Document:

EX-4.2

 Exhibit 4.2 
  

 
  

DEPOSIT AGREEMENT 
 by and
among 
 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

as Issuer 
 AND 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

as Depositary, 
 AND 

THE HOLDERS AND BENEFICIAL OWNERS 

OF AMERICAN DEPOSITARY SHARES EVIDENCED BY 

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER 

Dated as of September 12, 2006 
  

 
  

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT, dated as of September 12, 2006 by and among (i) New Oriental Education & Technology Group Inc., a
company incorporated under the laws of the Cayman Islands, and its successors (the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary,
and any successor depositary hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter
defined). 
 W I T N E S S E T H T H A T: 

WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation
of American Depositary Shares representing the Shares so deposited; 
 WHEREAS, the Depositary is willing to act as the Depositary
for such ADR facility upon the terms set forth in this Deposit Agreement; 
 WHEREAS, the American Depositary Receipts evidencing the
American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit
Agreement; 
 WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are listed on The
New York Stock Exchange, Inc; and 
 WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly
approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 

SECTION 1.1 "Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under
the Securities Act. 
 SECTION 1.2 "Agent” shall mean such entity or entities as the Depositary may appoint under
Section 7.8, including the Custodian or any successor or addition thereto. 

  
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 SECTION 1.3 “American Depositary Share(s)” and
“ADS(s)” shall mean the securities representing the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to the terms and conditions of this Deposit Agreement and evidenced by
the American Depositary Receipts issued hereunder. Each American Depositary Share shall represent the right to receive [•] Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 or a change in
Deposited Securities referred to in Section 4.9 with respect to which additional American Depositary Receipts are not executed and delivered, and thereafter each American Depositary Share shall represent the Shares or Deposited Securities
specified in such Sections. 
 SECTION 1.4 “ADS Record Date” shall have the meaning given to such term in
Section 4.7. 
 SECTION 1.5 “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial
interest in any ADSs. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such
Beneficial Owner has an interest. 
 SECTION 1.6 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday
and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which Receipts are
traded are closed. 
 SECTION 1.7 “Commission” shall mean the Securities and Exchange Commission of the United States
or any successor governmental agency in the United States. 
 SECTION 1.8 “Company” shall mean New Oriental
Education & Technology Group Inc., a company incorporated and existing under the laws of laws of the Cayman Islands, and its successors. 

SECTION 1.9 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong Kong Branch, having its principal
office at 52/F Cheung Kong Center, 2 Queens Road, Central, Hong Kong S.A.R., People’s Republic of China., as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the
Depositary pursuant to the terms of Section 5.5 as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall mean all custodians, collectively. 

SECTION 1.10 “Deliver” and “Delivery” shall mean, when used in respect of American Depositary Shares,
Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through
DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”, “register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within
DRS/Profile. 

  
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 SECTION 1.11 “Deposit Agreement” shall mean this Deposit Agreement and
all exhibits hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof. 
 SECTION 1.12
“Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary
hereunder. 
 SECTION 1.13 “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to
be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions
of Section 4.6. The collateral delivered in connection with Pre-Release Transactions described in Section 2.10 hereof shall not constitute Deposited Securities. 

SECTION 1.14 “Dollars”, “$” and “U.S. $” shall refer to the
lawful currency of the United States. 
 SECTION 1.15 “DRS/Profile” means the system for the uncertificated
registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of
ownership between the books of DTC and the Depositary. Ownership of ADSs held in DRS/Profile are evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. 

SECTION 1.16 “DTC” shall mean The Depository Trust and Clearing Corporation, the central book-entry clearinghouse and
settlement system for securities traded in the United States, and any successor thereto. 
 SECTION 1.17 “Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as from time to time amended. 
 SECTION 1.18
“Foreign Currency” shall mean any currency other than Dollars. 
 SECTION 1.19 “Foreign Registrar”
shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares. 

SECTION 1.20 “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the
Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name.

 SECTION 1.21 “Indemnified Person” and “Indemnifying Person” shall have the meaning set forth in
Section 5.8. hereof. 
 SECTION 1.22 “Pre-Release” shall have the meaning
set forth in Section 2.10 hereof. 

  
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 SECTION 1.23 “Principal Office” when used with respect to the
Depositary, shall mean the principal office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New York
10005, U.S.A. 
 SECTION 1.24 “Receipt(s)”; “American Depositary Receipt(s)” and
“ADR(s)” shall mean the certificate(s) or DRS/Profile statements issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to
time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through DRS/Profile, unless the context otherwise requires. 

SECTION 1.25 “Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of
Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, shall include any co-registrar appointed by the
Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. 

SECTION 1.26 “Restricted Securities” shall mean Shares, or American Depositary Shares representing such Shares, which
(i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued
thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company, or (iii) are subject to other restrictions on sale or deposit under the laws of the United States, the
Cayman Islands, or under a shareholders’ agreement or the Company’s Memorandum and Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to persons other than
an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereinafter defined), and the Shares are not, when held by
such person, Restricted Securities. 
 SECTION 1.27 “Securities Act” shall mean the United States Securities Act of
1933, as from time to time amended. 
 SECTION 1.28 “Shares” shall mean ordinary shares in registered form of the
Company, par value $0.01 each, heretofore validly issued and outstanding and fully paid or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the
particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which
pre-emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up,
consolidation, reclassification, conversion or any other event described in Section 4.9, in respect of the Shares of the Company, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities
resulting from such change in par value, split-up, consolidation, exchange, conversion, reclassification or event. 

SECTION 1.29 “United States” or “U.S.” shall mean the United States of America. 

  
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 ARTICLE II 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; 

DEPOSIT OF SHARES; EXECUTION 

AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 

SECTION 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited
Securities and hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance
with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement, to adopt any and all procedures necessary to comply with applicable
law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof). 
 SECTION 2.2 Form and Transferability of Receipts. 

(a) Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares. No definitive Receipt shall be entitled to any benefits under this Deposit Agreement or be valid
or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so
executed and delivered, in the case of definitive Receipts, and each Receipt issued through the DRS/Profile, in either case as hereinafter provided and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the
manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the
execution and delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts. 
 In
addition to the foregoing, the Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be reasonably required by the
Depositary in order to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. 

Notwithstanding anything in this Deposit Agreement or in the Receipt to the contrary, to the extent available by the Depositary, American
Depositary Shares shall be evidenced by Receipts issued through DRS/Profile unless certificated Receipts are specifically requested by the Holder. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and
of the form of Receipt, regardless of whether their Receipts are certificated or issued through DRS/Profile. 

  
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 (b) Subject to the limitations contained herein and in the form of Receipt, title to a
Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose
of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be
subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof. 

SECTION 2.3 Deposits. (a) Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or
evidence of rights to receive Shares (other than Restricted Securities) may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to
Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Every deposit of Shares shall be accompanied by the following: (A)(i) in
the case of Shares issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares issued in bearer form, such Shares or the certificates representing such
Shares and (iii) in the case of Shares delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such
certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required
by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and deliver to, or upon the written order of, the person or
persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory
to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any
applicable governmental agency in the Cayman Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in
whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other
agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting
rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be accepted for deposit unless accompanied by confirmation or such
additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations
of the Cayman Islands and any necessary approval has been granted by any governmental body in the Cayman Islands, if any, which is then performing the function of the regulator of currency exchange. The Depositary may issue Receipts against evidence
of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares. The
Depositary will use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and
under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States. 

  
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 (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance
with the provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and
registration of the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be
held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

 (c) In the event any Shares are deposited which entitle the holders thereof to receive a
per-share distribution or other entitlement in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation,
making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to the original such deposit. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain
rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to
the Custodian. 
 SECTION 2.4 Execution and Delivery of Receipts. After the deposit of any Shares pursuant to Section 2.2,
the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby.
Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the
Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order
of the person or persons named in the notice delivered to the Depositary and shall execute and deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary Shares
to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement. 

  
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 SECTION 2.5 Transfer of Receipts; Combination and Split-up of Receipts. 
 (a) Transfer. The Depositary, or, if a Registrar (other than the
Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Principal Office of the Depositary of a
Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of DRS/Profile Receipts receipt by the Depositary of, proper instruments of transfer
(including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States and any other applicable law. Subject to the terms and conditions of
this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 and Exhibit A hereto, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of
the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered. 

(b) Combination & Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall,
upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in
Section 5.9 and Exhibit A hereto, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered. 
 (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out
its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to
protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each
co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of
this Deposit Agreement. 
 (d) At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with
a Receipt issued through DRS/Profile, or vice versa, execute and deliver a certificated Receipt or DRS/Profile statement, as the case may be, for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of
American Depositary Shares as those evidenced by the certificated Receipt or DRS/Profile statement, as the case may be, substituted. 

  
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 SECTION 2.6 Surrender of Receipts and Withdrawal of Deposited Securities. Upon
surrender, at the Principal Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of
withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 and Exhibit A hereof) and (ii) all applicable taxes and governmental charges payable in connection with such surrender and withdrawal, and
subject to the terms and conditions of this Deposit Agreement, the Company’s Memorandum and Articles of Association, Section 7.9 hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder
of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the
purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry delivery of such American Depositary Shares to the Depositary. 

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper
instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon
the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book entry delivery of the Shares
(in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions of this Deposit Agreement, to the Company’s Memorandum and Articles of Association, to the provisions of or governing the Deposited Securities and to
applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares,
together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person. 

The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary Shares representing a number other than
a whole number of Shares. In the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be
Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining
fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes withheld) to the person surrendering the Receipt. 
 At the request, risk and expense of any Holder so surrendering a
Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other
proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Principal Office of the Depositary, and for further delivery to such Holder. Such direction shall be given by
letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Principal Office of the
Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the
Depositary. 

  
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 SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc. 
 (a) Additional Requirements. As a condition precedent to the execution and delivery,
registration, registration of transfer, split-up, combination or surrender of any Receipt, the delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian
may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such
tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 and Exhibit A hereof, (ii) the production of proof satisfactory to it as
to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts or American
Depositary Shares or to the withdrawal or delivery of Deposited Securities and (B) such reasonable regulations as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law. 

(b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be
suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended,
during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good Faith, at any time or from time to time because of any requirement of law, any
government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of
shareholders of the Company or for any other reason, subject, in all cases, to Section 7.9 hereof. 
 SECTION 2.8 Lost
Receipts, etc. In case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and
deliver a new Receipt (which, in the discretion of the Depositary may be issued through DRS/Profile unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in
substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary
(i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and
(b) satisfied any other reasonable requirements imposed by the Depositary. 

  
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 SECTION 2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of
Records. All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any
benefits under this Deposit Agreement or be valid or obligatory for any purpose. 
 SECTION 2.10
Pre-Release. Subject to the further terms and provisions of this Section 2.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of
the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary may (i) issue ADSs prior to the receipt of Shares (each such transaction a “Pre-Release Transaction”) as
provided below and (ii) deliver Shares upon the receipt and cancellation of ADSs that were issued in a Pre-Release Transaction, but for which Shares may not yet have been received. The Depositary may
receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs
that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust
for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees to any
additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days’ notice and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the
number of ADSs and Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above),
provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 
 The
Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held for the benefit of the Holders (other than the
Applicant). 

  
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 ARTICLE III 

CERTAIN OBLIGATIONS OF HOLDERS 

AND BENEFICIAL OWNERS OF RECEIPTS 

SECTION 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any Holder and any Beneficial
Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental
charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other
information; to execute such certifications and to make such representations and warranties, and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written
request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may withhold the execution or delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or
distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.9 hereof, the delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or
such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request advise the
Company of the availability of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon written request thereof by the Company, unless
such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this paragraph. Nothing herein shall obligate the Depositary to (i) obtain any
information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners. 

SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other governmental charge shall become payable
by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and
Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner remaining fully liable for any
deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer,
split-up or combination of ADRs and (subject to Section 7.9) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial
Owner agrees to indemnify the Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including
applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer of
Receipts, any surrender of Receipts and withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 

SECTION 3.3 Representations and Warranties on Deposit of Shares. Each person depositing Shares under the Deposit Agreement shall
be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person,
(ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and
clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities and (v) the Shares presented for deposit have
not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American
Depositary Shares. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the
consequences thereof. 

  
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 SECTION 3.4 Compliance with Information Requests. Notwithstanding any other
provision of this Deposit Agreement, the Memorandum and Articles of Association of the Company and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to
law (including, without limitation, relevant Cayman law, any applicable law of the United States), the Memorandum and Articles of Association of the Company, any resolutions of the Company’s Board of Directors adopted pursuant to such
Memorandum and Articles of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be
transferred, and (b) be bound by and subject to applicable provisions of the laws of the Cayman Islands, the Memorandum and Articles of Association of the Company and the requirements of any markets or exchanges upon which the ADSs, Receipts or
Shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case
irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such
request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

ARTICLE IV 
 THE
DEPOSITED SECURITIES 
 SECTION 4.1 Cash Distributions. Whenever the Depositary receives confirmation from the Custodian of
receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt
thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be
converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only
such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial
Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three or four decimal places (the number of decimal places used by the Depositary to report distribution rates). The excess
amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required
to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the American Depositary
Shares representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company
shall be forwarded by the Company to the Depositary upon request. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary
reports with governmental agencies, such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts. 

  
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 SECTION 4.2 Distribution in Shares. If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees.
Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders
as of the ADS Record Date in proportion to the number of American Depositary Shares held as of the ADS Record Date, additional American Depositary Shares, which represent in the aggregate the number of Shares received as such dividend, or free
distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if additional American
Depositary Shares are not so distributed, each American Depositary Share issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed
upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional American Depositary Shares, the Depositary shall
sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory
assurances from the Company (including an opinion of counsel to the Company furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of
the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and
practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms
described in Section 4.1. 

  
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 SECTION 4.3 Elective Distributions in Cash or Shares. Whenever the Company
intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it
wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to
determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective distribution
available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis
of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash upon the terms described in Section 4.1 or (y) additional ADSs representing such additional Shares upon
the terms described in Section 4.2. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7) and establish procedures to enable Holders to elect the receipt of the
proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend (x) in
cash, the dividend shall be distributed upon the terms described in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms described in Section 4.2. Nothing herein shall obligate the Depositary to make available
to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and
conditions as the holders of Shares. 
 SECTION 4.4 Distribution of Rights to Purchase Shares. 

(a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to
subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are not
satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set
forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7) and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the
Holders to exercise the rights (upon payment of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes and other governmental charges). Nothing herein shall obligate the Depositary to make available to
the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). 

  
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 (b) Sale of Rights. If (i) the Company does not timely request the Depositary to
make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 or determines it is not lawful or reasonably
practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The
Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) upon the terms set forth in Section 4.1. 

(c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in
Section 4.4(a) or to arrange for the sale of the rights upon the terms described in Section 4.4(b), the Depositary shall allow such rights to lapse. 

The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights
available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the
Company in connection with the rights distribution. 
 Notwithstanding anything to the contrary in this Section 4.4, if registration
(under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by
such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the
Depositary with opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering
and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that
the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a
portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same
terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of
such rights. 

  
 17 

 SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares.

 (a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to
purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless
(i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7, and (iii) the Depositary shall
have determined that such distribution is reasonably practicable. 
 (b) Upon receipt of satisfactory documentation and the request of the
Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to
the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary, and (ii) net of any taxes and other governmental charges withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private
sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 

(c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to
Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the
Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary
(net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the Depositary is unable to sell such property, the
Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom. 

SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of
dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner
that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it
may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections
of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon
surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange
restrictions, the date of delivery of any Receipt or otherwise. 

  
 18 

 Holders understand that in converting Foreign Currency, amounts received on conversion are
calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional
cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. 
 If
such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal
cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license. 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of
proceeds of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not
obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the foreign currency (or an appropriate document
evidencing the right to receive such foreign currency) received by the Depositary to the Holders entitled to receive such foreign currency, or (ii) hold such foreign currency uninvested and without liability for interest thereon for the
respective accounts of the Holders entitled to receive the same. 
 SECTION 4.7 Fixing of Record Date. Whenever necessary in
connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the
Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS Record
Date”), as close as practicable to the record date fixed by the Company with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights
at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each American
Depositary Share. Subject to applicable law and the provisions of Section 4.1 through 4.6 and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

  
 19 

 SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as
soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS Record
Date in respect of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been
received by the Depositary at least 21 Business Days prior to the date of such vote or meeting) and at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist,
mail by regular, ordinary mail delivery, or by electronic transmission, or otherwise distribute to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the
close of business on the ADS Record Date will be entitled, subject to any applicable law, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be
summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited Securities represented by such Holder’s American Depositary Shares; and
(c) a brief statement as to the manner in which such instructions may be given. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Shares or other Deposited Securities.
Upon the timely receipt of written instructions of a Holder of American Depositary Shares on the ADS Record Date of voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted
under applicable law, the provisions of this Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Shares and/or other
Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions. 

In the event that the Depositary i) timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary
is to vote the Deposited Securities represented by such Holder’s ADSs or ii) if no instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs evidenced by such Holder’s
ADRs on or before the ADS Record Date established by the Depositary for such purpose, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such
instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if
applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the Company
would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Shares, provided, further, that the Company will have no liability to any
Holder or Beneficial Owner resulting from such notification. 

  
 20 

 Neither the Depositary nor the Custodian shall, under any circumstances exercise any
discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities
represented by American Depositary Shares except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company.
Shares or other Deposited Securities represented by ADSs for which no specific voting instructions are received by the Depositary from the Holder shall not be voted. 

Notwithstanding the above, save for applicable provisions of Cayman law, and in accordance with the terms of Section 5.3, the Depositary
shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities. 
 SECTION 4.9 Changes
Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization,
merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in
respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement, and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law,
evidence American Depositary Shares representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit
Agreement and receipt of an opinion of counsel to the Company furnished at the Company’s expense satisfactory to the Depositary that such distributions are not in violation of any applicable laws or regulations, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to the
form of Receipt contained in Exhibit A hereto, specifically describing such new Deposited Securities and/or corporate change. The Company agrees to, jointly with the Depositary, amend the Registration Statement on Form
F-6 as filed with the Commission to permit the issuance of such new form of Receipts. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all
Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an opinion of the Company’s counsel furnished at the Company’s expense satisfactory to the Depositary that such action
is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of (a) fees and
charges of, and expenses incurred by, the Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or
feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities.

 SECTION 4.10 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act
applicable to foreign private issuers (as defined in Rule 405 under the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the public reference facilities
maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. 

  
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 SECTION 4.11 Reports. The Depositary shall make available during normal business
hour on any Business Day for inspection by Holders at its Principal Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the
nominee of either of them as the holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Company agrees to provide to the Depositary, at the Company’s expense, all
documents that it provides to the Custodian. The Depositary shall, at the expense of the Company, unless otherwise agreed in writing by the Company and the Depositary and in accordance with Section 5.6, also mail by regular, ordinary mail
delivery or by electronic transmission (if agreed by the Company and the Depositary) to Holders copies of such reports when furnished by the Company pursuant to Section 5.6. 

SECTION 4.12 List of Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a
recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary. 

SECTION 4.13 Taxation; Withholding. The Depositary will, and will instruct the Custodian to, forward to the Company or its agents
such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but
shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial
Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates
and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable
law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental
authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to
such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information about such taxes or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to
the applicable governmental authority) therefor, in each case, in a form satisfactory to the Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders: (i) any taxes withheld by it; (ii) any taxes withheld by
the Custodian, subject to information being provided to the Depositary by the Custodian; and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall
not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the
Depositary. Neither the Depositary, the Custodian nor the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against
such Holder’s or Beneficial Owner’s income tax liability. 

  
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 In the event that the Depositary determines that any distribution in property (including
Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of
all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net
proceeds of any such sale after deduction of such taxes or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company.
The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 

ARTICLE V 
 THE
DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 SECTION 5.1 Maintenance of Office and Transfer Books by the Registrar. Until
termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities
for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the delivery and withdrawal of Deposited Securities in accordance
with the provisions of this Deposit Agreement. 
 The Depositary or the Registrar as applicable, shall keep books for the registration of
Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge,
for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts. 

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time or from time to time,
when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company. 

  
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 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or
more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers,
combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be
removed and a substitute or substitutes appointed by the Depositary. 
 If any Receipts or the American Depositary Shares evidenced thereby
are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the
requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall
provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so. 

SECTION 5.2 Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is
inconsistent with the provisions of this Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or delayed in,
doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Cayman Islands or any other country, or of any
other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Company’s Memorandum and Articles of
Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work
stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Company’s Memorandum and
Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or
information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit
Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise. 

The Depositary, its controlling persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall
be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 

  
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 SECTION 5.3 Standard of Care. The Company and the Depositary and their
respective agents assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that
the Company and the Depositary and their respective agents agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct. 

Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, or agents,
shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the
responsibility of the Custodian being solely to the Depositary). 
 The Depositary and its agents shall not be liable for any failure to
carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or action may
be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the creditworthiness of any third party, for allowing any
rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel, accountants,
any person representing Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents shall not be liable for any acts or omissions made by a
successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which
such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary. 

SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. Subject to any other agreements
otherwise agreed in writing between the Company and the Depositary from time to time relating to resignation and removal of the Depositary, the Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to
the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take
the actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to
the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. 

  
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 The Company shall use reasonable efforts to appoint such successor depositary, and give
notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this paragraph. In the event that notice of the appointment of a successor depositary is not
provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. 

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of
(i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof), or (ii) upon the appointment by the Company of a successor depositary and
its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the
Depositary from time to time shall be paid to the Depositary prior to such removal. 
 In case at any time the Depositary acting hereunder
shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be
required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by
applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and
deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited
Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor
depositary shall promptly mail notice of its appointment to such Holders. 
 Any corporation into or with which the Depositary may be merged
or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

SECTION 5.5 The Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all
respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any
Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited
Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its
discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian,
which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice thereof in writing to all Holders. 

  
 26 

 Upon the appointment of any successor depositary, any Custodian then acting hereunder shall,
unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed
shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor
depositary. 
 SECTION 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by publication or
otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash
or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders
of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Company’s Memorandum and Articles of Association that
may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 
 The Company will also transmit to the
Depositary (a) English language versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the
Company’s annual and other reports prepared in accordance with the applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, unless otherwise agreed in writing by
the Company and the Depositary, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company’s expense, unless otherwise agreed in writing by the Company and the
Depositary) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence sufficiently satisfactory to it, including in the form of an opinion of local
and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to
time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely provide the Depositary with the
quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the Company’s
Memorandum and Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case along with a certified
English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein (along with a certified English translation
thereof). The Depositary may rely upon such copy for all purposes of this Deposit Agreement. 

  
 27 

 The Depositary will make available a copy of any such notices, reports or communications
issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s Principal Office, at the
office of the Custodian and at any other designated transfer office. 
 SECTION 5.7 Issuance of Additional Shares, ADSs etc. The
Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of
securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited
Securities, (vii) a Meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger or consolidation or transfer of assets or (viii) any reclassification,
recapitalization, reorganization, merger, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and
Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states
of the United States). In support of the foregoing, at the request of the Depositary, the Company will furnish to the Depositary, at it’s own expense, (a) a written opinion of U.S. counsel (reasonably satisfactory to the Depositary)
stating whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities
Act and (b) an opinion of Cayman Islands counsel (reasonably satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Cayman Islands
and (2) all requisite regulatory consents and approvals have been obtained in the Cayman Islands. If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it
shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company
determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration
requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

 The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or
other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for
such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration under the Securities Act or have
been registered under the Securities Act (and such registration statement has been declared effective). 

