Maximum Lawful Rate"), then for so long as
the Maximum Lawful Rate would be so exceeded, the rate of interest payable shall be equal to the Maximum Lawful Rate; provided,
however, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, each Borrower shall, to the
extent permitted by law, continue to pay interest at the Maximum Lawful Rate until such time as the total interest received is
equal to the total interest which would have been received had the Stated Rate been (but for the operation of this provision) the
interest rate payable. Thereafter, the interest rate payable shall be the Stated Rate unless and until the Stated Rate again would
exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest received
by any Lender exceed the amount which it could lawfully have received had the interest been calculated for the full term hereof
at the Maximum Lawful Rate. If, notwithstanding the prior sentence, any Lender has received interest hereunder in excess of the
Maximum Lawful Rate, such excess amount shall be applied to the reduction of the principal balance of the Loans or to other amounts
(other than interest) payable hereunder, and if no such principal or other amounts are then outstanding, such excess or part thereof
remaining shall be paid to Borrowers. In computing interest payable with reference to the Maximum Lawful Rate applicable to any
Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the
year in which such calculation is made.

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Section 2.8
Taxes; Capital Adequacy.

(a)
All payments of principal and interest on the Loans and all other amounts payable hereunder or under any other Financing
Document shall be made free and clear of and without deduction for any present or future 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 any such withholding or deduction is in respect of any Indemnified Taxes, then Credit
Parties shall pay such additional amount or amounts as is necessary to ensure that the net amount actually received by Agent and
each Lender will equal the full amount Agent and such Lender would have received had no such withholding or deduction been required
(including, without limitation, such withholdings and deductions applicable to additional sums payable under this Section 2.8).
After payment of any Tax by a Credit Party to a Governmental Authority pursuant to this Section 2.8, such Credit Party shall promptly
forward to Agent the original or a certified copy of an official receipt, a copy of the return reporting such payment, or other
documentation satisfactory to Agent evidencing such payment to such authority. Borrowers shall timely pay to the relevant Governmental
Authority in accordance with applicable Law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.

(b)
The Credit Parties shall jointly and severally indemnify Agent and Lenders, within ten (10) days after demand thereof, for
the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section 2.8) payable or paid by Agent or any Lender or required to be withheld or deducted from a payment to Agent
or any Lender and any expenses arising therefrom or with respect thereto (including without limitation reasonable attorneys' and
tax advisor fees and expenses), whether or not such Indemnified Taxes and Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate in reasonable detail as to the amount of such payment or liability delivered
to Borrower Representative by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error.

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(i)
Each Lender that is not a "United States person" (as such term is defined in Section 7701(a)(30) of the Code)
for U.S. federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest
pursuant to Section 11.17(a) after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to
such assignment) (each such Lender a "Foreign Lender") shall, to the extent permitted by Law, execute and deliver
to Borrower Representative and 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 Representative or Agent) whichever of the following is applicable: (A) 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 Financing Document, two (2) properly completed and executed originals of United States Internal Revenue Service ("IRS")
Forms W-8BEN or W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. federal withholding tax pursuant
to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Financing
Documents, two (2) properly completed and executed originals of IRS Forms W-8BEN or W-8BEN-E (or successor form) establishing
an exemption from, or reduction of, U.S. federal withholding tax pursuant to the "business profits" or "other income"
article of such tax treaty; (B) two (2) executed originals of Form W-8ECI (or successor form); (C) in the case of a Foreign
Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate
substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a "bank" within the
meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of any Borrower within the meaning of Section 881(c)(3)(B)
of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code (a "U.S.
Tax Compliance Certificate") and (y) two (2) executed originals of IRS Forms W-8BEN or W-8BEN-E (or successor form);
(D) to the extent a Foreign Lender is not the beneficial owner, two (2) executed originals of IRS Form W-8IMY, accompanied
by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (or successor form), a U.S. Tax Compliance Certificate substantially in the form
of Exhibit F-2 or Exhibit F-3, IRS Form W-9 (or successor form), and/or other certification documents from
each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit F-4 on behalf of each such direct and indirect partner; or (E) other
applicable forms, certificates or documents prescribed by the IRS. 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
Borrower Representative and Agent in writing of its legal inability to do so. In addition, to the extent permitted by applicable
Law, such forms shall be delivered by each Foreign Lender upon the obsolescence or invalidity of any form previously delivered
by such Foreign Lender. Each Foreign Lender shall promptly notify Borrower Representative at any time it determines that it is
no longer in a position to provide any previously delivered certificate to Borrower Representative (or any other form of certification
adopted by the U.S. taxing authorities for such purpose).

    	44

     

    

 

(ii)
Each Lender that is a "United States person" (as such term is defined in Section 7701(a)(30) of the Code)
for U.S. federal income tax purposes and is a party hereto on the Closing Date or purports to become an assignee of an interest
pursuant to Section 11.17(a) after the Closing Date (unless such Lender was already a Lender hereunder immediately prior to
such assignment) shall, to the extent permitted by Law, provide to Borrower Representative and Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower
Representative or Agent), a properly completed and executed IRS Form W-9 or any successor form certifying as to such Lender's entitlement
to an exemption from U.S. backup withholding and other applicable forms, certificates or documents prescribed by the IRS or reasonably
requested by Borrower Representative or Agent. Each such Lender shall promptly notify Borrowers at any time it determines that
any certificate previously delivered to Borrower Representative (or any other form of certification adopted by the U.S. governmental
authorities for such purposes) is no longer valid.

(iii)
Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower Representative and 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 Representative or Agent), executed
copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. Federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrowers
or Agent to determine the withholding or deduction required to be made.

(c)
[Reserved].

(d)
If any Lender determines, in its sole discretion exercised in good faith, that it has received a refund in respect of any
Taxes as to which it has been indemnified by any Borrower pursuant to this Section 2.8 (including by the payment of additional
amounts pursuant to this Section 2.8), then it shall promptly pay an amount equal to such refund to Borrowers, net of all
reasonable out-of-pocket expenses of such Lender or of Agent with respect thereto, including any Taxes; provided, however,
that Borrowers, upon the written request of such Lender or Agent, agree to repay any amount paid over to Borrowers to such Lender
or to Agent (plus any related penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
such Lender or Agent is required, for any reason, to disgorge or otherwise repay such refund. Notwithstanding anything to the contrary
in this Section 2.8, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant
to this Section 2.8(d) the payment of which would place the indemnified party in a less favorable net after-Tax position than
the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.
This Section 2.8 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 in good faith to be confidential) to the indemnifying party or any other Person.

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(e)
If a payment made to a Lender under any Financing Document would be subject to U.S. federal withholding tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower Representative and Agent at the time or times prescribed
by Law and at such time or times reasonably requested by Borrower Representative or Agent such documentation prescribed by applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by Borrower Representative or Agent as may be necessary for Borrowers and 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 (e), "FATCA" shall include any amendments made to
FATCA after the date of this Agreement.

(f)
Each Lender shall severally indemnify Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that any Credit Party has not already indemnified 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 11.17 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 Agent in connection with any Financing 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 Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Lender
under any Financing Document or otherwise payable by Agent to such Lender from any other source against any amount due to Agent
under this paragraph (f).

(g)
Each party's obligations under Section 2.8(a) through (f) shall survive the resignation
or replacement of Agent or any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge
of all Obligations hereunder.

(h)
If any Lender shall reasonably determine that the adoption or taking effect of, or any change in, any applicable Law regarding
capital adequacy, in each instance, after the Closing Date, or any change after the Closing Date in the interpretation, administration
or application thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation, administration
or application thereof, or the compliance by any Lender or any Person controlling such Lender with any request, guideline or directive
regarding capital adequacy (whether or not having the force of Law) of any such Governmental Authority, central bank or comparable
agency adopted or otherwise taking effect after the Closing Date, has or would have the effect of reducing the rate of return on
such Lender's or such controlling Person's capital as a consequence of such Lender's obligations hereunder to a level below that
which such Lender or such controlling Person could have achieved but for such adoption, taking effect, change, interpretation,
administration, application or compliance (taking into consideration such Lender's or such controlling Person's policies with respect
to capital adequacy) then from time to time, upon demand by such Lender (which demand shall be accompanied by a certificate setting
forth the basis for such demand and a calculation of the amount thereof in reasonable detail, a copy of which shall be furnished
to Agent), Borrowers shall promptly pay to such Lender such additional amount as will compensate such Lender or such controlling
Person for such reduction, so long as such amounts have accrued on or after the day which is two hundred seventy (270) days prior
to the date on which such Lender first made demand therefor; provided that notwithstanding anything in this Agreement 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 applicable Law", regardless of the date enacted, adopted or issued.

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(i)
If any Lender requests compensation under any of Section 2.1(b)(iv) or Section 2.8(h), or requires Borrowers to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.8,
then, upon the written request of Borrower Representative, such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder (subject to the provisions
of Section 11.17) to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation
or assignment (i) would eliminate or materially reduce amounts payable pursuant to any such Section, as the case may be, in
the future, (ii) would not subject such Lender to any unreimbursed cost or expense and (iii) would not otherwise be disadvantageous
to such Lender (as determined in its sole good faith discretion). Without limitation of the provisions of Section 12.14, each
Borrower hereby agrees to pay all reasonable and documented, out-of-pocket costs and expenses incurred by any Lender in connection
with any such designation or assignment.

Section 2.9
Appointment of Borrower Representative.

(a)
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent and attorney-in-fact to request
and receive Loans in the name or on behalf of such Borrower and any other Borrowers, deliver Notices of Borrowing, Notices of LC
Credit Events and Borrowing Base Certificates, give instructions with respect to the disbursement of the proceeds of the Loans,
requesting Letters of Credit, giving and receiving all other notices and consents hereunder or under any of the other Financing
Documents and taking all other actions (including in respect of compliance with covenants) in the name or on behalf of any Borrower
or Borrowers pursuant to this Agreement and the other Financing Documents. Agent and Lenders may disburse the Loans to such bank
account of Borrower Representative or a Borrower or otherwise make such Loans to a Borrower, and LC Issuer may provide such Letters
of Credit for the account of a Borrower, in each case as Borrower Representative may designate or direct, without notice to any
other Borrower. Notwithstanding anything to the contrary contained herein, Agent may at any time and from time to time require
that Loans to or for the account of any Borrower be disbursed directly to an operating account of such Borrower.

(b)
Borrower Representative hereby accepts the appointment by Borrowers to act as the agent and attorney-in-fact of Borrowers
pursuant to this Section 2.9. Borrower Representative shall ensure that the disbursement of any Loans that are at any time requested
by or to be remitted to or for the account of a Borrower, or the issuance of any Letter of Credit requested on behalf of a Borrower
hereunder, shall be remitted or issued to or for the account of such Borrower.

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(c)
Each Borrower hereby irrevocably appoints and constitutes Borrower Representative as its agent to receive statements on
account and all other notices from Agent, Lenders and LC Issuer with respect to the Obligations or otherwise under or in connection
with this Agreement and the other Financing Documents.

(d)
Any notice, election, representation, warranty, agreement or undertaking made or delivered by or on behalf of any Borrower
by Borrower Representative shall be deemed for all purposes to have been made or delivered by such Borrower, as the case may be,
and shall be binding upon and enforceable against such Borrower to the same extent as if made or delivered directly by such Borrower.

(e)
No resignation by or termination of the appointment of Borrower Representative as agent and attorney-in-fact as aforesaid
shall be effective, except after ten (10) Business Days' prior written notice to Agent. If the Borrower Representative resigns
under this Agreement, Borrowers shall be entitled to appoint a successor Borrower Representative (which shall be a Borrower and
shall be reasonably acceptable to Agent as such successor). Upon the acceptance of its appointment as successor Borrower Representative
hereunder, such successor Borrower Representative shall succeed to all the rights, powers and duties of the retiring Borrower Representative
and the term "Borrower Representative" shall mean such successor Borrower Representative for all purposes of this Agreement
and the other Financing Documents, and the retiring or terminated Borrower Representative's appointment, powers and duties as Borrower
Representative shall be thereupon terminated.

Section 2.10
Joint and Several Liability; Rights of Contribution; Subordination and Subrogation.

(a)
Borrowers are defined collectively to include all Persons named as one of the Borrowers herein and Guarantors are defined
collectively to include all Persons named as one of the Guarantors herein; provided, however, that any references
herein to "any Borrower", "any Guarantor", "each Borrower", "each Guarantor" or similar
references, shall be construed as a reference to each individual Person named as one of the Borrowers or Guarantors herein. Each
Person so named shall be jointly and severally liable for all of the obligations of the Credit Parties under this Agreement. Each
Credit Party, individually, expressly understands, agrees and acknowledges, that the credit facilities would not be made available
on the terms herein in the absence of the collective credit of all of the Persons named as the Credit Parties herein, the joint
and several liability of all such Persons, and the cross-collateralization of the Collateral of all such Persons. Accordingly,
each Credit Party individually acknowledges that the benefit to each of the Persons named as one of the Credit Parties as a whole
constitutes reasonably equivalent value, regardless of the amount of the credit facilities actually borrowed by, advanced to, or
the amount of Collateral provided by, any individual Borrower or other Credit Party. In addition, each entity named as one of the
Credit Parties herein hereby acknowledges and agrees that all of the representations, warranties, covenants, obligations, conditions,
agreements and other terms contained in this Agreement shall be applicable to and shall be binding upon and measured and enforceable
individually against each Person named as one of the Credit Parties herein as well as all such Persons when taken together. By
way of illustration, but without limiting the generality of the foregoing, the terms of Section 10.1 of this Agreement are to be
applied to each individual Person named as one of the Credit Parties herein (as well as to all such Persons taken as a whole),
such that the occurrence of any of the events described in Section 10.1 of this Agreement as to any Person named as one of the
Credit Parties herein shall constitute an Event of Default even if such event has not occurred as to any other Persons named as
the Credit Parties or as to all such Persons taken as a whole.

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(b)
Notwithstanding any provisions of this Agreement to the contrary, it is intended that the joint and several nature of the
liability of each Credit Party for the Obligations and the Liens granted by Credit Parties to secure the Obligations, not constitute
a Fraudulent Conveyance (as defined below). Consequently, Agent, Lenders and each Credit Party agree that if the liability of a
Credit Party for the Obligations, or any Liens granted by such Credit Party securing the Obligations would, but for the application
of this sentence, constitute a Fraudulent Conveyance, the liability of such Credit Party and the Liens securing such liability
shall be valid and enforceable only to the maximum extent that would not cause such liability or such Lien to constitute a Fraudulent
Conveyance, and the liability of such Credit Party and this Agreement shall automatically be deemed to have been amended accordingly.
For purposes hereof, the term "Fraudulent Conveyance" means a fraudulent conveyance under Section 548 of Chapter
11 of Title II of the Bankruptcy Code or a fraudulent conveyance or fraudulent transfer under the applicable provisions of any
fraudulent conveyance or fraudulent transfer law or similar law of any state, nation or other governmental unit, as in effect from
time to time.

(c)
Agent is hereby authorized, without notice or demand (except as otherwise specifically required under this Agreement) and
without affecting the liability of any Credit Party hereunder, at any time and from time to time, to (i) renew, extend or
otherwise increase the time for payment of the Obligations; (ii) with the written agreement of any Borrower, change the terms
relating to the Obligations or otherwise modify, amend or change the terms of any Note or other agreement, document or instrument
now or hereafter executed by any Borrower and delivered to Agent for any Lender; (iii) accept partial payments of the Obligations;
(iv) in accordance with the exercise of its rights as provided in the Financing Documents and/or applicable law, take and hold
any Collateral for the payment of the Obligations or for the payment of any guaranties of the Obligations and exchange, enforce,
waive and release any such Collateral; (v)  in accordance with the exercise of its rights as provided in the Financing Documents
and/or applicable law, apply any such Collateral and direct the order or manner of sale thereof as Agent, in its sole discretion,
may determine; and (vi) in accordance with the exercise of its rights as provided in the Financing Documents and/or applicable
law, settle, release, compromise, collect or otherwise liquidate the Obligations and any Collateral therefor in any manner, all
guarantor and surety defenses being hereby waived by each Credit Party. Without limitations of the foregoing, with respect to the
Obligations, each Borrower hereby makes and adopts each of the agreements and waivers set forth in each Guarantee, the same being
incorporated hereby by reference. Except as specifically provided in this Agreement or any of the other Financing Documents, Agent
shall have the exclusive right to determine the time and manner of application of any payments or credits, whether received from
any Credit Party or any other source, and such determination shall be binding on all Credit Parties. All such payments and credits
may be applied, reversed and reapplied, in whole or in part, to any of the Obligations that Agent shall determine, in its sole
discretion, without affecting the validity or enforceability of the Obligations of the other Credit Party.

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(d)
Each Credit Party hereby agrees that, except as hereinafter provided, its obligations hereunder shall be unconditional,
irrespective of (i) the absence of any attempt to collect the Obligations from any obligor or other action to enforce the
same; (ii) the waiver or consent by Agent with respect to any provision of any instrument evidencing the Obligations, or any
part thereof, or any other agreement heretofore, now or hereafter executed by a Credit Party and delivered to Agent; (iii) failure
by Agent to take any steps to perfect and maintain its security interest in, or to preserve its rights to, any security or collateral
for the Obligations; (iv) the institution of any proceeding under the Bankruptcy Code, or any similar proceeding, by or against
a Credit Party or Agent's election in any such proceeding of the application of Section 1111(b)(2) of the Bankruptcy Code; (v) any
borrowing or grant of a security interest by a Credit Party as debtor-in-possession, under Section 364 of the Bankruptcy Code;
(vi) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of Agent's claim(s) for repayment of
any of the Obligations; or (vii) any other circumstance other than payment in full of the Obligations which might otherwise
constitute a legal or equitable discharge or defense of a guarantor or surety.

(e)
The Credit Parties hereby agree, as between themselves, that to the extent that Agent, on behalf of Lenders, shall have
received from any Credit Party any Recovery Amount (as defined below), then the paying Credit Party shall have a right of contribution
against each other Credit Party in an amount equal to such other Credit Party's contributive share of such Recovery Amount; provided,
however, that in the event any Credit Party suffers a Deficiency Amount (as defined below), then the Credit Party suffering
the Deficiency Amount shall be entitled to seek and receive contribution from and against the other Credit Parties in an amount
equal to the Deficiency Amount; and provided, further, that in no event shall the aggregate amounts so reimbursed
by reason of the contribution of any Credit Party equal or exceed an amount that would, if paid, constitute or result in Fraudulent
Conveyance. Until all Obligations have been paid and satisfied in full, no payment made by or for the account of a Credit Party
including, without limitation, (i) a payment made by such Credit Party on behalf of the liabilities of any other Credit Party,
or (ii) a payment made by any other Guarantor under any Guarantee, shall entitle such Credit Party, by subrogation or otherwise,
to any payment from such other Credit Party or from or out of such other Credit Party's property. The right of each Credit Party
to receive any contribution under this Section 2.10(e) or by subrogation or otherwise from any other Credit Party shall be subordinate
in right of payment to the Obligations and such Credit Party shall not exercise any right or remedy against such other Credit Party
or any property of such other Credit Party by reason of any performance of such Credit Party of its joint and several obligations
hereunder, until the Obligations have been indefeasibly paid and satisfied in full, and no Credit Party shall exercise any right
or remedy with respect to this Section 2.10(e) until the Obligations have been indefeasibly paid and satisfied in full. As used
in this Section 2.10(e), the term "Recovery Amount" means the amount of proceeds received by or credited to Agent
from the exercise of any remedy of Lenders under this Agreement or the other Financing Documents, including, without limitation,
the sale of any Collateral. As used in this Section 2.10(e), the term "Deficiency Amount" means any amount that
is less than the entire amount a Credit Party is entitled to receive by way of contribution or subrogation from, but that has not
been paid by, the other Credit Parties in respect of any Recovery Amount attributable to the Credit Party entitled to contribution,
until the Deficiency Amount has been reduced to $0 through contributions and reimbursements made under the terms of this Section
2.10(e) or otherwise.

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(f)
Each Qualified ECP Credit Party hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support as may be needed from time to time by each other Credit Party to honor all of its obligations under
this Section 2.10 in respect of Swap Obligations. The obligations of each Qualified ECP Credit Party under this Section 2.10 shall
remain in full force and effect until the Commitments are terminated, all Letters of Credit have expired or been cancelled, replaced,
backstopped or cash collateralized, and all Obligations payable by the Borrowers and the Guarantors under this Agreement and all
other Financing Documents shall have been paid in full. Each Qualified ECP Credit Party intends that this Section 2.10(f) constitute,
and this Section 2.10(f) shall be deemed to constitute, a "keepwell, support, or other agreement" for the benefit of
each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

Section 2.11
Collections and Lockbox Account.

(a)
Borrowers shall maintain a lockbox (the "Lockbox") with a United States depository institution designated
from time to time by Agent (the "Lockbox Bank"), subject to the provisions of this Agreement, and shall execute
with the Lockbox Bank a Deposit Account Control Agreement and such other agreements related to such Lockbox as Agent may require.
Borrowers shall ensure that all collections of Accounts are paid directly from Account Debtors (i) into the Lockbox for deposit
into the Lockbox Account and/or (ii) directly into the Lockbox Account; provided, however, unless Agent shall
otherwise direct by written notice to Borrowers, Borrowers shall be permitted to cause Account Debtors who are individuals to pay
Accounts directly to Borrowers, which Borrowers shall then administer and apply in the manner required below. All funds deposited
into a Lockbox Account shall be transferred into the Payment Account by the close of each Business Day.

(b)
[Reserved]

(c)
Notwithstanding anything in any lockbox agreement or Deposit Account Control Agreement to the contrary, Borrowers agree
that they shall be liable for any fees and charges in effect from time to time and charged by the Lockbox Bank in connection with
the Lockbox, the Lockbox Account, and that Agent shall have no liability therefor. Borrowers hereby indemnify and agree to hold
Agent harmless from any and all liabilities, claims, losses and demands whatsoever, including reasonable attorneys' fees and expenses,
arising from or relating to actions of Agent or the Lockbox Bank pursuant to this Section or any lockbox agreement or Deposit Account
Control Agreement or similar agreement, except to the extent of such losses arising solely from Agent's gross negligence or willful
misconduct.

(d)
Agent shall apply, on a daily basis, all funds transferred into the Payment Account pursuant to this Section to reduce the
outstanding Revolving Loans in such order of application as Agent shall elect. If as the result of collections of Accounts pursuant
to the terms and conditions of this Section, a credit balance exists with respect to the Loan Account, such credit balance shall
not accrue interest in favor of Borrowers, but Agent shall transfer such funds into an account designated by Borrower Representative
for so long as no Event of Default exists.

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(e)
To the extent that any collections of Accounts or proceeds of other Collateral are not sent directly to the Lockbox or Lockbox
Account but are received by any Borrower, such collections shall be held in trust for the benefit of Agent pursuant to an express
trust created hereby and immediately remitted, in the form received, to applicable Lockbox or Lockbox Account. No such funds received
by any Borrower shall be commingled with other funds of the Borrowers.

(f)
Borrowers acknowledge and agree that compliance with the terms of this Section is essential, and that Agent and Lenders
will suffer immediate and irreparable injury and have no adequate remedy at law, if any Borrower, through acts or omissions, causes
or permits Account Debtors to send payments other than to the Lockbox or Lockbox Accounts or if any Borrower fails to promptly
deposit collections of Accounts or proceeds of other Collateral in the Lockbox Account as herein required. Accordingly, in addition
to all other rights and remedies of Agent and Lenders hereunder, Agent shall have the right to seek specific performance of the
Borrowers' obligations under this Section, and any other equitable relief as Agent may deem necessary or appropriate, and Borrowers
waive any requirement for the posting of a bond in connection with such equitable relief.

(g)
Borrowers shall not, and Borrowers shall not suffer or permit any Credit Party to, (i) withdraw any amounts from any
Lockbox Account, (ii) change the procedures or sweep instructions under the agreements governing any Lockbox Accounts, or
(iii) send to or deposit in any Lockbox Account any funds other than payments made with respect to and proceeds of Accounts
or other Collateral. Borrowers shall, and shall cause each Credit Party to, cooperate with Agent in the identification and reconciliation
on a daily basis of all amounts received in or required to be deposited into the Lockbox Accounts. If more than five percent (5%)
of the collections of Accounts received by Borrowers during any given calendar month period is not identified or reconciled to
the reasonable satisfaction of Agent within ten (10) Business Days of receipt, Agent shall not be obligated to make further advances
under this Agreement until such amount is identified or is reconciled to the reasonable satisfaction of Agent, as the case may
be. In addition, if any such amount cannot be identified or reconciled to the reasonable satisfaction of Agent, Agent may utilize
its own staff or, if it reasonably deems necessary, engage an outside auditor, in either case at Borrowers' expense (which in the
case of Agent's own staff shall be in accordance with Agent's then prevailing customary charges (plus reasonable expenses)), to
make such examination and report as may be necessary to identify and reconcile such amount.

