Document:

Execution Copy

 

 

 

 

CREDIT AGREEMENT

 

dated as of

 

January 22, 2013

 

among

 

THE MARCUS CORPORATION,

 

The Lenders Party Hereto,

 

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

 

U.S. BANK NATIONAL ASSOCIATION

 

as Syndication Agent

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

and

BANK OF AMERICA, N.A.,

 

as Co-Documentation Agents

 

 

___________________________________________________

 

J.P. MORGAN SECURITIES LLC,

 

as Lead Left Bookrunner

 

J.P. MORGAN SECURITIES LLC,

and

U.S. BANK NATIONAL ASSOCIATION

 

as Joint Lead Arrangers/Bookrunners

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I Definitions	1
	 	 	 
	SECTION 1.01.	Defined Terms.	1
	 	 	 
	SECTION 1.02.	Classification of Loans and Borrowings.	19
	 	 	 
	SECTION 1.03.	Terms Generally.	20
	 	 	 
	SECTION 1.04.	Accounting Terms; GAAP; ProForma Calculations	20
	 	 	 
	SECTION 1.05.	Status of Obligations.	20
	 	 	 
	ARTICLE II The Credits	21
	 	 	 
	SECTION 2.01.	Commitments.	21
	 	 	 
	SECTION 2.02.	Loans and Borrowings.	21
	 	 	 
	SECTION 2.03.	Requests for Borrowings.	22
	 	 	 
	SECTION 2.04.	Expansion Option.	22
	 	 	 
	SECTION 2.05.	Swingline Loans.	23
	 	 	 
	SECTION 2.06.	Letters of Credit.	24
	 	 	 
	SECTION 2.07.	Funding of Borrowings.	28
	 	 	 
	SECTION 2.08.	Interest Elections.	28
	 	 	 
	SECTION 2.09.	Termination and Reduction of Commitments.	29
	 	 	 
	SECTION 2.10.	Repayment of Loans; Evidence of Debt.	30
	 	 	 
	SECTION 2.11.	Prepayment of Loans.	32
	 	 	 
	SECTION 2.12.	Fees.	32
	 	 	 
	SECTION 2.13.	Interest.	33
	 	 	 
	SECTION 2.14.	Alternate Rate of Interest.	34
	 	 	 
	SECTION 2.15.	Increased Costs.	34
	 	 	 
	SECTION 2.16.	Break Funding Payments.	35
	 	 	 
	SECTION 2.17.	Taxes.	36

 

    	i

    	 

    
 

	SECTION 2.18.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	39
	 	 	 
	SECTION 2.19.	Mitigation Obligations; Replacement of Lenders.	40
	 	 	 
	SECTION 2.20.	Defaulting Lenders.	41
	 	 	 
	ARTICLE III Representations and Warranties	42
	 	 	 
	SECTION 3.01.	Organization; Powers.	42
	 	 	 
	SECTION 3.02.	Authorization; Enforceability.	42
	 	 	 
	SECTION 3.03.	Governmental Approvals; No Conflicts.	43
	 	 	 
	SECTION 3.04.	Financial Condition; No Material Adverse Change.	43
	 	 	 
	SECTION 3.05.	Properties.	43
	 	 	 
	SECTION 3.06.	Litigation and Environmental Matters.	44
	 	 	 
	SECTION 3.07.	Compliance with Laws and Agreements.	44
	 	 	 
	SECTION 3.08.	Investment Company Status.	44
	 	 	 
	SECTION 3.09.	Taxes.	44
	 	 	 
	SECTION 3.10.	ERISA.	45
	 	 	 
	SECTION 3.11.	Disclosure.	45
	 	 	 
	ARTICLE IV Conditions	46
	 	 	 
	SECTION 4.01.	Effective Date.	46
	 	 	 
	SECTION 4.02.	Each Credit Event.	47
	 	 	 
	ARTICLE V Affirmative Covenants	47
	 	 	 
	SECTION 5.01.	Financial Statements and Other Information.	47
	 	 	 
	SECTION 5.02.	Notices of Material Events.	48
	 	 	 
	SECTION 5.03.	Existence; Conduct of Business.	49
	 	 	 
	SECTION 5.04.	Payment of Obligations.	49
	 	 	 
	SECTION 5.05.	Maintenance of Properties; Insurance.	49
	 	 	 
	SECTION 5.06.	Books and Records; Inspection Rights.	49
	 	 	 
	SECTION 5.07.	Compliance with Laws.	49

 

    	ii

    	 

    
 

 

	SECTION 5.08.	Use of Proceeds and Letters of Credit.	49
	 	 	 
	SECTION 5.09.	Accuracy Of Information.	49
	 	 	 
	ARTICLE VI Negative Covenants	51
	 	 	 
	SECTION 6.01.	Priority Debt.	51
	 	 	 
	SECTION 6.02.	Liens.	51
	 	 	 
	SECTION 6.03.	Fundamental Changes; Sale of Assets.	52
	 	 	 
	SECTION 6.04.	Investments, Loans, Advances.	53
	 	 	 
	SECTION 6.05.	Swap Agreements.	53
	 	 	 
	SECTION 6.06.	Restricted Payments.	53
	 	 	 
	SECTION 6.07.	Transactions with Affiliates.	53
	 	 	 
	SECTION 6.08.	Restrictive Agreements.	53
	 	 	 
	SECTION 6.09.	Financial Covenants.	54
	 	 	 
	SECTION 6.10.	Amendments of Organization Documents.	54
	 	 	 
	SECTION 6.11.	Accounting Changes.	54
	 	 	 
	SECTION 6.12.	Prepayments, Etc. of Subordinated Indebtedness.	54
	 	 	 
	ARTICLE VII Events of Default	54
	 	 	 
	ARTICLE VIII The Administrative Agent	56
	 	 	 
	ARTICLE IX Miscellaneous	58
	 	 	 
	SECTION 9.01.	Notices.	58
	 	 	 
	SECTION 9.02.	Waivers; Amendments.	59
	 	 	 
	SECTION 9.03.	Expenses; Indemnity; Damage Waiver.	61
	 	 	 
	SECTION 9.04.	Successors and Assigns.	62
	 	 	 
	SECTION 9.05.	Survival.	65
	 	 	 
	SECTION 9.06.	Counterparts; Integration; Effectiveness.	66
	 	 	 
	SECTION 9.07.	Severability.	66
	 	 	 
	SECTION 9.08.	Right of Setoff.	66

 

    	iii

    	 

    
 

	SECTION 9.09.	Governing Law; Jurisdiction; Consent to Service of Process.	66
	 	 	 
	SECTION 9.10.	WAIVER OF JURY TRIAL.	67
	 	 	 
	SECTION 9.11.	Headings.	67
	 	 	 
	SECTION 9.12.	Confidentiality.	67
	 	 	 
	SECTION 9.13.	Interest Rate Limitation.	68
	 	 	 
	SECTION 9.14.	USA PATRIOT Act.	68

 

SCHEDULES:

 

Schedule 1.01 – Senior Notes

Schedule 2.01 – Commitments

Schedule 2.06 – Existing Letter of
Credit

Schedule 3.05 -- Subsidiaries

Schedule 3.06 -- Disclosed Matters

Schedule 6.02 -- Existing Liens

Schedule 6.04-- Existing Investments

Schedule 6.08 -- Existing Restrictions

 

EXHIBITS:

 

Exhibit
A -- Form of Assignment and Assumption

Exhibit
B-1 -- U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-2 -- U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-3 -- U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)

Exhibit
B-4 -- U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)

 

    	iv

    	 

    

  

CREDIT AGREEMENT dated
as of January 22, 2013, among THE MARCUS CORPORATION, the LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent,
U.S. BANK NATIONAL ASSOCIATION, as Syndication Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION
and BANK OF AMERICA, N.A., as Co-Documentation Agents.

 

 

The parties hereto agree
as follows:

 

ARTICLE
I

Definitions

 

SECTION 1.03.
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, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

"Acquisition"
means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which the
Borrower or any of its Subsidiaries (i) acquires any going business, any business unit or all or substantially all of the assets
of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise
or (ii) 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.

 

"Adjusted
LIBO Rate" means, with respect to any Eurodollar Borrowing for any Interest Period, 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 Person specified.

 

"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 Federal Funds Effective 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 avoidance of doubt, the Adjusted LIBO Rate for any day shall be based on the rate appearing on the Reuters BBA Libor
Rates Page 3750 (or on any successor or substitute page of such page) 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 Federal Funds Effective Rate or the Adjusted LIBO Rate
shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or
the Adjusted LIBO Rate, respectively.

 

    	5

    	 

    
 

“Applicable
Percentage” means, with respect to any Lender, (a) with respect to Revolving Loans, LC Exposure or Swingline
Loans, the 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 of all Revolving Lenders (if the Revolving Commitments have terminated or expired,
the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any
assignments); provided that in the case of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s
Revolving Commitment shall be disregarded in the calculation, and (b) with respect to the Term Loans, a percentage equal to
a fraction the numerator of which is such Lender’s outstanding principal amount of the Term Loans and the denominator of
which is the aggregate outstanding principal amount of the Term Loans of all Term Lenders; provided that in the case of Section 2.20
when a Defaulting Lender shall exist, any such Defaulting Lender’s Term Loan Commitment shall be disregarded in the calculation.

 

"Applicable
Rate" means, for any day, with respect to any Eurodollar Loan or ABR Loan or with respect to the facility fees under
Section 2.12(a) or the fees on Letters of Credit payable under Section 2.12(b)(i), as the case may be, the applicable rate per
annum set forth below under the caption "Eurodollar Spread", "ABR Spread", "Facility Fee Rate" or
"Letter of Credit Fee", as the case may be, based upon the Consolidated Debt to Capitalization Ratio as of the most
recent determination date:

 

	Level	Consolidated Debt to Capitalization Ratio 	Facility Fee Rate	Eurodollar Spread for Revolving Loans and Letter of Credit Fee	ABR Spread for Revolving Loans	Eurodollar Spread for the Term Loan	ABR Spread for the Term Loan
	I	< 0.25:1.0	0.15%	0.85%	0.0%	1.00%	0.0%
	II	≥ 0.25:1.0 and < 0.35:1.0	0.175%	0.95%	0.0%	1.125%	0.125%
	III	≥ 0.35:1.0 and < 0.50:1.0	0.20%	1.175%	0.175%	1.375%	0.375%
	IV	≥ 0.50:1.0	0.25%	1.375%	0.375%	1.625%	0.625%

 

 

The Applicable Rate shall be determined
in accordance with the foregoing table based on the Consolidated Debt to Capitalization Ratio as determined in the then most recent
quarterly financial statements for the first three Fiscal Quarters of each Fiscal Year and the audited year-end financial statements
for the last Fiscal Quarter of each Fiscal Year. Adjustments, if any, to the Applicable Rate shall be effective the fifth Business
Day after the date that the Administrative Agent is scheduled to receive the applicable financials under Section 5.01(a) or (b)
and certificate under Section 5.01(c). If the Borrower fails to deliver the financials to the Administrative Agent at the time
required hereunder or any other Event of Default exists, then the Applicable Rate shall be set at Level IV until such financials
are so delivered. The Applicable Rate shall be set at Level III as of the Effective Date and will not be less than Level III until
the Applicable Margin is adjusted based on the Consolidated Debt to Capitalization Ratio as determined for the 2013 Fiscal Year

 

    	2

    	 

    
 

Notwithstanding the foregoing, in the event
that any financial statement or compliance certificate delivered pursuant to Sections 5.01(a), (b) and (c) is shown to be inaccurate,
and such inaccuracy, if corrected, would have led to the application of (i) a higher Applicable Rate for any period (an “Applicable
Period”) than the Applicable Rate applied for such Applicable Period, then (a) the Borrower shall immediately deliver to
the Administrative Agent a corrected compliance certificate for such Applicable Period, (y) the Applicable Rate for such Applicable
Period shall be determined as if the Consolidated Debt to Capitalization Ratio in the corrected compliance certificate were applicable
for such Applicable Period, and (z) the Borrower shall immediately and retroactively be obligated to pay to the Administrative
Agent the accrued additional interest and fees owing as a result of such increased Applicable Rate for such Applicable Period,
or (ii) a lower Applicable Rate for the Applicable Period than the Applicable Rate applied for such Applicable Period, then (x)
the Borrower shall immediately deliver to the Administrative Agent a corrected compliance certificate for such Applicable Period
and (y) the Applicable Rate shall be adjusted in accordance with such corrected compliance certificate on the date that the Administrative
Agent receives such corrected compliance certificate notwithstanding that such date is not otherwise a date on which the Applicable
Rate is to be calculated, and such adjusted Applicable Rate shall remain in effect until otherwise required to be modified hereunder.
Nothing in this paragraph shall limit the rights of the Administrative Agent and Lenders with respect to their rights under this
Agreement. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment
of all Obligations.

 

"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.

 

"Assignment
and Assumption" means an assignment and assumption 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 approved by the Administrative Agent.

 

“Augmenting
Lender” has the meaning assigned to such term in Section 2.04(a).

 

"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 Commitments.

 

"Bankruptcy
Event" means, with respect to any Person, such Person becomes the subject of a 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, 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, provided, further, that such
ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

    	3

    	 

    
 

"Beneficial
Owner" means, with respect to any U.S. Federal withholding Tax, the beneficial owner, for U.S. Federal income tax
purposes, to whom such Tax relates.

 

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

 

“Board of
Directors” means, with respect to any Person, (i) in the case of any corporation, the board of directors of such
Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership,
the Board of Directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing.

 

"Borrower"
means The Marcus Corporation, a Wisconsin 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, (b) a Term Loan made on the same date and, in the
case of Eurodollar Loans, as to which a single Interest Period is in effect or (c) a Swingline Loan.

 

"Borrowing
Request" means a request by the Borrower for a Borrowing in accordance with Section 2.03.

 

"Business
Day" means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Chicago
or Milwaukee 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 dealings in dollar deposits
in the London interbank market.

 

“Capital Lease”
means, as to any Person, any lease (or other arrangement conveying the right to use) which, in accordance with GAAP consistently
applied, is or should be capitalized on the books of such Person.

 

"Capital Lease
Obligations" of any Person means the obligations of such Person to pay rent or other amounts under any Capital Lease
of real or personal property, or a combination thereof, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP.

 

"Change
of Control" means any event, or combination of events, the result of which is that Stephen H. Marcus, Diane Marcus
Gershowitz and their respective heirs, together with trusts controlled by any such Persons, collectively, no longer beneficially
own (within the meaning of Rule 13d-3 of the SEC under the Exchange Act) 51% or more of the voting rights with respect to outstanding
Equity Interests 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 any law, rule, regulation or
treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation 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 or directive (whether or
not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided however, that
notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii)
all requests, rules, guidelines, requirements and 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 (i.e., the Third Basel Accord agreed upon by the members of the Basel Committee on Banking Supervision),
shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented.

 

"Class",
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans, Term Loans or Swingline Loans.

 

    	4

    	 

    

 

“Co-Documentation
Agents” means Wells Fargo Bank, National Association and Bank of America, N.A., as co-documentation agents for the
credit facilities evidenced by this Agreement.

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

“Commitment”
means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment.  The
initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or other
documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

“Consolidated
Adjusted Cash Flow” means, for any period, the Consolidated Net Income for such period plus, to the extent deducted
in determining such Consolidated Net Income, (a) depreciation and amortization for such period, (b) all current and deferred taxes
on income, provision for taxes on income, provision for taxes on unremitted foreign earnings which are included in consolidated
gross revenues and current additions to reserves for taxes, and (c) Consolidated Interest and Rental Expense.

