Document:

EX-4.2

 Exhibit 4.2 

KLA CORPORATION 

Officer’s Certificate 

February 28, 2020 

Reference is made to the Indenture dated as of November 6, 2014 (the “Indenture”) between KLA Corporation (f/k/a KLA-Tencor Corporation) (the “Company”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”). Pursuant to Sections 102, 201 and 301 of the Indenture, the
undersigned officer does hereby certify, in connection with the issuance of $750,000,000 aggregate principal amount of 3.300% Senior Notes due 2050 (the “Notes”): 

1.    The undersigned has read all such covenants or conditions and the definitions relating thereto
provided for in the Indenture relating to the issuance, delivery and authentication of the Notes pursuant to Section 301 of the Indenture. 

2.    The statements of the undersigned contained herein are based upon a review of the Indenture and upon
an examination of the relevant records of the Company. 
 3.    The undersigned has, in the opinion of
such individual, made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenants or conditions relating thereto has been complied with. 

4.    In the opinion of the undersigned, such conditions or covenants contained in the Indenture relating
to the issuance, delivery and authentication of the Notes have been complied with. 
 Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Indenture. 

 The undersigned does hereby certify, in connection with the issuance of the Notes, that the
terms of the Notes are as follows: 
  

			
	Company:	  	KLA Corporation
		
	 Trustee,
 Registrar,

Transfer Agent,
 Authenticating Agent, and Paying
Agent:
	  	Wells Fargo Bank, National Association
		
	Title:	  	3.300% Senior Notes due 2050
		
	Aggregate Principal Amount at Maturity:	  	$750,000,000
		
	Maturity:	  	March 1, 2050
		
	Interest:	  	3.300% per annum
		
	Date from which Interest will Accrue:	  	February 28, 2020
		
	Principal and Interest Payment Place:	  	Wells Fargo Bank, National Association 600 South Fourth Street, 7th Floor Minneapolis, Minnesota 55415 Attention: Corporate Trust Operations
		
	Interest Payment Dates:	  	 March 1 and September 1 of each year, commencing on September 1, 2020.

 
 Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months.

		
	Optional Redemption:	  	 The Company may at its option redeem the Notes, in whole or in part, at any time prior to their maturity on at least 30 but not more than 60
days’ prior notice to each Holder of the Notes to be redeemed. Notice to the Holders and the Trustee shall be given as set forth in the Indenture.

 

			
		
		  	 The redemption price will be equal to the greater of:
  

(1) 100% of the principal amount of the Notes to be redeemed or
  

(2) the sum of the present values of the Remaining Scheduled Payments (as defined in the Notes) discounted to the redemption date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate (as defined in the Notes) plus 20 basis points, plus, in
the case of each of clauses (1) and (2), accrued and unpaid interest to, but not including, the redemption date;
  

provided that, if the Company redeems any Notes on or after September 1, 2049, then the redemption price for those Notes will equal 100% of the aggregate
principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the relevant redemption date.

		
	 Conversion:
	  	 None.

		
	 Sinking Fund:
	  	 None.

		
	 Denominations:
	  	 $2,000 and multiples of $1,000 thereafter

		
	 Change of Control:
	  	Upon the occurrence of a Change of Control Triggering Event (as defined in the Notes under “Offer to Repurchase Upon Change of Control Triggering Event”), the Company will be required to make an offer to purchase the Notes
at a price equal to 101% of their principal amount plus accrued and unpaid interest to the date of repurchase.
		
	 Miscellaneous:
	  	The terms of the Notes shall include such other terms as are set forth in the form of Notes attached hereto as Exhibit A and in the Indenture.

 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has hereunto executed this Officer’s Certificate
and caused it to be delivered as of the date first written above. 
  

			
		 	  

	Name:	 	Bren Higgins
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature page to Officer’s Certificate Pursuant to the Indenture] 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

KLA CORPORATION 
 [Global
Securities Legend] 
 THIS GLOBAL SECURITY IS HELD BY AND REGISTERED IN THE NAME OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 203 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED PURSUANT
TO SECTION 203(a) OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 306 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 [Form of Face of Security] 

KLA CORPORATION 
 3.300% SENIOR
NOTE DUE 2050 
 CUSIP No. 482480AJ9 

ISIN No. US45482480AJ99 
 No.
                     $             

KLA CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (f/k/a
KLA-Tencor Corporation) (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
CEDE & CO., or registered assigns, the principal sum of                  dollars on March 1, 2050, which aggregate principal amount may from time to time
be reduced or increased, as appropriate, in accordance with the within-mentioned Indenture and as reflected in the Schedule of Exchanges of Interests in the Global Security attached hereto, to reflect exchanges or redemptions of the Securities
represented hereby, and to pay interest thereon from February 28, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1 and September 1 in each year,
commencing September 1, 2020, at the rate of 3.300% per annum, until the principal hereof is paid or made available for payment, provided, however that any principal and premium, and any such installment of interest, which is
overdue shall bear interest at the rate of 3.300% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest, which shall be the February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holder of the Securities not less than 10 days prior to such Special Record Date. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose in Minneapolis, Minnesota, in accordance with the terms of the Indenture referred to or the reverse hereof in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Security shall be deemed
to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of said state. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	KLA CORPORATION
		
	By:	 	  

	Name:	 	Bren Higgins
	Title:	 	Executive Vice President and Chief
		 	Financial Officer

 CERTIFICATE OF AUTHENTICATION 

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

Dated: February 28, 2020 
  

			
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION, as

Trustee

 
			
		
	By:	 	  

		 	Authorized Signatory

 [Form of Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of November 6, 2014 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank,
National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof, initially limited in aggregate principal amount to $750,000,000. 
 1.    Interest. 

The Company promises to pay interest on the principal amount of this Security at the rate per annum described above. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

2.    Paying Agent. 

Initially, Wells Fargo Bank, National Association (the “Trustee”) will act as paying agent. The Company may change any paying
agent without notice to the Holders. 
 3.    Indenture; Defined Terms. 

This Security is one of the 3.300% Senior Notes due 2050 established pursuant to an Officer’s Certificate dated February 28, 2020
and issued pursuant to Sections 102, 201 and 301 of the Indenture. 
 For purposes of this Security, unless otherwise defined herein,
capitalized terms herein are used as defined in the Indenture. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern. 

4.    Denominations; Transfer; Exchange. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security may be registered and this
Security may be exchanged as provided in the Indenture. 
 The Securities are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

5.    Amendment; Supplement; Waiver. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities at the time Outstanding, on behalf of the Holders of all the
Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 6.    Redemption. 

The Company may at its option redeem the Securities, in whole or in part, at any time prior to their maturity on at least 30 but not more than
60 days’ prior notice to each Holder of the Securities to be redeemed. Notice to the Holders and the Trustee shall be given as set forth in the Indenture. 

The redemption price will be equal to the greater of: 

(1)    100% of the principal amount of the Securities to be redeemed or 

(2)    the sum of the present values of the Remaining Scheduled Payments discounted to the redemption date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate plus 20 basis points, plus, in the case of each of clauses
(1) and (2), accrued and unpaid interest to, but not including, the redemption date; provided, if the Company redeems the Securities on or after September 1, 2049 (the “Par Call Date”), then the redemption price for
the Securities will equal 100% of the aggregate principal amount of the Securities to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. 

 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the Par Call Date. 
 “Comparable
Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or
(2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers, appointed by the Company. 

“Reference Treasury Dealer” means Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC
and their respective affiliates, their respective successors and one other nationally recognized investment banking firm that is a primary U.S. government securities dealer as selected by the Company. If any of the foregoing or their affiliates
shall cease to be a primary U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New
York City time, on the third business day preceding such redemption date. 
 “Remaining Scheduled Payments” means, with
respect to the Securities to be redeemed, the remaining scheduled payments of principal of and interest on the Securities that would be due after the related redemption date but for the redemption (assuming maturity of such Securities on the Par
Call Date). If that redemption date is not an Interest Payment Date with respect to the Securities subject to redemption, the amount of the next succeeding scheduled interest payment on the Securities will be reduced by the amount of interest
accrued on the Securities to the redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the rate
per annum equal to the semiannual equivalent yield to maturity or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. 
 On and after the redemption date, interest will cease to accrue
on the Securities or any portion thereof called for redemption, unless the Company defaults in the payment of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with a paying agent or the Trustee
money sufficient to pay the redemption price of, and 

 
accrued interest on, the Securities to be redeemed on that date. Calculation of the redemption price will be made by the Company or on its behalf by such person as the Company may designate;
provided that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. 

7.    Offer to Repurchase Upon Change of Control Triggering Event 

Upon the occurrence of a Change of Control Triggering Event (as defined below) with respect to the Securities, unless the Company shall have
exercised its right pursuant to Section 6 hereof to redeem the Securities, the Company will be required to make an offer to repurchase all or, at the Holder’s option, any part (equal to $2,000 or any integral multiple of $1,000 in excess
thereof), of each Holder’s Securities pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate
principal amount of Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to, but not including, the date of purchase (the “Change of Control Payment”). 

Within 30 days following any Change of Control Triggering Event with respect to the Securities, the Company will be required to give notice to
Holders of the Securities, with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Securities on the date specified in the notice, which date will
be no earlier than 30 and no later than 60 days from the date such notice is given (the “Change of Control Payment Date”), pursuant to the procedures required by the Securities and described in such notice. The Company must comply
with the requirements of applicable securities laws and regulations in connection with the repurchase of the Securities as a result of a Change of Control Triggering Event. 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to: 

 

	 	•	 	 accept for payment the Securities or portions of the Securities properly tendered pursuant to the Change of
Control Offer; 

  

	 	•	 	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of the Securities or
portions of the Securities properly tendered; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officer’s
Certificate stating the aggregate principal amount of the Securities or portions of the Securities being purchased by the Company. 

The Paying Agent will be required to promptly give, to each Holder who properly tendered Securities, the purchase price for the Securities,
and the Trustee will be required to promptly authenticate and mail (or cause to be transferred by book entry) to each such Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any; provided
that each new Security will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

 The Company will not be required to make a Change of Control Offer upon a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn
under its offer. In the event that such third party terminates or otherwise fails to complete its offer, the Company will be required to make a Change of Control Offer treating the date of such termination or default as though it were the date of
the Change of Control Triggering Event. 
 The Company will comply with the requirements of Rule
14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of
a Change of Control Triggering Event. To the extent that the provision of any such securities laws or regulations conflicts with this Section 7, the Company will comply with those securities laws and regulations and will not be deemed to have
breached the Company’s obligations under this Section 7 by virtue of any such conflict. For purposes of this Section 7, the following terms will be applicable: 

“Change of Control” means the occurrence of any one of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger, amalgamation, arrangement or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s properties or assets and those of its
subsidiaries, taken as a whole, to one or more persons, other than to the Company or one of its subsidiaries; (2) the first day on which a majority of the members of the Board of Directors of the Company is not composed of Continuing Directors
(as defined below); (3) the consummation of any transaction including, without limitation, any merger, amalgamation, arrangement or consolidation the result of which is that any person becomes the beneficial owner, directly or indirectly, of more
than 50% of the Company’s Voting Stock; (4) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any
of the outstanding Voting Stock of the Company or of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; or (5) the adoption of a plan relating to the
Company’s liquidation or dissolution. For the purposes of this definition, “person” and “beneficial owner” have the meanings used in Section 13(d) of the Exchange Act. 

“Change of Control Triggering Event” means the Securities cease to be rated Investment Grade by at least two of the three
Rating Agencies on any date during the period (the “Trigger Period”) commencing on the date of the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending
60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings
change). Unless at least two of the three Rating Agencies are providing a rating for the Securities at the commencement of any Trigger Period, the Securities will be deemed to have ceased to be rated Investment Grade by at

 
least two of the three Rating Agencies during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any
particular Change of Control unless and until such Change of Control has actually been consummated. 
 “Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on the Issue Date; or (2) was nominated for election, elected or
appointed to the Board of Directors of the Company with the approval of a majority of the Continuing Directors who were members of the Board of Directors of the Company at the time of such nomination, election or appointment (either by a specific
vote or by approval by such directors of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

“Fitch” means Fitch Ratings, Inc., and its successors. 

“Investment Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P or BBB- (or the equivalent) by Fitch, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating
Agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Rating Agencies” means (a) each of Moody’s, S&P and Fitch
to the extent Fitch makes its rating available; and (b) if any of the Rating Agencies ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a
“nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act that is selected by the Company (as certified by a resolution of the Board of Directors of the Company) as a
replacement for Moody’s, S&P or Fitch, or some or all of them, as the case may be. 
 “S&P” means
Standard & Poor’s Global Ratings, a division of S&P Global Inc., and its successors. 
 “Voting Stock” of
any specified person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

 8.    Defeasance. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

9.    Defaults and Remedies. 

If an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, if
any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Securities may declare all the Securities to be due and payable immediately. Upon any such declaration,
the entire aggregate principal amount of, premium, if any, and accrued and unpaid interest on the Securities shall become immediately due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency with respect to the Company, all Outstanding Securities will become due and payable without further action or notice. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Securities notice of any
continuing Default or Event of Default (except a Default or Event of Default relating to payment of principal or interest on any Security) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate
principal amount of the Securities may waive any existing or past Default or Event of Default under the Indenture, and its consequences, except a default in the payment of the principal of, or interest on, the Securities. The Company is required to
deliver to the Trustee annually a statement regarding compliance with the Indenture. 
 10.    Authentication. 

This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

11.    Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

12.    CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the 

 
Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance may be placed only on the
other identification numbers printed hereon. 
 13.    Waiver of Liabilities 

No past, present or future director, officer, employee, incorporator, agent, stockholder or Affiliate of the Company or any of its
Subsidiaries, as applicable, shall have any liability for any obligations of the Company or any of its Subsidiaries under the Securities, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder by accepting a Security waives and releases all such liabilities. The waiver and release are part of the consideration for issuance of the Securities. 

14.    Governing Law. 

The laws of the State of New York shall govern the Indenture and this Note thereof. 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we assign
and transfer this Security to: 
  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                         as agent to transfer this Security on the books of the Company. The agent may substitute another
to act for him. 
  
  

 

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the other side of this Security)

			
	  
 Your Name:
	 	
             

  

			
	Date:                                     
                	 	

			
	  
 Signature Guarantee:
	 	          

  

	*	 NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized
signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program
acceptable to the Trustee. 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL 

SECURITY 
 The initial outstanding principal
amount of this Global Security is $                . 
 The following
exchanges of an interest in this Global Security for an interest in another Global Security or for a Definitive Security, exchanges of an interest in another Global Security or a Definitive Security for an interest in this Global Security, or
exchanges or purchases of a part of this Global Security have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of

this Global Security
	  	 Amount of increase in
Principal Amount of

this Global Security
	  	 Principal Amount of

this Global Security

following such
 decrease or
increase
	  	 Signature of
authorized
signatory of Trustee or
Securities Custodian

	
                   
                     
	  		  		  		  	
	
                   
                     
	  		  		  		  	
	
                   
                     
	  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 REPURCHASE EXERCISE NOTICE UPON A CHANGE OF CONTROL 

 

	To:	 KLA Corporation 

The undersigned registered owner of this Security hereby acknowledges receipt of a notice from KLA Corporation (the “Company”) as to the
occurrence of a Change of Control Triggering Event with respect to the Company and hereby directs the Company to pay, or cause the Trustee to pay,
                             an amount in cash equal to 101% of the aggregate principal amount of the
Securities, or the portion thereof (which is $2,000 principal amount or a multiple of $1,000 in excess thereof) below designated, to be repurchased plus interest accrued to, but excluding, the repurchase date, except as provided in the Indenture.

  

	
	Dated:                         
	
	Signature
                                    
	
	 Principal amount to be repurchased (at least $2,000 or a multiple of $1,000 in excess thereof):
                                

	
	 Remaining principal amount following such repurchase:
                                        

	
	 Tax Identification No.:
                                    

	
	 Signature Guarantee*:

 

			
	By:	 	  

		 	Authorized Signatory

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee).Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

 

 

 

 

  

 

CREDIT AGREEMENT

 

 

dated as of

 

 

February 28, 2020

 

 

among

 

 

THE JOINT CORP.

 

 

The Lenders Party Hereto

 

 

and

 

 

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

 

___________________________

 

JPMORGAN CHASE BANK, N.A.,

as Sole Bookrunner and Sole Lead Arranger

 

 

 

 

 

 

 

     

    

    

TABLE OF CONTENTS

 

Page

 

	ARTICLE I.  Definitions	1
	SECTION 1.01.  Defined Terms	1
	SECTION 1.02.  Classification of Loans and Borrowings.	28
	SECTION 1.03.  Terms Generally.	29
	SECTION 1.04.  Accounting Terms; GAAP	29
	SECTION 1.05.  Interest Rates	30
	SECTION 1.08.  Rounding	30
	ARTICLE II.  The Credits	30
	SECTION 2.01.  Commitments	30
	SECTION 2.02.  Loans and Borrowings	31
	SECTION 2.03.  Requests for Borrowings	31
	SECTION 2.04.  Section Intentionally Omitted.	32
	SECTION 2.05.  Section Intentionally Omitted.	32
	SECTION 2.06.  Letters of Credit	32
	SECTION 2.07.  Funding of Borrowings.	37
	SECTION 2.08.  Interest Elections.	37
	SECTION 2.09.  Termination of Commitments	39
	SECTION 2.10.  Repayment and Amortization of Loans; Evidence of Debt.	40
	SECTION 2.11.  Prepayment of Loans	41
	SECTION 2.12.  Fees.	42
	SECTION 2.13.  Interest	43
	SECTION 2.14.  Alternate Rate of Interest; Illegality.	44
	SECTION 2.15.  Increased Costs.	45
	SECTION 2.16.  Break Funding Payments.	46
	SECTION 2.17.  Withholding of Taxes; Gross-Up	47
	SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of Setoffs	50
	SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.	52
	SECTION 2.20.  Defaulting Lenders	53
	SECTION 2.21.  Returned Payments	55
	SECTION 2.22.  Banking Services and Swap Agreements	56
	ARTICLE III.  Representations and Warranties	56
	SECTION 3.01.  Organization; Powers	56
	SECTION 3.02.  Authorization; Enforceability	56
	SECTION 3.03.  Governmental Approvals; No Conflicts.	56
	SECTION 3.04.  Financial Condition; No Material Adverse Change	56
	SECTION 3.05.  Properties	57
	SECTION 3.06.  Litigation and Environmental Matters.	57
	SECTION 3.07.  Compliance with Laws and Agreements; No Default.	57
	SECTION 3.08.  Investment Company Status.	58
	SECTION 3.09.  Taxes.	58
	SECTION 3.10.  ERISA	58
	SECTION 3.11.  Disclosure.	58
	SECTION 3.12.  Material Agreements	58
	SECTION 3.13.  Solvency.	58
	SECTION 3.14.  Insurance.	59
	SECTION 3.15.  Capitalization and Subsidiaries.	59

 

    i

    

    

 

	SECTION 3.16.  Security Interest in Collateral	59
	SECTION 3.17.  Employment Matters	59
	SECTION 3.18. Margin Regulations	59
	SECTION 3.19. Use of Proceeds	60
	SECTION 3.20. No Burdensome Restrictions	60
	SECTION 3.21. Anti-Corruption Laws and Sanctions	60
	SECTION 3.22.  EEA Financial Institutions	60
	SECTION 3.23.  Plan Assets; Prohibited Transactions	60
	SECTION 3.24.  Affiliate Transactions.	60
	ARTICLE IV.  Conditions	60
	SECTION 4.01.  Effective Date	61
	SECTION 4.02.  Each Credit Event.	63
	ARTICLE V.  Affirmative Covenants	64
	SECTION 5.01.  Financial Statements and Other Information	64
	SECTION 5.02.  Notices of Material Events.	66
	SECTION 5.03.  Existence; Conduct of Business	66
	SECTION 5.04.  Payment of Obligations.	67
	SECTION 5.05.  Maintenance of Properties	67
	SECTION 5.06.  Books and Records; Inspection Rights	67
	SECTION 5.07.  Compliance with Laws and Material Contractual Obligations.	67
	SECTION 5.08.  Use of Proceeds.	67
	SECTION 5.09.  Accuracy of Information	68
	SECTION 5.10.  Insurance	68
	SECTION 5.11.  Intentionally Omitted	68
	SECTION 5.12.  Casualty and Condemnation	68
	SECTION 5.13. Depository Banks	68
	SECTION 5.14. Additional Collateral; Further Assurances	68
	ARTICLE VI.  Negative Covenants	69
	SECTION 6.01.  Indebtedness.	70
	SECTION 6.02.  Liens.	71
	SECTION 6.03.  Fundamental Changes.	72
	SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions	72
	SECTION 6.05.  Asset Sales	74
	SECTION 6.06.  Sale and Leaseback Transactions	74
	SECTION 6.07.  Swap Agreements	75
	SECTION 6.08.  Restricted Payments; Certain Payments of Indebtedness.	75
	SECTION 6.09.  Transactions with Affiliates.	75
	SECTION 6.10.  Restrictive Agreements.	76
	SECTION 6.11. Amendment of Material Documents	76
	SECTION 6.12. Financial Covenants	76
	ARTICLE VII.  Events of Default	76
	ARTICLE VIII.  The Administrative Agent	79
	SECTION 8.01. Authorization and Action	79
	SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc.	82
	SECTION 8.03. Posting of Communications	83
	SECTION 8.04. The Administrative Agent Individually	84
	SECTION 8.05. Successor Administrative Agent	84
	SECTION 8.06. Acknowledgements of Lenders and Issuing Banks	85
	SECTION 8.07. Collateral Matters	86
	SECTION 8.08. Collateral Matters	87
	SECTION 8.09. Certain ERISA Matters	88

 

    ii

    

    

 

	SECTION 8.10. Flood Laws	89
	ARTICLE IX.  Miscellaneous	90
	SECTION 9.01.  Notices	90
	SECTION 9.02.  Waivers; Amendments.	91
	SECTION 9.03.  Expenses; Indemnity; Damage Waiver.	93
	SECTION 9.04.  Successors and Assigns	95
	SECTION 9.05.  Survival	99
	SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution.	99
	SECTION 9.07.  Severability	100
	SECTION 9.08.  Right of Setoff.	100
	SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process.	100
	SECTION 9.10.  WAIVER OF JURY TRIAL.	101
	SECTION 9.11.  Headings.	101
	SECTION 9.12.  Confidentiality.	102
	SECTION 9.13.  Several Obligations; Nonreliance; Violation of Law	102
	SECTION 9.14.  USA PATRIOT Act	102
	SECTION 9.15.  Disclosure	102
	SECTION 9.16.  Appointment for Perfection	103
	SECTION 9.17.  Interest Rate Limitation	103
	SECTION 9.18.  No Fiduciary Duty, etc.	103
	SECTION 9.19.  Marketing Consent	104
	SECTION 9.20.  Acknowledgement and Consent to Bail-In of EEA Financial Institutions	104
	SECTION 9.21.  Acknowledgement Regarding Any Supported QFCs	104
	ARTICLE X.  Loan Guaranty	105
	SECTION 10.01.  Guaranty.	105
	SECTION 10.02.  Guaranty of Payment	105
	SECTION 10.03.  No Discharge or Diminishment of Loan Guaranty	105
	SECTION 10.04.  Defenses Waived.	106
	SECTION 10.05.  Rights of Subrogation	107
	SECTION 10.06.  Reinstatement; Stay of Acceleration.	107
	SECTION 10.07.  Information	107
	SECTION 10.08.  Termination	107
	SECTION 10.09.  Taxes.	107
	SECTION 10.10.  Maximum Liability	107
	SECTION 10.11.  Contribution	108
	SECTION 10.12.  Liability Cumulative	108
	SECTION 10.13.  Keepwell	109

 

SCHEDULES:

 

Commitment Schedule

Schedule 3.05 – Properties, etc.

Schedule 3.06 – Disclosed Matters

Schedule 3.12 – Material Agreements

Schedule 3.14 – Insurance

Schedule 3.15 – Capitalization and Subsidiaries

Schedule 3.24 – Affiliate Transactions

Schedule 6.01 – Existing Indebtedness

Schedule 6.02 – Existing Liens

Schedule 6.04 – Existing Investments

Schedule 6.10 – Existing Restrictions

 

    iii

    

    

 

EXHIBITS:

 

Exhibit A – Assignment and Assumption

Exhibit B-1 - Borrowing Request

Exhibit B-2 – Interest Election Request

Exhibit C-1 – U.S. Tax Compliance Certificate (For
Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit C-2 – U.S. Tax Compliance Certificate (For
Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)

Exhibit C-3 – U.S. Tax Compliance Certificate (For
Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit C-4 – U.S. Tax Compliance Certificate (For
Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)

Exhibit D – Compliance Certificate

Exhibit E– Joinder Agreement

 

 

 

 

 

 

 

    iv

    

    

 

CREDIT AGREEMENT dated as of February 28, 2020 (as it may be amended
or modified from time to time, this “Agreement”), among THE JOINT CORP., as Borrower, the other Loan Parties
party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as Administrative Agent.

 

The parties hereto agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01. Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:

 

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

 

“Account” has the meaning
assigned to such term in the Security Agreement.

 

“Account Debtor” means any
Person obligated on an Account.

 

“Acquisition” means any transaction,
or any series of related transactions, consummated on or after the Effective Date, by which any Loan Party (a) acquires any going
business or all or substantially all of the assets of any Person, whether through purchase of assets, merger or otherwise or (b)
directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority
(in number of votes) of the Equity Interests of a Person which has ordinary voting power for the election of directors or other
similar management personnel of a Person (other than Equity Interests having such power only by reason of the happening of a contingency)
or a majority of the outstanding Equity Interests of a Person.

 

“Adjusted LIBO Rate” means,
with respect to any Eurodollar Borrowing for any Interest Period or for any ABR Borrowing, an interest rate per annum (rounded
upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the
Statutory Reserve Rate.

 

“Administrative Agent” means
JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

 

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

 

“Affiliate” means, with respect
to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the specified Person.

 

“Agent Indemnitee” has the
meaning assigned to it in Section 9.03(c).

 

“Aggregate Credit Exposure”
means, at any time, the aggregate Credit Exposure of all the Lenders at such time.

 

“Aggregate Revolving Exposure”
means, at any time, the aggregate Revolving Exposure of all the Lenders at such time.

 

    	1

    

    

 

“Alternate Base Rate” means,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in
effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period on such day (or if
such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the purpose of this definition,
the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such
one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate
Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base
Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until any amendment
has become effective pursuant to Section 2.14(c)), then the Alternate Base Rate shall be the greater of clause (a) and (b) above
and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined
pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

 

“Anti-Corruption Laws” means
all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning
or relating to bribery or corruption.

 

“Applicable Parties” has
the meaning assigned to it in Section 8.03(c).

 

“Applicable Percentage” means,
with respect to any Lender, (a) with respect to Revolving Loans, or LC Exposure, a percentage equal to a fraction the numerator
of which is such Lender’s Revolving Commitment and the denominator of which is the aggregate Revolving Commitments (provided
that, if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s
share of the Aggregate Revolving Exposure at that time), and (b) with respect to the Term Loans, a percentage equal to a fraction
the numerator of which is the aggregate outstanding principal amount of the Term Loans of such Lender and the denominator of which
is the aggregate outstanding principal amount of the Term Loans of all Term Lenders, provided that, in accordance with Section
2.20, so long as any Lender shall be a Defaulting Lender, such Defaulting Lender’s Commitment shall be disregarded in the
calculations under clause (a) above.