  
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 Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit
Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction. 

SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors,
officers, employees, agents and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not
limited to, reasonable attorney’s fees and expenses and, in each case, fees and expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as
“Losses”) which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out
of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering
documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this
Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates,
except to the extent any such Losses arises out of the negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates. Notwithstanding the above, in no event shall the
Depositary or any of its directors, officers, employees, agents and/or Affiliates be liable for any indirect, special, punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. The indemnities contained in
this paragraph shall not extend to any Loss that arises out of information (or omissions from such information) relating to the Indemnified Persons, furnished in writing to the Company by such Indemnified Person expressly for use in any registration
statement, prospectus or proxy statement under the Securities Act. 
 The Depositary agrees to indemnify the Company, its directors,
officers, employees, agents and Affiliates against and hold each of them harmless from any Losses which may arise out of acts performed or omitted to be performed by the Depositary or its directors, employees, agents and Affiliates due to their
negligence or bad faith. 
 Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from
whom it is seeking indemnification (the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such
notification shall not affect such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the
conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an
indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 

  
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 The obligations set forth in this Section shall survive the termination of this Deposit
Agreement and the succession or substitution of any party hereto. 
 SECTION 5.9 Fees and Charges of Depositary. The Company,
the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as
payable by them respectively as provided for under Article 9 of the Form of Receipt attached hereto as Exhibits A and B; provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is
prohibited by the exchange, if any, upon which the ADSs are listed. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable
by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. 

The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in
respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any
notices required to be given to the Holders in accordance with Article 20 of the Form of Receipt attached hereto as Exhibits A and B. 
 In
connection with any payment by the Company to the Depositary: 
  

	 	(i)	 all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be
procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by the Company upon demand therefor); and 

 

	 	(ii)	 such payment shall be subject to all necessary Cayman Islands exchange control and other consents and approvals
having been obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be obtained by it in this connection. 

 

	 	(iii)	 the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the
Company, an opinion of counsel regarding English law, the laws of the Cayman Islands, or the laws of any other relevant jurisdiction, to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an opinion of
counsel regarding the validity of any action to be taken or instructed to be taken under this Agreement. 

 The Company
agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the
Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. Unless otherwise agreed, the Depositary shall present
its statement for such expenses and fees or charges to the Company once every three months. 

  
 30 

 All payments by the Company to the Depositary under this Section 5.9 shall be paid
without set-off or counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of
whatever nature, imposed by the Cayman Islands or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit
Agreement. As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or
removal. 
 SECTION 5.10 Restricted Securities Owners/Ownership Restrictions. From time to time or upon the reasonable request
of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update that list on a regular
basis. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds
Restricted Securities that such Restricted Securities are ineligible for deposit hereunder. The Company shall, in accordance with Article 24 of the Form of Receipt attached hereto as Exhibits A and B, inform Owners and Beneficial Owners and the
Depositary of any other limitations on ownership of Shares that the Owners and Beneficial Owners may be subject to by reason of the number of American Depositary Shares held under the Articles of Incorporation of the Company or applicable Cayman
Islands law, as such restrictions may be in force from time to time. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 

SECTION 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts
outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the
Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase
any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing
right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. The parties hereto agree
that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under
the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not
to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or
Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would
require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or
regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such
laws, rules or regulations. 

  
 31 

 SECTION 6.2 Termination. The Depositary shall, at any time at the written
direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the
Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall
have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4, the Depositary may terminate
this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, the Holder
will, upon surrender of such Receipt at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 and subject to the conditions and restrictions therein
set forth, and upon payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the
date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any
further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in
this Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6, together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses
for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of six months from the date of termination of this
Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without
liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with
respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for
the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of this Deposit
Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 

  
 32 

 ARTICLE VII 

MISCELLANEOUS 

SECTION 7.1 Counterparts. This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an
original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours. 

SECTION 7.2 No Third-Party Beneficiaries. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their
successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to
give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties. The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have
multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests
and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of
its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships. 

SECTION 7.3 Severability. In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial Owners from time to time of
American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. 

  
 33 

 SECTION 7.5 Notices. Any and all notices to be given to the Company shall be
deemed to have been duly given if personally delivered or sent by mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to New Oriental Education & Technology Group Inc.,
No. 6 Hai Dian Zhong Street, 9th Floor, Haidian District, Beijing 100080, People’s Republic of China, Attention: Louis T. Hsieh, Chief Financial Officer, or to any other address which the Company may specify in writing to the Depositary.

 Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by mail, air
courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by
letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA Attention: ADR Department, telephone: (001) 212 602-1044, facsimile:
(001) 212 797 0327 or to any other address which the Depositary may specify in writing to the Company. 
 Any and all notices
to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s
expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with
the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit
Agreement. 
 Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be
effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air
courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic
transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be. 

  
 34 

 SECTION 7.6 Governing Law and Jurisdiction. This Deposit Agreement and the
Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Except
as set forth in the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have jurisdiction to hear and determine any suit, action or proceeding and to
settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company
hereby irrevocably designates, appoints and empowers CT Corporation System, (the “Agent”) now at 111 Eighth Avenue, New York, New York 10011, as its authorized agent to receive and accept for and on its behalf, and on behalf of its
properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the
preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of
this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the
Company, by service by mail of a copy thereof upon the Agent (whether or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent shall fail to accept or acknowledge such service), with a copy mailed to the
Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Agent to give any notice of such service to it shall not impair or affect in any way the
validity of such service or any judgment rendered in any action or proceeding based thereon. 
 Notwithstanding the foregoing, the
Depositary and the Company unconditionally agree that in the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement
or (c) against both the Company and the Depositary, in any state or federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of
such suit, action or proceeding, then the Company and the Depositary may pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company
and the Depositary irrevocably submit to the non-exclusive jurisdiction of such courts. The Company agrees that service of process upon the Agent in the manner set forth in the preceding paragraph shall be
effective service upon it for any suit, action or proceeding brought against it as described in this paragraph. 
 The Company irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby
further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

The Company and the Depositary agree that, notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature
between the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion, shall be entitled to refer such dispute or difference for final settlement by arbitration
(“Arbitration”) in accordance with the applicable rules of the American Arbitration Association (the “Rules”) then in force, by a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to
Arbitration shall be New York, New York State. The procedural law of any Arbitration shall be New York law and the language to be used in the Arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in
connection with such Arbitration shall be paid by the party that is unsuccessful in such Arbitration. 

  
 35 

 The provisions of this Section 7.6 shall survive any termination of this Deposit
Agreement, in whole or in part. 
 SECTION 7.7 Assignment. Subject to the provisions of Section 5.4 hereof, this Deposit
Agreement may not be assigned by either the Company or the Depositary. 
 SECTION 7.8 Agents. The Depositary shall be entitled,
in its sole but reasonable discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations
under this Agreement. 
 SECTION 7.9 Exclusivity. The Company agrees not to appoint any other depositary for the issuance or
administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 

SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary, the
withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration
Statement, as amended from time to time, under the Securities Act. 
 SECTION 7.11 Titles. All references in this Deposit
Agreement to exhibits, articles, sections, subsections, and other subdivisions refer to the exhibits, articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words “this Deposit
Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial
Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the
plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement. 

  
 36 

 IN WITNESS WHEREOF, NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. and DEUTSCHE
BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by
Receipts issued in accordance with the terms hereof. 
  

			
	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
		
	By:	 	/s/ Michael Minhong Yu
		 	Name: Michael Minhong Yu
		 	Title:   Chairman and Chief Executive Officer

  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	/s/ Tom Murphy
		 	Name: Tom Murphy
		 	Title:   Vice President

  

			
	By:	 	/s/ Clare Benson
		 	Name: Clare Benson
		 	Title:   Vice President

  
 37 

			
	Number	  	CUSIP            
		
		  	 American Depositary Shares

(Each American Depositary
 Share
representing ____ [of]
 Fully Paid Common Shares)

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 

AMERICAN DEPOSITARY RECEIPT 
 FOR

 AMERICAN DEPOSITARY SHARES 

representing 
 DEPOSITED ORDINARY
SHARES 
 Of 
 NEW ORIENTAL
EDUCATION & TECHNOLOGY GROUP INC. 
 (Incorporated under the laws of the Cayman Islands) 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that
                 is the owner of
                 American Depositary Shares (hereinafter “ADS”), representing deposited common shares, each of Par Value of $0.01
including evidence of rights to receive such ordinary shares (the “Shares”) of New Oriental Education & Technology Group Inc. (the “Company”), a company incorporated under the laws of the Cayman Islands (the
“Company”). As of the date of the Deposit Agreement (hereinafter referred to), each ADS represents [    ] Share[s] deposited under the Deposit Agreement with the Custodian which at the date of execution of the
Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the “Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary’s
Principal Office is located at 60 Wall Street, New York, New York 10005, U.S.A. 
 (1) The Deposit Agreement. This American
Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of [•], 2006 (as amended from time to time, the
“Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound
by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and
all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement
are on file at the Principal Office of the Depositary and the Custodian. 

  
 A-1 

 Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein)
issued in accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt
any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the
taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 The statements made on the face and
reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and the Company’s Memorandum and Articles of Association (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed
provisions of the Deposit Agreement, to which reference is hereby made. All capitalized terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no
representation or warranty as to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through
DTC must rely on the procedures of DTC and the DTC participants to exercise and be entitled to any rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in
the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and
transfers of such ownership will be effected only through, records maintained by (i) DTC (or its nominee), or (ii) DTC participants (or their nominees). 

(2) Surrender of Receipts and Withdrawal of Deposited Securities. Upon surrender, at the Principal Office of the Depositary, of ADSs
evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the Depositary for the making of withdrawals and cancellation of Receipts (as set forth in Article
(9) hereof and in Section 5.9 and Exhibit A of the Deposit Agreement) and (ii) all fees, taxes and governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit
Agreement, the Company’s Memorandum and Articles of Association, Section 7.9 of the Deposit Agreement, Article (22) of this Receipt and the provisions of or governing the Deposited Securities and other applicable laws, the Holder of
the American Depositary Shares evidenced hereby is entitled to delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the last sentence of this paragraph, such Deposited Securities may be
delivered in certificated form or by electronic delivery. ADS may be surrendered for the purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing such ADS (if held in registered form) or by book-entry delivery of such ADS to
the Depositary. 

  
 A-2 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities
being withdrawn to be delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian
(subject to the terms and conditions of the Deposit Agreement, to the Company’s Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon
the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for
the Deposited Securities or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary may make delivery to such person or persons at the Principal Office of the Depositary of
any dividends or distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

The Depositary may, in its discretion, refuse to accept for surrender a number of American Depositary Shares representing a number of Shares
other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be delivered
in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any
cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the
Principal Office of the Depositary, and for further delivery to such Holder. Such direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission 

(3) Transfers, Split-Ups and Combinations of Receipts. Subject to the terms and conditions of
the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Principal Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed or
accompanied by proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States of America, of the Cayman
Islands and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and charges of the Depositary, the Depositary shall execute and deliver a new Receipt(s) (and if
necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender
of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the Depositary, and subject to the terms and
conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt or Receipts surrendered. 

  
 A-3 

 (4) Pre-Conditions to Registration, Transfer,
Etc. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the
Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including
any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof
satisfactory to it as to the identity and genuineness of any signature or any other matters and (iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts and ADSs or to the withdrawal
of Deposited Securities and (B) such reasonable regulations of the Depositary or the Company consistent with the Deposit Agreement and applicable law. 

The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs
against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer
books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or
commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any
other reason, subject in all cases to Article (22) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of Receipts are entitled to surrender outstanding ADSs to withdraw the Deposited
Securities at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the Deposited Securities, and (iv) other circumstances
specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without limitation of the foregoing, the Depositary shall
not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act of 1933, as amended, unless a registration statement is in effect as to such
Shares. 
 (5) Compliance With Information Requests. Notwithstanding any other provision of the Deposit Agreement or this Receipt,
each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and requirements of The New York Stock Exchange and any other stock exchange on
which the Shares are, or will be registered, traded or listed, the Company’s Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and regarding the
identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable efforts to
forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

  
 A-4 

 (6) Liability of Holder for Taxes, Duties and Other Charges. If any tax or other
governmental charge shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders and Beneficial Owners to the
Depositary. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited
Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may
refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal
of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and each of their respective agents, officers,
directors, employees and Affiliates for, and hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. 

Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of
decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees
and expenses payable or owing hereunder and shall not be subject to escheatment. 
 (7) Representations and Warranties of Depositors.
Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid,
non-assessable and were legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the ADSs issuable upon such deposit will not be,
Restricted Securities and (v) the Shares presented for deposit have not been stripped of any rights or entitlements. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and
transfer of ADSs. If any such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the
consequences thereof. 

  
 A-5 

 (8) Filing Proofs, Certificates and Other Information. Any person presenting Shares
for deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes
or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited
Securities or other information as the Depositary deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22) hereof
and the terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the
proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed, or such certifications are executed, or such representations and warranties made, or such information and documentation are provided. 

(9) Charges of Depositary. The Depositary shall charge the following fees for the services performed under the terms of the Deposit
Agreement, unless otherwise agreed in writing by the Company and the Depositary; provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon
which the ADSs are listed: 
  

	 	(i)	 to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS
distributions pursuant to stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so
issued under the terms of the Deposit Agreement to be determined by the Depositary; 

  

	 	(ii)	 to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities including, inter
alia, cash distributions made pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so surrendered; 

 

	 	(iii)	 to any Holder of ADSs, a fee not in excess of U.S. $ 2.00 per 100 ADS held for the distribution of cash
proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a cancellation or withdrawal; 

  

	 	(iv)	 to any holder of ADSs, a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued upon the
exercise of rights; 

  

	 	(v)	 for the operation and maintenance costs in administering the ADRs an annual fee of U.S.$0.02 or less per ADR:
provided, however, that if the Depositary imposes a fee under this clause (v), then the total of fees assessed under this clause (v), combined with the total of fees assessed under clause (iv) above, shall not exceed U.S.$0.02 per ADR in any
calendar year; and in connection with inspections of the relevant share register maintained by the local registrar, if applicable undertaken by the Depositary, the Custodian or their respective agents: an annual fee of U.S.$0.01 or less per ADR
(such fee to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more
cash dividends or other cash distributions. 

  
 A-6 

 In addition, Holders, Beneficial Owners, persons depositing Shares for deposit and persons
surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges: 
  

	 	(i)	 taxes (including applicable interest and penalties) and other governmental charges; 

 

	 	(ii)	 such registration fees as may from time to time be in effect for the registration of Shares or other Deposited
Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any nominees upon the making of deposits and withdrawals, respectively;

  

	 	(iii)	 such cable, telex, facsimile and electronic transmission and delivery expenses as are expressly provided in the
Deposit Agreement to be at the expense of the person depositing or withdrawing Shares or Holders and Beneficial Owners of ADSs; 

  

	 	(iv)	 the expenses and charges incurred by the Depositary in the conversion of foreign currency;

  

	 	(v)	 such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control
regulations and other regulatory requirements applicable to Shares, Deposited Securities, ADSs and ADRs; 

  

	 	(vi)	 the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities,
including any fees of a central depository for securities in the local market, where applicable; and any additional fees, charges, costs or expenses that may be incurred by the Depositary from time to time. 

Any other charges and expenses of the Depositary under the Deposit Agreement will be paid by the Company upon agreement between the Depositary
and the Company. All fees and charges may, at any time and from time to time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by
Article (20) of this Receipt. 
 (10) Title to Receipts. It is a condition of this Receipt, and every successive Holder of this
Receipt by accepting or holding the same consents and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of
transfer, such Receipt being a certificated security under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is
registered on the books of the Depositary) as the absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any
Beneficial Owner unless such holder is the Holder of this Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the
books of the Depositary. 

  
 A-7 

 (11) Validity of Receipt. This Receipt shall not be entitled to any benefits under
the Deposit Agreement or be valid or enforceable for any purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the
Receipts shall have been appointed, countersigned by the manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the
issuance and transfer of Receipts. Receipts bearing the facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the
case may be, shall bind the Depositary, notwithstanding the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such
Receipts. 
 (12) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the periodic reporting
requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 under the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and copied at the
public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549.The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Principal Office any
reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and
(b) made generally available to the holders of such Deposited Securities by the Company. 
 The Depositary or the Registrar, as
applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the
Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to the Deposit
Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at
any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to Article (22) hereof.

  

							
	Dated:	 		 	 DEUTSCHE BANK TRUST
 COMPANY
AMERICAS, as Depositary

				
		 		 	By:	 	 
		 		 		 	Vice President

 The address of the Principal Office of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A. 

  
 A-8 

 EXHIBIT B 

[FORM OF REVERSE OF RECEIPT] 

SUMMARY OF CERTAIN ADDITIONAL PROVISIONS 

OF THE DEPOSIT AGREEMENT 
 (13)
Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of
any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can, in the judgment of the Depositary (upon the terms of the Deposit
Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will distribute promptly the amount thus received
(net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes withheld) to the Holders of record as of the ADS Record Date in proportion to the number of ADS representing such Deposited Securities held by such Holders
respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the nearest whole cent
and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account
of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the
Depositary to the relevant governmental authority. Any foreign currency received by the Depositary shall be converted upon the terms and conditions set forth in the Deposit Agreement. 

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall or cause such
Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the
Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of
Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes), or (ii) if
additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interest in the additional Shares distributed upon the Deposited
Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes). In lieu of delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate
of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement. 

  
 B-1 

 In the event that (x) the Depositary determines that any distribution in property
(including Shares) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished an
opinion of U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the
documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms
of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. 

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms
described in the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions of counsel the Depositary may request under the Deposit Agreement)
determine whether such distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish
procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash.
If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not
lawful or reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination
as is made in [                ] in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional
Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no
assurance that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 

  
 B-2 

 Upon receipt by the Depositary of a notice indicating that the Company wishes rights to
subscribe for additional Shares to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any
Holders only if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such
distribution of rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an
ADS Record Date and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by,
the Depositary and taxes). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company does not timely
request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines
it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably
practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and private sale) as it may deem proper. The Depositary shall, upon such sale, convert and distribute proceeds of
such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes) upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights available to Holders or to arrange for the sale
of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such rights available to Holders
in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection
with the rights distribution. 
 Notwithstanding anything herein to the contrary, if registration (under the Securities Act or any other
applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not
distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary opinion(s) of counsel for the Company
in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering and sale of such securities to Holders and
Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any distribution of property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes or charges. 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same
terms and conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such
rights. 

  
 B-3 

 Upon receipt of a notice regarding property other than cash, Shares or rights to purchase
additional Shares, to be made to Holders of ADSs, the Depositary shall determine, upon consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless
(i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have
determined that such distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of
ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the
Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem
practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 

If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such
place or places and upon such terms as it may deem proper and shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes) to the
Holders upon the terms hereof and of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances. 

(14) Fixing of Record Date. Whenever necessary in connection with any distribution (whether in cash, shares, rights or other
distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or
whenever the Depositary shall find it necessary or convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (“ADS Record Date”) for the determination of the Holders who shall be
entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or solicitation or to otherwise take action, or to exercise the rights
of Holders with respect to such changed number of Shares represented by each ADS. Subject to applicable law and the terms and conditions of this Receipt and the Deposit Agreement, only the Holders of record at the close of business in New York on
such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

(15) Voting of Deposited Securities. As soon as practicable after receipt of notice of any meeting at which the holders of Shares are
entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of such consent or proxy. The Depositary shall,
if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 21 Business Days prior to the date of such vote or
meeting), at the Company’s expense, unless otherwise agreed in writing by the Company and the Depositary and provided no U.S. legal prohibitions exist, mail by ordinary, regular mail delivery or by electronic transmission (if agreed by the
Company and the Depositary), unless otherwise agreed in writing by the Company and the Depositary, to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxies; (b) a statement that the Holders as
of the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the Company’s Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions,
if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited Securities represented by such Holder’s ADSs; and (c) a
brief statement as to the manner in which such instructions may be given. Upon the timely receipt of written instructions of a Holder of ADSs on the ADS Record Date, the Depositary shall endeavor, insofar as practicable and permitted under
applicable law and the provisions of the Company’s Memorandum and Articles of Association and the provisions of the Deposit Agreement, to vote or cause the Custodian to vote the Shares and/or other Deposited Securities represented by ADSs held
by such Holder in accordance with such instructions. 

  
 B-4 

 In the event that the Depositary i) timely receives voting instructions from a Holder which
fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or ii) if no instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities
represented by the ADSs evidenced by such Holder’s ADRs on or before the ADS Record Date established by the Depositary for such purpose, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to
have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such
Deposited Securities, provided, however, that no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such
information as promptly as practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the
outcome for which the person designated by the Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Shares, provided,
further, that the Company will have no liability to any Holder or Beneficial Owner resulting from such notification. 
 Neither the
Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing
a quorum or otherwise, the Shares or other Deposited Securities represented by American Depositary Shares except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to give a
discretionary proxy to a person designated by the Company. Shares or other Deposited Securities represented by ADSs for which no specific voting instructions are received by the Depositary from the Holder shall not be voted. 

Notwithstanding the above, and in accordance with Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any
failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which such vote is cast or the effect of any such vote. 

  
 B-5 

 (16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which
it otherwise is a party, any securities which shall be received by the Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be
treated as new Deposited Securities under the Deposit Agreement, and the Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities.
Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute
and deliver additional Receipts as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary
modifications to this form of Receipt specifically describing such new Deposited Securities and/or corporate change. 
 Notwithstanding the
foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall if the Company requests, subject to receipt of satisfactory legal
documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and
expenses incurred by, the Depositary and taxes) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to
the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or any Holder in particular, (ii) any foreign
exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 
 (17)
Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary, the
Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required
by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory
authority or stock exchange, or by reason of any provision, present or future of the Company’s Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any
exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Company’s Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of
the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner
or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right
or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADS or (v) for any consequential or punitive damages for any breach of the terms of
the Deposit Agreement. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement. 

  
 B-6 

 (18) Standard of Care. The Company and the Depositary and their respective agents
assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the
Company and the Depositary and their respective agents agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or bad faith. The Depositary and its agents shall not be liable for any
failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the
Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution
to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may
result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the
Company. In no event shall the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damage. 

(19) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as
Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to
the Company, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement
or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such
successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by
the Company by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a
successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise
agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts
to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon
payment of all sums due it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit
Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other
information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be
merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

  
 B-7 

 (20) Amendment/Supplement. Subject to the terms and conditions of this Article (20),
and applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or
desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and
taxes and other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts
until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company
and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in
either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so
becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or supplemented thereby. In no event shall any amendment or supplement impair
the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body
should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time
in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, or rules or regulations. 