 

"Consolidated
Adjusted Net Worth" means, as of any date of determination thereof, the Consolidated Net Worth less the total amount
of all Restricted Investments in excess of 20% of Consolidated Net Worth, each as of such date of determination.

 

“Consolidated Debt”
means, as of any date of determination thereof, the Indebtedness of the Borrower and its Restricted Subsidiaries determined
on a consolidated basis as of such date of determination; provided that the amount included in Consolidated Debt that pertains
to all obligations under the Master Licensing Agreement, to the extent considered a Capital Lease under GAAP, shall be equal to
(a) one twelfth of any shortfall amount required to be paid under the Master Licensing Agreement for the most recently ended four
consecutive Fiscal Quarters times (b) the number of months remaining in the term of the Master Licensing Agreement as of the most
recently ended Fiscal Quarter.

 

"Consolidated
Debt to Capitalization Ratio" means, as of any date of determination, the ratio of (a) Consolidated Debt to (b) Consolidated
Total Capitalization, in each case as of such date.

 

“Consolidated Interest
and Rental Expense” means, for any period, all amounts recorded and deducted in computing Consolidated Net Income
for such period in respect of interest charges and expense and rental charges for such period (whether paid or accrued, or a cash
or non-cash expense, and in the case of rental payments, including the full amount of those payments made under operating leases
or synthetic leases, but only the imputed interest under Capital Leases).

 

“Consolidated
Net Income” means, for any period, the consolidated gross revenues of the Borrower and its Restricted Subsidiaries,
less all operating and non-operating expenses of the Borrower and its Restricted Subsidiaries, including all charges of a proper
character (including current and deferred taxes on income, provision for taxes on income, provisions for taxes on unremitted foreign
earnings which are included in consolidated gross revenues, and current additions to reserves), all determined in accordance with
GAAP consistently applied, but not including in the computation thereof the amounts (including related expenses and any tax effect
related thereto) resulting from (i) any gains or losses resulting from the sale, conversion or other disposition of capital assets
(i.e., assets other than current assets), (ii) any gains or losses resulting from the reevaluation of assets, (iii) any gains or
losses resulting from an acquisition by the Borrower or any of its Restricted Subsidiaries at a discount of any debt of the Borrower
or any of its Restricted Subsidiaries, (iv) any equity of the Borrower or any of its Restricted Subsidiaries in the unremitted
earnings of any Person which is not a Restricted Subsidiary, (v) any earnings of any Person acquired by the Borrower or any of
its Restricted Subsidiaries through purchase, merger or consolidation or otherwise for any time prior to the date of acquisition,
(vi) any deferred credit representing the excess of equity in any Restricted Subsidiary of the Borrower at the date of acquisition
over the cost of the investment in such Restricted Subsidiary, (vii) any restoration to income of any reserve, except to the extent
that provision for such reserve was made out of income accrued during such period, (viii) any net gain from the collection of life
insurance policies, or (ix) any gain resulting from investments or any other nonrecurring item.

 

    	5

    	 

    
 

"Consolidated
Net Worth" means, as of any date of determination thereof, the shareholders’ equity of the Borrower and its
Restricted Subsidiaries, calculated in accordance with GAAP on a consolidated basis consistently applied.

 

“Consolidated
Total Capitalization” means, as of the date of any determination thereof, the sum of (i) Consolidated Debt, plus
(ii) Consolidated Adjusted Net Worth.

 

“Contingent
Obligation” means any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment,
to supply funds to, or otherwise to invest in (including, without limitation, Deferred Equity Contribution Obligations), a debtor,
or otherwise to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person or guarantees
the payment of dividends or other distributions upon the shares of any other Person; excluding (i) endorsements of instruments
in the course of collection, (ii) so long as no claim or payment has been made thereon, guarantees that are effective solely upon
the occurrence of specified “bad boy” events that have not yet occurred in circumstances in which the occurrence of
such events is within the control of such Person or a Person controlled by such Person (e.g., provisions commonly known as “bad
boy” acts of such Person or a Person controlled by such Person, including fraud, gross negligence, willful misconduct, and
unlawful acts and such other customary “bad boy” acts as are reasonably acceptable to the Administrative Agent), and
(iii) so long as no claim or payment has been made thereon, guarantees by the Borrower of the payment of franchise fees (but not
of any Indebtedness) by its Subsidiaries consistent with past practices and in the ordinary course of business. The amount of any
Person’s obligation under any Contingent Obligation shall (subject to any limitation set forth therein) be deemed to be the
outstanding principal amount (or maximum principal amount, if larger) of the debt, obligation or other liability guaranteed thereby.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, undertaking,
contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which
it or any of its property is bound.

 

"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.

 

“Controlled
Affiliate” has the meaning assigned to such term in Section 3.12.

 

    	6

    	 

    
 

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

 

"Credit Party"
means the Administrative Agent, the Issuing Bank, the Swingline Lender 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.

 

"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 Swingline Loans 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 and Swingline Loans 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 a Bankruptcy Event.

 

“Deferred
Equity Contribution Obligations” means obligations of the Borrower or its Restricted Subsidiaries to make equity
contributions to Subsidiaries engaged in businesses of the type conducted by the Borrower and its Restricted Subsidiaries on the
date of execution of this Agreement and businesses reasonably related thereto, provided that no Default exists at the time such
obligation is incurred and the incurrence of any such obligation does not cause a Default.

 

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

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any sale and leaseback
transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), 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.

 

"dollars"
or "$" refers to lawful money of the United States of America.

 

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

 

“Embargoed
Person” has the meaning assigned to such term in Section 3.13.

 

    	7

    	 

    
 

"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 the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to 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) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

"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 such equity interest.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

"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, 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 existence with respect to any Plan of an
"accumulated funding deficiency" (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) 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 of its ERISA Affiliates 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 of its ERISA Affiliates of any liability with respect to the withdrawal or
partial withdrawal 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 of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning
of Title IV of ERISA.

 

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

 

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

 

“Exchange
Act” means the Securities and Exchange Act of 1934, and regulations promulgated thereunder.

 

    	8

    	 

    
 

"Excluded
Taxes" means, with respect to the Borrower under any Loan Document, any of the following Taxes imposed on or with
respect to a Recipient: (a) income or franchise Taxes imposed on (or measured by) its net income by the United States of America,
or by the jurisdiction under the laws of which such Recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable lending office is located, (b) any branch profits Taxes imposed by the United States
of America or any similar Taxes imposed by any other jurisdiction in which the Borrower is located and (c) in the case of a Non-U.S.
Lender (other than an assignee pursuant to a request by the Borrower under Section 2.19(b)), any U.S. Federal withholding Taxes
resulting from any law in effect (including FATCA) on such date such Non-U.S. Lender becomes a party to this Agreement (or designates
a new lending office) or is attributable to such Non-U.S. Lender's failure to comply with Section 2.17(f), except to the extent
that such Non-U.S. Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding Taxes pursuant to Section 2.17(a).

 

“Executive
Order” has the meaning assigned to it in Section 3.13.

 

“Existing
Credit Agreement” means the credit agreement dated as of April 18, 2008, as amended, among the Borrower, the lenders
party thereto, and U.S. Bank National Association, as administrative agent.

 

“Existing
Letters of Credit” means the currently outstanding letters of credit issued for the account of the Borrower and listed
on Schedule 2.06 hereto.

 

"FATCA"
means Sections 1471 through 1474 of the Code, as of the date of this Agreement and any regulations or official interpretations
thereof.

 

"Federal Funds
Effective Rate" means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers,
as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published
for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for
such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by it.

 

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

 

"Fiscal
Quarter" means each fiscal quarter of the Borrower based on three 13-week quarters and a final quarter consisting
of 13 or 14 weeks consistent with the Borrower’s current practice.

 

"Fiscal
Year" means each fiscal year of the Borrower based on a 52 or 53-week fiscal year and ending on the last Thursday
in May consistent with the Borrower’s current practice. Reference to any Fiscal Year with a reference to any year shall be
deemed the Fiscal Year ending on the last Thursday in May of that year (i.e., the 2013 Fiscal Year shall be the Fiscal Year ending
May 30, 2013).

 

“Foreign
Assets Control Regulations” has the meaning assigned to such term in Section 3.13.

 

"GAAP"
means generally accepted accounting principles in the United States of America.

 

    	9

    	 

    
 

"Governmental
Authority" means the government of the United States of America, 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.

 

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

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.04(a).

 

“Incremental
Credits” has the meaning assigned to such term in Section 9.02(c).

 

“Incremental
Term Loan Amendment” has the meaning assigned to such term in Section 2.04(a).

 

“Incremental
Term Loan” has the meaning assigned to such term in Section 2.04(a).

 

“Indebtedness”
of any Person means, without duplication, (a) all indebtedness for borrowed money; (b) all obligations issued, undertaken
or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course
of business on ordinary terms); (c) all non-contingent reimbursement or payment obligations with respect to Surety Instruments;
(d) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred
in connection with the acquisition of property, assets or businesses; (e) all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to property acquired by the Person
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property); (f) all obligations with respect to Capital Leases; (g) all net obligations with respect to
Swap Agreements; (h) all indebtedness referred to in clauses (a) through (g) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in property (including accounts
and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness;
(i) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (a)
through (h) above; and (j) all Contingent Obligations with respect to Surety Instruments.

 

"Ineligible
Institution" has the meaning assigned to it in Section 9.04(b).

 

"Indemnified
Taxes" means (a) Taxes other than Excluded Taxes, imposed on or with respect to any payment made by the Borrower under
any Loan Document and (b) Other Taxes.

 

"Information
Memorandum" means the loan syndication organizational materials dated December, 2012 relating to the Borrower and
the Transactions.

 

"Interest
Election Request" means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with
Section 2.08.

 

"Interest
Payment Date" means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June,
September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing
of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months' duration,
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 (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid or as otherwise
required by the Swingline Lender.

 

    	10

    	 

    
 

"Interest
Period" means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one, two, 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, in the case of a Eurodollar Borrowing only, 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 pertaining to a Eurodollar Borrowing 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, in the case of a Revolving Borrowing, thereafter shall be the effective
date of the most recent conversion or continuation of such Borrowing.

 

“Investment”
means any advance, loan, extension of credit or capital contribution to, or any investment in the Equity Interests, or
debt securities or other obligations of, another Person or any Contingent Obligation incurred for the benefit of another Person.
For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment
for subsequent increases or decreases in the value of such Investment.

 

"IRS"
means the United States Internal Revenue Service.

 

"Issuing Bank"
means JPMorgan Chase Bank, N.A. in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity
as provided in Section 2.06(i). The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued
by Affiliates of the Issuing Bank, in which case the term "Issuing Bank" shall include any such Affiliate with respect
to Letters of Credit issued by such Affiliate.

 

“Joint Venture”
means a single-purpose corporation, partnership, joint venture or other similar legal arrangement (whether created by contract
or conducted through a separate legal entity) now or hereafter formed by the Borrower or any of its Subsidiaries with another Person
in order to conduct a common venture or enterprise with such Person.

 

"LC Disbursement"
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

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

 

"Lender Addition
and Acknowledgement Agreement" means an agreement in form and substance satisfactory to the Administrative Agent and
the Borrower.

 

"Lenders"
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment
and Assumption or Lender Addition and Acknowledgement Agreement, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender.

 

    	11

    	 

    
 

"Letter of
Credit" means any letter of credit issued pursuant to this Agreement.

 

"LIBO Rate"
means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing on Reuters Screen LIBOR01 Page 1 (or
on any successor or substitute page of such page as determined by the Administrative Agent providing rate quotations comparable
to those currently provided on such page of such page, as determined by the Administrative Agent from time to time for purposes
of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the
"LIBO Rate" with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which
dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office
of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period or another comparable rate as determined by the Administrative
Agent.

 

"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 this Agreement, any promissory notes issued pursuant hereto, any Letter of Credit applications, and all other agreements,
instruments, documents and certificates executed and delivered to, or in favor of, the Administrative Agent or any Lenders 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.

 

"Loans"
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Master Licensing
Agreement” means the master licensing agreement entered into during the second Fiscal Quarter of the 2012 Fiscal
Year by the Borrower and/or its Restricted Subsidiaries with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema Corp.
(CDF2), with respect to their digital cinema projection systems, and any amendments or modifications thereof and similar agreements
(i.e., agreements under which all payments are expected to be covered through the payment of virtual print fees from film distributors
to CDF2 or other independent third parties that are not affiliated with the Borrower or any of its Subsidiaries) with respect to
their digital cinema projection systems.

 

"Material
Adverse Effect" means a material adverse effect on (a) the business, assets, operations, prospects or condition, financial
or otherwise, of the Borrower and the Restricted Subsidiaries taken as a whole, (b) the ability of the Borrower to perform any
of its obligations under any Loan Document or (c) the rights of or benefits available to the Lenders under any Loan Document.

 

    	12

    	 

    
 

"Material
Indebtedness" means Indebtedness (other than the Loans and Letters of Credit), Contingent Obligations or obligations
in respect of one or more Swap Agreements, of any one or more of the Borrower and its Restricted Subsidiaries in an aggregate principal
amount exceeding $5,000,000. For purposes of determining Material Indebtedness, the "principal amount" of the obligations
of the Borrower or any Restricted Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such Restricted Subsidiary would be required to pay if such Swap
Agreement were terminated at such time.

 

"Moody's"
means Moody's Investors Service, Inc.

 

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

 

"Non-U.S.
Lender" means a Lender that is not a U.S. Person.

 

"Obligations"
means all unpaid principal of, accrued and unpaid interest and fees and reimbursement obligations on the Loans and Letters of Credit
and all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations (monetary (including without
limitation post-petition interest, allowed or not) or otherwise) of the Borrower to the Lenders, the Administrative Agent, their
respective Affiliates and the indemnified parties or any of them arising under the Loan Documents, in each case howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

 

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

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any
partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.

 

"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,
enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, or engaged in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an interest in any
Loan Document).

 

"Other Taxes"
means any present or future stamp, court, documentary intangible, recording, filing or similar other excise or property Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration,
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 under Section 2.19(b)).

 

    	13

    	 

    
 

"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.

 

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

 

“Patriot
Act” means USA Patriot Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001).

 

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

 

"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 30 days or are being contested in compliance with Section 5.04;

 

(c) pledges and deposits
made in the ordinary course of business of the Borrower and its Restricted Subsidiaries 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 Restricted Subsidiary;

 

provided that
the term "Permitted Encumbrances" shall not include any Lien securing Indebtedness.

 

"Permitted
Investments – Cash Equivalents" means:

 

(a) direct obligations
of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by
any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), 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;

 

    	14

    	 

    
 

(c) investments in certificates
of deposit, banker's 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 United States of America 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

 

(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.

 

"Primary
Financial Officer" means the chief executive officer or the chief financial officer of the Borrower.

 

“Priority
Debt” means (without duplication), as of the date of any determination thereof, the sum of (a) all Indebtedness of
Restricted Subsidiaries other than (i) Indebtedness owed to the Borrower or any other Restricted Subsidiary, and (ii) Indebtedness
outstanding at the time any Person becomes a Restricted Subsidiary (other than an Unrestricted Subsidiary which is designated as
a Restricted Subsidiary pursuant to Section 5.11 hereof) provided that such Indebtedness shall not have been incurred in contemplation
of such Person becoming a Restricted Subsidiary, and (b) Indebtedness of the Borrower secured by Liens.