 

“Applicable Rate” means,
for any day, with respect to any Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable
rate per annum set forth below under the caption “Revolving Commitment ABR Spread”, “Revolving Commitment Eurodollar
Spread” “Term Loan ABR Spread”, “Term Loan Eurodollar Spread” or “Commitment Fee Rate”,
as the case may be:

 

	
        Revolving

        Commitment

        ABR Spread
	
        Revolving 

        Commitment

        Eurodollar

        Spread
	
        Term Loan 

        ABR Spread
	Term Loan Eurodollar Spread	Commitment Fee Rate
	1.00%	2.00%	1.00%	2.00%	0.25%

 

 

“Approved Electronic Platform”
has the meaning assigned to it in Section 8.03(a).

 

“Approved Fund” has the meaning
assigned to the term in Section 9.04(b).

 

    	2

    

    

 

“Arranger” means JPMorgan
Chase Bank, N.A., in its capacity as sole bookrunner and sole lead arranger hereunder.

 

“Assignment and Assumption”
means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent
is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other
form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

 

“Availability Period” means
the period from and including the Effective Date to but excluding the earlier of the Revolving Credit Maturity Date and the date
of termination of the Revolving Commitments.

 

“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.

 

“Banking Services” means
each and any of the following bank services provided to any Loan Party by any Lender or any of its Affiliates: (a) credit cards
for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored
value cards, (c) merchant processing services, and (d) treasury management services (including, without limitation, controlled
disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services).

 

“Banking Services Obligations”
means any and all obligations of the Loan Parties or its Subsidiaries, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor)
in connection with Banking Services.

 

“Bankruptcy Event” means,
with respect to any Person, when such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business, appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment or has had any order for relief in such proceeding entered in respect thereof, provided that a Bankruptcy Event
shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a
Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity
from the jurisdiction of courts within the U.S. or from the enforcement of judgments or writs of attachment on its assets or permits
such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements
made by such Person.

 

“Benchmark Replacement” means
the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent
and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate
of interest as a replacement to the LIBO Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement
Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will
be deemed to be zero for the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively
feasible as determined by the Administrative Agent in its sole discretion.

 

    	3

    

    

 

“Benchmark Replacement Adjustment”
means the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative
value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection
or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the LIBO Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of the LIBO Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the
form of a reduction to the Applicable Rate).

 

“Benchmark Replacement Conforming Changes”
means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and frequency of determining
rates and making payments of interest and other administrative matters) that the Administrative Agent decides in its reasonable
discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines
that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).

 

“Benchmark Replacement Date”
means the earlier to occur of the following events with respect to the LIBO Rate:

 

(1) in the case of clause (1) or (2)
of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication
of information referenced therein and (b) the date on which the administrator of the LIBO Screen Rate permanently or indefinitely
ceases to provide the LIBO Screen Rate; or

 

(2) in the case of clause (3) of the
definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced
therein.

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

(1) a public statement or publication
of information by or on behalf of the administrator of the LIBO Screen Rate announcing that such administrator has ceased or will
cease to provide the LIBO Screen Rate, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the LIBO Screen Rate;

 

(2) a public statement or publication
of information by the regulatory supervisor for the administrator of the LIBO Screen Rate, the U.S. Federal Reserve System, an
insolvency official with jurisdiction over the administrator for the LIBO Screen Rate, a resolution authority with jurisdiction
over the administrator for the LIBO Screen Rate or a court or an entity with similar insolvency or resolution authority over the
administrator for the LIBO Screen Rate, in each case which states that the administrator of the LIBO Screen Rate has ceased or
will cease to provide the LIBO Screen Rate permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the LIBO Screen Rate; and/or

 

    	4

    

    

 

(3) a public statement or publication
of information by the regulatory supervisor for the administrator of the LIBO Screen Rate announcing that the LIBO Screen Rate
is no longer representative.

 

“Benchmark Transition Start Date”
means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if
such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior
to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective
event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case
of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to
the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.

 

“Benchmark Unavailability Period”
means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and
solely to the extent that the LIBO Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time
that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate for all
purposes hereunder in accordance with Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO
Rate for all purposes hereunder pursuant to Section 2.14.

 

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

 

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

 

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

 

“BHC Act Affiliate” of a
party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k))
of such party.

 

“Borrower” means THE JOINT
CORP., a Delaware corporation.

 

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

 

    	5

    

    

 

“Borrowing Request” means
a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form of Exhibit
B-1 hereto or any other form approved by the Administrative Agent.

 

“Burdensome Restrictions”
means any consensual encumbrance or restriction of the type described in clause (a) or (b) of Section 6.10.

 

“Business Day” means any
day that is not a Saturday, Sunday or other day on which commercial banks in Chicago, Illinois are authorized or required by law
to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall
also exclude any day on which banks are not open for general business in London.

 

“Capital Expenditures” means,
without duplication, any expenditure or commitment to expend money for any purchase or other acquisition of any asset which would
be classified as a fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance
with GAAP.

 

“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted
for as capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall
be the capitalized amount thereof determined in accordance with GAAP.

 

“Change in Control” means
the occurrence of any of the following: (a) the acquisition of direct or indirect Control of the Borrower by any person, entity
or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan
of such person, entity or “group” and its subsidiaries and any person or entity acting in its capacity as trustee,
agent or other fiduciary or administrator of any such plan) shall at any time have acquired direct or indirect beneficial ownership
(as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act) of voting power of the outstanding Equity Interests of the Borrower
having more than thirty-five percent (35%) of the ordinary voting power for the election of directors of the Borrower; or (b) occupation
at any time of a majority of the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were
neither (i) directors of the Borrower on the date of this Agreement nor (ii) nominated or appointed by the board of directors of
the Borrower.

 

“Change
in Law” means the occurrence after the date of this Agreement (or, with respect to any Lender, such later date on which
such Lender becomes a party to this Agreement) of any of the following: (a) the adoption of or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section
2.15(b), by any lending office of such Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with
any request, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or
issued after the date of this Agreement; provided that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued
in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements or directives promulgated
by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or
the U.S. or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change
in Law”, regardless of the date enacted, adopted, issued or implemented.

 

    	6

    

    

 

“Charges” has the meaning
assigned to such term in Section 9.17.

 

“Chase” means JPMorgan Chase
Bank, N.A., a national banking association, in its individual capacity, and its successors.

 

“Chiropractic Care Facility”
means any chiropractic clinic operated under the “Joint” brand whether owned or managed by Borrower or owned or managed
by a franchisee under the terms of the Franchise Agreement.

 

“Class”, when used in reference
to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans, a Term
A Loan, a Term A-1 Converted Loan or a Term A-2 Converted Loan, (b) any Commitment, refers to whether such Commitment is a Revolving
Commitment or a Term A Commitment, and (c) any Lender, refers to whether such Lender has a Loan or Commitment of a particular Class.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time.

 

“Collateral” means any and
all property owned, leased or operated by a Person covered by the Collateral Documents and any and all other property of any Loan
Party, now existing or hereafter acquired, that may at any time be, become or be intended to be, subject to a security interest
or Lien in favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured Parties, to secure the Secured
Obligations.

 

“Collateral Documents” means,
collectively, the Security Agreement and any other agreements, instruments and documents executed in connection with this Agreement
that are intended to create, perfect or evidence Liens to secure the Secured Obligations, including, without limitation, all other
security agreements, pledge agreements, mortgages, deeds of trust, loan agreements, notes, guarantees, subordination agreements,
pledges, powers of attorney, consents, assignments, contracts, fee letters, notices, leases, financing statements and all other
written matter whether theretofore, now or hereafter executed by any Loan Party and delivered to the Administrative Agent.

 

“Commitment” means, with
respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Commitments. The initial amount of each Lender’s
Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption or other documentation or record
(as such term is defined in Section 9-102(a)(70) of the Chicago Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C),
pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Commitment Schedule” means
the Schedule attached hereto identified as such.

 

“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.

 

“Communications” has the meaning assigned to such
term in Section 8.03(c).

 

“Compounded SOFR” means the
compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions
for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the
interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with:

 

    	7

    

    

 

(1) the rate, or methodology for this
rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR;
provided that:

 

(2) if, and to the extent that, the
Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or
methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion
are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated
syndicated credit facilities at such time;

 

provided, further, that if the
Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2)
is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for
purposes of the definition of “Benchmark Replacement.”

 

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

 

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

 

“Corresponding Tenor” with
respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business
day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBO Rate.

 

“Covered Entity” means any
of the following:

 

(a) a “covered entity”
as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

(b) a “covered bank” as
that term is defined in, and interpreted in accordance with, 12 C.F.R.§ 47.3(b); or

(c) a “covered FSI” as
that term is defined in, and interpreted in accordance with, 12 C.F.R.§ 382.2(b).

 

“Covered Party” has the meaning
assigned to it in Section 9.21.

 

“Credit Exposure” means,
as to any Lender at any time, the sum of (a) such Lender’s Revolving Exposure at such time plus (b) an amount
equal to the aggregate principal amount of its Term Loans outstanding at such time.

 

“Credit Party” (collectively
“Credit Parties”) means the Administrative Agent, the Issuing Bank, or any other Lender.

 

“Default” means any event
or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become
an Event of Default.

 

    	8

    

    

 

“Defaulting Lender” means
any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of
its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount
required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in
writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or
any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any
of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based
on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular
default, if any) to funding a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits
to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide
a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially
able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit under this Agreement,
provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt
of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of
(i) a Bankruptcy Event or (ii) a Bail-In Action.

 

“Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“Disclosed Matters” means
the actions, suits, proceedings and environmental matters disclosed in Schedule 3.06.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected
pursuant to a Division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance
of Equity Interests by a Subsidiary of such Person), including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Dividing Person” has the
meaning assigned to it in the definition of “Division.”

 

“Division” means the division
of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons
(whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person
and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor” means any Person that,
upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations
previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of
such Division.

 

“Document” has the meaning
assigned to such term in the Security Agreement.

 

“dollars” or “$”
refers to lawful money of the U.S.

 

“Early Opt-in Election” means
the occurrence of:

 

(a) a determination by the Administrative
Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required
Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include
language similar to that contained in Section 2.14 are being executed or amended, as applicable, to incorporate or adopt a new
benchmark interest rate to replace the LIBO Rate, and

 

    	9

    

    

 

(b) the election by the Administrative
Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as
applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders
of written notice of such election to the Administrative Agent.

 

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

 

“EBITDA” means, for any period,
Net Income for such period plus (a) without duplication and to the extent deducted in determining Net Income for
such period, the sum of (i) Interest Expense for such period, (ii) income tax expense for such period net of tax refunds, (iii)
all amounts attributable to depreciation and amortization expense for such period, (iv) any extraordinary charges for such
period, (v) any other non-cash charges for such period (but excluding any non-cash charge in respect of an item that was included
in Net Income in a prior period), and (vi) any one-time, non-recurring cash expenses made or incurred during such period, and approved
by the Administrative Agent in its reasonable discretion minus (b) without duplication and to the extent included
in Net Income, (i) any cash payments made during such period in respect of non-cash charges described in clause (a)(v) taken in
a prior period, (ii) any extraordinary gains, any one-time, non-recurring gains, and any non-cash items of income for such period,
and (iii) gains on the sale of assets during such period, all calculated for the Borrower and its Subsidiaries on a consolidated
basis in accordance with GAAP.

 

“ECP” means an “eligible
contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder
and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

 

“EEA Financial Institution”
means (a) any institution 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 institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or
(b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

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

 

“Effective Date” means the
date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Electronic Signature” means an electronic sound,
symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign,
authenticate or accept such contract or record.

 

“Electronic System” means
any electronic system, including e-mail, e-fax, web portal access for the Borrower and any other Internet or extranet-based site,
whether such electronic system is owned, operated or hosted by the Administrative Agent or the Issuing Bank and any of its respective
Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

 

    	10

    

    

 

“Environmental Laws” means
all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued,
promulgated or entered into by any Governmental Authority, relating in any way to (i) the environment, (ii) preservation or reclamation
of natural resources, (iii) the management, Release or threatened Release of any Hazardous Material or (iv) health and safety matters.

 

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

 

“Equipment” has the meaning
assigned to such term in the Security Agreement.

 

“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any of the foregoing, but excluding any debt securities convertible into any of the foregoing.

 

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

 

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

 

“ERISA Event” means (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder, with respect to
a Plan (other than an event for which the 30-day notice period is waived); (b) the failure to satisfy the “minimum funding
standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the
filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any ERISA Affiliate of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Borrower or any ERISA Affiliate of any liability with respect to the withdrawal
or partial withdrawal of the Borrower or any ERISA Affiliate from any Plan or Multiemployer Plan; or (g) the receipt by the
Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate
of any notice, concerning the imposition upon the Borrower or any ERISA Affiliate of Withdrawal Liability or a determination that
a Multiemployer Plan is, or is expected to be, insolvent, in critical status or in reorganization, within the meaning of Title IV
of ERISA.

 

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

 

“Eurodollar”, when used in
reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a rate
determined by reference to the Adjusted LIBO Rate.

 

    	11

    

    

 

“Event of Default” has the
meaning assigned to such term in Article VII.

 

“Excluded Swap Obligation”
means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such
Guarantor of, or the grant by such Guarantor of a security interest to secure, 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 Guarantor’s failure for any reason to constitute
an ECP at the time the Guarantee of such Guarantor or the grant of such security interest becomes or would become 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.

 

“Excluded Taxes” means any
of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient:
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case,
(i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of
any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof)
or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other
than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.17, 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 Commitment or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section
2.17(f) and (d) any withholding Taxes imposed under FATCA.

 

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

 

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

 

“Federal Reserve Bank of New York’s
Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

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

 

    	12

    

    

 

“Financial Officer” means
the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

“Fiscal Quarter” means each
period of thirteen weeks ending on or about the Saturday closest to March 31, June 30, September 30 and December 31 of each calendar
year.

 

“Fiscal Year” means the twelve
month period ending on December 31 of each calendar year.

 

“Fixed Charge Coverage Ratio”
means, for any period, the ratio of (a) EBITDA, plus Rentals, minus Maintenance Capital Expenditures to (b) Fixed Charges, all
calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP.

 

“Fixed Charges” means, for
any period, without duplication, cash Interest Expense, plus Rentals, plus scheduled principal payments on Indebtedness actually
made, plus expense for income taxes paid in cash, plus Capital Lease Obligation payments, all calculated for the Borrower and its
Subsidiaries on a consolidated basis in accordance with GAAP.

 

“Fixtures” has the meaning
assigned to such term in the Security Agreement.

 

“Flood Laws” has the meaning
assigned to such term in Section 8.10.

 

“Forecasts” has the meaning
assigned to such term in Section 5.01(e).

 

“Foreign Lender” means (a)
if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that
is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

 

“Foreign Subsidiary” means
a Subsidiary (which may be a corporation, limited liability company, partnership, or other legal entity) organized under the laws
of a jurisdiction outside of the United States.

 

“Franchise” means a Chiropractic
Care Facility operated pursuant to a Franchise Agreement.

 

“Franchisee” means a Person
operating a Franchise pursuant to Franchise Agreement.

 

“Franchisee Agreement” means
each Franchise Agreement between the Borrower, on the one hand, and a Franchisee of one or more a Chiropractic Care Facilities,
on the other hand.

 

“Funded Indebtedness” means,
at any date, the aggregate principal amount of total liabilities of the Borrower and its Subsidiaries on a consolidated basis,
minus the sum of (a) accounts payable arising from the purchase of goods and services in the Ordinary Course of Business, (b) accrued
expenses or losses, and (c) deferred revenues or gains, determined for the Borrower and its Subsidiaries on a consolidated basis
at such date, in accordance with GAAP (but without giving effect to any netting of financing fees).

 

“Funded Indebtedness to EBITDA Ratio”
means, at any date, the ratio of (a) Funded Indebtedness for such date to (b) EBITDA for the period of four Fiscal Quarters ended
on or most recently prior to such date.

 

“Funding Account” has the
meaning assigned to such term in Section 4.01(h).

 

“GAAP” means generally accepted
accounting principles in the U.S.

 

    	13

    

    

 

“Governmental Authority”
means the government of the U.S., any other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government.

 

“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not
include endorsements for collection or deposit in the Ordinary Course of Business.

 

“Guaranteed Obligations”
has the meaning assigned to such term in Section 10.01.

 

“Guarantors” means all Loan
Guarantors and the term “Guarantor” means each or any one of them individually.

 

“Hazardous Materials” means:
(a) any substance, material, or waste that is included within the definitions of “hazardous substances,” “hazardous
materials,” “hazardous waste,” “toxic substances,” “toxic materials,” “toxic waste,”
or words of similar import in any Environmental Law; (b) those substances listed as hazardous substances by the United States Department
of Transportation (or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency
(or any successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance, material, or waste that is petroleum,
petroleum-related, or a petroleum by-product, asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive,
radioactive, freon gas, radon, or a pesticide, herbicide, or any other agricultural chemical.

 

“IBA” has the meaning assigned
to such term in Section 1.05.

 

“Impacted Interest Period”
has the meaning assigned to such term in the definition of “LIBO Rate.”

 

“Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances
of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person
in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the Ordinary
Course of Business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness
secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease
Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of
letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances, and (k) obligations under any earn-out (which shall be valued in accordance with GAAP), (l) any other Off-Balance
Sheet Liability and (m) obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap
Agreements, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction.
The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or
other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor.

 

    	14

    

    

 

“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
Loan Party under any Loan Document and (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes.

 

“Indemnitee” has the meaning
assigned to such term in Section 9.03(b).

 

“Ineligible Institution”
has the meaning assigned to such term in Section 9.04(b).

 

“Information” has the meaning assigned to such
term in Section 9.12.

 

“Intangible Assets” means
the aggregate amount of: (a) all assets classified as intangible assets under GAAP, including, without limitation, goodwill, trademarks,
patents, copyrights, organization expenses, franchises, licenses, trade names, brand names, mailing lists, catalogs, excess of
cost over book value of assets acquired, and bond discount and underwriting expenses; and (b) loans or advances to, investments
in, or receivables from (i) any Affiliate of the Borrower or (ii) any Person if such loan, advance, investment or receivable is
outside the Borrower’s Ordinary Course of Business; and (c) prepaid expenses.

 

“Interest Election Request”
means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which shall be substantially
in the form of Exhibit B-2 hereto or any other form approved by the Administrative Agent.

 

“Interest Expense” means,
with reference to any period, total interest expense (including that attributable to Capital Lease Obligations) of the Borrower
and its Subsidiaries for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including
all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptances and
net costs under Swap Agreements in respect of interest rates, to the extent such net costs are allocable to such period in accordance
with GAAP), calculated for the Borrower and its Subsidiaries on a consolidated basis for such period in accordance with GAAP.

 

“Interest Payment Date” means
(a) with respect to any ABR Loan, the last Business Day of each calendar month and the Revolving Credit Maturity Date, or
the Term A Maturity Date, as applicable, and (b) with respect to any Eurodollar Loan, the last day of each Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period and the Revolving Credit Maturity Date, or the Term A Maturity Date, as applicable.

 

“Interest Period” means with
respect to any Eurodollar Borrowing, the period commencing on the date of such Eurodollar Borrowing and ending on the numerically
corresponding day in the calendar month that is one, three or six months thereafter, as the Borrower may elect; provided
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

    	15

    

    

 

“Interpolated Rate” means,
at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places as the LIBO Screen Rate)
determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal
to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen Rate for the longest period (for which
the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest
period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time; provided
that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Inventory” has the meaning
assigned to such term in the Security Agreement.

 

“IRS” means the United States
Internal Revenue Service.

 

“Issuing Bank” means, individually
and collectively, each of Chase, in its capacity as the issuer of Letters of Credit hereunder, and any other Revolving Lender from
time to time designated by the Borrower as an Issuing Bank, with the consent of such Revolving Lender and the Administrative Agent,
and their respective successors in such capacity as provided in Section 2.06(i). Any Issuing Bank may, in its discretion,
arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term “Issuing Bank” shall
include any such Affiliate with respect to Letters of Credit issued by such Affiliate (it being agreed that such Issuing Bank shall,
or shall cause such Affiliate to, comply with the requirements of Section 2.06 with respect to such Letters of Credit). At any
time there is more than one Issuing Bank, all singular references to the Issuing Bank shall mean any Issuing Bank, either Issuing
Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all) Issuing Banks, as the
context may require.

 

“Issuing Bank Sublimit” means,
as of the Effective Date, (i) $1,000,000, in the case of Chase and (ii) such amount as shall be designated to the Administrative
Agent and the Borrower in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase
or reduce its Issuing Bank Sublimit upon providing five (5) days’ prior written notice thereof to the Administrative Agent
and the Borrower.

 

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

 

“LC Collateral Account” has
the meaning assigned to such term in Section 2.06(j).

 

“LC Disbursement” means any
payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure” means, at any
time, the sum of the Standby LC Exposure at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable
Percentage of the aggregate LC Exposure at such time.

 

    	16

    

    

 

“Lenders” means the Persons
listed on the Commitment Schedule and any other Person that shall have become a Lender hereunder pursuant to an Assignment
and Assumption or otherwise, other than any such Person that ceases to be a Lender hereunder pursuant to an Assignment and Assumption
or otherwise. Unless the context otherwise requires, the term “Lenders” includes the Issuing Bank.

 

“Letters of Credit” means
the letters of credit issued pursuant to this Agreement, and the term “Letter of Credit” means any one of them
or each of them singularly, as the context may require.

 

“Letter of Credit Agreement”
has the meaning assigned to it in Section 2.06(b).

 

“LIBO Rate” means, with respect
to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing, the LIBO Screen Rate at approximately
11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, if the LIBO Screen
Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”), then the
LIBO Rate shall be the Interpolated Rate, subject to Section 2.14 in the event that the Administrative Agent shall conclude that
it shall not be possible to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest
error). Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection
with an ABR Borrowing, such rate shall be determined as modified by the definition of Alternate Base Rate.

 

“LIBO Screen Rate” means,
for any day and time, with respect to any Eurodollar Borrowing for any Interest Period or for any ABR Borrowing, the London interbank
offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate
for Dollars) for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02
of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor
or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that, if the
LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

 

“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on
or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset
and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 

“Loan Documents” means, collectively,
this Agreement, each promissory note issued pursuant to this Agreement, each Letter of Credit Agreement, each Collateral Document,
the Loan Guaranty, and each other agreement, instrument, document and certificate identified in Section 4.01 executed and delivered
to, or in favor of, the Administrative Agent or any Lender and including each other pledge, power of attorney, consent, assignment,
contract, notice, letter of credit agreement, letter of credit applications and any agreements between the Borrower and the Issuing
Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and
the Issuing Bank in connection with the issuance of Letters of Credit, and each other written matter whether heretofore, now or
hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent
or any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any
other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments, restatements,
supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect
at any and all times such reference becomes operative.

 

    	17

    

    

 

“Loan Guarantor” means each
Loan Party that is not a Borrower.

 

“Loan Guaranty” means Article
X of this Agreement.

 

“Loan Parties” means, collectively,
the Borrower, Borrower’s Subsidiaries and any other Person who becomes a party to this Agreement pursuant to a Joinder Agreement
and their respective successors and assigns, and the term “Loan Party” shall mean any one of them or all of them individually,
as the context may require.

 

“Loans” means the loans and
advances made by the Lenders pursuant to this Agreement.

 

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

 

“Maintenance Capital Expenditures”
means an amount equal to fifty percent (50%) of the Borrower’s and its Subsidiaries’ depreciation expense for the applicable
period.

 

“Margin Stock” means margin
stock within the meaning of Regulations T, U and X, as applicable.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial or otherwise, of
the Borrower and its Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its Obligations, or
(c) the rights of or benefits available to the Administrative Agent, the Issuing Bank or the Lenders under any of the Loan
Documents.

 

“Material Indebtedness” means
Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one
or more of any Loan Party or any of its or their Subsidiaries in an aggregate principal amount exceeding $1,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of a Loan Party or any Subsidiary in
respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
such Loan Party or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Maximum Rate” has the meaning
assigned to such term in Section 9.17.

 

“Moody’s” means Moody’s
Investors Service, Inc.

 

“Multiemployer Plan” means
a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Income” means, for any
period, the consolidated net income (or loss) determined for the Borrower and its Subsidiaries, on a consolidated basis in accordance
with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date it becomes
a Subsidiary or is merged into or consolidated with the Borrower or any Subsidiary (b) the income (or deficit) of any Person (other
than a Subsidiary) in which the Borrower or any Subsidiary has an ownership interest, except to the extent that any such income
is actually received by the Borrower or such Subsidiary in the form of dividends or similar distributions and (c) the undistributed
earnings of any Subsidiary, to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary
is not at the time permitted by the terms of any contractual obligation (other than under any Loan Document) or Requirement of
Law applicable to such Subsidiary.

 

    	18

    

    

 

“Net Proceeds” means, with
respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect
of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received,
(ii) in the case of a casualty, insurance proceeds and (iii) in the case of a condemnation or similar event, condemnation
awards and similar payments, minus (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties
(other than Affiliates) in connection with such event, (ii) in the case of a sale, transfer or other disposition of an asset
(including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all
payments required to be made as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise
subject to mandatory prepayment as a result of such event and (iii) the amount of all taxes paid (or reasonably estimated
to be payable) and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable, in
each case during the year that such event occurred or the next succeeding year and that are directly attributable to such event
(as determined reasonably and in good faith by a Financial Officer).

 

“Non-Consenting Lender” has
the meaning assigned to such term in Section 9.02(d).

 

“NYFRB” means the Federal
Reserve Bank of New York.

 

“NYFRB Rate” means, for any
day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect
on such day(or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such
rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction
quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected
by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

“Obligated Party” has the
meaning assigned to such term in Section 10.02.

 

“Obligations” means all unpaid
principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all expenses, reimbursements,
indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations
and liabilities of any of the Loan Parties to any of the Lenders, the Administrative Agent, the Issuing Bank or any indemnified
party, individually or collectively, existing on the Effective Date or arising thereafter, direct or indirect, joint or several,
absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation
of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans
made or reimbursement or other obligations incurred or any of the Letters of Credit or other instruments at any time evidencing
any thereof.

 

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

 

“Off-Balance Sheet Liability”
of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by
such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered
into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the
functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
Person (other than operating leases).

 

    	19

    

    

 

“Ordinary Course of Business”
means, with respect to any transaction involving the Borrower or any of its Subsidiaries or Affiliates, the ordinary course of
the Borrower’s business, as conducted by the Borrower in accordance with past practices and undertaken by Borrower in good
faith and not for the purpose of evading any covenant or restriction in this Agreement or in any other document, instrument or
agreement executed in connection herewith.

 

“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 Taxes (other than a connection arising from such Recipient having executed, delivered, become a party
to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit, or any
Loan Document).

 

“Other Taxes” means all present
or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from
the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under,
or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to
an assignment (other than an assignment made pursuant to Section 2.19).

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking
offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve
Bank of New York’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight
bank funding rate.