  
 B-8 

 (21) Termination. The Depositary shall, at any time at the written direction of the
Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be
reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time,
prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary
a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit
Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon
surrender of such Holder’s Receipt at the Principal Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts
shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders
thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights as
provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto
and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt,
any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). At any time after the expiration of one year from the date of
termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an
unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the
Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for
the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges or assessments). Upon the termination of the Deposit
Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. 

(22) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit
Agreement to the contrary, the withdrawal or delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act. 

  
 B-9 

 (23) Certain Rights of the Depositary; Limitations. Subject to the further terms and
provisions of this Article (23), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of
rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall
consist of written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may
(i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs pursuant to Section 2.6 of the Deposit Agreement, including ADSs
which were issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under
(i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the
“Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be
delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the
Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional
restrictions or requirements that the Depositary deems appropriate; (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate; (c) terminable by the Depositary
on not more than five (5) business days’ notice; and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such
Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however, that the
Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate, including (i) due to a decrease in the aggregate number of ADSs outstanding that causes existing
Pre-Release Transactions to temporarily exceed the limit stated above or (ii) where otherwise required by market conditions. The Depositary may also set limits with respect to the number of ADSs and
Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction
with the foregoing. Collateral provided pursuant to (b) above, but not earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

(24) Ownership Restrictions. Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Memorandum
and Articles of Association of the Company or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform the Owners, Beneficial Owners and the Depositary of any such
ownership restrictions in place from time to time. 

  
 B-10 

 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                                     whose taxpayer
identification number is                                  and
whose address including postal zip code is
                                , the within Receipt and all
rights thereunder, hereby irrevocably constituting and appointing
                                 attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises. 

 

							
	Dated:	 		 	Name:	 	 

							
		 		 	By:	 	

							
		 		 	Title:	 	

							
			
		 		 	 NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change whatsoever.

			
		 		 	 If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person
executing the endorsement must give his/her full title in such capacity and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

 SIGNATURE GUARANTEED 

  
 B-11 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	Article I	  			
			
		 	DEFINITIONS	  			
	 SECTION 1.1
	 	“Affiliate”	  	 	2	 
	 SECTION 1.2
	 	“Agent”	  	 	2	 
	 SECTION 1.3
	 	“American Depositary Share(s)” and “ADS(s)”	  	 	3	 
	 SECTION 1.4
	 	“ADS Record Date”	  	 	3	 
	 SECTION 1.5
	 	“Beneficial Owner”	  	 	3	 
	 SECTION 1.6
	 	“Business Day”	  	 	3	 
	 SECTION 1.7
	 	“Commission”	  	 	3	 
	 SECTION 1.8
	 	“Company”	  	 	3	 
	 SECTION 1.9
	 	“Custodian”	  	 	3	 
	 SECTION 1.10
	 	“Deliver” and “Delivery”	  	 	3	 
	 SECTION 1.11
	 	“Deposit Agreement”	  	 	4	 
	 SECTION 1.12
	 	“Depositary”	  	 	4	 
	 SECTION 1.13
	 	“Deposited Securities”	  	 	4	 
	 SECTION 1.14
	 	“Dollars”, “$” and “U.S. $”	  	 	4	 
	 SECTION 1.15
	 	“DRS/Profile”	  	 	4	 
	 SECTION 1.16
	 	“DTC”	  	 	4	 
	 SECTION 1.17
	 	“Exchange Act”	  	 	4	 
	 SECTION 1.18
	 	“Foreign Currency”	  	 	4	 
	 SECTION 1.19
	 	“Foreign Registrar”	  	 	4	 
	 SECTION 1.20
	 	“Holder”	  	 	4	 
	 SECTION 1.21
	 	“Indemnified Person” and “Indemnifying Person”	  	 	4	 
	 SECTION 1.22
	 	“Pre-Release”	  	 	4	 
	 SECTION 1.23
	 	“Principal Office”	  	 	5	 
	 SECTION 1.24
	 	“Receipt(s)”; “American Depositary Receipt(s)” and “ADR(s)”	  	 	5	 
	 SECTION 1.25
	 	“Registrar”	  	 	5	 
	 SECTION 1.26
	 	“Restricted Securities”	  	 	5	 
	 SECTION 1.27
	 	“Securities Act”	  	 	5	 
	 SECTION 1.28
	 	“Shares”	  	 	5	 
	 SECTION 1.29
	 	“United States” or “U.S.”	  	 	5	 

  
 i 

							
		 	Article II	  			
			
		 	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;	  			
		 	DEPOSIT OF SHARES; EXECUTION	  			
		 	AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  			
			
	 SECTION 2.1
	 	Appointment of Depositary	  	 	6	 
	 SECTION 2.2
	 	Form and Transferability of Receipts	  	 	6	 
	 SECTION 2.3
	 	Deposits	  	 	7	 
	 SECTION 2.4
	 	Execution and Delivery of Receipts	  	 	8	 
	 SECTION 2.5
	 	Transfer of Receipts; Combination and Split-up of Receipts	  	 	9	 
	 SECTION 2.6
	 	Surrender of Receipts and Withdrawal of Deposited Securities	  	 	10	 
	 SECTION 2.7
	 	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	  	 	11	 
	 SECTION 2.8
	 	Lost Receipts, etc.	  	 	11	 
	 SECTION 2.9
	 	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	  	 	12	 
	 SECTION 2.10
	 	Pre-Release	  	 	12	 
			
		 	Article III	  			
			
		 	CERTAIN OBLIGATIONS OF HOLDERS	  			
		 	AND BENEFICIAL OWNERS OF RECEIPTS	  			
			
	 SECTION 3.1
	 	Proofs, Certificates and Other Information	  	 	13	 
	 SECTION 3.2
	 	Liability for Taxes and Other Charges	  	 	13	 
	 SECTION 3.3
	 	Representations and Warranties on Deposit of Shares	  	 	13	 
	 SECTION 3.4
	 	Compliance with Information Requests	  	 	14	 
			
		 	Article IV	  			
			
		 	THE DEPOSITED SECURITIES	  			
			
	 SECTION 4.1
	 	Cash Distributions	  	 	14	 
	 SECTION 4.2
	 	Distribution in Shares	  	 	15	 
	 SECTION 4.3
	 	Elective Distributions in Cash or Shares	  	 	16	 
	 SECTION 4.4
	 	Distribution of Rights to Purchase Shares	  	 	16	 
	 SECTION 4.5
	 	Distributions Other Than Cash, Shares or Rights to Purchase Shares	  	 	18	 
	 SECTION 4.6
	 	Conversion of Foreign Currency	  	 	18	 
	 SECTION 4.7
	 	Fixing of Record Date	  	 	19	 
	 SECTION 4.8
	 	Voting of Deposited Securities	  	 	20	 
	 SECTION 4.9
	 	Changes Affecting Deposited Securities	  	 	21	 
	 SECTION 4.10
	 	Available Information	  	 	21	 
	 SECTION 4.11
	 	Reports	  	 	22	 
	 SECTION 4.12
	 	List of Holders	  	 	22	 
	 SECTION 4.13
	 	Taxation; Withholding	  	 	22	 

  
 ii 

							
		 	Article V	  			
			
		 	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	  			
			
	 SECTION 5.1
	 	Maintenance of Office and Transfer Books by the Registrar	  	 	23	 
	 SECTION 5.2
	 	Exoneration	  	 	24	 
	 SECTION 5.3
	 	Standard of Care	  	 	25	 
	 SECTION 5.4
	 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	 	25	 
	 SECTION 5.5
	 	The Custodian	  	 	26	 
	 SECTION 5.6
	 	Notices and Reports	  	 	27	 
	 SECTION 5.7
	 	Issuance of Additional Shares, ADSs etc.	  	 	28	 
	 SECTION 5.8
	 	Indemnification	  	 	29	 
	 SECTION 5.9
	 	Fees and Charges of Depositary	  	 	30	 
	 SECTION 5.10
	 	Restricted Securities Owners/Ownership Restrictions	  	 	31	 
			
		 	Article VI	  			
			
		 	AMENDMENT AND TERMINATION	  			
			
	 SECTION 6.1
	 	Amendment/Supplement	  	 	31	 
	 SECTION 6.2
	 	Termination	  	 	32	 
			
		 	Article VII	  			
			
		 	MISCELLANEOUS	  			
			
	 SECTION 7.1
	 	Counterparts	  	 	33	 
	 SECTION 7.2
	 	No Third-Party Beneficiaries	  	 	33	 
	 SECTION 7.3
	 	Severability	  	 	33	 
	 SECTION 7.4
	 	Holders and Beneficial Owners as Parties; Binding Effect	  	 	33	 
	 SECTION 7.5
	 	Notices	  	 	34	 
	 SECTION 7.6
	 	Governing Law and Jurisdiction	  	 	35	 
	 SECTION 7.7
	 	Assignment	  	 	36	 
	 SECTION 7.8
	 	Agents	  	 	36	 
	 SECTION 7.9
	 	Exclusivity	  	 	36	 
	 SECTION 7.10
	 	Compliance with U.S. Securities Laws	  	 	36	 
	 SECTION 7.11
	 	Titles	  	 	36	 

  
 iiiExhibit 4.1

        

        

        

        
          Execution Version

           

          AMENDMENT NO. 5 , dated as of October 23, 2020 (this “Amendment”), among REVLON CONSUMER
            PRODUCTS CORPORATION, a Delaware corporation (the “Borrower”), Holdings, the other Loan Parties, the Consenting Lenders (as defined below) party hereto, each Issuing Lender and
            CITIBANK, N.A., as Administrative Agent, Collateral Agent, Issuing Lender, Local Fronting Lender and Swingline Lender (“Citi”).

           

          WHEREAS, the Borrower, the Local Borrower Subsidiaries from time to time party thereto, REVLON, INC., a Delaware corporation, the Lenders from time to time party thereto, and Citi, have entered
            into that certain Asset-Based Revolving Credit Agreement dated as of September 7, 2016, as amended and restated by that certain Amendment No. 1, dated as of April 17, 2018, as further amended and restated by that certain Amendment No. 2 dated
            as of March 6, 2019, as further amended and restated by that certain Amendment No. 3 dated as of April 17, 2020, and as further amended and restated by that certain Amendment No. 4 dated as of May 7, 2020, among the Borrower, Holdings,
            Citibank, N.A., as Administrative Agent, Collateral Agent, Issuing Lender and Swingline Lender and the certain Lenders party thereto (as further amended, restated, amended and restated, waived, supplemented or otherwise modified prior to the
            date hereof, the “Existing Credit Agreement” and the Existing Credit Agreement as amended hereby, the “Amended Credit Agreement”).

           

          WHEREAS, the Borrower intends to obtain certain amendments to the Existing Credit Agreement, including (a) the ability to incur a first-in, last-out asset-based revolving credit facility (the “FILO Amendments”), (b) in connection with the FILO Amendments, to obtain first-in, last-out asset-based Tranche B Term Loans pursuant to the Existing Credit Agreement, as amended by the
            FILO Amendments (the “Incremental Amendments”) and (c) to permit up to $75,000,000 of available capacity for second lien term loans under the BrandCo Credit Agreement to be used in
            exchange for the 2021 Notes and up to $10,000,000 to be used in exchange for the 2024 Notes, in each case on the terms and subject to the conditions set forth herein.

           

          WHEREAS, the Borrower desires to amend that certain ABL Guarantee and Collateral Agreement, dated as of September 7, 2016 (as amended by that certain Amendment No. 1, dated as of April 17, 2018
            and as further amended, restated, amended and restated, waived, supplemented or otherwise modified prior to the date hereof, the “Guarantee and Collateral Agreement”), by and among the
            Borrower, the other Loan Parties and Citi as Collateral Agent (the “GCA Amendments”), in connection with the Incremental Amendments.

           

          WHEREAS, the Existing Credit Agreement and the Guarantee and Collateral Agreement shall each be amended as set forth below on the terms and subject to the conditions set forth herein and the
            Borrower, Holdings, each other Loan Party and each Lender party to the Existing Credit Agreement party hereto (each such Lender, a “Consenting Lender”) have agreed to such amendments.

           

          WHEREAS, each of the Administrative Agent, each Issuing Lender, each Local Fronting Lender and the Swingline Lender have agreed to the Amendment on the terms and subject to the conditions set
            forth herein.

           

          
            
              

          

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

           

          Section 1.            Amendments.

           

          (a)         On the terms and subject to the satisfaction (or waiver) of the conditions set forth in Section 4 hereof, the
              Existing Credit Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following sample: stricken text)
              and to add the underlined text (indicated textually in the same manner as the following example:  double underlined text), in
              each case, as set forth in the Credit Agreement attached as Exhibit A hereto.

           

          (b)          Exhibit B hereto is added to the Amended Credit Agreement as Exhibit R.

           

          (c)          The Guarantee and Collateral Agreement is, effective as of the Amendment No. 5 Effective Date, hereby amended to
              delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the underlined text (indicated
              textually in the same manner as the following example: double underlined text) as follows:

           

          (i)           Section 1.1 of the Guarantee and Collateral Agreement is amended as follows:

           

          “ “Tranche B Secured Obligations”: Secured Obligations in respect of (i) the Tranche B Revolving Term Facility or (ii) any Extended Revolving Commitments, Refinancing
                Revolving Commitments or Supplemental Revolving Commitments (or combinations of the foregoing) in respect of the Tranche B Revolving Facility, in each case including Loans thereunder.”

           

          (ii)          Section 6.6 of the Guarantee and Collateral Agreement is amended as follows:

           

          “First, to pay incurred and unpaid reasonable, out-of-pocket fees and expenses of the Agents under the Loan Documents
                (including, for the avoidance of doubt, any indemnities);”

           

          Section 2.           Interpretation.  For purposes of this Amendment, all
            terms used herein which are not otherwise defined herein, including but not limited to those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Amended Credit Agreement.

           

          Section 3.          Representations and Warranties.  In order to induce the Lenders party hereto to enter
            into this Amendment, Holdings and each Loan Party represents and warrants to each of the Lenders that as of the Amendment No. 5 Effective Date:

           

          (a)          Holdings and each Loan Party has the corporate or other organizational power and authority to execute and deliver
              this Amendment, and to perform its obligations under this Amendment, the Amended Credit Agreement and the other Loan Documents to which it is a party, including, in the case of the Borrower, the power and authority to borrow under the

           

          
            2

            
              

          

          Amended Credit Agreement, and Holdings and each Loan Party has taken all necessary corporate or other action to authorize the execution and delivery of this Amendment, and performance of its
            obligations under, this Amendment, the Amended Credit Agreement and the other Loan Documents to which it is a party, including, in the case of the Borrower, the authorization of borrowings under the Amended Credit Agreement;

           

          (b)      the execution, delivery and performance of this Amendment by Holdings and each Loan Party (i) will not violate the
              organizational or governing documents of Holdings and each Loan Party, (ii) will not violate any Requirement of Law or Contractual Obligation binding on Holdings, the Borrower, any of its Restricted Subsidiaries or any Local Borrowing
              Subsidiary in any respect that would reasonably be expected to have a Material Adverse Effect, (iii) will not violate the terms governing the 2021 Notes or the 2024 Notes, the Term Loan Documents or the Brandco Credit Agreement and (iv) will
              not result in, or require, the creation or imposition of any Lien (other than Permitted Liens) on any of the respective properties or revenues of the Loan Parties and Local Borrowing Subsidiaries pursuant to any such Requirement of Law or
              Contractual Obligation;

           

          (c)         this Amendment has been duly executed and delivered by Holdings and each Loan Party and this Amendment
              constitutes a legal, valid and binding obligation of Holdings and each Loan Party, enforceable against Holdings and each Loan Party in accordance with its terms, except as enforceability may be limited by applicable domestic or foreign
              bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied
              covenants of good faith and fair dealing; and

           

          (d)         (i) no Default or Event of Default exists and is continuing and (ii) all representations and warranties contained
              in the Existing Credit Agreement and in the other Loan Documents are true and correct in all material respects (or if qualified by materiality, in all respects) on and as of the date hereof, except to the extent that such representations and
              warranties specifically refer to an earlier date, in which case they were true and correct in all material respects (or if qualified by materiality, in all respects) as of such earlier date.

           

          Section 4.            Effectiveness.

           

          

          (a)          Section 1 of this Amendment shall become effective on the date (such date, if any, the “Amendment No. 5 Effective Date”) that the following conditions have been satisfied:

           

          (i)          Signature Pages.  The Administrative Agent shall have
              received executed signature pages hereto from the Consenting Lenders constituting all Lenders, the Administrative Agent, each Issuing Lender, each Local Fronting Lender, the Swingline Lender, Holdings, the Borrower and each other Loan Party.

           

          (ii)        Officer’s Certificate.  The Administrative Agent shall
              have received a certificate from the Borrower, dated the Amendment No. 5 Effective Date, substantially in the form of Exhibit C to the Existing Credit Agreement, mutatis mutandis;

           

          (iii)       Corporate Proceedings of Holdings and the Loan Parties. 

              The Administrative Agent shall have received a copy of the resolutions or equivalent action, in

           

          
            3

            
              

          

          form and substance reasonably satisfactory to the Administrative Agent, of the Board of Directors of Holdings and each Loan Party authorizing, as applicable, the execution,
            delivery of this Amendment and the performance of this Amendment and the Amended Credit Agreement, certified by the Secretary, an Assistant Secretary or other authorized representatives of Holdings and each Loan Party as of the Amendment No. 5
            Effective Date, which certificate shall state that the resolutions or other action thereby certified have not been amended, modified (except as any later such resolution or other action may modify any earlier such resolution or other action),
            revoked or rescinded and are in full force and effect and, in respect of Elizabeth Arden (UK) Ltd only, confirm that the guaranteeing or securing of the Secured Obligations would not cause any guarantee, security or similar limit binding on
            Holdings or any Loan Party to be exceeded.

           

          (iv)        Incumbency Certificates of Holdings and the Loan Parties. 

              The Administrative Agent shall have received a certificate of Holdings and each Loan Party authorizing, as applicable, the execution, delivery and performance of this Amendment and the Amended Credit Agreement, dated the Amendment No. 5
              Effective Date, as to the incumbency and signature of the officers or other authorized signatories of Holdings and each Loan Party executing this Amendment executed by a Responsible Officer or other authorized representative and the
              Secretary, any Assistant Secretary or another authorized representative of Holdings and each Loan Party.

           

          (v)         Governing Documents.  The Administrative Agent shall
              have received copies of the certificate or articles of incorporation and by-laws (or other similar governing documents serving the purposes) of Holdings and each Loan Party, certified as of the Amendment No. 5 Effective Date as complete and
              correct copies thereof by the Secretary, an Assistant Secretary or other authorized representative of Holdings and each Loan Party; provided that Holdings or the applicable Loan Party shall not be required to deliver any such copies to the
              extent the same have not been amended or otherwise modified since April 17, 2018 as certified by an authorized representative of the Borrower.

           

          (vi)        Solvency.  The Administrative Agent shall have
              received a solvency certificate signed by the chief financial officer on behalf of the Borrower, substantially in the form of Exhibit G to the Existing Credit Agreement, after giving effect to the Amendment or, at the Borrower’s option, a
              solvency opinion from an independent investment bank or valuation firm of national recognized standing.

           

          (vii)       Legal Opinions.  The Administrative Agent shall have
              received an executed legal opinion of the following, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

           

          (A)          Paul, Weiss, Rifkind, Wharton & Garrison LLP, as special New York counsel to Holdings and
              the Loan Parties,

           

          (B)          Akerman LLP, as special Florida counsel to Holdings and the Loan Parties,

           

          
            4

            
              

          

          (C)          Lubin, Olson, & Niewiadomski LLP, as special California counsel to Holdings and the Loan
              Parties,

           

          (D)          Osler, Hoskin & Harcourt LLP, as special Canada counsel to Holdings and the Loan Parties,

           

          (E)           In-house counsel for Holdings and certain other Loan Parties, and

           

          (F)           Latham & Watkins LLP, special U.K. counsel to the Administrative Agent.

           

          (viii)     Consent Fee.  The Administrative Agent shall have
              received, for the account of each Consenting Lender, a consent fee in an amount equal to 0.25% of such Consenting Lender’s Commitments existing immediately prior to the Amendment No. 5 Effective Date.

           

          (ix)        Prepayment.  The Borrower shall have prepaid, or
              substantially simultaneously with the effectiveness of this Amendment shall prepay, outstanding Tranche A Revolving Loans in a principal amount equal to an amount sufficient to cause the Excess Availability (as defined in the Amended Credit
              Agreement and calculated after giving effect to this Amendment) on the Amendment No. 5 Effective Date to be at least $85,000,000 after giving effect to such prepayment, accompanied by all accrued interest thereon (the “Amendment No. 5 Paydown”).

           

          (x)        Borrowing Base.  The Borrower shall have updated and
              redelivered to the Administrative Agent the most recently delivered Borrowing Base Certificate with adjustments to reflect the changes to the definition of Tranche A Borrowing Base (and the component definitions thereof) after giving effect
              to this Amendment.

           

          (b)         The Administrative Agent shall promptly notify the Borrower and the Lenders in writing when the Amendment No. 5
              Effective Date has occurred.  For purposes of determining compliance with the conditions specified in this Section 4, each Consenting Lender, Issuing Lender, Local Fronting Lender and Swingline Lender that has signed this Amendment shall be
              deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender.

           

          Section 5.       Expenses.  The Borrower shall pay or cause to be paid all reasonable and documented
            out-of-pocket expenses of the Administrative Agent incurred in connection with the preparation, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, if any (including the reasonable and
            documented fees, disbursements and other charges of Latham & Watkins LLP, counsel for the Administrative Agent).

           

          Section 6.          Counterparts.  This Amendment may be executed in any number of counterparts and by
            different parties hereto on separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all of which when taken together

           

          
            5

            
              

          

          shall constitute a single instrument.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or any other electronic transmission shall be effective as delivery of a manually
            executed counterpart hereof and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law.

           

          Section 7.           Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND
              OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE SAME ARE NOT
              MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

           

          Section 8.          Headings.  The headings of this Amendment are for purposes of reference only and shall
            not limit or otherwise affect the meaning hereof.

           

          Section 9.            Effect of Amendment.

           

          (a)        On the Amendment No. 5 Effective Date, the Existing Credit Agreement shall be amended in its entirety in
              accordance with this Amendment, and the Existing Credit Agreement shall thereafter be of no further force and effect and shall be deemed replaced and superseded in all respects by the Amended Credit Agreement, except for (i) the
              representations and warranties made by Holdings and the Loan Parties prior to the Amendment No. 5 Effective Date (which representations and warranties made prior to the Amendment No. 5 Effective Date shall not be superseded or rendered
              ineffective by this Amendment as they pertain to the period prior to the Amendment No. 5 Effective Date) and (ii) any action or omission performed or required to be performed pursuant to the Existing Credit Agreement prior to the Amendment
              No. 5 Effective Date.  For the avoidance of doubt, any certificate or other document the form of which is set out in any exhibit attached to the Existing Credit Agreement or any other Loan Document may be revised, as applicable, to refer to
              the Amended Credit Agreement.