(h)
If any Borrower breaches its obligation to direct payments of the proceeds of the Collateral to the Lockbox Account, Agent,
as the irrevocably made, constituted and appointed true and lawful attorney for Borrowers, may, by the signature or other act of
any of Agent's authorized representatives (without requiring any of them to do so), direct any Account Debtor to pay proceeds of
the Collateral to Borrowers by directing payment to the Lockbox Account.

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Section 2.12
Termination; Restriction on Termination.

(a)
Termination by Lenders. In addition to the rights set forth in Section 10.2, Agent may, and at the direction of Required
Lenders shall, terminate this Agreement without notice upon or after the occurrence and during the continuance of an Event of Default.

(b)
Termination by Borrowers. Upon at least ten (10) days' prior written notice to Agent and Lenders, Borrowers may,
at its option, terminate this Agreement; provided, however, that no such termination shall be effective until Borrowers
have (i) paid or collateralized to Agent's satisfaction all of the Obligations in immediately available funds, all Letters
of Credit and Support Agreements have expired, terminated or have been cash collateralized to Agent's satisfaction, and (ii) complied
with Section 2.2(f). Any notice of termination given by Borrowers shall be irrevocable unless all Lenders otherwise agree in writing
and no Lender shall have any obligation to make any Loans or issue or procure any Letters of Credit or Support Agreements on or
after the termination date stated in such notice. Borrowers may elect to terminate this Agreement in its entirety only. No section
of this Agreement or type of Loan available hereunder may be terminated singly.

(c)
Effectiveness of Termination. All of the Obligations shall be immediately due and payable upon the Termination Date.
All undertakings, agreements, covenants, warranties and representations of Borrowers contained in the Financing Documents shall
survive any such termination and Agent shall retain its Liens in the Collateral and Agent and each Lender shall retain all of its
rights and remedies under the Financing Documents notwithstanding such termination until all Obligations have been discharged or
paid, in full, in immediately available funds, including, without limitation, all Obligations under Section 2.2(f) and the terms
of any fee letter resulting from such termination. Notwithstanding the foregoing or the payment in full of the Obligations, Agent
shall not be required to terminate its Liens in the Collateral unless, with respect to any loss or damage Agent may incur as a
result of dishonored checks or other items of payment received by Agent from Borrower or any Account Debtor and applied to the
Obligations, Agent shall, at its option, (i) have received a written agreement satisfactory to Agent, executed by Borrowers
and by any Person whose loans or other advances to Borrowers are used in whole or in part to satisfy the Obligations, indemnifying
Agent and each Lender from any such loss or damage or (ii) have retained cash Collateral or other Collateral for such period
of time as Agent, in its discretion, may reasonably deem necessary to protect Agent and each Lender from any such loss or damage.

ARTICLE 3 - REPRESENTATIONS
AND WARRANTIES

To induce Agent
and Lenders to enter into this Agreement and to make the Loans and other credit accommodations contemplated hereby, each Borrower
hereby represents and warrants to Agent and each Lender that:

Section 3.1
Existence and Power. Each Credit Party is an entity as specified on Schedule 3.1, is duly organized, validly
existing and in good standing under the laws of the jurisdiction specified on Schedule 3.1 and no other jurisdiction, has
the same legal name as it appears in such Credit Party's Organizational Documents and an organizational identification number (if
any), in each case as specified on Schedule 3.1, and has all powers and all Permits necessary or desirable in the operation
of its business as presently conducted or as proposed to be conducted, except where the failure to have such Permits would not
reasonably be expected to have a Material Adverse Effect. Each Credit Party is qualified to do business as a foreign entity in
each jurisdiction in which it is required to be so qualified, which jurisdictions as of the Closing Date are specified on Schedule
3.1, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. Except
as set forth on Schedule 3.1, no Credit Party (a) has had, over the five (5) year period preceding the Closing Date, any
name other than its current name, or (b) was incorporated or organized under the laws of any jurisdiction other than its current
jurisdiction of incorporation or organization.

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Section 3.2
Organization and Governmental Authorization; No Contravention. The execution, delivery and performance by each
Credit Party of each of the Financing Documents to which it is a party are within its powers, have been duly authorized by all
necessary action pursuant to its Organizational Documents, require no further action by or in respect of, or filing with, any Governmental
Authority and do not violate, conflict with or cause a breach or a default under (a) any Law applicable to any Credit Party
or any of the Organizational Documents of any Credit Party, or (b) any agreement or instrument binding upon it, except for
such violations, conflicts, breaches or defaults as would not, with respect to this clause (b), reasonably be expected to have
a Material Adverse Effect.

Section 3.3
Binding Effect. Each of the Financing Documents to which any Credit Party is a party constitutes a valid and
binding agreement or instrument of such Credit Party, enforceable against such Credit Party in accordance with its respective terms,
except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement
of creditors' rights generally and by general equitable principles.

Section 3.4
Capitalization. The authorized equity securities of each of the Credit Parties as of the Closing Date are as
set forth on Schedule 3.4. All issued and outstanding equity securities of each of the Credit Parties are duly authorized
and validly issued, fully paid, nonassessable, free and clear of all Liens other than those in favor of Agent for the benefit of
Agent and Lenders, and such equity securities were issued in compliance with all applicable Laws. The identity of the holders of
the equity securities of each of the Credit Parties and the percentage of their fully-diluted ownership of the equity securities
of each of the Credit Parties as of the Closing Date is set forth on Schedule 3.4. No shares of the capital stock or other
equity securities of any Credit Party, other than those described above, are issued and outstanding as of the Closing Date. Except
as set forth on Schedule 3.4, as of the Closing Date there are no preemptive or other outstanding rights, options, warrants,
conversion rights or similar agreements or understandings for the purchase or acquisition from any Credit Party of any equity securities
of any such entity.

Section 3.5
Financial Information. All information delivered to Agent and pertaining to the financial condition of any Credit
Party fairly presents the financial position of such Credit Party as of such date in conformity with GAAP (and as to unaudited
financial statements, subject to normal year-end adjustments and the absence of footnote disclosures). Since July 31, 2019, there
has been no material adverse change in the business, operations, properties, prospects or condition (financial or otherwise) of
any Credit Party.

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Section 3.6
Litigation. Except as set forth on Schedule 3.6 as of the Closing Date, and except as hereafter disclosed
to Agent in writing, there is no Litigation pending against, or, to any Borrower's knowledge, threatened against or affecting any
Credit Party. There is no Litigation pending in which an adverse decision would reasonably be expected to have a Material Adverse
Effect or which in any manner draws into question the validity of any of the Financing Documents.

Section 3.7
Ownership of Property. Each Borrower and each of its Subsidiaries is the lawful owner of, has good and marketable
title to and is in lawful possession of, or has valid leasehold interests in, all properties and other assets (real or personal,
tangible, intangible or mixed) purported or reported to be owned or leased (as the case may be) by such Person.

Section 3.8
No Default. No Event of Default, or to Borrowers' knowledge no Default, has occurred and is continuing. No Credit
Party is in breach or default under or with respect to any contract, agreement, lease or other instrument to which it is a party
or by which its property is bound or affected, which breach or default would reasonably be expected to have a Material Adverse
Effect.

Section 3.9
Labor Matters. As of the Closing Date, there are no strikes or other labor disputes pending or, to any Borrower's
knowledge, threatened against any Credit Party. Except to the extent such violations would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, (a) hours worked and payments made to the employees of the Credit
Parties have not been in violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters, and (b)
all payments due from the Credit Parties, or for which any claim may be made against any of them, on account of wages and employee
and retiree health and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case
may be. The consummation of the transactions contemplated by the Financing Documents will not give rise to a right of termination
or right of renegotiation on the part of any union under any collective bargaining agreement to which it is a party or by which
it is bound.

Section 3.10
Regulated Entities. No Credit Party is an "investment company" or a company "controlled"
by an "investment company" or a "subsidiary" of an "investment company," all within the meaning of
the Investment Company Act of 1940.

Section 3.11
Margin Regulations. None of the proceeds from the Loans have been or will be used, directly or indirectly, for
the purpose of purchasing or carrying any "margin stock" (as defined in Regulation U of the Federal Reserve Board), for
the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any "margin stock"
or for any other purpose which might cause any of the Loans to be considered a "purpose credit" within the meaning of
Regulation T, U or X of the Federal Reserve Board.

Section 3.12
Compliance With Laws; Anti-Terrorism Laws.

(a)
Each Credit Party is in compliance with the requirements of all applicable Laws, except for such Laws the noncompliance
with which would not reasonably be expected to have a Material Adverse Effect.

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(b)
None of the Credit Parties or their Subsidiaries, and, to the knowledge of the Credit Parties, none of their other Affiliates
(i) is in violation of any Anti-Terrorism Law, (ii) engages in or conspires to engage in any transaction that evades
or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law, (iii) is a Blocked Person, or is controlled by a Blocked Person, (iv) is acting or will act for or on behalf of
a Blocked Person, (v) is associated with, or will become associated with, a Blocked Person or (vi) is providing, or will
provide, material, financial or technical support or other services to or in support of acts of terrorism of a Blocked Person.
No Credit Party nor any Subsidiary thereof, nor, to the knowledge of any Credit Party, any of its other Affiliates or agents acting
or benefiting in any capacity in connection with the transactions contemplated by this Agreement, (A) conducts any business
or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or
(B) deals in, or otherwise engages in any transaction relating to, any property or interest in property blocked pursuant to
Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law.

Section 3.13
Taxes. All federal, state and local Tax returns, reports and statements required to be filed by or on behalf
of each Credit Party have been filed with the appropriate Governmental Authorities in all jurisdictions in which such returns,
reports and statements are required to be filed and, except to the extent subject to a Permitted Contest, all Taxes (including
real property Taxes) and other charges shown to be due and payable in respect thereof have been timely paid prior to the date on
which any fine, penalty, interest, late charge or loss may be added thereto for nonpayment thereof. Except to the extent subject
to a Permitted Contest, all state and local sales and use Taxes required to be paid by each Credit Party have been paid. All federal
and state returns have been filed by each Credit Party for all periods for which returns were due with respect to employee income
tax withholding, social security and unemployment taxes, and, except to the extent subject to a Permitted Contest, the amounts
shown thereon to be due and payable have been paid in full or adequate provisions therefor have been made.

Section 3.14
Compliance with ERISA.

(a)
Each ERISA Plan (and the related trusts and funding agreements) complies in form and in operation with, has been administered
in compliance with, and the terms of each ERISA Plan satisfy, the applicable requirements of ERISA and the Code and all other applicable
laws in all material respects. Each ERISA Plan which is intended to be qualified under Section 401(a) of the Code is so qualified,
and the United States Internal Revenue Service has issued a favorable determination letter or opinion letter with respect to each
such ERISA Plan which may be relied on currently. No Credit Party has incurred liability for any material excise tax under any
of Sections 4971 through 5000A of the Code.

(b)
Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each Borrower
and each Subsidiary is in compliance with the applicable provisions of ERISA and the provision of the Code and all other applicable
laws relating to ERISA Plans and the regulations and published interpretations therein. During the thirty-six (36) month period
prior to the Closing Date or the making of any Loan or the issuance of any Letter of Credit, (i) no steps have been taken
to terminate any Pension Plan, and (ii) no contribution failure has occurred with respect to any Pension Plan sufficient to
give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code. No condition exists or event or transaction has
occurred with respect to any Pension Plan which could result in the incurrence by any Credit Party of any material liability, fine
or penalty. No Credit Party has incurred liability to the PBGC (other than for current premiums) with respect to any employee Pension
Plan. All contributions (if any) have been made on a timely basis to any Multiemployer Plan that are required to be made by any
Credit Party or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement
or by applicable Law; no Credit Party nor any member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer
Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal
liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in
a withdrawal or partial withdrawal from any such plan, and no Credit Party nor any member of the Controlled Group has received
any notice that any Multiemployer Plan is insolvent, that increased contributions may be required to avoid a reduction in plan
benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under
Section 412 of the Code or that any such plan is or may be terminated.

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Section 3.15
Consummation of Financing Documents; Brokers. Except for fees payable to Agent and/or Lenders, no broker, finder
or other intermediary has brought about the obtaining, making or closing of the transactions contemplated by the Financing Documents,
and no Credit Party has or will have any obligation to any Person in respect of any finder's or brokerage fees, commissions or
other expenses in connection herewith or therewith.

Section 3.16
Related Transactions. All transactions contemplated by the Financing Documents to be consummated on or prior
to the date hereof have been so consummated (including, without limitation, the disbursement and transfer of all funds in connection
therewith) in all material respects pursuant to the provisions of the applicable Financing Documents, true and complete copies
of which have been delivered to Agent, and in compliance with all applicable Law, except for such Laws the noncompliance with which
would not reasonably be expected to have a Material Adverse Effect.

Section 3.17
Material Contracts. Except for the Financing Documents and the other agreements set forth on Schedule 3.17
(collectively with the Financing Documents, the "Material Contracts"), as of the Closing Date there are no (a) employment
agreements covering the management of any Credit Party, (b) collective bargaining agreements or other similar labor agreements
covering any employees of any Credit Party, (c) agreements for managerial, consulting or similar services to which any Credit
Party is a party or by which it is bound, (d) agreements regarding any Credit Party, its assets or operations or any investment
therein to which any of its equity holders is a party or by which it is bound, (e) real estate leases, Intellectual Property
licenses or other lease or license agreements to which any Credit Party is a party, either as lessor or lessee, or as licensor
or licensee (other than licenses arising from the purchase of "off the shelf" products), (f) customer, distribution,
marketing or supply agreements to which any Credit Party is a party, in each case with respect to the preceding clauses (a) through
(f) requiring payment of more than $1,000,000 in any year, (g) partnership agreements to which any Credit Party is a general
partner or joint venture agreements to which any Credit Party is a party, (h) third party billing arrangements to which any
Credit Party is a party, or (i) any other agreements or instruments to which any Credit Party is a party, and the breach,
nonperformance or cancellation of which, or the failure of which to renew, would reasonably be expected to have a Material Adverse
Effect. Schedule 3.17 sets forth, with respect to each real estate lease agreement to which any Borrower is a party (as
a lessee) as of the Closing Date, the address of the subject property and the annual rental (or, where applicable, a general description
of the method of computing the annual rental). The consummation of the transactions contemplated by the Financing Documents will
not give rise to a right of termination in favor of any party to any Material Contract (other than any Credit Party), except for
such Material Contracts the noncompliance with which would not reasonably be expected to have a Material Adverse Effect.

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Section 3.18
Compliance with Environmental Requirements; No Hazardous Materials. Except in each case as set forth on Schedule
3.18 or as otherwise would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect:

(a)
no notice, notification, demand, request for information, citation, summons, complaint or order has been issued, no complaint
has been filed, no penalty has been assessed and no investigation or review is pending, or to any Borrower's knowledge, threatened
by any Governmental Authority or other Person with respect to any (i) alleged violation by any Credit Party of any Environmental
Law, (ii) alleged failure by any Credit Party to have any Permits required in connection with the conduct of its business
or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation or
disposal of any Hazardous Materials, or (iv) release of Hazardous Materials; and

(b)
no property now owned or leased by any Credit Party and, to the knowledge of each Borrower, no such property previously
owned or leased by any Credit Party, to which any Credit Party has, directly or indirectly, transported or arranged for the transportation
of any Hazardous Materials, is listed or, to any Borrower's knowledge, proposed for listing, on the National Priorities List promulgated
pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or any similar state list or is the subject of federal, state or local enforcement
actions or, to the knowledge of any Borrower, other investigations which may lead to claims against any Credit Party for clean-up
costs, remedial work, damage to natural resources or personal injury claims, including, without limitation, claims under CERCLA.

For purposes of
this Section 3.18, each Credit Party shall be deemed to include any business or business entity (including a corporation) that
is, in whole or in part, a predecessor of such Credit Party.

Section 3.19
Intellectual Property. Each Credit Party owns, is licensed to use or otherwise has the right to use, all Intellectual
Property that is material to the condition (financial or other), business or operations of such Credit Party. All Intellectual
Property existing as of the Closing Date which is issued, registered or pending with any United States or foreign Governmental
Authority (including, without limitation, any and all applications for the registration of any Intellectual Property with any such
United States or foreign Governmental Authority) and all licenses under which any Borrower is the licensee of any such registered
Intellectual Property (or any such application for the registration of Intellectual Property) owned by another Person are set forth
on Schedule 3.19. Such Schedule 3.19 indicates in each case whether such registered Intellectual Property (or application
therefor) is owned or licensed by such Credit Party, and in the case of any such licensed registered Intellectual Property (or
application therefor), lists the name and address of the licensor and the name and date of the agreement pursuant to which such
item of Intellectual Property is licensed and whether or not such license is an exclusive license and indicates whether there are
any purported restrictions in such license on the ability to such Credit Party to grant a security interest in and/or to transfer
any of its rights as a licensee under such license. Except as indicated on Schedule 3.19, the applicable Credit Party is
the sole and exclusive owner of the entire and unencumbered right, title and interest in and to each such registered Intellectual
Property (or application therefor) purported to be owned by such Credit Party, free and clear of any Liens and/or licenses in favor
of third parties or agreements or covenants not to sue such third parties for infringement. All registered Intellectual Property
of each Credit Party is duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations,
filings or issuances, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. No
Credit Party is party to, nor bound by, any material license or other agreement with respect to which any Credit Party is the licensee
that prohibits or otherwise restricts such Credit Party from granting a security interest in such Credit Party's interest in such
license or agreement or other property. To each Borrower's knowledge, each Credit Party conducts its business without infringement
or claim of infringement of any Intellectual Property rights of others and there is no infringement or claim of infringement by
others of any Intellectual Property rights of any Credit Party, which infringement or claim of infringement would reasonably be
expected to have a Material Adverse Effect.

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Section 3.20
Solvency. Each Borrower and each other Credit Party is Solvent.

Section 3.21
Full Disclosure. None of the written information (financial or otherwise) furnished by or on behalf of any Credit
Party to Agent or any Lender in connection with the consummation of the transactions contemplated by the Financing Documents, contains
any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained herein or
therein not misleading in light of the circumstances under which such statements were made. All financial projections delivered
to Agent and Lenders by Borrowers (or their agents) have been prepared on the basis of the assumptions stated therein. Such projections
represent Borrowers' best estimate of such Borrower's future financial performance and such assumptions are believed by such Borrower
to be fair and reasonable in light of current business conditions; provided, however, that Borrowers can give no
assurance that such projections will be attained.

Section 3.22
Interest Rate. The rate of interest paid hereunder and the method and manner of the calculation thereof do not
violate any usury or other law or applicable Laws or any of the Organizational Documents.

Section 3.23
Subsidiaries. The Borrowers do not own any stock, partnership interests, limited liability company interests
or other equity securities except for Permitted Investments.

Section 3.24
Certain Subsidiaries and Affiliates of Borrowers. Neither (i) ModusLink Finance LLC, a Delaware limited liability
company, (ii) SalesLink LLC, a Delaware limited liability company, nor (iii) any of the Ireland Subsidiaries engages in any operations
or business, has any material liabilities, or owns any material assets.

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ARTICLE 4 - AFFIRMATIVE
COVENANTS

Each Borrower agrees
that, so long as any Credit Exposure exists:

Section 4.1
Financial Statements and Other Reports. Each Borrower will deliver to Agent: (a) as soon as available, but
no later than thirty (30) days after the last day of each month, a company prepared consolidated balance sheet and income statement
(including year-to-date results) covering Borrowers' and their Consolidated Subsidiaries' consolidated operations during the period,
prepared under GAAP (subject to the absence of footnotes and normal year-end adjustments), consistently applied, setting forth
in comparative form the corresponding figures as at the end of the corresponding month of the previous fiscal year and the projected
figures for such period based upon the projections required hereunder, all in reasonable detail, certified by a Responsible Officer
of ModusLink and in a form acceptable to Agent; (b) together with the financial reporting package described in (a) above,
evidence (such as payroll statement from payroll service provider) of payment and satisfaction of all payroll, withholding and
similar taxes due and owing by Borrowers and their Domestic Subsidiaries with respect to the payroll period(s) occurring during
such month; (c) as soon as available, but no later than ninety (90) days after the last day of Borrowers' fiscal year, (i)
audited consolidated financial statements of Holdings and its Consolidated Subsidiaries prepared under GAAP, consistently applied,
together with an unqualified opinion on the financial statements from an independent certified public accounting firm acceptable
to Agent in its reasonable discretion and (ii) company prepared reconciling financial statements covering Borrowers' and their
Consolidated Subsidiaries' consolidated operations during the period covered by the audit referred to in the foregoing clause (i),
prepared under GAAP, consistently applied, with reasonable detail and in a form acceptable to Agent, and certified by a Responsible
Officer of ModusLink; (d) within fifteen (15) days of delivery or filing thereof, copies of all statements, reports and notices
made available to Borrowers security holders or to any holders of Subordinated Debt and copies of all reports and other filings
made by Borrowers with any stock exchange on which any securities of any Borrower are traded and/or the SEC; (e) a prompt
written report of any legal actions pending or threatened against any Borrower or any of its Subsidiaries that would reasonably
be expected to result in damages or costs to any Borrower or any of its Subsidiaries of Five Hundred Thousand Dollars ($500,000)
or more; (f) prompt written notice of an event that materially and adversely affects the value of any Intellectual Property;
(g) no later than forty-five (45) days after the first day of each fiscal year of Borrowers', a month by month projected operating
budget in the form of Exhibit E attached hereto; and (h) promptly following request therefor, such other financial
information and information, reports or statements regarding the Borrowers, their business and the Collateral as Agent may from
time to time reasonably request. Each Borrower will, within thirty (30) days after the last day of each month, deliver to Agent
with the monthly financial statements described in clause (a) above, a duly completed Compliance Certificate signed by a Responsible
Officer setting forth calculations of the financial covenant set forth in this Agreement. Promptly upon their becoming available,
Borrowers shall deliver to Agent copies of all Swap Contracts and Material Contracts. Each Borrower will, within ten (10) days
after the last day of each month, deliver to Agent a duly completed Borrowing Base Certificate signed by a Responsible Officer,
with aged listings of accounts receivable and accounts payable (by invoice date). Borrowers shall, every ninety (90) days on a
schedule to be designated by Agent, and at such other times as Agent shall request, deliver to Agent a schedule of Eligible Accounts
denoting the fifteen (15) largest Account Debtors during such quarter.

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Section 4.2
Payment and Performance of Obligations. Each Borrower (a) will pay and discharge, and cause each Subsidiary
to pay and discharge, on a timely basis as and when due, all of their respective obligations and liabilities, except for such obligations
and/or liabilities (i) that are the subject of a Permitted Contest, and (ii) the nonpayment or nondischarge of which
would not reasonably be expected to have a Material Adverse Effect or result in a Lien against any Collateral, except for Permitted
Liens, (b) without limiting anything contained in the foregoing clause (a), pay all amounts due and owing in respect of Taxes
(including without limitation, payroll and withholdings tax liabilities) on a timely basis as and when due, and in any case prior
to the date on which any fine, penalty, interest, late charge or loss may be added thereto for nonpayment thereof, (c) will
maintain, and cause each Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their
respective obligations and liabilities, and (d) will not breach or permit any Subsidiary to breach, or permit to exist any
default under, the terms of any lease, commitment, contract, instrument or obligation to which it is a party, or by which its properties
or assets are bound, except for such breaches or defaults which would not reasonably be expected to have a Material Adverse Effect.

Section 4.3
Maintenance of Existence. Each Borrower will preserve, renew and keep in full force and effect and in good standing,
and will cause each Subsidiary to preserve, renew and keep in full force and effect and in good standing, their respective existence
and their respective rights, privileges and franchises necessary or desirable in the normal conduct of business.

Section 4.4
Maintenance of Property; Insurance.

(a)
Each Borrower will keep, and will cause each Subsidiary to keep, all property useful and necessary in its business in good
working order and condition, ordinary wear and tear excepted. If all or any part of the Collateral useful and necessary in its
business, or upon which any Borrowing Base is calculated, becomes damaged or destroyed, each Borrower will, and will cause each
Subsidiary to, promptly and completely repair and/or restore the affected Collateral in a good and workmanlike manner.

(b)
Upon completion of any Permitted Contest, Borrowers shall, and will cause each Subsidiary to, promptly pay the amount due,
if any, and deliver to Agent proof of the completion of the contest and payment of the amount due, if any, following which Agent
shall return the security, if any, deposited with Agent pursuant to the definition of Permitted Contest.