 

“Paid in Full” or “Payment
in Full” means, (i) the indefeasible payment in full in cash of all outstanding Loans and LC Disbursements, together
with accrued and unpaid interest thereon, (ii) the termination, expiration, or cancellation and return of all outstanding Letters
of Credit (or alternatively, with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit,
or at the discretion of the Administrative Agent a back up standby letter of credit satisfactory to the Administrative Agent and
the Issuing Bank, in an amount equal to 105% of the Standby LC Exposure as of the date of such payment), (iii) the indefeasible
payment in full in cash of the accrued and unpaid fees, (iv) the indefeasible payment in full in cash of all reimbursable expenses
and other Obligations (other than obligations expressly stated to survive such payment and termination of this Agreement), together
with accrued and unpaid interest thereon, (v) the termination of all Commitments, and (vi) the termination of the Swap Agreement
Obligations and the Banking Services Obligations.

 

“Parent” means, with respect
to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Participant” has the meaning
assigned to such term in Section 9.04(c).

 

“Participant Register” has
the meaning assigned to such term in Section 9.04(c).

 

“PBGC” means the Pension
Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    	20

    

    

 

“Permitted Encumbrances”
means:

 

(a) Liens imposed by law for Taxes
that are not yet due or are being contested in compliance with Section 5.04;

 

(b) carriers’, warehousemen’s,
mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the Ordinary Course of
Business and securing obligations that are not overdue by more than sixty (60) days or are being contested in compliance with Section
5.04;

 

(c) pledges and deposits made in the
Ordinary Course of Business in compliance with workers’ compensation, unemployment insurance and other social security laws
or regulations;

 

(d) deposits to secure the performance
of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a
like nature, in each case in the Ordinary Course of Business;

 

(e) judgment Liens in respect of judgments
that do not constitute an Event of Default under clause (k) of Article VII; and

 

(f) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the Ordinary Course of Business that do not
secure any monetary obligations and do not materially detract from the value of the affected property or interfere with the ordinary
conduct of business of the Borrower or any Subsidiary;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness, except with respect to clause (e) above.

 

“Permitted Investments” means:

 

(a) direct obligations of, or obligations
the principal of and interest on which are unconditionally guaranteed by, the U.S. (or by any agency thereof to the extent such
obligations are backed by the full faith and credit of the U.S.), in each case maturing within one year from the date of acquisition
thereof;

 

(b) investments in commercial paper
maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating
obtainable from S&P or from Moody’s;

 

(c) investments in certificates of
deposit, bankers’ acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed
by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized
under the laws of the U.S. or any state thereof which has a combined capital and surplus and undivided profits of not less than
$500,000,000;

 

(d) fully collateralized repurchase
agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial
institution satisfying the criteria described in clause (c) above; and

 

    	21

    

    

 

(e) money market funds that (i) comply
with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are
rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.

 

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

 

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

 

“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

“Prepayment Event” means:

 

(a) any casualty or other insured
damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any
Loan Party, but only if the Net Proceeds from all such damage, takings, condemnations or proceedings are in excess of $1,000,000
during any four quarter period; or

 

(b) the sale(s) of one or more Chiropractic
Care Facilities, but only if (i) the sale(s) consist of more than six (6) Chiropractic Care Facilities during any four quarter
period or (ii) the sale(s) result in Net Proceeds in excess of $1,000,000 in the aggregate during any four quarter period; or

 

(c) the incurrence by any Loan Party
of any Indebtedness, other than Indebtedness permitted under Section 6.01.

 

“Prime Rate” means the rate
of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases
to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any
similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as
determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change
is publicly announced or quoted as being effective.

 

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

 

“Public-Sider” means a Lender
whose representatives may trade in securities of the Borrower or its Controlling person or any of its Subsidiaries while in possession
of the financial statements provided by the Borrower under the terms of this Agreement.

 

“QFC” has the meaning assigned
to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support” has
the meaning assigned to it in Section 9.21.

 

    	22

    

    

 

“Qualified ECP Guarantor”
means, in respect of any Swap Obligation, each Loan Party that has total assets exceeding $10,000,000 at the time the relevant
Loan Guaranty or grant of the relevant security interest becomes or would become effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder 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, as applicable,
(a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, or any combination thereof (as the context requires).

 

“Refinance Indebtedness” has the meaning assigned
to such term in Section 6.01(f).

 

“Regional Franchise Development Agreement” means
each regional development agreement between Borrower, on the one hand, and a third-party regional developer of the Joint Chiropractic
franchise concept, on the other hand.

 

“Register” has the meaning assigned to such term
in Section 9.04(b).

 

“Regulation D” means Regulation
D of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Regulation T” means Regulation
T of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Regulation U” means Regulation
U of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

“Regulation X” means Regulation
X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

 

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

 

“Release” means any releasing,
spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing, or dumping
of any substance into the environment.

 

“Relevant Governmental Body”
means the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or
the NYFRB or, in each case, any successor thereto.

 

“Rentals” means, with reference
to any period, the aggregate fixed amounts payable by the Borrower and its Subsidiaries under any operating leases, calculated
for the Borrower and its Subsidiaries on a consolidated basis for such period in accordance with GAAP.

 

“Report” means reports prepared
by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits pertaining to the
Loan Parties’ assets from information furnished by or on behalf of the Loan Parties, after the Administrative Agent has exercised
its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.

 

    	23

    

    

 

“Required Lenders” means,
subject to Section 2.20, at any time, Lenders having Credit Exposure and Unfunded Commitments representing more than 50% of the
sum of the Aggregate Credit Exposure and unused Commitments at such time; provided that, as long as there are only two Lenders,
Required Lenders shall mean both Lenders.

 

“Requirement of Law” means,
with respect to any Person, (a) the charter, articles or certificate of organization or incorporation and bylaws or operating,
management or partnership agreement, or other organizational or governing documents of such Person, and (b) any statute, law (including
common law), treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any arbitrator
or court or other Governmental Authority (including Environmental Laws and including any laws, licensing requirements or approvals
of or by any federal, state or local food authority necessary for the continued operation of any Chiropractic Care Facility operated,
owned or maintained by any Loan Party or any Franchisee), in each case applicable to or binding upon such Person or any of its
property or to which such Person or any of its property is subject.

 

“Responsible Officer” means
the Chief Executive Officer or any Financial Officer of the Borrower.

 

“Restricted Payment” means
any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests
or any option, warrant or other right to acquire any such Equity Interests.

 

“Revolving Commitment” means,
with respect to each Lender, the amount set forth on the Commitment Schedule opposite such Lender’s name, or in the
Assignment and Assumption or other documentation or record (as such term is defined in Section 9-102(a)(70)) of the Illinois Uniform
Commercial Code) as provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Revolving Commitment,
as applicable, as such Revolving Commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b)
assignments by or to such Lender pursuant to Section 9.04; provided, that at no time shall the Revolving Exposure of any
Lender exceed its Revolving Commitment. The initial aggregate amount of the Lenders’ Revolving Commitments is $2,000,000.

 

“Revolving Credit Maturity Date”
means February 28, 2022 (if the same is a Business Day, or if not then the immediately next succeeding Business Day), or any earlier
date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof.

 

“Revolving Exposure” means,
with respect to any Lender, at any time, the sum of the aggregate outstanding principal amount of such Lender’s Revolving
Loans and its LC Exposure at such time.

 

“Revolving Lender” means,
as of any date of determination, a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired,
a Lender with Revolving Exposure.

 

“Revolving Loan” means a
Loan made pursuant to Section 2.01(a).

 

“S&P” means Standard
& Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business.

 

    	24

    

    

 

“Sale and Leaseback Transaction”
has the meaning assigned to such term in Section 6.06.

 

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

 

“Sanctioned Person” means,
at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury, or the U.S. Department of State or by the United Nations Security Council, the
European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by any such
Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions.

 

“Sanctions” means all economic
or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including
those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State,
or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury
of the United Kingdom or other relevant sanctions authority.

 

“SEC” means the Securities
and Exchange Commission of the U.S.

 

“SOFR” with respect to any
day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a
successor administrator), on the Federal Reserve Bank of New York’s Website.

 

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

 

“Secured Obligations” means
all Obligations, together with all (i) Banking Services Obligations and (ii) Swap Agreement Obligations owing to one or more Lenders
or their respective Affiliates; provided, however, that the definition of “Secured Obligations” shall not create
any guarantee by any Guarantor of (or grant of security interest by any Guarantor to support, as applicable) any Excluded Swap
Obligations of such Guarantor for purposes of determining any obligations of any Guarantor.

 

“Secured Parties” means (a)
the Lenders, (b) the Administrative Agent, (c) each Issuing Bank, (d) each provider of Banking Services, to the extent the Banking
Services Obligations in respect thereof constitute Secured Obligations, (e) each counterparty to any Swap Agreement, to the extent
the obligations thereunder constitute Secured Obligations, (f) the beneficiaries of each indemnification obligation undertaken
by any Loan Party under any Loan Document and (g) the successors and assigns of each of the foregoing.

 

“Security Agreement” means
that certain Pledge and Security Agreement, dated as of the date hereof, among the Loan Parties and the Administrative Agent, for
the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement entered into,
after the date of this Agreement by any other Loan Party (as required by this Agreement or any other Loan Document) or any other
Person for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Standby LC Exposure” means,
at any time, the sum of (a) the aggregate undrawn amount of all standby Letters of Credit outstanding at such time plus
(b) the aggregate amount of all LC Disbursements relating to standby Letters of Credit that have not yet been reimbursed by or
on behalf of the Borrower at such time. The Standby LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage
of the aggregate Standby LC Exposure at such time.

 

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“Statements” has the meaning
assigned to such term in Section 2.18(f).

 

“Statutory Reserve Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate,
for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D). Such reserve percentages
shall include those imposed pursuant to Regulation D of the Federal Reserve Board. Eurodollar Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under Regulation D of the Federal Reserve Board or any comparable regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Subordinated Indebtedness”
of a Person means any Indebtedness of such Person, the payment of which is subordinated to payment of the Secured Obligations to
the written satisfaction of the Administrative Agent.

 

“subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association
or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled, by the parent and/or one or more subsidiaries of the parent.

 

“Subsidiary” means any direct
or indirect subsidiary of the Borrower or a Loan Party, as applicable.

 

“Supported QFC” has the meaning
assigned to it in Section 9.21.

 

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

 

“Swap Agreement Obligations”
means any and all obligations of the Loan Parties and their Subsidiaries, whether absolute or contingent and howsoever and whensoever
created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
under (a) any Swap Agreement permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any cancellations, buy backs,
reversals, terminations or assignments of any Swap Agreement transaction permitted hereunder with a Lender or an Affiliate of a
Lender.

 

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“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 or any rules or regulations promulgated thereunder.

 

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

 

“Term A 2021 Conversion Date”
shall have the meaning given to such term in Section 2.10(b).

 

“Term A 2022 Conversion Date”
shall have the meaning given to such term in Section 2.10(b).

 

“Term A Commitment” means,
with respect to each Lender, the commitment, if any, of such Lender to make Term A Loan, expressed as an amount representing the
maximum principal amount of the Term A Loan to be made by such Lender, as such commitment may be reduced or increased from time
to time pursuant to assignments by or to such Lenders pursuant to Section 9.04. The initial amount of each Lender’s Term
A Commitment is set forth on the Commitment Schedule or in the Assignment and Assumption pursuant to which such Lender shall
have assumed its Term A Commitment, as applicable. The aggregate amount of the Lenders’ Term A Commitment on the Effective
Date is $5,500,000.

 

“Term A Draw Expiration Date”
means the earlier of (a) the date upon which the aggregate Term A Commitments are fully advanced pursuant to Section 2.01(b), and
(b) February 28, 2022.

 

“Term A Lender” means a Lender
having a Term A Commitment or an outstanding Term A Loan.

 

“Term A Loan” means a Loan
made pursuant to Section 2.01(b).

 

“Term A Maturity Date” means,
as applicable, the Term A-1 Maturity Date or the Term A-2 Maturity Date.

 

“Term A-1 Converted Loan”
shall have the meaning given to such term in Section 2.10(b).

 

“Term A-2 Converted Loan”
shall have the meaning given to such term in Section 2.10(b).

 

“Term A-1 Maturity Date”
means March 31, 2024.

 

“Term A-2 Maturity Date”
means March 31, 2025.

 

“Term Commitments” means
the Term A Commitments.

 

“Term Lenders” means the
Term A Lenders.

 

“Term Loans” means the Term
A Loans, inclusive of the Term A-1 Converted Loan and the Term A-2 Converted Loan.

 

“Term SOFR” means the forward-looking
term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

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“Transactions” means the
execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans and
other credit extensions and the issuance of Letters of Credit hereunder.

 

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

 

“UCC” means the Uniform Commercial
Code as in effect from time to time in the State of Illinois or in any other state, the laws of which are required to be applied
in connection with the issue of perfection of security interests.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement
as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this
Agreement.

 

“Unfinanced Capital Expenditures”
means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness
(other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with
Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).

 

“Unfunded Commitment” means,
with respect to each Lender, the Revolving Commitment of such Lender less its Revolving Exposure.

 

“U.S.” means the United States
of America.

 

“U.S. Person” means a “United
States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Special Resolution Regime”
has the meaning assigned to it in Section 9.21.

 

 

“U.S. Tax Compliance Certificate”
has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“USA PATRIOT Act” means the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

 

“Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

 

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

 

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SECTION 1.03. Terms Generally. The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. The word “law”
shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings and interpretations
thereunder having the force of law or with which affected Persons customarily comply) and all judgments, orders and decrees of
all Governmental Authorities. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented
or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein),
(b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time
amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to
any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on assignments
set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to
any or all functions thereof, (d) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement, (f) any reference in any definition to the phrase “at any time” or “for any
period” shall refer to the same time or period for all calculations or determinations within such definition, and (g) the
words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any
and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

SECTION 1.04 Accounting Terms; GAAP.
(a) Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance
with GAAP, as in effect from time to time; provided that, if after the date hereof there occurs any change in GAAP or in
the application thereof on the operation of any provision hereof and the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of such change in GAAP or in the application thereof (or
if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such
purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then
such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 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 (i) without giving effect to any election under Financial Accounting Standards
Board Accounting Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any Indebtedness or other liabilities of any Loan Party, the Borrower or any Subsidiary
at “fair value”, as defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible
debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or
bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount
thereof.

 

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(b)       Notwithstanding
anything to the contrary contained in Section 1.04(a) or in the definition of “Capital Lease Obligations,” in the event
of an accounting change requiring all leases to be capitalized, only those leases (assuming for purposes hereof that such leases
were in existence on the date hereof) that would constitute capital leases in conformity with GAAP on the date hereof shall be
considered capital leases, and all calculations and deliverables under this Agreement or any other Loan Document shall be made
or delivered, as applicable, in accordance therewith.

 

SECTION 1.05. Interest Rates; LIBOR
Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from
the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial
Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make
rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
“IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that
commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate
reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and
private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place
of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or Early Opt-In Election, Section
2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify
the Borrower, pursuant to Section 2.14(e), of any change to the reference rate upon which the interest rate on Eurodollar
Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any
liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or
other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or
replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented
pursuant to Section 2.14(c), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, and
(ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.14(d)), including without
limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will
be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as
did the London interbank offered rate prior to its discontinuance or unavailability.

 

SECTION 1.06. Rounding. Any financial
ratios required to be maintained by any Loan Party pursuant to this Agreement shall be calculated by dividing the appropriate component
by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein
and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

 

ARTICLE II

 

The Credits

 

SECTION 2.01. Commitments. (a) Subject
to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Revolving Loans in dollars
to the Borrower from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such
Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the Aggregate Revolving Exposure
exceeding the aggregate Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein,
the Borrower may borrow, prepay and reborrow Revolving Loans.

 

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(b) Subject to the terms and conditions set forth
herein, each Term A Lender severally (and not jointly) agrees to make Term A Loans in dollars to the Borrower, commencing on the
Effective Date, and continuing through and including the Term A Draw Expiration Date in an aggregate principal amount not to exceed
such Lender’s Term A Commitment. Amounts prepaid or repaid in respect of Term A Loans (or converted to either a Term A-1
Converted Loan or a Term A-2 Converted Loan) may not be reborrowed.

 

SECTION 2.02. Loans and Borrowings.

 

(a)  Each Loan shall be made as part
of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments
of the applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender
of its obligations hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any
other Lender’s failure to make Loans as required.

 

(b)  Subject to Section 2.14, each
Revolving Borrowing and Term Loan Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request
in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply
to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c) At the commencement of each Interest Period
for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $50,000 and not less
than $200,000. ABR Borrowings may be in any amount. Borrowings of more than one Type and Class may be outstanding at the same time;
provided that there shall not at any time be more than a total of 5 Eurodollar Borrowings outstanding.

 

(d)  Notwithstanding any other provision
of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest
Period requested with respect thereto would end after the Revolving Credit Maturity Date or the Term A Maturity Date, as applicable.

 

SECTION 2.03. Requests for Borrowings.
To request a Borrowing, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand
or fax) by delivering a Borrowing Request signed by a Responsible Officer of the Borrower or through Electronic System, if arrangements
for doing so have been approved by the Administrative Agent, (a) in the case of a Eurodollar Borrowing, not later than 10:00 a.m.,
Eastern time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later
than noon Eastern time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing
to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than 9:00 a.m.
Eastern time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable. Each such Borrowing Request
shall specify the following information in compliance with Section 2.01:

 

		(i)	the Class of Borrowing, the aggregate amount of the requested Borrowing, and a breakdown of the
separate wires comprising such Borrowing;

 

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		(ii)	the date of such Borrowing, which shall be a Business Day;

 

		(iii)	whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

		(iv)	in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which
shall be a period contemplated by the definition of the term “Interest Period.”

 

If no election as to the Type of Borrowing is specified, then the
requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing,
then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt
of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof
and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

SECTION 2.04. Term Loan Draws. Each draw
on the Term Loan shall comply with the following conditions:

 

(a)               
The Term Loan draws shall only be used to acquire a Chiropractic Care Facility or to acquire a regional development territory
or to finance the renovation of existing Chiropractic Care Facilities or to finance the development of new Chiropractic Care Facilities
or new regional development territories; provided, that any acquisition in excess of $2,000,000 shall require the affirmative written
consent of the Administrative Agent;

 

(b)               
The amount of the Term Loan draw shall not exceed the eighty percent (80%) of the cost associated with the acquisition,
renovation or development of such Chiropractic Care Facilities; provided that such draws shall not be used for reimbursement
of (i) professional services and other soft costs associated with the construction of such facilities and (ii) costs associated
with staff recruitment at such facilities); provided further, that such draws may be used for reimbursement of the cost
of valuations and audits related to acquisitions; and

 

(c)               
After giving effect to the Term Loan draw, on a proforma basis, the Funded Indebtedness to EBITDA Ratio is less than 0.50x
of the then applicable covenant.

 

SECTION 2.05. Section Intentionally Omitted.

 

SECTION 2.06. Letters of Credit.

 

(a)       General.
Subject to the terms and conditions set forth herein, the Borrower may request the issuance of Letters of Credit denominated in
dollars as the applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable
to the Administrative Agent and the Issuing Bank, at any time and from time to time during the Availability Period. In the event
of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any Letter of Credit Agreement,
the terms and conditions of this Agreement shall control. Notwithstanding anything herein to the contrary, the Issuing Bank shall
have no obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available
to any Person (A) to fund any activity or business of or with any Sanctioned Person, or in any country or territory that, at the
time of such funding, is the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by
any party to this Agreement, (ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms
purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing
Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over
the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or
such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective
Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date
and which the Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate
one or more policies of the Issuing Bank applicable to letters of credit generally; provided that, notwithstanding anything herein
to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines,
requirements 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 not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date
enacted, adopted, issued or implemented.

 

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(b)       Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or fax (or transmit through Electronic
System, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative Agent (reasonably
in advance of the requested date of issuance, amendment, renewal or extension, but in any event no less than three Business Days)
a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended,
and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter
of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the name
and address of the beneficiary thereof, and such other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit. In addition, as a condition to any such Letter of Credit issuance, the Borrower shall have entered into a continuing
agreement (or other letter of credit agreement) for the issuance of letters of credit and/or shall submit a letter of credit application,
in each case, as required by the Issuing Bank and using such bank’s standard form (each, a “Letter of Credit Agreement”).
A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of
each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the aggregate LC Exposure shall not exceed $1,000,000, (ii) no Revolving Lender’s Revolving
Exposure shall exceed its Revolving Commitment and (iii) the Aggregate Revolving Exposure shall not exceed the aggregate Revolving
Commitments. Notwithstanding the foregoing or anything to the contrary contained herein, no Issuing Bank shall be obligated to
issue or modify any Letter of Credit if, immediately after giving effect thereto, the outstanding LC Exposure in respect of all
Letters of Credit issued by such Person and its Affiliates would exceed such Issuing Bank’s Issuing Bank Sublimit. Without
limiting the foregoing and without affecting the limitations contained herein, it is understood and agreed that the Borrower may
from time to time request that an Issuing Bank issue Letters of Credit in excess of its individual Issuing Bank Sublimit in effect
at the time of such request, and each Issuing Bank agrees to consider any such request in good faith. Any Letter of Credit so issued
by an Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a Letter of Credit
for all purposes of the Credit Agreement, and shall not affect the Issuing Bank Sublimit of any other Issuing Bank, subject to
the limitations on the aggregate LC Exposure set forth in clause (i) of this Section 2.06(b).

 

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(c)       Expiration
Date. Each Letter of Credit shall expire (or be subject to termination or non-renewal by notice from the Issuing Bank to the
beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance
of such Letter of Credit (or, in the case of any renewal or extension thereof, including, without limitation, any automatic renewal
provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Credit
Maturity Date.

 

(d)       Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each
Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable
Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the
foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account
of the Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed
by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded
to the Borrower for any reason. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations pursuant
to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of an Event of Default
or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding
or reduction whatsoever.

 

(e)       Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 11:00 a.m., Eastern time, on (i) the
Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 9:00 a.m., Eastern
time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if
such notice is received after 9:00 a.m., Eastern time, on the day of receipt; provided that the Borrower may, subject to
the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR
Revolving Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting ABR Revolving Borrowing. If the Borrower fails to make such payment when due,
the Administrative Agent shall notify each Revolving Lender of the applicable LC Disbursement, the payment then due from the Borrower
in respect thereof, and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving
Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner
as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07 shall apply, mutatis mutandis,
to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts
so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower
pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving
Lenders have made payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank,
as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank
for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall
not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

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(f)       Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under
any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any
Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect, (iii) any payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not
similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge
of, or provide a right of setoff against, the Borrower’s obligations hereunder. None of the Administrative Agent, the Revolving
Lenders or the Issuing Bank, or any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder (irrespective of
any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required
to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the
control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability
to the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims
in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that
are caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under
a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank
shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance
with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept
and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)       Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a
demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by fax or through Electronic Systems) of such demand for payment and whether the Issuing Bank has made or
will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve
the Borrower of its obligation to reimburse the Issuing Bank and the Revolving Lenders with respect to any such LC Disbursement.

 

(h)       Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate
per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the date when such reimbursement
is due; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of
this Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing
Bank, except that interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this Section
to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

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(i)       Replacement
of the Issuing Bank. (a) The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of
any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid
fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any
such replacement, (I) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (II) references herein to the term “Issuing Bank” shall
be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto
and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit
then outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(b) Subject to the appointment and acceptance
of a successor Issuing Bank, the Issuing Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice
to the Administrative Agent, the Borrower and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with
Section 2.06(i) above.

 

(j)       Cash
Collateralization. If any Default shall occur and be continuing, on the Business Day that the Borrower receives notice from
the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with
LC Exposure representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash collateral pursuant to this
paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and
for the benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to 105% of the
amount of the LC Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit
such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand
or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h)
or (i) of Article VII. The Borrower also shall deposit cash collateral in accordance with this paragraph as and to the extent
required by Section 2.11(b) or 2.20. Each such deposit shall be held by the Administrative Agent as collateral for the payment
and performance of the Secured Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive
right of withdrawal, over the LC Collateral Account and the Borrower hereby grants the Administrative Agent a security interest
in the LC Collateral Account and all moneys or other assets on deposit therein or credited thereto. Other than any interest earned
on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent
and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing
Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction
of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated
(but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the aggregate LC Exposure),
be applied to satisfy other Secured Obligations. If the Borrower is required to provide an amount of cash collateral hereunder
as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to
the Borrower within three (3) Business Days after all such Defaults have been cured or waived as confirmed in writing by the Administrative
Agent.

 

(k)       Intentionally
Omitted.

 

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(l)       LC
Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms
of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at the time of determination.

 

(m)        Letters
of Credit Issued for Account of Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder supports
any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account party,” “applicant,”
“customer,” “instructing party,” or the like of or for such Letter of Credit, and without derogating from
any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary
in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate the applicable Issuing Bank hereunder
for such Letter of Credit (including to reimburse any and all drawings thereunder) as if such Letter of Credit had been issued
solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that might otherwise be available to it
as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower
hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of the Borrower, and
that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

SECTION 2.07. Funding of Borrowings.

 

(a)       Each
Lender shall make each Loan to be made by such Lender hereunder on the proposed date thereof solely by wire transfer of immediately
available funds by 2:00 p.m., Eastern time, to the account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that Term Loans
shall be made as provided in Sections 2.01(b) and 2.02(b). The Administrative Agent will make such Loans available to the Borrower
by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to the Funding Account(s); provided
that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted
by the Administrative Agent to the Issuing Bank.

 

(b)       Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower each severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR
Revolving Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing; provided, that any interest received from the Borrower by the Administrative Agent during the
period beginning when Administrative Agent funded the Borrowing until such Lender pays such amount shall be solely for the account
of the Administrative Agent.

 

SECTION 2.08. Interest Elections.

 

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(a) Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period
as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to
continue such Borrowing and, in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this
Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each
such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing.

 

(b) To make an election pursuant to this Section,
the Borrower shall notify the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering
an Interest Election Request signed by a Responsible Officer of the Borrower or through Electronic System, if arrangements for
doing so have been approved by the Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03
if the Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such Interest Election Request shall be irrevocable.

 

(c) Each Interest Election Request (including
requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02:

 

(i) the Borrowing to which such Interest
Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below
shall be specified for each resulting Borrowing);

 

(ii) the effective date of the election
made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii) whether the resulting Borrowing
is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

(iv) if the resulting Borrowing is
a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election Request requests a Eurodollar Borrowing
but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s
duration.

 

(d) Promptly following receipt of an Interest
Election Request, the Administrative Agent shall advise each Lender of the applicable Class of the details thereof and of such
Lender’s portion of each resulting Borrowing.

 

(e) If the Borrower fails to deliver a timely
Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then,
unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an
ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i)
no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing
shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

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SECTION 2.09. Termination of Commitments; Increase
in Commitment.

 

(a) Unless previously terminated, (i) the Term
A Commitments shall terminate on the Term A Draw Expiration Date, and (ii) all the Revolving Commitments shall terminate on the
Revolving Credit Maturity Date.

 

(b) The Borrower may at any time terminate the
Revolving Commitments and the Term A Commitments upon the Payment in Full of the Secured Obligations or permanently reduce the
Revolving Commitments or the Term A Commitments. Any reduction of the Revolving Commitments or Term A Commitments must be in a
whole multiple of $500,000.

 

(c) The Borrower shall notify the Administrative
Agent of any election to terminate or reduce the Revolving Commitments or the Term A Commitments under paragraph (b) of this
Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election
and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of
the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that
a notice of termination or reduction of the Revolving Commitments or Term A Commitments delivered by the Borrower may state that
such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination
or reduction of the Revolving Commitments or Term A Commitments shall be permanent.