 

"Prime Rate"
means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at
its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including
the date such change is publicly announced as being effective.

 

“Prohibited
Person” means any Person (a) listed in the Annex to the Executive Order or identified pursuant to Section 1 of the
Executive Order; (b) is owned or controlled by, or acting for or on behalf of, any Person listed in the Annex to the Executive
Order or identified pursuant to the provisions of Section 1 of the Executive Order; (c) with whom a Lender is prohibited from dealing
or otherwise engaging in any transaction by any terrorism or anti-laundering law, including the Executive Order; (d) who commits,
threatens, conspires to commit, or support “terrorism” as defined in the Executive Order; (e) who is named as a “Specially
designated national or blocked person” on the most current list published by the OFAC at its official website, at http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf
or any replacement website or other replacement official publication of such list; or (f) who is owned or controlled by a Person
listed above in clause (c) or (d).

 

    	15

    	 

    
 

"Recipient"
means, as applicable, (a) the Administrative Agent, (b) any Lender and (c) the Issuing Bank.

 

“Refinancing
Term Loans” has the meaning assigned to such term in Section 9.02(c).

 

"Register"
has the meaning assigned to such term in Section 9.04.

 

"Related Parties"
means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person's Affiliates.

 

"Required
Lenders" means, at any time, Lenders having Credit Exposures and unused Commitments representing more than 50% of
the sum of the total Credit Exposures and unused Commitments at such time. The Credit Exposure and unused Commitments of any Defaulting
Lender shall be disregarded in determining Required Lenders at any time except in respect of any matters which would treat the
Defaulting Lender differently from the other Lenders having Credit Exposure.

 

“Required
Revolving Lenders” means, at any time, Lenders having Revolving Credit Exposure and unused Revolving Commitments
representing more than 50% of the sum of the total Revolving Credit Exposure and unused Revolving Commitments at such time. The
Revolving Credit Exposure and unused Revolving Commitments of any Defaulting Lender shall be
disregarded in determining Required Revolving Lenders at any time except in respect of any matters which would treat the Defaulting
Lender differently from the other Lenders having Revolving Credit Exposure.

 

“Required
Term Lenders” means, at any time, Term Lenders having Term Loans and unused Term Loan Commitments representing more
than 50% of the sum of the total Term Loans and unused Term Loan Commitments at such time. The Term
Loans and unused Term Loan Commitments of any Defaulting Lender shall be disregarded in determining Required Term Lenders
at any time except in respect of any matters which would treat the Defaulting Lender differently from the other Term Lenders.

 

“Restricted
Investments” means all Investments of the Borrower and its Restricted Subsidiaries other than the following:

 

(a) Investments by
the Borrower and its Restricted Subsidiaries in and to Restricted Subsidiaries, including any Investment in a corporation which,
after giving effect to such Investment, will become a Restricted Subsidiary;

 

(b) Permitted Investments
– Cash Equivalents;

 

(c) Investments resulting
from receivables arising from the sale of goods and services in the ordinary course of business of the Borrower and its Restricted
Subsidiaries;

 

(d) Investments by
the Borrower and its Restricted Subsidiaries in property, plant and equipment of the Borrower and its Restricted Subsidiaries to
be used in the ordinary course of business; and

 

(e) Investments of
the Borrower and its Restricted Subsidiaries existing as of the Effective Date and described on Schedule 6.04.

 

In valuing any Investments for the purpose
of applying the limitations set forth in this Agreement, such Investments shall be taken at the original cost thereof, without
allowance for any subsequent write-offs or appreciation or depreciation therein, but less any amount repaid or recovered on account
of capital or principal.

 

    	16

    	 

    
 

"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 in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the
Borrower.

 

“Restricted
Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.

 

"Revolving
Commitment" means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount
of such Lender's Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant
to Section 2.04, 2.09 or 9.04. The initial amount of each Lender's Revolving Commitment is set forth on Schedule 2.01, or in the
Assignment and Assumption or Lender Addition and Acknowledgement Agreement pursuant to which such Lender shall have assumed its
Revolving Commitment, as applicable. The initial aggregate amount of the Lenders' Revolving Commitments is $175,000,000.

 

"Revolving
Credit Exposure" means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender's Revolving Loans and its LC Exposure and Swingline Exposure at such time.

 

"Revolving
Credit Maturity Date" means the earlier of the date five years after the date of this Agreement or the date the Revolving
Commitments are reduced to zero or otherwise terminated.

 

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

 

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

 

"S&P"
means Standard & Poor's.

 

“SEC’
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Senior Indebtedness”
means all Indebtedness of the Borrower for money borrowed which is not by its terms subordinated in right of payment to the payment
of any other Indebtedness of the Borrower.

 

“Senior Notes”
means the senior notes of the Borrower described on Schedule 1.01 hereto.

 

"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) expressed as a decimal established by the 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 of the Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. 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 such Regulation D 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.

 

    	17

    	 

    
 

"Subordinated
Indebtedness" of a Person means any Indebtedness of such Person the payment of which is subordinated to payment of
the Obligations to the written satisfaction of the Administrative Agent, and which is on such other terms satisfactory to 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 or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

"Subsidiary"
means any subsidiary of the Borrower.

 

“Surety Instruments”
means all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, shipside bonds, surety
bonds and similar instruments.

 

"Swap
Agreement" means any agreement with respect to any swap, forward, future 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 Restricted
Subsidiaries shall be a Swap Agreement.

 

"Swingline Exposure"
means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

"Swingline
Lender" means JPMorgan Chase Bank, in its capacity as lender of Swingline Loans hereunder.

 

"Swingline
Loan" means a Loan made pursuant to Section 2.05.

 

“Syndication
Agent” means U.S. Bank National Association, as syndication agent for the credit
facilities evidenced by this Agreement.

 

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

 

    	18

    	 

    
 

“Term Lender”
means, as of any date of determination, each Lender having a Term Loan Commitment or that holds Term Loans.

 

 “Term Loan Commitment”
means (a) as to any Term Lender, the aggregate commitment of such Term Lender to make Term Loans as set forth on Schedule 2.01
or in the most recent Assignment Agreement or other documentation contemplated hereby executed by such Term Lender and (b) as
to all Term Lenders, the aggregate commitment of all Term Lenders to make Term Loans, which aggregate commitment shall be $50,000,000
on the date of this Agreement.  After advancing the Term Loan, each reference to a Term Lender’s Term Loan Commitment
shall refer to that Term Lender’s Applicable Percentage of the Term Loans.

 

"Term Loan
Maturity Date" means the date five years after the date of this Agreement.

 

 “Term
Loans” means the term loans made by the Term Lenders to the Borrower pursuant to Section 2.01(b).

 

“Trading
with the Enemy Act” has the meaning assigned to such term in Section 3.13.

 

"Transactions"
means the execution, delivery and performance by the Borrower of this Agreement, the borrowing of Loans, the use of the proceeds
thereof 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, the Alternate Base Rate.

 

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

 

"U.S. Tax
Certificate" has the meaning assigned to such term in Section 2.17(f)(ii)(D)(2).

 

“Unrestricted
Subsidiary” means any Subsidiary of the Borrower designated by a Primary Financial Officer of the Borrower as an
Unrestricted Subsidiary pursuant to Section 5.11.

 

“Wholly Owned
Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other entity
of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying shares or nominee shares
required under applicable law) are directly or indirectly owned or controlled by such Person and/or one or more Wholly Owned Subsidiaries
of such Person. Unless the context clearly requires otherwise, all references to any Wholly Owned Subsidiary shall mean a Wholly
Owned Subsidiary of the Borrower.

 

"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.

 

"Withholding
Agent" means the Borrower and the Administrative Agent.

 

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").

 

    	19

    	 

    
 

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 "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, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's
successors and assigns, (c) 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, (d) 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 and (e) 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; ProForma Calculations; Except as otherwise expressly provided herein, all terms of an
accounting or financial nature shall be construed in accordance with GAAP, consistently applied, as in effect from time to
time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any
provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof
on the operation of such provision (or if the Administrative Agent 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 Accounting Standards Codification 825-10-25 (previously referred to as
Statement of Financial Accounting Standards 159) (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any Indebtedness or other liabilities of 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 Staff Position APB 14-1 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.

 

SECTION
1.05. Status of Obligations. In the event that the Borrower or any of its Restricted Subsidiaries shall at any time
issue or have outstanding any Subordinated Indebtedness at any time, the Borrower shall take all such actions as shall be
necessary to cause the Obligations to constitute senior indebtedness or senior debt (however denominated) in respect of such
Subordinated Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or
other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated
Indebtedness. Without limiting the foregoing, the Obligations are hereby designated as “senior indebtedness”,
“senior debt” and “designated senior indebtedness” and words of similar import under and in respect
of any indenture or other agreement or instrument under which such Subordinated Indebtedness is outstanding and are further
given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that
the Lenders may have and exercise any payment blockage or other remedies available or potentially available to holders of
senior indebtedness under the terms of such Subordinated Indebtedness.

 

    	20

    	 

    
  

ARTICLE
II

The Credits

 

SECTION
2.01. Commitments. Subject to the terms and conditions set forth herein, (a) each
Revolving Lender agrees to make Revolving Loans to the Borrower in Dollars from time to time during the Availability Period
in an aggregate principal amount that will not result in (i) the amount of such Lender’s Revolving Credit Exposure
exceeding such Lender’s Revolving Commitment or (ii) the sum of the total Revolving Credit Exposures exceeding the
aggregate Revolving Commitments, and (b) each Term Lender with a Term Loan Commitment agrees to make a Term Loan to the
Borrower in Dollars on the Effective Date, in an amount equal to such Lender’s Term Loan Commitment by making
immediately available funds available to the Administrative Agent’s designated account, not later than the time
specified by the Administrative Agent.  Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.  Amounts repaid or prepaid in respect
of Term Loans may not be reborrowed.

 

SECTION
2.01. Loans and Borrowings. (a) Each Loan (other than a Swingline 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.  Any Swingline Loan shall be made in
accordance with the procedures set forth in Section 2.05. The Term Loans shall amortize as
set forth in Section 2.10.

 

(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 Swingline Loan shall be an ABR Loan or shall bear interest as otherwise
allowed under Section 2.13(c). 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; 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 $500,000 and not less than $2,500,000. At the time that each ABR Borrowing is made, such Borrowing shall
be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000; provided that an ABR Borrowing
may be in an aggregate amount that is equal to the entire unused balance of the total Revolving Commitments or that is required
to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount
that is an integral multiple of $50,000 and not less than $100,000 or such other amounts agreed to between the Swingline Lender
and the Borrower. 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 ten (10) 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 Revolving Borrowing if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity
Date and shall not be entitled to request, or to elect to convert or continue, any Term Loan Borrowing if the Interest Period requested
with respect thereto would end after the Term Loan Maturity Date.

 

    	21

    	 

    
 

 

SECTION
2.03. Requests for Borrowings. To request a Borrowing (other than a Swingline Borrowing), the Borrower shall notify
the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m.,
Milwaukee time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not
later than 11:00 a.m., Milwaukee time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing
Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing
Request shall specify the following information in compliance with Section 2.02:

 

(i) the
aggregate amount of the requested Borrowing;

 

(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;

 

(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"; and

 

(v) the
location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section
2.07.

 

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. Expansion Option. (a) The Borrower may from time to time elect to increase the Revolving Commitments or enter
into one or more tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of
$10,000,000 so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term
Loans does not exceed $75,000,000. The Borrower may arrange for any such increase or tranche to be provided by one or more
Lenders (each Lender so agreeing to an increase in its Revolving Commitment, or to participate in such Incremental Term
Loans, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each such
new bank, financial institution or other entity, an “Augmenting Lender”), to increase their existing Revolving
Commitments, or to participate in such Incremental Term Loans, or extend Revolving Commitments, as the case may be; provided
that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative Agent and (ii) (x)
in the case of an Increasing Lender and an Augmenting Lender, the Borrower, the Administrative Agent and each such Augmenting
Lender and Increasing Lender execute a Lender Addition and Acknowledgement Agreement. No consent of any Lender (other than
the Lenders participating in the increase or any Incremental Term Loan) shall be required for any increase in Revolving
Commitments or Incremental Term Loans pursuant to this Section 2.04.

 

    	22

    	 

    
 

(b) Increases and new
Revolving Commitments and Incremental Term Loans created pursuant to this Section 2.04 shall become effective on the date agreed
by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent
shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving
Commitment of any Lender) or tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed
date of the effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate
to that effect dated as of such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance
(on a pro forma basis) with the covenants contained in Section 6.09 and (ii) the Administrative Agent shall have approved such
increase or Incremental Term Loans and shall have received documents consistent with those delivered on the Effective Date as to
the corporate power and authority of the Borrower to borrow hereunder after giving effect to such increase.

 

(c) On the effective
date of any increase in the Revolving Commitments or any Incremental Term Loans being made, (i) each relevant Increasing Lender
and Augmenting Lender 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
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 Applicable Percentage (as modified by such increase) of such outstanding Revolving Loans, and (ii)
except in the case of any Incremental Term Loans, the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving
Loans as of the date of any increase 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. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving Loans and the initial
Term Loans, (b) shall not mature earlier than the Term Loan Maturity Date (but may have amortization prior to such date) and (c)
shall be treated substantially the same as (and in any event no more favorably than) the Revolving Loans and the initial Term Loans;
provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Term Loan Maturity
Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during
periods after the Term Loan Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Revolving Loans
and the initial Term Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental
Term Loan Amendment”) of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Increasing
Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent.
The Incremental Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and
the other Loan Documents only as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect
the provisions of this Section 2.04 and otherwise include the Incremental Term Loans in the terms of the Loan Documents. Nothing
contained in this Section 2.04 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase
its Revolving Commitment hereunder, or provide Incremental Term Loans, at any time.

 

SECTION
2.05. Swingline Loans. (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any
time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding
$17,500,000 or (ii) the total Revolving Credit Exposures exceeding the total Commitments; provided that the Swingline
Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

 

    	23

    	 

    
 

(b)
To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request by telephone (confirmed by telecopy),
not later than 12:00 noon, Milwaukee time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall
specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent
will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline
Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender (or,
in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance
to the Issuing Bank) by 3:00 p.m., Milwaukee time, on the requested date of such Swingline Loan.

 

(c)
The Swingline Lender may by written notice given to the Administrative Agent not later than 10:00 a.m., Milwaukee time, on any
Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding.
Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Applicable Percentage
of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above,
to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Percentage of such Swingline
Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to
this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any
offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire
transfer of immediately available funds, 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 Lenders), and the Administrative
Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall
notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in
respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received
by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt
by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent;
any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that
shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided
that any such payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and
to the extent such payment is required to be refunded to the Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

 

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 as the applicant thereof for the support of its or its Restricted 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 form of letter of credit application or other agreement submitted by the Borrower to, or
entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control.