(c)
Each Borrower will maintain (i) casualty insurance on all real and personal property on an all risks basis (including
the perils of flood, windstorm and quake), covering the repair and replacement cost of all such property and coverage, business
interruption and rent loss coverages with extended period of indemnity (for the period reasonably required by Agent from time to
time) and indemnity for extra expense, in each case without application of coinsurance and with agreed amount endorsements, (ii) general
and professional liability insurance, and (iii) such other insurance coverage in such amounts and with respect to such risks
as Agent may reasonably request from time to time; provided, however, that, in no event shall such insurance be in
amounts or with coverage materially less than, or with carriers with qualifications materially inferior to, any of the insurance
or carriers in existence as of the Closing Date (or required to be in existence after the Closing Date under a Financing Document).
All such insurance shall be provided by insurers having an A.M. Best policyholders rating reasonably acceptable to Agent. A true
and complete listing of such insurance as of the Closing Date, including issuers, coverages and deductibles, is attached hereto
as Schedule 4.4.

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(d)
On or prior to the Closing Date, and at all times thereafter, Borrowers will cause Agent to be named as an additional insured,
assignee and lender loss payee (which shall include, as applicable, identification as mortgagee), as applicable, on each insurance
policy required to be maintained pursuant to this Section 4.4 pursuant to endorsements in form and substance acceptable to
Agent. Borrowers shall deliver to Agent and Lenders (i) on the Closing Date, a certificate from Borrowers' insurance broker
dated such date showing the amount of coverage as of such date, and that such policies will include effective waivers (whether
under the terms of any such policy or otherwise) by the insurer of all claims for insurance premiums against all loss payees and
additional insureds and all rights of subrogation against all loss payees and additional insureds, and that if all or any part
of such policy is canceled, terminated or expires, the insurer will forthwith give notice thereof to each additional insured, assignee
and loss payee and that no cancellation, reduction in amount or material change in coverage thereof shall be effective until at
least thirty (30) days after receipt by each additional insured, assignee and loss payee of written notice thereof, (ii) on
an annual basis, and upon the reasonable request of any Lender through Agent from time to time full information as to the insurance
carried, (iii) within five (5) days of receipt of notice from any insurer, a copy of any notice of cancellation, nonrenewal
or material change in coverage from that existing on the date of this Agreement, (iv) forthwith, notice of any cancellation
or nonrenewal of coverage, and (v) at least thirty (30) days prior to expiration of any policy of insurance, evidence of renewal
of such insurance upon the terms and conditions herein required.

(e)
In the event Borrowers fail to provide Agent with evidence of the insurance coverage required by this Agreement, Agent may,
upon at least one Business Day prior notice to Borrowers, purchase insurance at Borrowers' expense to protect Agent's interests
in the Collateral. This insurance may, but need not, protect such Borrowers' interests. The coverage purchased by Agent may not
pay any claim made by a Credit Party or any claim that is made against such Credit Party in connection with the Collateral. Borrowers
may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that such Credit Party has obtained
insurance as required by this Agreement. If Agent purchases insurance for the Collateral, Borrowers will be responsible for the
costs of that insurance to the fullest extent provided by law, including interest and other charges imposed by Agent in connection
with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of
the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance Borrowers are
able to obtain on their own.

Section 4.5
Compliance with Laws and Material Contracts. Each Borrower will comply, and cause each Subsidiary to comply,
with the requirements of all applicable Laws and Material Contracts, except to the extent that failure to so comply would not reasonably
be expected to (a) have a Material Adverse Effect, or (b) result in any Lien upon either (i) a material portion
of the assets of any such Person in favor of any Governmental Authority, or (ii) any Collateral which is part of the Borrowing
Base.

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Section 4.6
Inspection of Property, Books and Records.

(a)
Each Borrower will keep, and will cause each Subsidiary to keep, proper books of record substantially in accordance with
GAAP in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities;
and will permit, and will cause each Subsidiary to permit, at the sole cost of the applicable Borrower or any applicable Subsidiary,
representatives of Agent and of any Lender to visit and inspect any of their respective properties, to examine and make abstracts
or copies from any of their respective books and records, to conduct a collateral audit and analysis of their respective operations
and the Collateral, to verify the amount and age of the Accounts, the identity and credit of the respective Account Debtors, to
review the billing practices of Borrowers and to discuss their respective affairs, finances and accounts with their respective
officers, employees and independent public accountants as often as may reasonably be desired. In the absence of a Default or an
Event of Default, Agent or any Lender exercising any rights pursuant to this Section 4.6 shall give the applicable Borrower or
any applicable Subsidiary at least 5 Business Days' prior notice of such exercise and conduct any such visit or inspection during
regular business hours. No notice or restriction on access time for visits and inspections shall be required during the existence
and continuance of any Default or any time during which Agent reasonably believes a Default exists.

(b)
Notwithstanding anything to the contrary set forth in this Agreement (including without limitation Section 2.2(g) hereof),
Borrowers shall not be obligated to reimburse Agent for more than three (3) collateral audits in any calendar year, except for
collateral audits conducted prior to the Closing Date or in connection with a proposed Permitted Acquisition (whether or not consummated).

Section 4.7
Use of Proceeds. Borrowers shall use the proceeds of Revolving Loans solely for (a) transaction fees incurred
in connection with the Financing Documents and the refinancing on the Closing Date of Debt, (b) for working capital needs
of Borrowers and their Domestic Subsidiaries who are Credit Parties, and (c) to consummate Permitted Acquisitions. No portion of
the proceeds of the Loans will be used for family, personal, agricultural or household use.

Section 4.8
Estoppel Certificates. After written request by Agent, Borrowers, within fifteen (15) days and at their expense,
will furnish Agent with a statement, duly acknowledged and certified, setting forth (a) the amount of the original principal
amount of the Loans, and the unpaid principal amount of the Loans, (b) the rate of interest of the Loans, (c) the date
payments of interest and/or principal were last paid, (d) any offsets or defenses to the payment of the Obligations, and if
any are alleged, the nature thereof, (e) that the Notes (if any) and this Agreement have not been modified or if modified,
giving particulars of such modification, and (f) that there has occurred and is then continuing no Default or if such Default
exists, the nature thereof, the period of time it has existed, and the action being taken to remedy such Default. After written
request by Agent, Borrowers, within fifteen (15) days and at their expense, will furnish Agent with a certificate, signed by a
Responsible Officer of Borrowers, updating all of the representations and warranties contained in this Agreement and the other
Financing Documents and certifying that all of the representations and warranties contained in this Agreement and the other Financing
Documents, as updated pursuant to such certificate, are true, accurate and complete as of the date of such certificate.

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Section 4.9
Notices of Litigation and Defaults. Borrowers will give prompt written notice to Agent (a) of any litigation
or governmental proceedings pending or threatened (in writing) against Borrowers or any other Credit Party which would reasonably
be expected to have a Material Adverse Effect or which in any manner calls into question the validity or enforceability of any
Financing Document, (b) upon any Borrower becoming aware of the existence of any Default or Event of Default, (c) if
any Credit Party is in breach or default under or with respect to any Material Contract, or if any Credit Party is in breach or
default under or with respect to any other contract, agreement, lease or other instrument to which it is a party or by which its
property is bound or affected, which breach or default would reasonably be expected to have a Material Adverse Effect, (d) of
any strikes or other labor disputes pending or, to any Borrower's knowledge, threatened against any Borrower or any Subsidiary,
(e) if there is any infringement or claim of infringement by any other Person with respect to any Intellectual Property rights
of any Credit Party that would reasonably be expected to have a Material Adverse Effect, or if there is any claim by any other
Person that any Credit Party in the conduct of its business is infringing on the Intellectual Property Rights of others, and (f) of
all returns, recoveries, disputes and claims that involve more than $500,000. Borrowers represent and warrant that Schedule
4.9 sets forth a complete list of all matters existing as of the Closing Date for which notice would be required under this
Section and all litigation or governmental proceedings pending or threatened (in writing) against Borrowers or any other Credit
Party as of the Closing Date.

Section 4.10
Hazardous Materials; Remediation.

(a)
If any release or disposal of Hazardous Materials shall occur or shall have occurred on any real property or any other assets
of any Borrower or any other Credit Party, such Borrower will cause, or direct the applicable Credit Party to cause, the prompt
containment and removal of such Hazardous Materials and the remediation of such real property or other assets as is necessary to
comply with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting the generality
of the foregoing, each Borrower shall, and shall cause each other Credit Party to, comply with each Environmental Law requiring
the performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened
release of a Hazardous Material.

(b)
Borrowers will provide Agent within thirty (30) days after written demand therefor with a bond, letter of credit or similar
financial assurance evidencing to the reasonable satisfaction of Agent that sufficient funds are available to pay the cost of removing,
treating and disposing of any Hazardous Materials or Hazardous Materials Contamination and discharging any assessment which may
be established on any property as a result thereof, such demand to be made, if at all, upon Agent's reasonable business determination
that the failure to remove, treat or dispose of any Hazardous Materials or Hazardous Materials Contamination, or the failure to
discharge any such assessment would reasonably be expected to have a Material Adverse Effect.

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Section 4.11
Further Assurances.

(a)
Each Borrower will, and will cause each Subsidiary to, at its own cost and expense, promptly and duly take, execute, acknowledge
and deliver all such further acts, documents and assurances as may from time to time be necessary or as Agent or the Required Lenders
may from time to time reasonably request in order to carry out the intent and purposes of the Financing Documents and the transactions
contemplated thereby, including all such actions to (i) establish, create, preserve, protect and perfect a first priority
Lien (subject only to Permitted Liens) in favor of Agent for itself and for the benefit of Lenders on the Collateral (including
Collateral acquired after the date hereof), and (ii) unless Agent shall agree otherwise in writing, cause all Subsidiaries
of Borrowers to be jointly and severally obligated with the other Credit Parties under all covenants and obligations under this
Agreement, including the obligation to repay the Obligations; provided that, unless otherwise required by Agent or Required
Lenders, no Foreign Subsidiary or Foreign Subsidiary Holdco of any Credit Party shall be required to comply with this clause (ii).
Without limiting the generality of the foregoing, (x) Borrowers shall, at the time of the delivery of any Compliance Certificate
disclosing the acquisition by any Credit Party of any registered Intellectual Property or application for the registration of Intellectual
Property, deliver to Agent a duly completed and executed supplement to the applicable Credit Party's Patent Security Agreement
or Trademark Security Agreement in the form of the respective Exhibit thereto, and (y) at the request of Agent, following
the disclosure by Borrowers on any Compliance Certificate of the acquisition by any Credit Party of any rights under a license
as a licensee with respect to any registered Intellectual Property or application for the registration of any Intellectual Property
owned by another Person, Borrowers shall, or shall cause the applicable Credit Party to, execute any documents requested by Agent
to establish, create, preserve, protect and perfect a first priority lien in favor of Agent, to the extent legally possible, in
such Credit Party's rights under such license and shall use their commercially reasonable best efforts to obtain the written consent
of the licensor which such license to the granting in favor of Agent of a Lien on such Credit Party's rights as licensee under
such license.

(b)
Upon receipt of an affidavit of an authorized representative of Agent or a Lender as to the loss, theft, destruction or
mutilation of any Note or any other Financing Document which is not of public record, and, in the case of any such mutilation,
upon surrender and cancellation of such Note or other applicable Financing Document, Borrowers will issue, in lieu thereof, a replacement
Note or other applicable Financing Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Financing
Document in the same principal amount thereof and otherwise of like tenor.

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(c)
Upon the formation or acquisition of a new Subsidiary, or the formation or creation of any Person as a result of a statutory
division of any Credit Party (other than Holdings), Borrowers shall (i) pledge, have pledged or cause or have caused to be
pledged to Agent pursuant to a pledge agreement in form and substance satisfactory to Agent, all of the outstanding shares of equity
interests or other equity interests of such Person, along with undated stock or equivalent powers for such certificates, executed
in blank; provided, that, unless otherwise required by Agent or Required Lenders, only sixty-five percent (65%) of
the total outstanding voting equity interests of any first tier Subsidiary of a Credit Party that is a CFC or Foreign Subsidiary
Holdco (and, unless otherwise required by Agent or Required Lenders, none of the equity interests of any Subsidiary of such CFC
or Foreign Subsidiary Holdco) shall be required to be pledged (which pledge, if requested by Agent, shall be governed by the laws
of the jurisdiction of such Subsidiary); provided further, that notwithstanding the foregoing, each Borrower shall, and
shall cause each of its Subsidiaries that is a Credit Party to, pledge 100% of the equity interests that it directly owns in each
Protected CFC; (ii) unless Agent shall agree otherwise in writing, cause such Person to take such other actions (including
entering into or joining any Security Documents) as are necessary or advisable in the reasonable opinion of Agent in order to grant
Agent, acting on behalf of Lenders, a first priority Lien on all real and personal property of such Person in existence as of such
date and in all after acquired property, which first priority Liens are required to be granted pursuant to this Agreement; provided
that, unless otherwise required by Agent or Required Lenders, no Foreign Subsidiary or Foreign Subsidiary Holdco of Borrowers
shall be required to comply with this clause (ii), which such documents, if requested by Agent, shall be governed by the laws of
the jurisdiction of such Person, (iii) unless Agent shall agree otherwise in writing, cause such Person to either (x) if such
Person is not a Foreign Subsidiary or Foreign Subsidiary Holdco and Agent so elects, become a Borrower hereunder with joint and
several liability for all obligations of Borrowers hereunder and under the other Financing Documents pursuant to a joinder agreement
or other similar agreement in form and substance satisfactory to Agent, or (y) to become a Guarantor of the obligations of Borrowers
hereunder and under the other Financing Documents pursuant to a guaranty and suretyship agreement in form and substance satisfactory
to Agent; provided that, unless otherwise required by Agent or Required Lenders, no Foreign Subsidiary or Foreign Subsidiary
Holdco of Borrowers shall be required to comply with this clause (iii); and (iv) cause such Person to deliver certified copies
of such Person's certificate or articles of incorporation, together with good standing certificates, by-laws (or other operating
agreement or governing documents), resolutions of the Board of Directors or other governing body, approving and authorize the execution
and delivery of the Security Documents, incumbency certificates and to execute and/or deliver such other documents and legal opinions
or to take such other actions as may be requested by Agent, in each case, in form and substance satisfactory to Agent.

(d)
Borrowers shall (i) use their commercially reasonable efforts to obtain a Collateral Access Agreement from the lessor
of each leased property or mortgagee of owned property with respect to any business location where any portion of the Collateral
included in or proposed to be included in the Borrowing Base is stored or located, and (ii) except as otherwise agreed to
by Agent, obtain a Collateral Access Agreement from the lessor of leased property or mortgagee of owed real property with respect
to at least one (1) location where the records relating to such Collateral and/or software and equipment relating to such records
or Collateral is stored or located. Borrowers shall timely and fully pay and perform its obligations under all leases and other
agreements with respect to each leased location where any Collateral, or any records related thereto, is or may be located.

(e)
Notwithstanding anything to the contrary set forth herein or in any other Financing Agreement, upon the request of Agent
or Required Lenders after the occurrence and during the continuation of an Event of Default, Borrowers shall cause all Subsidiaries
of Borrowers (including without limitation Foreign Subsidiaries and Foreign Subsidiary Holdcos of Borrowers existing as of the
Closing Date) to be jointly and severally obligated with the other Credit Parties under all covenants and obligations under this
Agreement, including the obligation to repay the Obligations, and to grant and assign to Agent, for the benefit of itself and Lenders,
a continuing first priority Lien on and security interest in, upon, and to the personal property of such Subsidiary as security
for the payment and performance of the Obligations, all of which such documents, if requested by Agent or Required Lenders, shall
be governed by the laws of the jurisdiction of such Subsidiary.

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Section 4.12
[Reserved]. 

Section 4.13
Power of Attorney. Each of the authorized representatives of Agent is hereby irrevocably made, constituted and
appointed the true and lawful attorney for Borrowers (without requiring any of them to act as such) with full power of substitution
to do the following: (a) endorse the name of Borrowers upon any and all checks, drafts, money orders, and other instruments
for the payment of money that are payable to Borrowers and constitute collections on Borrowers' Accounts; (b) so long as Agent
has provided not less than five (5) Business Days' prior written notice to Borrowers to perform the same and Borrowers have failed
to take such action, execute in the name of Borrowers any schedules, assignments, instruments, documents, and statements that Borrowers
are obligated to give Agent under this Agreement; (c) after the occurrence and during the continuance of an Event of Default,
take any action Borrowers are required to take under this Agreement; (d) so long as Agent has provided not less than five
(5) Business Days' prior written notice to Borrowers to perform the same and Borrowers have failed to take such action, do such
other and further acts and deeds in the name of Borrowers that Agent may reasonably deem necessary or desirable to enforce its
rights with regard to any Account or other Collateral or perfect Agent's security interest or Lien in any Collateral; and (e) after
the occurrence and during the continuance of an Event of Default, do such other and further acts and deeds in the name of Borrowers
that Agent may deem necessary or desirable to enforce its rights with regard to any Account or other Collateral. This power of
attorney shall be irrevocable and coupled with an interest.

Section 4.14
Borrowing Base Collateral Administration.

(a)
All data and other information relating to Accounts or other intangible Collateral shall at all times be kept by Borrowers,
at their respective principal offices and shall not be moved from such locations without (i) providing prior written notice
to Agent, and (ii) obtaining the prior written consent of Agent, which consent shall not be unreasonably withheld.

(b)
Borrowers shall provide prompt written notice to each Person who either is currently an Account Debtor or becomes an Account
Debtor at any time following the date of this Agreement that directs each Account Debtor to make payments into the Lockbox, and
hereby authorizes Agent, upon Borrowers' failure to send such notices within ten (10) days after the date of this Agreement (or
ten (10) days after the Person becomes an Account Debtor), to send any and all similar notices to such Person. Agent reserves the
right to notify Account Debtors that Agent has been granted a Lien upon all Accounts.

(c)
Borrowers will conduct a full cycle count of the Inventory at least once per year and at such other times as Agent requests,
and Borrowers shall provide to Agent a written accounting of such physical count in form and substance satisfactory to Agent. Each
Borrower will use commercially reasonable efforts to at all times keep its Inventory in good and marketable condition. In addition
to the foregoing, from time to time, Agent may require Borrowers to obtain and deliver to Agent appraisal reports in form and substance
and from appraisers reasonably satisfactory to Agent stating the then current fair market values of all or any portion of Inventory
owned by each Borrower or any Subsidiaries.

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Section 4.15
Maintenance of Management. Borrowers will notify Agent promptly in writing of any change in any Borrower's board
of directors or executive officers.

ARTICLE 5 - NEGATIVE
COVENANTS

Each Borrower agrees
that, so long as any Credit Exposure exists:

Section 5.1
Debt; Contingent Obligations. No Borrower will, or will permit any Subsidiary to, directly or indirectly, create,
incur, assume, guarantee or otherwise become or remain directly or indirectly liable with respect to, any Debt, except for Permitted
Debt. No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, assume, incur or suffer to exist any
Contingent Obligations, except for Permitted Contingent Obligations.

Section 5.2
Liens. No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, assume or suffer to
exist any Lien on any asset now owned or hereafter acquired by it, except for Permitted Liens.

Section 5.3
Restricted Distributions. No Borrower will, or will permit any Subsidiary to, directly or indirectly, declare,
order, pay, make or set apart any sum for any Restricted Distribution, except for Permitted Distributions.

Section 5.4
Restrictive Agreements. No Borrower will, or will permit any Subsidiary to, directly or indirectly (a) enter
into or assume any agreement (other than the Financing Documents and any agreements for purchase money debt permitted under clause
(c) of the definition of Permitted Debt) prohibiting the creation or assumption of any Lien upon its properties or assets, whether
now owned or hereafter acquired, or (b) create or otherwise cause or suffer to exist or become effective any consensual encumbrance
or restriction of any kind (except as provided by the Financing Documents) on the ability of any Subsidiary to: (i) pay or
make Restricted Distributions to any Borrower or any other Subsidiary; (ii) pay any Debt owed to any Borrower or any other
Subsidiary; (iii) make loans or advances to any Borrower or any other Subsidiary of a Borrower; or (iv) transfer any
of its property or assets to any Borrower or any other Subsidiary.

Section 5.5
Payments and Modifications of Subordinated Debt. No Borrower will, or will permit any Subsidiary to, directly
or indirectly (a) declare, pay, make or set aside any amount for payment in respect of Subordinated Debt, except for payments
made in full compliance with and expressly permitted under the Subordination Agreement applicable thereto, (b) amend or otherwise
modify the terms of any Subordinated Debt, except for amendments or modifications made in full compliance with the Subordination
Agreement applicable thereto, (c) declare, pay, make or set aside any amount for payment in respect of any Debt hereinafter
incurred that, by its terms, or by separate agreement, is subordinated to the Obligations, except for payments made in full compliance
with and expressly permitted under the subordination provisions applicable thereto (including, for the avoidance of doubt, any
Permitted Intercompany Advances that are subordinated to the Obligations), or (d) amend or otherwise modify the terms of any
such Debt if the effect of such amendment or modification is to (i) increase the interest rate or fees on, or change the manner
or timing of payment of, such Debt, (ii) accelerate or shorten the dates upon which payments of principal or interest are
due on, or the principal amount of, such Debt, (iii) change in a manner adverse to any Credit Party or Agent any event of
default or add or make more restrictive any covenant with respect to such Debt, (iv) change in a manner adverse to any Credit
Party or Agent the prepayment provisions of such Debt or any of the defined terms related thereto (it being agreed that any change
resulting in the imposition of a new prepayment or an increase to the amount of, or an earlier due date with respect to payment
of, any prepayment, would be adverse to Credit Parties and Agent), (v) change the subordination provisions thereof (or the
subordination terms of any guaranty thereof), or (vi) change or amend any other term if such change or amendment would materially
increase the obligations of the obligor or confer additional material rights on the holder of such Debt in a manner adverse to
Borrowers, any Subsidiaries, Agents or Lenders. Borrowers shall, prior to entering into any such amendment or modification, deliver
to Agent reasonably in advance of the execution thereof, any final or execution form copy thereof.

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Section 5.6
Consolidations, Mergers and Sales of Assets; Change in Control. No Borrower will, or will permit any Subsidiary
to, directly or indirectly: (a) consolidate or merge or amalgamate with or into any other Person, except (i) in order to consummate
a Permitted Acquisition (provided, that (x) a Borrower must be the surviving entity of any such merger to which it is a
party (and no merger may occur between Holdings and any Borrower), and (y) a Credit Party must be the surviving entity of any merger
to which it is a party with any non-Credit Party), (ii) any merger between a Credit Party and a Subsidiary of such Credit Party
that is not a Credit Party, so long as such Credit Party is the surviving entity of any such merger, and (iii) any merger between
Subsidiaries of any Credit Party that are not Credit Parties; (b) undergo any statutory division; or (c) consummate any Asset
Disposition other than (i) Permitted Asset Dispositions and (ii) the liquidation or dissolution of non-operating Subsidiaries of
any Credit Party that are not themselves a Credit Party (other than any such Subsidiary the equity interests of which (or any portion
thereof) is subject to a Lien in favor of Agent) with nominal assets and nominal liabilities, so long as all of the assets (including
any interest in any equity interests) of such liquidating or dissolving Subsidiary are transferred to a Credit Party or Subsidiary
of a Credit Party that is not liquidating or dissolving. No Borrower will suffer or permit to occur any Change in Control.

Section 5.7
Purchase of Assets, Investments. No Borrower will, or will permit any Subsidiary to, directly or indirectly (a)
acquire or enter into any agreement to acquire any assets other than (i) in the Ordinary Course of Business, (ii) pursuant to a
Permitted Acquisition, or (iii) as permitted under clause (h) of the definition of Permitted Investments; (b) engage or enter into
any agreement to engage in any joint venture or partnership with any other Person; or (c) acquire or own or enter into any agreement
to acquire or own any Investment in any Person other than Permitted Investments.

Section 5.8
Transactions with Affiliates. No Borrower will, or will permit any Subsidiary to, 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 any Credit Party, other than: (a) transactions (including the payment of accounts payable and receipt
of accounts receivable in the Ordinary Course of Business pursuant thereto) contemplated by the agreements disclosed on Schedule
5.8, in each case as in effect on the Closing Date; provided, that, with respect to the making of any payment thereunder
by a Credit Party to a non-Credit Party, (i) at the time of the making of such payment, no Event of Default has occurred and
is continuing or would result therefrom, and (ii) commencing February 1, 2020, immediately before and for the period of 90
consecutive days after giving pro forma effect to such payment, Revolving Loan Availability is greater than $3,000,000, (b) transactions
that such Borrower and/or Subsidiary, as applicable, is otherwise expressly permitted to enter into with such Affiliate by the
terms of this Agreement, in each case subject to any dollar cap, contingency, limitation or other requirement applicable thereto,
and (c) transactions that are disclosed to Agent in advance of being entered into and which contain terms that are no less favorable
to the applicable Borrower or any Subsidiary, as the case may be, than those which might be obtained from a third party that is
not an Affiliate of any Credit Party.

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Section 5.9
Modification of Organizational Documents. No Borrower will, or will permit any of its Subsidiaries to, directly
or indirectly, amend or otherwise modify any Organizational Documents of such Person, except for Permitted Modifications.