 

(d) The Borrower shall have the right to increase
the Revolving Commitments by obtaining additional Revolving Commitments, either from one or more of the Lenders or another lending
institution, provided that (i) any such request for an increase shall be in a minimum amount of $1,000,000, (ii) the Borrower may
make a maximum of 2 such requests, (iii) after giving effect thereto, the sum of the total of the additional Commitments does not
exceed $2,500,000, (iv) the Administrative Agent and the Issuing Bank have approved the identity of any such new Lender, such approvals
not to be unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a “Lender” hereunder,
and (vi) the procedures described in Section 2.09(e) below have been satisfied. Nothing contained in this Section 2.09 shall constitute,
or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time.

 

(e) Any amendment hereto for such an increase
or addition shall be in form and substance satisfactory to the Administrative Agent and shall only require the written signatures
of the Administrative Agent, the Borrower and each Lender being added or increasing its Commitment, subject only to the approval
of all Lenders if any such increase or addition would cause the Revolving Commitments to exceed $4,500,000. As a condition precedent
to such an increase or addition, the Borrower shall deliver to the Administrative Agent (i) a certificate of each Loan Party signed
by an authorized officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or
consenting to such increase, and (B) in the case of the Borrower, certifying that, before and after giving effect to such increase
or addition, (1) the representations and warranties contained in Article III and the other Loan Documents are true and correct,
except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true
and correct as of such earlier date, and (2) no Default exists and (3) the Borrower is in compliance (on a pro forma basis) with
the covenants contained in Section 6.12 and (ii) legal opinions and documents consistent with those delivered on the Effective
Date, to the extent requested by the Administrative Agent.

 

(f)       On
the effective date of any such increase or addition, (i) any Lender increasing (or, in the case of any newly added Lender, extending)
its Revolving Commitment shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative
Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase
or addition and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding
Revolving Loans of all the Lenders to equal its revised Applicable Percentage of such outstanding Revolving Loans, and the Administrative
Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of principal,
interest, commitment fees and other amounts paid or payable with respect thereto as shall be necessary, in the opinion of the Administrative
Agent, in order to effect such reallocation and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding
Revolving Loans as of the date of any increase (or addition) in the Revolving Commitments (with such reborrowing to consist of
the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the Borrower, in
accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the immediately preceding
sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each Eurodollar Loan,
shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.16 if the deemed payment occurs other
than on the last day of the related Interest Periods. Within a reasonable time after the effective date of any increase or addition,
the Administrative Agent shall, and is hereby authorized and directed to, revise the Commitment Schedule to reflect such increase
or addition and shall distribute such revised Commitment Schedule to each of the Lenders and the Borrower, whereupon such revised
Commitment Schedule shall replace the old Commitment Schedule and become part of this Agreement.

 

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SECTION 2.10. Repayment and Amortization
of Loans; Conversion to Amortizing Debt; Evidence of Debt.

 

(a)               
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Revolving Lender
the then unpaid principal amount of each Revolving Loan on the Revolving Credit Maturity Date.

 

(b)        On
March 31, 2021 (the “Term A 2021 Conversion Date”) and again on March 31, 2022 (the “Term A 2022 Conversion
Date”), the amounts outstanding on the Term A Loan as of the applicable date shall be converted to a fully amortizing
term loan (the amounts converted on the 2021 Term Conversion Date shall be referred to as the “Term A-1 Converted Loan”
and the amounts converted on the 2022 Term Conversion Date shall be referred to as the “Term A-2 Converted Loan”).
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Term A-1 Lender on the
last day of each calendar month, commencing with the calendar quarter immediately following the applicable conversation date, a
principal amount in an amount sufficient to fully amortize the applicable term loan over a thirty-six (36) month period (as adjusted
from time to time pursuant to Section 2.11(d) or 2.18(b)); provided, if any date set forth above is not a Business Day, then payment
shall be due and payable on the Business Day immediately preceding such date. To the extent not previously paid, the Term A-1 Converted
Loan shall be paid in full in cash by the Borrower on the Term A-1 Maturity Date. To the extent not previously paid, the Term A-2
Converted Loan shall be paid in full in cash by the Borrower on the Term A-2 Maturity Date.

 

(c)       Prior
to any repayment of any Term Loan Borrowings of any Class under this Section, the Borrower shall select the Borrowing or Borrowings
of the applicable Class to be repaid and shall notify the Administrative Agent by telephone (confirmed by fax or through Electronic
System), of such selection not later than 11:00 a.m., Eastern time, three (3) Business Days before the scheduled date of such repayment.
Each repayment of a Term Loan Borrowing shall be applied ratably to the Loans included in the repaid Term Loan Borrowing. Repayments
of Term Loan Borrowings shall be accompanied by accrued interest on the amounts repaid.

 

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

 

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

 

(f)        In
the absence of manifest error, the entries made in the accounts maintained pursuant to paragraph (c), (d) or (e) of this Section
shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the
failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

 

(g)       Any
Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes
in such form.

 

SECTION 2.11. Prepayment of Loans.

 

(a) The Borrower shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, without premium or penalty, subject to prior notice in accordance
with paragraph (e) of this Section and, if applicable, payment of any break funding expenses under Section 2.16.

 

(b) In the event and on such occasion that the
Aggregate Revolving Exposure exceeds the aggregate Revolving Commitments, the Borrower shall prepay the Revolving Loans, and/or
LC Exposure (or, if no such Borrowings are outstanding, deposit cash collateral in the LC Collateral Account in an aggregate amount
equal to such excess, in accordance with Section 2.06(j)).

 

(c) In the event and on each occasion that any
Net Proceeds are received by or on behalf of any Loan Party or any Subsidiary in respect of any Prepayment Event, the Borrower
shall, immediately after such Net Proceeds are received by any Loan Party or Subsidiary, prepay the Obligations and cash collateralize
the LC Exposure as set forth in Section 2.11(d) below in an aggregate amount equal to 100% of such Net Proceeds, provided that,
in the case of any event described in clause (a), (b) or (c) of the definition of the term “Prepayment Event”,
if the Borrower shall deliver to the Administrative Agent a certificate of a Financial Officer to the effect that the Loan Parties
intend to apply the Net Proceeds from such event (or a portion thereof specified in such certificate), within 150 days after
receipt of such Net Proceeds, to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory)
to be used in the business of the Loan Parties, and certifying that no Default has occurred and is continuing, then no prepayment
shall be required pursuant to this paragraph in respect of the Net Proceeds specified in such certificate, provided that to the
extent of any such Net Proceeds that have not been so applied by the end of such 150-day period, a prepayment shall be required
at such time in an amount equal to such Net Proceeds that have not been so applied.

 

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(d) All prepayments required to be made pursuant
to Sections 2.11(c) shall be applied, first to prepay the Term Loans (and in the event Term Loans of more than one Class
shall be outstanding at the time, shall be allocated among the Term Loans pro rata based on the aggregate principal amounts of
outstanding Term Loans of each such Class) as so allocated, and shall be applied to reduce the subsequent scheduled repayments
of Term Loans of each Class to be made pursuant to Section 2.10 in inverse order of maturity and second to prepay the Revolving
Loans without a corresponding reduction in the Revolving Commitments and third to cash collateralize outstanding LC Exposure.

 

(e) The Borrower shall notify the Administrative
Agent by telephone (confirmed by fax) or through Electronic System, if arrangements for doing so have been approved by the Administrative
Agent, of any prepayment under this Section: (i) in the case of prepayment of a Eurodollar Borrowing, not later than 10:00 a.m.,
Eastern time, three (3) Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not
later than 10:00 a.m., Eastern time, one (1) Business Day before the date of prepayment. Each such notice shall be irrevocable
and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided
that if a notice of prepayment is given in connection with a conditional notice of termination of the Revolving Commitments as
contemplated by Section 2.09, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.09. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the
contents thereof. Each partial prepayment of any Revolving Borrowing or Term Loan shall be in an amount that would be permitted
in the case of an advance of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required
amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break funding
payments pursuant to Section 2.16.

 

SECTION 2.12. Fees.

 

(a) The Borrower agrees to pay to the Administrative
Agent a commitment fee (i) for the account of each Revolving Lender, which shall accrue at the Applicable Rate on the daily amount
of the undrawn portion of the Revolving Commitment during the period from and including the Effective Date to but excluding the
date on which the Lenders’ Revolving Commitments terminate and (ii) for the account of each Term Lender, which shall accrue
at the Applicable Rate on the daily amount of the undrawn portion of the Term Commitment during the period from and including the
Effective Date to but excluding the Term A Draw Expiration Date; it being understood that the LC Exposure of a Lender shall be
included in the drawn portion of the Revolving Commitment of such Lender for purposes of calculating the commitment fee and it
being understood that the Term A-1 Converted Loan shall be included in the drawn portion of the Term Commitment of such Lender
for purposes of calculating the commitment fee. Accrued commitment fees shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur
after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day).

 

(b) The Borrower agrees to pay (i) to the
Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Letters
of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving
Loans on the daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements)
during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Revolving
Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting
fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the Issuing Bank on the
daily amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on
which there ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees and commissions with respect to the
issuance, amendment, cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing
of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September
and December of each year shall be payable on the third Business Day following such last day, commencing on the first such date
to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any
other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within ten (10) days after demand. All
participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number
of days elapsed (including the first day but excluding the last day).

 

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(c)   The Borrower agrees to pay to
Chase a closing fee in an aggregate amount equal to $18,750.00. The entire closing fee shall be deemed fully earned by Chase and
shall be due and payable in full on the Effective Date.

 

(d) The Borrower agrees to pay to the Administrative
Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative
Agent.

 

(e) All fees payable hereunder shall be paid on
the dates due, in dollars in immediately available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees
payable to it) for distribution, in the case of commitment fees and participation fees, as applicable, to the Lenders entitled
thereto. Fees paid shall not be refundable under any circumstances.

 

SECTION 2.13. Interest.

 

(a) The Loans comprising each ABR Borrowing
shall bear interest at the Alternate Base Rate plus the Applicable Rate.

 

(b)  The Loans comprising each Eurodollar
Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable
Rate.

 

(c) Notwithstanding the foregoing, during the
occurrence and continuance of an Event of Default, the Administrative Agent or the Required Lenders may, at their option, by notice
to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 9.02
requiring the consent of “each Lender affected thereby” for reductions in interest rates), declare that (i) all Loans
shall bear interest at 2% plus the rate otherwise applicable to such Loans as provided in the preceding paragraphs of this Section
or (ii) in the case of any other amount outstanding hereunder, such amount shall accrue at 2% plus the rate applicable to such
fee or other obligation as provided hereunder.

 

(d) Accrued interest on each Loan (for ABR Loans,
accrued through the last day of the prior calendar month) shall be payable in arrears on each Interest Payment Date for such Loan
and, in the case of Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant
to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount
repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any
Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion.

 

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(e) All interest hereunder shall be computed on
the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate
Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in
each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall
be conclusive absent manifest error.

 

SECTION 2.14. Alternate Rate of Interest;
Illegality.

 

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

 

(i)the Administrative Agent
determines (which determination shall be conclusive and binding absent manifest error) that adequate and reasonable means do not
exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, by means of an Interpolated
Rate or because the LIBO Screen Rate is not available or published on a current basis) for such Interest Period; or

 

(ii)the Administrative Agent
is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not
adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or Loan) included in such
Borrowing for such Interest Period;

 

then the Administrative Agent shall give notice thereof to the Borrower
and the Lenders through Electronic System as provided in Section 9.01 as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing
shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the
then current Interest Period applicable thereto, and (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing
shall be made as an ABR Borrowing.

 

(b)   
If any Lender determines that any Requirement of Law has made it unlawful, or if any Governmental Authority has asserted
that it is unlawful, for any Lender or its applicable lending office to make, maintain, fund or continue any Eurodollar Borrowing,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative
Agent, any obligations of such Lender to make, maintain, fund or continue Eurodollar Loans or to convert ABR Borrowings to Eurodollar
Borrowings will be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, the Borrower will upon demand from such Lender (with a
copy to the Administrative Agent), either prepay or convert all Eurodollar Borrowings of such Lender to ABR Borrowings, either
on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Borrowings to
such day, or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any such prepayment or conversion,
the Borrower will also pay accrued interest on the amount so prepaid or converted.

 

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(c)   
Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace
the LIBO Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective
at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and
the Borrower, so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed
amendment from Lenders comprising the Required Lenders of each Class; provided that, with respect to any proposed amendment containing
any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein. Any
such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required
Lenders of each Class have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment.
No replacement of LIBO Rate with a Benchmark Replacement will occur prior to the applicable Benchmark Transition Start Date.

 

(d)   
In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document,
any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent
of any other party to this Agreement.

 

(e)   
The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness
of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.
Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.14,
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required
pursuant to this Section 2.14.

 

(f)    
Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any Interest Election
Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be
ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current
Interest Period applicable thereto, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be
made as an ABR Borrowing.

 

SECTION 2.15. Increased Costs. (a) If any
Change in Law shall:

 

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

 

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

 

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

 

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

 

(b) If any Lender or the Issuing Bank determines
that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return
on such Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s
holding company, if any, as a consequence of this Agreement, the Commitments of or the Loans made by, or participations in Letters
of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below that which such Lender or
the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved but for such Change in
Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies of such Lender’s
or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the Borrower
will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction suffered.

 

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

 

(d) Failure or delay on the part of any Lender
or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the
Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a
Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to
the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor;
provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day
period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.16. Break Funding Payments. In
the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the conversion
of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert,
continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar
Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to
Section 2.19 or 9.02(d), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense
attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include
an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal
amount of such Eurodollar Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Eurodollar
Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case
of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such Eurodollar Loan),
over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender
would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other
banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to
receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

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SECTION 2.17. Withholding of Taxes; Gross-Up.

 

(a) Payments Free of Taxes. Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion
of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent,
then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount
deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified
Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding
has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.17), the applicable
Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b) Payment of Other Taxes by Loan Parties.
The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of
the Administrative Agent timely reimburse it for, Other Taxes.

 

(c) Evidence of Payment. As soon as practicable
after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment, or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

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

 

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(e) Indemnification by the Lenders. Each
Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection
with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under
this paragraph (e).

 

(f) Status of Lenders.

 

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

 

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

 

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

 

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

 

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

 

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(2) in the case of a Foreign Lender
claiming that its extension of credit will generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;

 

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

 

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

 

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

 

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

 

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

 

(g) Treatment of Certain Refunds. If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of
such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount
paid over pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (g) 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 giving rise to such refund had never
been paid. This paragraph (g) shall not be construed to require any indemnified party to make available its Tax returns (or any
other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h) Survival. Each party’s obligations
under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by,
or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations
under any Loan Document (including the Payment in Full of the Secured Obligations).

 

(i) Defined Terms. For purposes of this
Section 2.17, the term “applicable law” includes FATCA.

 

SECTION 2.18. Payments Generally;
Allocation of Proceeds; Sharing of Setoffs.

 

(a)       The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of
LC Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Eastern time, on the
date when due, in immediately available funds, without setoff, recoupment or counterclaim. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at
10 South Dearborn, Floor L2, Suite IL1-1145, Chicago, IL, 60603-2300, except payments to be made directly to the Issuing Bank as
expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. Unless otherwise provided for herein, if any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and,
in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder shall be made in dollars.

 

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(b)               
Any proceeds of Collateral received by the Administrative Agent (i) not constituting either (A) a specific payment of principal,
interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), or (B) a mandatory
prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing
and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to pay any fees,
indemnities, or expense reimbursements then due to the Administrative Agent and the Issuing Bank from the Borrower (other than
in connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees, indemnities, or
expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or
Swap Agreement Obligations), third, to pay interest then due and payable on the Loans ratably, fourth, to prepay
principal on the Loans and unreimbursed LC Disbursements and to pay any amounts owing in respect of Swap Agreement Obligations
and Banking Services Obligations up to and including the amount most recently provided to the Administrative Agent pursuant to
Section 2.22, ratably (with amounts allocated to the Term Loans of any Class applied to reduce the subsequent scheduled repayments
of the Term Loans of such Class to be made pursuant to Section 2.10 in inverse order of maturity), fifth, to pay an amount
to the Administrative Agent equal to one hundred five percent (105%) of the aggregate LC Exposure, to be held as cash collateral
for such Obligations, and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender
from the Borrower or any other Loan Party. Notwithstanding anything to the contrary contained in this Agreement, unless
so directed by the Borrower, or unless an Event of Default is in existence, neither the Administrative Agent nor any Lender shall
apply any payment which it receives to any Eurodollar Loan of a Class, except (i) on the expiration date of the Interest Period
applicable thereto, or (ii) in the event, and only to the extent, that there are no outstanding ABR Loans of the same Class and,
in any such event, the Borrower shall pay the break funding payment required in accordance with Section 2.16. The Administrative
Agent and the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all such proceeds
and payments to any portion of the Secured Obligations.

 

Notwithstanding the foregoing, Secured Obligations
arising under Banking Services Obligations or Swap Agreement Obligations shall be excluded from the application described above
and paid in clause sixth if the Administrative Agent has not received written notice thereof, together with such supporting
documentation as the Administrative Agent may have reasonably requested from the applicable provider of such Banking Services or
Swap Agreements.

 

(c)               
At the election of the Administrative Agent, all payments of principal, interest, LC Disbursements, fees, premiums, reimbursable
expenses (including, without limitation, all reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums
payable under the Loan Documents, may be paid from the proceeds of Borrowings made hereunder, whether made following a request
by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section or may be deducted from any deposit account
of the Borrower maintained with the Administrative Agent. The Borrower hereby irrevocably authorizes (i) the Administrative Agent
to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other
amount due under the Loan Documents and agrees that all such amounts charged shall constitute Loans, and that all such Borrowings
shall be deemed to have been requested pursuant to Sections 2.03, and (ii) the Administrative Agent to charge any deposit account
of the Borrower maintained with the Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder
or any other amount due under the Loan Documents.

 

(d)       If,
except as otherwise expressly provided herein, any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in
such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements
and accrued interest thereon than the proportion received by any other similarly situated Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Loans and participations in LC Disbursements of
other Lenders to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans and participations in LC Disbursements;
provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest,
and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of
or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than
to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a
participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect
to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

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(e)       Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact
made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater
of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

(f)       The
Administrative Agent may from time to time provide the Borrower with account statements or invoices with respect to any of the
Secured Obligations (the “Statements”). The Administrative Agent is under no duty or obligation to provide Statements,
which, if provided, will be solely for the Borrower’s convenience. Statements may contain estimates of the amounts owed during
the relevant billing period, whether of principal, interest, fees or other Secured Obligations. If the Borrower pays the full amount
indicated on a Statement on or before the due date indicated on such Statement, the Borrower shall not be in default of payment
with respect to the billing period indicated on such Statement; provided, that acceptance by the Administrative Agent, on behalf
of the Lenders, of any payment that is less than the total amount actually due at that time (including but not limited to any past
due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive payment in
full at another time.

 

SECTION 2.19. Mitigation Obligations; Replacement
of Lenders.

 

(a)       If
any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then 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 to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 2.15 or 2.17, as the case may be, in the future
and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment.

 

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(b) If any Lender requests compensation under
Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender) pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender, then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests,
rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under this Agreement and
other Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent
(and in circumstances where its consent would be required under Section 9.04, the Issuing Bank), which consent shall not unreasonably
be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and funded
participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments
required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each party hereto
agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed
by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment
and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are
participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to
be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness
of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence
such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to
or warranty by the parties thereto.

 

SECTION
2.20. Defaulting Lenders.

 

Notwithstanding any provision of this Agreement to the contrary,
if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender:

 

(a)       fees
shall cease to accrue on the unfunded portion of the Revolving Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 

(b)       any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 2.18(b) or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third, to cash
collateralize the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with this Section; fourth,
as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which
such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative
Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata
in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement
and (y) cash collateralize the Issuing Banks’ future LC Exposure with respect to such Defaulting Lender with respect to future
Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the
Lenders, the Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing
Banks or against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement
or under any other Loan Document; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing
to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement or under any other Loan Document;
and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not
fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and LC
Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or
LC Disbursements owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure is held by the Lenders pro rata in accordance with the
Commitments without giving effect to clause (d) below. Any payments, prepayments or other amounts paid or payable to a Defaulting
Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

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(c)       such
Defaulting Lender shall not have the right to vote on any issue on which voting is required (other than to the extent expressly
provided in Section 9.02(b)) and the Commitment and Revolving Exposure and, if applicable, Term Commitment and Term Loans of such
Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder
or under any other Loan Document; provided that, except as otherwise provided in Section 9.02, this clause (b) shall not apply
to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender
or each Lender directly affected thereby;

 

(d)        if
any LC Exposure exists at the time such Lender becomes a Defaulting Lender then:

 

(i)                         
all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among
the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation
does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Exposure to exceed its Revolving
Commitment; 

 

(ii)       if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one (1) Business
Day following notice by the Administrative Agent cash collateralize, for the benefit of the Issuing Bank, the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant
to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

(iii)       if
the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower
shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s
LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

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(iv)       if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders
pursuant to Sections 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages;
and

 

(v)       if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause
(i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter
of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the
Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(e)       so
long as such Lender is a Defaulting Lender, the Issuing Bank shall not be required to issue, amend, renew, extend or increase any
Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure
will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in
accordance with Section 2.20(d), and LC Exposure related to any newly issued or increased Letter of Credit shall be allocated among
non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate therein).

 

If (i) a Bankruptcy Event or a Bail-In Action
with respect to the Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or
(ii) the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other
agreements in which such Lender commits to extend credit, the Issuing Bank shall not be required to issue, amend or increase any
Letter of Credit, unless the Issuing Bank shall have entered into arrangements with the Borrower or such Lender, satisfactory to
the Issuing Bank to defease any risk to it in respect of such Lender hereunder.

 

In the event that each of the Administrative
Agent, the Borrower and the Issuing Bank agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender
to be a Defaulting Lender, then LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s
Revolving Commitment and on the date of such readjustment such Lender shall purchase at par such of the Loans of the other Lenders
as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Applicable Percentage.

 

SECTION 2.21. Returned Payments. If,
after receipt of any payment which is applied to the payment of all or any part of the Obligations (including a payment effected
through exercise of a right of setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment
or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined
to be void or voidable as a preference, impermissible setoff, or a diversion of trust funds, or for any other reason (including
pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion), then the Obligations or
part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such
payment or proceeds had not been received by the Administrative Agent or such Lender. The provisions of this Section 2.21 shall
be and remain effective notwithstanding any contrary action which may have been taken by the Administrative Agent or any Lender
in reliance upon such payment or application of proceeds. The provisions of this Section 2.21 shall survive the termination of
this Agreement.

 

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SECTION 2.22. Banking Services and Swap Agreements.
Each Lender or Affiliate thereof providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary
or Affiliate of a Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services or Swap
Agreements, written notice setting forth the aggregate amount of all Banking Services Obligations and Swap Agreement Obligations
of such Loan Party or Subsidiary or Affiliate thereof to such Lender or Affiliate (whether matured or unmatured, absolute or contingent).
In furtherance of that requirement, each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to
time after a significant change therein or upon a request therefor, a summary of the amounts due or to become due in respect of
such Banking Services Obligations and Swap Agreement Obligations. The most recent information provided to the Administrative Agent
shall be used in determining which tier of the waterfall, contained in Section 2.18(b), such Banking Services Obligations and/or
Swap Agreement Obligations will be placed.

 

ARTICLE III

 

Representations and Warranties

 

Each Loan Party represents and warrants to the
Lenders that (and where applicable, agrees):

 

SECTION 3.01. Organization; Powers. Each
Loan Party and each Subsidiary is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction
of its organization, has all requisite power and authority to carry on its business as now conducted and, is qualified to do business
in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02. Authorization; Enforceability.
The Transactions are within each Loan Party’s corporate or other organizational powers and have been duly authorized by all
necessary corporate or other organizational actions and, if required, actions by equity holders. Each Loan Document to which each
Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation
of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

SECTION 3.03. Governmental Approvals; No Conflicts.
The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except such as have been obtained or made and are in full force and effect and except for filings necessary to perfect
Liens created pursuant to the Loan Documents and the filing of Form 8-K with the SEC, (b) will not violate any Requirement of Law
applicable to any Loan Party or any Subsidiary, (c) will not violate or result in a default under any indenture, agreement or other
instrument binding upon any Loan Party or any Subsidiary or assets of any Loan Party or any Subsidiary, or give rise to a right
thereunder to require any payment to be made by any Loan Party or any Subsidiary, and (d) will not result in the creation or imposition
of, or other requirement to create, any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to
the Loan Documents.

 

SECTION 3.04. Financial Condition; No Material
Adverse Change.

 

(a) The Borrower has heretofore furnished to the
Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the Fiscal
Year ended December 31, 2018 reported on by Plante & Moran, PLLC, independent public accountants, and (ii) as of and for the
Fiscal Quarter and the portion of the Fiscal Year ended September 30, 2019, certified by a Financial Officer. Such financial statements
present fairly, in all material respects, the financial position and results of operations and cash flows of the Borrower and its
consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments
and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

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(b) No event, change or condition has occurred
that has had, or could reasonably be expected to have, a Material Adverse Effect, since December 31, 2018.

 

SECTION 3.05. Properties.

 

(a) As of the date of this Agreement, Schedule
3.05 sets forth the address of each parcel of real property that is owned or leased by any Loan Party. Each of such leases
and subleases is valid and enforceable in accordance with its terms and is in full force and effect, and to the best of Borrower’s
information no material default by any Loan Party to any such lease or sublease exists. Each of the Loan Parties and each Subsidiary
has good and indefeasible title to, or valid leasehold interests in, all of its real and personal property, free of all Liens other
than those permitted by Section 6.02.

 

(b) Each Loan Party and each Subsidiary owns,
or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual property necessary to its business
as currently conducted, a correct and complete list of which, as of the date of this Agreement, is set forth on Schedule 3.05,
and the use thereof by each Loan Party and each Subsidiary does not infringe in any material respect upon the rights of any other
Person, and each Loan Party’s and each Subsidiary’s rights thereto are not subject to any licensing agreement or similar
arrangement other than in the Ordinary Course of Business as required to operate the franchise concept pursuant to the Franchise
Agreements and Franchisee Development Agreements.

 

SECTION 3.06. Litigation and Environmental
Matters.

 

(a)  There are no actions, suits or proceedings
by or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against
or affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse determination
and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect or (ii) that involve any Loan Document or the Transactions.

 

(b)  (i) No Loan Party or any Subsidiary
has received notice of any claim with respect to any Environmental Liability or knows of any basis for any Environmental Liability
and (ii) and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, no Loan Party or any Subsidiary (A) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law (B) has become
subject to any Environmental Liability, (C) has received notice of any claim with respect to any Environmental Liability or (D)
knows of any basis for any Environmental Liability.

 

(c)  Since the date of this Agreement,
there has been no change in the status of the Disclosed Matters that, individually or in the aggregate, has resulted in, or materially
increased the likelihood of, a Material Adverse Effect.

 

SECTION 3.07. Compliance with Laws and Agreements;
No Default. Except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirement of Law applicable to
it or its property and (ii) all indentures, agreements and other instruments binding upon it or its property. No Default has occurred
and is continuing.

 

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SECTION 3.08. Investment Company Status.
No Loan Party or any Subsidiary is an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940.