           

          (b)         Each of Holdings and the Loan Parties party hereto (the “Reaffirming

                Parties”) acknowledges receipt of a copy of this Amendment, and (i) hereby consents to the amendments to the Existing Credit Agreement and the Guarantee and Collateral Agreement, (ii) hereby confirms and reaffirms its respective
              guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Security Documents (each, as defined in the Amended Credit Agreement) (collectively, the “Reaffirmed Documents”) to which it is party, (iii) agrees that, notwithstanding the effectiveness of this Amendment or any of the transactions contemplated thereby, such guarantees,
              pledges, grants of security interests and other obligations, and the terms of each of the Reaffirmed Documents to which it is a party and the security interests created thereby, are not impaired or adversely affected in any manner whatsoever
              and shall continue to be in full force and effect and shall continue to secure all the Obligations (as defined in the Existing Credit Agreement), as amended, increased and/or extended pursuant to this Amendment and (iv) this Amendment shall
              not evidence or result in a novation of such Obligations or the Reaffirmed Documents.  Furthermore, Revlon International Corporation (UK Branch) and Elizabeth Arden (UK) Ltd hereby confirm that this Amendment was originally

           

          
            6

            
              

          

          contemplated and within the purview of the Existing Credit Agreement and there shall be no grant of new security interest under the Security Documents governed by English law pursuant to this
            Amendment.  In furtherance of the foregoing, each Reaffirming Party (except for Revlon International Corporation (UK Branch) and Elizabeth Arden (UK) Ltd) does hereby grant to the Administrative Agent a security interest in all Collateral
            described in any Reaffirmed Document as security for the obligations set out in such Reaffirmed Document, as amended, increased and/or extended pursuant to this Amendment, subject in each case to any applicable limitations set forth in any such
            Reaffirmed Document.

           

          (c)          Each of the Loan Parties, on its own behalf and on behalf of its predecessors, successors, legal representatives
              and assigns (each of the foregoing, collectively, the “Releasing Parties”) hereby acknowledges and stipulates that as of the Amendment No. 5 Effective Date, none of the Releasing
              Parties has any claims or causes of action of any kind whatsoever against, or any grounds or cause for reduction, modification, set as aside or subordination of any indebtedness or other obligations owed to or any liens or security interests
              in favor of the Administrative Agent, the Consenting Lenders, the Swingline Lender, any Local Fronting Lender, any Issuing Lender or any other Secured Party or any of their respective affiliates, officers, directors, employees, agents,
              attorneys or representatives or against any of their respective predecessors, successors or assigns (each of the foregoing, collectively, the “Released Parties”) (other than such
              claims or causes of action that arise from the explicit obligations of the Administrative Agent, the Consenting Lenders, the Swingline Lender, the Local Fronting Lenders, the Issuing Lenders and the other Secured Parties in the Loan Documents
              (such claims or causes of action, “Surviving Claims”)).  In partial consideration for the agreement of the Administrative Agent, the Consenting Lenders, the Swingline Lender, any
              Local Fronting Lender and any Issuing Lender party hereto to enter into this Amendment, each Releasing Party hereby unconditionally waives and fully and forever releases, remises, discharges and holds harmless the Released Parties from any
              and all claims, causes of action, demands, liabilities of any kind whatsoever, whether direct or indirect, fixed or contingent, liquidated or unliquidated, disputed or undisputed, known or unknown, which any of the Releasing Parties has or
              may acquire in the future relating in any way to any event, circumstance, action or failure to act at any time on or prior to the Amendment No. 5 Effective Date (other than the Surviving Claims), such waiver, release and discharge being made
              with full knowledge and understanding of the circumstances and effects of such waiver, release and discharge, and after having consulted legal counsel of its own choosing with respect thereto.  This paragraph is in addition to any other
              release of any of the Released Parties by the Releasing Parties and shall not in any way limit any other release, covenant not to sue or waiver by the Releasing Parties in favor of the Released Parties.

           

          (d)          On and after the Amendment No. 5 Effective Date, this Amendment shall for all purposes constitute a Loan
              Document.

           

          Section 10.     Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Amendment and the
              transactions contemplated hereby (including without limitation assignment and assumptions, amendments or other borrowing requests, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment
              terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which

           

          
            7

            
              

          

          shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided
            for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions
            Act. Each of the parties represents and warrants to the other parties that it has the corporate capacity and authority to execute the Amendment through electronic means and there are no restrictions for doing so in that party’s constitutive
            documents.

           

          [Remainder of Page Intentionally Left Blank]

           

          
            8

            
              

          

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

           

          	 	
                  REVLON CONSUMER PRODUCTS 

                  CORPORATION, as Borrower

                	 

          

          

          	 	
                  By:

                	/s/ Micheal T. Sheehan 

                	 
	 	

                	
                  Name: Micheal T. Sheehan 

                  

                	 
	 	

                	
                  Title: Senior Vice President, Deputy General Counsel and Secretary

                  

                	 
	 	 	 
	 	
                  REVLON, INC., as Holdings

                	 
	 	 	 
	 	
                  By:

                	/s/ Micheal T. Sheehan  

                	 
	 	

                	
                  Name: Micheal T. Sheehan 

                  

                	 
	 	

                	
                  Title: Senior Vice President, Deputy General Counsel and Secretary

                  

                	 

          

          

          [Signature Page to Amendment No. 5]

          

          

          
            
              

          

          	 	
                  ALMAY, INC.

                
	 	
                  ART & SCIENCE, LTD.

                
	 	
                  BARI COSMETICS, LTD.

                
	 	
                  BEAUTYGE BRANDS USA, INC.

                
	 	
                  BEAUTYGE USA., INC.

                
	 	
                  CHARLES REVSON INC.

                
	 	
                  CREATIVE NAIL DESIGN, INC.

                
	 	
                  CUTEX, INC.

                
	 	
                  DF ENTERPRISES, INC.

                
	 	
                  ELIZABETH ARDEN (CANADA) LIMITED

                
	 	
                  ELIZABETH ARDEN (FINANCING), INC.

                
	 	
                  ELIZABETH ARDEN (UK) LTD

                
	 	
                  ELIZABETH ARDEN INTERNATIONAL HOLDING, INC.

                
	 	
                  ELIZABETH ARDEN INVESTMENTS, LLC

                
	 	
                  ELIZABETH ARDEN NM, LLC

                
	 	
                  ELIZABETH ARDEN TRAVEL RETAIL, INC.

                
	 	
                  ELIZABETH ARDEN USC, LLC

                
	 	
                  ELIZABETH ARDEN, INC.

                
	 	
                  FD MANAGEMENT, INC.

                
	 	
                  NORTH AMERICA REVSALE INC.

                
	 	
                  OPP PRODUCTS, INC.

                
	 	
                  RDEN MANAGEMENT, INC.

                
	 	
                  REALISTIC ROUX PROFESSIONAL

                
	 	
                  PRODUCTS INC.

                
	 	
                  REVLON CANADA, INC.

                
	 	
                  REVLON DEVELOPMENT CORP.

                
	 	
                  REVLON GOVERNMENT SALES, INC.

                
	 	
                  REVLON INTERNATIONAL CORPORATION

                
	 	
                  REVLON PROFESSIONAL HOLDING COMPANY LLC

                
	 	
                  RIROS CORPORATION

                
	 	
                  RIROS GROUP INC.

                
	 	
                  ROUX LABORATORIES, INC.

                
	 	
                  ROUX PROPERTIES JACKSONVILLE, LLC

                
	 	
                  SINFULCOLORS INC.

                

          

          

          	 	
                  By:

                	/s/ Micheal T. Sheehan  

                	 
	 	

                	
                  Name: Micheal T. Sheehan 

                  

                	 
	 	

                	
                  Title: Vice President and Secretary

                  

                	 

          

          

          [Signature Page to Amendment No. 5]

          

          

          
            
              

          

          	 	
                  CITIBANK, N.A., as Administrative Agent, 

                  Collateral Agent, Issuing Lender, Local Fronting

                   Lender and Swingline Lender

                	 
	 	 	 
	 	
                  By:

                	/s/ David Smith  

                	 
	 	

                	
                  Name: David Smith

                  

                	 
	 	

                	
                  Title: VP

                  

                	 

          

          

          [Signature Page to Amendment No. 5]

          

          

          
            
              

          

          	 	
                  CITIBANK, N.A., 

                  

                	 
	 	
                  as a Consenting Lender

                	 
	 	 	 
	 	
                  By:

                	/s/ David Smith 

                	 
	 	

                	
                  Name: David Smith

                  

                	 
	 	

                	
                  Title: VP

                  

                	 

          

          

          [Signature Page to Amendment No. 5]

          
            
              

          

           

            

            	 	
                    Wells Fargo Bank, National Association,

                    

                  	 
	 	
                    as a Consenting Lender

                  	 
	 	 	 
	 	
                    By:

                  	/s/ Marc J. Brier

                  	 
	 	

                  	
                    Name: Marc J. Brier

                    

                  	 
	 	

                  	
                    Title: Authorized Signatory

                    

                  	 

            

          

           

          

          [Signature Page to Amendment No. 5] 

          
            
              

          

           

            

            	 	
                    JPMORGAN CHASE BANK, N.A., 

                    

                  	 
	 	
                    as a Consenting Lender

                  	 
	 	 	 
	 	
                    By:

                  	/s/ Donna DiForio

                  	 
	 	

                  	
                    Name: Donna DiForio

                    

                  	 
	 	

                  	
                    Title: Authorized Officer

                    

                  	 

            

          

           

          

          [Signature Page to Amendment No. 5] 

           

          

          
            
              

          

           

          

           

          

          
            	 	
                    BANK OF AMERICA, N.A., 

                    

                  	 
	 	
                    as a Consenting Lender

                  	 
	 	 	 
	 	
                    By:

                  	/s/ Gaina Evelson 

                  	 
	 	

                  	
                    Name: Gaina Evelson

                    

                  	 
	 	

                  	
                    Title: Vice President

                    

                  	 

          

           

          

          [Signature Page to Amendment No. 5] 

          
             

            

            
              
                

            

             

            

            
              	 	
                      BARCLAYS BANK PLC, 

                      

                    	 
	 	
                      as a Consenting Lender

                    	 
	 	 	 
	 	
                      By:

                    	/s/ Christopher M. Aitkin 

                    	 
	 	

                    	
                      Name: Christopher M. Aitkin

                      

                    	 
	 	

                    	
                      Title: Vice President

                      

                    	 

            

             

            

            [Signature Page to Amendment No. 5] 

             

            

            
              
                

            

            
              	 	
                      MACQUIRE CAPITAL FUNDING LLC,

                      

                    	 
	 	
                      as a Consenting Lender

                    	 
	 	 	 
	 	
                      By:

                    	/s/ Ayesha Farooqi

                    	 
	 	

                    	
                      Name: Ayesha Farooqi

                      

                    	 
	 	

                    	
                      Title: Authorized Signatory

                      

                    	 
	 	 	 	 
	 	By: 

                    	/s/ Vin Repaci 

                    	 
	 	 	Name: Vin Repaci 

                    	 
	 	 	Title: Authorized Signatory 

                    	 

            

             

            

            [Signature Page to Amendment No. 5] 

             

            

            
              
                

            

             

            

            
              	 	
                      CREDIT SUSSE AG, CAYMAN ISLANDS BRANCH,

                      

                    	 
	 	
                      as a Consenting Lender

                    	 
	 	 	 
	 	
                      By:

                    	/s/ Megan Kane

                    	 
	 	

                    	
                      Name: Megan Kane

                      

                    	 
	 	

                    	
                      Title: Authorized Signatory

                      

                    	 
	 	 	 	 
	 	By: 

                    	/s/  Didier Siffer

                    	 
	 	 	Name: Didier Siffer

                    	 
	 	 	Title: Authorized Signatory 

                    	 

            

             

            

            [Signature Page to Amendment No. 5] 

            
               

              

              
                
                  

              

               

                
                  	 	
                          DEUTSCHE BANK AG NEW YORK BRANCH,

                          

                        	 
	 	
                          as a Consenting Lender

                        	 
	 	 	 
	 	
                          By:

                        	/s/ Jennifer Culbert

                        	 
	 	

                        	
                          Name: Jennifer culbert - VP

                          

                        	 
	 	

                        	
                          Title: jennifer-a.culbert@dp.com

                          

                          212 250 0738

                          

                        	 
	 	 	 	 
	 	By: 

                        	/s/ Philip Tancorra 

                        	 
	 	 	Name: Philip Tancorra

                        	 
	 	 	
                          Title: Vice President

                          

                          philip.tancorra@db.com

                          

                          212-250-6575

                          

                        	 

                

                

              

              [Signature Page to Amendment No. 5]

              

            

          

          

          

          
            
              

          

          EXHIBIT A

           

          Amended Credit Agreement

           

          [See Attached]

           

          
            
              

          

          

          

            

            

          

        

      

      Execution Version

       

    

    Exhibit A

    

    
      ASSET-BASED REVOLVING CREDIT AGREEMENT

       

      among

       

      REVLON CONSUMER PRODUCTS CORPORATION,

       

      CERTAIN LOCAL BORROWING SUBSIDIARIES,

      as Borrowers

       

      and

       

      REVLON, INC.,

      as Holdings,

       

      THE LENDERS and ISSUING LENDERS PARTY HERETO

       

      CITIBANK, N.A.,

      as Administrative Agent, Collateral Agent, Issuing Lender and Swingline Lender, and

       

      ALTER DOMUS (US) LLC, as Tranche B Administrative Agent

       

      Dated as of September 7, 2016,

       

      as amended and restated as of April 17, 2018, as further amended as of March 6, 2019, as further amended and restated as of April 17, 2020, as further amended and restated as of May 7, 2020 and as further amended and
        restated as of October 23, 2020

       

      
        

       

      

      CITIGROUP GLOBAL MARKETS INC.,

       

      BANK OF AMERICA, N.A., and

       

      WELLS FARGO BANK, NATIONAL ASSOCIATION

      as Joint Lead Arrangers,

       

      CITIGROUP GLOBAL MARKETS INC.

      BANK OF AMERICA, N.A.

      CREDIT SUISSE SECURITIES (USA) LLC,

      DEUTSCHE BANK SECURITIES INC.,

      MACQUARIE CAPITAL (USA) INC.,

       

      WELLS FARGO BANK, NATIONAL ASSOCIATION and

      BARCLAYS BANK PLC,

      as Joint Bookrunners

       

      BANK OF AMERICA, N.A.,

      as Syndication Agent and

       

      CREDIT SUISSE SECURITIES (USA) LLC, and

       

      DEUTSCHE BANK SECURITIES INC.,

      as Co-Documentation Agents

       

      
        
          

      

      
      TABLE OF CONTENTS

      

      

      	  	
              Page

            
	
              SECTION I. DEFINITIONS

            	
              1

            
	 	 
	
              1.1

            	
              Defined Terms

            	
              1

            
	
              1.2

            	
              Other Definitional Provisions.

            	
              69

            
	
              1.3

            	
              Pro Forma Calculations

            	
              71

            
	
              1.4

            	
              Exchange Rates; Currency Equivalents

            	
              72

            
	
              1.5

            	
              Letter of Credit and Acceptance Amounts

            	
              72

            
	
              1.6

            	
              Covenants

            	
              72

            
	 	 
	
              SECTION II. AMOUNT AND TERMS OF COMMITMENTS

            	
              73

            
	 	 
	
              2.1

            	
              [reserved].

            	
              73

            
	
              2.2

            	
              [reserved].

            	
              73

            
	
              2.3

            	
              [reserved].

            	
              73

            
	
              2.4

            	
              Revolving Commitments and Tranche B Term Loans.

            	
              73

            
	
              2.5

            	
              Procedure for Revolving Loan and Local Loan Borrowing.

            	
              76

            
	
              2.6

            	
              Swingline Loans.

            	
              78

            
	
              2.7

            	
              Defaulting Lenders.

            	
              80

            
	
              2.8

            	
              Repayment of Loans.

            	
              81

            
	
              2.9

            	
              Commitment Fees, etc.

            	
              83

            
	
              2.10

            	
              Termination or Reduction of Commitments.

            	
              84

            
	
              2.11

            	
              Optional Prepayments.

            	
              85

            
	
              2.12

            	
              Mandatory Prepayments.

            	
              86

            
	
              2.13

            	
              Conversion and Continuation Options.

            	
              88

            
	
              2.14

            	
              Minimum Amounts and Maximum Number of Eurocurrency Tranches

            	
              90

            
	
              2.15

            	
              Interest Rates and Payment Dates.

            	
              91

            
	
              2.16

            	
              Computation of Interest and Fees.

            	
              92

            
	
              2.17

            	
              Inability to Determine Interest Rate

            	
              93

            
	
              2.18

            	
              Pro Rata Treatment and Payments

            	
              94

              

            
	
              2.19

            	
              Requirements of Law.

            	
              97

            
	
              2.20

            	
              Taxes.

            	
              98

            
	
              2.21

            	
              Indemnity

            	
              101

            
	
              2.22

            	
              Illegality.

            	
              101

            
	
              2.23

            	
              Change of Lending Office

            	
              102

            
	
              2.24

            	
              Replacement of Lenders

            	
              103

            
	
              2.25

            	
              Incremental Loans.

            	
              104

            
	
              2.26

            	
              Extension of Revolving Commitments.

            	
              107

            
	
              2.27

            	
              Designation of Additional Permitted Foreign Currencies.

            	
              109

            
	
              2.28

            	
              Re-Allocation of Currency Sublimits.

            	
              110

            
	
              2.29

            	
              Resignation or Removal of a Local Fronting Lender.

            	
              112

            
	
              2.30

            	
              Local Fronting Lender Reports

            	
              113

            
	
              2.31

            	
              Bankers’ Acceptances.

            	
              113

            
	
              2.32

            	
              Currency Conversion and Contingent Funding Agreement.

            	
              114

            
	
              2.33

            	
              Protective Advances.

            	
              116

            
	
              2.34

            	
              MIRE Events.

            	
              117

            

      

      

      
        i

        
          

      

      	
              SECTION III. LETTERS OF CREDIT

            	117

            
	 	 
	
              3.1

            	
              L/C Commitment.

            	
              117

              

            
	
              3.2

            	
              Procedure for Issuance of Letter of Credit

            	
              118

            
	
              3.3

            	
              Fees and Other Charges.

            	
              118

            
	
              3.4

            	
              L/C Participations.

            	
              119

            
	
              3.5

            	
              Reimbursement Obligation of the Borrower

            	
              120

            
	
              3.6

            	
              Obligations Absolute

            	
              120

            
	
              3.7

            	
              Role of the Issuing Lender

            	
              122

            
	
              3.8

            	
              Letter of Credit Payments

            	
              123

            
	
              3.9

            	
              Applications

            	
              123

            
	
              3.10

            	
              Applicability of ISP and UCP

            	
              123

            
	
              3.11

            	
              Designation of Issuing Lender

            	
              123

            
	 	 
	
              SECTION IV. REPRESENTATIONS AND WARRANTIES

            	
              123

            
	 	 
	
              4.1

            	
              Financial Condition.

            	124
	
              4.2

            	
              No Change

            	124
	
              4.3

            	
              Existence; Compliance with Law

            	
              124

            
	
              4.4

            	
              Corporate Power; Authorization; Enforceable Obligations.

            	
              124

            
	
              4.5

            	
              No Legal Bar

            	
              125

            
	
              4.6

            	
              No Material Litigation

            	
              125

            
	
              4.7

            	
              No Default

            	
              125

            
	
              4.8

            	
              Ownership of Property; Liens

            	
              125

            
	
              4.9

            	
              Intellectual Property

            	126
	
              4.10

            	
              Taxes

            	126
	
              4.11

            	
              Federal Regulations

            	126
	
              4.12

            	
              ERISA.

            	
              126

            
	
              4.13

            	
              Investment Company Act

            	
              127

            
	
              4.14

            	
              Subsidiaries

            	127

            
	
              4.15

            	
              Environmental Matters

            	
              127

              

            
	
              4.16

            	
              Accuracy of Information, etc

            	127

            
	
              4.17

            	
              Security Documents.

            	
              127

            
	
              4.18

            	
              Solvency

            	
              129

            
	
              4.19

            	
              Anti-Terrorism

            	
              129

            
	
              4.20

            	
              Use of Proceeds

            	
              129

            
	
              4.21

            	
              Labor Matters

            	
              129

            
	
              4.22

            	
              Senior Indebtedness

            	
              129

            
	
              4.23

            	
              OFAC

            	
              129

            
	
              4.24

            	
              Anti-Corruption Compliance

            	
              129

            
	
              4.25

            	
              Borrowing Base Certificate

            	
              129

            
	 	 
	
              SECTION V. CONDITIONS PRECEDENT

            	
              129

            
	 	 
	
              5.1

            	
              Conditions to Initial Extension of Credit on the Closing Date

            	
              129

            
	
              5.2

            	
              Conditions to Each Extension of Credit After Closing Date

            	
              132

            
	 	 
	
              SECTION VI. AFFIRMATIVE COVENANTS

            	133 

            
	 	 
	
              6.1

            	
              Financial Statements

            	
              133

            

      

      

      
        ii

        
          

      

      	
              6.2

            	
              Certificates; Other Information

            	
              135

            
	
              6.3

            	
              Payment of Taxes

            	
              137

            
	
              6.4

            	
              Conduct of Business and Maintenance of Existence, etc.; Compliance

            	
              137

            
	
              6.5

            	
              Maintenance of Property; Insurance.

            	
              137

            
	
              6.6

            	
              Inspection of Property; Books and Records; Discussions.

            	
              138

            
	
              6.7

            	
              Notices

            	
              139

            
	
              6.8

            	
              Additional Collateral, etc.

            	
              140

            
	
              6.9

            	
              Use of Proceeds

            	
              145

            
	
              6.10

            	
              Post-Closing

            	
              145

            
	
              6.11

            	
              Credit Ratings

            	
              145

            
	
              6.12

            	
              Line of Business

            	
              145

            
	
              6.13

            	
              Changes in Jurisdictions of Organization; Name

            	
              145

            
	
              6.14

            	
              Appraisals and Field Examinations.

            	
              145

            
	
              6.15

            	
              Control Accounts; Approved Deposit Accounts

            	
              146

            
	
              6.16

            	
              Landlord Waiver and Bailee’s Letters

            	
              147

            
	
              6.17

            	
              Tax Reporting

            	
              147

            
	
              6.18

            	
              Sanctions; Anti-Corruption Laws.

            	
              147

            
	 	 
	
              SECTION VII. NEGATIVE COVENANTS

            	
              148

            
	 	 
	
              7.1

            	
              Financial Covenant

            	
              148

            
	
              7.2

            	
              Indebtedness

            	
              148

            
	
              7.3

            	
              Liens

            	
              153

            
	
              7.4

            	
              Fundamental Changes

            	
              157

            
	
              7.5

            	
              Dispositions of Property

            	
              158

            
	
              7.6

            	
              Restricted Payments

            	
              161

            
	
              7.7

            	
              Investments

            	
              165

            
	
              7.8

            	
              Prepayments, Etc. of Indebtedness; Amendments.

            	
              170

            
	
              7.9

            	
              Transactions with Affiliates

            	
              171

            
	
              7.10

            	
              Sales and Leasebacks

            	
              173

            
	
              7.11

            	
              Changes in Fiscal Periods

            	
              173

            
	
              7.12

            	
              Negative Pledge Clauses

            	
              173

            
	
              7.13

            	
              Clauses Restricting Subsidiary Distributions

            	
              175

            
	
              7.14

            	
              Limitation on Hedge Agreements

            	177
	
              7.15

            	
              Amendment of Company Tax Sharing Agreement

            	177
	
              7.16

            	
              Anti Cash Hoarding.