Section 5.10
Modification of Certain Agreements. No Borrower will, or will permit any Subsidiary to, directly or indirectly,
amend or otherwise modify any Material Contract, which amendment or modification in any case: (a) is contrary to the terms
of this Agreement or any other Financing Document; (b) would reasonably be expected to be adverse to the rights, interests
or privileges of Agent or Lenders or their ability to enforce the same; (c) results in the imposition or expansion in any
material respect of any obligation of or restriction or burden on any Borrower or any Subsidiary; or (d) reduces in any material
respect any rights or benefits of any Borrower or any Subsidiaries (it being understood and agreed that any such determination
shall be in the discretion of Agent).

Section 5.11
Conduct of Business. No Borrower will, or will permit any Subsidiary to, directly or indirectly, engage in any
line of business other than those businesses engaged in on the Closing Date and described on Schedule 5.11 and businesses
reasonably related thereto. No Borrower will, or will permit any Subsidiary to, other than in the Ordinary Course of Business,
change its normal billing payment and reimbursement policies and procedures with respect to its Accounts (including, without limitation,
the amount and timing of finance charges, fees and write-offs).

Section 5.12
Lease Payments. No Borrower will, or will permit any Subsidiary to, directly or indirectly, incur or assume (whether
pursuant to a Guarantee or otherwise) any liability for rental payments except in the Ordinary Course of Business.

Section 5.13
Limitation on Sale and Leaseback Transactions. No Borrower will, or will permit any Subsidiary to, directly or
indirectly, enter into any arrangement with any Person whereby, in a substantially contemporaneous transaction, any Borrower or
any Subsidiaries sells or transfers all or substantially all of its right, title and interest in an asset and, in connection therewith,
acquires or leases back the right to use such asset.

Section 5.14
Deposit Accounts and Securities Accounts; Payroll and Benefits Accounts. No Credit Party will, or will permit
any Subsidiary to, directly or indirectly, establish any new Deposit Account or Securities Account without prior written notice
to Agent, and unless Agent, such Credit Party or such Subsidiary and the bank, financial institution or securities intermediary
at which the account is to be opened enter into a Deposit Account Control Agreement or Securities Account Control Agreement prior
to or concurrently with the establishment of such Deposit Account or Securities Account. Credit Parties represent and warrant that
Schedule 5.14 lists all of the Deposit Accounts and Securities Accounts of each Credit Party as of the Closing Date. The
provisions of this Section requiring Deposit Account Control Agreements shall not apply to Deposit Accounts exclusively used for
payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Credit Parties' employees and identified
to Agent by Credit Parties as such; provided, however, that at all times that any Obligations remain outstanding,
Credit Parties shall maintain one or more separate Deposit Accounts to hold any and all amounts to be used for payroll, payroll
taxes and other employee wage and benefit payments, and shall not commingle any monies allocated for such purposes with funds in
any other Deposit Account.

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Section 5.15
Compliance with Anti-Terrorism Laws. Agent hereby notifies Borrowers that pursuant to the requirements of Anti-Terrorism
Laws, and Agent's policies and practices, Agent is required to obtain, verify and record certain information and documentation
that identifies Borrowers and their equity holders, directors and officers, which information includes the name and address of
each Borrower and its equity holders, directors, managers and officers and such other information that will allow Agent to identify
such party in accordance with Anti-Terrorism Laws. No Borrower will, or will permit any Subsidiary to, directly or indirectly,
knowingly enter into any Material Contracts with any Blocked Person or any Person listed on the OFAC Lists. Each Borrower shall
immediately notify Agent if such Borrower has knowledge that any Borrower, any additional Credit Party or any of their respective
Affiliates or agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is
or becomes a Blocked Person or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is
arraigned and held over on charges involving money laundering or predicate crimes to money laundering. No Borrower will, or will
permit any Subsidiary to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any
Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for
the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests
in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law, or (iii) engage
in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in Executive Order No. 13224 or other Anti-Terrorism Law.

Section 5.16
Agreements Regarding Receivables. No Borrower may backdate, postdate or redate any of its invoices. No Borrower
may make any sales on extended dating or credit terms beyond that customary in such Borrower's industry. In addition to the Borrowing
Base Certificates to be delivered in accordance with this Agreement, Borrower Representative shall notify Agent promptly upon any
Borrower's learning thereof, in the event any Eligible Account becomes ineligible for any reason, other than the aging of such
Account, and of the reasons for such ineligibility. Borrower Representative shall also notify Agent promptly of all material disputes
and claims with respect to the Accounts of any Borrower, and such Borrower will settle or adjust such material disputes and claims
at no expense to Agent; provided, however, no Borrower may, without Agent's consent, grant (a) any discount,
credit or allowance in respect of its Accounts (i) which is outside the Ordinary Course of Business or (ii) which discount,
credit or allowance exceeds an amount equal to $500,000 in the aggregate with respect to any individual Account of (b) any
materially adverse extension, compromise or settlement to any customer or account debtor with respect to any then Eligible Account.
Nothing permitted by this Section 5.16, however, may be construed to alter in any the criteria for Eligible Accounts or Eligible
Inventory provided in Section 1.1.

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ARTICLE 6 - FINANCIAL
COVENANTS

Section 6.1
[Reserved].

Section 6.2
Fixed Charge Coverage Ratio. Borrowers will not permit the Fixed Charge Coverage Ratio for any Defined Period,
as tested monthly, to be less than 1.00 to 1.00.

Section 6.3
Evidence of Compliance. Borrowers shall furnish to Agent, (a) together with the financial reporting required
of Borrowers in Section 4.1 hereof, a Compliance Certificate calculating the covenants set forth in this and evidence that
no Event of Default specified in this Article has occurred, and (b) together with the delivery of each Borrowing Base Certificate,
a calculation of each of Revolving Loan Availability and Excess Availability as of the close of business on such date. Each Compliance
Certificate shall include, without limitation, (i) a statement and report, on a form approved by Agent, detailing Borrowers'
calculations, and (ii) if requested by Agent, back-up documentation (including, without limitation, invoices, receipts and
other evidence of costs incurred during such quarter as Agent shall reasonably require) evidencing the propriety of the calculations.

ARTICLE 7 - CONDITIONS

Section 7.1
Conditions to Closing. The obligation of each Lender to make the initial Loans, of Agent to issue any Support
Agreements on the Closing Date and of any LC Issuer to issue any Lender Letter of Credit on the Closing Date shall be subject to
the receipt by Agent of each agreement, document and instrument set forth on the closing checklist prepared by Agent or its counsel,
each in form and substance satisfactory to Agent, and such other closing deliverables reasonably requested by Agent and Lenders,
and to the satisfaction of the following conditions precedent, each to the satisfaction of Agent and Lenders and their respective
counsel in their sole discretion:

(a)
[reserved];

(b)
the payment of all fees, expenses and other amounts due and payable under each Financing Document;

(c)
since July 31, 2019, the absence of any material adverse change in any aspect of the business, operations, properties, prospects
or condition (financial or otherwise) of any Credit Party or any seller of any assets or business to be purchased by any Borrower
contemporaneous with the Closing Date, or any event or condition which would reasonably be expected to result in such a material
adverse change; and

(d)
the receipt of the initial Borrowing Base Certificate, prepared as of the Closing Date.

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Each Lender, by
delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved,
each Financing Document and each other document, agreement and/or instrument required to be approved by Agent, Required Lenders
or Lenders, as applicable, on the Closing Date.

Section 7.2
Conditions to Each Loan, Support Agreement and Lender Letter of Credit. The obligation of Lenders to make a Loan
(other than Revolving Loans made pursuant to Section 2.5(c)) or an advance in respect of any Loan, of Agent to issue any Support
Agreement or of any LC Issuer to issue any Lender Letter of Credit (including on the Closing Date) is subject to the satisfaction
of the following additional conditions:

(a)
in the case of a Revolving Loan Borrowing, receipt by Agent of a Notice of Borrowing (or telephonic notice if permitted
by this Agreement) and updated Borrowing Base Certificate, in the case of any Support Agreement or Lender Letter of Credit, receipt
by Agent of a Notice of LC Credit Event in accordance with Section 2.5(a);

(b)
the fact that, immediately after such borrowing and after application of the proceeds thereof or after such issuance, the
Revolving Loan Outstandings will not exceed the Revolving Loan Limit;

(c)
the fact that, immediately before and after such advance or issuance, no Default or Event of Default shall have occurred
and be continuing;

(d)
the fact that the representations and warranties of each Credit Party contained in the Financing Documents shall be true,
correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof) on and as of the date of such borrowing
or issuance, except to the extent that any such representation or warranty relates to a specific date in which case such representation
or warranty shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier
date;

(e)
the fact that no material adverse change in the condition (financial or otherwise), properties, business, prospects, or
operations of Borrowers or any other Credit Party shall have occurred and be continuing with respect to Borrowers or any Credit
Party since the date of this Agreement;

(f)
for any Revolving Loan Borrowing on or after February 1, 2020, evidence that Borrowers have Excess Availability of at least
$3,000,000 as of February 1, 2020; and

Each giving of a
Notice of LC Credit Event hereunder, each giving of a Notice of Borrowing hereunder and each acceptance by any Borrower of the
proceeds of any Loan made hereunder shall be deemed to be (y) a representation and warranty by each Borrower on the date of such
notice or acceptance as to the facts specified in this Section, and (z) a restatement by each Borrower that each and every one
of the representations made by it in any of the Financing Documents is true and correct as of such date (except to the extent that
such representations and warranties expressly relate solely to an earlier date).

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Section 7.3
Searches. Before the Closing Date, and thereafter (as and when reasonably determined by Agent), Agent shall have
the right to perform, all at Borrowers' expense, the searches described in clauses (a), (b), and (c) below against Borrowers and
any other Credit Party, the results of which are to be consistent with Borrowers' representations and warranties under this Agreement
and the satisfactory results of which shall be a condition precedent to all advances of Loan proceeds, all issuances of Lender
Letters of Credit and all undertakings in respect of Support Agreements: (a) UCC searches with the Secretary of State of the
jurisdiction in which the applicable Person is organized; (b) judgment, pending litigation, federal Tax lien, personal property
Tax lien, and corporate and partnership Tax lien searches, in each jurisdiction searched under clause (a) above; and (c) searches
of applicable corporate, limited liability company, partnership and related records to confirm the continued existence, organization
and good standing of the applicable Person and the exact legal name under which such Person is organized.

Section 7.4
Post-Closing Requirements. Borrowers shall complete each of the post-closing obligations and/or provide to Agent
each of the documents, instruments, agreements and information listed on Schedule 7.4 attached hereto on or before the date
set forth for each such item thereon, each of which shall be completed or provided in form and substance satisfactory to Agent.

ARTICLE 8 - [RESERVED]

ARTICLE 9 - SECURITY
AGREEMENT

Section 9.1
Generally. As security for the payment and performance of the Obligations, without limiting any other grant of
a Lien and security interest in any Security Document, each Credit Party hereby assigns and grants to Agent, for the benefit of
itself and Lenders, a continuing first priority Lien on and security interest in, upon, and to the personal property set forth
on Schedule 9.1 attached hereto and made a part hereof.

Section 9.2
Representations and Warranties and Covenants Relating to Collateral.

(a)
Schedule 9.2 sets forth (i) each chief executive office and principal place of business of each Credit Party,
and (ii) all of the addresses (including all warehouses) at which any of the Collateral is located and/or books and records
of the Credit Parties regarding any of the Collateral are kept, which such Schedule 9.2 indicates in each case which Credit
Party(ies) have Collateral and/or books and records located at such address, and, in the case of any such address not owned by
one or more of the Credit Party(ies), indicates the nature of such location (e.g., leased business location operated by Credit
Party(ies), third party warehouse, consignment location, processor location, etc.) and the name and address of the third party
owning and/or operating such location.

(b)
Without limiting the generality of Section 3.2, except as indicated on Schedule 3.19 with respect to any rights of
any Credit Party as a licensee under any license of Intellectual Property owned by another Person, and except for the filing of
financing statements under the UCC, no authorization, approval or other action by, and no notice to or filing with, any Governmental
Authority or consent of any other Person is required for (i) the grant by each Credit Party to Agent of the security interests
and Liens in the Collateral provided for under this Agreement and the other Security Documents (if any), or (ii) the exercise
by Agent of its rights and remedies with respect to the Collateral provided for under this Agreement and the other Security Documents
or under any applicable Law, including the UCC and neither any such grant of Liens in favor of Agent or exercise of rights by Agent
shall violate or cause a default under any agreement between any Credit Party and any other Person relating to any such Collateral,
including any license to which a Credit Party is a party, whether as licensor or licensee, with respect to any Intellectual Property,
whether owned by such Credit Party or any other Person.

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(c)
As of the Closing Date, no Credit Party has any ownership interest in any Chattel Paper (as defined in Article 9 of the
UCC), letter of credit rights, commercial tort claims, Instruments, documents or investment property (other than equity interests
in any Subsidiaries of such Credit Party disclosed on Schedule 3.4) and Credit Parties shall give notice to Agent promptly
(but in any event not later than the delivery by Borrowers of the next Compliance Certificate required pursuant to Section 4.1
above) upon the acquisition by any Credit Party of any such Chattel Paper, letter of credit rights, commercial tort claims, Instruments,
documents, investment property. No Person other than Agent or (if applicable) any Lender has "control" (as defined in
Article 9 of the UCC) over any Deposit Account, investment property (including Securities Accounts and commodities account), letter
of credit rights or electronic chattel paper in which any Credit Party has any interest (except for such control arising by operation
of law in favor of any bank or securities intermediary or commodities intermediary with whom any Deposit Account, Securities Account
or commodities account of the Credit Parties is maintained).

(d)
No Credit Party shall take any of the following actions or make any of the following changes unless Borrowers have given
at least ten (10) Business Days prior written notice to Agent of their intention to take any such action (which such written notice
shall include an updated version of any Schedule impacted by such change) and have executed any and all documents, instruments
and agreements and taken any other actions which Agent may request after receiving such written notice in order to protect and
preserve the Liens, rights and remedies of Agent with respect to the Collateral: (i) change the legal name or organizational
identification number of any Credit Party as it appears in official filings in the jurisdiction of its organization, (ii) change
the jurisdiction of incorporation or formation of any Borrower or Credit Party or allow any Borrower or Credit Party to designate
any jurisdiction as an additional jurisdiction of incorporation for such Borrower or Credit Party, or change the type of entity
that it is, or (iii) change its chief executive office, principal place of business, or the location of its records concerning
the Collateral or move any Collateral to or place any Collateral on any location that is not then listed on the Schedules and/or
establish any business location at any location that is not then listed on the Schedules.

(e)
Borrowers shall not adjust, settle or compromise the amount or payment of any Account, or release wholly or partly any Account
Debtor, or allow any credit or discount thereon (other than adjustments, settlements, compromises, credits and discounts in the
Ordinary Course of Business, made while no Default exists and in amounts which are not material with respect to the Account and
which, after giving effect thereto, do not cause the Borrowing Base to be less than the Revolving Loan Outstandings) without the
prior written consent of Agent. Without limiting the generality of this Agreement or any other provisions of any of the Financing
Documents relating to the rights of Agent after the occurrence and during the continuance of an Event of Default, Agent shall have
the right at any time after the occurrence and during the continuance of an Event of Default to: (i) exercise the rights of Borrowers
with respect to the obligation of any Account Debtor to make payment or otherwise render performance to Borrowers and with respect
to any property that secures the obligations of any Account Debtor or any other Person obligated on the Collateral, and (ii) adjust,
settle or compromise the amount or payment of such Accounts.

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(f)
Without limiting the generality of Sections 9.2(c) and 9.2(e):

(i)
Borrowers shall deliver to Agent all tangible Chattel Paper and all Instruments and documents owned by any Credit Party
and constituting part of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all
in form and substance satisfactory to Agent. Borrowers shall provide Agent with "control" (as defined in Article 9 of
the UCC) of all electronic Chattel Paper owned by any Credit Party and constituting part of the Collateral by having Agent identified
as the assignee on the records pertaining to the single authoritative copy thereof and otherwise complying with the applicable
elements of control set forth in the UCC. Borrowers also shall deliver to Agent all security agreements securing any such Chattel
Paper and securing any such Instruments. Each Credit Party will mark conspicuously all such Chattel Paper and all such Instruments
and documents with a legend, in form and substance satisfactory to Agent, indicating that such Chattel Paper and such instruments
and documents are subject to the security interests and Liens in favor of Agent created pursuant to this Agreement and the Security
Documents. Credit Parties shall comply with all the provisions of Section 5.14 with respect to the Deposit Accounts and Securities
Accounts of Credit Parties.

(ii)
Borrowers shall deliver to Agent all letters of credit on which any Credit Party is the beneficiary and which give rise
to letter of credit rights owned by such Credit Party which constitute part of the Collateral in each case duly endorsed and accompanied
by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Agent. The Credit Parties shall
take any and all actions as may be necessary or desirable, or that Agent may request, from time to time, to cause Agent to obtain
exclusive "control" (as defined in Article 9 of the UCC) of any such letter of credit rights in a manner acceptable to
Agent.

(iii)
Borrowers shall promptly advise Agent upon any Credit Party becoming aware that it has any interests in any commercial tort
claim that constitutes part of the Collateral, which such notice shall include descriptions of the events and circumstances giving
rise to such commercial tort claim and the dates such events and circumstances occurred, the potential defendants with respect
such commercial tort claim and any court proceedings that have been instituted with respect to such commercial tort claims, and
the Credit Parties shall, with respect to any such commercial tort claim, execute and deliver to Agent such documents as Agent
shall request to perfect, preserve or protect the Liens, rights and remedies of Agent with respect to any such commercial tort
claim.

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(iv)
Except for Accounts and Inventory in an aggregate amount not to exceed $500,000, no Accounts or Inventory or other Collateral
shall at any time be in the possession or control of any warehouse, consignee, bailee or any of any Credit Party's agents or processors
without prior written notice to Agent and the receipt by Agent, if Agent has so requested, of warehouse receipts, consignment agreements
or bailee lien waivers (as applicable) satisfactory to Agent prior to the commencement of such possession or control. Borrowers
have notified Agent that Inventory is currently located at the locations set forth on Schedule 9.2. Borrowers shall, upon
the request of Agent, notify any such warehouse, consignee, bailee, agent or processor of the security interests and Liens in favor
of Agent created pursuant to this Agreement and the Security Documents, instruct such Person to hold all such Collateral for Agent's
account subject to Agent's instructions and shall obtain an acknowledgement from such Person that such Person holds the Collateral
for Agent's benefit.

(v)
The Credit Parties shall cause all equipment and other tangible Personal Property other than Inventory to be maintained
and preserved in the same condition, repair and in working order as when new, ordinary wear and tear excepted, and shall promptly
make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable
to such end. Upon request of Agent, The Credit Parties shall promptly deliver to Agent any and all certificates of title, applications
for title or similar evidence of ownership of all such tangible Personal Property and shall cause Agent to be named as lienholder
on any such certificate of title or other evidence of ownership. The Credit Parties shall not permit any such tangible Personal
Property to become fixtures to real estate unless such real estate is subject to a Lien in favor of Agent.

(vi)
Each Credit Party hereby authorizes Agent to file without the signature of such Credit Party one or more UCC financing statements
relating to liens on personal property relating to all or any part of the Collateral, which financing statements may list Agent
as the "secured party" and such Credit Party as the "debtor" and which describe and indicate the collateral
covered thereby as all or any part of the Collateral under the Financing Documents (including an indication of the collateral covered
by any such financing statement as "all assets" of such Credit Party now owned or hereafter acquired), in such jurisdictions
as Agent from time to time determines are appropriate, and to file without the signature of such Credit Party any continuations
of or corrective amendments to any such financing statements, in any such case in order for Agent to perfect, preserve or protect
the Liens, rights and remedies of Agent with respect to the Collateral. Each Credit Party also ratifies its authorization for Agent
to have filed in any jurisdiction any initial financing statements or amendments thereto if filed prior to the date hereof.

(vii)
As of the Closing Date, no Credit Party holds, and after the Closing Date Borrowers shall promptly notify Agent in writing
upon creation or acquisition by any Credit Party of, any Collateral which constitutes a claim against any Governmental Authority,
including, without limitation, the federal government of the United States or any instrumentality or agency thereof, the assignment
of which claim is restricted by any applicable Law, including, without limitation, the federal Assignment of Claims Act and any
other comparable Law. Upon the request of Agent, the Credit Parties shall take such steps as may be necessary or desirable, or
that Agent may request, to comply with any such applicable Law.

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(viii)
Borrowers shall furnish to Agent from time to time any statements and schedules further identifying or describing the Collateral
and any other information, reports or evidence concerning the Collateral as Agent may reasonably request from time to time.

ARTICLE 10 - EVENTS
OF DEFAULT

Section 10.1
Events of Default. For purposes of the Financing Documents, the occurrence of any of the following conditions
and/or events, whether voluntary or involuntary, by operation of law or otherwise, shall constitute an "Event of Default":

(a)
(i) any Borrower shall fail to pay when due any principal, interest, premium or fee under any Financing Document or
any other amount payable under any Financing Document, (ii) there shall occur any default in the performance of or compliance
with any of the following sections of this Agreement: Section 2.11, Section 4.2(b), Section 4.4(c), Section 4.6 and Article 5,
or (iii) there shall occur any default in the performance of or compliance with Section 4.1 and/or Article 6 of this Agreement;

(b)
any Credit Party defaults in the performance of or compliance with any term contained in this Agreement or in any other
Financing Document (other than occurrences described in other provisions of this Section 10.1 for which a different grace or cure
period is specified or for which no grace or cure period is specified and thereby constitute immediate Events of Default) and such
default is not remedied by the Credit Party or waived by Agent within fifteen (15) days after the earlier of (i) receipt by
Borrower Representative of notice from Agent or Required Lenders of such default, or (ii) actual knowledge of any Borrower
or any other Credit Party of such default;

(c)
any representation, warranty, certification or statement made by any Credit Party or any other Person in any Financing Document
or in any certificate, financial statement or other document delivered pursuant to any Financing Document is incorrect in any respect
(or in any material respect if such representation, warranty, certification or statement is not by its terms already qualified
as to materiality) when made (or deemed made);

(d)
(i) failure of any Credit Party to pay when due or within any applicable grace period any principal, interest or other
amount on Debt (other than the Loans) or in respect of any Swap Contract, or the occurrence of any breach, default, condition or
event with respect to any Debt (other than the Loans) or in respect of any Swap Contract, if the effect of such failure or occurrence
is to cause or to permit the holder or holders of any such Debt, or the counterparty under any such Swap Contract, to cause, Debt
or other liabilities having an individual principal amount in excess of $1,000,000 (or any amount, solely with respect to Swap
Contracts) or having an aggregate principal amount in excess of $1,000,000 (or any amount, solely with respect to Swap Contracts)
to become or be declared due prior to its stated maturity, or (ii) the occurrence of any breach or default under any terms
or provisions of any Subordinated Debt Document or under any agreement subordinating the Subordinated Debt to all or any portion
of the Obligations or the occurrence of any event requiring the prepayment of any Subordinated Debt;

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(e)
any Credit Party or any Subsidiary of Borrower shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or
any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit
of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any
of the foregoing;

(f)
an involuntary case or other proceeding shall be commenced against any Credit Party or any Subsidiary of a Borrower seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed
for a period of forty-five (45) days; or an order for relief shall be entered against any Credit Party or any Subsidiary of a Borrower
under applicable federal bankruptcy, insolvency or other similar law in respect of (i) bankruptcy, liquidation, winding-up,
dissolution or suspension of general operations, (ii) composition, rescheduling, reorganization, arrangement or readjustment
of, or other relief from, or stay of proceedings to enforce, some or all of the debts or obligations, or (iii) possession,
foreclosure, seizure or retention, sale or other disposition of, or other proceedings to enforce security over, all or any substantial
part of the assets of such Credit Party or Subsidiary;

(g)
(i) institution of any steps by any Person to terminate a Pension Plan if as a result of such termination any Credit
Party or any member of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability
or obligation to such Pension Plan, in excess of $1,000,000, (ii) a contribution failure occurs with respect to any Pension
Plan sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 403(k) of the Code, or (iii) there shall occur
any withdrawal or partial withdrawal from a Multiemployer Plan and the withdrawal liability (without unaccrued interest) to Multiemployer
Plans as a result of such withdrawal (including any outstanding withdrawal liability that any Credit Party or any member of the
Controlled Group have incurred on the date of such withdrawal) exceeds $1,000,000;

(h)
one or more judgments or orders for the payment of money (not paid or fully covered by insurance maintained in accordance
with the requirements of this Agreement and as to which the relevant insurance company has acknowledged coverage) aggregating in
excess of $1,000,000 shall be rendered against any or all Credit Parties and either (i) enforcement proceedings shall have
been commenced by any creditor upon any such judgments or orders, or (ii) there shall be any period of thirty (30) consecutive
days during which a stay of enforcement of any such judgments or orders, by reason of a pending appeal, bond or otherwise, shall
not be in effect;

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(i)
any Lien created by any of the Security Documents shall at any time fail to constitute a valid and perfected Lien on all
of the Collateral purported to be encumbered thereby, subject to no prior or equal Lien except Permitted Liens, or any Credit Party
shall so assert;

(j)
the commencement by any Governmental Authority of criminal proceedings against any Credit Party, other than criminal proceedings
in connection with any global privacy laws the result of which such proceedings would not reasonably be expected to result in a
Material Adverse Effect;

(k)
a default or event of default occurs under any Guarantee of any portion of the Obligations;

(l)
any Borrower makes any payment on account of any Debt that has been subordinated to any of the Obligations, other than payments
specifically permitted by the terms of such subordination;

(m)
[reserved];

(n)
the occurrence of any fact, event or circumstance that would reasonably be expected to result in a Material Adverse Effect,
if such default shall have continued unremedied for a period of ten (10) days after written notice from Agent;

(o)
Agent determines, based on information available to it and in its reasonable judgment, that there is a reasonable likelihood
that Borrowers shall fail to comply with the financial covenant in Article 6 during the next succeeding financial reporting period;

(p)
[reserved];

(q)
there shall occur a material adverse change in the financial condition or business prospects of any Borrower, or if Agent
in good faith deems Lenders insecure as a result of acts or events bearing upon the financial condition of any Borrower or the
repayment of the Loans, which default shall have continued unremedied for a period of ten (10) days after written notice from Agent;

(r)
[reserved]; or

(s)
 (i) ModusLink Finance LLC, a Delaware limited liability company, (ii) SalesLink LLC, a Delaware limited liability company,
or (iii) any of the Ireland Subsidiaries engages in any operations or business, has any material liabilities, or owns any material
assets.