 

SECTION 3.09. Taxes. Each Loan Party and
each Subsidiary has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or
caused to be paid all Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate
proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves. No tax
liens have been filed and no claims are being asserted with respect to any such taxes.

 

SECTION 3.10. ERISA. No ERISA Event has
occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87)
did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets
of such Plan.

 

SECTION 3.11. Disclosure. (a) The Loan
Parties have disclosed to the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party or
any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected
to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information furnished
by or on behalf of any Loan Party or any Subsidiary to the Administrative Agent or any Lender in connection with the negotiation
of this Agreement or any other Loan Document (as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, the Loan Parties
represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time delivered
and, if such projected financial information was delivered prior to the Effective Date, as of the Effective Date.

 

(b) As of the Effective Date, the information included in the Beneficial
Ownership Certification is true and correct in all respects.

 

SECTION 3.12. Material Agreements. All
material agreements and contracts to which any Loan Party or any Subsidiary is a party or is bound as of the date of this Agreement
are listed on Schedule 3.12 (for the avoidance of doubt, Schedule 3.12 does not include a list of each individual Franchise
Agreement). No Loan Party or any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations,
covenants or conditions contained in (i) any material agreement to which it is a party (including without limitation each Franchise
Development Agreement and each Franchisee Agreement) or (ii) any agreement or instrument evidencing or governing Indebtedness in
excess of $500,000.

 

SECTION 3.13. Solvency. (a) Immediately
after the consummation of the Transactions to occur on the Effective Date, (i) the fair value of the assets of each Loan Party,
at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable
value of the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of
its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured; (iii) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts
and liabilities become absolute and matured; and (iv) no Loan Party will have unreasonably small capital with which to conduct
the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date.

 

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(b)       No
Loan Party intends to, nor will permit any Subsidiary to, and no Loan Party believes that it or any Subsidiary will, incur debts
beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it
or any such Subsidiary and the timing of the amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness
of any such Subsidiary.

 

SECTION 3.14. Insurance. Schedule 3.14
sets forth a description of all insurance maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Effective
Date (excluding policies of malpractice insurance obtained by Franchisees pursuant to the terms of the Franchise Agreements which
name Borrower as an additional insured). As of the Effective Date, all premiums in respect of such insurance have been paid. The
Loan Parties believe that the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries is adequate and is
customary for companies engaged in the same or similar businesses operating in the same or similar locations.

 

SECTION 3.15. Capitalization and Subsidiaries.
Borrower has filed all required filings with the SEC and those contain true and accurate information setting forth the Loan Parties’
capitalization. All of Borrower’s issued Equity Interests are validly issued, outstanding, fully paid and non-assessable.
The Loan Parties own only one Subsidiary and all of its issued and outstanding Equity Interests owned by Borrower have been duly
authorized and issued and are fully paid and non-assessable.

 

SECTION 3.16. Security Interest in Collateral.
The provisions of this Agreement and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the
Administrative Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral,
securing the Secured Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over
all other Liens on the Collateral except in the case of (a) Permitted Encumbrances, to the extent any such Permitted Encumbrances
would have priority over the Liens in favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens
perfected only by possession (including possession of any certificate of title), to the extent the Administrative Agent has not
obtained or does not maintain possession of such Collateral.

 

SECTION 3.17. Employment Matters. As of
the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge
of any Loan Party, threatened. The hours worked by and payments made to employees of the Loan Parties and their Subsidiaries have
not been in material violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law dealing
with such matters. All payments due from any Loan Party or any Subsidiary, or for which any material claim may be made against
any Loan Party or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits, have been paid
or accrued as a liability on the books of such Loan Party or such Subsidiary.

 

SECTION 3.18. Margin Regulations. No
Loan Party is engaged and will not engage, principally or as one of its important activities, in the business of purchasing or
carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds
of any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin Stock. Following the application of the
proceeds of each Borrowing or drawing under each Letter of Credit, not more than 25% of the value of the assets (either of any
Loan Party only or of the Loan Parties and their Subsidiaries on a consolidated basis) will be Margin Stock.

 

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SECTION 3.19. Use of Proceeds. The proceeds
of the Loans have been used and will be used, whether directly or indirectly as set forth in Section 5.08.

 

SECTION 3.20. No Burdensome Restrictions.
No Loan Party is subject to any Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10.

 

SECTION 3.21. Anti-Corruption Laws and Sanctions.
Each Loan Party has implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan Party,
its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions,
and such Loan Party, its Subsidiaries and their respective officers and directors and, to the knowledge of such Loan Party, its
employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a)
any Loan Party, any Subsidiary, any of their respective directors or officers or employees, or (b) to the knowledge of any such
Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, Transaction
or other transaction contemplated by this Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable
Sanctions.

 

SECTION 3.22. EEA Financial Institutions.
No Loan Party is an EEA Financial Institution.

 

SECTION 3.23. Plan Assets; Prohibited Transactions
. None of the Loan Parties or any of their Subsidiaries is an entity deemed to hold “plan assets” (within the meaning
of the Plan Asset Regulations), and neither the execution, delivery or performance of the transactions contemplated under this
Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder, will give rise to a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

SECTION 3.24. Affiliate Transactions.
Except as set forth on Schedule 3.24 or set forth in one or more SEC filings, as of the date of this Agreement, there are
no existing or proposed agreements, arrangements, understandings or transactions between any Loan Party and any of the officers,
members, managers, directors, parents, employees or Affiliates (other than Subsidiaries) of any Loan Party or any members of their
respective immediate families, and none of the foregoing Persons are directly or indirectly indebted to or have any direct or indirect
ownership, partnership, or voting interest in any Affiliate of any Loan Party or any Person with which any Loan Party has a business
relationship or which competes with any Loan Party.

 

SECTION 3.25. Franchise Representations.
Each Franchise Agreement with respect to a Chiropractic Care Facility operated by a Franchisee is in full force and effect, and
to the Loan Parties’ knowledge no event has occurred and no circumstances exist as a result of which Franchisee to a Franchise
Agreement has any right to terminate or suspend its Franchise Agreement.

 

 

ARTICLE IV

 

Conditions

 

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SECTION 4.01. Effective Date. The obligations
of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the
date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

(a) Credit Agreement and Loan Documents.
The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this
Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include fax
or other electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this
Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements
as the Administrative Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the
other Loan Documents, including any promissory notes requested by a Lender pursuant to Section 2.10 payable to the order of each
such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing
Bank and the Lenders, all in form and substance satisfactory to the Administrative Agent.

 

(b) Financial Statements and Forecasts.
The Lenders shall have received (i) audited consolidated financial statements of Borrower for the 2017 and 2018 Fiscal Years, (ii)
unaudited interim consolidated financial statements of Borrower for each Fiscal Quarter ended after the date of the latest applicable
financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and
such financial statements shall not, in the reasonable judgment of the Administrative Agent, reflect any material adverse change
in the consolidated financial condition of Borrower, as reflected in the audited, consolidated financial statements described in
clause (i) of this paragraph and (iii) satisfactory Forecasts through 2020.

 

(c) Closing Certificates; Certified
Certificate of Incorporation; Good Standing Certificates. The Administrative Agent shall have received (i) a certificate of
each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions
of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which
it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign the
Loan Documents to which it is a party and, in the case of the Borrower, its Financial Officers, and (C) contain appropriate attachments,
including the charter, articles or certificate of organization or incorporation of each Loan Party certified by the relevant authority
of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership
agreement, or other organizational or governing documents, and (ii) a long form good standing certificate for each Loan Party from
its jurisdiction of organization.

 

(d) No Default Certificate.
The Administrative Agent shall have received a certificate, signed by the a Financial Officer of the Borrower, dated as of the
Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations and warranties
contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to any other factual matters as may
be reasonably requested by the Administrative Agent.

 

(e) Fees. The Lenders and the
Administrative Agent shall have received all fees required to be paid, and all expenses required to be reimbursed for which invoices
have been presented (including the reasonable fees and expenses of legal counsel), on or before the Effective Date. All such amounts
will be paid with proceeds of Loans made on the Effective Date and will be reflected in the funding instructions given by the Borrower
to the Administrative Agent on or before the Effective Date.

 

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(f) Lien Searches. The Administrative
Agent shall have received the results of a recent lien search in the jurisdiction of organization of each Loan Party and each jurisdiction
where assets of the Loan Parties are located, and such search shall reveal no Liens on any of the assets of the Loan Parties except
for liens permitted by Section 6.02 or discharged on or prior to the Effective Date pursuant to a pay-off letter or other documentation
satisfactory to the Administrative Agent.

 

(g) Pay-Off Letter. The Administrative
Agent shall have received satisfactory pay-off letters for all existing Indebtedness required to be repaid and which confirms that
all Liens upon any of the property of the Loan Parties constituting Collateral will be terminated concurrently with such payment
and all letters of credit issued or guaranteed as part of such Indebtedness shall have been cash collateralized or supported by
a Letter of Credit.

 

(h) Funding Account. The Administrative
Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”)
to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized
pursuant to this Agreement.

 

(i) Solvency. The Administrative
Agent shall have received a solvency certificate signed by a Financial Officer dated the Effective Date in form and substance reasonably
satisfactory to the Administrative Agent.

 

(j) Pledged Equity Interests; Stock
Powers; Pledged Notes. The Administrative Agent shall have received (i) the certificates, if any, representing the Equity Interests
pledged pursuant to the Security Agreement, together with an undated stock power for each such certificate executed in blank by
a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any) pledged to the Administrative Agent pursuant
to the Security Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor
thereof.

 

(k) Filings, Registrations and
Recordings. Each document (including any Uniform Commercial Code financing statement) required by the Collateral Documents
or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor
of the Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on the Collateral described therein, prior
and superior in right to any other Person (other than with respect to Liens expressly permitted by Section 6.02), shall be in proper
form for filing, registration or recordation.

 

(l) Insurance. The Administrative
Agent shall have received evidence of insurance coverage in form, scope, and substance reasonably satisfactory to the Administrative
Agent and otherwise in compliance with the terms of Section 5.10 of this Agreement and Section 4.12 of the Security Agreement.

 

(m) Legal Due Diligence. The
Administrative Agent and its counsel shall have completed all legal due diligence, the results of which shall be satisfactory to
Administrative Agent in its sole discretion.

 

(n) USA PATRIOT Act, Etc. (i)
The Administrative Agent shall have received, (x) at least five (5) days prior to the Effective Date, all documentation and other
information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act, to the extent requested in writing of the Borrowers at least ten (10) days
prior to the Effective Date, and (y) a properly completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party, and
(ii) to the extent the Borrower qualify as a “legal entity customer” under the Beneficial Ownership Regulation, at
least five (5) days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least the
(10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such
Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this
Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

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(o) Other Documents. The Administrative
Agent shall have received such other documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel
may have reasonably requested.

 

The Administrative Agent shall notify the Borrower, the Lenders
and the Issuing Bank of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the
obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02).

 

SECTION 4.02. Each Credit Event. The obligation
of each Lender to make a Loan on the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter
of Credit, is subject to the satisfaction of the following conditions:

 

(a) The representations and warranties
of the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects with the same effect as
though made on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of
Credit, as applicable (it being understood and agreed that any representation or warranty which by its terms is made as of a specified
date shall be required to be true and correct in all material respects only as of such specified date, and that any representation
or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects).

 

(b)  At the time of and
immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as
applicable, no Default shall have occurred and be continuing.

 

(c) No event shall have occurred and
no condition shall exist which has or could be reasonably expected to have a Material Adverse Effect.

 

Each Borrowing and each issuance, amendment, renewal or extension
of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the
matters specified in paragraphs (a) and (b) and (c) of this Section.

 

Notwithstanding the failure to satisfy the conditions precedent
set forth in paragraphs (a) or (b) or (c) of this Section, unless otherwise directed by the Required Lenders, the Administrative
Agent may, but shall have no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue,
amend, renew or extend, or cause to be issued, amended, renewed or extended, any Letter of Credit for the ratable account and risk
of Lenders from time to time if the Administrative Agent believes that making such Loans or issuing, amending, renewing or extending,
or causing the issuance, amendment, renewal or extension of, any such Letter of Credit is in the best interests of the Lenders.

 

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ARTICLE V

 

Affirmative Covenants

 

Until all of the Secured Obligations shall have
been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other Loan
Parties, with the Lenders that:

 

SECTION 5.01. Financial Statements and Other
Information. The Borrower will furnish to the Administrative Agent and each Lender:

 

(a) within one hundred twenty (120)
days following the end of each Fiscal Year, a consolidated balance sheet and related statements of operations. cash flows and owners'
equity showing the financial position of the Borrower and its Subsidiaries as of the close of such fiscal year and the consolidated
results of its operations during such year and setting forth in comparative form the corresponding figures for the prior fiscal
year, which consolidated balance sheet and related statements of operations, cash flows and owners' equity shall be audited by
independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which opinion
shall not be qualified as to scope of audit or as to the status of the Borrower or any Subsidiary as a going concern. other than
solely with respect to, or resulting solely from an upcoming maturity date under any series of Indebtedness occurring within one
year from the time such opinion is delivered) to the effect that such consolidated financial statements fairly present, in all
material respects, the financial position and results of operations of the Borrower and its Subsidiaries on a consolidated basis
in accordance with GAAP (it being understood that the delivery by Borrower of annual reports on Form 10-K of Borrower and its consolidated
Subsidiaries (including delivery by way of providing to the Administrative Agent the URL link to Borrower's website or SEC's website
where such reports are posted) shall satisfy the requirements of this Section 5.04(a) to the extent such annual reports include
the information specified herein);

 

(b) within sixty (60) days following
the end of each of the first three Fiscal Quarters of each fiscal year), a consolidated balance sheet and related statements of
operations and cash flows showing the financial position of the Borrower and its Subsidiaries as of the close of such Fiscal Quarter
and the consolidated results of its operations during such Fiscal Quarter and the then-elapsed portion of the fiscal year and setting
forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year, all of which shall
be in reasonable detail and which consolidated balance sheet and related statements of operations and cash flows shall be certified
by a Financial Officer of the Borrower on behalf of the Borrower as fairly presenting, in all material respects, the financial
position and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP (subject
to normal year-end audit adjustments and the absence of footnotes) (it being understood that the delivery by Borrower of quarterly
reports on Form 10-Q of Borrower and its consolidated Subsidiaries (including delivery by way of providing to the Administrative
Agent the URL link to Borrower’s website or SEC's website where such reports are posted) shall satisfy the requirements of
this Section 5.04(b) to the extent such quarterly reports include the information specified herein);

 

(c) (x) concurrently with any delivery
of financial statements under paragraphs (a) or (b) above, a certificate of a Financial Officer of the Borrower (i) certifying
that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the nature
and extent thereof and any corrective action taken or proposed to be taken with respect thereto, and (ii) in the case of the financial
statements delivered under clause (a) and (b) setting forth reasonably detailed calculations demonstrating compliance with Section
6.12, (y) concurrently with any delivery of financial statements under paragraph (a) above, if the accounting firm is not restricted
from providing such a certificate by its policy office, a certificate of the accounting firm opining on or certifying such statements
stating whether they obtained knowledge during the course of their examination of such statements of any Default or Event of Default
(which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations) and (z) concurrently
with any delivery of financial statements under paragraphs (a) or (b) above, a copy of a customary management's discussion and
analysis with respect to such financial statements (it being understood that the delivery by Borrower of reports on Form 10-Q or
Form 10-K of Holdings or the Borrower and its consolidated Subsidiaries shall satisfy the requirements of this Section 5.04(c)(z)
to the extent such reports include such management's discussion and analysis);

 

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(d) as soon as available, but in
any event no later than one hundred twenty (120) days after the end of each Fiscal Year of the Borrower, a copy of the plan and
forecast (including a projected consolidated and consolidating balance sheet, income statement and cash flow statement) of the
Borrower for each month of the upcoming Fiscal Year (the “Forecasts”) in form reasonably satisfactory to the
Administrative Agent;

 

(e) as soon as possible and in any
event within sixty (60) days after the end of each Fiscal Quarter, Borrower’s “score card” report identifying,
at a minimum, same store sales, and such other information reasonably requested by Administrative Agent and generally consistent
with information previously provided to the Lenders in connection with Loans;

 

(f) promptly following any request
therefor, (x) such other information regarding the operations, changes in ownership of Equity Interests (to the extent known),
business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as
the Administrative Agent or any Lender (through Administrative Agent) may reasonably request and (y) information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer”
and anti-money laundering rules and regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation; and

 

(g) promptly after any request therefor
by the Administrative Agent or any Lender, copies of (i) any documents described in Section 101(k)(1) of ERISA that the Borrower
or any ERISA Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in Section 101(l)(1) of
ERISA that the Borrower or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided that if the Borrower
or any ERISA Affiliate has not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer
Plan, the Borrower or the applicable ERISA Affiliate shall promptly make a request for such documents and notices from such administrator
or sponsor and shall provide copies of such documents and notices promptly after receipt thereof.

 

The Borrower represents and warrants
that each of it and its Controlling and Controlled entities, in each case, if any (collectively with the Borrower, the “Relevant
Entities”), either (i) has no SEC registered or unregistered, publicly traded securities outstanding, or (ii) files its
financial statements with the SEC and/or makes its financial statements available to potential holders of its securities, and,
accordingly, the Borrower hereby (i) authorizes the Administrative Agent to make the financial statements to be provided under
Sections 5.01(a) and (b) above, along with the Loan Documents, available to Public-Siders and (ii) agrees that at the time such
financial statements are provided hereunder, they shall already have been made available to holders of any such securities. The
Borrower will not request that any other material be posted to Public-Siders without expressly representing and warranting to the
Administrative Agent in writing that such materials do not constitute material non-public information within the meaning of the
federal securities laws or that the Relevant Entities have no outstanding SEC registered or unregistered, publicly traded securities.
Notwithstanding anything herein to the contrary, in no event shall the Borrower request that the Administrative Agent make available
to Public-Siders budgets or any certificates, reports or calculations with respect to the Borrower’s compliance with the
covenants contained herein.

 

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SECTION 5.02. Notices of Material Events.
The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following:

 

(a)              
the occurrence of any Default;

 

(b)              
receipt of any notice of any investigation by a Governmental Authority or any litigation or proceeding commenced or threatened
against any Loan Party or any Subsidiary that (i) seeks damages in excess of $3,000,000, (ii) seeks injunctive relief, (iii) is
asserted or instituted against any Plan, its fiduciaries or its assets, (iv) alleges criminal misconduct by any Loan Party or any
Subsidiary, (v) alleges the violation of, or seeks to impose remedies under, any Environmental Law or related Requirement of Law,
or seeks to impose Environmental Liability, (vi) asserts liability on the part of any Loan Party or any Subsidiary in excess of
$1,000,000 in respect of any tax, fee, assessment, or other governmental charge, or (vii) involves any product recall;

 

(c)              
any material change in accounting or financial reporting practices by the Borrower or any Subsidiary;

 

(d)              
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount exceeding $1,000,000;

 

(e)              
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect;

 

(f)               
any development that results in, or could reasonably be expected to result in, the termination of that number of Franchise
Agreements which, in the aggregate, generate licensing revenues in excess of $500,000 annually;

 

(g)              any change in the information
provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners identified in
parts (c) or (d) of such certification.

 

Each notice delivered under this Section shall be accompanied by
a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03. Existence; Conduct of Business.
Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and
keep in full force and effect its legal existence and the rights, qualifications, licenses, permits, franchises, governmental authorizations,
intellectual property rights, licenses and permits material to the conduct of its business, and maintain all requisite authority
to conduct its business in each jurisdiction in which its business is conducted; provided that the foregoing shall not prohibit
any merger, consolidation, liquidation or dissolution permitted under Section 6.03 or any sale of assets permitted under Section
6.05 and (b) carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise
as it is presently conducted.

 

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SECTION 5.04. Payment of Obligations. Each
Loan Party will, and will cause each Subsidiary to, pay or discharge all Material Indebtedness and all other material liabilities
and obligations, including Taxes, before the same shall become delinquent or in default, except where (a) the validity or amount
thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or Subsidiary has set aside on its books
adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not
reasonably be expected to result in a Material Adverse Effect; provided, however, that each Loan Party will, and
will cause each Subsidiary to, remit withholding taxes and other payroll taxes to appropriate Governmental Authorities as and when
claimed to be due, notwithstanding the foregoing exceptions.

 

SECTION 5.05. Maintenance of Properties.
Each Loan Party will, and will cause each Subsidiary to, keep and maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted.

 

SECTION 5.06. Books and Records; Inspection
Rights. Each Loan Party will, and will cause each Subsidiary to, (a) keep proper books of record and account in which full,
true and correct entries are made of all dealings and transactions in relation to its business and activities and (b) permit any
representatives designated by the Administrative Agent or any Lender (including employees of the Administrative Agent, any Lender
or any consultants, accountants, lawyers, agents and appraisers retained by the Administrative Agent), upon reasonable prior notice
(but not more than two times per calendar year so long as No Event of Default has occurred and is continuing), to visit and inspect
its properties, conduct at the Loan Party’s premises field examinations of the Loan Party’s assets, liabilities, books
and records, including examining and making extracts from its books and records, environmental assessment reports and Phase I or
Phase II studies, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such
reasonable times and as often as reasonably requested. The Loan Parties acknowledge that the Administrative Agent, after exercising
its rights of inspection, may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets
for internal use by the Administrative Agent and the Lenders.

 

SECTION 5.07. Compliance with Laws and Material
Contractual Obligations. Each Loan Party will, and will cause each Subsidiary to, (i) comply with each Requirement of Law applicable
to it or its property (including without limitation Environmental Laws) and (ii) perform in all material respects its obligations
under material agreements (including without limitation each Franchise Development Agreement and each Franchisee Agreement) to
which it is a party. Each Loan Party will maintain in effect and enforce policies and procedures designed to ensure compliance
by such Loan Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions.

 

SECTION 5.08. Use of Proceeds.

 

(a)               
The proceeds of the Loans and the Letters of Credit will be used only for (i) general corporate purposes and working capital
needs of the Borrower, (ii) to refinance certain existing indebtedness of the Loan Parties, and (iii) to finance Chiropractic Care
Facility acquisitions, renovations, and development costs. No part of the proceeds of any Loan and no Letter of Credit will be
used, whether directly or indirectly, for any purpose that entails a violation of any of the regulations of the Federal Reserve
Board, including Regulations T, U and X.

 

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(b)               
The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that
its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing
or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to
the extent permitted for a Person required to comply with Sanctions, or (c) in any manner that would result in the violation of
any Sanctions applicable to any party hereto.

 

SECTION 5.09. Accuracy of Information.
The Loan Parties will ensure that any information, including financial statements or other documents, furnished to the Administrative
Agent or the Lenders in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof
or waiver hereunder or thereunder contains no material misstatement of fact or omits to state any material fact necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, and the furnishing of such
information shall be deemed to be a representation and warranty by the Borrower on the date thereof as to the matters specified
in this Section 5.09; provided that, with respect to the Forecasts, the Loan Parties will cause the Forecasts to be prepared in
good faith based upon assumptions believed to be reasonable at the time.

 

SECTION 5.10. Insurance. Each Loan
Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers having a financial strength
rating of at least A- by A.M. Best Company (a) insurance in such amounts (with no greater risk retention) and against such risks
(including loss or damage by fire and loss in transit; theft, burglary, pilferage, larceny, embezzlement, and other criminal activities;
business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established
repute engaged in the same or similar businesses operating in the same or similar locations and (b) all insurance required pursuant
to the Collateral Documents. The Borrower will furnish to the Lenders, upon request of the Administrative Agent, but no more frequently
than annually unless a Default or an Event of Default exists, information in reasonable detail as to the insurance so maintained
by Borrower.

 

SECTION 5.11. Intentionally Omitted.

 

SECTION 5.12. Casualty and Condemnation.
The Borrower (a) will furnish to the Administrative Agent and the Lenders prompt written notice of any casualty or other insured
damage to any material portion of the Collateral or the commencement of any action or proceeding for the taking of any material
portion of the Collateral or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will
ensure that the Net Proceeds of any such event (whether in the form of insurance proceeds, condemnation awards or otherwise) are
collected and applied in accordance with the applicable provisions of this Agreement and the Collateral Documents

 

SECTION 5.13. Depository Banks. On or before
March 31, 2020, each Loan Party will maintain the Administrative Agent as its principal depository bank, including for the maintenance
of operating, administrative, cash management, collection activity, and other deposit accounts for the conduct of its business.

 

SECTION 5.14. Additional Collateral; Further
Assurances.

 

(a) Subject to applicable Requirements of Law,
each Loan Party will cause each of its Subsidiaries formed or acquired after the date of this Agreement to become a Loan Party
by executing a Joinder Agreement within ten (10) days of such formation or acquisition. Upon execution and delivery thereof, each
such Person (i) shall automatically become a Loan Guarantor hereunder and thereupon shall have all of the rights, benefits, duties,
and obligations in such capacity under the Loan Documents and (ii) will grant Liens to the Administrative Agent, for the benefit
of the Administrative Agent and the other Secured Parties, in any property of such Loan Party which constitutes Collateral, including
any parcel of real property located in the U.S. owned by any Loan Party.

 

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(b) Each Loan Party will cause (i) 100%
of the issued and outstanding Equity Interests of each of its Domestic Subsidiaries and (ii) 65% (or such greater percentage that
(1) could not reasonably be expected to cause the undistributed earnings of such Foreign Subsidiary as determined for U.S. federal
income tax purposes to be treated as a deemed dividend to such Foreign Subsidiary's U.S. parent and (2) could not reasonably be
expected to cause any material adverse tax consequences) of the issued and outstanding Equity Interests entitled to vote (within
the meaning of Treas. Reg. Section 1.956-2(c)(2)) and 100% of the issued and outstanding Equity Interests not entitled to vote
(within the meaning of Treas. Reg. Section 1.956-2(c)(2)) in each Foreign Subsidiary directly owned by the Borrower or any Domestic
Subsidiary to be subject at all times to a first priority, perfected Lien in favor of the Administrative Agent for the benefit
of the Administrative Agent and the other Secured Parties, pursuant to the terms and conditions of the Loan Documents or other
security documents as the Administrative Agent shall reasonably request.

 

(c) Without limiting the foregoing, each
Loan Party will, and will cause each Subsidiary to, execute and deliver, or cause to be executed and delivered, to the Administrative
Agent such documents, agreements and instruments, and will take or cause to be taken such further actions (including the filing
and recording of financing statements, fixture filings, mortgages, deeds of trust and other documents and such other actions or
deliveries of the type required by Section 4.01, as applicable), which may be required by any Requirement of Law or which the Administrative
Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement and the other Loan Documents
and to ensure perfection and priority of the Liens created or intended to be created by the Collateral Documents, all in form and
substance reasonably satisfactory to the Administrative Agent and all at the expense of the Loan Parties. Notwithstanding the foregoing,
at any time after an Event of Default has occurred, each Loan Party will, upon the request of the Administrative Agent, cause each
Foreign Subsidiary to become a Loan Party and a Loan Guarantor and to grant Liens to the Administrative Agent on its assets and
have the balance of its Equity Interests pledged to the Administrative Agent.