            	
              177

            
	 	 
	
              SECTION VIIA. HOLDINGS NEGATIVE COVENANTS

            	
              177

            
	 	 
	
              SECTION VIII. EVENTS OF DEFAULT

            	178
	 	 
	
              8.1

            	
              Events of Default

            	178
	
              8.2

            	
              Right to Cure.

            	
              182

            
	 	 
	
              SECTION IX. THE AGENTS

            	
              183

            
	 	 
	
              9.1

            	
              Appointment

            	
              183

            
	
              9.2

            	
              Delegation of Duties

            	
              184

            
	
              9.3

            	
              Exculpatory Provisions

            	
              184

            
	
              9.4

            	
              Reliance by the Agents

            	
              184

            

      

      

      
        iii

        
          

      

      	
              9.5

            	
              Notice of Default

            	
              185

            
	
              9.6

            	
              Non-Reliance on Agents and Other Lenders

            	
              185

            
	
              9.7

            	
              Indemnification.

            	
              186

            
	
              9.8

            	
              Agent in Its Individual Capacity

            	
              187

            
	
              9.9

            	
              Successor Agents.

            	
              187

            
	
              9.10

            	
              Authorization to Release Liens and Guarantees

            	
              188

            
	
              9.11

            	
              Agents May File Proofs of Claim

            	
              188

            
	
              9.12

            	
              Specified Hedge Agreements, Specified Cash Management Obligations and Specified Additional Obligations.

            	
              189

            
	
              9.13

            	
              Joint Lead Arrangers, Joint Bookrunners, Syndication Agent and Co-Documentation Agents

            	
              190

            
	 	 
	
              SECTION X. MISCELLANEOUS

            	
              190

            
	 	 
	
              10.1

            	
              Amendments and Waivers.

            	
              190

            
	
              10.2

            	
              Notices; Electronic Communications.

            	
              194

            
	
              10.3

            	
              No Waiver; Cumulative Remedies.

            	
              198

            
	
              10.4

            	
              Survival of Representations and Warranties

            	
              199

            
	
              10.5

            	
              Payment of Expenses; Indemnification

            	
              199

            
	
              10.6

            	
              Successors and Assigns; Participations and Assignments.

            	
              200

            
	
              10.7

            	
              Adjustments; Set off.

            	
              205

            
	
              10.8

            	
              Counterparts

            	
              206

            
	
              10.9

            	
              Severability

            	
              206

            
	
              10.10

            	
              Integration

            	
              206

            
	
              10.11

            	
              GOVERNING LAW

            	
              206

            
	
              10.12

            	
              Submission to Jurisdiction; Waivers

            	
              206

            
	
              10.13

            	
              Acknowledgments

            	
              207

            
	
              10.14

            	
              Confidentiality

            	
              208

            
	
              10.15

            	
              Release of Collateral and Guarantee Obligations; Subordination of Liens.

            	
              209

            
	
              10.16

            	
              Accounting Changes

            	
              211

            
	
              10.17

            	
              WAIVERS OF JURY TRIAL

            	
              211

            
	
              10.18

            	
              USA PATRIOT ACT

            	
              211

            
	
              10.19

            	
              Intercreditor Arrangements.

            	
              212

            
	
              10.20

            	
              Interest Rate Limitation

            	
              217

            
	
              10.21

            	
              Payments Set Aside

            	
              217

            
	
              10.22

            	
              Electronic Execution of Assignments and Certain Other Documents

            	
              217

            
	
              10.23

            	
              Acknowledgement and Consent to Bail-In of Affected Financial Institutions

            	
              218

            
	
              10.24

            	
              Delegation by each Local Borrowing Subsidiary

            	
              218

            
	
              10.25

            	
              Interest Act (Canada)

            	
              218

            
	
              10.26

            	
              Judgment.

            	
              219

            
	
              10.27

            	
              Submission To Jurisdiction.

            	
              219

            
	
              10.28

            	
              Certain ERISA Matters.

            	
              219

            
	
              10.29

            	
              Acknowledgement Regarding Any Supported QFCs.

            	
              221

            

      

      

      	 	
              SCHEDULES:

            
	
              1.1B

            	
              Specified Hedge Agreements, Specified Cash Management Obligations and Specified Additional Obligations (ABL)

            
	
              1.1C

            	
              Existing Letters of Credit

            

      

      

      
        iv

        
          

      

      	
              2.1

            	
              Commitments

            
	
              2.4(b)

            	
              Borrowers, Permitted Foreign Currencies; Currency Sublimits; Maximum Sublimits; Local Fronting Lenders

            
	
              4.3

            	
              Existence; Compliance with Law

            
	
              4.4

            	
              Consents, Authorizations, Filings and Notices

            
	
              4.6

            	
              Litigation

            
	
              4.8A

            	
              Excepted Property

            
	
              4.8B

            	
              Owned Real Property

            
	
              4.14

            	
              Subsidiaries

            
	
              4.17

            	
              UCC Filing Jurisdictions

            
	
              6.10

            	
              Post-Closing Matters

            
	
              7.2(d)

            	
              Existing Indebtedness

            
	
              7.3(f)

            	
              Existing Liens

            
	
              7.7

            	
              Existing Investments

            
	
              7.9

            	
              Transactions with Affiliates

            
	
              7.12

            	
              Existing Negative Pledge Clauses

            
	
              7.13

            	
              Clauses Restricting Subsidiary Distributions

            
	 	 
	 	
              EXHIBITS:

            
	 	 
	
              A

            	
              Form of Guarantee and Collateral Agreement

            
	
              B

            	
              Form of Compliance Certificate

            
	
              C

            	
              Form of Closing Certificate

            
	
              D

            	
              Form of Assignment and Assumption

            
	
              E

            	
              [reserved]

            
	
              F

            	
              Form of Exemption Certificate

            
	
              G

            	
              Form of Solvency Certificate

            
	
              H

            	
              [reserved]

            
	
              I

            	
              [reserved]

            
	
              J

            	
              Form of Revolving Note

            
	
              K

            	
              Form of ABL Intercreditor Agreement

            
	
              L-1

            	
              Form of Increase Supplement

            
	
              L-2

            	
              Form of Lender Joinder Agreement

            
	
              M

            	
              Form of Mortgage

            
	
              N-1

            	
              Form of Local Borrowing Subsidiary Joinder Agreement

            
	
              N-2

            	
              Form of Local Fronting Lender Joinder Agreement

            
	
              O-1

            	
              Form of Local Loan Statement

            
	
              O-2

            	
              Form of Interest Allocation Statement (Local Loans)

            
	
              P

            	
              Form of Borrowing Base Certificate

            
	
              Q

            	
              Certain Borrowing Base Definitions

            

      

      

      
        v

        
          

      

      ASSET-BASED REVOLVING CREDIT AGREEMENT, originally dated as of September 7, 2016, among REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation (the “Company” or the “Borrower”), the Local Borrowing Subsidiaries from time to time party hereto,
        REVLON, INC., a Delaware corporation (“Holdings”) solely for purposes of Section 7A, the several banks and other financial institutions or
        entities from time to time parties to this Agreement as Lenders, the Issuing Lenders, and CITIBANK, N.A., as Administrative Agent,
        Collateral Agent, Issuing Lender and Swingline Lender.

       

      The parties hereto hereby agree as follows:

       

      SECTION I.

      DEFINITIONS

       

      1.1          Defined Terms.  As used in
        this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1.

       

      “2021 Notes”: the Borrower’s 5.75% senior notes due 2021.

       

      “2021 Notes Exchange”: the exchange of the 2021 Notes for the Tranche B Term Loans and certain other obligations of the Borrower as
        provided in the Confidential Offering Memorandum and Consent Solicitation Statement of Revlon Consumer Products Corporation dated as of September 29, 2020 (after giving effect to any modification, amendment, consent or waivers thereto); provided, that the sum of (a) aggregate principal amount of Unrestricted Cash of the Borrower and its Restricted Subsidiaries and (b)(i) Excess Availability minus (ii) the aggregate principal
        amount of the 2021 Notes that remain outstanding immediately following the 2021 Notes Exchange Effective Date shall be at least $175,000,000 immediately after giving effect to the occurrence of the 2021 Notes Exchange Effective Date.

       

      “2021 Notes Exchange Effective Date”: the date the 2021 Notes Exchange and all transactions contemplated thereunder are consummated and
        all payments pursuant thereto are made.

       

      “2021 Notes Lender Joinder Agreement”: means that certain lender joinder agreement attached as Exhibit B to the Amendment No. 5.

       

      “2024 Notes”: as defined in the definition of “Transactions”.

       

      “ABL Facility First Priority Collateral”: as defined in the ABL Intercreditor Agreement.

       

      “ABL Intercreditor Agreement”:  the ABL Intercreditor Agreement, dated as of September 7, 2016, among the Borrower, Holdings, the
        Subsidiary Guarantors, the Collateral Agent and the collateral agent under the Term Loan Documents, substantially in the form of Exhibit K, as the same may be amended, supplemented, waived or otherwise modified from time to time.

       

      “ABR”:  for any day, a rate per annum equal to the highest of

       

      (a)          the rate of interest last quoted by The Wall Street Journal as the “prime rate” in the United States,

       

      (b)          the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and

       

      (c)          (i) 0.00% and (ii) with respect to the Tranche B Term Loans, 2.75%.

       

      
        
          

      

      
      Any change in the ABR due to a change in the “prime rate” shall be effective on the effective date of such change in the “prime rate” or the Federal Funds Effective Rate, as the case may be; provided, with respect to any Local Loan which is denominated in Dollars and with respect to which the Revolving Lenders have not been requested to purchase a participating interest pursuant
        to Section 2.32(a), “ABR” shall mean the rate of interest from time to time publicly announced by the relevant Local Fronting Lender as its base rate (or its equivalent thereof) for loans denominated
        in Dollars at the principal lending office of such Local Fronting Lender (or such other rate as may be mutually agreed between the Local Borrower and the relevant Local Fronting Lender as reflecting the Cost of Funds to such Local Fronting Lender
        of the Local Loans to which such rate is applicable).

       

      “ABR Loans”:  Loans, Local Loans or Acceptances denominated in Dollars, as context may require, the rate of interest applicable to which
        is based upon the ABR.

       

      “Accelerated Maturity Date”: the date that is 91 days prior to the stated maturity date of the 2021 Notes
        if, on such date, any 2021 Notes remain outstanding; provided that the Accelerated Maturity Date shall not apply for any purpose under this Agreement if, on the applicable date (and on
        each day during such 91-day period), the Borrower and its Restricted Subsidiaries have Liquidity (as defined below) of at least the sum of (x) the outstanding principal amount of the 2021 Notes, plus
        (y) $200,000,000.  For purposes hereof, “Liquidity” shall mean, at any time, the sum of (i) the difference of (a) all Unrestricted Cash of the Borrower and its Restricted Subsidiaries minus (b) any Unrestricted Cash included in the Tranche A Borrowing Base, (ii) the aggregate Available Revolving Commitments of all Revolving Lenders (each as defined in the Term Loan
        Agreement) and, (iii) the aggregate Excess Availability, in each case, at such time, provided, that, with respect to this clause (iii), the
        conditions set forth in Sections 5.2(a) and 5.2(b) shall be satisfied at such time.

       

      “Acceptances”:  as defined in Section 2.31(a).

       

      “Account”: as defined in the UCC.

       

      “Account Debtor”: as defined in the UCC.

       

      “Accounting Changes”:  as defined in Section 10.16.

       

      “Additional Obligation Designation Notice”:  as defined in Section 9.12(c).

       

      “Administrative Agent”:  Citibank, N.A., as the administrative agent for the Lenders and Issuing Lenders under this Agreement and the
        other Loan Documents (other than in respect of the Tranche B Term Facility) (the “Primary Administrative Agent”) and with respect to the Tranche B Term Facility, the Tranche B
        Administrative Agent, as the context may require, in each case, together with any of its successors and permitted assigns in such capacity in accordance with Section 9.9.  For the avoidance of doubt,
        references to “Administrative Agent” in respect of Sections 2.27 through 2.34, 6.14, 6.15 and 6.16 (and, in each case, related provisions and definitions, as context may require) and, in respect of the
        Borrowing Base (including the Tranche B Borrowing Base), collateral and security matters, cash dominion, field examinations and appraisals, Protective Advances, Local Loans and Letters of Credit shall refer to the Primary Administrative Agent.

       

      “Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

       

      “Affiliate”:  as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
        control with, such Person.  For purposes of this definition, “control” 

      

       

      
        2

        
          

      

       of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, in either case whether by contract or otherwise.

       

      

      “Agents”:  the collective reference to the Collateral Agent, the Primary Administrative Agent and the Tranche B Administrative Agent, and
        solely for purposes of Sections 10.13 and 10.14 and the definitions of Obligations, Specified Cash Management Obligations and Specified Hedge Agreement,
        the Joint Lead Arrangers, Joint Bookrunners, Syndication Agent and Co-Documentation Agents.

       

      “Aggregate Exposure”:  with respect to each Revolving Lender at any time, an amount equal to the aggregate
        amount of such Revolving Lender’s Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the amount of such Revolving Lender’s Revolving Extensions
        of Credit then outstanding.

       

      “Aggregate Exposure Percentage”:  with respect to any Revolving Lender at any time, the ratio (expressed
        as a percentage) of such Lender’s Aggregate Exposure at such time to the total Aggregate Exposures of all Revolving Lenders at such time.

       

      “Agreed Purposes”:  as defined in Section 10.14.

       

      “Agreement”:  this Asset-Based Revolving Credit Agreement, as amended, supplemented, waived or otherwise modified from time to time.

       

      “Amendment No. 1”:  that certain Amendment No. 1, dated as of April 17, 2018, among the Borrower, Holdings, the other Loan Parties
        thereto, and the Administrative Agent and the Collateral Agent, among others.

       

      “Amendment No. 1 Effective Date”: as defined in Amendment No. 1.

       

      “Amendment No. 3”:  that certain Amendment No. 3, dated as of April 17, 2020, among the Borrower, Holdings, the other Loan Parties
        thereto, and the Administrative Agent and the Collateral Agent, among others.

       

      “Amendment No. 3 Effective Date”: as defined in Amendment No. 3.

       

      “Amendment No. 4”: that certain Amendment No. 4, dated as of May 7, 2020, among the Borrower, Holdings, the other Loan Parties thereto,
        and the Administrative Agent and the Collateral Agent, among others.

       

      “Amendment No. 4 Effective Date”: as defined in Amendment No. 4.

       

      “Amendment No. 5”: that certain Amendment No. 5, dated as of October 23, 2020, among the Borrower, Holdings, the other Loan Parties
        thereto, and the Administrative Agent and the Collateral Agent, among others.

       

      “Amendment No. 5 Effective Date”: as defined in Amendment No. 5.

       

      
        3

        
          

      

      “Amendment No. 5 Paydown”: as defined in Amendment No. 5.1

       

      “Anti-Corruption Law”:  the United States Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any applicable
        law or regulation implementing the OECD Convention on Combatting Bribery of Foreign Public Officials.

       

      “Anticipated Cure Deadline”: as defined in Section

          8.2(a).

       

      “Applicable Margin”:

       

      (a)       With respect to the Tranche A Revolving Loans, (i) from the Closing Date until (but excluding) the third Business Day after receipt by the Administrative Agent of the first Borrowing Base
        Certificate delivered pursuant to Section 6.2(g)(i), a rate equal to 0.50% per annum with respect to ABR Loans and 1.50% per annum with respect to Eurocurrency Loans or Local Loans and (ii)
        thereafter, a per annum rate equal to the rate set forth below for the applicable type of Loan and the then applicable Average Excess Availability (determined as provided in the last paragraph of this definition):

       

      	
              Average Excess Availability

              (“AEA”)

            	
              Applicable Margin for

              Tranche A Revolving Loans

              that are Eurocurrency Loans or

              Local Rate Loans

            	
              Applicable Margin for Tranche

              A Revolving Loans that are ABR

              Loans

            
	
              66 2⁄3% < AEA

            	
              2.00%

            	
              1.00%

            
	
              33 1⁄3% < AEA < 66 2⁄3%

            	
              2.25%

            	
              1.25%

            
	
              AEA < 33 1⁄3%

            	
              2.50%

            	
              1.50%

            

       

      (b)          With respect to the Tranche B Term Loans (i) that are Eurocurrency Loans, 8.50% and (ii) that are ABR Loans, 7.50%.

       

      For purposes of clause (a)(ii) of this definition of Applicable Margin, Average Excess Availability shall be determined once each calendar month based on the Borrowing
        Base Certificate delivered pursuant to Section 6.2(g)(i); provided, that if Borrower has not submitted to the Administrative Agent a
        Borrowing Base Certificate pursuant to Section 6.2(g)(i) within the time periods specified therein, then, the Applicable Margin shall conclusively equal the highest possible Applicable Margin provided
        in this definition; provided, further that if the highest possible Applicable Margin is in effect because of the immediately
        preceding proviso and the Borrower delivers an updated Borrowing Base Certificate at least three Business Days prior to the next Interest Payment Date, the Applicable Margin shall be calculated based upon Average Excess Availability set forth in
        such updated Borrowing Base Certificate for the period between (x) the third Business Day after such Borrowing Base Certificate that was not submitted within the time periods specified pursuant to Section
            6.2(g)(i) was required to be delivered to the Administrative Agent and (y) the third Business Day after receipt by the Administrative Agent of such updated Borrowing Base Certificate.  Any
        increase or decrease in the Applicable Margin resulting from a change in the Average Excess Availability determined pursuant to the preceding sentence shall become effective as of the third Business 

      

       

      

       

      1 To be defined as the prepayment of the Tranche A Revolving Loans in an amount to cause Excess Availability on the Amendment No. 5 Effective Date to be at least
        $85,000,000, after giving effect to such prepayment.

       

      

      
        4

        
          

      

       Day after receipt by the Administrative Agent of the Borrowing Base Certificate used in such determination except as otherwise provided in the preceding sentence.

       

      

      “Applicable Period”:  as defined in Section 10.19.

       

      “Application”:  an application, in such form as the relevant Issuing Lender may specify from time to time, requesting such Issuing Lender
        to issue a Letter of Credit.

       

      “Appraisal”:  (i) each appraisal delivered to the Administrative Agent prior to the Closing Date for
        purposes of this Agreement (which the Administrative Agent confirms is satisfactory to it) and (ii) each appraisal that is conducted after the Closing Date pursuant to Section 6.14 in form and
        substance reasonably satisfactory to the Administrative Agent and performed by an appraiser that is reasonably satisfactory to the Administrative Agent.

       

      “Approved Deposit Account”: a Deposit Account that is the subject of an effective Deposit Account Control
        Agreement and that is maintained by any Loan Party with a Deposit Account Bank.  “Approved Deposit Account” includes all monies on deposit in a Deposit Account and all certificates and instruments, if any, representing or evidencing such Deposit
        Account.

       

      “Approved Fund”:  as defined in Section 10.6(b).

       

      “Approved Securities Intermediary”:  a Securities Intermediary or Commodity Intermediary selected by a Loan Party and reasonably
        satisfactory to the Administrative Agent.

       

      “Assignee”:  as defined in Section 10.6(b).

       

      “Assignment and Assumption”:  an Assignment and Assumption, substantially in the form of Exhibit D
        or such other form reasonably acceptable to the Administrative Agent and the Borrower.

       

      “Availability”: at any time, Tranche A Availability.

       

      “Availability Reserve”:  effective as of five Business Days after the date of written notice of any determination thereof to the Borrower
        by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent may from time to time establish, in the Administrative Agent’s sole discretion exercised
        reasonably and in accordance with customary business practices for comparable asset-based transactions, in order to (a) preserve the value of the ABL Facility First Priority Collateral or the Collateral Agent’s Lien thereon or (b) provide for the
        payment of unanticipated liabilities of any Loan Party affecting the ABL Facility First Priority Collateral arising after the Closing Date, in each case based on the analysis of facts or events first occurring or first discovered by the
        Administrative Agent after the Closing Date or that are materially different from facts or events occurring or known to the Administrative Agent on the Closing Date; provided, however, that

       

      (A)        any Availability Reserve shall have a reasonable relationship to the circumstances, conditions, events or contingencies which are the basis of such Availability
        Reserve and

       

      (B)         no such Availability Reserve will be established with respect to (i) such matters that have been taken into account in the calculation of the Borrowing Base, or the
        determination of any Eligibility Reserve or Dilution Reserve, or (ii) Specified Hedge Agreements, Specified Additional Obligations or Specified Cash Management Obligations.

       

      
        5

        
          

      

      For the avoidance of doubt, Availability Reserves shall not be established in respect of any eligibility or dilution risks or contingencies, which shall be reserved against by way of Eligibility Reserves or Dilution
        Reserves, respectively.

       

      “Available Revolving Commitment”:  as to each Revolving Lender at any time, an amount equal to the excess,
        if any, of (a) such Revolving Lender’s Revolving Commitment then in effect (including any Supplemental Revolving Commitments) over (b) such Revolving
        Lender’s Revolving Extensions of Credit then outstanding.

       

      “Average Excess Availability”:  with respect to any calendar month of the Borrower, the percentage equivalent to a fraction, (i) the numerator of which is the average Excess
        Availability for the days of such calendar month, and (ii) the denominator of which is the average Maximum Availability for the days of such calendar month.

       

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

       

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

       

      “Bailee’s Letter”: a letter in form and substance reasonably acceptable to the Administrative Agent and
        executed by any Person (other than the Company or any Subsidiary Guarantor) that is in possession of Inventory or Equipment included in the Tranche A Borrowing Base or the Tranche B Borrowing Base on behalf of the Company or any Subsidiary
        Guarantor pursuant to which such Person acknowledges, among other things, the Collateral Agent’s Lien with respect thereto.

       

      “Benefited Lender”:  as defined in Section 10.7(a).

       

      “Board”:  the Board of Governors of the Federal Reserve System of the United States (or any successor).

       

      “Board of Directors”: (a) with respect to a corporation, the board of directors of the corporation or any committee thereof duly
        authorized to act on behalf of such board; (b) with respect to a partnership, the board of directors of the general partner of the partnership, or any committee thereof duly authorized to act on behalf of such board or the board or committee of any
        Person serving a similar function; (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof or any Person or Persons serving a similar function; and (d) with respect to
        any other Person, the board or committee of such Person serving a similar function.

       

      a “Borrower”:  the Company or a Local Borrowing Subsidiary, as the context shall require; collectively, the “Borrowers”.  References to
        “the Borrower” shall refer solely to the Company.

       

      “Borrower Materials”: as defined in Section 10.2(c).

       

      
        6

        
          

      

      “Borrowing Base”: at any time, the Tranche A Borrowing Base plus the Tranche
        B Borrowing Base.

       

      “Borrowing Base Certificate”: a certificate of the Company substantially in the form of Exhibit P
        (Form of Borrowing Base Certificate) or such other form reasonably acceptable to the Administrative Agent and the Borrower.

       

      “Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower or a Local
        Borrowing Subsidiary requests the relevant Lenders to make Loans hereunder.