 

    	24

    	 

    
 

(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 telecopy (or transmit
by electronic communication, 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. If requested by the Issuing Bank, the Borrower also shall submit a letter of credit application
on the Issuing Bank's standard form in connection with any request for a Letter of Credit. 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 LC
Exposure shall not exceed $40,000,000 and (ii) the sum of the total Revolving Credit Exposures shall not exceed the total Commitments.
Upon the effectiveness of this Agreement, each Existing Letter of Credit shall, without any further action by any party, be deemed
to have been issued as a Letter of Credit hereunder on the Effective Date and shall for all purposes hereof be treated as a Letter
of Credit under this Agreement.

 

(c)
Expiration Date. Each Letter of Credit shall expire (or be subject to termination 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, 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 Lenders, the Issuing Bank hereby grants to each Lender, and
each 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 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 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 a Default or reduction or termination
of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 

    	25

    	 

    
 

(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 12:00 noon, Milwaukee
time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to
10:00 a.m., Milwaukee time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date,
then not later than 12:00 noon, Milwaukee time, on (i) the Business Day that the Borrower receives such notice, if such notice
is received prior to 10:00 a.m., Milwaukee 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 not received prior to such 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 or 2.05
that such payment be financed with an ABR Revolving Borrowing or Swingline Loan 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 or Swingline
Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each 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 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 Lenders), and the Administrative Agent shall promptly
pay to the Issuing Bank the amounts so received by it from the 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 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 Lender pursuant to this paragraph to reimburse the Issuing
Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not
constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

(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
or this Agreement, or any term or provision therein, (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) 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. Neither the Administrative Agent, the Lenders nor the Issuing Bank, nor 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 wilful 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.

 

    	26

    	 

    
 

(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 telecopy) 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 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; provided that, if the Borrower fails to reimburse such LC
Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) 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
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.

 

(i)
Replacement of the Issuing Bank. 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 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 issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j)
Cash Collateralization. If any Event of Default shall occur and be continuing or if any Letters of Credit are outstanding
on the Revolving Credit Maturity Date, 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, Lenders with LC Exposure representing greater than 50%
of the total 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 Lenders, an amount in
cash equal to the LC Exposure as of such date plus any 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. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance
of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including
the exclusive right of withdrawal, over such account. 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
Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other obligations of the
Borrower under this Agreement. 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 Business Days after all Events of Default have been cured or waived.

 

    	27

    	 

    
 

SECTION 2.07.
Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds by 12:00 noon, Milwaukee time, to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders; provided that the Term Loans shall be made as provided in Section
2.01 and the Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available
to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the
Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; 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 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 Federal Funds Effective 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 Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's
Loan included in such Borrowing.

 

SECTION
2.08. Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving 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 Revolving 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. This Section shall not apply to Swingline Borrowings,
which may not be converted or continued.

 

    	28

    	 

    
 

(b)
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone
by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing
of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written
Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.

 

(c)
Each telephonic and written Interest Election Request 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 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 Revolving 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 Revolving Borrowing may be converted to or continued as a
Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the
end of the Interest Period applicable thereto.

 

SECTION
2.09. Termination and Reduction of Commitments. (a) Unless previously terminated, (i) the Term Loan Commitment shall
terminate at 3:00 p.m. (Milwaukee time) on the Effective Date and (ii) the Revolving Commitments shall terminate on the
Revolving Credit Maturity Date.

 

    	29

    	 

    
 

(b)
Subject to paragraph (a) above, the Borrower may at any time terminate, or from time to time reduce, the Commitments; provided
that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000
and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment
of the Loans in accordance with Section 2.11, the total Revolving Credit Exposures would exceed the total Revolving Commitments.

 

(c)
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of
this Section at least three 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 of the 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 Commitments shall
be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

 

SECTION 2.10.
Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay:

 

(i)
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,

 

(ii)
to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Revolving Credit Maturity
Date or such other dates required by the Swingline Lender, and

 

(iii)
to the Administrative Agent for the account of each Term Lender the then unpaid principal amount of
Term Loans in nineteen (19) consecutive quarterly principal installments, payable on the last day of each Fiscal Quarter, commencing
May 30, 2013, in accordance with the following table:

 

	Quarterly principal installments due date (due on the last day of the Fiscal Quarter ending on or about the date indicated below):	Amount of the quarterly principal installments due:
	May 30, 2013	$625,000
	August 29, 2013	$625,000
	November 28, 2013	$625,000
	February 27, 2014	$625,000
	May 29, 2014	$937,500
	August 28, 2014	$937,500
	November 27, 2014	$937,500
	February 26, 2015	$937,500
	May 28, 2015	$1,250,000
	August 27, 2015	$1,250,000
	November 26, 2015	$1,250,000
	February 25, 2016	$1,250,000
	May 26, 2016	$1,562,000
	August 25, 2016	$1,562,000
	November 24, 2016	$1,562,000
	February 23, 2017	$1,562,000
	May 25, 2017	$1,875,000
	August 24, 2017	$1,875,000
	November 23, 2017	$1,875,000

 

    	30

    	 

    

 

All
remaining unpaid principal balance of the Term Loans shall be paid in full by the Borrower on the Term Loan Maturity Date.

 

(b)
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.

 

(c)
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, (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.

 

(d)
The entries made in the accounts maintained pursuant to paragraph (b) or (c) 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.

 

    	31

    	 

    
 

(e)
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 the order of 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 payable to the order of the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).

 

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, subject to prior notice in accordance with paragraph (b) of this Section. All mandatory and
voluntary prepayments of the Term Loans shall be applied to principal installments due thereon in
the inverse order of maturity.

 

(b)
The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) by
telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing,
not later than 11:00 a.m., Milwaukee time, three Business Days before the date of prepayment, (ii) in the case of prepayment of
an ABR Revolving Borrowing, not later than 11:00 a.m., Milwaukee time, one Business Day before the date of prepayment or (iii)
in the case of prepayment of a Swingline Loan, not later than 12:00 noon, Milwaukee time, on 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 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 relating to a Revolving Borrowing, the
Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall
be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section
2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments
shall be accompanied by accrued interest to the extent required by Section 2.13.

 

SECTION
2.12. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee,
which shall accrue at the Applicable Rate on the daily amount of the Revolving Commitment, whether used or unused, of such
Lender until the Revolving Credit Termination Date, and after the Revolving Credit Termination Date such facility fee shall
be payable on the outstanding principal amount of the Revolving Credit Exposure (with the amount of any LC Exposure deemed an
outstanding principal amount) until the Revolving Credit Exposure is paid in full. Such accrued facility fees shall be
payable in arrears on the last day of each March, June, September and December of each year, on the date on which the
Revolving Commitments terminate and on the date all Revolving Credit Exposure has been paid in full, commencing on the first
such date to occur after the date hereof. All facility 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 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 average 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 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 of 0.125% per annum on the average 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 with respect to the issuance, amendment, 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 each 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
Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand.
Any other fees payable to the Issuing Bank pursuant to this paragraph shall be payable within 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).

 

    	32

    	 

    
 

(c)
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.

 

(d)
All fees payable hereunder shall be paid on the dates due, 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 facility fees and participation fees, to the
Lenders. Fees paid shall not be refundable under any circumstances.

 

SECTION
2.13. Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan that is an 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)
Each Swingline Loan shall bear interest as separately agreed to between the Borrower and the Swingline Lender, or if no such other
agreement is made, then at the Alternate Base Rate plus the Applicable Rate, or as otherwise required hereunder.

 

(d)
Notwithstanding the foregoing, (x) for purposes of the interest rate on all Loans outstanding and the fees under Section 2.12(b)(i)
on all Letters of Credit outstanding, the Applicable Rate under the headings “Eurodollar Spread and Letter of Credit Fee”
and “ABR Spread” in the grid contained in the definition of Applicable Rate shall be increased by 2% and (y) interest
shall accrue on all other amounts outstanding hereunder that are due hereunder at 2% plus the rate applicable to ABR Loans as provided
in paragraph (a) of this Section, in each case:

 

  (i) automatically upon the occurrence of any Event of Default under clauses (a), (b), (h) or (i) of Article VII until such Event of Default is no longer continuing;

 

(ii)
in the event any other Event of Default is continuing and Required Lenders declare (at their option) by written notice to the Borrower
that they elect to have such interest accrue, upon the delivery of such notice until such Event of Default is no longer continuing
or such notice is revoked by Required Lenders (which revocation shall be at the option of Required Lenders notwithstanding any
provision of Section 9.02).

 

    	33

    	 

    
 

(e)
Accrued interest on each Loan 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 Revolving 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.

 

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

 

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

 

(b)
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 its Loan) included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give
notice thereof to the Borrower and the Lenders by telephone or telecopy 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, (i) any Interest
Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar
Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall
be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings,
then the other Type of Borrowings shall be permitted.

 

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

 

(i) impose,
modify or deem applicable any reserve, special deposit 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 affecting this Agreement
or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein;

 

    	34

    	 

    
 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to
make any such Loan) or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or maintaining any
Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank hereunder (whether
of principal, interest or otherwise), then 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, 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 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 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), (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 2.11(b) 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, 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 Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable
to such 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 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 10 days after receipt
thereof.

 

    	35

    	 

    
 

SECTION
2.17. Taxes. (a) Withholding Taxes; Gross-Up. Each payment by the Borrower under any Loan Document shall be
made without withholding for any Taxes, unless such withholding is required by law. If any Withholding Agent determines, in
its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent 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 the Borrower shall be increased as necessary
so that net of such withholding (including withholding applicable to additional amounts payable under this Section) the
applicable Recipient receives the amount it would have received had no such withholding been made.

 

(b)
Payment of Other Taxes by the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law.

 

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

 

(d)
Indemnification by the Borrower. The Borrower shall indemnify each Recipient for any Indemnified Taxes that are paid or
payable by such Recipient in connection with any Loan Document (including amounts paid or payable under this Section 2.17(d)) 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. The indemnity under this Section 2.17(d) shall be paid within 10 days
after the Recipient delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so paid or payable by such
Recipient or Beneficial Owner and describing the basis for the indemnification claim. Such certificate shall be conclusive of the
amount so paid or payable absent manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative
Agent.

 

(e)
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the
case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Borrower to do so) attributable to such Lender that are paid or payable
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. The indemnity
under this Section 2.17(e) shall be paid within 10 days after the Administrative Agent or the Borrower (as applicable) delivers
to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent or the Borrower
(as applicable). Such certificate shall be conclusive of the amount so paid or payable absent manifest error.

 

    	36

    	 

    
 

(f) Status
of Lenders. (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding Tax with
respect to any payments 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, or at a
reduced rate of, withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall
deliver such other documentation prescribed by 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 any withholding
(including 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) through (E) below) shall not be required if in the Lender's 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. Upon the reasonable request of such Borrower or the Administrative Agent,
any Lender shall update any form or certification previously delivered pursuant to this Section 2.17(f). If any form or
certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with
respect to a Lender, such Lender shall promptly (and in any event within 10 days after such expiration, obsolescence or
inaccuracy) notify such Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy
and update the form or certification if it is legally eligible to do so.

 

(ii) Without
limiting the generality of the foregoing, if the Borrower is a U.S. Person, any Lender with respect to such Borrower shall, if
it is legally eligible to do so, deliver to such Borrower and the Administrative Agent (in such number of copies reasonably requested
by such Borrower and the Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed
and executed copies of whichever of the following is applicable:

 

(A)
in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding
tax;

 

(B)
in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect
to payments of interest under any Loan Document, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. Federal
withholding Tax pursuant to the "interest" article of such tax treaty and (2) with respect to any other applicable payments
under this Agreement, IRS Form W-8BEN 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;

 

(C)
in the case of a Non-U.S. Lender for whom payments under this Agreement constitute income that is effectively connected with such
Lender's conduct of a trade or business in the United States, IRS Form W-8ECI;

 

(D)
in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code
both (1) IRS Form W-8BEN and (2) a certificate substantially in the form of Exhibit B (a "U.S. Tax Certificate")
to the effect that such Lender is not (a) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (b) a "10
percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code (c) a "controlled foreign
corporation" described in Section 881(c)(3)(C) of the Code and (d) conducting a trade or business in the United States with
which the relevant interest payments are effectively connected;

 

    	37

    	 

    
 

(E)
in the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership
or a participating Lender) (1) an IRS Form W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B),
(C), (D) and (F) of this paragraph (f)(ii) that would be required of each such beneficial owner or partner of such partnership
if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one
or more of its partners are claiming the exemption for portfolio interest under Section 881(c) of the Code, such Lender may provide
a U.S. Tax Certificate on behalf of such partners; or

 

(F)
any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. Federal withholding Tax together
with such supplementary documentation necessary to enable the Borrower or the Administrative Agent to determine the amount of Tax
(if any) required by law to be withheld.

 

(iii)
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 Withholding Agent, at the time or times prescribed by
law and at such time or times reasonably requested by the Withholding 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 Withholding
Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine that such Lender has
or has not complied with such Lender's obligations under FATCA and, as necessary, to determine the amount to deduct and withhold
from such payment. Solely for purposes of this Section 2.17(f)(iii), "FATCA" shall include any amendments made to FATCA
after the date of this Agreement

 

(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 additional amounts paid 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 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
any 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 such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed
by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental
Authority. Notwithstanding anything herein to the contrary in this Section 2.17(g), in no event will any indemnified party be required
to pay any amount to any indemnifying party pursuant to this Section 2.17(g) if such payment would place such indemnified party
in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the indemnification payments
or additional amounts giving rise to such refund had never been paid. This Section 2.17(g).shall not be construed to require any
indemnified party to make available its Tax returns (or any other information relating to its Taxes which it deems confidential)
to the indemnifying party or any other Person.

 

    	38

    	 

    
 

(h)
Survival. Each party's obligations under this Section 2.17 shall survive any assignment of rights by, or the replacement
of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other obligations under any
Loan Document.

 

(i)
Issuing Bank. For purposes of Section 2.17(e) and (f), the term "Lender" includes any Issuing Bank.

 

SECTION
2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (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 Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, Milwaukee time, on the date when due, in immediately
available funds, without set-off 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 designated from time to time by
the Administrative Agent, except payments to be made directly to the Issuing Bank or Swingline Lender 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. 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.

 

(b)
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal,
unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of
interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and
fees then due to such parties, and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due
to such parties.

 

(c)
If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements
and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements
and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations
in LC Disbursements and Swingline Loans; 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 Restricted 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 set-off 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.

 

    	39

    	 

    
 

(d)
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 Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation.

 

(e)
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d)
or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts
thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender's obligations under such
Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which
the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations
of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative
Agent in its discretion..

 

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 additional amount 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 Section 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.

 

(b)
If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 2.17, 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 and obligations under this Agreement 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 if a Commitment is being assigned, 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 participations
in LC Disbursements and Swingline Loans, 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.

 

    	40

    	 

    
 

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)
the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders or Required Revolving Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver
or other modification pursuant to Section 9.02); provided, that 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 affected thereby;

 

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

 

(i) if
no Default has occurred and is continuing at such time, all or any part of the Swingline Exposure and LC Exposure of such Defaulting
Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only
to the extent that the sum of all non-Defaulting Lenders' Revolving Credit Exposures plus such Defaulting Lender's Swingline Exposure
and LC Exposure does not exceed the total of all non-Defaulting Lenders' Commitments;

 

(ii) if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business
Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for
the benefit of the Issuing Bank only 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)(i) with respect to such Defaulting
Lender's LC Exposure during the period such Defaulting Lender's LC Exposure is cash collateralized;

 

(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 Section 2.12(a) and Section 2.12(b)(i) shall be adjusted in accordance with such non-Defaulting Lenders' Applicable
Percentages; and

 

    	41

    	 

    
 

(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)(i) 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

 

(d)
so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing
Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and
the 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(c), and participating interests in any newly made
Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 2.20(c)(i) (and such Defaulting Lender shall not participate therein).