 

(d) If any material assets (including any real
property or improvements thereto or any interest therein) are acquired by any Loan Party after the Effective Date (other than assets
constituting Collateral under the Security Agreement that become subject to the Lien under the Security Agreement upon acquisition
thereof), the Borrower will (i) notify the Administrative Agent and the Lenders thereof, and, if requested by the Administrative
Agent or the Required Lenders, cause such assets to be subjected to a Lien securing the Secured Obligations and (ii) take, and
cause each applicable Loan Party to take, such actions as shall be necessary or reasonably requested by the Administrative Agent
to grant and perfect such Liens, including actions described in paragraph (c) of this Section, all at the expense of the Loan Parties.

 

 

ARTICLE VI

 

Negative Covenants

 

Until all of the Secured Obligations shall have
been Paid in Full, each Loan Party executing this Agreement covenants and agrees, jointly and severally with all of the other Loan
Parties, with the Lenders that:

 

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SECTION 6.01. Indebtedness. No Loan Party
will, nor will it permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness, except:

 

(a) the Secured Obligations;

 

(b) Indebtedness existing on the date
hereof and set forth in Schedule 6.01(excluding, however, following the making of the initial Loan hereunder, the Indebtedness
to be repaid with the proceeds of such Loans as indicated on Schedule 6.01) and any extensions, renewals, refinancings and replacements
of any such Indebtedness in accordance with clause (f) hereof;

 

(c) Indebtedness of the Borrower to
any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary, provided that (i) Indebtedness of any Subsidiary
that is not a Loan Party to the Borrower or any other Loan Party shall be subject to Section 6.04 and (ii) Indebtedness of
any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured Obligations on terms reasonably
satisfactory to the Administrative Agent;

 

(d) Guarantees by the Borrower of
Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any other Subsidiary, provided that
(i) the Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by the Borrower or any other Loan Party
of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to Section 6.04 and (iii) Guarantees permitted
under this clause (d) shall be subordinated to the Secured Obligations on the same terms, if any, as the Indebtedness so Guaranteed
is subordinated to the Secured Obligations;

 

(e) Indebtedness of the Borrower or
any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets (whether or not
constituting purchase money Indebtedness), including Capital Lease Obligations and any Indebtedness assumed in connection with
the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals
and replacements of any such Indebtedness in accordance with clause (f) below; provided that (i) such Indebtedness is incurred
prior to or within 120 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate
principal amount of Indebtedness permitted by this clause (e) together with any Refinance Indebtedness in respect thereof permitted
by clause (f) below, shall not exceed $1,000,000 at any time outstanding;

 

(f) Indebtedness which represents
extensions, renewals, refinancing or replacements (such Indebtedness being so extended, renewed, refinanced or replaced being referred
to herein as the “Refinance Indebtedness”) of any of the Indebtedness described in clauses (b), (e)
and (j) hereof (such Indebtedness being referred to herein as the “Original Indebtedness”); provided
that (i) such Refinance Indebtedness does not increase the principal amount or interest rate of the Original Indebtedness, (ii)
any Liens securing such Refinance Indebtedness are not extended to any additional property of any Loan Party or any Subsidiary,
(iii) no Loan Party or any Subsidiary that is not originally obligated with respect to repayment of such Original Indebtedness
is required to become obligated with respect to such Refinance Indebtedness, (iv) such Refinance Indebtedness does not result in
a shortening of the average weighted maturity of such Original Indebtedness, (v) the terms of such Refinance Indebtedness are not
less favorable to the obligor thereunder than the original terms of such Original Indebtedness and (vi) if such Original Indebtedness
was subordinated in right of payment to the Secured Obligations, then the terms and conditions of such Refinance Indebtedness must
include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those
that were applicable to such Original Indebtedness;

 

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(g) Indebtedness owed to any Person
providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance,
pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the Ordinary Course of Business;

 

(h) Indebtedness of any Loan Party
in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each case provided in the Ordinary
Course of Business;

 

(i) Indebtedness assumed pursuant
to acquisitions of one or more Chiropractic Care Facilities or of rights under a Franchise Development Agreement, in no case exceeding
$500,000 at any time outstanding in the aggregate, provided such Indebtedness was not created in contemplation of such acquisitions;
and

 

(j)other Indebtedness in an
aggregate principal amount not exceeding $1,000,000 at any time outstanding of which Indebtedness, the aggregate principal amount
secured shall not exceed $500,000.

 

SECTION 6.02. Liens. No Loan Party will,
nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including Accounts) or rights in respect of any thereof, except:

 

(a) Liens created pursuant to any Loan Document;

 

(b) Permitted Encumbrances;

 

(c) any Lien on any property or asset
of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule 6.02; provided that
(i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien shall secure
only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof;

 

(d) Liens on fixed or capital assets
acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness
permitted by clause (e) of Section 6.01, (ii) such Liens and the Indebtedness secured thereby are incurred prior
to or within 120 days after such acquisition or the completion of such construction or improvement, (iii) the Indebtedness
secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iv) such
Liens shall not apply to any other property or assets of the Borrower or any Subsidiary;

 

(e) any Lien existing on any property
or asset (other than Accounts and Inventory unless such Lien on Accounts and Inventory are pursuant to Indebtedness permitted under
Section 6.01(i)) prior to the acquisition thereof by the Borrower or any Subsidiary; provided that (i) such Lien is
not created in contemplation of or in connection with such acquisition or such Person becoming a Loan Party, as the case may be,
(ii) such Lien shall not apply to any other property or assets of the Loan Party and (iii) such Lien shall secure only those
obligations which it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the case may be,
and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

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(f) Liens of a collecting bank arising
in the Ordinary Course of Business under Section 4-208 of the UCC in effect in the relevant jurisdiction covering only the
items being collected upon;

 

(g) Liens arising out of Sale and
Leaseback Transactions permitted by Section 6.06; and

 

(h) Liens granted by a Subsidiary
that is not a Loan Party in favor of the Borrower or another Loan Party in respect of Indebtedness owed by such Subsidiary.

 

SECTION 6.03. Fundamental Changes.

 

(a) No Loan Party will merge into or consolidate
with any other Person, or permit any other Person to merge into or consolidate with it, or otherwise Dispose of all of its assets,
or all or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or hereafter acquired), or
liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of Default shall
have occurred and be continuing, (i) any Subsidiary of the Borrower may merge into the Borrower in a transaction in which
the Borrower is the surviving entity, (ii) any Loan Party (other than the Borrower) may merge into any other Loan Party in
a transaction in which the surviving entity is a Loan Party, and (iii) any Subsidiary that is not a Loan Party may liquidate or
dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower
and is not materially disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly
owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04.

 

(b) No Loan Party will consummate a Division as
the Dividing Person, without the prior written consent of Administrative Agent, except that Borrower may transfer substantially
all of the assets of one or more Chiropractic Care Facilities to a Subsidiary for the purpose of consummating a Disposition permitted
under Section 6.05(h). Without limiting the foregoing, if any Loan Party that is a limited liability company consummates a Division
(with or without the prior consent of Administrative Agent as required above), each Division Successor shall be required to comply
with the obligations set forth in Section 5.14 and the other further assurances obligations set forth in the Loan Documents and
become a Loan Party under this Agreement and the other Loan Documents.

 

(c) No Loan Party will, nor will it permit any Subsidiary to, change
its Fiscal Year or any Fiscal Quarter from the basis in effect on the Effective Date.

 

(d) No Loan Party will change the accounting basis upon which its financial
statements are prepared.

 

SECTION 6.04. Investments, Loans, Advances,
Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary to, form any subsidiary after the Effective
Date, or purchase, hold or acquire (including pursuant to any merger with any Person that was not a Loan Party and a wholly owned
Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including any option, warrant
or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations
of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire (in
one transaction or a series of transactions) any assets of any other Person constituting a business unit (whether through purchase
of assets, merger or otherwise), except:

 

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(a) Permitted Investments, subject
to control agreements in favor of the Administrative Agent for the benefit of the Secured Parties or otherwise subject to a perfected
security interest in favor of the Administrative Agent for the benefit of the Secured Parties; provided that the Loan Parties shall
not be required to obtain control agreements for deposit accounts maintained at banks that are not Lenders until 60 days following
the Effective Date;

 

(b) investments in existence on the
date hereof and described in Schedule 6.04;

 

(c) investments by the Borrower and
the Subsidiaries in Equity Interests in their respective Subsidiaries, provided that (i) any such Equity Interests
held by a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations applicable to Equity Interests
of a Foreign Subsidiary referred to in Section 5.14) and (ii) the aggregate amount of investments by Loan Parties in Subsidiaries
that are not Loan Parties (together with outstanding intercompany loans permitted under Section 6.04(d) and outstanding Guarantees
permitted under Section 6.04(e)) shall not exceed $500,000 at any time outstanding (in each case determined without regard to any
write-downs or write-offs);

 

(d) loans or advances made by any
Loan Party to any Subsidiary and made by any Subsidiary to a Loan Party or any other Subsidiary, provided that (i) any
such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged pursuant to the Security Agreement
and (ii) the amount of such loans and advances made by Loan Parties to Subsidiaries that are not Loan Parties (together with
outstanding investments permitted under Section 6.04(c) and outstanding Guarantees permitted under Section 6.04(e)) shall
not exceed $500,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs);

 

(e) Guarantees constituting Indebtedness
permitted by Section 6.01, provided that the aggregate principal amount of Indebtedness of Subsidiaries that are
not Loan Parties that is Guaranteed by any Loan Party (together with outstanding investments permitted under clause (ii) to
the proviso to Section 6.04(c) and outstanding intercompany loans permitted under clause (ii) to the proviso to Section 6.04(d))
shall not exceed $500,000 at any time outstanding (in each case determined without regard to any write-downs or write-offs);

 

(f) reserved;

 

(g) notes payable, or stock or other securities issued
by Account Debtors to a Loan Party pursuant to negotiated agreements with respect to settlement of such Account Debtor’s
Accounts in the Ordinary Course of Business, consistent with past practices;

 

(h) investments in the form of Swap
Agreements permitted by Section 6.07;

 

(i) investments of any Person existing
at the time such Person becomes a Subsidiary of the Borrower or consolidates or merges with the Borrower or any Subsidiary (including
in connection with a permitted acquisition), so long as such investments were not made in contemplation of such Person becoming
a Subsidiary or of such merger;

 

(j) investments received in connection
with the disposition of assets permitted by Section 6.05;

 

(k) investments constituting deposits
described in clauses (c) and (d) of the definition of the term “Permitted Encumbrances”; or

 

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(l) acquisitions and investments described
in Section 2.04.

 

SECTION 6.05. Asset Sales. No Loan Party
will, nor will it permit any Subsidiary to, Dispose of any asset, including any Equity Interest owned by it, nor will the Borrower
permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another Subsidiary
in compliance with Section 6.04), except:

 

(a) Dispositions of (i) Inventory
in the Ordinary Course of Business, (ii) intellectual property rights pursuant to a Franchise Agreement of Franchise Development
Agreement in the Ordinary Course of Business and (ii) used, obsolete, worn out or surplus Equipment or property in the Ordinary
Course of Business;

 

(b) Dispositions of assets to the
Borrower or any Subsidiary, provided that any such Dispositions involving a Subsidiary that is not a Loan Party shall be
made in compliance with Section 6.09;

 

(c) Dispositions of Accounts (excluding
sales or dispositions in a factoring arrangement) in connection with the compromise, settlement or collection thereof;

 

(d) Dispositions of Permitted Investments
and other investments permitted by clauses (i) and (k) of Section 6.04;

 

(e) Sale and Leaseback Transactions
permitted by Section 6.06;

 

(f) Dispositions resulting from any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of, any
property or asset of the Borrower or any Subsidiary;

 

(g) Dispositions of assets (other
than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary are sold) that are not permitted by any other
clause of this Section, provided that the aggregate fair market value of all assets Disposed of in reliance upon this paragraph
(g) shall not exceed $1,000,000 during any fiscal year of the Borrower; and

 

(h) Dispositions of one or more Chiropractic
Care Facilities pursuant to a Franchise Agreement of Franchise Development Agreement between the Borrower and a Franchisee or Developer;

 

provided that all sales, transfers, leases and other dispositions
permitted under this Section 6.05 (other than those permitted by paragraphs (a)(ii), (b), (d), (f) and (g) above) shall be
made for fair value and for at least 75% cash consideration. A Disposition of a Chiropractic Care Facility under paragraph (h)
shall be made for fair value and in accordance with sound business practices with respect to franchise development or area development.

 

SECTION 6.06. Sale and Leaseback Transactions.
No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or indirectly, whereby it shall
sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter
rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property
sold or transferred (a “Sale and Leaseback Transaction”), except for any such sale of any fixed or capital assets
by the Borrower or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or
capital asset and is consummated within 150 days after the Borrower or such Subsidiary acquires or completes the construction of
such fixed or capital asset.

 

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SECTION 6.07. Swap Agreements. No Loan
Party will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge
or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests
of the Borrower or any Subsidiary), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest
rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing
liability or investment of the Borrower or any Subsidiary.

 

SECTION 6.08. Restricted Payments; Certain
Payments of Indebtedness.

 

(a) No Loan Party will, nor will it permit any
Subsidiary to, declare or make, or agree to declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except (i) the Borrower may declare and pay dividends with respect to its common stock payable
solely in additional shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their
Equity Interests, (iii) the Borrower may make Restricted Payments, not exceeding $1,500,000 during any Fiscal Year, pursuant to
and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries,
and (iv) if there exists no Default or Event of Default, and to do so will not cause a Default or Event of Default, and so long
as Borrower is in pro forma compliance with the Financial Covenants set forth in Section 6.12 before and after giving effect thereto
and after giving effect to any Indebtedness incurred in connection therewith, the Borrower may declare and make Restricted Payments
to the holders of its Equity Interests.

 

(b) No Loan Party will, nor will it permit any
Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
or other property) of or in respect of principal of or interest on any Indebtedness, or any payment or other distribution (whether
in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any Indebtedness, except:

 

(i) payment of Indebtedness created
under the Loan Documents;

 

(ii) payment of regularly scheduled
interest and principal payments as and when due in respect of any Indebtedness permitted under Section 6.01 and prepayment of Indebtedness
permitted under Section 6.01 so long as Borrower is in pro forma compliance with the financial covenants set forth in Section 6.12
both before and after giving effect to such prepayment, provided that no payments in respect of the Subordinated Indebtedness shall
be made to the extent prohibited by the express subordination provisions thereof;

 

(iii) refinancings of Indebtedness
to the extent permitted by Section 6.01; and

 

(iv) payment of secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness to the extent
such sale or transfer is permitted by the terms of Section 6.05.

 

SECTION 6.09. Transactions with Affiliates.
No Loan Party will, nor will it permit any Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase,
lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates,
except (a) transactions that (i) are in the Ordinary Course of Business and (ii) are at prices and on terms and conditions
not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third
parties, (b) transactions between or among the Loan Parties not involving any other Affiliate, (c) any investment permitted
by Sections 6.04(c), 6.04(d) or 6.04(l), (d) any Indebtedness permitted under Section 6.01(c), (e) any Restricted Payment
permitted by Section 6.08, (f) loans or advances to employees permitted under Section 6.04(f), (g) the payment of
reasonable fees to directors of the Borrower or any Subsidiary who are not employees of the Borrower or any Subsidiary, and compensation
and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the
Borrower or its Subsidiaries in the Ordinary Course of Business, and (h) any issuances of securities or other payments, awards
or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership
plans approved by the Borrower’s board of directors.

 

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SECTION 6.10. Restrictive Agreements. No
Loan Party will, nor will it permit any Subsidiary to, directly or indirectly enter into, incur or permit to exist any agreement
or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary
to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends
or other distributions with respect to any Equity Interests or to make or repay loans or advances to the Borrower or any other
Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary; provided that (i) the foregoing shall not
apply to restrictions and conditions imposed by any Requirement of Law or by any Loan Document, (ii) the foregoing shall not apply
to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any extension
or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing
shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such
sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder,
(iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness
permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness
and (v) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment
thereof.

 

SECTION 6.11. Amendment of Material Documents.
No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of its rights under (a) any agreement relating
to any Subordinated Indebtedness, or (b) its charter, articles or certificate of organization or incorporation and bylaws
or operating, management or partnership agreement, or other organizational or governing documents, to the extent any such amendment,
modification or waiver would be adverse to the Lenders.

 

SECTION 6.12. Financial Covenants.

 

(a)       Funded
Indebtedness to EBITDA Ratio. The Borrower will not permit the Funded Indebtedness to EBITDA Ratio, for any period of four
consecutive Fiscal Quarters ending on the last day of each Fiscal Quarter during any period to be greater than 2.0 to 1.0.

 

 

(b)        Fixed Charge Coverage
Ratio. The Borrower will not permit the Fixed Charge Coverage Ratio, for any period of four consecutive Fiscal Quarters ending
on the last day of each Fiscal Quarter during any period to be less than 1.25 to 1.0.

 

ARTICLE VII

 

Events of Default

 

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If any of the following events (“Events
of Default”) shall occur:

 

(a) the Borrower shall fail to pay
any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due
and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b) the Borrower shall fail to pay
any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable
under this Agreement or any other Loan Document, when and as the same shall become due and payable;

 

(c) any representation or warranty
made or deemed made by or on behalf of any Loan Party or any Subsidiary in, or in connection with, this Agreement or any other
Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or
any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been materially incorrect
when made or deemed made;

 

(d) any Loan Party shall fail to observe
or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to a Loan Party’s existence)
or 5.08 or in Article VI;

 

(e) any Loan Party shall fail to observe
or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d)),
and such failure shall continue unremedied for a period of (i) 5 Business Days after the earlier of any Loan Party’s
knowledge of such breach or notice thereof from the Administrative Agent (which notice will be given at the request of any Lender)
if such breach relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.03 through 5.07, 5.10, 5.11
or 5.13 of this Agreement or (ii) 30 days after the earlier of any Loan Party’s knowledge of such breach or notice thereof
from the Administrative Agent (which notice will be given at the request of any Lender) if such breach relates to terms or provisions
of any other Section of this Agreement;

 

(f) any Loan Party or any Subsidiary
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness,
when and as the same shall become due and payable;

 

(g) any event or condition occurs
that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without
the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on
its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity (subject to Borrower’ right to cure such condition giving rise thereto, if any);
provided that this clause (g) shall not apply to (i) secured Indebtedness that becomes due as a result of the voluntary
sale or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer is permitted by the terms
of Section 6.05 or (ii) the acceleration thereof is being contested in good faith by appropriate proceedings;

 

(h) an involuntary proceeding shall
be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect
of a Loan Party or Subsidiary or its debts, or of a substantial part of its assets, under any federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Loan Party or any Subsidiary or for a substantial part of its assets, and,
in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving
or ordering any of the foregoing shall be entered;

 

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(i) any Loan Party or any Subsidiary
shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under
any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h)
of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for such Loan Party or Subsidiary of any Loan Party or for a substantial part of its assets, (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j) any Loan Party or any Subsidiary
shall become unable, admit in writing its inability, or publicly declare its intention not to, or fail generally, to pay its debts
as they become due;

 

(k) one or more judgments for the
payment of money in an aggregate amount in excess of $1,000,000 (unless fully covered by applicable insurance) shall be rendered
against any Loan Party, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of thirty
(30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment
creditor to attach or levy upon any assets of any Loan Party or any Subsidiary to enforce any such judgment or any Loan Party or
any Subsidiary shall fail within thirty (30) days to discharge one or more non-monetary judgments or orders which, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which judgments or orders, in any such case,
are not stayed on appeal or otherwise being appropriately contested in good faith by proper proceedings diligently pursued;

 

(l) an ERISA Event shall have
occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could
reasonably be expected to result in a Material Adverse Effect;

 

(m) a Change in Control shall occur;

 

(n) the occurrence of any “default”,
as defined in any Loan Document (other than this Agreement), or the breach of any of the terms or provisions of any Loan Document
(other than this Agreement), which default or breach continues beyond any period of grace therein provided;

 

(o) the Loan Guaranty, if any, shall
fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability
of the Loan Guaranty, or any Guarantor shall fail to comply with any of the terms or provisions of the Loan Guaranty to which it
is a party, or any Guarantor shall deny that it has any further liability under the Loan Guaranty to which it is a party, or shall
give notice to such effect, including, but not limited to notice of termination delivered pursuant to Section 10.08;

 

(p) except as permitted by the terms
of any Collateral Document, (i) any Collateral Document shall for any reason fail to create a valid security interest in any Collateral
purported to be covered thereby, or (ii) any Lien securing any Secured Obligation shall cease to be a perfected, first priority
Lien;

 

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(q) any Collateral Document shall
fail to remain in full force or effect or any action shall be taken to discontinue or to assert the invalidity or unenforceability
of any Collateral Document; or

 

(r) any material provision of any
Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or any Loan Party shall
challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action or inaction that evidences
its assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable
in accordance with its terms);

 

(s) twenty percent (20%) or more of
the Franchise Agreements have been terminated or are of no further force and effect in any four quarter period; or

 

(t) any Loan Party is criminally indicted
or convicted under any law;

 

then, and in every such event (other than an event with
respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such
event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or
both of the following actions, at the same or different times:  (i) terminate the Commitments whereupon the Commitments
shall terminate immediately, (ii) declare the Loans then outstanding to be due and payable in whole (or in part, but ratably
as among the Classes of Loans and the Loans of each Class at the time outstanding, in which case any principal not so declared
to be due and payable may thereafter be declared to be due and payable), whereupon the principal of the Loans so declared to be
due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
become due and payable immediately, in each case without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower, and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof;
and in the case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall
automatically terminate and the principal of the Loans then outstanding, and cash collateral for the LC Exposure, together with
accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the
Required Lenders shall, increase the rate of interest applicable to the Loans and other Obligations as set forth in this Agreement
and exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity, including
all remedies provided under the UCC.

 

ARTICLE VIII

 

The Administrative Agent

 

SECTION 8.01. Authorization and
Action.

 

(a)               
Each Lender, on behalf of itself and any of its Affiliates that are Secured Parties and each Issuing Bank hereby irrevocably
appoints the entity named as Administrative Agent in the heading of this Agreement and its successors and assigns to serve as the
administrative agent and collateral agent under the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative
Agent to take such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents
as are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto.
In addition, to the extent required under the laws of any jurisdiction other than within the United States, each Lender and each
Issuing Bank hereby grants to the Administrative Agent any required powers of attorney to execute and enforce any Collateral Document
governed by the laws of such jurisdiction on such Lender’s or such Issuing Bank’s behalf. Without limiting the foregoing,
each Lender and each Issuing Bank hereby authorizes the Administrative Agent to execute and deliver, and to perform its obligations
under, each of the Loan Documents to which the Administrative Agent is a party, to exercise all rights, powers and remedies that
the Administrative Agent may have under such Loan Documents.

 

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(b)               
As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection),
the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to
refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents),
and, unless and until revoked in writing, such instructions shall be binding upon each Lender and each Issuing Bank; provided,
however, that the Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith
believes exposes it to liability unless the Administrative Agent receives an indemnification satisfactory to it from the Lenders
and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable
law, including any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency
or reorganization or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting
Lender in violation of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided,
further, that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any
such instructed action and may refrain from acting until such clarification or direction has been provided. Except as expressly
set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower, any other Loan Party, any Subsidiary or any Affiliate of any of
the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any
capacity. Nothing in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

 

(c)               
In performing its functions and duties hereunder and under the other Loan Documents, the Administrative Agent is acting
solely on behalf of the Lenders and the Issuing Banks (except in limited circumstances expressly provided for herein relating to
the maintenance of the Register), and its duties are entirely mechanical and administrative in nature. Without limiting the generality
of the foregoing:

 

(i) 
the Administrative Agent does not assume and shall not be deemed to have assumed any obligation or duty or any other relationship
as the agent, fiduciary or trustee of or for any Lender, Issuing Bank, any other Secured Party or holder of any other obligation
other than as expressly set forth herein and in the other Loan Documents, regardless of whether a Default or an Event of Default
has occurred and is continuing (and it is understood and agreed that the use of the term “agent” (or any similar term)
herein or in any other Loan Document with reference to the Administrative Agent is not intended to connote any fiduciary duty or
other implied (or express) obligations arising under agency doctrine of any applicable law, and that such term is used as a matter
of market custom and is intended to create or reflect only an administrative relationship between contracting parties); additionally,
each Lender agrees that it will not assert any claim against the Administrative Agent based on an alleged breach of fiduciary duty
by the Administrative Agent in connection with this Agreement and the transactions contemplated hereby;

 

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(ii) 
 nothing in this Agreement or any Loan Document shall require the Administrative Agent to account to any Lender for any
sum or the profit element of any sum received by the Administrative Agent for its own account;

 

(d)               
The Administrative Agent may perform any of its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any of their respective duties and exercise their respective rights and powers through their respective Related
Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative
Agent and any such sub-agent, and shall apply to their respective activities pursuant to this Agreement. The Administrative Agent
shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction
determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct
in the selection of such sub-agent.

 

(e)               
None of any Syndication Agent or any Arranger shall have obligations or duties whatsoever in such capacity under this Agreement
or any other Loan Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have
the benefit of the indemnities provided for hereunder.

 

(f)                
In case of the pendency of any proceeding with respect to any Loan Party under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal
of any Loan or any reimbursement obligation in respect of any LC Disbursement shall then be due and payable as herein expressed
or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower)
shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:

 

(iii)                       
 to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
LC Disbursements and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable
in order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent (including any claim under Sections
2.12, 2.13, 2.15, 2.17 and 9.03) allowed in such judicial proceeding; and

 

(iv)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such proceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured
Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to pay to the Administrative Agent any
amount due to it, in its capacity as the Administrative Agent, under the Loan Documents (including under Section 9.03). Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender or Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the
rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote in respect of the claim of any Lender or
Issuing Bank in any such proceeding.

 

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(g)               
The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the Issuing Banks,
and, except solely to the extent of the Borrower’s rights to consent pursuant to and subject to the conditions set forth
in this Article, none of the Borrower or any Subsidiary, or any of their respective Affiliates, shall have any rights as a third
party beneficiary under any such provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance
of the benefits of the Collateral and of the Guarantees of the Secured Obligations provided under the Loan Documents, to have agreed
to the provisions of this Article.

 

SECTION 8.02. Administrative Agent’s
Reliance, Indemnification, Etc.

 

(a)   
 Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to
be taken by it under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith to be necessary, under the circumstances as provided in the Loan Documents) or (y) in the absence of
its own gross negligence or willful misconduct (such absence to be presumed unless otherwise determined by a court of competent
jurisdiction by a final and nonappealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements,
representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document
or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent
under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its
obligations hereunder or thereunder.

 

(b)   
The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof (stating
that it is a “notice of default”) is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank,
and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty
or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document
delivered thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other
terms or conditions set forth in any Loan Document or the occurrence of any Default, (iv) the sufficiency, validity, enforceability,
effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, (v) the satisfaction of any condition
set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent or satisfaction of any condition that expressly refers to the matters described therein being acceptable
or satisfactory to the Administrative Agent, or (vi) the creation, perfection or priority of Liens on the Collateral.