       

      “Borrowing Minimum”:  (a) in the case of a Revolving Loan denominated in Dollars, $1,000,000, and (b) in
        the case of a Revolving Loan denominated in any Permitted Foreign Currency, such roughly equivalent amount in such Permitted Foreign Currency as may be reasonably specified by the Administrative Agent.

       

      “Borrowing Multiple”: (a) in the case of a Revolving Loan denominated in Dollars, $100,000, and (b) in the
        case of a Revolving Loan denominated in any Permitted Foreign Currency, such roughly equivalent amount in such Permitted Foreign Currency as may be reasonably specified by the Administrative Agent.

       

      “BrandCo Credit Agreement”: that certain BrandCo Credit Agreement, dated as of the Amendment No. 4 Effective Date (as amended, amended
        and restated, supplemented or otherwise modified from time to time), among Holdings, the Borrower, the lenders party thereto, and Jefferies Finance LLC, as administrative agent, first lien collateral agent, second lien collateral agent and third
        lien collateral agent.

       

      “Business”:  the business activities and operations of the Borrower and/or its Subsidiaries on the Closing Date, after giving effect to
        the Transactions.

       

      “Business Day”:  any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of,
        or are in fact closed in, the state where the Administrative Agent’s office is located (or, in the case of any Local Loan or Acceptance, the location of the funding office of the relevant Local Fronting Lender) and:

       

      (a)        if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in
        respect of any such Eurocurrency Loan, or any other dealings in Dollars to be carried out pursuant to this Agreement in respect of any such Eurocurrency Loan, means any such day that is also a London Banking Day;

       

      (b)        if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in Euro, any fundings, disbursements, settlements and payments in Euro in
        respect of any such Eurocurrency Loan, or any other dealings in Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Loan, means a TARGET Day;

       

      (c)          if such day relates to any interest rate settings as to a Eurocurrency Loan denominated in a currency other than Dollars or Euro, means any such day on which
        dealings in deposits in the relevant currency are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and

       

       (d)          if such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of a Eurocurrency Loan denominated in a currency 

       

      

      
        7

        
          

      

      other than Dollars or Euro, or any other dealings in any currency other than Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency Loan (other than any
        interest rate settings), means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such currency.

       

      “Calculation Date”:  as defined in Section 1.3(a).

       

      “Canadian Collateral Agreement” means the Canada – ABL Collateral Agreement, dated as of March 22, 2018, among Revlon Canada Inc.,
        Elizabeth Arden (Canada) Limited, each other Grantor (as defined therein) from time to time party thereto and the Collateral Agent, as the same may be amended, supplemented, waived or otherwise modified from time to time.

       

      “Capital Expenditure”:  for any period, the amount equal to all expenditures (by the expenditure of cash or the incurrence of
        Indebtedness) made by the Borrower and its Restricted Subsidiaries during such period in respect of the purchase or other acquisition or improvement of any fixed or capital asset or any other amounts which would, in accordance with GAAP, be set
        forth as capital expenditures or purchases of permanent displays on the consolidated statement of cash flows of the Borrower and its Restricted Subsidiaries for such period.

       

      “Capital Lease Obligations”:  as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other
        arrangement conveying the right to use) real or personal Property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of
        this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP, provided, that for the purposes of this
        definition, “GAAP” shall mean generally accepted accounting principles in the United States as in effect on the Closing Date.

       

      “Capital Stock”:  any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
        corporation, and any and all equivalent ownership interests in a Person (other than a corporation).

       

      “Cash Collateral Account”:  any Deposit Account or Securities Account that is:

       

      (a)         established as a “Cash Collateral Account” for the purposes expressly contemplated under the Loan Documents by any Agent from time to time to receive cash and Cash
        Equivalents (or purchase cash or Cash Equivalents with funds received) from the Company or its Subsidiaries or Persons acting on their behalf pursuant to the Loan Documents;

       

      (b)          with such depositaries and securities intermediaries as the Administrative Agent may determine in its sole discretion exercised reasonably;

       

      (c)          in the name of the Administrative Agent (although such account may also have words referring to the Company and the account’s purpose);

       

      (d)          under the control of the Collateral Agent; and

       

      (e)         in the case of a Securities Account, with respect to which the Collateral Agent, at the direction of the Administrative Agent or an agent under the Term Loan
        Documents, as the case may be, shall be the Entitlement Holder and the only Person authorized to give Entitlement Orders with respect thereto; provided, however, that no Cash Collateral Account shall be established in the Commonwealth of Australia.

       

      
        8

        
          

      

      “Cash Collateralize”: with respect to any portion of the L/C Exposure, to pay to the Administrative Agent an amount of cash and/or Cash
        Equivalents to be held as security for obligations of the Borrower in respect of such portion of the L/C Exposure in a Cash Collateral Account or backstop in a manner satisfactory to, or make other arrangements satisfactory to the Administrative
        Agent and the applicable Issuing Lender, with respect to such portion of the L/C Exposure.  “Cash Collateralization” and “Cash Collateral” shall have correlative meanings.

       

      “Cash Equivalents”:

       

      (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 18 months from the date of acquisition thereof;

       

      (b)       certificates of deposit, time deposits and eurodollar time deposits with maturities of 18 months or less from the date of acquisition, bankers’ acceptances with
        maturities not exceeding 18 months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus at the date of acquisition thereof in excess of $250,000,000;

       

      (c)          repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (a)
        and (b) above entered into with any financial institution meeting the qualifications specified in clause (b) above;

       

      (d)         commercial paper having a rating of at least A-1 from S&P or P-1 from Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
        equivalent rating from another rating agency) and maturing within 18 months after the date of acquisition and Indebtedness and preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with
        maturities of 18 months or less from the date of acquisition;

       

      (e)         readily marketable direct obligations issued by or directly and fully guaranteed or insured by any state of the United States or any political subdivision thereof
        having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 18 months or less from the date of acquisition;

       

      (f)          marketable short-term money market and similar securities having a rating of at least P-1 or A-1 from Moody’s or S&P, respectively (or, if at any time neither
        Moody’s nor S&P shall be rating such obligations, an equivalent rating from another rating agency) and in each case maturing within 18 months after the date of creation or acquisition thereof;

       

      (g)          Investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AA- (or the equivalent thereof) or better by
        S&P or Aa3 (or the equivalent thereof) or better by Moody’s;

       

      (h)         (x) such local currencies in those countries in which the Borrower and its Restricted Subsidiaries transact business from time to time in the ordinary course of
        business and (y) investments of comparable tenor and credit quality to those described in the foregoing clauses (a) through (g) or otherwise customarily
        utilized in countries in which the Borrower and its Restricted Subsidiaries operate for short term cash management purposes; and

       

      (i)        Investments in funds which invest substantially all of their assets in Cash Equivalents of the kinds described in clauses (a)
        through (h) of this definition.

       

      
        9

        
          

      

      “Cash Interest Expenses”: for any Test Period, the amount set forth opposite the caption “interest” (or any like caption) under the
        heading “supplemental schedule of cash flow information” (or any like heading) in the consolidated financial statements of the Borrower and its Restricted Subsidiaries for such Test Period.

       

      “Cash Management Obligations”:  obligations in respect of any overdraft or other liabilities arising from treasury, depository and cash
        management services, credit or debit card, or any automated clearing house transfers of funds.

       

      “Cash Management Provider”:  as defined in the definition of “Specified Cash Management Obligations”.

       

      “Certificated Security”:  as defined in the Guarantee and Collateral Agreement.

       

      “Change of Control”:  as defined in Section 8.1(j).

       

      “Charges”:  as defined in Section 10.20.

       

      “Chattel Paper”:  as defined in the Guarantee and Collateral Agreement.

       

      “Citibank”:  Citibank, N.A.

       

      “Closing Date”:  September 7, 2016.

       

      “Co-Documentation Agents”:  Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., each in its capacity as
        co-documentation agent.

       

      “Code”:  the Internal Revenue Code of 1986, as amended from time to time (unless otherwise indicated).

       

      “Collateral”:  all the “Collateral” as defined in any Security Document.

       

      “Collateral Agent”:  Citibank, N.A., in its capacity as collateral agent for the Secured Parties under the Security Documents and any of
        its successors and permitted assigns in such capacity in accordance with Section 9.9.

       

      “Commitment”:  as to any Lender, the sum of the Revolving Commitments, the Extended Revolving Commitments and the Supplemental Revolving Commitments (in each case, if any) of such Lender.

       

      “Commitment Fee”:  as defined in Section 2.09(a).

       

      “Commitment Fee Rate”:  with respect to the Tranche A Revolving Facility, 0.25% per annum.

       

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

       

      “Commodity Intermediary”:  as defined in the UCC.

       

      “Commonly Controlled Entity”:  an entity, whether or not incorporated, that is under common control with the Borrower within the meaning
        of Section 4001 of ERISA or is part of a group that 

      

       

      
        10

        
          

      

       includes the Borrower and that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

       

      

      “Commonly Controlled Plan”:  as defined in Section 4.12(b).

       

      “Company”:  as defined in the preamble hereto.

       

      “Company Tax Sharing Agreement”:  the Tax Sharing Agreement, dated as of March 26, 2004, among Holdings, the Company and certain of its
        Subsidiaries, as amended, supplemented or otherwise modified from time to time in accordance with the provisions of Section 7.15.

       

      “Compliance Certificate”:  a certificate duly executed by a Responsible Officer substantially in the form of Exhibit B or such
        other form reasonably acceptable to the Administrative Agent and the Borrower.

       

      “Confidential Information”:  as defined in Section 10.14.

       

      “Consolidated EBITDA”:  of any Person for any period, shall mean the Consolidated Net Income of such Person and its Restricted
        Subsidiaries for such period plus, without duplication and, if applicable, except with respect to clauses (f), (n) and (s) of this definition, to the extent deducted in calculating such Consolidated Net Income for such period, the sum of:

       

      (a)          provisions for taxes based on income (or similar taxes in lieu of income taxes), profits, capital (or equivalents), including federal, foreign, state, local,
        franchise, excise and similar taxes and foreign withholding taxes paid or accrued during such period (including penalties and interest related to taxes or arising from tax examinations);

       

      (b)         Consolidated Net Interest Expense and, to the extent not reflected in such Consolidated Net Interest Expense, any net losses on hedging obligations or other
        derivative instruments entered into for the purpose of hedging interest rate risk or foreign exchange rate risk, amortization or write-off of debt discount and debt issuance costs and commissions, premiums, discounts and other fees and charges
        associated with Indebtedness (including commitment, letter of credit and administrative fees and charges with respect to the Facilities and the Term Loan Agreement);

       

      (c)          depreciation and amortization expense and impairment charges (including deferred financing fees, original issue discount, amortization of convertible notes and other
        convertible debt instruments, capitalized software expenditures, amortization of intangibles (including goodwill), organization costs and amortization of unrecognized prior service costs, and actuarial gains and losses related to pensions, and
        other post-employment benefits);

       

      (d)         all management, monitoring, consulting and advisory fees, and due diligence expense and other transaction fees and expenses and related expenses paid (or any accruals
        related to such fees or related expenses) (including by means of a dividend) during such period;

       

      (e)          any extraordinary, unusual or non-recurring income or gains or charges, expenses or losses (including (x) gains or losses on sales of assets outside of the ordinary
        course of business, (y) restructuring and integration costs or reserves, including any retention and severance costs, costs associated with office and facility openings, closings and consolidations, relocation costs, contract termination costs,
        future lease commitments, excess pension charges and other non-

       

      

      
        11

        
          

      

       recurring business optimization expenses and legal and settlement costs, and (z) any expenses in connection with the Transactions);

      

      (f)        (A) to the extent covered by insurance and actually reimbursed, or, so long as such person has made a determination that there exists reasonable evidence that such
        amount will in fact be reimbursed by the insurer and only to the extent that such amount is (x) not denied by the applicable carrier in writing within 180 days and (y) in fact reimbursed within 365 days following the date of such evidence (with a
        deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events or business interruption; and (B) amounts estimated in good faith to be received from insurance in
        respect of lost revenues or earnings in respect of liability or casualty events or business interruption (with a deduction for amounts actually received up to such estimated amount to the extent included in Consolidated EBITDA in a future period);

       

      (g)         any other non-cash income or gains (other than the accrual of revenue in the ordinary course), but excluding any such items (i) in respect of which cash was received
        in a prior period or will be received in a future period or (ii) which represent the reversal in such period of any accrual of, or reserve for, anticipated cash charges in any prior period where such accrual or reserve is no longer required, all as
        determined on a consolidated basis;

       

      (h)         transaction costs, fees, losses and expenses (in each case whether or not any transaction is actually consummated) (including those with respect to any amendments or
        waivers of the Loan Documents or the Term Loan Documents, and those payable in connection with the sale of Capital Stock, recapitalization, the incurrence of Indebtedness permitted by Section

            7.2, transactions permitted by Section 7.4, Dispositions permitted by Section 7.5, or any Permitted Acquisition or other Investment
        permitted by Section 7.7);

       

      (i)         accruals and reserves that are established or adjusted within twelve months after the Closing Date and that are so required to be established or adjusted in
        accordance with GAAP or as a result of adoption or modification of accounting policies;

       

      (j)          all costs and expenses incurred in defending, settling and compromising any pending or threatened litigation claim, action or legal dispute up to an amount not to
        exceed $15,000,000 in such period;

       

      (k)        charges, losses, lost profits, expenses or write-offs to the extent indemnified or insured by a third party, including expenses covered by indemnification provisions
        in any Qualified Contract or any agreement in connection with the Transactions, a Permitted Acquisition or any other acquisition or Investment permitted by Section 7.7, in each case, to the extent
        that coverage has not been denied (other than any such denial that is being contested by the Borrower and/or its Restricted Subsidiaries in good faith) and so long as such amounts are actually reimbursed to such Person and its Restricted
        Subsidiaries in cash within one year after the related amount is first added to Consolidated EBITDA pursuant to this clause (k) (and to the extent not so reimbursed within one year, such amount not
        reimbursed shall be deducted from Consolidated EBITDA during the next measurement period); it being understood that such amount may subsequently be included in Consolidated EBITDA in a measurement period to the extent of amounts actually
        reimbursed;

       

      (l)          costs of surety bonds of such Person and its Restricted Subsidiaries in connection with financing activities;

       

      
        12

        
          

      

      (m)         costs associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations
        promulgated in connection therewith;

       

      (n)       the amount of expected cost savings and other operating improvements and synergies reasonably identifiable and reasonably supportable (as determined by the Borrower or
        any Restricted Subsidiary in good faith) to be realized as a result of the Transactions, any acquisition or Disposition (including the termination or discontinuance of activities constituting such business), any Investment, operating expense
        reductions, operating improvements, restructurings, cost savings initiatives, operational changes or similar initiatives or transactions (including resulting from any head count reduction or closure of facilities) taken or committed to be taken
        during such (or any prior) period (in each case calculated on a pro forma basis as though such cost savings and other operating expense reductions, operating improvements and synergies had been realized on the first day of such period), net of the
        amount of actual benefits realized during such period from such actions to the extent already included in the Consolidated Net Income for such period; provided, that (i) (A) such cost
        savings, operating improvements and synergies are reasonably anticipated to result from such actions and (B) actions resulting in such operating expense reductions or other operating improvements, synergies or cost savings are reasonably
        anticipated to have commenced within 18 months and (ii) no cost savings shall be added pursuant to this clause (n) to the extent already included in clause (e)
        above with respect to such period;

       

      (o)          earn-out, contingent compensation and similar obligations incurred in connection with any acquisition or other investment and paid (if not previously accrued) or
        accrued;

       

      (p)       net realized losses relating to mark-to-market of amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net realized
        losses from exchange rate fluctuations on intercompany balances and balance sheet items, net of realized gains from related Hedge Agreements);

       

      (q)         costs, charges, accruals, reserves or expenses attributable to cost savings initiatives, operating expense reductions, transition, opening and pre-opening expenses,
        business optimization, management changes, restructurings and integrations (including inventory optimization programs, software and other intellectual property development costs, costs related to the closure or consolidation of facilities and
        curtailments, costs related to entry into new markets, consulting fees, signing costs, retention or completion bonuses, relocation expenses, severance payments, and modifications to pension and post-retirement employee benefit plans, new systems
        design and implementation costs and project startup costs) or other fees relating to any of the foregoing;

       

      (r)          (i) any net realized loss resulting from fair value accounting required by FASB ASC 815 (including as a result of the mark-to-market of obligations of Hedge
        Agreements and other derivative instruments), (ii) any net realized loss resulting in such period from currency translation losses related to currency re-measurements of Indebtedness and (iii) the amount of loss resulting in such period from a sale
        of receivables, payment intangibles and related assets in connection with a receivables financing; and

       

      (s)        cash receipts (or any netting arrangements resulting in reduced cash expenses) not included in Consolidated EBITDA in any period to the extent non-cash gains relating
        to such receipts were deducted in the calculation of Consolidated EBITDA pursuant to the below for any previous period and not added back,

       

      

      
        13

        
          

      

      minus, to the extent reflected as income or a gain in the statement of such Consolidated Net Income for such period, the sum, without duplication, of:

       

      (A)        the amount of cash received in such period in respect of any non-cash income or gain in a prior period (to the extent such non-cash income or gain previously increased
        Consolidated Net Income in a prior period);

       

      (B)       net realized gains relating to mark-to-market of amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including net realized gains
        from exchange rate fluctuations on intercompany balances and balance sheet items, net of realized losses from related Hedge Agreements); and

       

      (C)         (i) any net realized gain resulting from fair value accounting required by FASB ASC 815 (including as a result of the mark-to-market of obligations of Hedge
        Agreements and other derivative instruments), (ii) any net realized gain resulting in such period from currency translation gains related to currency re-measurements of Indebtedness and (iii) the amount of gain resulting in such period from a sale
        of receivables, payment intangibles and related assets in connection with a receivables financing;

       

      provided, that for purposes of calculating Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for any period, the Consolidated EBITDA of
        any Person or Properties constituting a division or line of business of any business entity, division or line of business, in each case, acquired by Holdings, the Borrower or any of the Restricted Subsidiaries during such period and assuming any
        synergies, cost savings and other operating improvements to the extent determined by the Borrower in good faith to be reasonably anticipated to be realizable within 18 months following such acquisition, or of any Subsidiary designated as a
        Restricted Subsidiary during such period, shall be included on a pro forma basis for such period (but assuming the consummation of such acquisition or such designation, as the case may be, occurred on the first day of such period); provided, further, any expected or anticipated synergies, cost savings and other operating improvements added back pursuant to the
        preceding proviso or clause (n) above shall not exceed, in the aggregate, (a) for the periods ending on or prior to June 30, 2020, $125,000,000 minus the amount of actual benefits realized during the
        period commencing January 1, 2019 through the end of the applicable reporting period from such synergies, cost savings and other operating improvements to the extent already included in the Consolidated Net Income for such period and (b) for all
        reporting periods thereafter, 30% of Consolidated EBITDA (in each case, calculated prior to giving effect to such addbacks) for such periods.  With respect to each joint venture or minority investee of the Borrower or any of its Restricted
        Subsidiaries, for purposes of calculating Consolidated EBITDA, the amount of EBITDA (calculated in accordance with this definition) attributable to such joint venture or minority investee, as applicable, that shall be counted for such purposes
        (without duplication of amounts already included in Consolidated Net Income) shall equal the product of (x) the Borrower’s or such Restricted Subsidiary’s direct and/or indirect percentage ownership of such joint venture or minority investee and
        (y) the EBITDA (calculated in accordance with this definition) of such joint venture or minority investee.

       

      Unless otherwise qualified, all references to “Consolidated EBITDA” in this Agreement shall refer to Consolidated EBITDA of the Borrower.

       

      Consolidated EBITDA shall be deemed to be $223,400,000 for the fiscal quarter ended September 30, 2015, $126,800,000 for the fiscal quarter ended December 31, 2015, $69,700,000 for the fiscal quarter ended March 31,
        2016 and $86,100,000 for the fiscal quarter ended June 30, 2016.

       

      

      “Consolidated Net First Lien Leverage”:  at any date, (a) the aggregate principal amount of all senior secured Funded Debt of the
        Borrower and its Restricted Subsidiaries on such date that is 

       

      
        14

        
          

      

      secured by a lien on the Collateral (unless the lien securing such Funded Debt is junior or subordinated to the liens of the Lenders with respect to the ABL Facility First Priority Collateral and the Liens of the
        lenders under any Term Pari Passu Obligations), minus (b) Unrestricted Cash on such date, in each case determined on a consolidated basis in accordance with GAAP.

       

      “Consolidated Net First Lien Leverage Ratio”:  as of any date of determination, the ratio of (a) Consolidated Net First Lien Leverage on
        such date to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period.

       

      “Consolidated Net Income”:  of any Person for any period, shall mean the consolidated net income (or loss) of such Person and its
        Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Borrower and its
        consolidated Restricted Subsidiaries for any period:

       

      (a)          the income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or is merged into or consolidated with the Borrower or any of its
        Restricted Subsidiaries shall be excluded;

       

      (b)        the income (or loss) of any Person that is not a subsidiary of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of
        accounting shall be excluded, except to the extent of dividends, return of capital or similar distributions actually received by such Person or its Restricted Subsidiaries (which dividends, return of capital and distributions shall be included in
        the calculation of Consolidated Net Income);

       

      (c)          (i) any net unrealized gains and losses resulting from fair value accounting required by FASB ASC 815 (including as a result of the mark-to-market of obligations of
        Hedge Agreements and other derivative instruments) and (ii) any net unrealized gains and losses resulting in such period from currency translation losses (or similar charges) related to currency re-measurements of Indebtedness or other liabilities
        or from currency fluctuations, in each case shall be excluded;

       

      (d)          any net unrealized gains and losses relating to mark-to-market of amounts denominated in foreign currencies resulting from the application of FASB ASC 830 (including
        net unrealized gain and losses from exchange rate fluctuations on intercompany balances and balance sheet items) shall be excluded;

       

      (e)          the cumulative effect of a change in accounting principles during such period shall be excluded;

       

      (f)          non-cash interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition” shall be
        excluded;

       

      (g)          any charges resulting from the application of FASB ASC 805 “Business Combinations,” FASB ASC 350 “Intangibles—Goodwill and Other,” FASB ASC 360-10-35-15 “Impairment
        or Disposal of Long-Lived Assets,” FASB ASC 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” or FASB ASC 820 “Fair Value Measurements and Disclosures” shall be excluded;

       

      (h)         effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such person and its subsidiaries) in component amounts required
        or 

      

       

      

      
        15

        
          

      

      
        permitted by GAAP, resulting from the application of purchase accounting or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded;

         

      

      (i)         any income (or loss) for such period attributable to the early extinguishment or buy-back of indebtedness, Hedge Agreements or other derivative instruments shall be
        excluded;

       

      (j)          any non-cash charges for deferred tax asset valuation allowances shall be excluded;

       

      (k)          any other non-cash charges (including goodwill or asset impairment charges), expenses or losses, including write-offs and write-downs (including in respect of
        unamortized debt issuance costs and deferred financing fees) and any non-cash cost related to the termination of any employee pension benefit plan (except to the extent such charges, expenses or losses represent an accrual of or reserve for cash
        expenses in any future period or an amortization of a prepaid cash expense paid in a prior period) shall be excluded;

       

      (l)          non-cash stock-based and other equity-based compensation expenses (including those realized or resulting from stock option plans, employee benefit plans,
        post-employment benefit plans, grants of sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights) shall be excluded;

       

      (m)         the Transaction Costs shall be excluded;

       

      (n)          any losses in respect of equity earnings for such period (other than in respect of losses from equity in affiliates) shall be excluded; and

       

      (o)          gains and losses from the Specified Dispositions and the consolidated net income (or loss) of any Person or Properties constituting a division or line of business of
        any business entity, division or line of business or fixed asset, in each case, Disposed of, abandoned, closed or discontinued by Holdings, the Borrower or any of the Restricted Subsidiaries during such period other than in the ordinary course of
        business, or of any Subsidiary designated as an Unrestricted Subsidiary during such period, shall be excluded for such period (assuming the consummation of such Disposition or such designation, as the case may be, occurred on the first day of such
        period).