 

If (i) a Bankruptcy Event
with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii)
the Swingline Lender or 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 Swingline Lender shall not be required to fund
any Swingline Loan and the Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline
Lender or the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory
to the Swingline Lender or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

 

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

 

ARTICLE
IIIRepresentations and Warranties

 

The Borrower represents
and warrants to the Lenders that:

 

SECTION
3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly organized, 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, except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, 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 the Borrower's corporate powers and have been duly
authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and
delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, 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.

 

    	42

    	 

    
 

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, (b) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not
violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any of its
Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of
its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of
its Subsidiaries.

 

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 May 31, 2012, reported on by Deloitte & Touche LLP, independent public accountants, and (ii) as of and for the
Fiscal Quarter and the portion of the Fiscal Year ended November 29, 2012, certified by its chief 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 year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii)
above.

 

(b)
Since May 31, 2012, there has been no material adverse change in the business, assets, operations, prospects or condition, financial
or otherwise, of the Borrower and its Subsidiaries, taken as a whole.

 

(c) The
outstanding principal balance of each of the Senior Notes as of the Effective Date and the scheduled payments and maturities thereof
are described on Schedule 1.01 hereof.

 

(d) No Subsidiary
has outstanding any Contingent Obligations with respect to Indebtedness of the Borrower.

 

SECTION
3.05. Properties. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in,
all its real and personal property material to its business, except for minor defects in title that do not materially
interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended
purposes.

 

(b)
Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other
intellectual property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon
the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.

 

  (c) As of the Effective Date, each Subsidiary of the Borrower, including its ownership, is described on Schedule 3.05 hereto, and each Subsidiary that is an Unrestricted Subsidiary as of the Effective Date is designated as such on Schedule 3.05 hereto. Each Subsidiary of the Borrower has and will have all requisite power to own or lease the properties material to its business and to carry on its business as now being conducted and as proposed to be conducted. All outstanding shares of Equity Interests of each class of each Subsidiary of the Borrower have been and will be validly issued and are and will be fully paid and nonassessable and, except as otherwise indicated in Schedule 3.05 hereto or disclosed in writing to the Administrative Agent and the Lenders from time to time, are and will be owned, beneficially and of record, by the Borrower or another Subsidiary of the Borrower, free and clear of any Liens other than Liens permitted under this Agreement.

 

    	43

    	 

    
 

  (d) As of the Effective Date, there are no restrictions on the Borrower or any of its Subsidiaries which prohibit or otherwise restrict the transfer of cash or other assets from any Subsidiary of the Borrower to the Borrower, other than (i) prohibitions or restrictions existing under or by reason of this Agreement or the other Loan Documents, (ii) prohibitions or restrictions existing under or by reason of applicable requirements of law and (iii) other prohibitions or restrictions which, either individually or in the aggregate, have not had, or could not reasonably be expected to have, Material Adverse Effect.

 

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 the Borrower, threatened against or affecting the Borrower
or any of its Subsidiaries (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
(other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions.

 

(b)
Except for the Disclosed Matters 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, neither the Borrower nor any of its Subsidiaries (i) 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, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect
to any Environmental Liability or (iv) 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. Each of the Borrower and its Subsidiaries is in compliance with all laws,
regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and
other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing.

 

SECTION
3.08. Investment Company Status. Neither the Borrower nor any of its Subsidiaries is an "investment company"
as defined in, or subject to regulation under, the Investment Company Act of 1940.

 

SECTION
3.09. Taxes. Each of the Borrower and its Subsidiaries 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 (a)
Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as
applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably
be expected to result in a Material Adverse Effect.

 

    	44

    	 

    
 

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.

 

SECTION
3.11. Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries 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. Neither the Information Memorandum nor
any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower
to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (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 Borrower represents only that such
information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

SECTION 3.12. USA
PATRIOT Act.

 

(a) Neither
the Borrower nor any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective Affiliates over which any
of the foregoing exercises management control (each, a “Controlled Affiliate”) is a Prohibited Person, and the Borrower,
its Subsidiaries and, to the knowledge of the Borrower, such Controlled Affiliates are in compliance with all applicable orders,
rules and regulations of OFAC.

 

(b) Neither
the Borrower nor any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective Affiliates: (i) is targeted
by United States or multilateral economic or trade sanctions currently in force; (ii) is owned or controlled by, or acts on behalf
of, any Person that is targeted by United States or multilateral economic or trade sanctions currently in force; (iii) is a Prohibited
Person; or (iv) is named, identified or described on any list of Persons with whom United States Persons may not conduct business,
including any such blocked persons list, designated nationals list, denied persons list, entity list, debarred party list, unverified
list, sanctions list or other such lists published or maintained by the United States, including OFAC, the United States Department
of Commerce or the United States Department of State.

 

SECTION 3.13. Embargoed
Person. (a) Neither the Borrower’s, nor any of its Subsidiaries’, assets constitute property of, or are beneficially
owned, directly or indirectly, by any Person targeted by economic or trade sanctions under U.S. law, including but not limited
to, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., the Trading with the Enemy Act, 50 U.S.C.
App. 1 et seq. (the “Trading With the Enemy Act”), any of the foreign assets control regulations of the Treasury (31
C.F.R., Subtitle B, Chapter V, as amended) (the “Foreign Assets Control Regulations”) or any enabling legislation or
regulations promulgated thereunder or executive order relating thereto (which includes, without limitation, (i) Executive Order
No. 13224, effective as of September 24, 2001, and relating to Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (ii) the Patriot
Act, if the result of such ownership would be that any Loan made by any Lender would be in violation of law (“Embargoed Person”);
(b) no Embargoed Person has any interest of any nature whatsoever in the Borrower if the result of such interest would be that
any Loan would be in violation of law; (c) the Borrower has not engaged in business with Embargoed Persons if the result of such
business would be that any Loan made by any Lender would be in violation of law; and (d) neither the Borrower nor any Controlled
Affiliate (i) is or will become a “blocked person” as described in the Executive Order, the Trading With the Enemy
Act or the Foreign Assets Control Regulations or (ii) engages or will engage in any dealings or transactions, or be otherwise associated,
with any such “blocked person”. For purposes of determining whether or not a representation is true or a covenant is
being complied with under this Section 3.13, the Borrower shall not be required to make any investigation into (i) the ownership
of publicly traded stock or other publicly traded securities or (ii) the beneficial ownership of any collective investment fund.

 

    	45

    	 

    
 

SECTION 3.14. Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against the Borrower or any Subsidiary pending or,
to the knowledge of the Borrower, threatened. There are no labor controversies pending against or, to the knowledge of the Borrower,
threatened against or affecting the Borrower or any of its Subsidiaries which could reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower and its
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign
law dealing with such matters which could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect.

 

ARTICLE
IVConditions

 

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)
The Administrative Agent (or its counsel) shall have received from each party hereto either a counterpart of this Agreement signed
on behalf of such party or (written evidence satisfactory to the Administrative Agent (which may include telecopy transmission
of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders
and dated the Effective Date) of counsel for the Borrower, in a form satisfactory to the Administrative Agent. The Borrower hereby
requests such counsel to deliver such opinion.

 

(c)
The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any
other legal matters relating to the Borrower and its Subsidiaries, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel.

 

(d)
The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Financial Officer of the Borrower,
confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and calculating the compliance with
all financial covenants hereunder, all in form and substance satisfactory to the Administrative Agent.

 

(e)
The Administrative Agent shall have received satisfactory evidence that Existing Credit Agreement shall be terminated simultaneously
with the effectiveness of this Agreement and all obligations under such credit agreement shall be paid in full.

 

(f)
The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower
hereunder.

 

    	46

    	 

    
 

(g)
The Administrative Agent shall have received such other agreements and documents as may be required by the Administrative Agent.

 

The Administrative Agent shall notify the
Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

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 Borrower set forth in this Agreement or any other Loan Document shall be true and correct
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.

 

(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 or Material Adverse Effect shall have occurred and be continuing.

 

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) of this Section.

 

ARTICLE
VAffirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid
in full and all Letters of Credit shall have expired or terminated, in each case, without any pending draw, and all LC Disbursements
shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

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

 

(a)
as soon as available and in any event within 90 days after the end of each Fiscal Year of the Borrower, a copy of the Borrower’s
Form 10-K (or any successor form) filed with the SEC for such Fiscal Year, including therein its audited consolidated balance sheet
and related statements of income, stockholders' equity and cash flows as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous Fiscal Year, all reported on by independent public accountants of recognized
national standing (without a "going concern" or like qualification, commentary or exception arising out of the scope
of the audit, or without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial
statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

(b)
as soon as available and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year
of the Borrower, a copy of the Borrower’s Form 10-Q (or any successor form) filed with the SEC for such Fiscal Quarter, including
therein its consolidated balance sheet and related statements of income, stockholders' equity and cash flows as of the end of and
for such Fiscal Quarter and the then elapsed portion of the Fiscal Year, setting forth in each case in comparative form the figures
for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous Fiscal Year, all
certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of
operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of footnotes;

 

    	47

    	 

    
 

(c)
concurrently with any delivery of Form 10-K or 10-Q, as applicable, under clause (a) or (b) above, a certificate of a Financial
Officer of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance with Section 6.01 and 6.09, including any reconciliation to reflect the exclusion of Unrestricted Subsidiaries,
and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial
statements referred to in Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial
statements accompanying such certificate;

 

(d)
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Borrower or any Subsidiary with the SEC, or with any national securities exchange, or distributed by the Borrower
to its shareholders generally, as the case may be; and

 

(e)
promptly following any request therefor, such other information regarding the operations, business affairs and financial condition
of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may
reasonably request.

 

Documents required to be delivered pursuant
to Sections 5.01(a) and 5.01(b) shall be delivered electronically to the Administrative Agent to be distributed to the Lenders.
Notwithstanding the above, documents required to be delivered pursuant to Section 5.01(d) may be delivered electronically and shall
be deemed to have been delivered in compliance with Section 5.01(d) on the date on which the Borrower files such documents on the
SEC’s EDGAR system (or any successor thereto) or any other publicly available database maintained by the SEC or provides
a link thereto on the Borrower’s website at http://www.marcuscorp.com to which each Lender and the Administrative Agent have
access, provided the Borrower provides notice of such filing directly to each Lender or provides a procedure for the Lenders to
receive electronic notification of such filing. The Administrative Agent shall have no obligation or responsibility to request
the delivery or to maintain copies of the documents required to be delivered pursuant to Section 5.01(d), to distribute any such
documents to the Lenders, or otherwise to monitor compliance by the Borrower with Section 5.01(d), and each Lender shall be solely
responsible for obtaining copies of such documents.

 

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)
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse
Effect;

 

(c)
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 Borrower and its Subsidiaries in an aggregate amount exceeding $2,500,000;

 

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

 

    	48

    	 

    
 

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. The Borrower will, and will cause each of its Restricted Subsidiaries to, 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, licenses, permits, privileges and franchises material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03.

 

SECTION
5.04. Payment of Obligations. The Borrower will, and will cause each of its Restricted Subsidiaries to, pay its
obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall
become delinquent or in default, but subject to any subordination provisions contained in any instrument or agreement
evidencing such obligations, except where (a) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) the Borrower or such Restricted 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.

 

SECTION
5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Restricted Subsidiaries to,
(a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear
and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and
against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same
or similar locations.

 

SECTION 5.06.
Books and Records; Inspection Rights. The Borrower will, and will cause each of its Restricted Subsidiaries to, 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. The Borrower will, and will cause each of its Restricted Subsidiaries to, at its expense permit any representatives
designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine
and make extracts from its books and records, 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.

 

SECTION
5.07. Compliance with Laws. The Borrower will, and will cause each of its Restricted Subsidiaries to, comply with all
laws, rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
5.08. Use of Proceeds and Letters of Credit. The proceeds of the Loans and Letter of Credit will be used only for
refinancing existing Indebtedness and for general corporate purposes. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including
Regulations T, U and X.

 

SECTION
5.09. Accuracy Of Information. The Borrower 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 amendment or
modification hereof or waiver hereunder 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 representation and warranty by the Borrower on the date thereof as
to the matters specified in this Section 5.09.

 

    	49

    	 

    
 

SECTION 5.10.    Guarantees.
If any Restricted Subsidiary shall have any Contingent Obligation with respect to any Indebtedness of the Borrower, the Borrower
shall cause such Restricted Subsidiary to take such actions as are reasonably necessary, or as the Administrative Agent or any
Lender may reasonably request from time to time, to guarantee the payment of the Obligations.

 

SECTION 5.11. Designation
of Subsidiaries.

 

(a) A Primary Financial
Officer may at any time designate any Restricted Subsidiary as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted
Subsidiary; provided that (i) immediately before and after such designation, no Default shall have occurred and be continuing,
(ii) no Subsidiary may be designated as an Unrestricted Subsidiary if the Borrower or any Restricted Subsidiary has any Contingent
Obligation (other than Deferred Equity Contribution Obligations) with respect to any Indebtedness or other obligations of such
Subsidiary (and the Borrower and its Restricted Subsidiaries will not have any Contingent Obligation (other than Deferred Equity
Contribution Obligations) with respect to any Indebtedness or other obligations of any Unrestricted Subsidiary at any time), (iii)
the designation of any Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary may not be changed on more than two
occasions, (iv) no Subsidiary may be designated as an Unrestricted Subsidiary if it is party to any agreement or contract with
the Borrower or any Restricted Subsidiary, unless the terms of such agreement are no less favorable to the Borrower or Restricted
Subsidiary, as applicable, than those that might be obtained from an unaffiliated third-party, (v) other than Deferred Equity Contribution
Obligations, no Subsidiary may be designated as an Unrestricted Subsidiary if such Subsidiary is a Person with respect to which
the Borrower or any Restricted Subsidiary has any direct or indirect obligation to make capital contributions or to maintain such
Subsidiary’s financial condition or otherwise has any Contingent Obligation with respect to such Subsidiary or any of its
Indebtedness or other obligations, and neither the Borrower nor any Restricted Subsidiary will have any direct or indirect obligation
to make capital contributions or to maintain such Subsidiary’s financial condition or otherwise have any Contingent Obligation
with respect to such Subsidiary or any of its Indebtedness or other obligations at any time after such designation, (vi) for so
long as any Senior Note is outstanding, no Subsidiary may be (x) designated an Unrestricted Subsidiary hereunder unless it simultaneously
becomes an “Unrestricted Subsidiary” under all Senior Notes and (y) designated a Restricted Subsidiary hereunder unless
it simultaneously becomes a “Restricted Subsidiary” under the Senior Notes, (vii) at such time and immediately after
giving effect thereto the Borrower would be permitted to incur at least $1.00 of additional Priority Debt, and (viii) immediately
after giving effect to such designation and at all times thereafter, the ratio of the consolidated total assets of the Borrower
and its Restricted Subsidiaries to the consolidated total assets of the Borrower and its Subsidiaries and the ratio of the consolidated
net income of the Borrower and its Restricted Subsidiaries to the consolidated net income of the Borrower and its Subsidiaries
(in each case based on the most recent four consecutive Fiscal Quarters, and calculated on a pro forma basis as if all payments
and other contributions to be made under all Deferred Equity Contribution Obligations were fully funded and contributed) shall
be not less than 0.8:1.0. The Borrower shall, within 10 days after the designation of any Subsidiary as a Restricted Subsidiary
or Unrestricted Subsidiary, give written notice of such action to the Administrative Agent.