Notwithstanding
the foregoing, if a Credit Party fails to comply with any same provision of this Agreement three (3) times in any twelve (12) month
period and Agent has given to Borrower Representative in connection with each such failure any notice to which Borrowers would
be entitled under this Section before such failure could become an Event of Default, then all subsequent failures by a Credit Party
to comply with such provision of this Agreement shall effect an immediate Event of Default (without the expiration of any applicable
cure period) with respect to all subsequent failures by a Credit Party to comply with such provision of this Agreement, and Agent
thereupon may exercise any remedy set forth in this Article 10 without affording Borrowers any opportunity to cure such Event of
Default.

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All cure periods
provided for in this Section 10.1 shall run concurrently with any cure period provided for in any applicable Financing Documents
under which the default occurred.

Section 10.2
Acceleration and Suspension or Termination of Revolving Loan Commitment. Upon the occurrence and during the continuance
of an Event of Default, Agent may, and shall if requested by Required Lenders, (a) by notice to Borrower Representative suspend
or terminate the Revolving Loan Commitment and the obligations of Agent and Lenders with respect thereto, in whole or in part (and,
if in part, each Lender's Revolving Loan Commitment shall be reduced in accordance with its Pro Rata Share), and/or (b) by notice
to Borrower Representative declare all or any portion of the Obligations to be, and the Obligations shall thereupon become, immediately
due and payable, with accrued interest thereon, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by each Borrower and Borrowers will pay the same; provided, however, that in the case of any of
the Events of Default specified in Section 10.1(e) or 10.1(f) above, without any notice to any Borrower or any other act by Agent
or Lenders, the Revolving Loan Commitment and the obligations of Agent and Lenders with respect thereto shall thereupon immediately
and automatically terminate and all of the Obligations shall become immediately and automatically due and payable without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by each Borrower and Borrowers will pay the same.

Section 10.3
UCC Remedies.

(a)
Upon the occurrence of and during the continuance of an Event of Default under this Agreement or the other Financing Documents,
Agent, in addition to all other rights, options, and remedies granted to Agent under this Agreement or at law or in equity, may
exercise, either directly or through one or more assignees or designees, all rights and remedies granted to it under all Financing
Documents and under the UCC in effect in the applicable jurisdiction(s) and under any other applicable law; including, without
limitation:

(i)
the right to take possession of, send notices regarding, and collect directly the Collateral, with or without judicial process;

(ii)
the right to (by its own means or with judicial assistance) enter any of Credit Parties' premises and take possession of
the Collateral, or render it unusable, or to render it usable or saleable, or dispose of the Collateral on such premises in compliance
with subsection (iii) below and to take possession of Credit Parties' original books and records, to obtain access to Credit Parties'
data processing equipment, computer hardware and software relating to the Collateral and to use all of the foregoing and the information
contained therein in any manner Agent reasonably deems appropriate, without any liability for rent, storage, utilities, or other
sums, and Credit Parties shall not resist or interfere with such action (if Credit Parties' books and records are prepared or maintained
by an accounting service, contractor or other third party agent, Credit Parties hereby irrevocably authorize such service, contractor
or other agent, upon notice by Agent to such Person that an Event of Default has occurred and is continuing, to deliver to Agent
or its designees such books and records, and to follow Agent's instructions with respect to further services to be rendered);

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(iii)
the right to require Credit Parties at Credit Parties' expense to assemble all or any part of the Collateral and make it
available to Agent at any place designated by Lender;

(iv)
the right to notify postal authorities to change the address for delivery of Credit Parties' mail to an address designated
by Agent and to receive, open and dispose of all mail addressed to any Borrower; and/or

(v)
the right to enforce Credit Parties' rights against Account Debtors and other obligors, including, without limitation, (i)
the right to collect Accounts directly in Agent's own name (as agent for Lenders) and to charge the collection costs and expenses,
including attorneys' fees, to Credit Parties, and (ii) the right, in the name of Agent or any designee of Agent or Credit Parties,
to verify the validity, amount or any other matter relating to any Accounts by mail, telephone, telegraph or otherwise, including,
without limitation, verification of Credit Parties' compliance with applicable Laws. Credit Parties shall cooperate fully with
Agent in an effort to facilitate and promptly conclude such verification process. Such verification may include contacts between
Agent and applicable federal, state and local regulatory authorities having jurisdiction over the Credit Parties' affairs, all
of which contacts Credit Parties hereby irrevocably authorize.

(b)
Each Credit Party agrees that a notice received by it at least ten (10) days before the time of any intended public sale,
or the time after which any private sale or other disposition of the Collateral is to be made, shall be deemed to be reasonable
notice of such sale or other disposition. If permitted by applicable law, any perishable Collateral which threatens to speedily
decline in value or which is sold on a recognized market may be sold immediately by Agent without prior notice to Credit Parties.
At any sale or disposition of Collateral, Agent may (to the extent permitted by applicable law) purchase all or any part of the
Collateral, free from any right of redemption by Credit Parties, which right is hereby waived and released. Each Borrower covenants
and agrees not to interfere with or impose any obstacle to Agent's exercise of its rights and remedies with respect to the Collateral.
Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. Agent may comply with any applicable state
or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered to adversely
affect the commercial reasonableness of any sale of the Collateral. Agent may sell the Collateral without giving any warranties
as to the Collateral. Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered
to adversely affect the commercial reasonableness of any sale of the Collateral. If Agent sells any of the Collateral upon credit,
Credit Parties will be credited only with payments actually made by the purchaser, received by Agent and applied to the indebtedness
of the purchaser. In the event the purchaser fails to pay for the Collateral, Agent may resell the Collateral and Credit Parties
shall be credited with the proceeds of the sale. Credit Parties shall remain liable for any deficiency if the proceeds of any sale
or disposition of the Collateral are insufficient to pay all Obligations.

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(c)
Without restricting the generality of the foregoing and for the purposes aforesaid, each Credit Party hereby appoints and
constitutes Agent its lawful attorney-in-fact with full power of substitution in the Collateral, upon the occurrence and during
the continuance of an Event of Default, to (i) use unadvanced funds remaining under this Agreement or which may be reserved,
escrowed or set aside for any purposes hereunder at any time, or to advance funds in excess of the face amount of the Revolving
Loan Commitments, (ii) pay, settle or compromise all existing bills and claims, which may be Liens or security interests,
or to avoid such bills and claims becoming Liens against the Collateral, (iii) execute all applications and certificates in
the name of such Credit Party and to prosecute and defend all actions or proceedings in connection with the Collateral, and (iv)
do any and every act which such Borrower might do in its own behalf; it being understood and agreed that this power of attorney
in this subsection (c) shall be a power coupled with an interest and cannot be revoked.

(d)
Agent and each Lender is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Credit
Parties' labels, mask works, rights of use of any name, any other Intellectual Property and advertising matter, and any similar
property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in
connection with Agent's exercise of its rights under this Article, Credit Parties' rights under all licenses (whether as licensor
or licensee) and all franchise agreements inure to Agent's and each Lender's benefit.

Section 10.4
Cash Collateral. If (a) any Event of Default specified in Section 10.1(e) or 10.1(f) shall occur, (b) the
Obligations shall have otherwise been accelerated pursuant to Section 10.2, or (c) the Revolving Loan Commitment and the obligations
of Agent and Lenders with respect thereto shall have been terminated pursuant to Section 10.2, then without any request or the
taking of any other action by Agent or Lenders, Borrowers shall immediately comply with the provisions of Section 2.5(e) with respect
to the deposit of cash collateral to secure the existing Letter of Credit Liability and future payment of related fees.

Section 10.5
Default Rate of Interest. At the election of Agent or Required Lenders, after the occurrence of an Event of Default
and for so long as it continues, (a) the Loans and other Obligations shall bear interest at rates that are two percent (2.0%)
per annum in excess of the rates otherwise payable under this Agreement, and (b) the fee described in Section 2.5(b) shall
increase by a rate that is two percent (2.0%) in excess of the rate otherwise payable under such Section; provided, however,
that in the case of any Event of Default specified in Section 10.1(e) or 10.1(f) above, such default rates shall apply immediately
and automatically without the need for any election or action of any kind on the part of Agent or any Lender.

Section 10.6
Setoff Rights. 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, with reasonably prompt subsequent notice to such Credit Party (any prior or contemporaneous
notice being hereby expressly waived) to set off and to appropriate and to apply any and all (a) balances held by such Lender
or any of such Lender's Affiliates at any of its offices for the account of such Credit Party or any of its Subsidiaries (regardless
of whether such balances are then due to such Credit Party or its Subsidiaries), and (b) other property at any time held or
owing by such Lender to or for the credit or for the account of such Credit Party or any of its Subsidiaries, against and on account
of any of the Obligations; except that no Lender shall exercise any such right without the prior written consent of Agent. Any
Lender exercising a right to set off shall purchase for cash (and the other Lenders shall sell) interests in each of such other
Lender's Pro Rata Share of the Obligations as would be necessary to cause all Lenders to share the amount so set off with each
other Lender in accordance with their respective Pro Rata Share of the Obligations. Each Credit Party agrees, to the fullest extent
permitted by law, that any Lender and any of such Lender's Affiliates may exercise its right to set off with respect to the Obligations
as provided in this Section 10.6.

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Section 10.7
Application of Proceeds.

(a)
Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of
an Event of Default, each Borrower irrevocably waives the right to direct the application of any and all payments at any time or
times thereafter received by Agent from or on behalf of such Borrower or any Guarantor of all or any part of the Obligations, and,
as between Borrowers on the one hand and Agent and Lenders on the other, Agent shall have the continuing and exclusive right to
apply and to reapply any and all payments received against the Obligations in such manner as Agent may deem advisable notwithstanding
any previous application by Agent.

(b)
Subject to the other terms and conditions contained herein (including, without limitation, Section 2.11 hereof), absent
the occurrence and continuance of an Event of Default, Agent shall apply any and all payments received by Agent in respect of the
Obligations, and any and all proceeds of Collateral (including proceeds of any business interruption insurance policy) received
by Agent, in the following order: first, to all fees, costs, indemnities, liabilities, obligations and expenses incurred
by or owing to Agent with respect to this Agreement, the other Financing Documents or the Collateral; second, to
all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this Agreement,
the other Financing Documents or the Collateral; third, to accrued and unpaid interest on the Obligations (including
any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts); fourth, to
the principal amount of the Obligations outstanding and to provide cash collateral to secure any and all Letter of Credit Liability
and future payment of related fees, as provided for in Section 2.5(e); fifth to any other indebtedness or obligations
of Borrowers owing to Agent or any Lender under the Financing Documents; sixth, to the Obligations owing to any Eligible
Swap Counterparty in respect of any Swap Contracts; and seventh, to Borrowers (by transferring such funds into an
account designated by Borrower Representative) or to whomever may be lawfully entitled to receive such balance. In carrying out
the foregoing, (y) amounts received shall be applied in the numerical order provided until exhausted prior to the application
to the next succeeding category, and (z) each of the Persons entitled to receive a payment in any particular category shall
receive an amount equal to its Pro Rata Share of amounts available to be applied pursuant thereto for such category.

(c)
Following the occurrence and continuance of an Event of Default, but absent the occurrence and continuance of an Acceleration
Event, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all proceeds of Collateral
received by Agent, in such order as Agent may from time to time elect.

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(d)
Notwithstanding anything to the contrary contained in this Agreement, if an Acceleration Event shall have occurred, and
so long as it continues, Agent shall apply any and all payments received by Agent in respect of the Obligations, and any and all
proceeds of Collateral received by Agent, in the following order: first, to all fees, costs, indemnities, liabilities,
obligations and expenses incurred by or owing to Agent with respect to this Agreement, the other Financing Documents or the Collateral;
second, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender
with respect to this Agreement, the other Financing Documents or the Collateral; third, to accrued and unpaid interest
on the Obligations (including any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts);
fourth, to the principal amount of the Obligations outstanding and to provide cash collateral to secure any and all
Letter of Credit Liability and future payment of related fees, as provided for in Section 2.5(e); fifth to any other
indebtedness or obligations of Borrowers owing to Agent or any Lender under the Financing Documents; and sixth, to
the Obligations owing to any Eligible Swap Counterparty in respect of any Swap Contracts. Any balance remaining shall be delivered
to Borrowers or to whomever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct.
In carrying out the foregoing, (y) amounts received shall be applied in the numerical order provided until exhausted prior
to the application to the next succeeding category, and (z) each of the Persons entitled to receive a payment in any particular
category shall receive an amount equal to its Pro Rata Share of amounts available to be applied pursuant thereto for such category.

Section 10.8
Waivers.

(a)
Except as otherwise provided for in this Agreement and to the fullest extent permitted by applicable law, each Credit Party
waives: (i) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, acceleration, protest,
default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all Financing Documents, any notes,
commercial paper, accounts, contracts, documents, Instruments, Chattel Paper and Guarantees at any time held by Lenders on which
any Credit Party may in any way be liable, and hereby ratifies and confirms whatever Lenders may do in this regard; (ii) all
rights to notice and a hearing prior to Agent's or any Lender's taking possession or control of, or to Agent's or any Lender's
replevy, attachment or levy upon, any Collateral or any bond or security which might be required by any court prior to allowing
Agent or any Lender to exercise any of its remedies; and (iii) the benefit of all valuation, appraisal and exemption Laws.
Each Credit Party acknowledges that it has been advised by counsel of its choices and decisions with respect to this Agreement,
the other Financing Documents and the transactions evidenced hereby and thereby.

(b)
Each Credit Party for itself and all its successors and assigns, (i) agrees that its liability shall not be in any
manner affected by any indulgence, extension of time, renewal, waiver, or modification granted or consented to by Lender; (ii) consents
to any indulgences and all extensions of time, renewals, waivers, or modifications that may be granted by Agent or any Lender with
respect to the payment or other provisions of the Financing Documents, and to any substitution, exchange or release of the Collateral,
or any part thereof, with or without substitution, and agrees to the addition or release of any Credit Party, endorsers, guarantors,
or sureties, or whether primarily or secondarily liable, without notice to any other Credit Party and without affecting its liability
hereunder; (iii) agrees that its liability shall be unconditional and without regard to the liability of any other Credit
Party, Agent or any Lender for any tax on the indebtedness; and (iv) to the fullest extent permitted by law, expressly waives
the benefit of any statute or rule of law or equity now provided, or which may hereafter be provided, which would produce a result
contrary to or in conflict with the foregoing.

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(c)
To the extent that Agent or any Lender may have acquiesced in any noncompliance with any requirements or conditions precedent
to the closing of the Loans or to any subsequent disbursement of Loan proceeds, such acquiescence shall not be deemed to constitute
a waiver by Agent or any Lender of such requirements with respect to any future disbursements of Loan proceeds and Agent may at
any time after such acquiescence require Credit Parties to comply with all such requirements. Any forbearance by Agent or Lender
in exercising any right or remedy under any of the Financing Documents, or otherwise afforded by applicable law, including any
failure to accelerate the maturity date of the Loans, shall not be a waiver of or preclude the exercise of any right or remedy
nor shall it serve as a novation of the Obligations or as a reinstatement of the Loans or a waiver of such right of acceleration
or the right to insist upon strict compliance of the terms of the Financing Documents. Agent's or any Lender's acceptance of payment
of any sum secured by any of the Financing Documents after the due date of such payment shall not be a waiver of Agent's and such
Lender's right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make
prompt payment. The procurement of insurance or the payment of taxes or other Liens or charges by Agent as the result of an Event
of Default shall not be a waiver of Agent's right to accelerate the maturity of the Loans, nor shall Agent's receipt of any condemnation
awards, insurance proceeds, or damages under this Agreement operate to cure or waive any Credit Party's default in payment of sums
secured by any of the Financing Documents.

(d)
Without limiting the generality of anything contained in this Agreement or the other Financing Documents, each Credit Party
agrees that if an Event of Default is continuing (i) Agent and Lenders shall not be subject to any "one action"
or "election of remedies" law or rule, and (ii) all Liens and other rights, remedies or privileges provided to Agent
or Lenders shall remain in full force and effect until Agent or Lenders have exhausted all remedies against the Collateral and
any other properties owned by Credit Parties and the Financing Documents and other security instruments or agreements securing
the Loans have been foreclosed, sold and/or otherwise realized upon in satisfaction of Credit Parties' obligations under the Financing
Documents.

(e)
Nothing contained herein or in any other Financing Document shall be construed as requiring Agent or any Lender to resort
to any part of the Collateral for the satisfaction of any of Credit Parties' obligations under the Financing Documents in preference
or priority to any other Collateral, and Agent may seek satisfaction out of all of the Collateral or any part thereof, in its absolute
discretion in respect of Credit Parties ' obligations under the Financing Documents. In addition, Agent shall have the right from
time to time to partially foreclose upon any Collateral in any manner and for any amounts secured by the Financing Documents then
due and payable as determined by Agent in its sole discretion, including, without limitation, the following circumstances: (i) in
the event any Credit Party defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal
and/or interest, Agent may foreclose upon all or any part of the Collateral to recover such delinquent payments, or (ii) in
the event Agent elects to accelerate less than the entire outstanding principal balance of the Loans, Agent may foreclose all or
any part of the Collateral to recover so much of the principal balance of the Loans as Lender may accelerate and such other sums
secured by one or more of the Financing Documents as Agent may elect. Notwithstanding one or more partial foreclosures, any unforeclosed
Collateral shall remain subject to the Financing Documents to secure payment of sums secured by the Financing Documents and not
previously recovered.

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(f)
To the fullest extent permitted by law, each Credit Party, for itself and its successors and assigns, waives in the event
of foreclosure of any or all of the Collateral any equitable right otherwise available to any Credit Party which would require
the separate sale of any of the Collateral or require Agent or Lenders to exhaust their remedies against any part of the Collateral
before proceeding against any other part of the Collateral; and further in the event of such foreclosure each Credit Party does
hereby expressly consent to and authorize, at the option of Agent, the foreclosure and sale either separately or together of each
part of the Collateral.

Section 10.9
Injunctive Relief. The parties acknowledge and agree that, in the event of a breach or threatened breach of any
Credit Party's obligations under any Financing Documents, Agent and Lenders may have no adequate remedy in money damages and, accordingly,
shall be entitled to seek an injunction (including, without limitation, a temporary restraining order, preliminary injunction,
writ of attachment, or order compelling an audit) against such breach or threatened breach, including, without limitation, maintaining
any cash management and collection procedure described herein. However, no specification in this Agreement of a specific legal
or equitable remedy shall be construed as a waiver or prohibition against any other legal or equitable remedies in the event of
a breach or threatened breach of any provision of this Agreement. Each Credit Party waives, to the fullest extent permitted by
law, the requirement of the posting of any bond in connection with such injunctive relief. By joining in the Financing Documents
as a Credit Party, each Credit Party specifically joins in this Section as if this Section were a part of each Financing Document
executed by such Credit Party.

Section 10.10
Marshalling; Payments Set Aside. Neither Agent nor any Lender shall be under any obligation to marshal any assets
in payment of any or all of the Obligations. To the extent that any Borrower makes any payment or Agent enforces its Liens or Agent
or any Lender exercises its right of set-off, and such payment or the proceeds of such enforcement or set-off is subsequently invalidated,
declared to be fraudulent or preferential, set aside, or required to be repaid by anyone, then to the extent of such recovery,
the Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not occurred.

ARTICLE 11 - AGENT

Section 11.1
Appointment and Authorization. Each Lender hereby irrevocably appoints and authorizes Agent to enter into each
of the Financing Documents to which it is a party (other than this Agreement) on its behalf and to take such actions as Agent on
its behalf and to exercise such powers under the Financing Documents as are delegated to Agent by the terms thereof, together with
all such powers as are reasonably incidental thereto. Subject to the terms of Section 11.16 and to the terms of the other Financing
Documents, Agent is authorized and empowered to amend, modify, or waive any provisions of this Agreement or the other Financing
Documents on behalf of Lenders. The provisions of this Article 11 are solely for the benefit of Agent and Lenders and neither any
Borrower nor any other Credit Party shall have any rights as a third party beneficiary of any of the provisions hereof. In performing
its functions and duties under this Agreement, Agent shall act solely as agent of Lenders and does not assume and shall not be
deemed to have assumed any obligation toward or relationship of agency or trust with or for any Borrower or any other Credit Party.
Agent may perform any of its duties hereunder, or under the Financing Documents, by or through its agents, servicers, trustees,
investment managers or employees.

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Section 11.2
Agent and Affiliates. Agent shall have the same rights and powers under the Financing Documents as any other
Lender and may exercise or refrain from exercising the same as though it were not Agent, and Agent and its Affiliates may lend
money to, invest in and generally engage in any kind of business with each Credit Party or Affiliate of any Credit Party as if
it were not Agent hereunder.

Section 11.3
Action by Agent. The duties of Agent shall be mechanical and administrative in nature. Agent shall not have by
reason of this Agreement a fiduciary relationship in respect of any Lender. Nothing in this Agreement or any of the Financing Documents
is intended to or shall be construed to impose upon Agent any obligations in respect of this Agreement or any of the Financing
Documents except as expressly set forth herein or therein.

Section 11.4
Consultation with Experts. Agent may consult with legal counsel, independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice
of such counsel, accountants or experts.

Section 11.5
Liability of Agent. Neither Agent nor any of its directors, officers, agents, trustees, investment managers,
servicers or employees shall be liable to any Lender for any action taken or not taken by it in connection with the Financing Documents,
except that Agent shall be liable with respect to its specific duties set forth hereunder but only to the extent of its own gross
negligence or willful misconduct in the discharge thereof as determined by a final non-appealable judgment of a court of competent
jurisdiction. Neither Agent nor any of its directors, officers, agents, trustees, investment managers, servicers or employees shall
be responsible for or have any duty to ascertain, inquire into or verify (a) any statement, warranty or representation made
in connection with any Financing Document or any borrowing hereunder; (b) the performance or observance of any of the covenants
or agreements specified in any Financing Document; (c) the satisfaction of any condition specified in any Financing Document;
(d) the validity, effectiveness, sufficiency or genuineness of any Financing Document, any Lien purported to be created or
perfected thereby or any other instrument or writing furnished in connection therewith; (e) the existence or non-existence
of any Default or Event of Default; or (f) the financial condition of any Credit Party. Agent shall not incur any liability
by acting in reliance upon any notice, consent, certificate, statement, or other writing (which may be a bank wire, facsimile or
electronic transmission or similar writing) believed by it to be genuine or to be signed by the proper party or parties. Agent
shall not 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).

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Section 11.6
Indemnification. Each Lender shall, in accordance with its Pro Rata Share, indemnify Agent (to the extent not
reimbursed by Borrowers) upon demand against any cost, expense (including counsel fees and disbursements), claim, demand, action,
loss or liability (except such as result from Agent's gross negligence or willful misconduct as determined by a final non-appealable
judgment of a court of competent jurisdiction) that Agent may suffer or incur in connection with the Financing Documents or any
action taken or omitted by Agent hereunder or thereunder. If any indemnity furnished to Agent for any purpose shall, in the opinion
of Agent, be insufficient or become impaired, Agent may call for additional indemnity and cease, or not commence, to do the acts
indemnified against even if so directed by Required Lenders until such additional indemnity is furnished.