 

(c)   
Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any promissory note as its holder until
such promissory note has been assigned in accordance with Section 9.04, (ii) may rely on the Register to the extent set forth in
Section 9.04(b), (iii) may consult with legal counsel (including counsel to the Borrower), independent public accountants and other
experts selected by it, and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with
the advice of such counsel, accountants or experts, (iv) makes no warranty or representation to any Lender or Issuing Bank and
shall not be responsible to any Lender or Issuing Bank for any statements, warranties or representations made by or on behalf of
any Loan Party in connection with this Agreement or any other Loan Document, (v) in determining compliance with any condition hereunder
to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender
or an Issuing Bank, may presume that such condition is satisfactory to such Lender or Issuing Bank unless the Administrative Agent
shall have received notice to the contrary from such Lender or Issuing Bank sufficiently in advance of the making of such Loan
or the issuance of such Letter of Credit and (vi) shall be entitled to rely on, and shall incur no liability under or in respect
of this Agreement or any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing (which
writing may be a fax, any electronic message, Internet or intranet website posting or other distribution) or any statement made
to it orally or by telephone and believed by it to be genuine and signed or sent or otherwise authenticated by the proper party
or parties (whether or not such Person in fact meets the requirements set forth in the Loan Documents for being the maker thereof).

 

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SECTION 8.03. Posting of Communications.

 

(a)               
 The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available
to the Lenders and the Issuing Banks by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any
other electronic system chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic
Platform”).

 

(b)               
Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures
and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user
ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby
each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Banks
and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure,
that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are
added to the Approved Electronic Platform, and that there are confidentiality and other risks associated with such distribution.
Each of the Lenders, each of the Issuing Banks and the Borrower hereby approves distribution of the Communications through the
Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(c)               
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF
THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND
THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE
APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE
AGENT, ANY ARRANGER, OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”) HAVE ANY
LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT
OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING
OUT OF ANY LOAN PARTY’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED
ELECTRONIC PLATFORM.

 

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“Communications” means, collectively, any notice,
demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan
Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank
by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

 

(d)               
Each Lender and each Issuing Bank agrees that notice to it (as provided in the next sentence) specifying that Communications
have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for
purposes of the Loan Documents. Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could
be in the form of electronic communication) from time to time of such Lender’s or Issuing Bank’s (as applicable) email
address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to
such email address.

 

(e)               
Each of the Lenders, each of the Issuing Banks and the Borrower agrees that the Administrative Agent may, but (except as
may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance
with the Administrative Agent’s generally applicable document retention procedures and policies.

 

(f)                
Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Bank to give any notice
or other communication pursuant to any Loan Document in any other manner specified in such Loan Document.

 

SECTION 8.04. The Administrative Agent Individually.
With respect to its Commitment, Loans and Letters of Credit, the Person serving as the Administrative Agent shall have and may
exercise the same rights and powers hereunder and is subject to the same obligations and liabilities as and to the extent set forth
herein for any other Lender or Issuing Bank, as the case may be. The terms “Issuing Banks”, “Lenders”,
“Required Lenders” and any similar terms shall, unless the context clearly otherwise indicates, include the Administrative
Agent in its individual capacity as a Lender, Issuing Bank or as one of the Required Lenders, as applicable. The Person serving
as the Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of banking, trust or other business with, any Loan
Party, any Subsidiary or any Affiliate of any of the foregoing as if such Person was not acting as the Administrative Agent and
without any duty to account therefor to the Lenders or the Issuing Banks.

 

SECTION 8.05. Successor Administrative Agent.

 

(a)               
The Administrative Agent may resign at any time by giving 30 days’ prior written notice thereof to the Lenders, the
Issuing Banks and the Borrower, whether or not a successor Administrative Agent has been appointed. Upon any such resignation,
the Required Lenders shall have the right to appoint a successor Administrative Agent. If no successor Administrative Agent shall
have been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring
Administrative Agent’s giving of notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders
and the Issuing Banks, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York or
an Affiliate of any such bank. In either case, such appointment shall be subject to the prior written approval of the Borrower
(which approval may not be unreasonably withheld and shall not be required while an Event of Default has occurred and is continuing).
Upon the acceptance of any appointment as Administrative Agent by a successor Administrative Agent, such successor Administrative
Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent.
Upon the acceptance of appointment as Administrative Agent by a successor Administrative Agent, the retiring Administrative Agent
shall be discharged from its duties and obligations under this Agreement and the other Loan Documents. Prior to any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such action as may be
reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.

 

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(b)               
Notwithstanding paragraph (a) of this Section, in the event no successor Administrative Agent shall have been so appointed
and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its intent
to resign, the retiring Administrative Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing
Banks and the Borrower, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents; provided that, solely for
purposes of maintaining any security interest granted to the Administrative Agent under any Collateral Document for the benefit
of the Secured Parties, the retiring Administrative Agent shall continue to be vested with such security interest as collateral
agent for the benefit of the Secured Parties, and continue to be entitled to the rights set forth in such Collateral Document and
Loan Document, and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold such Collateral,
in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in accordance with this
Section (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation to take any further
action under any Security Document, including any action required to maintain the perfection of any such security interest), and
(ii) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring
Administrative Agent; provided that (A) all payments required to be made hereunder or under any other Loan Document to the Administrative
Agent for the account of any Person other than the Administrative Agent shall be made directly to such Person and (B) all notices
and other communications required or contemplated to be given or made to the Administrative Agent shall directly be given or made
to each Lender and each Issuing Bank. Following the effectiveness of the Administrative Agent’s resignation from its capacity
as such, the provisions of this Article, Section 2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification
provisions set forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while
the retiring Administrative Agent was acting as Administrative Agent and in respect of the matters referred to in the proviso under
clause (a) above.

 

SECTION 8.06. Acknowledgements of Lenders and
Issuing Banks.

 

(a)               
Each Lender represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its
business and that it has, independently and without reliance upon the Administrative Agent, any Arranger or any other Lender, or
any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made
its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Arranger or any other
Lender, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material,
non-public information within the meaning of the United States securities laws concerning the Borrower and its Affiliates) as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon
this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

(b)               
Each Lender, by delivering its signature page to this Agreement on the Effective Date, or delivering its signature page
to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Lender hereunder, shall be deemed
to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document required to be delivered
to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date or the effective date of
any such Assignment and Assumption or any other Loan document pursuant to which it shall have become a Lender hereunder.

 

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(c)               
Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or on behalf of the Administrative
Agent; (ii) the Administrative Agent (A) makes no representation or warranty, express or implied, as to the completeness or accuracy
of any Report or any of the information contained therein or any inaccuracy or omission contained in or relating to a Report and
(B) shall not be liable for any information contained in any Report; (iii) the Reports are not comprehensive audits or examinations,
and that any Person performing any field examination will inspect only specific information regarding the Loan Parties and will
rely significantly upon the Loan Parties’ books and records, as well as on representations of the Loan Parties’ personnel
and that the Administrative Agent undertakes no obligation to update, correct or supplement the Reports; (iv) it will keep all
Reports confidential and strictly for its internal use, not share the Report with any Loan Party or any other Person except as
otherwise permitted pursuant to this Agreement; and (v) without limiting the generality of any other indemnification provision
contained in this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report harmless from
any action the indemnifying Lender may take or conclusion the indemnifying Lender may reach or draw from any Report in connection
with any extension of credit that the indemnifying Lender has made or may make to the Borrower, or the indemnifying Lender’s
participation in, or the indemnifying Lender’s purchase of, a Loan or Loans; and (B) it will pay and protect, and indemnify,
defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from and against, the claims, actions,
proceedings, damages, costs, expenses, and other amounts (including reasonable attorneys’ fees) incurred by the Administrative
Agent or any such other Person as the direct or indirect result of any third parties who might obtain all or part of any Report
through the indemnifying Lender.

 

SECTION 8.07. Collateral Matters.

 

(a)               
Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect to a Secured Party’s
right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually to realize upon
any of the Collateral or to enforce any Guarantee of the Secured Obligations, it being understood and agreed that all powers, rights
and remedies under the Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in accordance
with the terms thereof. In its capacity, the Administrative Agent is a “representative” of the Secured Parties within
the meaning of the term “secured party” as defined in the UCC. In the event that any Collateral is hereafter pledged
by any Person as collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted
a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant
and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.

 

(b)               
In furtherance of the foregoing and not in limitation thereof, no arrangements in respect of Banking Services the obligations
under which constitute Secured Obligations and no Swap Agreement the obligations under which constitute Secured Obligations, will
create (or be deemed to create) in favor of any Secured Party that is a party thereto any rights in connection with the management
or release of any Collateral or of the obligations of any Loan Party under any Loan Document. By accepting the benefits of the
Collateral, each Secured Party that is a party to any such arrangement in respect of Banking Services or Swap Agreement, as applicable,
shall be deemed to have appointed the Administrative Agent to serve as administrative agent and collateral agent under the Loan
Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set forth in this
paragraph.

 

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(c)               
The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion, to subordinate
any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such
property that is permitted by Section 6.02(b). The Administrative Agent shall not be responsible for or have a duty to ascertain
or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence,
priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in connection
therewith, nor shall the Administrative Agent be responsible or liable to the Lenders or any other Secured Party for any failure
to monitor or maintain any portion of the Collateral.

 

SECTION 8.08. Credit Bidding. The Secured
Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any
portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including
under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is
subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or
at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law.
In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall
be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon
the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating
the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition
vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid (i) the Administrative Agent
shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle
or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed
without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale,
(iii) the Administrative shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles
(provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition
of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide
for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing
documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv)
the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured
Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership, limited
partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition
vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that
Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another
bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations
credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties
pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition
vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition
vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed
assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents
and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests
in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with
the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions
contemplated by such credit bid.

 

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SECTION 8.09. Certain ERISA Matters.

 

(a)               
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true:

 

(v)such
Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in
connection with the Loans, the Letters of Credit or the Commitments,

 

(vi)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, and
the conditions for exemptive relief thereunder are and will continue to be satisfied in connection therewith,

 

(vii)                     
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to
enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such
Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(viii)                   
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender.

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender
has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants,
from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit
of, the Administrative Agent, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for
the benefit of the Borrower or any other Loan Party, that:

 

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(ix)
none of the Administrative Agent, or any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets
of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related to hereto or thereto),

 

(x)the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of
29 CFR § 2510.3-21, as amended from time to time) and is a bank, an insurance carrier, an investment adviser, a broker-dealer
or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described
in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(xi)
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect
of the Obligations),

 

(xii)                     
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under
ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible
for exercising independent judgment in evaluating the transactions hereunder, and

 

(xiii)                   
no fee or other compensation is being paid directly to the Administrative Agent, or any Arranger or any their respective
Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments
or this Agreement.

 

(c)               
The Administrative Agent, and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby,
and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement,
(ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount
being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other
payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees,
commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent
or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction
fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees
or fees similar to the foregoing.

 

SECTION 8.10. Flood Laws. Chase has adopted
internal policies and procedures that address requirements placed on federally regulated lenders under the National Flood Insurance
Reform Act of 1994 and related legislation (the “Flood Laws”). Chase, as administrative agent or collateral
agent on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each Lender in the
syndicate) documents that it receives in connection with the Flood Laws. However, Chase reminds each Lender and Participant in
the facility that, pursuant to the Flood Laws, each federally regulated Lender (whether acting as a Lender or Participant in the
facility) is responsible for assuring its own compliance with the flood insurance requirements.

 

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ARTICLE IX

 

Miscellaneous

 

SECTION 9.01. Notices.

 

(a) Except in the case of notices and other communications
expressly permitted to be given by telephone or Electronic Systems (and subject in each case to paragraph (b) below), all notices
and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed
by certified or registered mail or sent by fax, as follows:

 

		(i)	if to any Loan Party, to it in care of the Borrower at:

 

The Joint Corp.

16767 N. Perimeter Drive, Suite 110

Scottsdale, AZ 85260

Attention: Jake Singleton, CFO

 

 

(ii) if to the Administrative Agent
or Chase in its capacity as an Issuing Bank, to JPMorgan Chase Bank, N.A. at:

 

JPMorgan Chase Bank, N.A.

Middle Market Servicing

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL, 60603-2300

 

 

With a copy to:

 

JPMorgan Chase Bank, N.A.

201 N. Central Ave.,

21st Floor

Phoenix, AZ 85004

Attention: Brendan Kelly

 

(iii) if to any other Lender or
Issuing Bank, to it at its address or fax number set forth in its Administrative Questionnaire.

 

All such notices and other communications (i) sent by hand or overnight
courier service, or mailed by certified or registered mail shall be deemed to have been given when received, (ii) sent by fax shall
be deemed to have been given when sent, provided that if not given during normal business hours for the recipient, such
notice or communication shall be deemed to have been given at the opening of business on the next Business Day of the recipient,
or (iii) delivered through Electronic Systems or Approved Electronic Platforms, as applicable, to the extent provided in paragraph
(b) below shall be effective as provided in such paragraph.

 

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(b) Notices and other communications to the
Lenders hereunder may be delivered or furnished by using Electronic Systems or Approved Electronic Platforms, as applicable, or
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to
Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(d) unless otherwise agreed by the Administrative
Agent and the applicable Lender. Each of the Administrative Agent and the Borrower (on behalf of the Loan Parties) may, in its
discretion, agree to accept notices and other communications to it hereunder by using Electronic Systems or Approved Electronic
Platforms, as applicable, pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications. Unless the Administrative Agent otherwise proscribes, all such notices and other communications (i)
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement),
provided that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have
been given at the opening of business on the next Business Day for the recipient, and (ii) 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
that, for both clauses (i) and (ii) above, if such notice, e-mail or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day of the recipient.

 

(c) Any party hereto may change its address,
facsimile number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.

 

SECTION 9.02. Waivers; Amendments.

 

(a)  No failure or delay by the Administrative
Agent, the Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder and under any other Loan
Document are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall
be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter
of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the
Issuing Bank may have had notice or knowledge of such Default at the time.

 

(b)       Subject
to Section 2.14(c) and Section 9.02(e) below, neither this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except (i) in the case of this Agreement, pursuant to an agreement or agreements in writing
entered into by the Borrower and the Required Lenders or (ii) in the case of any other Loan Document, pursuant to an agreement
or agreements in writing entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto,
with the consent of the Required Lenders; provided that no such agreement shall (A) increase the Commitment of any Lender
without the written consent of such Lender (including any such Lender that is a Defaulting Lender), (B) reduce or forgive the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or fees payable
hereunder, without the written consent of each Lender (including any such Lender that is a Defaulting Lender) directly affected
thereby (except that any amendment or modification of the financial covenants in this Agreement (or defined terms used in the financial
covenants in this Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (B)),
(C) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any date for the payment
of any interest, fees or other Obligations payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone
the scheduled date of expiration of any Commitment, without the written consent of each Lender (including any such Lender that
is a Defaulting Lender) directly affected thereby, (D) change Section 2.09(c) Section 2.18(b) or (d) in a manner that would alter
the manner in which payments are shared, without the written consent of each Lender (other than any Defaulting Lender), (E) change
any of the provisions of this Section or the definition of “Required Lenders” or any other provision of any Loan Document
specifying the number or percentage of Lenders (or Lenders of any Class) required to waive, amend or modify any rights thereunder
or make any determination or grant any consent thereunder, without the written consent of each Lender (other than any Defaulting
Lender) directly affected thereby, (F) change Section 2.20, without the consent of each Lender (other than any Defaulting Lender),
(G) release any Guarantor from its obligation under its Loan Guaranty (except as otherwise permitted herein or in the other Loan
Documents), without the written consent of each Lender (other than any Defaulting Lender), or (H) except as provided in clause
(c) of this Section or in any Collateral Document, release all or substantially all of the Collateral without the written consent
of each Lender (other than any Defaulting Lender); provided further that no such agreement shall amend, modify or otherwise
affect the rights or duties of the Administrative Agent, or the Issuing Bank hereunder without the prior written consent of the
Administrative Agent or the Issuing Bank, as the case may be (it being understood that any amendment to Section 2.20 shall require
the consent of the Administrative Agent and the Issuing Bank); provided further that no such agreement shall amend or modify the
provisions of Section 2.07 or any letter of credit application and any bilateral agreement between the Borrower and the Issuing
Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and
the Issuing Bank in connection with the issuance of Letters of Credit without the prior written consent of the Administrative Agent
and the Issuing Bank, respectively. The Administrative Agent may also amend the Commitment Schedule to reflect assignments
entered into pursuant to Section 9.04. Any amendment, waiver or other modification of this Agreement or any other Loan Document
that by its terms affects the rights or duties under this Agreement of the Lenders of one or more Classes (but not the Lenders
of any other Class), may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite number
or percentage in interest of each affected Class of Lenders that would be required to consent thereto under this Section if such
Class of Lenders were the only Class of Lenders hereunder at the time.

 

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(c)       The
Lenders and the Issuing Bank hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to
release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral (i) upon the Payment in Full of all
Secured Obligations, and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender,
(ii) constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative
Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely
conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes
100% of the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty provided by such
Subsidiary, (iii) constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction
permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with
any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Except as provided in the preceding
sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required
Lenders; provided that the Administrative Agent may, in its discretion, release its Liens on Collateral valued in the aggregate
not in excess of $500,000 during any calendar year without the prior written authorization of the Required Lenders (it being agreed
that the Administrative Agent may rely conclusively on one or more certificates of the Borrower as to the value of any Collateral
to be so released, without further inquiry). Any such release shall not in any manner discharge, affect, or impair the Obligations
or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests
retained by the Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.
Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse
to or warranty by the Administrative Agent.

 

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(d)       If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is
not obtained (any such Lender whose consent is necessary but has not been obtained being referred to herein as a “Non-Consenting
Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided
that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the
Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for cash the Loans and other Obligations due
to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become a Lender for all purposes under this Agreement
and to assume all obligations of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements
of clause (b) of Section 9.04, and (ii) the Borrower shall pay to such Non-Consenting Lender in same day funds on the day of such
replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower hereunder
to and including the date of termination, including without limitation payments due to such Non-Consenting Lender under Sections
2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement
under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date rather than sold to the replacement Lender.
Each party hereto agrees that an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption
executed by the Borrower, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an
Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such
parties are participants), and (b) the Lender required to make such assignment need not be a party thereto in order for such assignment
to be effective and shall be deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness
of any such assignment, the other parties to such assignment agree to execute and deliver such documents necessary to evidence
such assignment as reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to
or warranty by the parties thereto.

 

(e)       Notwithstanding
anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement
this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

SECTION 9.03. Expenses; Indemnity; Damage Waiver.

 

(a)   
The Loan Parties, jointly and severally, shall pay all (i) reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in
connection with the syndication and distribution (including, without limitation, via the internet or through an Electronic System
or Approved Electronic Platform) of the credit facilities provided for herein, the preparation and administration of the Loan Documents
and any amendments, modifications or waivers of the provisions of the Loan Documents (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with
the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) out-of-pocket
expenses incurred by the Administrative Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of
any counsel for the Administrative Agent, the Issuing Bank or any Lender, in connection with the enforcement, collection or protection
of its rights in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made
or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit. Expenses being reimbursed by the Loan Parties under this Section include,
without limiting the generality of the foregoing, fees, costs and expenses incurred in connection with:

 

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(A)       appraisals
and insurance reviews;

 

(B)       field
examinations pursuant to Section 5.06 and the preparation of Reports based on the fees charged by a third party retained by the
Administrative Agent or the internally allocated fees for each Person employed by the Administrative Agent with respect to each
field examination;

 

(C)       background
checks regarding senior management and/or key investors, as deemed necessary or appropriate in the sole discretion of the Administrative
Agent;

 

(D)       Taxes,
fees and other charges for (i) lien and title searches and title insurance and (ii) recording the Mortgages, filing financing statements
and continuations, and other actions to perfect, protect, and continue the Administrative Agent’s Liens;

 

(E)       sums
paid or incurred to take any action required of any Loan Party under the Loan Documents that such Loan Party fails to pay or take;
and

 

(F)       forwarding
loan proceeds, collecting checks and other items of payment, and establishing and maintaining the accounts and lock boxes, and
costs and expenses of preserving and protecting the Collateral.

 

All of the foregoing fees, costs and expenses may be charged to
the Borrower as Revolving Loans or to another deposit account, all as described in Section 2.18(c).

 

(b)   
The Loan Parties, jointly and severally, shall indemnify the Administrative Agent, each Arranger, each Issuing Bank and
each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, incremental taxes, liabilities
and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted
against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan Documents
or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder
or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or
the use of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit
if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any
actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by a Loan Party or a Subsidiary,
or any Environmental Liability related in any way to a Loan Party or a Subsidiary, (iv) the failure of a Loan Party to deliver
to the Administrative Agent the required receipts or other required documentary evidence with respect to a payment made by such
Loan Party for Taxes pursuant to Section 2.17, or (v) any actual or prospective claim, litigation, investigation, arbitration or
proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation, arbitration or proceeding is
brought by any Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based
on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any
Taxes that represent losses or damages arising from any non-Tax claim.

 

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(c)   
Each Lender severally agrees to pay any amount required to be paid by any Loan Party under paragraph (a) or (b) of this
Section 9.03 to the Administrative Agent and each Issuing Bank, and each Related Party of any of the foregoing Persons (each, an
“Agent Indemnitee”) (to the extent not reimbursed by the Loan Parties and without limiting the obligation of
any Loan Party to do so), ratably according to their respective Applicable Percentage in effect on the date on which indemnification
is sought under this Section (or, if indemnification is sought after the date upon which the Commitments shall have terminated
and the Loans shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date),
from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements
of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
against such Agent Indemnitee in any way relating to or arising out of the Commitments, this Agreement, any of the other Loan Documents
or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
such Agent Indemnitee in its capacity as such; provided further that no Lender shall be liable for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that
are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s
gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement and the
Payment in Full of the Secured Obligations.

 

(d)   
To the extent permitted by applicable law, no Loan Party shall assert, and each Loan Party hereby waives, any claim against
any Indemnitee, (i) for any damages arising from the use by others of information or other materials obtained through telecommunications,
electronic or other information transmission systems (including the Internet), or (ii) on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as
a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing in this paragraph (d) shall relieve
any Loan Party of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages
asserted against such Indemnitee by a third party.

 

(e)   
All amounts due under this Section shall be payable promptly after written demand therefor.

 

SECTION 9.04. Successors and Assigns.
(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except
that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants
(to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

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(b)(i)       Subject
to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment,
participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to
be unreasonably withheld) of:

 

(A)       the
Borrower, provided that, (x) the Borrower shall be deemed to have consented to an assignment of all or a portion of the
Term Loans unless it shall object thereto by written notice to the Administrative Agent within three (3) Business Days after having
received notice thereof and (y) the Borrower shall be deemed to have consented to an assignment of all or a portion of the Revolving
Loans and Commitments unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days
after having received notice thereof, and provided further that no consent of the Borrower shall be required for (i) an
assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any
other assignee and (ii) any assignments made in connection with the primary syndication of the Term Loans;

 

(B)       the
Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment of all or
any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(C)       the
Issuing Bank, provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of
a Term Loan.

 

(ii)       Assignments
shall be subject to the following additional conditions:

 

(A)             
except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 or, in the case of a Term Loan, $500,000
unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower
shall be required if an Event of Default has occurred and is continuing;

 

(B)       each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part
of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

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(C)       the
parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or (y) to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform
as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with a processing
and recordation fee of $3,500; and

 

(D)       the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information
about the Borrower, the other Loan Parties and their Related Parties or their respective securities) will be made available and
who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including federal
and state securities laws.

 

For the purposes of this Section 9.04(b), the
terms “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund” means any
Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions
of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible Institution”
means a (a) natural person, (b) a Defaulting Lender or its Parent, (c) company, investment vehicle or trust for, or owned and operated
for the primary benefit of, a natural person or relative(s) thereof; provided that, with respect to clause (c), such company,
investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose
of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof,
having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000
and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the
ordinary course of its business; provided that upon the occurrence and during the continuance of an Event of Default, any
Person (other than a Lender) shall be an Ineligible Institution if after giving effect to any proposed assignment to such Person,
such Person would hold more than 25% of the then outstanding Aggregate Credit Exposure or Commitments, as the case may be or (d)
a Loan Party or a Subsidiary or other Affiliate of a Loan Party.

 

(iii)       Subject
to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified
in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply
with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with paragraph (c) of this Section.

 

(iv)       The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof
from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative
Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available
for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior
notice.

 

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(v)       Upon
its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as
to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section,
the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by
it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to
accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have
been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph.

 

(c) Any Lender may, without the consent of,
or notice to, the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more banks or other entities
(a “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged; (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations; and (iii) the Borrower, the Administrative
Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first
proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements
under Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall be delivered
to the participating Lender and the information and documentation required under Section 2.17(g) will be delivered to the Borrower
and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to
paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 2.18
and 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater
payment under Sections 2.15 or 2.17 with respect to any participation than its participating Lender would have been entitled to
receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the
Participant acquired the applicable participation.

 

Each Lender that sells a participation agrees,
at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 2.19(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(d)
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement or any other Loan
Document (the “Participant Register”); provided that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s
interest in any Commitments, Loans, Letters of Credit or its other obligations under this Agreement or any other Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

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(d)       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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank,
and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or
assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or
assignee for such Lender as a party hereto.

 

SECTION 9.05. Survival. All covenants,
agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon
by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation
or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or
any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15,
2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or
the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

SECTION 9.06. Counterparts; Integration; Effectiveness;
Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement,
the other Loan Documents and any separate letter agreements with respect to (i) fees payable to the Administrative Agent and (ii)
increases or reductions of the Issuing Bank Sublimit of the Issuing Bank constitute the entire contract among the parties relating
to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together,
bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns.

 

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(b) Delivery of an executed counterpart of a
signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to any document
to be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the Illinois Electronic Commerce Security Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures
in any form or format without its prior written consent.

 

SECTION 9.07. Severability. Any provision
of any Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

SECTION 9.08. Right of Setoff. If an Event
of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their respective Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held, and other obligations at any time owing, by such Lender,
such Issuing Bank or any such Affiliate, to or for the credit or the account of any Loan Party against any and all of the Secured
Obligations owing to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender,
Issuing Bank or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations
of the Loan Parties may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Bank
different from the branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event
that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall
be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent,
the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement
describing in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of
setoff. The applicable Lender, the Issuing Bank or such Affiliate shall notify the Borrower and the Administrative Agent of such
setoff or application; provided that the failure to give such notice shall not affect the validity of such setoff or application
under this Section. The rights of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates
may have.

 

SECTION 9.09. Governing Law; Jurisdiction;
Consent to Service of Process.

 

(a)                  
The Loan Documents (other than those containing a contrary express choice of law provision) shall be governed by and construed
in accordance with the internal laws of the State of Illinois (including, without limitation, 735 ILCS Section 105/5-1 Et Seq),
but giving effect to federal laws applicable to national banks.

 

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(b)                 
Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the
governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Secured Party
relating to this Agreement, any other Loan Document, the Collateral or the consummation or administration of the transactions contemplated
hereby or thereby shall be construed in accordance with and governed by the law of the State of Illinois.

 

(c)                  
Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of any U.S. federal or Illinois state court sitting in Chicago, Illinois and any appellate court from any thereof,
in any action or proceeding arising out of or relating to any Loan Documents, the transactions relating hereto or thereto, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may (and any such claims, cross-claims or third party claims brought against
the Administrative Agent or any of its Related Parties may only) be heard and determined in such state court or, to the extent
permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing Bank or
any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any
Loan Party or its properties in the courts of any jurisdiction.

 

(d)                 
Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

 

(e)                  
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any
other manner permitted by law.