 

(b) The Borrower acknowledges
and agrees that if, after the date hereof, any Person becomes a Restricted Subsidiary, all Indebtedness, leases and other obligations
and all Liens and Investments of such Person existing as of the date such Person becomes a Restricted Subsidiary shall be deemed,
for all purposes of this Agreement, to have been incurred, entered into, made or created at the same time such Person so becomes
a Restricted Subsidiary.

 

    	50

    	 

    
 

SECTION 5.12 Additional
Covenants. If at any time the Borrower shall enter into or be a party to any instrument or agreement, including all such instruments
or agreements in existence as of the date hereof and all such instruments or agreements entered into after the date hereof, relating
to or amending any provisions applicable to any of its Indebtedness which in the aggregate, together with any related Indebtedness,
exceeds $5,000,000, which includes covenants, defaults or the equivalent thereof not substantially provided for in this Agreement
or more favorable to the lender or lenders thereunder than those provided for in this Agreement, then the Borrower shall promptly
so advise the Administrative Agent and the Lenders. If the Administrative Agent or the Required Lenders shall request, upon notice
to the Borrower, the Administrative Agent and the Lenders shall enter into an amendment to this Agreement or an additional agreement
(as the Administrative Agent may request), providing for substantially the same financial covenants or the equivalent thereof as
those provided for in such instrument or agreement to the extent required and as may be selected by the Administrative Agent.

 

ARTICLE
VINegative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full
and all Letters of Credit have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have
been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION
6.01. Priority Debt. The Borrower will not, and will not permit any Restricted Subsidiary to, create, assume or incur
or in any manner be or become liable in respect of any Priority Debt, unless at the time of issuance thereof and after giving
effect thereto and to the application of the proceeds thereof, Priority Debt shall not exceed 20% of Consolidated Total
Capitalization. Any Person which becomes a Restricted Subsidiary after the date of this Agreement shall, for all purposes of
this Section 6.01, be deemed to have created, assumed or incurred, at the time it becomes a Restricted Subsidiary, all
Priority Debt of such Person existing immediately after it becomes a Restricted Subsidiary.

 

SECTION
6.02. Liens. The Borrower will not, and will not permit any Restricted 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 receivable) or rights in respect of any thereof, except:

 

(a)
Permitted Encumbrances;

 

(b)
any Lien on any property or asset of the Borrower or any Restricted 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 Restricted 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;

 

(c)
Liens existing on any property or asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing
on any property or asset of any Person that becomes a Restricted Subsidiary after the date hereof prior to the time such Person
becomes a Restricted Subsidiary; provided that (i) such Liens secure Indebtedness permitted hereunder, (ii) such Lien is
not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary, as the
case may be, (iii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary and (iv)
such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes
a Restricted Subsidiary, as the case may be and extensions, renewals and replacements thereof that do not increase the outstanding
principal amount thereof;

 

    	51

    	 

    
 

(d)
purchase money Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Restricted Subsidiary
after the Effective Date; provided that (i) such Liens and the Indebtedness secured thereby are incurred prior to or within
90 days after such acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured thereby does
not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such Liens shall not apply to
any other property or assets of the Borrower or any Restricted Subsidiary; and

 

(e)
other Liens provided that the aggregate outstanding amount of Indebtedness secured by all such other Liens shall not exceed $50,000,000
at any time after the Effective Date and shall not result in a breach of Section 6.01.

 

SECTION
6.03. Fundamental Changes; Sale of Assets. (a) The Borrower shall not, and shall not suffer or permit any Restricted
Subsidiary to purchase or otherwise acquire, whether in one or a series of transactions, all or a substantial portion of the
business, assets, rights, revenues or property, real, personal or mixed, tangible or intangible, of any Person, or all or a
substantial portion of the capital stock of or other ownership interest in any other Person; nor merge or consolidate or
amalgamate with any other Person or take any other action having a similar effect, nor enter into any Joint Venture or
similar arrangement with any other Person; provided, however, that this Section 6.03 shall not prohibit any Acquisition
by the Borrower or any of its Restricted Subsidiaries of any Person engaged in substantially the same business as the
Borrower or such Restricted Subsidiary if (a) in the case of an Acquisition of stock or a merger, the acquired Person
shall be immediately merged with and into the Borrower or such Restricted Subsidiary which shall be the surviving
corporation, and (b) immediately after such Acquisition, no Default or Event of Default shall exist or shall have
occurred and be continuing and, prior to the consummation of such Acquisition, the Borrower shall have provided to the
Administrative Agent a certificate of a Financial Officer (attaching computations to demonstrate compliance with all
financial covenants hereunder) stating that such Acquisition complies with this Section 6.03 and will not cause a
Default or Event of Default to occur or continue and that any other conditions under this Agreement and the other Loan
Documents relating to such transaction have been satisfied; and provided, further, that this Section 6.03 shall
not prohibit any merger or consolidation solely between or among the Borrower and its Restricted Subsidiaries, so long as the
Borrower is the surviving person of such merger or consolidation. Notwithstanding any of the foregoing, the Borrower shall
not, and shall not suffer or permit any Restricted Subsidiary to, (a) make any Acquisition of any Person that has not been
approved (prior to such Acquisition) by the board of directors or similar governing body of such Person and as to which such
approval has not been withdrawn; or (b) commit, or otherwise take steps, to make any Acquisition of any Person if the board
of directors or similar governing body of such Person has announced that it will, or has commenced litigation to, oppose such
Acquisition.

 

(b) The Borrower will
not, and will not permit any of its Restricted Subsidiaries to, engage to any material extent in any business other than businesses
of the type conducted by the Borrower and its Restricted Subsidiaries on the date of execution of this Agreement and businesses
reasonably related thereto.

 

(c) The Borrower will
not, and will not permit any of its Restricted Subsidiaries to, make any Disposition or enter into any agreement to make any Disposition,
except (i) inventory sold in the ordinary course of business upon customary credit terms and sales of obsolete or damaged
material or equipment, (ii) sales of assets in connection with sale-leaseback transactions in an aggregate amount not to exceed
$25,000,000 and (iii) other sales of assets not to exceed 10% of the consolidated total assets of the Borrower and its Restricted
Subsidiaries in any Fiscal Year of the Borrower ending after the Effective Date; except that (x) any Restricted Subsidiary
may sell, lease, transfer or otherwise dispose of its assets to the Borrower or any other Restricted Subsidiary; and (y) the
Borrower may sell, lease, transfer or otherwise dispose of assets in excess of the limitations set forth above if the proceeds
thereof (A) are used to purchase or are committed to purchase other property of a similar nature, or other real estate or
other property reasonably acceptable to the Administrative Agent, of at least equivalent value within one year of such sale, lease,
transfer or other disposition or (B) are used to prepay Senior Indebtedness (including the Loans) on a pro-rata basis.

 

    	52

    	 

    
 

SECTION
6.04. Investments, Loans, Advances. The Borrower shall not and shall not suffer or permit any Restricted Subsidiary to
make or commit to make any Investment, other than: (a) Permitted Investments – Cash Equivalents;
(b) Investments in its existing Restricted Subsidiaries; (c) Investments in new Restricted Subsidiaries engaged in
businesses of the type conducted by the Borrower and its Restricted Subsidiaries on the date of execution of this Agreement
and businesses reasonably related thereto; (d) loans or advances to franchisees not to exceed $10,000,000, on a
consolidated basis, in the aggregate at any time after the Effective Date; (e) existing Investments listed in the
attached Schedule 6.04, (f) Investments required under Deferred Equity Contribution Obligations, (g) Investments
(excluding Contingent Obligations) to owners of properties or businesses managed by the Borrower or a Restricted Subsidiary,
consistent with the Borrower’s existing business practices or policies; (h) Investments permitted under clause (A)
of Section 6.03(c), (i) Investments, consisting of Contingent Obligations, to owners of properties or businesses managed by
the Borrower or a Restricted Subsidiary not to exceed $25,000,000, on a consolidated basis, in the aggregate at any time
after the Effective Date; and (j) other Investments (including Contingent Obligations) not to exceed $25,000,000 on a
consolidated basis, in the aggregate at any time after the Effective Date.

 

SECTION
6.05. Swap Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, enter into
any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any
Restricted Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its
Restricted Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates
(from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any
interest-bearing liability or investment of the Borrower or any Restricted Subsidiary.

 

SECTION
6.06. Restricted Payments. The Borrower shall not, and shall not suffer or permit any Restricted Subsidiary to,
declare or make any Restricted Payment if a Default has occurred and is continuing or would result therefrom.

 

SECTION
6.07. Transactions with Affiliates. The Borrower will not, and will not permit any of its Restricted Subsidiaries 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) in the ordinary course of
business at prices and on terms and conditions not less favorable to the Borrower or such Restricted Subsidiary than could be
obtained on an arm's-length basis from unrelated third parties, (b) transactions between or among the Borrower and its wholly
owned Restricted Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 6.06.

 

SECTION
6.08. Restrictive Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries 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 the Borrower or any Restricted Subsidiary to create, incur or permit to exist
any Lien upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other
distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Borrower or any
other Restricted Subsidiary or to guarantee, or incur any other Contingent Obligation with respect to, Indebtedness of the
Borrower or any other Restricted Subsidiary; provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on
the date hereof identified on Schedule 6.08 (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 Restricted Subsidiary pending such sale, provided such
restrictions and conditions apply only to the Restricted 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.

 

    	53

    	 

    
 

SECTION
6.09. Financial Covenants.

  

(a)Consolidated Debt to Capitalization
Ratio. The Borrower shall not permit or suffer the Consolidated Debt to Capitalization Ratio to exceed at any time 0.55 to
1.0.

 

(b) Fixed Charge Coverage Ratio.
The Borrower shall not permit or suffer the ratio at any Fiscal Quarter end, as calculated for the four Fiscal Quarters then ending,
of Consolidated Adjusted Cash Flow to Consolidated Interest and Rental Expense to be less than 3.0 to 1.0.

 

SECTION
6.10. Amendments of Organization Documents. The Borrower will not, and will not permit any Restricted Subsidiary to,
amend any of its Organization Documents in any respect that could reasonably be expected to have a Material Adverse
Effect.

 

SECTION 6.11.
Accounting Changes. The Borrower will not, and will not permit any Restricted Subsidiary to, make any change in
(a) its accounting policies or reporting practices, except as required by GAAP, or (b) its Fiscal Year or Fiscal Quarters.

 

SECTION 6.12.
Prepayments, Etc. of Subordinated Indebtedness. The Borrower will not, and will not permit any Restricted Subsidiary
to, prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled maturity thereof in any manner, or make any
payment in violation of any subordination terms of, any Subordinated Indebtedness.

 

ARTICLE
VIIEvents of Default

 

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, when and as the same shall become due and payable, and such failure shall continue
unremedied for a period of five days;

 

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

 

    	54

    	 

    
 

(d)
the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect
to the Borrower's existence), 5.08, 5.10, 5.11 or 5.12 or in Article VI;

 

(e)
the Borrower 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) of this Article), or any other Loan Document and such failure shall continue unremedied for
a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request
of any Lender);

 

(f)
the Borrower or any Restricted 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; provided that this clause (g) shall not apply
to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness;

 

(h)
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or any Restricted 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 the Borrower or any Restricted Subsidiary
or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

 

(i)
the Borrower or any Restricted 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 the Borrower or any Restricted Subsidiary 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)
the Borrower or any Restricted Subsidiary shall become unable, admit in writing its inability 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 $5,000,000 shall be rendered against the Borrower,
any Restricted Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 consecutive days
during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any Restricted Subsidiary to enforce any such judgment;

 

    	55

    	 

    
 

(l)
an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders, when taken together with all other
ERISA Events that have occurred, could reasonably be expected to result in liability of the Borrower and its Restricted Subsidiaries
in an aggregate amount exceeding $5,000,000 for all periods;

 

(m)
a Change of Control shall occur; or

 

(n)
any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder
or thereunder or the satisfaction in full of all the Obligations, shall cease to be in full force and effect; or the Borrower
(or any Person by, through or on behalf of the Borrower), shall contest in any manner the validity or enforceability of any provision
of any Loan Document; or the Borrower shall deny that it has any or further liability or obligation under any provision of any
Loan Document, or purport to revoke, terminate or rescind any provision of any Loan Document;

 

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, and thereupon
the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and
thereupon 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, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrower; and in 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, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall
automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

 

ARTICLE
VIII The Administrative Agent

 

Each of the Lenders and
the Issuing Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take
such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together
with such actions and powers as are reasonably incidental thereto.

 

The bank serving as the
Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money
to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not
the Administrative Agent hereunder.

 

The Administrative Agent
shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required
to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, 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 or
any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates
in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the
request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by
the Borrower or a Lender, 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 this Agreement, (ii) the contents of any certificate,
report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

    	56

    	 

    
 

The Administrative Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.
The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The Administrative Agent
may perform any and all its duties and exercise its rights and powers 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 and all its duties and exercise its rights
and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative
Agent.

 

Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time
by notifying the Lenders, the Issuing Bank and the Borrower. Upon any such resignation, the Required Lenders shall have the right,
in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, 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. Upon the acceptance of its appointment
as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent's resignation
hereunder, the provisions of this Article and Section 9.03 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 it was acting as Administrative Agent.

 

    	57

    	 

    
 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

 

None of the Lenders
identified in this Agreement as the Syndication Agent or as a Co-Documentation Agent shall have any right, power, obligation, liability,
responsibility or duty under this Agreement other than those applicable to all Lenders as such.  Without limiting the
foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any Lender.  Each Lender
hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacity as Syndication Agent or
as a Co-Documentation Agent as it makes with respect to the Administrative Agent in the preceding paragraph.

 

The Lenders are not
partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein
in case of the Administrative Agent) authorized to act for, any other Lender.  The Administrative Agent shall have the
exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such
principal or interest has become due and payable pursuant to the terms of this Agreement.

 

ARTICLE
IXMiscellaneous

 

SECTION
9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject 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 telecopy, as
follows:

 

(i) if
to the Borrower, to it at 100 East Wisconsin Ave. Suite 1900, Milwaukee, WI 53202, Attention: Chief Financial Officer (Telecopy
No. 414-905-1100, e-mail: dougneis@marcuscorp.com);

 

(ii) if
to the Administrative Agent or the Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 S. Dearborn
St., Floor 7, Chicago, Illinois, 60603-2003, Attention of Yuvette Owens (Facsimile No. 312-385-7103; Telephone 312-385-7021, e-mail:
jpm.agency.servicing4@jpmchase.com).

 

(iii)
if to the Issuing Bank, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 10 S. Dearborn St., Floor 7, Chicago, Illinois,
60603-2003, Attention of Yuvette Owens (Facsimile No. 312-385-7103; Telephone 312-385-7021, e-mail: Chicago.LC.agency.closing.team@jpmchase.com).

 

(iv) if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

(b)
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in
its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

    	58

    	 

    
 

(c)
Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other
parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement
shall be deemed to have been given on the date of receipt.