Section 11.7
Right to Request and Act on Instructions. Agent may at any time request instructions from Lenders with respect
to any actions or approvals which by the terms of this Agreement or of any of the Financing Documents Agent is permitted or desires
to take or to grant, and if such instructions are promptly requested, Agent shall be absolutely entitled to refrain from taking
any action or to withhold any approval and shall not be under any liability whatsoever to any Person for refraining from any action
or withholding any approval under any of the Financing Documents until it shall have received such instructions from Required Lenders
or all or such other portion of Lenders as shall be prescribed by this Agreement. Without limiting the foregoing, no Lender shall
have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting under this Agreement or
any of the other Financing Documents in accordance with the instructions of Required Lenders (or all or such other portion of Lenders
as shall be prescribed by this Agreement) and, notwithstanding the instructions of Required Lenders (or such other applicable portion
of Lenders), Agent shall have no obligation to take any action if it believes, in good faith, that such action would violate applicable
Law or exposes Agent to any liability for which it has not received satisfactory indemnification in accordance with the provisions
of Section 11.6.

Section 11.8
Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon Agent or any other
Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon Agent or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking any action under the Financing Documents.

Section 11.9
Collateral Matters. Lenders irrevocably authorize Agent, at its option and in its discretion, to (a) release
any Lien granted to or held by Agent under any Security Document (i) upon termination of the Loan Commitment and payment in
full of all Obligations, and, to the extent required by Agent in its sole discretion, the expiration, termination or cash collateralization
(to the satisfaction of Agent) of all Swap Contracts secured, in whole or in part, by any Collateral; or (ii) constituting
property sold or disposed of as part of or in connection with any disposition permitted under any Financing Document (it being
understood and agreed that Agent may conclusively rely without further inquiry on a certificate of a Responsible Officer as to
the sale or other disposition of property being made in full compliance with the provisions of the Financing Documents); and (b) subordinate
any Lien granted to or held by Agent under any Security Document to a Permitted Lien that is allowed to have priority over the
Liens granted to or held by Agent pursuant to the definition of "Permitted Liens". Upon request by Agent at any time,
Lenders will confirm Agent's authority to release and/or subordinate particular types or items of Collateral pursuant to this Section
11.9.

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Section 11.10
Agency for Perfection. Agent and each Lender hereby appoint each other Lender as agent for the purpose of perfecting
Agent's security interest in assets which, in accordance with the Uniform Commercial Code in any applicable jurisdiction, can be
perfected by possession or control. Should any Lender (other than Agent) obtain possession or control of any such assets, such
Lender shall notify Agent thereof, and, promptly upon Agent's request therefor, shall deliver such assets to Agent or in accordance
with Agent's instructions or transfer control to Agent in accordance with Agent's instructions. Each Lender agrees that it will
not have any right individually to enforce or seek to enforce any Security Document or to realize upon any Collateral for the Loan
unless instructed to do so by Agent (or consented to by Agent), it being understood and agreed that such rights and remedies may
be exercised only by Agent.

Section 11.11
Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Event of Default except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for
the account of Lenders, unless Agent shall have received written notice from a Lender or a Borrower referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a "notice of default". Agent will notify
each Lender of its receipt of any such notice. Agent shall take such action with respect to such Default or Event of Default as
may be requested by Required Lenders (or all or such other portion of Lenders as shall be prescribed by this Agreement) in accordance
with the terms hereof. Unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the
best interests of Lenders.

Section 11.12
Assignment by Agent; Resignation of Agent; Successor Agent.

(a)
Agent may at any time assign its rights, powers, privileges and duties hereunder to (i) another Lender, or (ii) any
Person to whom Agent, in its capacity as a Lender, has assigned (or will assign, in conjunction with such assignment of agency
rights hereunder) 50% or more of its Loan, in each case without the consent of Lenders or Borrowers. Following any such assignment,
Agent shall give notice to Lenders and Borrowers. An assignment by Agent pursuant to this subsection (a) shall not be deemed a
resignation by Agent for purposes of subsection (b) below.

(b)
Without limiting the rights of Agent to designate an assignee pursuant to subsection (a) above, Agent may at any time give
notice of its resignation to Lenders and Borrowers. Upon receipt of any such notice of resignation, Required Lenders shall have
the right to appoint a successor Agent. If no such successor shall have been so appointed by Required Lenders and shall have accepted
such appointment within ten (10) Business Days after the retiring Agent gives notice of its resignation, then the retiring Agent
may on behalf of Lenders, appoint a successor Agent; provided, however, that if Agent shall notify Borrowers and
Lenders that no Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with
such notice from Agent that no Person has accepted such appointment and, from and following delivery of such notice, (i) the
retiring Agent shall be discharged from its duties and obligations hereunder and under the other Financing Documents, and (ii) all
payments, communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender
directly, until such time as Required Lenders appoint a successor Agent as provided for above in this paragraph.

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(c)
Upon (i) an assignment permitted by subsection (a) above, or (ii) the acceptance of a successor's appointment
as Agent pursuant to subsection (b) above, such successor shall succeed to and become vested with all of the rights, powers, privileges
and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations
hereunder and under the other Financing Documents (if not already discharged therefrom as provided above in this paragraph). The
fees payable by Borrowers to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between
Borrowers and such successor. After the retiring Agent's resignation hereunder and under the other Financing Documents, the provisions
of this Article and Section 11.12 shall continue in effect for the benefit of such retiring Agent and its sub-agents in respect
of any actions taken or omitted to be taken by any of them while the retiring Agent was acting or was continuing to act as Agent.

Section 11.13
Payment and Sharing of Payment.

(a)
Revolving Loan Advances, Payments and Settlements; Interest and Fee Payments.

(i)
Agent shall have the right, on behalf of Revolving Lenders to disburse funds to Borrowers for all Revolving Loans requested
or deemed requested by Borrowers pursuant to the terms of this Agreement. Agent shall be conclusively entitled to assume, for purposes
of the preceding sentence, that each Revolving Lender, other than any Non-Funding Lenders, will fund its Pro Rata Share of all
Revolving Loans requested by Borrowers. Each Revolving Lender shall reimburse Agent on demand, in accordance with the provisions
of the immediately following paragraph, for all funds disbursed on its behalf by Agent pursuant to the first sentence of this clause
(i), or if Agent so requests, each Revolving Lender will remit to Agent its Pro Rata Share of any Revolving Loan before Agent disburses
the same to a Borrower. If Agent elects to require that each Revolving Lender make funds available to Agent, prior to a disbursement
by Agent to a Borrower, Agent shall advise each Revolving Lender by telephone, facsimile or e-mail of the amount of such Revolving
Lender's Pro Rata Share of the Revolving Loan requested by such Borrower no later than noon (Eastern time) on the date of funding
of such Revolving Loan, and each such Revolving Lender shall pay Agent on such date such Revolving Lender's Pro Rata Share of such
requested Revolving Loan, in same day funds, by wire transfer to the Payment Account, or such other account as may be identified
by Agent to Revolving Lenders from time to time. If any Lender fails to pay the amount of its Pro Rata Share of any funds advanced
by Agent pursuant to the first sentence of this clause (i) within one (1) Business Day after Agent's demand, Agent shall promptly
notify Borrower Representative, and Borrowers shall immediately repay such amount to Agent. Any repayment required by Borrowers
pursuant to this Section 11.13 shall be accompanied by accrued interest thereon from and including the date such amount is made
available to a Borrower to but excluding the date of payment at the rate of interest then applicable to Revolving Loans. Nothing
in this Section 11.13 or elsewhere in this Agreement or the other Financing Documents shall be deemed to require Agent to advance
funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice
any rights that Agent or any Borrower may have against any Lender as a result of any default by such Lender hereunder.

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(ii)
On a Business Day of each week as selected from time to time by Agent, or more frequently (including daily), if Agent so
elects (each such day being a "Settlement Date"), Agent will advise each Revolving Lender by telephone, facsimile
or e-mail of the amount of each such Revolving Lender's percentage interest of the Revolving Loan balance as of the close of business
of the Business Day immediately preceding the Settlement Date. In the event that payments are necessary to adjust the amount of
such Revolving Lender's actual percentage interest of the Revolving Loans to such Lender's required percentage interest of the
Revolving Loan balance as of any Settlement Date, the Revolving Lender from which such payment is due shall pay Agent, without
setoff or discount, to the Payment Account before 1:00 p.m. (Eastern time) on the Business Day following the Settlement Date the
full amount necessary to make such adjustment. Any obligation arising pursuant to the immediately preceding sentence shall be absolute
and unconditional and shall not be affected by any circumstance whatsoever. In the event settlement shall not have occurred by
the date and time specified in the second preceding sentence, interest shall accrue on the unsettled amount at the rate of interest
then applicable to Revolving Loans.

(iii)
On each Settlement Date, Agent shall advise each Revolving Lender by telephone, facsimile or e-mail of the amount of such
Revolving Lender's percentage interest of principal, interest and fees paid for the benefit of Revolving Lenders with respect to
each applicable Revolving Loan, to the extent of such Revolving Lender's Revolving Loan Exposure with respect thereto, and shall
make payment to such Revolving Lender before 1:00 p.m. (Eastern time) on the Business Day following the Settlement Date of such
amounts in accordance with wire instructions delivered by such Revolving Lender to Agent, as the same may be modified from time
to time by written notice to Agent; provided, however, that, in the case such Revolving Lender is a Defaulted Lender,
Agent shall be entitled to set off the funding short-fall against that Defaulted Lender's respective share of all payments received
from any Borrower.

(iv)
On the Closing Date, Agent, on behalf of Lenders, may elect to advance to Borrowers the full amount of the initial Loans
to be made on the Closing Date prior to receiving funds from Lenders, in reliance upon each Lender's commitment to make its Pro
Rata Share of such Loans to Borrowers in a timely manner on such date. If Agent elects to advance the initial Loans to Borrower
in such manner, Agent shall be entitled to receive all interest that accrues on the Closing Date on each Lender's Pro Rata Share
of such Loans unless Agent receives such Lender's Pro Rata Share of such Loans before 3:00 p.m. (Eastern time) on the Closing Date.

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(v)
It is understood that for purposes of advances to Borrowers made pursuant to this Section 11.13, Agent will be using the
funds of Agent, and pending settlement, (A) all funds transferred from the Payment Account to the outstanding Revolving Loans
shall be applied first to advances made by Agent to Borrowers pursuant to this Section 11.13, and (B) all interest accruing
on such advances shall be payable to Agent.

(vi)
The provisions of this Section 11.13(a) shall be deemed to be binding upon Agent and Lenders notwithstanding the occurrence
of any Default or Event of Default, or any insolvency or bankruptcy proceeding pertaining to any Borrower or any other Credit Party.

(b)
[Reserved].

(c)
Return of Payments.

(i)
If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or
will be received by Agent from a Borrower and such related payment is not received by Agent, then Agent will be entitled to recover
such amount from such Lender on demand without setoff, counterclaim or deduction of any kind, together with interest accruing on
a daily basis at the Federal Funds Rate.

(ii)
If Agent determines at any time that any amount received by Agent under this Agreement must be returned to any Borrower
or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this
Agreement or any other Financing Document, Agent will not be required to distribute any portion thereof to any Lender. In addition,
each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest
at such rate, if any, as Agent is required to pay to any Borrower or such other Person, without setoff, counterclaim or deduction
of any kind.

(d)
Defaulted Lenders. The failure of any Defaulted Lender to make any payment required by it hereunder shall not relieve
any other Lender of its obligations to make payment, but neither any other Lender nor Agent shall be responsible for the failure
of any Defaulted Lender to make any payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Defaulted
Lender shall not have any voting or consent rights under or with respect to any Financing Document or constitute a "Lender"
(or be included in the calculation of "Required Lenders" hereunder) for any voting or consent rights under or with respect
to any Financing Document.

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(e)
Sharing of Payments. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by
application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Section 2.8(d)) in excess of its
Pro Rata Share of payments entitled pursuant to the other provisions of this Section 11.13, such Lender shall purchase from the
other Lenders such participations in extensions of credit made by such other Lenders (without recourse, representation or warranty)
as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them;
provided, however, that if all or any portion of the excess payment or other recovery is thereafter required to be
returned or otherwise recovered from such purchasing Lender, such portion of such purchase shall be rescinded and each Lender which
has sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent
of such return or recovery, without interest. Each Borrower agrees that any Lender so purchasing a participation from another Lender
pursuant to this clause (e) may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant
to Section 10.6) with respect to such participation as fully as if such Lender were the direct creditor of Borrowers in the amount
of such participation). If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim
in lieu of a setoff to which this clause (e) applies, such Lender shall, to the extent practicable, exercise its rights in respect
of such secured claim in a manner consistent with the rights of Lenders entitled under this clause (e) to share in the benefits
of any recovery on such secured claim.

Section 11.14
Right to Perform, Preserve and Protect. If any Credit Party fails to perform any obligation hereunder or under
any other Financing Document, Agent itself may, but shall not be obligated to, cause such obligation to be performed at Borrowers'
expense. Agent is further authorized by Borrowers and Lenders to make expenditures from time to time which Agent, in its reasonable
business judgment, deems necessary or desirable to (a) preserve or protect the business conducted by Borrowers, the Collateral,
or any portion thereof, and/or (b) enhance the likelihood of, or maximize the amount of, repayment of the Loan and other Obligations.
Each Borrower hereby agrees to reimburse Agent on demand for any and all costs, liabilities and obligations incurred by Agent pursuant
to this Section 11.14. Each Lender hereby agrees to indemnify Agent upon demand for any and all costs, liabilities and obligations
incurred by Agent pursuant to this Section 11.14, in accordance with the provisions of Section 11.6.

Section 11.15
Additional Titled Agents. Except for rights and powers, if any, expressly reserved under this Agreement to any
bookrunner, arranger or to any titled agent named on the cover page of this Agreement, other than Agent (collectively, the "Additional
Titled Agents"), and except for obligations, liabilities, duties and responsibilities, if any, expressly assumed under
this Agreement by any Additional Titled Agent, no Additional Titled Agent, in such capacity, has any rights, powers, liabilities,
duties or responsibilities hereunder or under any of the other Financing Documents. Without limiting the foregoing, no Additional
Titled Agent shall have nor be deemed to have a fiduciary relationship with any Lender. At any time that any Lender serving as
an Additional Titled Agent shall have transferred to any other Person (other than any Affiliates) all of its interests in the Loan,
such Lender shall be deemed to have concurrently resigned as such Additional Titled Agent.

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Section 11.16
Amendments and Waivers.

(a)
No provision of this Agreement or any other Financing Document may be materially amended, waived or otherwise modified unless
such amendment, waiver or other modification is in writing and is signed or otherwise approved by Borrowers, the Required Lenders
and any other Lender to the extent required under Section 11.16(b); provided, however, that Agent shall be entitled,
in its sole and absolute discretion, to provide its written consent to a proposed Swap Contract, in each case without the consent
of any other Lender.

(b)
In addition to the required signatures under Section 11.16(a), no provision of this Agreement or any other Financing Document
may be amended, waived or otherwise modified unless such amendment, waiver or other modification is in writing and is signed or
otherwise approved by the following Persons:

(i)
if any amendment, waiver or other modification would increase a Lender's Revolving Loan Commitment, by such Lender; and/or

(ii)
if the rights or duties of Agent or LC Issuer are affected thereby, by Agent and LC Issuer, as the case may be;

provided, however, that,
in each of (i) and (ii) above, no such amendment, waiver or other modification shall, unless signed or otherwise approved in writing
by all Lenders directly affected thereby, (A) reduce the principal of, rate of interest on or any fees with respect to any
Loan or Reimbursement Obligation or forgive any principal, interest (other than default interest) or fees (other than late charges)
with respect to any Loan or Reimbursement Obligation; (B) postpone the date fixed for, or waive, any payment (other than any
mandatory prepayment pursuant to Section 2.1(b)(ii)) of principal of any Loan or of any Reimbursement Obligation, or of interest
on any Loan or Reimbursement Obligation (other than default interest) or any fees provided for hereunder (other than late charges)
or postpone the date of termination of any commitment of any Lender hereunder; (C) change the definition of the term Required
Lenders or the percentage of Lenders which shall be required for Lenders to take any action hereunder; (D) release all or
substantially all of the Collateral, authorize any Borrower to sell or otherwise dispose of all or substantially all of the Collateral
or release any Guarantor of all or any portion of the Obligations or its Guarantee obligations with respect thereto, except, in
each case with respect to this clause (D), as otherwise may be provided in this Agreement or the other Financing Documents (including
in connection with any disposition permitted hereunder); (E) amend, waive or otherwise modify this Section 11.16(b) or the
definitions of the terms used in this Section 11.16(b) insofar as the definitions affect the substance of this Section 11.16(b);
(F) consent to the assignment, delegation or other transfer by any Credit Party of any of its rights and obligations under
any Financing Document or release any Borrower of its payment obligations under any Financing Document, except, in each case with
respect to this clause (F), pursuant to a merger or consolidation permitted pursuant to this Agreement; or (G) amend any of
the provisions of Section 10.7 or amend any of the definitions Pro Rata Share, Revolving Loan Commitment, Revolving Loan Commitment
Amount, Revolving Loan Commitment Percentage or that provide for Lenders to receive their Pro Rata Shares of any fees, payments,
setoffs or proceeds of Collateral hereunder. It is hereby understood and agreed that all Lenders shall be deemed directly affected
by an amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F) and (G) of the
preceding sentence.

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Section 11.17
Assignments and Participations.

(a)
Assignments.

(i)
Any Lender may at any time assign to one or more Eligible Assignees all or any portion of such Lender's Loan together with
all related obligations of such Lender hereunder. Except as Agent may otherwise agree, the amount of any such assignment (determined
as of the date of the applicable Assignment Agreement or, if a "Trade Date" is specified in such Assignment Agreement,
as of such Trade Date) shall be in a minimum aggregate amount equal to $1,000,000 or, if less, the assignor's entire interests
in the outstanding Loan; provided, however, that, in connection with simultaneous assignments to two or more related
Approved Funds, such Approved Funds shall be treated as one assignee for purposes of determining compliance with the minimum assignment
size referred to above. Borrowers and Agent shall be entitled to continue to deal solely and directly with such Lender in connection
with the interests so assigned to an Eligible Assignee until Agent shall have received and accepted an effective Assignment Agreement
executed, delivered and fully completed by the applicable parties thereto and a processing fee of $3,500 to be paid by the assigning
Lender; provided, however, that only one processing fee shall be payable in connection with simultaneous assignments
to two or more related Approved Funds.

(ii)
From and after the date on which the conditions described above have been met, (A) such Eligible Assignee shall be
deemed automatically to have become a party hereto and, to the extent of the interests assigned to such Eligible Assignee pursuant
to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder, and (B) the assigning Lender, to
the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released
from its rights and obligations hereunder (other than those that survive termination pursuant to Section 12.1). Upon the request
of the Eligible Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, each Borrower
shall execute and deliver to Agent for delivery to the Eligible Assignee (and, as applicable, the assigning Lender) Notes in the
aggregate principal amount of the Eligible Assignee's Loan (and, as applicable, Notes in the principal amount of that portion of
the principal amount of the Loan retained by the assigning Lender). Upon receipt by the assigning Lender of such Note, the assigning
Lender shall return to Borrower Representative any prior Note held by it.

(iii)
Agent, acting solely for this purpose as an agent of each Borrower, shall maintain at the office of its servicer located
in Bethesda, Maryland a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses
of each Lender, and the commitments of, and principal amount and stated interest of the Loan owing to, such Lender pursuant to
the terms hereof. The entries in such register shall be conclusive, and Borrower, Agent and Lenders may treat each Person whose
name is recorded therein pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. No assignment shall be effective unless recorded in such register. Such register shall be available for
inspection by Borrower and any Lender, at any reasonable time upon reasonable prior notice to Agent. The parties intend that the
register be maintained such that the Loans are in "registered form" for the purposes of the Code.

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(iv)
Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of this Agreement, any Lender may
at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, however,
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

(v)
Notwithstanding the foregoing provisions of this Section 11.17(a) or any other provision of this Agreement, Agent has the
right, but not the obligation, to effectuate assignments of Loan via an electronic settlement system acceptable to Agent as designated
in writing from time to time to Lenders by Agent (the "Settlement Service"). At any time when Agent elects, in
its sole discretion, to implement such Settlement Service, each such assignment shall be effected by the assigning Lender and proposed
assignee pursuant to the procedures then in effect under the Settlement Service, which procedures shall be consistent with the
other provisions of this Section 11.17(a). Each assigning Lender and proposed Eligible Assignee shall comply with the requirements
of the Settlement Service in connection with effecting any assignment of Loan pursuant to the Settlement Service. With the prior
written approval of Agent, Agent's approval of such Eligible Assignee shall be deemed to have been automatically granted with respect
to any transfer effected through the Settlement Service. Assignments and assumptions of the Loan shall be effected by the provisions
otherwise set forth herein until Agent notifies Lenders of the Settlement Service as set forth herein.

(b)
Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower or Agent, sell to
one or more Persons (other than any Borrower or any Borrower's Affiliates) participating interests in its Loan, commitments or
other interests hereunder (any such Person, a "Participant"). In the event of a sale by a Lender of a participating
interest to a Participant, (i) such Lender's obligations hereunder shall remain unchanged for all purposes, (ii) Borrowers
and Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations hereunder,
and (iii) all amounts payable by each Borrower shall be determined as if such Lender had not sold such participation and shall
be paid directly to such Lender; provided each participant shall be entitled to payments under Section 2.8 as if such participant
were a Lender if such participant complies with Section 2.8(c) as if it were a Lender accepting an interest in a Loan through an
assignment. Each Borrower agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration
or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts
owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender
under this Agreement; provided, however, that such right of set-off shall be subject to the obligation of each Participant
to share with Lenders, and Lenders agree to share with each Participant, as provided in Section 11.5. Each Lender that sells a
participation shall, acting solely for this purpose as an agent of Borrowers maintain a register on which it enters the name and
address of each participant and the principal amounts (and stated interest) of each participant's interest in the Obligations (each,
a "Participant Register"). The entries in the Participant Registers shall be conclusive, absent manifest error.
Each Participant Register shall be available for inspection by Borrowers and Agent at any reasonable time upon reasonable prior
notice to the applicable Lender; provided, that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any
commitments, loans, letters of credit or its other obligations under any Financing Document) to any Person (including Borrowers)
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation
is in registered form under the Code including Section 5f.103-1(c) of the United States Treasury Regulations. For the avoidance
of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a participant register.

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(c)
Replacement of Lenders. Within thirty (30) days after: (i) receipt by Agent of notice and demand from any Lender
for payment of additional costs as provided in Section 2.8(d), which demand shall not have been revoked, (ii) any Borrower
is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.8(a) or 2.8(b), (iii) any Lender is a Defaulted Lender, and the circumstances causing such status shall not have
been cured or waived; or (iv) any failure by any Lender to consent to a requested amendment, waiver or modification to any
Financing Document in which Required Lenders have already consented to such amendment, waiver or modification but the consent of
each Lender, or each Lender affected thereby, is required with respect thereto (each relevant Lender in the foregoing clauses (i)
through (iv) being an "Affected Lender") each of Borrower Representative and Agent may, at its option, notify
such Affected Lender and, in the case of Borrowers' election, Agent, of such Person's intention to obtain, at Borrowers' expense,
a replacement Lender ("Replacement Lender") for such Lender, which Replacement Lender shall be an Eligible Assignee
and, in the event the Replacement Lender is to replace an Affected Lender described in the preceding clause (iv), such Replacement
Lender consents to the requested amendment, waiver or modification making the replaced Lender an Affected Lender. In the event
Borrowers or Agent, as applicable, obtains a Replacement Lender within ninety (90) days following notice of its intention to do
so, the Affected Lender shall sell, at par, and assign all of its Loan and funding commitments hereunder to such Replacement Lender
in accordance with the procedures set forth in Section 11.17(a); provided, however, that (A) Borrowers shall
have reimbursed such Lender for its increased costs and additional payments for which it is entitled to reimbursement under Section
2.8(a) through (h), as applicable, of this Agreement through the date of such sale and assignment, and (B) Borrowers shall
pay to Agent the $3,500 processing fee in respect of such assignment. In the event that a replaced Lender does not execute an Assignment
Agreement pursuant to Section 11.17(a) within five (5) Business Days after receipt by such replaced Lender of notice of replacement
pursuant to this Section 11.17(c) and presentation to such replaced Lender of an Assignment Agreement evidencing an assignment
pursuant to this Section 11.17(c), such replaced Lender shall be deemed to have consented to the terms of such Assignment Agreement,
and any such Assignment Agreement executed by Agent, the Replacement Lender and, to the extent required pursuant to Section 11.17(a),
Borrowers, shall be effective for purposes of this Section 11.17(c) and Section 11.17(a). Upon any such assignment and payment,
such replaced Lender shall no longer constitute a "Lender" for purposes hereof, other than with respect to such rights
and obligations that survive termination as set forth in Section 12.1.