       

      Unless otherwise qualified, all references to “Consolidated Net Income” in this Agreement shall refer to Consolidated Net Income of the Borrower.

       

      “Consolidated Net Interest Expense”:  of any Person for any period, (a) the sum of (i) total cash interest expense (including that
        attributable to Capital Lease Obligations) of such Person and its Restricted Subsidiaries for such period with respect to all outstanding Indebtedness of such Person and its Restricted Subsidiaries, plus (ii) all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Capital Stock of such Person made during such period, minus
        (b) the sum of (i) total cash interest income of such Person and its Restricted Subsidiaries for such period (excluding any interest income earned on receivables due from customers), in each case determined in accordance with GAAP, plus (ii) any one time financing fees (to the extent included in such Person’s consolidated interest expense for such period), including, with respect to the Borrower, those paid in connection
        with the Loan Documents or in connection with any amendment thereof.  Unless otherwise qualified, all references to “Consolidated Net Interest Expense” in this Agreement shall refer to
        Consolidated Net Interest Expense of the Borrower and its Restricted Subsidiaries.  For purposes of the foregoing, interest expense shall be determined after giving effect to any net payments actually made or received by the Borrower or any
        Subsidiary with respect to interest rate Hedge Agreements.

       

      
        16

        
          

      

      “Consolidated Net Secured Leverage”: at any date, (a) the aggregate principal amount of all senior secured Funded Debt of the Borrower
        and its Restricted Subsidiaries on such date, minus (b) Unrestricted Cash on such date, in each case determined on a consolidated basis in accordance with GAAP.

       

      “Consolidated Net Secured Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated Net Secured Leverage on such
        date to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period.

       

      “Consolidated Net Total Leverage”: at any date, (a) the aggregate principal amount of all Funded Debt of the Borrower and its Restricted
        Subsidiaries on such date, minus (b) Unrestricted Cash on such date, in each case determined on a consolidated basis in accordance with GAAP.

       

      “Consolidated Net Total Leverage Ratio”:  as of any date of determination, the ratio of (a) Consolidated Net Total Leverage on such date
        to (b) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period.

       

      “Consolidated Total Assets”: at any date, the total assets of the Borrower and its Restricted Subsidiaries, determined on a consolidated
        basis in accordance with GAAP, as shown on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries for the most recently completed fiscal quarter for which financial statements have been delivered pursuant to Section 6.1, or prior to the first such delivery, the pro forma financial statements referred to in Section 5.1(o),
        determined on a pro forma basis.

       

      “Contractual Obligation”:  as to any Person, any provision of any security issued by such Person or of any written or recorded agreement,
        instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound.

       

      “Control Account”:  a Securities Account or Commodity Account (as defined in the Guarantee and Collateral Agreement) that is the subject
        of an effective Securities Account Control Agreement and that is maintained by any Loan Party with an Approved Securities Intermediary.  “Control Account” includes all Financial Assets
        held in a Securities Account or a Commodity Account and all certificates and instruments, if any, representing or evidencing the Financial Assets contained therein.

       

      “Cost of Funds”:  with respect to any Local Fronting Lender, the rate of interest which reflects the cost to such Local Fronting Lender
        of obtaining funds of the type utilized to fund any extension of credit to the relevant Borrower hereunder in the local market for the period during which such extension of credit is outstanding.

       

      “Cure Amount”: as defined in Section 8.2(a).

       

      “Cure Right”: as defined in Section 8.2(a).

       

      “Currency Sublimit”: with respect to any Local Fronting Lender, the amount from time to time equal to the
        amount of Dollars set forth under the heading “Currency Sublimit” on Schedule 2.4(b) as the same may be or may be deemed to be modified from time to time in
        accordance with the terms of this Agreement; collectively as to all Local Fronting Lenders, the “Currency Sublimits”.

       

      “Customary Permitted Liens”: means Liens permitted by clauses (a), (b), (c)(i), (d) and (e) of Section

            7.3.

       

      

       “Debt Fund Affiliate”: means any Affiliate of a Person that is primarily engaged in, or advises funds or other investment vehicles that are engaged in,
        making, purchasing, holding or otherwise 

       

      

      
        17

        
          

      

      investing in commercial loans, bonds and similar extensions of credit or securities in the ordinary course and with respect to which such Person does not, directly or indirectly, possess the power to direct or cause
        the direction of the investment policies of such Affiliate.

       

      “Debtor Relief Laws”: means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy,
        assignment for the benefit of creditors, moratorium, rearrangement (including any arrangement provisions of the Canada Business Corporations Act (Canada) or any other applicable corporation legislation under the laws of any Province or Territory of
        Canada), receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

       

      “Default”:  any of the events specified in Section 8.1, whether or not any requirement
        for the giving of notice, the lapse of time, or both, has been satisfied.

       

      “Defaulting Lender”: means, subject to Section 2.7(a), any Lender that

       

      (a)          has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender
        notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default,
        shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in
        respect of its participation in Letters of Credit, Swingline Loans or Protective Advances) within two Business Days of the date when due,

       

      (b)          has notified the Borrower, a Local Borrowing Subsidiary, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to
        comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
        Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),

       

      (c)          has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the
        Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or

       

      (d)          has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver,
        custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or
        federal regulatory authority acting in such a capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the
        ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the
        jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit 

      

       

      
        18

        
          

      

       such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

       

      

      Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d)
        above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.7(a)) upon delivery of written notice of such determination
        to the Borrower, each Issuing Lender, each Swingline Lender and each Lender.

       

      “Deposit Account”: as defined in the UCC.

       

      “Deposit Account Bank”: a financial institution selected by a Loan Party and reasonably satisfactory to the
        Administrative Agent.

       

      “Deposit Account Control Agreement”: as defined in the Guarantee and Collateral Agreement.

       

      “Designated Additional Obligation Pari Passu Distribution Amount”: as defined in Section 9.12(c).

       

      “Designated Hedge Pari Passu Distribution Amount”:  as defined in Section 9.12(b).

       

      “Designated Jurisdiction”: any country or territory that is the target of comprehensive Sanctions (as of the date of this Agreement,
        Iran, Sudan, Syria, Cuba, North Korea, and Crimea).

       

      “Designated Non-cash Consideration”: the Fair Market Value of non-cash consideration received by the Borrower or one of its Restricted
        Subsidiaries in connection with a Disposition that is so designated as Designated Non-cash Consideration pursuant to an officer’s certificate, setting forth the basis of such valuation, less the amount of cash and Cash Equivalents received in
        connection with a subsequent sale of such Designated Non-cash Consideration within 180 days of receipt thereof.

       

      “Designated Term Loan Agent”: as defined in the ABL Intercreditor Agreement.

       

      “Designation Date”:  as defined in Section 2.26(f).

       

      “Dilution”: as of any date of determination, a percentage concerning dilution of Accounts of the Loan Parties as set forth in the most
        recent field examination with respect to Eligible Receivables included in the Borrowing Base without duplication of any exclusion from the definition of “Eligible Receivables,” during the 12 month period covered by such report.

       

      “Dilution Reserve”: effective as of five Business Days after the date of written notice of any determination thereof to the Company by
        the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), an amount equal to (a) if Dilution is less than or equal to five percent (5%), $0, and (b) if Dilution is greater than five percent
        (5%), an amount determined by the Administrative Agent in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, not to exceed the amount sufficient to reduce the
        advance rate against Eligible Receivables set forth in the definition of the Tranche A Borrowing Base and the Tranche B Borrowing Base by one percentage point in the aggregate for each percentage point by which Dilution is in excess of five percent
        (5%).

       

      “Disinterested Director”:  as defined in Section 7.9.

       

      
        19

        
          

      

      “Disposition”:  with respect to any Property, any sale, sale and leaseback, assignment, conveyance, transfer or other disposition
        thereof, in each case, to the extent the same constitutes a complete sale, sale and leaseback, assignment, conveyance, transfer or other disposition, as applicable.  The terms “Dispose”
        and “Disposed of” shall have correlative meanings.

       

      “Disqualified Capital Stock”:  Capital Stock that (a) requires the payment of any dividends (other than dividends payable solely in
        shares of Qualified Capital Stock), (b) matures or is mandatorily redeemable or subject to mandatory repurchase or redemption or repurchase at the option of the holders thereof (other than solely for Qualified Capital Stock), in each case in whole
        or in part and whether upon the occurrence of any event, pursuant to a sinking fund obligation on a fixed date or otherwise (including as the result of a failure to maintain or achieve any financial performance standards) or (c) are convertible or
        exchangeable, automatically or at the option of any holder thereof, into any Indebtedness, Capital Stock or other assets other than Qualified Capital Stock, in the case of each of clauses (a), (b) and (c), prior to the date that is 91 days after the Latest Maturity Date in effect on the date such Capital Stock is issued (other than (i) upon payment
        in full of the Obligations (other than (x) indemnification and other contingent obligations not yet due and owing and (y) obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional
        Obligations) or (ii) upon a “change in control”; provided, that any payment required pursuant to this clause (ii) is subject to the prior
        repayment in full of the Obligations (other than (x) indemnification and other contingent obligations not yet due and owing and (y) obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional
        Obligations) that are then accrued and payable and the termination of the Commitments); provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of Holdings, the Borrower or the Subsidiaries or by any such plan to such employees,
        such Capital Stock shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by Holdings, the Borrower or a Subsidiary in order to satisfy applicable statutory or regulatory obligations or as a result of
        such employee’s termination, death or disability.

       

      “Disqualified Institution”:  (i) those institutions identified by the Borrower in writing to the Administrative Agent or prior to June
        16, 2016 and (ii) business competitors of Holdings and its Subsidiaries identified by Borrower in writing to the Administrative Agent from time to time and, in the case of clauses (i) and (ii) any known Affiliates readily identifiable by name (other than, in the case of clause (ii), any Debt Fund Affiliates).  A list of the Disqualified
        Institutions will be posted by the Administrative Agent on the Platform and available for inspection by all Lenders.  Any designation of Disqualified Institutions by the Borrower at any time after the Closing Date in accordance with the foregoing
        shall not apply retroactively to disqualify any Person that has previously acquired an assignment or participation interest in any Facility.

       

      “Do not have Unreasonably Small Capital”: the Borrower and its Subsidiaries taken as a whole after consummation of the Transactions is a
        going concern and has sufficient capital to reasonably ensure that it will continue to be a going concern for the period from the date hereof through the Latest Maturity Date.

       

      “Dollar Equivalent”: at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount
        denominated in any Permitted Foreign Currency, the equivalent amount thereof in Dollars at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Permitted Foreign
        Currency.

       

      “Dollars” and “$”:  dollars in lawful currency of the United States.

       

      
        20

        
          

      

      “Domestic Subsidiary”:  any direct or indirect Restricted Subsidiary that (i) is organized under the laws of any jurisdiction within the
        United States and (ii) is not a direct or indirect Subsidiary of a Foreign Subsidiary.

       

      “Draft”: a draft that is (a) in a form customary in the relevant jurisdiction for acceptance and discount as a bankers’ acceptance, (b)
        otherwise reasonably acceptable in form and substance to the relevant Local Fronting Lender, (c) stated to mature on the date which is 30, 60, 90 or 180 days after the date thereof (or such other maturity as is agreeable to the relevant Local
        Fronting Lender, in its sole discretion) and (d) duly completed and executed by the relevant Local Borrowing Subsidiary.

       

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

       

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

       

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

       

      “Eligibility Reserve”: effective as of five Business Days after the date of written notice of any
        determination thereof to the Company by the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in
        accordance with customary business practices for comparable asset-based transactions, may from time to time establish, against the gross amounts of Eligible Receivables, Eligible Inventory, Eligible Equipment and Eligible Real Property to reflect
        risks or contingencies arising after the Closing Date that may adversely affect any one or more class of such items and that have not already been taken into account in the calculation of the Tranche A Borrowing Base
        and the Tranche B Borrowing Base; provided that no such Eligibility Reserve will be established with respect to such matters that have been taken into account in the determination of any
        Dilution Reserve or Availability Reserve; provided, further, that any Eligibility Reserve with respect to the Tranche A
        Borrowing Base shall not be duplicative of (but may be additive to) any Eligibility Reserve with respect to the Tranche B Borrowing Base and any Eligibility Reserve with respect to the Tranche B Borrowing Base shall not be duplicative of (but may
        be additive to) any Eligibility Reserve with respect to the Tranche A Borrowing Base.  For the avoidance of doubt, Eligibility Reserves shall not be established in respect of any dilution risks or contingencies, which shall be reserved against by
        way of Dilution Reserves.

       

      “Eligible Assignee”: any Person that meets the requirements to be an assignee under Section 10.6(b)
        (subject to receipt of such consents, if any, as may be required for the assignment of the applicable Loan or Commitment to such Person under Section 10.6(b)(i)).

       

      “Eligible Bulk Inventory”: the Eligible Inventory of the Company or any Subsidiary Guarantor consisting of
        “Bulk,” as defined in Exhibit Q.

       

      “Eligible Equipment”: the Equipment of the Company or any Subsidiary Guarantor:

       

      (a)          that is owned solely by the Company or such Subsidiary Guarantor;

       

      
        21

        
          

      

      (b)          with respect to which the Collateral Agent has a valid, perfected and enforceable first-priority Lien (subject to Liens permitted under Section 7.3);

       

      (c)         with respect to which no representation or warranty contained in any Loan Document has been breached in any material respect (unless otherwise agreed by the Administrative Agent);

       

      (d)         that is not, in the Administrative Agent’s sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, obsolete or
        unmerchantable; and

       

      (e)          that the Administrative Agent deems to be Eligible Equipment, based on such credit and collateral considerations as the Administrative Agent may, in its sole discretion exercised
        reasonably and in accordance with customary business practices for comparable asset-based transactions, deem appropriate.

       

      No Equipment of the Company or any Subsidiary Guarantor shall be Eligible Equipment if such Equipment is located, stored, used or held at the premises of a third party unless (i) the Administrative Agent shall have
        received a Landlord Waiver or Bailee’s Letter or (ii) an Eligibility Reserve reasonably satisfactory to the Administrative Agent shall have been established with respect thereto; provided,
        however, that no such exclusion from Eligible Equipment on the basis of this sentence shall be in effect during the first 60 days after the Closing Date (or
        such later date as the Administrative Agent may agree in its sole discretion).

       

      “Eligible Finished Goods”: the Eligible Inventory of the Company or any Subsidiary Guarantor that is
        classified, consistent with past practice, on the Company’s or such Subsidiary Guarantor’s accounting system as “finished goods” (including tote).

       

      “Eligible Inventory”: the Inventory of the Company or any Subsidiary
        Guarantor (other than any Inventory that has been consigned by the Company or such Subsidiary Guarantor) including raw materials, work-in-process, finished goods (including tote), parts and supplies:

       

      (a)          that is owned solely by the Company or such Subsidiary Guarantor;

       

      (b)          with respect to which the Collateral Agent has a valid, perfected and enforceable first-priority Lien (subject to Customary Permitted
        Liens and other Liens approved by the Administrative Agent);

       

      (c)         with respect to which no representation or warranty contained in any Loan Document has been breached in any material respect (unless otherwise agreed by the
        Administrative Agent);

       

      (d)         that is not, in the Administrative Agent’s sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based
        transactions, obsolete or unmerchantable (after taking into account, without duplication, slow-moving obsolete inventory deducted from the calculation of the perpetual inventory at standard cost of such Inventory, as applicable);

       

       (e)          with respect to which (in respect of any Inventory labeled with a brand name or trademark and sold by the Company or any Subsidiary Guarantor pursuant to
        a trademark owned by the Company or such Subsidiary Guarantor or a license granted to the Company or such Subsidiary Guarantor) the Collateral Agent would have rights under such
        trademark or license 

       

      

      
        22

        
          

      

       pursuant to the Guarantee and Collateral Agreement or other agreement reasonably satisfactory to the Administrative Agent to sell such Inventory in connection with a liquidation thereof;

       

      

      (f)        that is located (i) in the United States, the United Kingdom and, at the Company’s option, in Puerto Rico or Canada, or (ii) if acceptable to the Administrative Agent
        in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, other jurisdictions (provided, however, that, without the consent of the Required Lenders, the aggregate amount of the Tranche A Borrowing Base and Tranche B Borrowing Base consisting of Eligible Inventory under this clause (f)(ii) and Eligible Receivables under clause (f)(ii) of the definition of “Eligible Receivables”
        attributable to such other jurisdictions, excluding, for the avoidance of doubt, Puerto Rico and Canada, shall not exceed $60,000,000 at any time); and

       

      (g)         that the Administrative Agent deems to be Eligible Inventory based on such credit and collateral considerations as the Administrative Agent may, in its sole
        discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, deem appropriate.

       

      No Inventory of the Company or any Subsidiary Guarantor shall be Eligible Inventory if such Inventory consists of:

       

      (i)          goods returned or rejected by customers other than goods that are undamaged or are resalable in the normal course of business;

       

      (ii)          goods to be returned to suppliers;

       

      (iii)        goods in transit; or

       

      (iv)       goods located, stored, used or held at the premises of a third party unless (A) the Administrative Agent shall have received a Landlord Waiver or Bailee’s Letter or
        (B) an Eligibility Reserve reasonably satisfactory to the Administrative Agent shall have been established with respect thereto; provided, however, that no such exclusion from Eligible Inventory on the basis of this clause (iv) shall be in effect during the first 60 days after the Closing
        Date (or such longer date as the Administrative Agent may agree in its sole discretion).

       

      “Eligible Prime Finished Goods”: Eligible Finished Goods of the Company or
        any Subsidiary Guarantor (other than Eligible Special Markets Inventory and Eligible Tote Stores Inventory) that are not discontinued, damaged or returned and unsuitable for sale to the Company’s or such Subsidiary
        Guarantor’s primary retail customers.

       

      “Eligible Raw Materials”: the Eligible Inventory of the Company or any
        Subsidiary Guarantor (other than Eligible Bulk Inventory) that is classified, consistent with past practice, on the Company’s or such Subsidiary Guarantor’s accounting system as “raw
          materials,” “components,” “supplies” or “packaging”.

       

      “Eligible Real Property”: any parcel of owned Real Property in the United States owned by the Company or any Subsidiary Guarantor as to which each of the following conditions has been satisfied at such time:

       

      (a)          (i) a valid and enforceable first-priority Lien on such parcel of Real Property (subject to Customary Permitted Liens and other Liens
        approved by the Administrative Agent) shall

       

      
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      have been granted by the Company or such Subsidiary Guarantor in favor of the Collateral Agent pursuant to a Mortgage and (ii) such Lien shall be in full force and
        effect in favor of the Collateral Agent at such time;

       

      

      (b)         except as otherwise permitted by the Administrative Agent, the Administrative Agent and, where applicable, the relevant title insurance company shall have received in
        form and substance reasonably satisfactory to the Administrative Agent, all Mortgage Supporting Documents in respect of such parcel;

       

      (c)         the Administrative Agent shall have received an Appraisal with respect to such parcel of Real Property in form and substance reasonably satisfactory to the
        Administrative Agent (which shall include the requirement that such Appraisal be compliant with the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and performed by an appraiser that is reasonably satisfactory to the
        Administrative Agent;

       

      (d)        no condemnation or taking by eminent domain shall have occurred nor shall any notice of any pending or threatened condemnation or other proceeding against such parcel
        of Real Property been delivered to the owner or lessee of such parcel of Real Property that would materially adversely affect the use, operation or value of such parcel of Real Property;

       

      (e)         the mortgagor under the relevant Mortgage encumbering such parcel of Real Property shall comply in all material respects with the terms of such Mortgage (taking into
        account any applicable grace periods provided therein); and

       

      (f)         the mortgagor has provided to the Administrative Agent evidence of flood hazard insurance if any portion of the improvements on the owned Real Property is currently
        or at any time in the future identified by the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (and any amendment or
        successor act thereto) or otherwise being designated as a “special flood hazard area or part of a 100 year flood zone”, in an amount equal to 100% of the full replacement cost of the improvements; provided, however, that a portion of such flood hazard insurance may be obtained under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of
        1973 or the National Flood Insurance Reform Act of 1994, as each may be amended.