 

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 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 the Borrower 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) Except
as set forth in this Section 9.02 or as provided in Section 2.04 with respect to an Incremental Term Loan Amendment, 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 Borrower, with the consent of the Required Lenders; provided that no such agreement shall (i) increase
any Commitment of any Lender without the written consent of such Lender, (ii) reduce or forgive the principal amount of any
Loan or LC Disbursement or reduce the rate of interest (other than a waiver of default interest) thereon, or reduce or forgive
any interest (other than a waiver of default interest) or fees or other amounts payable hereunder, without the written consent
of each Lender directly affected thereby, (iii) postpone any scheduled date of payment of the principal amount of any Loan or LC
Disbursement (excluding any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments required
under Section 2.10), 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 directly affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the manner
in which payments are shared, without the written consent of each Lender directly affected thereby (it being understood and agreed
that (x) any increase in the total Commitments and related modifications approved by each Lender increasing any of its Commitments
and by the Required Lenders shall not be deemed to alter the manner in which payments are shared or alter any other pro rata sharing
of payments and (y) any “amend-and-extend” transaction that extends the Revolving Credit Maturity Date and/or the Term
Loan Maturity Date only for those Lenders that agree to such an extension (which extension may include increased pricing and fees
for such extending Lenders, and which extension shall not apply to those Lenders that do not approve such extension) shall not
be deemed to alter the manner in which payments are shared or alter any other pro rata sharing of payments), or (v) except
as otherwise provided in this Section 9.02, change any of the provisions of this Section or the definition of “Required Lenders”,
“Required Revolving Lenders”, “Required Term 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 (it
being understood that, solely with the consent of the parties prescribed by Section 2.04 to be parties to an Incremental Term
Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders and related terms on substantially
the same basis as the Commitments and the Loans are included on the Effective Date), without the written consent of each Lender
directly affected thereby; provided further that (x) no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent, the Issuing Bank or the Swingline Lender hereunder without the prior written consent of
the Administrative Agent, the Issuing Bank or the Swingline Lender, as the case may be, and (y) the foregoing shall not prevent
any amendment contemplated by the terms of Section 2.04 and in connection with any Incremental Term Loans the Borrower and the
Administrative Agent may agree to any required changes in the Credit Agreement not inconsistent with the terms of Section 2.04.
The Administrative Agent may also amend the Commitment Schedule to reflect assignments and other agreements entered into
pursuant to Section 9.04 or transactions under Section 2.04. Without limiting the foregoing, Section 2.20 may not be
amended or otherwise modified without the prior written consent of the Administrative Agent, the Issuing Bank and the Swingline
Lender.

 

    	59

    	 

    
 

(c) Notwithstanding
Section 9.02(b), (i) this Agreement and any other Loan Document may be amended with the written consent of the Administrative Agent,
the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing of all
outstanding Term Loans or any replacement therefor (“Refinanced Term Loans”) with a replacement term loan tranche hereunder
(“Replacement Term Loans”), and all holders of the Refinanced Term Loans shall no longer be Lenders of the Refinanced
Term Loans hereunder upon the payment in full of the Refinanced Term Loans and the Obligations relating thereto, (ii) this Agreement
and any other Loan Document may be amended with the written consent of the Required Lenders, Lenders providing one or more additional
credit facilities, the Administrative Agent and the Borrower (x) to add one or more additional credit facilities to this Agreement
and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
(collectively, the “Incremental Credits”) to share ratably in the benefits of this Agreement and the other Loan
Documents with the Revolving Loans and Term Loans and other extensions of credit hereunder and the accrued interest and fees in
respect thereof, (y) to include reasonably appropriately the Lenders holding such credit facilities in any determination of
the Required Lenders and (z) to make such other technical amendments as are reasonably deemed appropriate by the Administrative
Agent and the Borrower in connection with the foregoing, (iii) no condition precedent to obtaining any Revolving Borrowing (including
without limitation by amending or waiving any provision of Article III, V, VI or VII if the effect of such amendment or waiver
would be to waive any such condition or otherwise allow the making of a Revolving Borrowing when it would not otherwise be permitted)
or any other term directly relating to any Revolving Borrowing may be waived, amended or modified except with the written consent
of the Required Revolving Lenders, (iv) no condition precedent to obtaining any Term Loan Borrowing (including without limitation
by amending or waiving any provision of Article III, V, VI or VII if the effect of such amendment or waiver would be to waive any
such condition or otherwise allow the making of a Term Loan Borrowing when it would not otherwise be permitted) or any other term
directly relating to any Term Loan Borrowing may be waived, amended or modified except with the written consent of the Required
Term Lenders, (v) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties under
this Agreement of one Class of Lenders (but not of any other Class of Lenders) may be effected by an agreement or agreements in
writing entered into by the Administrative Agent, the Borrower and the requisite percentage in interest of the 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 and (vi) any waiver, amendment or modification of any commitment letter or fee letter may be effected by an agreement
or agreements in writing entered into only by the parties thereto.

 

    	60

    	 

    
 

(d)
Notwithstanding anything herein to the contrary, Defaulting Lenders shall not be entitled to vote (whether to consent or
to withhold its consent) with respect to any amendment, modification, termination or waiver and, for purposes of determining the
Required Lenders, the Commitments and the Loans of such Defaulting Lender shall be disregarded except as provided in Section 2.20(b).

 

(e)Notwithstanding anything herein
to the contrary, Lenders that are Ineligible Institutions shall not be entitled to vote (whether to consent or to withhold its
consent) with respect to any amendment, modification, termination or waiver and, for purposes of determining the Required Lenders
hereunder or all Lenders or any Lender directly affected under this Section 9.02, the Commitments
and the Loans of any Lender that is an Ineligible Institution shall be disregarded.

 

(f)
Notwithstanding anything to the contrary herein or in any other Loan Document, the Administrative Agent may, with the consent of
the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents as may be reasonably necessary
or advisable to cure any error, ambiguity, omission, defect or inconsistency in order to more accurately reflect the intent of
the parties, provided that (x) prior written notice of such proposed cure shall be given to the Lenders and (y) the Required Lenders
do not object to such cure in writing to the Administrative Agent within ten Business Days of such notice.

 

SECTION
9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all 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 of the credit facilities provided for herein, the
preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all 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) all 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 or protection of its rights in connection with this Agreement,
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.

 

(b)
The Borrower shall indemnify the Administrative Agent, the 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, 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 this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto
of their respective obligations hereunder 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 the 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 the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower
or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory 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,
liabilities or related expenses resulted from the gross negligence or wilful misconduct of such Indemnitee. This Section 9.3(b)
shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.

 

    	61

    	 

    
 

(c)
To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the Issuing Bank
or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent,
the Issuing Bank or the Swingline Lender, as the case may be, such Lender's Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against
the Administrative Agent, the Issuing Bank or the Swingline Lender in its capacity as such.

 

(d)
To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or Letter of Credit or the use of the proceeds thereof.

 

(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.

 

(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
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed)
of:

 

(A)
the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected
thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof; provided
further that no consent of the Borrower shall be required for 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;

 

    	62

    	 

    
 

(B)
the Administrative Agent, provided that no consent of the Administrative Agent shall be
required for an assignment of (x) any Revolving Commitment to an assignee that is a Lender with a Revolving Commitment immediately
prior to giving effect to such assignment and (y) 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 and the Swingline Lender, provided that no consent of the Issuing Bank or the Swingline Lender shall be
required for an assignment of all or any portion of a Term Loan.

 

As used herein, "Ineligible
Institution" means (a) the Borrower or any of its Affiliates, (b) a Defaulting Lender, (c) a natural person, or (d)
a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof;
provided that, 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. Neither the Administrative Agent nor any Lender
shall have any duty or obligation to determine whether any assignee is an Ineligible Institution, and the Administrative Agent
and the Lenders may conclusively rely on the representations of any assignee in the Assignment and Assumption signed by such assignee

 

(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 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, $1,000,000, 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;

 

(C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, 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, its Subsidiaries 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.

 

    	63

    	 

    
 

(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.

 

(v) Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, 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(c), 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 the Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, 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 obligations under this Agreement (including all or a portion of its Commitment and the
Loans owing to it); provided that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the 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 Section 2.17(f) (it being
understood that the documentation required under Section 2.17 (f) shall be delivered to the participating Lender)) to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to 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.
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(c) 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 (the "Participant Register"); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the
identity of any Participant or any information relating to a Participant's interest in any Commitments, Loans, Letters of Credit
or its other obligations under any Loan Document) 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.

 

    	64

    	 

    
 

 

(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 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 Borrower herein and in the
certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement 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 provision
hereof.

 

    	65

    	 

    
 

SECTION
9.06. Counterparts; Integration; Effectiveness. 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 and any separate letter agreements with respect to fees payable to the
Administrative Agent 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. Delivery of an executed counterpart of a signature page of this Agreement by telecopy 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.

 

SECTION
9.07. Severability. Any provision of this Agreement 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 hereof; 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 and each of its
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 or Affiliate to or for the credit or the account of the Borrower against any of and all the
obligations of the Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or
not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of
each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such
Lender may have.

 

SECTION
9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance
with and governed by the law of the State of Wisconsin.

 

(b)
The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any
State court of Wisconsin and of the United States District Court for the Eastern District of Wisconsin, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such Wisconsin State or, to the extent permitted by law, in such Federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any
right that the Administrative Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating
to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

 

(c)
The Borrower 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 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.

 

    	66

    	 

    
 

(d)
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 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 OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT 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.

 

SECTION
9.12. Confidentiality. (a) 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 (i) 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), (ii) to the extent requested by any regulatory authority, (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to
this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder, (vi) 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 Borrower and its obligations, (vii) with the consent of the Borrower or (viii)
to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2)
becomes available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential 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 nonconfidential basis prior to disclosure by the Borrower; 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.

 

(b)
EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE
MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT
IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

 

    	67

    	 

    
 

(c)
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT
TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC
INFORMATION ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER
REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT
WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE
LAW. 

 

SECTION
9.13. 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
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

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

 

    	68

    	 

    

 

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

 

 

	 	THE MARCUS CORPORATION
	 	 
	 	By: 	/s/ Douglas A. Neis
	 	 	Name: Douglas A. Neis

Title: Chief Financial Officer and Treasurer

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	JPMORGAN CHASE BANK, individually and as Administrative Agent
	 	 
	 	By: 	/s/ Danielle M. Clark
	 	 	Name: Danielle M. Clark

Title: Vice President, Authorized Signer

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, individually
and as Syndication Agent
	 	 
	 	By: 	/s/ Brett M. Justman
	 	 	Name: Brett M. Justman
Title: Vice President

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

individually and as Co-Documentation Agent
	 	 
	 	By: 	/s/ Matthew J. Simon
	 	 	Name: Matthew J. Simon
Title: Vice President

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	BANK OF AMERICA, N.A.,

individually and as a
Co-Documentation Agent
 
	 	 
	 	By: 	/s/ Steven K. Kessler
	 	 	Name: Steven K. Kessler
Title: Senior Vice President

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

 

	 	FIFTH THIRD BANK

 
	 	 
	 	By: 	/s/ Eric L. Thomas
	 	 	Name: Eric L. Thomas
Title: Vice President

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	BMO HARRIS BANK, N.A.

 
	 	 
	 	By: 	/s/ Ronald J. Carey
	 	 	Name: Ronald J. Carey
Title: Senior Vice President

 

 

[Signature page to The Marcus Group Credit
Agreement]

 

    	 

    	 

    

 

	 	ASSOCIATED BANK, N.A.

 
	 	 
	 	By: 	/s/ Daniel Holtzhauer
	 	 	Name: Daniel Holtzhauer
Title: Senior Vice President

 

 

[Signature page to The Marcus Group Credit
Agreement]AGREEMENT

 

Agreement made as of the 1st day of February,
2013 (the “Execution Date”) by and between Icahn Enterprises L.P., (the “Employer”), and Daniel A. Ninivaggi
(the “Employee”).

 

Whereas, Employer wishes to employ Employee
as its President and Chief Executive Officer and President and Chief Executive Officer of Icahn Enterprises Holdings L.P. (“Holdings”),
Employer’s 99% owned subsidiary, to perform the duties set forth herein and others given to him from time to time and Employee
wishes to become employed by Employer upon the terms and conditions set forth herein.

 

Now, therefore, in consideration of the
premises and the mutual promises made herein, the parties hereto agree as follows:

 

		1.	Employment/Title/Benefits: Subject to the terms of this Agreement, Employer hereby
employs Employee to perform the duties described in Section 3 below, and Employee hereby accepts such employment. Employee’s
title shall be President and Chief Executive Officer of each of Employer, Holdings and Icahn Enterprises G.P. Inc. (the “GP”
or “IEGP”), the sole general partner of Employer and Holdings. Until such time as Employee is no longer employed by
Employer hereunder, Employee shall be entitled to an aggregate of 22 days of Paid Time Off (comprised of vacation, personal and
sick days) annually in accordance with the policies of the Employer and shall participate in all benefit programs and plans generally
made available to Employer’s executives.

 

		2.	Term. Employee shall commence his duties hereunder as of January 1, 2013, (“Effective
Date”) and his employment shall terminate, unless sooner terminated as provided herein, on December 31, 2013 (“Expiration
Date”). The period of actual employment hereunder is referred to as the “Term”.

 

		3.	Duties. As President and Chief Executive Officer of Employer and Holdings, Employee
shall be responsible for, among other things (i) oversight of portfolio companies, (ii) performing duties regarding potential acquisitions
and dispositions of businesses and assets and with respect to financing activities undertaken from time to time, (iii) providing
his expertise in connection with the current and future business activities of Employer and members of the Icahn Group (as defined
below), (iv) being the liaison with all members of the Icahn Group and (v) generally representing Employer, Holdings and IEGP with
respect to the executives and other personnel of Employer and their respective subsidiaries and controlled companies and the Affiliates
of Employer (such entities together with Holdings and IEGP being the “Icahn Group”). Employee will be responsible to
and take direction from and be assigned additional duties by the Board of Directors of IEGP and Carl C. Icahn.

 

    	 

    	 

    

 

		4.	Directorships.
                                                                                              So long as Employee remains employed
                                                                                              by Employer and for a period of
                                                                                              one year thereafter (such one year
                                                                                              period1, the "Additional
                                                                                              Period") Employee agrees that
                                                                                              he:

 

		(x)	will not resign during the then current term as a director of any public company on whose
board he is serving at the request of Employer or its Affiliates (but Employee will not be required to accept additional appointments
and election to such boards following the last day of his employment by Employer); and

 

		(y)	will resign from any board of directors within five (5) business days following the request of
Employer that he do so.

 

If during the Additional Period
or thereafter, Employee continues as a director of any public company, then he shall be entitled to retain any remuneration or
other property obtained as a result of such service regardless of the terms of the policies of Employer.

 

Any remuneration or other property
obtained as a result of acting as a board member of a public company or similar position during the Term shall remain the
property of the Employee if such retention is consistent with the policies of Employer (which policies shall be applied to Employee
in a manner consistent with the application of such policy to other employees of Employer or its Affiliates). If required by such
policies (as so applied to other employees of Employer or its Affiliates) such amounts will be paid over to Employer or waived
by Employee. Notwithstanding the foregoing, Employee shall not be entitled to any such remuneration or property for serving on
the board of IEGP or on the boards of any person of which the IEGP or its Affiliates beneficially own, in the aggregate, voting
securities that constitutes at least 40% of the vote for directors of such person.

 

		5.	Other Matters. Employee agrees that he will not initiate or engage in any discussions,
or seek new employment during the time that he is employed under this Agreement.