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(d)
Credit Party Assignments. No Credit Party may assign, delegate or otherwise transfer any of its rights or other obligations
hereunder or under any other Financing Document without the prior written consent of Agent and each Lender.

Section 11.18
Funding and Settlement Provisions Applicable When Non-Funding Lenders Exist. So long as Agent has not waived
the conditions to the funding of Revolving Loans set forth in Section 7.2, any Lender may deliver a notice to Agent stating that
such Lender shall cease making Revolving Loans due to the non-satisfaction of one or more conditions to funding Loans set forth
in Section 7.2, and specifying any such non-satisfied conditions. Any Lender delivering any such notice shall become a non-funding
Lender (a "Non-Funding Lender") for purposes of this Agreement commencing on the Business Day following receipt
by Agent of such notice, and shall cease to be a Non-Funding Lender on the date on which such Lender has either revoked the effectiveness
of such notice or acknowledged in writing to each of Agent the satisfaction of the condition(s) specified in such notice, or Required
Lenders waive the conditions to the funding of such Loans giving rise to such notice by Non-Funding Lender. Each Non-Funding Lender
shall remain a Lender for purposes of this Agreement to the extent that such Non-Funding Lender has Revolving Loan Outstandings
in excess of $0; provided, however, that during any period of time that any Non-Funding Lender exists, and notwithstanding
any provision to the contrary set forth herein, the following provisions shall apply:

(a)
For purposes of determining the Pro Rata Share of each Revolving Lender under clause (c) of the definition of such term,
each Non-Funding Lender shall be deemed to have a Revolving Loan Commitment Amount as in effect immediately before such Lender
became a Non-Funding Lender.

(b)
Except as provided in clause (a) above, the Revolving Loan Commitment Amount of each Non-Funding Lender shall be deemed
to be $0.

(c)
The Revolving Loan Commitment at any date of determination during such period shall be deemed to be equal to the sum of
(i) the aggregate Revolving Loan Commitment Amounts of all Lenders, other than the Non-Funding Lenders as of such date plus
(ii) the aggregate Revolving Loan Outstandings of all Non-Funding Lenders as of such date.

(d)
[Reserved.]

(e)
Agent shall have no right to make or disburse Revolving Loans for the account of any Non-Funding Lender pursuant to Section
2.1(b)(i) to pay interest, fees, expenses and other charges of any Credit Party, other than reimbursement obligations that have
arisen pursuant to Section 2.5(c) in respect of Letters of Credit issued at the time such Non-Funding Lender was not then a Non-Funding
Lender.

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(f)
Agent shall have no right to (i) make or disburse Revolving Loans as provided in Section 2.1(b)(i) for the account
of any Revolving Lender that was a Non-Funding Lender at the time of issuance of any Letter of Credit for which funding or reimbursement
obligations have arisen pursuant to Section 2.5(c), or (ii) assume that any Revolving Lender that was a Non-Funding Lender
at the time of issuance of such Letter of Credit will fund any portion of the Revolving Loans to be funded pursuant to Section
2.5(c) in respect of such Letter of Credit. In addition, no Revolving Lender that was a Non-Funding Lender at the time of issuance
of any Letter of Credit for which funding or reimbursement obligations have arisen pursuant to Section 2.5(c), shall have an obligation
to fund any portion of the Revolving Loans to be funded pursuant to Section 2.5(c) in respect to such Letter of Credit, or to make
any payment to Agent or the LC Issuer, as applicable, under Section 2.5(f)(ii) in respect of such Letter of Credit, or be deemed
to have purchased any interest or participation in such Letter of Credit from Agent or the LC Issuer, as applicable, under Section
2.5(f)(i).

(g)
To the extent that Agent applies proceeds of Collateral or other payments received by Agent to repayment of Revolving Loans
pursuant to Section 10.7, such payments and proceeds shall be applied first in respect of Revolving Loans made at the time any
Non-Funding Lenders exist, and second in respect of all other outstanding Revolving Loans.

Section 11.19
Buy-Out Upon Refinancing. MCF shall have the right to purchase from the other Lenders all of their respective
interests in the Loan at par in connection with any refinancing of the Loan upon one or more new economic terms, but which refinancing
is structured as an amendment and restatement of the Loan rather than a payoff of the Loan.

Section 11.20
Subordination Agreements. Each Lender by its execution of this Agreement or any Assignment Agreement, hereby
authorizes and instructs Agent to enter into, any take the actions provided in, each Subordination Agreement.

ARTICLE 12 - MISCELLANEOUS

Section 12.1
Survival. All agreements, representations and warranties made herein and in every other Financing Document shall
survive the execution and delivery of this Agreement and the other Financing Documents. The provisions of Section 2.8 and Articles
11 and 12 shall survive the payment of the Obligations (both with respect to any Lender and all Lenders collectively) and any termination
of this Agreement and any judgment with respect to any Obligations, including any final foreclosure judgment with respect to any
Security Document, and no unpaid or unperformed, current or future, Obligations will merge into any such judgment.

Section 12.2
No Waivers. No failure or delay by Agent or any Lender in exercising any right, power or privilege under any
Financing Document shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein and therein provided shall
be cumulative and not exclusive of any rights or remedies provided by law. Any reference in any Financing Document to the "continuing"
nature of any Event of Default shall not be construed as establishing or otherwise indicating that any Borrower or any other Credit
Party has the independent right to cure any such Event of Default, but is rather presented merely for convenience should such Event
of Default be waived in accordance with the terms of the applicable Financing Documents.

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Section 12.3
Notices.

(a)
All notices, requests and other communications to any party hereunder shall be in writing (including prepaid overnight courier,
facsimile transmission or similar writing) and shall be given to such party at its address, facsimile number or e-mail address
set forth on the signature pages hereof (or, in the case of any such Lender who becomes a Lender after the date hereof, in an assignment
agreement or in a notice delivered to Borrower Representative and Agent by the assignee Lender forthwith upon such assignment)
or at such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by notice to Agent
and Borrower Representative; provided, however, that notices, requests or other communications shall be permitted
by electronic means only in accordance with the provisions of Section 12.3(b) and (c). Each such notice, request or other communication
shall be effective (i) if given by facsimile, when such notice is transmitted to the facsimile number specified by this Section
and the sender receives a confirmation of transmission from the sending facsimile machine, or (ii) if given by mail, prepaid
overnight courier or any other means, when received or when receipt is refused at the applicable address specified by this Section 12.3(a).

(b)
Notices and other communications to the parties hereto may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved from time to time by Agent, provided, however,
that the foregoing shall not apply to notices sent directly to any Lender if such Lender has notified Agent that it is incapable
of receiving notices by electronic communication. Agent or Borrower Representative may, in their discretion, agree to accept notices
and other communications to them hereunder by electronic communications pursuant to procedures approved by it, provided,
however, that approval of such procedures may be limited to particular notices or communications.

(c)
Unless Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested"
function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address
therefor, provided, however, that if any such notice or other communication is not sent or posted during normal business
hours, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day.

Section 12.4
Severability. In case any provision of or obligation under this Agreement or any other Financing 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.

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Section 12.5
Headings. Headings and captions used in the Financing Documents (including the Exhibits, Schedules and Annexes
hereto and thereto) are included for convenience of reference only and shall not be given any substantive effect.

Section 12.6
Confidentiality.

(a)
Each Credit Party agrees not to transmit or disclose provisions of any Financing Document to any Person (other than to Borrowers'
advisors and officers on a need-to-know basis or as otherwise may be required by Law (including as required by the SEC)) without
Agent's prior written consent.

(b)
Agent and each Lender shall hold all non-public information regarding the Credit Parties and their respective businesses
identified as such by Borrowers and obtained by Agent or any Lender pursuant to the requirements hereof in accordance with such
Person's customary procedures for handling information of such nature, except that disclosure of such information may be made (i) to
their respective agents, employees, Subsidiaries, Affiliates, attorneys, auditors, professional consultants, rating agencies, insurance
industry associations and portfolio management services, (ii) to prospective transferees or purchasers of any interest in
the Loans, Agent or a Lender, and to prospective contractual counterparties (or the professional advisors thereto) in Swap Contracts
permitted hereby, provided, however, that any such Persons are bound by obligations of confidentiality, (iii) as
required by Law, subpoena, judicial order or similar order and in connection with any litigation, (iv) as may be required
in connection with the examination, audit or similar investigation of such Person, and (v) to a Person that is a trustee, investment
advisor or investment manager, collateral manager, servicer, noteholder or secured party in a Securitization (as hereinafter defined)
in connection with the administration, servicing and reporting on the assets serving as collateral for such Securitization. For
the purposes of this Section, "Securitization" shall mean (A) the pledge of the Loans as collateral security
for loans to a Lender, or (B) a public or private offering by a Lender or any of its Affiliates or their respective successors
and assigns, of securities which represent an interest in, or which are collateralized, in whole or in part, by the Loans. Confidential
information shall include only such information identified as such at the time provided to Agent and shall not include information
that either: (y) is in the public domain, or becomes part of the public domain after disclosure to such Person through no
fault of such Person, or (z) is disclosed to such Person by a Person other than a Credit Party, provided, however,
Agent does not have actual knowledge that such Person is prohibited from disclosing such information. The obligations of Agent
and Lenders under this Section 12.6 shall supersede and replace the obligations of Agent and Lenders under any confidentiality
agreement in respect of this financing executed and delivered by Agent or any Lender prior to the date hereof.

Section 12.7
Waiver of Consequential and Other Damages. To the fullest extent permitted by applicable law, no Borrower shall
assert, and each Borrower hereby waives, any claim against any Indemnitee (as defined below), on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Financing Documents or the
transactions contemplated hereby or thereby.

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Section 12.8
GOVERNING LAW; SUBMISSION TO JURISDICTION.

(a)
THIS AGREEMENT, EACH NOTE AND EACH OTHER FINANCING DOCUMENT, AND ALL DISPUTES AND OTHER MATTERS RELATING HERETO OR THERETO
OR ARISING THEREFROM (WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE), SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

(b)
EACH BORROWER HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE
OF NEW YORK AND IRREVOCABLY AGREES THAT, SUBJECT TO AGENT'S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE OTHER FINANCING DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. EACH BORROWER EXPRESSLY SUBMITS AND CONSENTS
TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. EACH BORROWER HEREBY WAIVES PERSONAL
SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON SUCH BORROWER BY CERTIFIED OR REGISTERED
MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO SUCH BORROWER AT THE ADDRESS SET FORTH IN THIS AGREEMENT AND SERVICE SO MADE SHALL
BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.

(c)
Each Borrower, Agent and each Lender agree that each Loan (including those made on the Closing Date) shall be deemed to
be made in, and the transactions contemplated hereunder and in any other Financing Document shall be deemed to have been performed
in, the State of New York.

Section 12.9
WAIVER OF JURY TRIAL.

(a)
EACH BORROWER, AGENT AND LENDERS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THE FINANCING DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY AND AGREES THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH BORROWER, AGENT AND EACH LENDER ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS RELIED ON THE WAIVER IN ENTERING INTO THIS
AGREEMENT AND THE OTHER FINANCING DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS.
EACH BORROWER, AGENT AND EACH LENDER WARRANTS AND REPRESENTS THAT IT HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH
LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.

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(b)
In the event any such action or proceeding is brought or filed in any United States federal court sitting in the State of
California or in any state court of the State of California, and the waiver of jury trial set forth in Section 12.9(a) hereof is
determined or held to be ineffective or unenforceable, the parties agree that all actions or proceedings shall be resolved by reference
to a private judge sitting without a jury, pursuant to California Code of Civil Procedure Section 638, before a mutually acceptable
referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Los Angeles County, California. Such
proceeding shall be conducted in Los Angeles County, California, with California rules of evidence and discovery applicable to
such proceeding. In the event any actions or proceedings are to be resolved by judicial reference, any party may seek from any
court having jurisdiction thereover any prejudgment order, writ or other relief and have such prejudgment order, writ or other
relief enforced to the fullest extent permitted by Law notwithstanding that all actions or proceedings are otherwise subject to
resolution by judicial reference.

Section 12.10
Publication; Advertisement.

(a)
Publication. No Credit Party will directly or indirectly publish, disclose or otherwise use in any public disclosure,
advertising material, promotional material, press release or interview, any reference to the name, logo or any trademark of MCF
or any of its Affiliates or any reference to this Agreement or the financing evidenced hereby, in any case except (i) as required
by Law, subpoena or judicial or similar order, in which case the applicable Credit Party shall give Agent prior written notice
of such publication or other disclosure, or (ii) with MCF's prior written consent.

(b)
Advertisement. Each Lender and each Credit Party hereby authorizes MCF to publish the name of such Lender and Credit
Party, the existence of the financing arrangements referenced under this Agreement, the primary purpose and/or structure of those
arrangements, the amount of credit extended under each facility, the title and role of each party to this Agreement, and the total
amount of the financing evidenced hereby in any "tombstone", comparable advertisement or press release which MCF elects
to submit for publication. In addition, each Lender and each Credit Party agrees that MCF may provide lending industry trade organizations
with information necessary and customary for inclusion in league table measurements after the Closing Date. With respect to any
of the foregoing, MCF shall provide Borrowers with an opportunity to review and confer with MCF regarding the contents of any such
tombstone, advertisement or information, as applicable, prior to its submission for publication and, following such review period,
MCF may, from time to time, publish such information in any media form desired by MCF, until such time that Borrowers shall have
requested MCF cease any such further publication.

Section 12.11
Counterparts; Integration. This Agreement and the other Financing Documents may be signed in any number of counterparts,
each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
Signatures by facsimile or by electronic mail delivery of an electronic version of any executed signature page shall bind the parties
hereto. This Agreement and the other Financing Documents constitute the entire agreement and understanding among the parties hereto
and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

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Section 12.12
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
the authorship of any provisions of this Agreement.

Section 12.13
Lender Approvals. Unless expressly provided herein to the contrary, any approval, consent, waiver or satisfaction
of Agent or Lenders with respect to any matter that is the subject of this Agreement, the other Financing Documents may be granted
or withheld by Agent and Lenders in their sole and absolute discretion and credit judgment.

Section 12.14
Expenses; Indemnity.

(a)
Borrowers hereby agree to promptly pay (i) all reasonable costs and expenses of Agent (including, without limitation,
the reasonable fees, costs and expenses of counsel to, and independent appraisers and consultants retained by Agent) in connection
with the examination, review, due diligence investigation, documentation, negotiation, closing and syndication of the transactions
contemplated by the Financing Documents, in connection with the performance by Agent of its rights and remedies under the Financing
Documents and in connection with the continued administration of the Financing Documents, including (A) any amendments, modifications,
consents and waivers to and/or under any and all Financing Documents, and (B) any periodic public record searches conducted
by or at the request of Agent (including, without limitation, title investigations, UCC searches, fixture filing searches, judgment,
pending litigation and tax lien searches and searches of applicable corporate, limited liability, partnership and related records
concerning the continued existence, organization and good standing of certain Persons); (ii) without limitation of the preceding
clause (i), all reasonable costs and expenses of Agent in connection with the creation, perfection and maintenance of Liens pursuant
to the Financing Documents; (iii) without limitation of the preceding clause (i), all costs and expenses of Agent in connection
with (A) protecting, storing, insuring, handling, maintaining or selling any Collateral, (B) any litigation, dispute,
suit or proceeding relating to any Financing Document, and (C) any workout, collection, bankruptcy, insolvency and other enforcement
proceedings under any and all of the Financing Documents; (iv) without limitation of the preceding clause (i), all reasonable
costs and expenses of Agent in connection with Agent's reservation of funds in anticipation of the funding of the initial Loans
to be made hereunder; and (v) all costs and expenses incurred by Lenders in connection with any litigation, dispute, suit
or proceeding relating to any Financing Document and in connection with any workout, collection, bankruptcy, insolvency and other
enforcement proceedings under any and all Financing Documents, whether or not Agent or Lenders are a party thereto. Clause (a)
of this Section shall not apply with respect to Taxes other than any Taxes that represent losses, expenses, claims, damages, etc.
arising from any non-Tax claim.

    	105

     

    

(b)
Each Borrower hereby agrees to indemnify, pay and hold harmless Agent and Lenders and the officers, directors, employees,
trustees, agents, investment advisors and investment managers, collateral managers, servicers, and counsel of Agent and Lenders
(collectively called the "Indemnitees") from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the
fees and disbursements of counsel for such Indemnitee) in connection with any investigative, response, remedial, administrative
or judicial matter or proceeding, whether or not such Indemnitee shall be designated a party thereto and including any such proceeding
initiated by or on behalf of a Credit Party, and the reasonable expenses of investigation by engineers, environmental consultants
and similar technical personnel and any commission, fee or compensation claimed by any broker (other than any broker retained by
Agent or Lenders) asserting any right to payment for the transactions contemplated hereby, which may be imposed on, incurred by
or asserted against such Indemnitee as a result of or in connection with the transactions contemplated hereby or by the other Financing
Documents (including (i) (A) as a direct or indirect result of the presence on or under, or escape, seepage, leakage,
spillage, discharge, emission or release from, any property now or previously owned, leased or operated by Borrower, any Subsidiary
or any other Person of any Hazardous Materials, (B) arising out of or relating to the offsite disposal of any materials generated
or present on any such property, or (C) arising out of or resulting from the environmental condition of any such property
or the applicability of any governmental requirements relating to Hazardous Materials, whether or not occasioned wholly or in part
by any condition, accident or event caused by any act or omission of Borrower or any Subsidiary, and (ii) proposed and actual
extensions of credit under this Agreement) and the use or intended use of the proceeds of the Loans and Letters of Credit, except
that Borrowers shall have no obligation hereunder to an Indemnitee with respect to any liability resulting from the gross negligence
or willful misconduct of such Indemnitee, as determined by a final non-appealable judgment of a court of competent jurisdiction.
To the extent that the undertaking set forth in the immediately preceding sentence may be unenforceable, Borrowers shall contribute
the maximum portion which it is permitted to pay and satisfy under applicable Law to the payment and satisfaction of all such indemnified
liabilities incurred by the Indemnitees or any of them. Clause (b) of this Section shall not apply with respect to Taxes other
than any Taxes that represent losses, expenses, claims, damages, etc. arising from any non-Tax claim.

(c)
Notwithstanding any contrary provision in this Agreement, the obligations of Borrowers under this Section 12.14 shall survive
the payment in full of the Obligations and the termination of this Agreement. NO INDEMNITEE SHALL BE RESPONSIBLE OR LIABLE TO THE
BORROWERS OR TO ANY OTHER PARTY TO ANY FINANCING DOCUMENT, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OR ANY OTHER PERSON
ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED
AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR AS
A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

(d)
Each Borrower for itself and all endorsers, guarantors and sureties and their heirs, legal representatives, successors and
assigns, hereby further specifically waives any rights that it may have under Section 1542 of the California Civil Code (to the
extent applicable), which provides as follows: "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY
AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR," and further waives any similar rights under applicable Laws.

    	106

     

    

Section 12.15
[Reserved].

Section 12.16
Reinstatement. This Agreement shall remain in full force and effect and continue to be effective should any petition
or other proceeding be filed by or against any Credit Party for liquidation or reorganization, should any Credit Party become insolvent
or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and manager
or trustee be appointed for all or any significant part of any Credit Party's assets, and shall continue to be effective or to
be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant
to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations,
whether as a fraudulent preference reviewable transaction or otherwise, all as though such payment or performance had not been
made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be
reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

Section 12.17
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Borrowers and Agent
and each Lender and their respective successors and permitted assigns.

Section 12.18
USA PATRIOT Act Notification. Agent (for itself and not on behalf of any Lender) and each Lender hereby notifies
Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information
and documentation that identifies Borrowers, which information includes the name and address of Borrower and such other information
that will allow Agent or such Lender, as applicable, to identify Borrowers in accordance with the USA PATRIOT Act.

Section 12.19
Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary
in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Financing 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 Financing Document; or

    	107

     

    

(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.

[SIGNATURES APPEAR ON FOLLOWING
PAGE(S)]

    	108

     

    

IN WITNESS WHEREOF,
intending to be legally bound, and intending that this Agreement constitute an agreement executed under seal, each of the parties
have caused this Agreement to be executed under seal the day and year first above mentioned.

 

	BORROWERS:	MODUSLINK CORPORATION, a Delaware corporation
	 	 
	 	By:	  /s/ Peter Feret

 

	 	Name:	
  Peter Feret 

	 	Title:	  Chief Financial Officer

 

	 	 	 	 

 

 

 

 

	 	Address for Credit Parties:
	 	 
	 	
        ModusLink Corporation

        1601 Trapelo Road, Suite 170

        Waltham, Massachusetts 02451

	 	Attn::	
   

	 	Facsimile:	
   

	 	Email:	
   

	 	 	 	 

 

    Signature Page to Credit and Security Agreement

     

    

 

	GUARANTORS:	SOL HOLDINGS, INC., a Delaware corporation
	 	 
	 	By:	  /s/ Peter Feret

 

	 	Name:	
  Peter Feret 

	 	Title:	
  Chief Financial Officer 

	 	 	 	 

 

	 	SALESLINK MEXICO HOLDING CORP., a Delaware corporation
	 	 
	 	By:	  /s/ Peter Feret

 

	 	Name:	
  Peter Feret 

	 	Title:	
  Chief Financial Officer 

	 	 	 	 

 

    Signature Page to Credit and Security Agreement

     

    

 

	AGENT:	MIDCAP FINANCIAL TRUST
	 	 
	 	By:	
        Apollo Capital Management, L.P.,

        its investment manager

	 	 
	 	By:	Apollo Capital Management GP, LLC,

its general partner
	 	 
	 	 
	 	By:	  /s/ Maurice Amsellem

 

	 	Name:	
  Maurice Amsellem 

	 	Title:	Authorized Signatory
	 	 
	 	Address:
	 	 
	 	
        c/o MidCap Financial Services, LLC, as servicer

        7255 Woodmont Avenue, Suite 200

        Bethesda, Maryland 20814

        Attn: Account Manager for ModusLink transaction

        Facsimile: 301-941-1450

	 	 
	 	Copying, for notice purposes only:
	 	 
	 	c/o MidCap Financial Services, LLC, as servicer

7255 Woodmont Avenue, Suite 200

Bethesda, Maryland 20814

Attn:  General Counsel

Facsimile:  301-941-1450
	 	 
	 	Payment Account Designation
	 	 
	 	Wells Fargo Bank, N.A.

McLean, Virginia

ABA #:  121000248

Acct. Name:  MidCap Funding IV Trust - Collections

Account #:  2000036282803

Attention:  ModusLink transaction
	 	 	 	 	 

 

    Signature Page to Credit and Security Agreement

     

    

 

 

 

	LENDER:	MIDCAP FINANCIAL TRUST
	 	 
	 	By:	
        Apollo Capital Management, L.P.,

        its investment manager

	 	 
	 	By:	Apollo Capital Management GP, LLC,

its general partner
	 	 
	 	 
	 	By:	  /s/ Maurice Amsellem

 

	 	Name:	
  Maurice Amsellem 

	 	Title:	Authorized Signatory
	 	 
	 	Address:
	 	 
	 	
        c/o MidCap Financial Services, LLC, as servicer

        7255 Woodmont Avenue, Suite 200

        Bethesda, Maryland 20814

        Attn: Account Manager for ModusLink transaction

        Facsimile: 301-941-1450

	 	 	 	 	 

  

    Signature Page to Credit and Security Agreement

     

    

 

ANNEX A TO CREDIT AGREEMENT (COMMITMENT
ANNEX)

 

	Lender	 	Revolving Loan Commitment Amount	 	Revolving Loan Commitment Percentage	 
	MidCap Financial Trust	 	$12,500,000	 	100%	 
	TOTALS	 	$12,500,000	 	100%	 

 

     

     

    

EXHIBIT A TO CREDIT AGREEMENT (RESERVED)

     

     

    

EXHIBIT B TO CREDIT AGREEMENT (COMPLIANCE
CERTIFICATE)

COMPLIANCE CERTIFICATE

Date: __________, 201__

 

 

This Compliance
Certificate is given by _____________________, a Responsible Officer of ________________ (the "Borrower Representative"),
pursuant to that certain Credit and Security Agreement dated as of ____________, 2019 among the Borrower Representative, the other
Borrowers party thereto, and any additional Borrower that may hereafter be added thereto (collectively, "Borrowers"),
the Guarantors from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial
institutions or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without
definition shall have the meanings set forth in the Credit Agreement.