 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH
PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE OR OTHER AGENT (INCLUDING ANY ATTORNEY) OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

SECTION 9.11. Headings. Article and Section
headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall
not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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SECTION 9.12. Confidentiality. Each of
the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents,
including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will
be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the
extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by any Requirement of Law or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or
any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (x) any assignee
of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or
(y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Loan Parties
and their obligations, (g) with the consent of the Borrower, (h) [reserved], (i) to any Person providing a Guarantee of all or
any portion of the Secured Obligations, or (j) to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank or any Lender
on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information”
means all information received from the Borrower relating to the Borrower or its business, other than any such information that
is available to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the
Borrower and other than information pertaining to this Agreement provided by arrangers to data service providers, including league
table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after
the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

 

SECTION 9.13. Several Obligations; Nonreliance;
Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and the failure of any Lender
to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.
Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U of the Federal
Reserve Board) for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to the contrary notwithstanding,
neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation of any Requirement of
Law.

 

SECTION 9.14. USA PATRIOT Act. Each Lender
that is subject to the requirements of the USA PATRIOT Act hereby notifies each Loan Party that pursuant to the requirements of
the USA PATRIOT Act, it is required to obtain, verify and record information that identifies such Loan Party, which information
includes the name and address of such Loan Party and other information that will allow such Lender to identify such Loan Party
in accordance with the USA PATRIOT Act.

 

SECTION 9.15. Disclosure. Each Loan
Party, each Lender and the Issuing Bank hereby acknowledges and agrees that the Administrative Agent and/or its Affiliates from
time to time may hold investments in, make other loans to or have other relationships with, any of the Loan Parties and their respective
Affiliates.

 

    	102

    

    

 

SECTION 9.16. Appointment for Perfection.
Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative
Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected
only by possession or control. Should any Lender (other than the Administrative Agent) obtain possession or control of any such
Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request
therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the
Administrative Agent’s instructions.

 

SECTION 9.17. Interest Rate Limitation.
Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees,
charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received
or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such
Loan hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation
of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall
be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the NYFRB
Rate to the date of repayment, shall have been received by such Lender.

 

SECTION 9.18. No Fiduciary Duty, etc. The
Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations
except those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is acting solely in the
capacity of an arm’s length contractual counterparty to the Borrower with respect to the Loan Documents and the transaction
contemplated therein and not as a financial advisor or a fiduciary to, or an agent of, the Borrower or any other person. The Borrower
agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit Party
in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges and agrees
that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other matters in
any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and shall be responsible for making
its own independent investigation and appraisal of the transactions contemplated hereby, and the Credit Parties shall have no responsibility
or liability to the Borrower with respect thereto.

 

The Borrower further acknowledges and agrees,
and acknowledges its Subsidiaries’ understanding, that each Credit Party, together with its Affiliates, is a full service
securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other
financial services. In the Ordinary Course of Business, any Credit Party may provide investment banking and other financial services
to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial
instruments (including bank loans and other obligations) of, the Borrower and other companies with which the Borrower may have
commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any
of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised
by the holder of the rights, in its sole discretion.

 

In addition, the Borrower acknowledges and agrees,
and acknowledges its Subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt financing,
equity capital or other services (including financial advisory services) to other companies in respect of which the Borrower may
have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information
obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships with the
Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish
any such information to other companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection
with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information obtained from
other companies.

 

    	103

    

    

 

SECTION 9.19. Marketing Consent.

 

The Borrower hereby authorizes Chase and its
affiliates (collectively, the “Chase Parties”), at their respective sole expense, but without any prior approval
by the Borrower, to publish such tombstones and give such other publicity to this Agreement as each may from time to time determine
in its sole discretion, subject to provide Borrower with prior notice. The foregoing authorization shall remain in effect until
the termination of this Agreement unless the Borrower notifies Chase in writing that such authorization is revoked.

 

SECTION 9.20. Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Loan Document 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 entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or

 

(iii)       the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution
Authority.

 

SECTION 9.21. Acknowledgement Regarding
Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements
or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance
Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
(together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of
such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any
Supported QFC may in fact be stated to be governed by the laws of the State of Illinois and/or of the United States or any other
state of the United States):

 

    	104

    

    

 

In the event a Covered Entity that is party to a Supported QFC (each,
a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported
QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit
Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective
to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state
of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed
by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed
that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support.

 

 

 

ARTICLE X

 

Loan Guaranty

 

SECTION 10.01. Guaranty. Each Loan Guarantor
(other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally liable for, and, as a
primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt
payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations
and all costs and expenses including, without limitation, all court costs and reasonable attorneys’ and paralegals’
fees (including allocated costs of in-house counsel and paralegals) and expenses paid or incurred by the Administrative Agent,
the Issuing Bank and the Lenders in endeavoring to collect all or any part of the Secured Obligations from, or in prosecuting any
action against, the Borrower, any Loan Guarantor or any other guarantor of all or any part of the Secured Obligations (such costs
and expenses, together with the Secured Obligations, collectively the “Guaranteed Obligations”); provided,
however, that the definition of “Guaranteed Obligations” shall not create any guarantee by any Loan Guarantor of
(or grant of security interest by any Loan Guarantor to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor
for purposes of determining any obligations of any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations
may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its
guarantee notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on
behalf of any domestic or foreign branch or Affiliate of any Lender that extended any portion of the Guaranteed Obligations.

 

SECTION 10.02. Guaranty of Payment.
This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require the Administrative
Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor of, or any other Person obligated
for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to enforce its
payment against any collateral securing all or any part of the Guaranteed Obligations.

 

SECTION 10.03. No Discharge or Diminishment
of Loan Guaranty.

 

    	105

    

    

 

(a) Except as otherwise provided for herein, the
obligations of each Loan Guarantor hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment
or termination for any reason (other than the Payment in Full of the Guaranteed Obligations), including: (i) any claim of waiver,
release, extension, renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation
of law or otherwise; (ii) any change in the corporate existence, structure or ownership of the Borrower or any other Obligated
Party liable for any of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding
affecting any Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party;
or (iv) the existence of any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated
Party, the Administrative Agent, the Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated
transactions.

 

(b)The obligations of each Loan Guarantor
hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of the invalidity,
illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or regulation
purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof.

 

(c)Further, the obligations of any Loan
Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the Administrative Agent, the Issuing
Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations;
(ii) any waiver or modification of or supplement to any provision of any agreement relating to the Guaranteed Obligations; (iii)
any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrower for all or any
part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any of the Guaranteed Obligations;
(iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with respect to any collateral securing
any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise, in the payment or performance
of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent
vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or
equity (other than the Payment in Full of the Guaranteed Obligations).

 

SECTION 10.04. Defenses Waived. To
the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising out of any defense
of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause,
or the cessation from any cause of the liability of the Borrower, any Loan Guarantor or any other Obligated Party, other than the
Payment in Full of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably
waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided for
herein, as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other
Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense
to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any Collateral held by it by one or more
judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act
with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part of the Guaranteed
Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against
any Obligated Party, without affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty, except
to the extent the Guaranteed Obligations have been Paid in Full. To the fullest extent permitted by applicable law, each Loan Guarantor
waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair
or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated Party
or any security.

 

    	106

    

    

 

SECTION 10.05. Rights of Subrogation.
No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of subrogation, contribution
or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties and the Loan Guarantors have
fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

 

SECTION 10.06. Reinstatement; Stay of Acceleration.
If at any time any payment of any portion of the Guaranteed Obligations (including a payment effected through exercise of a right
of setoff) is rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of the Borrower
or otherwise (including pursuant to any settlement entered into by a Secured Party in its discretion), each Loan Guarantor’s
obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment had not
been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty.
If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization
of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed
Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent.

 

SECTION 10.07. Information. Each
Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition and
assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the Administrative
Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks.

 

SECTION 10.08. Termination. Each of the
Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrower based on this Loan Guaranty until five
(5) days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice, each
Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior
to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect
to, or substitutions for, all or any part of such Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to constitute
a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may
have in respect of, any Default or Event of Default that shall exist under clause (o) of Article VII hereof as a result of any
such notice of termination.

 

SECTION 10.09. Taxes. Each payment of
the Guaranteed Obligations will be made by each Loan Guarantor without withholding for any Taxes, unless such withholding is required
by law. If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to withhold Taxes,
then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority
in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such Loan Guarantor shall be
increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under
this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it would have received
had no such withholding been made.

 

SECTION 10.10. Maximum Liability. Notwithstanding
any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent,
if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or
under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act, Uniform Voidable Transactions Act
or similar statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations
hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification
or contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken
into account.

 

    	107

    

    

 

SECTION 10.11. Contribution.

 

(a)               
To the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”)
which, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds
the amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate
Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts
of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following indefeasible
payment in full in cash of the Guarantor Payment, the Payment in Full of the Guaranteed Obligations and the termination of this
Agreement, such Loan Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by,
each other Loan Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately
prior to such Guarantor Payment.

 

(b)               
As of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of
the fair saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the
maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming
each other Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all
payments made by other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.

 

(c)               
This Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this
Section 10.11 is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts
as and when the same shall become due and payable in accordance with the terms of this Loan Guaranty.

 

(d)               
The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of
the Loan Guarantor or Loan Guarantors to which such contribution and indemnification is owing.

 

(e)               
The rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable
upon the Payment in Full of the Guaranteed Obligations and the termination of this Agreement.

 

SECTION 10.12. Liability Cumulative.
The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be cumulative with all liabilities
of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under this Agreement and the other Loan Documents
to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan Parties, without any limitation
as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.

 

    	108

    

    

 

SECTION 10.13. Keepwell. Each Qualified
ECP Guarantor 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 Loan Party to honor all of its obligations under this Guarantee in respect
of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13 for the
maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13 or otherwise
under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any
greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section 10.13
shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends that
this Section 10.13 constitute, and this Section 10.13 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

    	109

    

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

 

	 	 	THE JOINT CORP.
	 	 	 
	 	 	By: /s/ Jake Singleton
	 	 	Name: Jake Singleton
	 	 	Title: CFO
	 	 	 
	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., individually, and as

 Administrative Agent and Issuing
Bank
	 	 	 
	 	 	By: /s/ Brendan Kelly
	 	 	Name: Brendan Kelly
	 	 	Title: Authorized Officer

 

 

 

 

 

 

 

 

 

 

[Signature Page to Credit Agreement - JPMorgan/The Joint Corp. Financing]

 

    

    

    

 

COMMITMENT SCHEDULE

 

 

	
        Lender

         
	Revolving Commitment	Term A Commitment	Commitment
	JPMorgan Chase Bank, N.A.	$2,000,000	$5,500,000	$7,500,000
	Total	$2,000,000	$5,500,000	$7,500,000

 

 

 

 

 

 

 

 

 

 

Commitment Schedule

 

    

    

    

 

SCHEDULE 3.05

 

Properties, etc.

 

 

SCHEDULE 3.06

 

Disclosed Matters

 

 

SCHEDULE 3.12

 

Material Agreements

 

 

SCHEDULE 3.14

 

Insurance

 

 

SCHEDULE 3.15

 

Capitalization and Subsidiaries

 

 

SCHEDULE 3.24

 

Affiliate Transactions

 

 

SCHEDULE 6.01

 

Existing Indebtedness

 

 

SCHEDULE 6.02

 

Existing Liens

 

 

SCHEDULE 6.04

 

Existing Investments

 

 

SCHEDULE 6.10

 

Existing Restrictions

 

 

    

    

    

 

EXHIBIT A

 

 

ASSIGNMENT AND ASSUMPTION

 

 

This Assignment and Assumption (this “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name
of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of
which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor hereby
irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject
to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the
Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities
identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and other rights of the Assignor (in its capacity as a
Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents
or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of
the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such
sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

 

 

	1.	Assignor:   	 	 
	 	 	 
	2.	Assignee:	 	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]	 
	 	 	 	 
	3.	Borrower:	 	 
	 	 	 	 
	4.	Administrative Agent:   	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
	 	 	 	 
	5.	Credit Agreement:	The $7,500,000 Credit Agreement dated as of February 28, 2020 among The Joint Corp., the Lenders party
thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other parties thereto

 

 

_______________________

1 Select as applicable.

 

    	1

    

    

 

		6.	Assigned Interest:

 

	Facility Assigned2	Aggregate Amount of

 Commitment/Loans for

 all Lenders	Amount of

 Commitment/Loans

 Assigned	Percentage Assigned of 

Commitment/Loans3
	 	  $	  $	%     
	 	  $	  $	%     
	 	  $	  $	%     

 

 

Effective Date: _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE
AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative Agent a completed
Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information
(which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective
securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures
and applicable laws, including federal and state securities laws.

 

The terms set forth in this Assignment and Assumption are hereby agreed to:

 

 

	 	 	ASSIGNOR
	 	 	 
	 	 	[NAME OF ASSIGNOR]
	 	 	 
	 	 	By:  	 
	 	 	Name:  	 
	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	ASSIGNEE
	 	 	 
	 	 	[NAME OF ASSIGNEE]
	 	 	 
	 	 	By:  	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

_______________________

2 Fill in the appropriate
terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment (e.g. “Revolving
Commitment,” “Term Commitment,” etc.)

3 Set forth, to at least
9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

    	2

    

    

 

[Consented to and]4 Accepted:

 

JPMorgan Chase Bank, N.A., as

Administrative Agent and Issuing Bank

 

	By:  	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

[Consented to:]5

 

[NAME OF RELEVANT PARTY]

 

	By:  	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

 

 

 

 

 

_______________________

4 To be added only if
the consent of the Administrative Agent and/or Issuing Bank, as applicable, is required by the terms of the Credit Agreement.

5 To be added only if
the consent of the Borrower and/or other parties (e.g. Issuing Bank) is required by the terms of the Credit Agreement.

 

    	3

    

    

 

ANNEX 1 to

ASSIGNMENT AND ASSUMPTION

 

THE JOINT CORP. CREDIT AGREEMENT

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1. Representations and Warranties.

 

1.1 Assignor. The Assignor (a) represents
and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear
of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement
or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any Subsidiary or Affiliate or any other
Person obligated in respect of any Loan Document, (iv) any requirements under applicable law for the Assignee to become a lender
under the Credit Agreement or any other Loan Document or to charge interest at the rate set forth therein from time to time or
(v) the performance or observance by the Borrower, any Subsidiary or Affiliate, or any other Person of any of their respective
obligations under any Loan Document.

 

1.2. Assignee. The Assignee (a) represents
and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment
and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it
satisfies the requirements, if any, specified in the Credit Agreement and under applicable law that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned
Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent, any arranger or any other Lender or their respective Related Parties, and (v) attached to the Assignment and Assumption
is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any arranger,
the Assignor or any other Lender or their respective Related Parties, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required
to be performed by it as a Lender.

 

2. Payments. From and after the Effective
Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest,
fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee
for amounts which have accrued from and after the Effective Date.

 

    	1

    

    

 

3. General Provisions. This Assignment
and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.
This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.

 

Acceptance and adoption of the terms of this Assignment and Assumption
by the Assignee and the Assignor by Electronic Signature (as defined in the Credit Agreement) or delivery of an executed counterpart
of a signature page of this Assignment and Assumption by any Approved Electronic Platform (as defined in the Credit Agreement)
shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of Illinois.

 

 

 

 

 

 

 

    	2

    

    

 

EXHIBIT B-1 

 

FORM OF BORROWING REQUEST

 

THE JOINT CORP.

 

JPMorgan Chase Bank, N.A.

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL, 60603-2300

Attention: ___________________

 

 

Date:

 

Ladies and Gentlemen:

 

This Borrowing Request is furnished pursuant to Section 2.03 of
that certain Credit Agreement dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified from time
to time, the “Agreement”) among The Joint Corp. (the “Borrower”), the other Loan Parties, the lenders party
thereto and JPMorgan Chase Bank, N.A. (“Chase”), as Agent for the Lenders. Unless otherwise defined herein, capitalized
terms used in this Borrowing Request have the meanings ascribed thereto in the Agreement. The Borrower represents that, as of this
date, the conditions precedent set forth in Section 4.02 are satisfied.

 

The Borrower hereby notifies Chase of its request for the following Borrowing:

 

		1.	[Revolving] [Term Loan] Borrowing

		2.	Aggregate Amount of the [Revolving] [Term Loan] Borrowing6: 

$_________________

		3.	Borrowing Date of the Borrowing (must be a Business Day): 

____________________

		4.	The Borrowing shall be a ___ ABR Borrowing or ___ Eurodollar
                                         Borrowing7

		5.	If a Eurodollar Borrowing, the duration of Interest Period 8:

	 	One Month	 	 
	 	Three Months	 	 
	 	Six Months	 	 

 

		6.	If a Term Loan Draw, the conditions set forth in Section 2.04 have been satisfied.

 

 

 

_______________________

6 Must comply with Section 2.02(c) of the
Agreement

7 If no election is made, then the requested
Borrowing shall be an ABR Borrowing

8 Shall be subject to the definition of “Interest
Period.” Cannot extend beyond the Maturity Date. If an Interest Period is not specified, then the Borrower shall be deemed
to have selected an Interest Period of one month’s duration.

 

     

    

    

 

	 	 	THE JOINT CORP.
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

    	2

    

    

 

EXHIBIT B-2 

 

 

FORM OF INTEREST ELECTION REQUEST

 

 

THE JOINT CORP.

 

JPMorgan Chase Bank, N.A.

10 South Dearborn, Floor L2

Suite IL1-1145

Chicago, IL, 60603-2300

Attention: ___________________

 

 

 Date:

 

Ladies and Gentlemen:

 

This Interest Election Request is furnished pursuant to Section
2.08(c) of that certain Credit Agreement dated as of February 28, 2020 (as amended, restated, supplemented or otherwise modified
from time to time, the “Agreement”) among The Joint Corp. (the “Borrower”), the other Loan Parties, the
lenders party thereto and JPMorgan Chase Bank, N.A. (“Chase”), as Agent for the Lenders. Unless otherwise defined herein,
capitalized terms used in this Borrowing Request have the meanings ascribed thereto in the Agreement. 

 

The Borrower is hereby requesting to convert or continue certain
Borrowings as follows:

 

		1.	Borrowing to which this Interest Election Request applies:

________________________________

		2.	Date of conversion/continuation (must be a Business Day): __________________, 20____
	 	2.	Amount of Borrowings being converted/continued:              $ _______________
	 	3.	Nature of conversion/continuation:
	 	 	☐   a. Conversion of ABR Borrowings to Eurodollar Borrowings
	 	 	☐   b. Conversion of Eurodollar Borrowings to ABR Borrowings
	 	 	☐   c. Continuation of Eurodollar Borrowings as such
	 	 	 
	 	4.	If Borrowings are being continued as or converted to Eurodollar Borrowings, the duration of the new Interest Period that
                          commences on the conversion/continuation date 9 :
	 	 	One Month     __________      Three Months     __________     Six
                              Months     __________
	 	 	 
	 	5.	The undersigned officer of Borrower certifies that, both before and after giving
effect to the request above, no Default or Event of Default has occurred and is continuing under the Agreement.

 

 

 

 

_______________________

9 Shall be subject
to the definition of “Interest Period.” Cannot extend beyond the Maturity Date. If an Interest Period is not specified,
then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

 

     

    

    

 

 

	 	 	THE JOINT CORP.
	 	 	 
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

 

 

 

 

 

 

 

 

 

 

 

    	2

    

    

 

EXHIBIT C-1

 

 

[FORM OF] 

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to the Credit Agreement
dated as of February 28, 2020 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among The Joint Corp. and each lender from time to time party thereto.

 

Pursuant to the provisions of Section 2.17 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 promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank
within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning
of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in
Section 881(c)(3)(C) of the Code.

 

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

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

Date: ________ __, 20[  ]

 

 

 

    

    

    

 

 

EXHIBIT C-2

 

 

[FORM OF] 

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to the Credit Agreement
dated as of February 28, 2020 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among The Joint Corp., and each lender from time to time party thereto.

 

Pursuant to the provisions of Section 2.17 of
the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation
in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is
not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

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

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

Date: ________ __, 20[  ]

 

 

 

 

    

    

    

 

EXHIBIT C-3

 

 

[FORM OF]

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to the Credit Agreement
dated as of February 28, 2020 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among The Joint Corp., and each lender from time to time party thereto.

 

Pursuant to the provisions of Section 2.17 of
the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of
which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation,
(iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending
credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section
881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio
interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by a withholding
statement together with an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(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 prior to the first
payment to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

Date: ________ __, 20[  ]

 

 

 

 

    

    

    

 

 

EXHIBIT C-4

 

 

[FORM OF] 

 

U.S. TAX COMPLIANCE CERTIFICATE

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

 

Reference is hereby made to the Credit Agreement
dated as of February 28, 2020 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among The Joint Corp., and each lender from time to time party thereto.

 

Pursuant to the provisions of Section 2.17 of
the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory
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 promissory note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its
direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members
is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct
or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

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

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

[NAME OF LENDER]

 

	By:	 	 	 
	Name:  	 	 	 
	Title:	 	 	 

 

 

Date: ________ __, 20[  ]

 

 

 

    	1

    

    

 

EXHIBIT D

 

 

COMPLIANCE CERTIFICATE

 

		To:	The Lenders party to the

Credit Agreement described below

 

This Compliance Certificate (“Certificate”),
for the period ended _______ __, 201_, is furnished pursuant to that certain Credit Agreement dated as of February 28, 2020 (as
amended, modified, renewed or extended from time to time, the “Agreement”) among The Joint Corp. (the “Borrower”),
the other Loan Parties, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Lenders and as
the Issuing Bank. Unless otherwise defined herein, capitalized terms used in this Certificate have the meanings ascribed thereto
in the Agreement.

 

THE UNDERSIGNED HEREBY CERTIFIES THAT:

 

		2.	I am the of the Borrower and I am authorized to deliver this Certificate on behalf of the Borrower
and its Subsidiaries;

 

		3.	I have reviewed the terms of the Agreement and I have made, or have caused to be made under my
supervision, a detailed review of the compliance of the Borrower and its Subsidiaries with the Agreement during the accounting
period covered by the attached financial statements (the “Relevant Period”);

 

		4.	The attached financial statements of the Borrower and, as applicable, its Subsidiaries and/or Affiliates
for the Relevant Period: (a) have been prepared on an accounting basis (the “Accounting Method”) consistent with the
requirements of the Agreement and, except as may have been otherwise expressly agreed to in the Agreement, in accordance with GAAP
consistently applied, and (b) to the extent that the attached are not the Borrower’s annual fiscal year end statements, are
subject to normal year-end audit adjustments and the absence of footnotes;

 

		5.	The examinations described in paragraph 2 did not disclose and I have no knowledge of, except as
set forth below, (a) the existence of any condition or event which constitutes a Default or an Event of Default under the Agreement
or any other Loan Document during or at the end of the Relevant Period or as of the date of this Certificate or (b) any change
in the Accounting Method or in the application thereof that has occurred since the date of the annual financial statements delivered
to the Administrative Agent in connection with the closing of the Agreement or subsequently delivered as required in the Agreement;

 

		6.	I hereby certify that, except as set forth below, no Loan Party has changed (i) its name, (ii)
its chief executive office, (iii) its principal place of business, (iv) the type of entity it is or (v) its state of incorporation
or organization without having given the Administrative Agent the notice required by Section 4.15 of the Security Agreement;

 

		7.	The representations and warranties of the Loan Parties set forth in the Loan Documents are true
and correct in all material respects as of the date hereof, except (i) to the extent that any such representation or warranty specifically
refers to an earlier date, in which case it is true and correct in all material respects only as of such earlier date, and (ii)
that any representation or warranty which is subject to any materiality qualifier is true and correct in all respects;

 

    

    

    

 

		8.	Schedule I attached hereto sets forth financial data and computations38
evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true,
complete and correct; and

 

Described below are the exceptions, if any,
referred to in paragraph 4 hereof by listing, in detail, the (i) nature of the condition or event, the period during which it
has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or
event or (ii) change in the Accounting Method or the application thereof and the effect of such change on the attached financial
statements: 

	 	 
	 	 
	 	 

 

The foregoing certifications, together with
the computations set forth in Schedule I and the financial statements delivered with this Certificate in support hereof, are made
and delivered this day of _________, ___.

 

 

	 	 	 
	 	 	 
	 	 	By:  	 
	 	 	 	Name:  	 
	 	 	 	Title:	 

 

 

 

 

 

_______________________

38 Schedule
I must include detailed calculation tables for all components of the financial covenant calculations.

 

    	2

    

    

 

Schedule I to Compliance Certificate

 

Compliance as of _________, ____ with

Provisions of ____ and ____ of the Agreement

 

 

[Schedule I must include detailed calculation tables for all components
of the financial covenant calculations. Sample calculation tables are set forth below.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

    

    

 

EXHIBIT E

 

JOINDER AGREEMENT

 

 

THIS JOINDER AGREEMENT (this “Agreement”),
dated as of [ ], is entered into between ________________________________, a _________________ (the “New Subsidiary”)
and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the “Administrative Agent”) under that
certain Credit Agreement dated as of February 28, 2020 (as the same may be amended, modified, extended or restated from time to
time, the “Credit Agreement”) among The Joint Corp. (the “Borrower”), the other Loan Parties
party thereto, the Lenders party thereto and the Administrative Agent for the Lenders. All capitalized terms used herein and not
otherwise defined herein shall have the meanings set forth in the Credit Agreement.

 

The New Subsidiary and the Administrative Agent,
for the benefit of the Secured Parties, hereby agree as follows:

 

 

1.       The
New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed
to be a Loan Party under the Credit Agreement and a “Loan Guarantor” for all purposes of the Credit Agreement and shall
have all of the obligations of a Loan Party and a Loan Guarantor thereunder as if it had executed the Credit Agreement. The New
Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained
in the Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan Parties set forth
in Article III of the Credit Agreement, and (b) all of the covenants set forth in Articles V and VI of the Credit Agreement and
(c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without limiting the generality of the foregoing
terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in Section 10.10 and 10.13 of the Credit Agreement,
hereby guarantees, jointly and severally with the other Loan Guarantors, to the Administrative Agent and the Lenders, as provided
in Article X of the Credit Agreement, the prompt payment and performance of the Guaranteed Obligations in full when due (whether
at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the terms thereof and
agrees that if any of the Guaranteed Obligations are not paid or performed in full when due (whether at stated maturity, as a mandatory
prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and severally together with the other Loan Guarantors,
promptly pay and perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment
or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity,
as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

 

2.       If
required, the New Subsidiary is, simultaneously with the execution of this Agreement, executing and delivering such Collateral
Documents (and such other documents and instruments) as requested by the Administrative Agent in accordance with the Credit Agreement.

 

3.       The
address of the New Subsidiary for purposes of Section 9.01 of the Credit Agreement is as follows:

	 	 	 
	 	 	 
	 	 	 

 

 

 

    	1

    

    

 

4.       The
New Subsidiary hereby waives acceptance by the Administrative Agent and the Lenders of the guaranty by the New Subsidiary upon
the execution of this Agreement by the New Subsidiary.

 

5.       This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which together shall constitute one and the same instrument.

 

6.       THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF ILLINOIS.

 

 

IN WITNESS WHEREOF, the New Subsidiary has caused
this Agreement to be duly executed by its authorized officer, and the Administrative Agent, for the benefit of the Secured Parties,
has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

	 	 	[NEW SUBSIDIARY]
	 	 	 
	 	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 
	 	 	 
	 	 	Acknowledged and accepted:
	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A., as Administrative
	 	 	Agent
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

 

 

2

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