 

		6.	Salary.    Until such time as the employment of Employee hereunder ceases,
                                                                                                                Employee will be paid a salary at the per annum rate of $2.2 million for the period from the Effective Date through December
                                                                                                                31, 2013 (payable every 2 weeks) (the “Salary”) in accordance with Employer’s general payroll practices
                                                                                                                (approximately $84,615.00 every 2 weeks). All payments to Employee shall be subject to applicable payroll and withholdings
                                                                                                                taxes, to the extent required by law. Employee’s compensation shall include a stub adjustment for pay periods in 2013
                                                                                                                prior to this Agreement, so that his aggregate pay, taking into account prior payments, is at the rate set forth above.

 

 

1 If such activity for a period of one year would
interfere with a new employment position of Employee after he ceases to be employed hereunder, and if Employee’s new employer
so certifies in writing to Employer, then at the request of such new employer the Additional Period shall be reduced to six months
from the last day of employment of Employee hereunder.

 

    	2

    	 

    

 

		7.	Termination of Employment.

 

		(a)	Power of Termination. The Employer may terminate the employment of Employee under this Agreement
at any time, with Cause, or in the sole and absolute discretion of Employer, without Cause. “Cause” shall mean any
of the following:(a) conviction of any felony or the commencement of a criminal proceeding against Employee alleging fraud or violation
of the federal securities laws; (b) willful failure to follow the lawful directions given by Employer to Employee or the written
policies or procedures adopted by the Employer from time to time that are made available to Employee; (c) failure to come to work
on a full-time basis, other than on holidays, vacation days, sick days, or other days off under Employer's business policies; (d)
impairment due to alcoholism, drug addiction or similar matters; and (e) a material breach of this Agreement. Prior to termination
for “Cause” as a result of failure as contemplated in clause (b),(c) or (e) above, Employee shall be given written
notice delivered to him by hand or by certified mail return receipt requested (which shall be deemed given when such mail is delivered
or delivery is attempted by the US Post Office) of his activity giving rise to such failure and will have 15 business days to correct
such activity; provided that Employer shall only be required to provide notice under this sentence twice during any calendar
year. “Good Reason” shall mean the existence and continuation of an Uncured Employer Breach. An Uncured Employer Breach
shall mean and be limited to the failure of the Employer to make any payment required to be made hereunder when due if such failure
continues for 15 business days following written notice detailing the amount and circumstances of such failure delivered personally
by hand (or by certified mail return receipt requested) by the Employee to Carl C. Icahn, provided that if such failure is the
result of a good faith dispute, then such failure shall not constitute or be deemed to constitute an Uncured Employer Breach. An
Uncured Employer Breach shall also include a material change in the duties assigned to Employee which are so different in responsibility
and scope so as to be materially adverse to Employee to the extent that Employee acting reasonably would be demeaned by such change,
it being understood that any such change shall not be considered adverse to the extent that Employee’s duties include oversight
over other entities that are or were affiliated with Icahn Group.

 

		(b)	Payment of Earned Base Salary and Accrued Benefits. In the event that Employee’s employment
under this Agreement with Employer ceases for any reason (whether: (i) for Cause; (ii) without Cause; (iii) due to death or disability;
or (iv) by the action of Employee such as resignation or retirement), Employee shall be entitled to receive any Base Salary earned
for periods prior to the cessation of his employment and not yet paid through the date of cessation of employment as well as any
accrued paid time off or other accrued health or welfare benefits.

 

		(c)	Termination Without Cause/Termination for Good Reason. In the event of the cessation of
Employee’s employment under this Agreement due to the employment of Employee being terminated by Employer without Cause or
being terminated by Employee for Good Reason, then in addition to the payment under clause (b) above, Employee shall be entitled
to receive a continuation of the Salary through December 31, 2013 in accordance with Section 6.

 

    	3

    	 

    

 

		(d)	Resignation. Employee may resign from his employment hereunder (but will remain subject
to applicable terms of this Agreement, including, without limitation, Sections 4, 7, 9, 10, 11 and 12 hereof). Any such resignation
will not be on less than two (2) weeks prior written notice to Employer.

 

		8.	Representations and Warranties. Employee represents as of the Execution Date as follows:

 

		(a)	To the best of his knowledge, he is not a party to, or involved in, or under investigation in,
any pending or threatened litigation, proceeding or investigation of any governmental body or authority or any private person,
corporation or other entity that would interfere with the performance of his duties under this Agreement other than those known
to Employer.

 

		(b)	Employee has never been suspended, censured or otherwise subjected to any disciplinary action or
other proceeding by any State, other governmental entities, agencies or self-regulatory organizations.

 

		(c)	Employee is not subject to any restriction whatsoever which would cause him to not be able fully
to fulfill his duties under this Agreement.

 

		9.	Confidential Information. During the Term and at all times thereafter, Employee shall
hold in a fiduciary capacity for the benefit of the Employer, Holdings, the GP and each of their respective Affiliates (all of
the foregoing, collectively, the “Designated Entities”) all secret or confidential information, knowledge or data (collectively,
“Confidential Information”), including without limitation trade secrets, investments, contemplated investments, business
opportunities, business proposals, plans, identity of investors, valuation models, investment performance, and methodologies, relating
to the business of the Designated Entities and their respective businesses: (i) obtained by Employee during Employee’s employment
under the any prior agreement with Employer or its Affiliates, or hereunder and (ii) not otherwise in the public domain. Employee
shall not, without the prior written consent of Employer (which may be granted or withheld in its sole and absolute discretion),
use, or communicate or divulge any Confidential Information, or any related knowledge or data to anyone other than the Designated
Entities and those designated by Employer, except to the extent compelled pursuant to the order of a court or other body having
jurisdiction over such matter or based upon the advice of his counsel that such disclosure is legally required; provided, however,
that Employee will assist the Designated Entities, at their expense, in obtaining a protective order, other appropriate remedy
or other reliable assurance that confidential treatment will be accorded such information so disclosed pursuant to the terms of
this Agreement.

 

    	4

    	 

    

 

All processes, technologies,
investments, contemplated investments, business opportunities, valuation models and methodologies, and inventions (collectively,
“Inventions”), including without limitation new contributions, improvements, ideas, business plans, discoveries, trademarks
and trade names, conceived, developed, invented, made or found by Employee, alone or with others, during the Term, whether or not
patentable and whether or not on the time of the Designated Entities or with the use of their facilities or materials, shall be
the property of the applicable Designated Entity and shall be promptly and fully disclosed by Employee to such Designated Entity
upon request. Employee shall perform all necessary acts (including, without limitation, executing and delivering any confirmatory
assignments, documents, or instruments requested by the Designated Entities) to vest title to any such Invention in any such person
and to enable such person and the Designated Entities, at such Designated Entities’ expense, to secure and maintain domestic
and/or foreign patents or any other rights for such Inventions.

 

Without limiting anything contained
above, Employee agrees and acknowledges that all personal and not otherwise public information about the Designated Entities, including,
without limitation, their respective investments, investors, transactions, historical performance, or otherwise regarding or concerning
Carl Icahn, Mr. Icahn’s family and employees of the Designated Entities, shall constitute Confidential Information for purposes
of this Agreement. In no event shall Employee during or after his employment hereunder, disparage Mr. Icahn, Mr. Icahn’s
family or the Designated Entities, or any of their respective officers or directors.

 

Employee further agrees not to
write a book or article about the Designated Entities, Mr. Icahn, his family members or any of the respective Affiliates of any
of the foregoing, in any media and not to publish or cause to be published in any media, any Confidential Information, and further
agrees to keep confidential and not to disclose to any third party, including, but not limited to, newspapers, authors, publicists,
journalists, bloggers, gossip columnists, producers, directors, script writers, media personalities, and the like, in any and all
media or communication methods, any Confidential Information.

 

In furtherance of the foregoing,
the Employee agrees that following the cessation of his employment hereunder, the sole and only statements he will make about or
concerning any or all of: Mr. Icahn, his family members and the Designated Entities, or any of the respective Affiliates of any
of the foregoing, is to acknowledge that he is or was employed by Employer; provided that, Employee may also disclose the
titles and responsibilities applicable to his employment hereunder, if he has complied with Sections 5 and 11 and such resignation
is made in compliance with the terms of this Agreement.

 

In the event of any dispute under
this Agreement regarding an allegation by Employee or Employer of a breach of this Agreement, Employee may disclose in any complaint,
answer or in legal documents necessary for such litigation, the terms of this Agreement and the facts constituting and relating
to such alleged breach, to the extent such disclosure is necessary or appropriate in order to assert or defend against any allegation
of, such breach in a court of law.

 

    	5

    	 

    

 

		10.	Remedy for Breach. Employee hereby acknowledges that the provisions of Sections
9, 10 and 11 of this Agreement are reasonable and necessary for the protection of Employer and the Icahn Group and the other persons
or entities referred to therein, are not unduly burdensome to Employee, and the Employee also acknowledges his obligations under
such covenants. Employee further acknowledges that the Employer and the Icahn Group and the other persons or entities referred
to therein will be irreparably harmed if such covenants are not specifically enforced. Accordingly, Employee agrees that, in addition
to any other relief to which the Employer may be entitled, including claims for damages, each of the persons and entities that
are included in the Icahn Group and the other persons and entities referred to therein shall be entitled to seek and obtain injunctive
relief (without the requirement of any bond) from a court of competent jurisdiction for the purpose of restraining Employee from
an actual or threatened breach of such covenants.

 

		11.	Competitive Services and Employees. During the period that Employee is employed under
this Agreement and for one year thereafter, Employee will not, directly or indirectly, solicit or aid in the solicitation of employees
of Employer or any member of the Icahn Group for employment by any other person or entity. During the course of his employment
hereunder, Employee shall not compete directly or indirectly with the business or businesses of Employer or of any member of the
Icahn Group.

 

During the Term Employee shall
provide services solely as provided in this Agreement and on a full time basis.

 

Should
Employee’s employment hereunder cease prior to December 31, 2013, then Employee shall not engage in any activity, whether
as an employee, representative, agent, officer, director, partner, member, holder of more than 5% of the outstanding stock or any
combination thereof, or on behalf of any person or entity, which: (x) directly competes with any Material Business; or (y) engages
in any Covered Line of Business. The prohibition in the immediately preceding sentence shall commence on the date that the employment
ceased and shall continue: (i) through December 31, 2013, in the event Employee’s employment was terminated by Employer without
Cause or by Employee for Good Reason (and Employer is in compliance with Section 7(c) and its other material obligations under
this Agreement), or (ii) through the close of business on the 180th day after the cessation of Employee’s employment
hereunder if such cessation shall be for any other reason.

 

For
purposes of this Section 11, the term: “Material Business” shall mean the business: (A) conducted by the following
affiliates of Employer being: Federal Mogul, CVR Energy, Inc. (including its affiliates, UAN, and CVRR), Viskase, PSC Metals, WestPoint
Home, Tropicana Entertainment, American Railcar Industries, Inc., XO Communications, New Seabury Resort, Cape Cod, MA and Grand
Harbor and Oak Harbor Resorts, Vero Beach, FL, and all of the subsidiaries of the foregoing; and (B) any business owned by any
operating company of Employer that accounted for more than 5% of the revenues of Employer during the fiscal year prior to the cessation
of Employee’s employment with Employer; and the term “Covered Line of Business” means any line of business conducted
by any person or entity referred to in clause (B) of the definition of “Material Business”.

 

    	6

    	 

    

 

		12.	Miscellaneous.

 

		(a)	Amendments and Waivers. No provisions of this Agreement may be amended, modified, waived
or discharged except as agreed to in writing by Employee and Employer.

 

		(b)	Entire Agreement. This Agreement supersedes any and all existing negotiations, discussions,
agreements, arrangements or understandings of any kind or character, oral or written, between or on or behalf of either Employee
and/or Employer (or any of its Affiliates) relating to the subject matter hereof. Employee agrees, represents, warrants and acknowledges
that Employee is not entitled to and will not claim or seek, any other payments, compensation, bonus, consideration, or benefits
from any of the Employer or its Affiliates except as expressly provided for herein

 

		(c)	Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York applicable to agreements made and/or to be performed in that State, without regard to any choice
of law provisions thereof. All disputes arising out of or related to this Agreement shall be submitted
to the state and federal courts of New York, and each party irrevocably consents to such personal jurisdiction and waives all objections
thereto, but does so only for the purposes of this Agreement. 

 

		(d)	Severability. If any provision of this Agreement is invalid or unenforceable, the balance
of this Agreement shall remain in effect.

 

		(e)	Judicial Modification. If any court determines that any of the covenants in this Agreement
or any part of any of them, is invalid or unenforceable, the remainder of such covenants and parts thereof shall not thereby be
affected and shall be given full effect, without regard to the invalid portion. If any court determines that any of such covenants,
or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court or arbitrator
shall reduce such scope to the extent necessary to make such covenants valid and enforceable.

 

		(f)	Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding
upon the successors and assigns of the Employer. As a condition to the sale or transfer of all or substantially all of the assets
of Employer, or any merger or business combination involving Employer and any other entity, the successor or surviving entity shall
assume Employer’s obligations under this Agreement. Employee may not sell, convey, assign, transfer or otherwise dispose
of, directly or indirectly, any of the rights, claims, powers or interests established hereunder or under any related agreements
or documents of the Employer provided that the same may, upon the death of Employee, be transferred by will or intestate succession,
to his estate, executors, administrators or heirs, whose rights therein shall for all purposes be deemed subject to the terms of
this Agreement.

 

    	7

    	 

    

 

		(g)	Survival. This Agreement shall survive the termination of the employment of Employee hereunder
in all circumstances and the provisions hereof (including Sections 4, 7, 9, 10, 11 and 12), shall be and remain fully effective
in accordance with their terms.

 

		(h)	Affiliate.  For purposes of this Agreement the term “Affiliate” (or
a person or entity “Affiliated” with another person or entity) and “control” (including the terms “controlling,”
“controlled by” and “under common control with”) shall have the meanings set forth in Rule 405 of Regulation
C of the Securities Act of 1933, as amended. References in this agreement to a “person” shall be deemed to include
references to natural persons and entities, and references to “entities” shall be deemed to include “persons.”

 

		13.	Other.

 

Employee
shall follow all written policies and procedures and written compliance manuals adopted by or in respect of any or all of Employer
and its Affiliates that have been or will be delivered to Employee, including, without limitation, those applicable to investments
by employees. In addition, Employee shall not, personally or on behalf of any other person or entity, invest in or provide advice
with respect to, any investment made or actively being considered by Employer or its Affiliates, unless disclosed to Employer in
writing by Employee and approved in writing by Employer which approval may be granted or withheld by them in their sole and absolute
discretion, and which approval, if granted, may be with limitations, including on the amount of any investment which Employee may
make at any time or from time to time and may impose restrictions on the sale of any such investment.

 

    	8

    	 

    

 

In WITNESS WHEREOF, undersigned have executed
this Agreement as of February 1, 2013.

 

	 	EMPLOYEE
	 	/s/ Daniel A. Ninivaggi
	 	Daniel A. Ninivaggi
	 	 
	 	EMPLOYER
	 	 
	 	Icahn Enterprises L.P.
	 	By: Icahn Enterprises G.P. Inc., its general partner
	 	 
	 	By:	/s/ Carl Icahn
	 	Name: Carl Icahn
	 	

 

 

    	9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]