The undersigned
Responsible Officer hereby certifies to Agent and Lenders that:

(a)
the financial statements delivered with this certificate in accordance with Section 4.1 of the Credit Agreement fairly present
in all material respects the results of operations and financial condition of Borrowers and their Consolidated Subsidiaries as
of the dates and the accounting period covered by such financial statements;

(b)
the representations and warranties of each Credit Party contained in the Financing Documents are true, correct and complete
in all material respects on and as of the date hereof, except to the extent that any such representation or warranty relates to
a specific date in which case such representation or warranty shall be true and correct in all material respects as of such earlier
date; provided, however, in each case, such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof;

(c)
I have reviewed the terms of the Credit Agreement and have made, or caused to be made under my supervision, a review in
reasonable detail of the transactions and conditions of Borrowers and their Consolidated Subsidiaries during the accounting period
covered by such financial statements and such review has not disclosed the existence during or at the end of such accounting period,
and I have no knowledge of the existence as of the date hereof, of any condition or event that constitutes a Default or an Event
of Default, except as set forth in Schedule 1 hereto, which includes a description of the nature and period of existence
of such Default or an Event of Default and what action Borrowers have taken, are undertaking and propose to take with respect thereto;

(d)
except as noted on Schedule 2 attached hereto, the Credit Agreement contains a complete and accurate list of all
business locations of Borrowers and Guarantors and all names under which Borrowers and Guarantors currently conduct business; Schedule
2 specifically notes any changes in the names under which any Borrower or Guarantor conduct business;

     

     

    

(e)
except as noted on Schedule 3 attached hereto, the undersigned has no knowledge of (i) any federal or state
tax liens having been filed against any Borrower, Guarantor or any Collateral or (ii) any failure of any Borrower or Guarantor
to make required payments of withholding or other tax obligations of any Borrower or Guarantor during the accounting period to
which the attached statements pertain or any subsequent period;

(f)
Schedule 5.14 to the Credit Agreement contains a complete and accurate statement of all deposit accounts and investment
accounts maintained by Borrowers and Guarantors;

(g)
except as noted on Schedule 4 attached hereto and Schedule 3.6 to the Credit Agreement, the undersigned has no knowledge
of any current, pending or threatened: (i) litigation against any Borrower or Guarantor; (ii) inquiries, investigations
or proceedings concerning the business affairs, practices, licensing or reimbursement entitlements of any Borrower or Guarantor;
or (iii) any default by any Borrower or Guarantor under any Material Contract to which it is a party;

(h)
except as noted on Schedule 5 attached hereto, no Borrower or Guarantor has acquired, by purchase, by the approval
or granting of any application for registration (whether or not such application was previously disclosed to Agent by Borrowers)
or otherwise, any Intellectual Property that is registered with any United States or foreign Governmental Authority, or has filed
with any such United States or foreign Governmental Authority, any new application for the registration of any Intellectual Property,
or acquired rights under a license as a licensee with respect to any such registered Intellectual Property (or any such application
for the registration of Intellectual Property) owned by another Person, that has not previously been reported to Agent on Schedule
3.17 to the Credit Agreement or any Schedule 5 to any previous Compliance Certificate delivered by Borrower Representative to Agent;

(i)
except as noted on Schedule 6 attached hereto, no Borrower or Guarantor has acquired, by purchase or otherwise, any Chattel
Paper, Letter of Credit Rights, Instruments, Documents or Investment Property that has not previously been reported to Agent on
any Schedule 6 to any previous Compliance Certificate delivered by Borrower Representative to Agent;

(j)
except as noted on Schedule 7 attached hereto, no Borrower or Guarantor is aware of any commercial tort claim that
has not previously been reported to Agent on any Schedule 7 to any previous Compliance Certificate delivered by Borrower
Representative to Agent; and

(k)
Borrowers and Guarantors (if any) are in compliance with the covenants contained in Article 6 of the Credit Agreement, and
in any Guarantee constituting a part of the Financing Documents, as demonstrated by the calculation of such covenants below, except
as set forth below; in determining such compliance, the following calculations have been made: [See attached worksheets]. Such
calculations and the certifications contained therein are true, correct and complete.

The foregoing certifications
and computations are made as of ________________, 20__ (end of month) and as of _____________, 20__.

     

     

    

	 	Sincerely,
	 	 
	 	[BORROWER REPRESENTATIVE]
	 	 
	 	By:	
   

	 	Name:	
   

	 	Title:	
   

	 	 	 	 

     

     

    

EBITDA Worksheet (Attachment to
Compliance Certificate)

	EBITDA for the applicable Defined Period is calculated as follows:	 
	Net income (or loss) for the Defined Period of Borrowers and their Consolidated Subsidiaries, but excluding:  (a) the income (or loss) of any Person (other than Subsidiaries of Borrowers) in which Borrowers or any of their Subsidiaries has an ownership interest unless received by Borrower or their Subsidiary in a cash distribution; and (b) the income (or loss) of any Person accrued prior to the date it became a Subsidiary of Borrowers or is merged into or consolidated with Borrowers	$___________
	Plus:Any provision for (or minus any benefit from) income and franchise taxes deducted in the determination of net income for the Defined Period	$___________
	Plus:Interest expense, net of interest income, deducted in the determination of net income for the Defined Period	$___________
	Plus:Amortization and depreciation deducted in the determination of net income for the Defined Period	$___________
	Plus:Reasonable and documented fees and expenses deducted in the determination of net income incurred in connection with the closing of the Loan(s) and any amendments or waivers to this Agreement or any Financing Document and actually paid in cash for the Defined Period 	$___________
	Plus:Reasonable and documented fees and expenses deducted in the determination of net income incurred and actually paid in cash for the Defined Period with respect to any Permitted Acquisition consummated after the Closing Date, to the extent incurred within 180 days of the consummation of such Permitted Acquisition and subject to Agent’s reasonable approval	$___________
	Plus:Non-recurring expense deducted (or minus non-recurring income added) in the determination of net income and actually paid in cash for the Defined Period subject to Agent’s reasonable approval	$___________
	Plus:Non-cash expense deducted (or minus non-cash income added) in the determination of net income for the Defined Period subject to Agent’s reasonable approval	$___________
	EBITDA for the Defined Period:	$___________

 

     

     

    

 

Fixed Charge Coverage Ratio Worksheet
(Attachment to Compliance Certificate)

	Fixed Charges for the applicable Defined Period is calculated as follows:	 
	Payment of interest expense, net of interest income, included in the determination of net income of Borrowers and their Consolidated Subsidiaries for the Defined Period	$___________
	Plus:Any provision for (or minus any benefit from) income taxes (less elimination of such taxes as a result of Borrowers' consolidated tax filings with Holdings) or franchise taxes included in the determination of net income for the Defined Period	$___________
	Plus:Payments of principal for the Defined Period with respect to all Debt (including the portion of scheduled payments under capital leases allocable to principal but excluding mandatory prepayments required by Section 2.1 and excluding scheduled repayments of Revolving Loans and other Debt subject to reborrowing to the extent not accompanied by a concurrent and permanent reduction of the Revolving Loan Commitment (or equivalent loan commitment))	$___________
	Plus:Permitted Distributions	$___________
	Fixed Charges for the applicable Defined Period:	$___________
	Operating Cash Flow for the applicable Defined Period is calculated as follows:	 
	EBITDA for the Defined Period (calculated pursuant to the EBITDA Worksheet)	$___________
	Minus:Unfinanced Capital Expenditures for the Defined Period	$___________
	Minus:To the extent not already reflected in the calculation of EBITDA, other capitalized costs, defined as the gross amount paid in cash and capitalized during the Defined Period, as long term assets, other than amounts capitalized during the Defined Period as capital expenditures for property, plant and equipment or similar fixed asset accounts	$___________
	Operating Cash Flow for the Defined Period:	$___________

 

     

     

    

	
        Covenant Compliance:

        Fixed Charge Coverage Ratio (Ratio of Operating Cash Flow
        to Fixed Charges) for the Defined Period
	___ to 1.0
	Minimum Fixed Charge Coverage for the Defined Period	1.0 to 1.0
	In Compliance	Yes/No
	 	 

 

     

     

    

EXHIBIT C TO CREDIT AGREEMENT (BORROWING
BASE CERTIFICATE)

 

     

     

    

 

EXHIBIT D TO CREDIT AGREEMENT (NOTICE
OF BORROWING)

NOTICE OF BORROWING

 

This Notice of Borrowing
is given by _____________________, a Responsible Officer of ________________ (the "Borrower Representative"),
pursuant to that certain Credit and Security Agreement dated as of ____________, 2019 among the Borrower Representative, the other
Borrowers party thereto and each additional Borrower that may hereafter be joined thereto (collectively, "Borrowers"),
the Guarantors from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial
institutions or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without
definition shall have the meanings set forth in the Credit Agreement.

The undersigned
Responsible Officer hereby gives notice to Agent of Borrower Representative's request to on _______________, 20__ borrow $_______________
of Loans on __________, 20__. Attached is a Borrowing Base Certificate complying in all respects with the Credit Agreement and
confirming that, after giving effect to the requested advance, the Revolving Loan Outstandings will not exceed the Revolving Loan
Limit.

The undersigned
officer hereby certifies that, both before and after giving effect to the request above (a) each of the conditions precedent
set forth in Section 7.2 have been satisfied, (b) all of the representations and warranties contained in the Credit Agreement
and the other Financing Documents are true, correct and complete as of the date hereof, except to the extent such representation
or warranty relates to a specific date, in which case such representation or warranty is true, correct and complete as of such
earlier date, and (c) no Default or Event of Default has occurred and is continuing on the date hereof.

IN WITNESS WHEREOF,
the undersigned officer has executed and delivered this Notice of Borrowing this ____ day of ___________, 20__.

 

	 	Sincerely,
	 	 
	 	[BORROWER REPRESENTATIVE]
	 	 
	 	By:	
   

	 	Name:	
   

	 	Title:	
   

	 	 	 	 

 

     

     

    

 

EXHIBIT E TO CREDIT AGREEMENT (FORM
OF ANNUAL BUDGET)

 

     

     

    

EXHIBIT F-1 TO CREDIT AGREEMENT

(FORM OF U.S. TAX COMPLIANCE CERTIFICATE)

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

Reference is made
to that certain Credit and Security Agreement dated as of [____], 2019 among the Borrower Representative, the other Borrowers listed
therein and any additional Borrower that may hereafter be added thereto (collectively, "Borrowers"), the Guarantors
from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial institutions
or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated, supplemented
or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without definition
shall have the meanings set forth in the Credit Agreement.

Pursuant to the provisions
of Section 2.8(c) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is
not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to any Borrower as
described in Section 881(c)(3)(C) of the Code.

The undersigned has
furnished the Agent and the Borrower Representative with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Borrower Representative and the Agent, and (2) the undersigned shall have at all times
furnished the Borrower Representative and the 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.

[NAME OF LENDER]

By _________________________

 Name:

 Title:

 

Date: __________ __, 20__

     

     

    

 

EXHIBIT F-2 TO CREDIT AGREEMENT

(FORM OF U.S. TAX COMPLIANCE CERTIFICATE)

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes)

Reference is made
to that certain Credit and Security Agreement dated as of [_____], 2019 among the Borrower Representative, the other Borrowers
listed therein and any additional Borrower that may hereafter be added thereto (collectively, "Borrowers"), the
Guarantors from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial institutions
or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated, supplemented
or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without definition
shall have the meanings set forth in the Credit Agreement.

Pursuant to the provisions
of Section 2.8(c) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of
the Code.

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

[NAME OF PARTICIPANT]

By _________________________

 Name:

 Title:

 

Date: __________ __, 20__

     

     

    

 

EXHIBIT F-3 TO CREDIT AGREEMENT

(FORM OF U.S. TAX COMPLIANCE CERTIFICATE)

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

Reference is made
to that certain Credit and Security Agreement dated as of [______], 2019 among the Borrower Representative, the other Borrowers
listed therein and any additional Borrower that may hereafter be added thereto (collectively, "Borrowers"), the
Guarantors from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial institutions
or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated, supplemented
or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without definition
shall have the meanings set forth in the Credit Agreement.

Pursuant to the provisions
of Section 2.8(c) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of the Code.

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to
the undersigned, or in either of the two calendar years preceding such payments.

[NAME OF PARTICIPANT]

By _________________________

 Name:

 Title:

 

Date: __________ __, 20__

     

     

    

EXHIBIT F-4 TO CREDIT AGREEMENT

(FORM OF U.S. TAX COMPLIANCE CERTIFICATE)

U.S. TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

Reference is made
to that certain Credit and Security Agreement dated as of [_____], 2019 among the Borrower Representative, the other Borrowers
listed therein and any additional Borrower that may hereafter be added thereto (collectively, "Borrowers"), the
Guarantors from time to time party thereto, MidCap Financial Trust, individually as a Lender and as Agent, and the financial institutions
or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated, supplemented
or otherwise modified from time to time, the "Credit Agreement"). Capitalized terms used herein without definition
shall have the meanings set forth in the Credit Agreement.

Pursuant to the provisions
of Section 2.8(c) of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
(as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Financing Document, neither the undersigned nor any of
its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of
the Code.

The undersigned has
furnished the Agent and the Borrower Representative with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner's/member's beneficial owners that
is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, the undersigned shall promptly so inform the Borrower Representative and the Agent, and (2)
the undersigned shall have at all times furnished the Borrower Representative and the 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.

     

     

    

[NAME OF LENDER]

By _________________________

 Name:

 Title:

 

Date: __________ __, 20__Exhibit
10.1

 

SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SIXTH AMENDMENT (the “Sixth
Amendment”) to Employment Agreement, is entered into as of December 31, 2019 by and between John a/k/a Jack McGrath,
an individual (“Executive”) and JAKKS Pacific, Inc., a Delaware corporation (“JAKKS” or the
“Company”) amends the Amended Employment Agreement (as defined below) between Executive and the Company, and
is entered into pursuant to Section 20 of the Amended Employment Agreement.

 

W I T N E S S E T H:

 

WHEREAS, Executive and the Company
entered into an Employment Agreement on March 4, 2010 which was effective January 1, 2010 (the “2010 Employment Agreement”),
which was amended by a First Amendment to Employment Agreement dated August 23, 2011, a Second Amendment to Employment Agreement
dated May 15, 2013, a Third Amendment Extending Term of Employment Agreement dated June 11, 2015, a Fourth Amendment to Employment
Agreement dated September 29, 2016, and a Fifth Amendment dated February 28, 2018, and an Acknowledgment and Waiver Agreement dated
as of August 9, 2019 (the 2010 Employment Agreement, as heretofore amended is referred to as the “Amended Employment Agreement”);
and

 

WHEREAS, the Company and Executive
desire to further amend the terms of the Amended Employment Agreement subject to the terms and conditions set forth in this Amendment
(the Amended Employment Agreement, as further amended by this Sixth Amendment, is referred to as the “Amended Employment
Agreement”.)

 

NOW, THEREFORE, in consideration of
the mutual promises, representations and warranties set forth 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:

 

		1.	Capitalized terms used and not defined herein have the respective meanings ascribed to them in the Amended Employment Agreement.

 

		2.	The Parties hereby agree that effective upon the execution of this Amendment, the Amended Employment Agreement shall be deemed
amended as follows:

 

		(a)	Section 2 of the Amended Employment Agreement is amended and replaced in its entirety by the following:

 

“2. Term.
The Employment of Executive hereunder shall commence on the Effective Date and continue until December 31, 2021, subject to earlier
termination on the terms and conditions provided elsewhere in this Agreement (the “Term”.) As used herein, “Termination
Date” means the last day of the Term.”

 

		(b)	Section 3(d) of the Amended Employment Agreement is amended and replaced in its entirety to provide as follows:

 

“(d) Pursuant to and
subject to the terms of the Plan, the Company shall, to the extent shares are available for award under the Plan, issue to Executive
on each of the first business days of 2020 and 2021 (provided that Executive remains employed by the Company on such date(s),
as applicable) that number of shares of Restricted Stock that are equal to the lesser of (A) $1,000,000 in value (based on the
closing price of a share of the Company's common stock on December 31, 2019 or December 31, 2020, as applicable), or (B) 0.5%
of common shares outstanding of the Company, which shall vest as set forth below in this Section 3 (d); provided , that no such
award under (A) or (B) above shall be made to Executive (and no cash substitute shall be provided to Executive) to the extent
shares are not available for grant under the Plan as of such date; and provided, further, that the Company shall not be obligated
to amend the Plan and/or seek shareholder approval of any amendment to increase the amount of available shares under the Plan.
Granted shares will vest in four equal installments on each anniversary of grant.”

 

     

     

    

 

		(c)	Section 3(e) of the Amended Employment Agreement is amended and replaced in its entirety to provide as follows:

 

“e. 2020 and 2021
Performance Bonus Opportunity. For the fiscal years commencing on January 1, 2020 and January 1, 2021, Executive shall
be eligible to receive a performance-based bonus award (the “Performance Bonus”) in a range between Twenty-Five percent
(25%) and One Hundred Twenty-Five percent (125%) of the Base Salary, based upon the level of EBITDA (defined below) achieved by
the Company for such fiscal year prior to deduction of bonus expenses and one-time non-recurring costs for initiatives approved
by the Board (each an “EBITDA Target Amount”), as determined by the Compensation Committee, and subject to the terms
and conditions set forth herein (the Performance Bonus for fiscal year 2020 is referred to as the “2020 Performance Bonus
and the Performance Bonus for fiscal year 2021 is referred to as the “2021 Performance Bonus”.)

 

		(i)	2020 Performance Bonus Opportunity. For fiscal year 2020, if the Compensation Committee determines that the Company’s
EBITDA (as defined in the First Lien Term Loan Facility Credit Agreement, dated as of August 9, 2019, by and among Cortland Capital
Market Services LLC, the Financial Institutions party thereto, the Company, Disguise, Inc., JAKKS Sales LLC, Maui, Inc., Moose
Mountain Marketing, Inc., and Kids Only, Inc.) for fiscal year 2020 prior to deduction of bonus expenses and one-time non-recurring
costs for initiatives approved by the Board:

 

		(A)	is less than $25,000,000.00, no 2020 Performance Bonus shall be paid;

 

		(B)	equals $25,000,000.00, the 2020 Performance Bonus shall be in an amount equal to Twenty-Five Percent (25%) of the Base Salary
for such fiscal year;

 

		(C)	equals $35,000,000.00, the 2020 Performance Bonus shall be in an amount equal to Fifty Percent (50%) of the Base Salary
for such fiscal year;

 

		(D)	equals $45,000,000.00, the 2020 Performance Bonus shall be in an amount equal to One Hundred Percent (100%) of the Base
Salary for such fiscal year; OR

 

		(E)	equals or exceeds $55,000,000.00, the 2020 Performance Bonus shall be in an amount equal to One Hundred and Twenty-Five
Percent (125%) of the Base Salary for such fiscal year.

 

     

     

    

 

		(ii)	To the extent that EBITDA exceeds $25,000,000.00, but falls between two EBITDA Target Amounts set forth in Sections 3(e)
(i) (A) through (E) above, the amount of the 2020 Performance Bonus shall be determined by the Compensation Committee through linear
interpolation. For the avoidance of doubt, the calculation of any 2020 Performance Bonus shall be based upon only the highest EBITDA
Target Amount achieved by the Company for 2020, and shall not be a cumulative amount.

 

		(iii)	The Company shall pay any 2020 Performance Bonus due Executive hereunder for the fiscal year commencing January 1, 2020
in cash, subject to any required tax withholding, in 2021, not later than twenty-one (21) business days following the date on which
the Auditors’ final report on the Company’s financial statements for fiscal year 2020 is issued and delivered to the
Company and in any event not later than April 30, 2021 (the “2020 Performance Bonus Award Date”). Except as otherwise
provided herein, Executive must be employed on the 2020 Performance Bonus Award Date to be eligible to receive the 2020 Performance
Bonus, or any portion thereof, for such fiscal year.

 

		(iv)	2021 Performance Bonus Opportunity. For fiscal year 2021, if the Compensation Committee determines that the Company’s
EBITDA (as defined in the First Lien Term Loan Facility Credit Agreement, dated as of August 9, 2019, by and among Cortland Capital
Market Services LLC, the Financial Institutions party thereto, the Company, Disguise, Inc., JAKKS Sales LLC, Maui, Inc., Moose
Mountain Marketing, Inc., and Kids Only, Inc.) for fiscal year 2021 prior to deduction of bonus expenses and one-time non-recurring
costs for initiatives approved by the Board:

 

		(A)	is less than $30,000,000.00, no 2021 Performance Bonus shall be paid;

 

		(B)	equals $30,000,000.00, the 2021 Performance Bonus shall be in an amount equal to Twenty-Five Percent (25%) of the Base Salary
for such fiscal year;

 

		(C)	equals $40,000,000.00, the 2021 Performance Bonus shall be in an amount equal to Fifty Percent (50%) of the Base Salary
for such fiscal year;

 

		(D)	equals $50,000,000.00, the 2021 Performance Bonus shall be in an amount equal to One Hundred Percent (100%) of the Base
Salary for such fiscal year; OR

 

		(E)	equals or exceeds $60,000,000.00, the 2021 Performance Bonus shall be in an amount equal to One Hundred and Twenty-Five
Percent (125%) of the Base Salary for such fiscal year.

 

		(v)	To the extent that EBITDA exceeds $30,000,000.00, but falls between two EBITDA Target Amounts set forth in Sections
                                                                    3(e) (IV) (A) through (E) above, the amount of the 2021 Performance Bonus shall be determined by the Compensation Committee
                                                                    through linear interpolation. For the avoidance of doubt, the calculation of any 2021 Performance Bonus shall be based upon
                                                                    only the highest EBITDA Target Amount achieved by the Company
for 2021, and shall not be a cumulative amount.

 

     

     

    

 

		(vi)	The Company shall pay any 2021 Performance Bonus due Executive hereunder for the fiscal year commencing January 1, 2021
in cash, subject to any required tax withholding, in 2022, not later than twenty-one (21) business days following the date on which
the Auditors’ final report on the Company’s financial statements for fiscal year 2021 is issued and delivered to the
Company and in any event not later than April 30, 2022 (the “2020 Performance Bonus Award Date”). Except as otherwise
provided herein, Executive must be employed on the 2021 Performance Bonus Award Date to be eligible to receive the 2021 Performance
Bonus, or any portion thereof, for such fiscal year.”

 

		3.	Separation and Release Agreement. Executive acknowledges and agrees that, as a condition of receiving the payments
and benefits to be provided to him if Executive’s employment is terminated following a Change of Control by Executive for
Good Reason or by the Company without Cause, Executive shall be required to execute and deliver to the Company a Separation Agreement
and General Release in substantially the form attached as Exhibit A (the “Release”) to Amendment No. 3 to the Third
Amended and Restated Employment Agreement entered into as of August 9, 2019 between the Company and Stephen G. Berman, in accordance
with the time limits set forth therein, with modifications to Section 4 thereof to reflect the payments and benefits to which Executive
is entitled to receive under the Amended Employment Agreement, and not exercise any right to revoke such Release.

 

		4.	Miscellaneous.

 

		4.1	Except as expressly provided herein, this Amendment shall not, by implication or otherwise, alter, modify, amend or in any
way affect any of the obligations, covenants or rights contained in the Amended Employment Agreement, all of which are ratified
and confirmed in all respects by the Parties and shall continue in full force and effect. Each reference to the Employment Agreement
or Amended Employment Agreement hereafter made in any document, agreement, instrument, notice or communication shall mean and be
a reference to the Employment Agreement, as amended and modified hereby.

 

		4.2	This Amendment and the documents referenced herein, constitute the entire agreement among the Parties with respect to this
amendment of the Amended Employment Agreement and supersede all prior agreements, negotiations, drafts, and understandings among
the Parties with respect to such subject matter. This Amendment can only be changed or modified pursuant to a written instrument
referring explicitly hereto, and duly executed by each of the Parties.

 

		4.3	This Amendment shall be governed and construed as to its validity, interpretation and effect by the laws of the State of California,
without reference to its conflicts of laws provisions.

 

		4.4	Each party hereto acknowledges that it has had an opportunity to consult with counsel and has participated in the preparation
of this Amendment. No party hereto is entitled to any presumption with respect to the interpretation of any provision hereof or
the resolution of any alleged ambiguity herein based on
any claim that the other party hereto drafted or controlled the drafting of this Amendment.

 

     

     

    

 

		4.5	This Amendment may be executed and delivered (by facsimile or PDF signature) in any number of counterparts, and each such counterpart
shall be deemed to be an original instrument, but all such counterparts together shall constitute one and the same instrument.

 

		5.	The Amended Employment Agreement, as expressly amended by this Sixth Amendment, remains in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the day and year first written above, intending to be legally bound hereby.

 

	 	JAKKS
    PACIFIC, INC.
	 	 
	 	By:	            /S/
	 	 	Name:
    Stephen Berman
	 	 	Title:
    President & CEO
	 	 
	 	           /S/
	 	John
    a/k/a Jack McGrath

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