       

      “Eligible Receivable”: the gross outstanding balance of each Account of the Company or any Subsidiary
        Guarantor arising out of the sale of merchandise, goods or services in the ordinary course of business, that is made by the Company or such Subsidiary Guarantor to a Person that is not an Affiliate of the Company (a “Receivable”) and that constitutes ABL Facility First Priority Collateral in which the Collateral Agent has a valid, perfected and enforceable first
        priority Lien; provided, however, that an Account shall not be an “Eligible

          Receivable” if any of the following shall be true:

       

      (a)          (i) the sale represented by such Account (other than with respect to seasonal dating or promotional sales) is to an Account Debtor and such Account is the earlier of
        (x) 90 days past the original invoice date thereof and (y) 60 days past due or (ii) the sale represented by such Account is with respect to seasonal dating or promotional sales and such Account is 120 days past the original invoice date thereof; or

       

      (b)          any representation or warranty contained in this Agreement or any other Loan Document with respect to such specific Account is not true and correct with respect to
        such Account

       

      
        24

        
          

      

      in any material respect (or if qualified by materiality, in all respects) (unless otherwise agreed by the Administrative Agent); or

       

      

      (c)          the Account Debtor on such Account has disputed liability or made any claim with respect to any other Account due from such Account Debtor to the Company or such Subsidiary Guarantor but only to the extent of such dispute or claim; or

       

      (d)          the Account Debtor on such Account has (i) filed a petition for bankruptcy or any other relief under the Bankruptcy Code or any other law relating to bankruptcy,
        insolvency, reorganization or relief of debtors, (ii) made an assignment for the benefit of creditors, (iii) had filed against it any petition or other application for relief under any Debtor Relief Law, (iv) failed,
        suspended business operations, become insolvent, called a general meeting of its creditors for the purpose of obtaining any financial concession or accommodation or (v) had or suffered a receiver or a trustee to be appointed for all or a
        significant portion of its assets or affairs and, in each case, such event is continuing; or

       

      (e)          the Account Debtor on such Account or any of its Affiliates is also a supplier to or creditor of the Company or such Subsidiary
        Guarantor unless such supplier or creditor has executed a no offset letter satisfactory to the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based
        transactions; or

       

      (f)         the sale represented by such Account is to an Account Debtor with a principal place of business located outside the United States, the
        United Kingdom, or, at the Company’s option Puerto Rico or Canada, unless

       

      (i)         the sale is on letter of credit or acceptance terms acceptable to the Administrative Agent, in its sole discretion exercised reasonably and in accordance with
        customary business practices for comparable asset-based transactions and (A) such letter of credit names the Collateral Agent as beneficiary for the benefit of the Secured Parties or (B) the issuer of such letter of credit has consented to the
        assignment of the proceeds thereof to the Collateral Agent or

       

      (ii)       such sale is to an Account Debtor located in another jurisdiction acceptable to the Administrative Agent in its sole discretion exercised reasonably and in accordance
        with customary business practices for comparable asset-based transactions;

       

      provided, however, that, without the consent of the Required Lenders, the
        aggregate amount of the Tranche A Borrowing Base and Tranche B Borrowing Base consisting of Eligible Receivables under this clause (f)(ii) and Eligible Inventory under clause (f)(ii) of the definition of “Eligible Inventory” attributable to such other jurisdictions, excluding, for the
        avoidance of doubt, Canada or Puerto Rico, shall not exceed $60,000,000 at any time; or

       

      (g)          the sale to such Account Debtor on such Account is on a bill on hold, guaranteed sale, sale and return, sale on approval or consignment basis; or

       

      (h)         such Account is subject to a Lien in favor of any Person other than the Collateral Agent for the benefit of the Secured Parties (other than Customary

        Permitted Liens and other Liens approved by the Administrative Agent); or

       

      (i)         such Account is subject to any deduction, offset, counterclaim, return privilege or other conditions other than volume sales discounts given in the ordinary course of
        the Company’s 

       

      
        25

        
          

      

      business; provided, however, that such Account shall be ineligible pursuant
        to this clause (i) only to the extent of such deduction, offset, counterclaim, return privilege or other condition; or

      (j)        the Account Debtor on such Account is located in any State of the United States requiring the holder of such Account, as a precondition to commencing or maintaining
        any action in the courts of such State either to (i) receive a certificate of authorization to do business in such State or be in good standing in such State or (ii) file a Notice of Business Activities Report with the appropriate office or agency
        of such State, in each case unless the holder of such Account has received such a certificate of authority to do business, is in good standing or, as the case may be, has duly filed such a notice in such State; or

       

      (k)        the sale represented by such Account is denominated in a currency other than Dollars, Pounds, Euros, Canadian Dollars or such other
        currency acceptable to the Administrative Agent in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions; or

       

      (l)        such Account is not evidenced by an invoice or other writing in form acceptable to the Administrative Agent, in its sole discretion exercised reasonably; or

       

      (m)       the Company or such Subsidiary Guarantor, in order to be entitled to collect such Account, is required to perform any additional service
        for, or perform or incur any additional obligation to, the Person to whom or to which it was made; or

       

      (n)         (i)         with respect to any Account Debtor with a corporate credit rating of A- or higher from S&P or A3 or higher from Moody’s, the total Accounts of such
        Account Debtor to the Company or such Subsidiary Guarantor that would otherwise constitute Eligible Receivables but for the application of this clause (n) represent more
        than 35% of the Eligible Receivables of the Company and the Subsidiary Guarantors at such time,

       

      (ii)         with respect to any Account Debtor with a corporate credit rating lower than A- but BBB- or higher from S&P or lower than A3 but Baa3 or higher from Moody’s, the
        total Accounts of such Account Debtor to the Company or such Subsidiary Guarantor that would otherwise constitute Eligible Receivables but for the application of this clause (n)
        represent more than 25% of the Eligible Receivables of the Company and the Subsidiary Guarantors at such time or

       

      (iii)       with respect to any Account Debtor with a corporate credit rating lower than BBB- or no rating from S&P or lower than Baa3 or no rating from Moody’s, the total
        Accounts of such Account Debtor to the Company or such Subsidiary Guarantor that would otherwise constitute Eligible Receivables but for the application of this clause (n)
        represent more than 15% of the Eligible Receivables of the Company and the Subsidiary Guarantors at such time, but in each case, only to the extent of such excess;

       

      provided, however, that (A) at the sole discretion of the Administrative
        Agent exercised reasonably and in accordance with customary business practices for comparable asset-based transactions, the total Accounts of CVS Caremark Corporation, collectively, as Account Debtors to the Company or any Subsidiary Guarantor that
        would otherwise constitute Eligible Receivables but for the application of this clause (n) may represent up to, but not to exceed, 30% of the Eligible Receivables of the Company and the Subsidiary
        Guarantors at such time, (B) for purposes of this clause (n), any parent entity of an Account Debtor may satisfy the corporate credit rating conditions in respect of such Account Debtor; provided that if both an Account Debtor and the parent of an 

       

      
        26

        
          

      

       Account Debtor have corporate credit ratings, the corporate credit rating of the Account Debtor shall govern and (C) in the event of any change to an applicable corporate credit rating scale after
        the Closing Date, each reference in this clause (n) to a corporate credit rating shall be adjusted to the corporate rating under such changed corporate credit rating scale that is equivalent to such
        corporate credit rating referred to in this clause (n) as of the Closing Date (for the avoidance of doubt, corporate credit ratings of an Account Debtor shall be determined on the applicable date of
        determination); or

       

      

      (o)        the Administrative Agent, in accordance with its customary criteria, determines, in its sole discretion exercised reasonably and in accordance with customary business
        practices for comparable asset-based transactions, deem appropriate, that such Account might not be paid or is otherwise ineligible.

       

      “Eligible Special Markets Inventory”: Eligible Finished Goods of the Company
        or any Subsidiary Guarantor consisting of finished goods for “Special Markets,” as defined in Exhibit Q.

       

      “Eligible Tote Stores Inventory”: Eligible Finished Goods of the Company or
        any Subsidiary Guarantor consisting of “Tote Stores,” as defined in Exhibit Q.

       

      “Eligible Work-in-Process Inventory”: a class of Eligible Inventory consisting of the Eligible Inventory of the Company or any Subsidiary Guarantor that is classified, consistent with past practice, on the Company’s or such Subsidiary Guarantor’s accounting system as “work-in-process”.

       

      “Entitlement Holder” as defined in the UCC.

       

      “Entitlement Order” as defined in the UCC.

       

      “Environmental Laws”:  any and all laws, rules, orders, regulations, statutes, ordinances, codes or decrees (including principles of
        common law) of any international authority, foreign government, the United States, or any state, provincial, local, municipal or other Governmental Authority, regulating, relating to or imposing liability or standards of conduct concerning
        pollution, the preservation or protection of the environment, natural resources or human health and safety (as related to Releases of or exposure to Materials of Environmental Concern), as have been, are now, or at any time hereafter are, in
        effect.

       

      “Environmental Liability”:  any liability, claim, action, suit, judgment or order under or relating to any Environmental Law for any
        damages, injunctive relief, losses, fines, penalties, fees, expenses (including reasonable fees and expenses of attorneys and consultants) or costs, whether contingent or otherwise, to the extent arising from or relating to:  (a) non-compliance
        with any Environmental Law or any permit, license or other approval required thereunder, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Materials of Environmental Concern, (c) exposure to any Materials of
        Environmental Concern, (d) the Release or threatened Release of any Materials of Environmental Concern, (e) any investigation, remediation, removal, clean-up or monitoring required under Environmental Laws or required by a Governmental Authority
        (including without limitation Governmental Authority oversight costs that the party conducting the investigation, remediation, removal, clean-up or monitoring is required to reimburse) or (f) any contract, agreement or other consensual arrangement
        pursuant to which any Environmental Liability under clause (a) through (e) above is assumed or imposed.

       

      “Equipment”: as defined in the UCC.

       

      “Equity Issuance”:  any issuance by the Borrower or any Restricted Subsidiary of its Capital Stock in a public or private offering.

       

      
        27

        
          

      

      “ERISA”:  the Employee Retirement Income Security Act of 1974, as amended from time to time.

       

      “Escrow Entity”:  any direct or indirect Subsidiary of the Borrower formed solely for the purposes of issuing any bonds, notes, term
        loans, debentures or other debt.

       

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

       

      “Eurocurrency Base Rate”:  for any Interest Period with respect to a Eurocurrency Loan, the rate per annum equal to (i) the London
        Interbank Offered Rate (the ICE Benchmark Administration Limited LIBOR Rate as published by Bloomberg or any other commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent from time to time, “LIBOR”) or a comparable or successor rate, which is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or other commercially available source providing
        quotations of LIBOR as may be designated by the Administrative Agent from time to time (or in the case of Local Loans which are Eurocurrency Loans in which the Revolving Lenders have not been requested to purchase a participating interest pursuant
        to Section 2.32(a), the relevant Local Fronting Lender)) at approximately 11:00 a.m., London time, two London Business Days prior to the commencement of such Interest Period, (or, with respect to
        Local Loans, such other time as is customary for the relevant jurisdiction) for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided that, if LIBOR shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement, or (ii) if such rate is not available at such time for any reason for such Interest
        Period (an “Impacted Interest Period”), then the Eurocurrency Base Rate shall be the Interpolated Rate; provided that, if any
        Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

       

      “Eurocurrency Loans”:  Loans, Local Loans or Acceptances, as context may require, and in each case, the rate of interest applicable to
        which is based upon the Eurocurrency Rate.

       

      “Eurocurrency Rate”:  with respect to each day during each Interest Period pertaining to a Eurocurrency Loan, a rate per annum determined
        for such day in accordance with the following formula:

       

      	
              Eurocurrency Base Rate

            
	
              1.00 - Eurocurrency Reserve Requirements

            

      

      

      ; provided, however, that the Eurocurrency Rate shall at no time be less than 1.75%.

      

      

      “Eurocurrency Reserve Requirements”:  for any day as applied to a Eurocurrency Loan, the aggregate (without duplication) of the maximum
        rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with
        respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System.

       

      “Eurocurrency Tranche”:  the collective reference to Eurocurrency Loans under a particular Facility the then current Interest Periods
        with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day).

       

      
        28

        
          

      

      “Event of Default”:  any of the events specified in Section 8.1; provided, that any requirement set forth therein for the giving of notice, the lapse of time, or both, has been satisfied.

       

      “Excess Availability”: at any time, (a) the Maximum Availability minus (b) the aggregate Revolving Extensions of Credit then outstanding.

       

      “Exchange Act”: the Securities Exchange Act of 1934, as amended.

       

      “Excluded Account”: as defined in the Guarantee and Collateral Agreement.

       

      “Excluded Collateral”:  as defined in Section 6.8(e);
        provided that the Borrower may designate in a written notice to the Administrative Agent any asset not to constitute “Excluded Collateral”, whereupon the Borrower shall be obligated to
        comply with the applicable requirements of Section 6.8 as if it were newly acquired.

       

      “Excluded Equity Securities”: (i) to the extent applicable law requires that any Subsidiary issue directors’ qualifying shares, such
        shares or nominee or other similar shares, (ii) Capital Stock of any first-tier Foreign Subsidiary or any Foreign Subsidiary Holding Company in excess of 66% of the voting Capital Stock of such entity, (iii) any Capital Stock of any Foreign
        Subsidiary that is not a first-tier Foreign Subsidiary, (iv) any Capital Stock in joint ventures or other entities in which the Loan Parties directly own 50% or less of the Capital Stock, (v) any Capital Stock in Unrestricted Subsidiaries, and (vi)
        any other Capital Stock owned on or acquired after the Closing Date (other than Capital Stock in a wholly owned Subsidiary) in accordance with this Agreement but only in the case of this clause (vi)
        if, and to the extent that, and for so long as granting a security interest or other Liens therein would violate applicable law or regulation or a shareholder agreement or other contractual obligation (in each case, after giving effect to Section
        9-406(d), 9-407(a) or 9-408 of the Uniform Commercial Code, if and to the extent applicable, and other applicable law) binding on such Capital Stock and not created in contemplation of such acquisition.

       

      “Excluded Real Property”: (a) any Real Property that is subject to a Lien expressly permitted by Section

            7.3(j) (solely to the extent that the Indebtedness secured by such Lien would prohibit a Lien on such Real Property to secure the Obligations) or Section 7.3(g) (solely to the extent
        securing Indebtedness under Sections 7.2(c) or 7.2(t)), (b) any Real Property with respect to which, in the reasonable judgment of the Borrower and the
        Administrative Agent, the cost of providing a mortgage on such Real Property in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom and (c) any Real Property
        to the extent providing a mortgage on such Real Property would (i) result in material adverse tax consequences to Holdings or the Borrower or any of its Restricted Subsidiaries as reasonably determined by the Borrower (provided, that any such designation of Real Property as Excluded Real Property shall be subject to the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed)),
        (ii) violate any applicable Requirement of Law, (iii) be prohibited by any applicable Contractual Obligations (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code) to the extent such prohibition
        was not created in contemplation of a mortgage on such Real Property or (iv) give any other party (other than a Loan Party or a wholly-owned Subsidiary) to any contract, agreement, instrument or indenture governing such Real Property the right to
        terminate its obligations thereunder (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law) to the extent such right was not created in contemplation of a mortgage on such
        Real Property; provided that the Borrower may designate in a written notice to the Administrative Agent any Real Property not to constitute “Excluded Real Property”, whereupon the
        Borrower shall be obligated to comply with the applicable requirements of Section 6.8 as if it were newly acquired.

       

      “Excluded Subsidiary”:  any Subsidiary that is

       

      
        29

        
          

      

      (a)          an Unrestricted Subsidiary,

       

      (b)          not wholly owned directly by the Borrower or one or more of its wholly owned Restricted Subsidiaries,

       

      (c)          an Immaterial Subsidiary,

       

      (d)          a Foreign Subsidiary Holding Company,

       

      (e)          established or created pursuant to Section 7.7(p) and meeting the requirements of the proviso thereto; provided, that such Subsidiary shall only be an Excluded Subsidiary for the period, as contemplated by Section 7.7(p),

       

      (f)          a Subsidiary that is prohibited by applicable Requirement of Law from guaranteeing or granting a Lien on its assets to secure obligations in respect of the
        Facilities, or which would require governmental (including regulatory) consent, approval, license or authorization to provide a guarantee or grant any Lien unless, such consent, approval, license or authorization has been received,

       

      (g)          a Subsidiary that is prohibited from guaranteeing or granting a Lien on its assets to secure obligations in respect of the Facilities by any Contractual Obligation
        in existence on the Closing Date (or, in the case of any newly-acquired Subsidiary, in existence at the time of acquisition thereof but not entered into in contemplation thereof) and not created in contemplation of such guarantee, provided, that this clause (g) shall not be applicable if (1) the other party to such Contractual Obligation is a Loan Party or a wholly-owned
        Restricted Subsidiary of the Borrower or (2) consent has been obtained to provide such guarantee or such prohibition is otherwise no longer in effect,

       

      (h)       a Subsidiary with respect to which a guarantee by it of, or granting a Lien on its assets to secure obligations in respect of, the Facilities could reasonably be
        expected to result in material adverse tax consequences (including as a result of Section 956 of the Code or any related provision) to Holdings or the Borrower or any of its Restricted Subsidiaries, as reasonably determined in good faith by the
        Borrower,

       

      (i)          not-for-profit subsidiaries,

       

      (j)          any Foreign Subsidiary or any Domestic Subsidiary of a Foreign Subsidiary,

       

      (k)          Subsidiaries that are special purpose entities, or

       

      (l)          any other Subsidiary with respect to which, in the reasonable judgment of the Administrative Agent (confirmed in writing by notice to the Borrower), the cost or
        other consequences of guaranteeing or granting a Lien on its assets to secure obligations in respect of the Facilities shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom;

       

      provided, that (x) if a Subsidiary executes the Guarantee and Collateral Agreement as a “Guarantor,” then it shall not constitute an “Excluded Subsidiary”
        (unless released from its obligations under the Guarantee and Collateral Agreement as a “Guarantor” in accordance with the terms hereof and thereof) and (y) the Borrower may designate in a written notice to the Administrative Agent a Subsidiary not
        to constitute an “Excluded Subsidiary” whereupon such Subsidiary shall be obligated to comply with the applicable requirements of Section 6.8 as if it were newly acquired.

       

      
        30

        
          

      

      “Excluded Swap Obligation”: with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the
        Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the
        Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act
        (determined after giving effect to any “keepwell, support or other agreement” for the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guarantee of such Guarantor, or a
        grant by such Guarantor of a security interest, becomes effective with respect to such Swap Obligation.  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap
        Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes excluded in accordance with the first sentence of this definition.

       

      “Excluded Taxes”: any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or deducted from a
        payment to any Recipient, (i) net income Taxes (however denominated), net profits Taxes, franchise Taxes, and branch profits Taxes (and net worth Taxes and capital Taxes imposed in lieu of net income Taxes), in each case, (A) imposed as a result of
        such Recipient being organized under the laws of, or having its principal office or, if such Recipient is a Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are
        Other Connection Taxes, (ii) any U.S. federal withholding Taxes (including backup withholding) imposed on amounts payable to or for the account of such Recipient with respect to an applicable interest in a Loan or Commitment or this Agreement
        pursuant to a law in effect on the date on which (A) such Recipient becomes a party to this Agreement (other than pursuant to an assignment request by the Borrower under Section 2.24) or (B) if such
        Recipient is a Lender, such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.20, amounts with respect to such Taxes were payable either to such
        Recipient’s assignor immediately before such Recipient became a party hereto or, if such Recipient is a Lender, to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with
        paragraphs (e) or (g), as applicable, of Section 2.20 and (iv) any withholding Taxes imposed under FATCA.

       

      “Existing Borrower Credit Agreements”:  (a) the Third Amended and Restated Revolving Credit Agreement, dated as of June 16, 2011, among
        the Borrower and certain of its foreign subsidiaries, as borrowers, the lenders party thereto and Citicorp USA, Inc., as administrative agent and collateral agent and (b) the Third Amended and Restated Term Loan Agreement, dated as of May 19, 2011,
        among the Borrower, the lenders party thereto and Citicorp USA, Inc., as administrative agent and collateral agent, in each case as amended, modified, supplemented, extended, renewed, restated, refinanced, replaced or restructured prior to the
        Closing Date.

       

      “Existing Credit Agreements”: the Existing Borrower Credit Agreements and the Existing Target Credit Agreements.

       

      “Existing Letters of Credit”: Letters of
        Credit issued prior to, and outstanding on, the Closing Date pursuant to an Existing Credit Agreement and set forth on Schedule 1.1C.

       

      “Existing Notes Financing”: collectively, the 2021 Notes and the 2024 Notes, together with any Permitted Refinancing thereof.

       

      “Existing Revolving Loans”:  as defined in Section 2.26(a).

       

      “Existing Revolving Tranche”:  as defined in Section 2.26(a).

       

      
        31

        
          

      

      “Existing Target Credit Agreements”: (a) the Third Amended and Restated Credit Agreement, dated as of January 21, 2011, by and among the
        Target, as borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and (b) the Credit Agreement (Second Lien) dated as of June 12, 2012, between the Target, as borrower, and JPMorgan Chase Bank, N.A., as
        administrative agent, in each case as amended, modified, supplemented, extended, renewed, restated, refinanced, replaced or restructured prior to the Closing Date.

       

      “Existing Target Notes”: the Target’s 7.375% senior notes due 2021.

       

      “Extended Revolving Commitments”:  as defined in Section 2.26(a).

       

      “Extended Revolving Tranche”:  as defined in Section 2.26(a).

       

      “Extending Lender”:  as defined in Section 2.26(b).

       

      “Extension”:  as defined in Section 2.26(b).

       

      “Extension Amendment”:  as defined in Section 2.26(c).

       

      “Extension Date”:  as defined in Section 2.26(d).

       

      “Extension Election”:  as defined in Section 2.26(b).

       

      “Extension Request”:  as defined in Section 2.26(a).

       

      “Extension Series”:  all Extended Revolving Commitments that are established pursuant to the same Extension Amendment (or any subsequent
        Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Commitments provided for therein are intended to be part of any previously established Extension Series) and that provide for the same
        interest margins and amortization schedule.

       

      “Facility”:  each of

       

      (a)          the Tranche A Revolving Commitments and the extensions of credit (including Swingline Loans, Letters of Credit and Local Loans) made thereunder (the “Tranche A Revolving Facility”),

       

      (b)          the Tranche B Term Loans (the “Tranche B Term Facility”),

       

      (c)          any Extended Revolving Commitments (of the same Extension Series) and the extensions of credit (including Swingline Loans, Letters of Credit and Local Loans) made
        thereunder (an “Extended Revolving Facility”) and

       

      (d)         any Refinancing Revolving Commitments of the same Tranche and the extensions of credit (including Swingline Loans, Letters of Credit and Local Loans) made thereunder,
        in each case including any Supplemental Revolving Commitments in respect thereof,

       

      it being understood that, as of the Closing Date, the only Facility was the Tranche A Revolving Facility, and that as of the Amendment No. 5 Effective Date, the only Facilities are the Tranche A Revolving Facility
        and the Tranche B Term Facility, and thereafter, the term “Facility” may include any other Tranche of Commitments and the extensions of credit thereunder.

       

      
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      “Fair Market Value”: with respect to any assets, Property (including Capital Stock) or Investment, the fair market value thereof as
        determined in good faith by the Borrower.

       

      “Fair Value”: the amount at which the assets (both tangible and intangible), in their entirety, of the Borrower and its Subsidiaries
        taken as a whole and after giving effect to the consummation of the Transactions would change hands between a willing buyer and a willing seller, within a commercially reasonable period of time, each having reasonable knowledge of the relevant
        facts, with neither being under any compulsion to act.

       

      “FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
        substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental
        agreements (together with any law implementing such agreements).

       

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

       

      “Fee Letter”: the Project Rouge Fee Letter with respect to, among other facilities, the Initial Term B Facility, dated as of June 16,
        2016, among the Borrower, Citigroup Global Markets Inc., Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank AG New York Branch, Macquarie Capital Funding LLC and
        Barclays Bank PLC.

       

      “Fee Payment Date”: (a) (i) other than with respect to the L/C Fronting Fee and the Commitment Fee, the last Business Day of each March,
        June, September and December and (ii) with respect to the L/C Fronting Fee and the Commitment Fee, the fifth Business Day after the last Business Day of each March, June, September and December and (b) the last day of the applicable Revolving
        Commitment Period.

       

      “Financial Assets”:  the meaning assign to such term in the UCC.

       

      “Financial Covenant Fixed Charge Coverage Ratio”:  as of any date of determination, the ratio of (a) Consolidated EBITDA of the Borrower
        and its Restricted Subsidiaries for the most recently ended Test Period minus Capital Expenditures paid in cash during such period to (b) Cash Interest Expense for such Test Period plus all scheduled principal amortization payments that were paid or payable (but without duplication) in cash during such Test Period with respect to the Indebtedness incurred pursuant to the
        Term Loan Agreement and any Permitted Refinancing thereof.  In the event that the Borrower or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness or issues
        or redeems Disqualified Capital Stock subsequent to the commencement of the period for which the Financial Covenant Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the
        Financial Covenant Fixed Charge Coverage Ratio is being calculated, then the Financial Covenant Fixed Charge Coverage Ratio will be calculated on a pro forma basis as if such incurrence, assumption, guarantee, repayment, repurchase, redemption,
        defeasance or other discharge of Indebtedness or issuance or redemption of 

      

       

      
        33

        
          

      

       Disqualified Capital Stock, and the use of the proceeds therefrom, had occurred at the beginning of the Test Period.

       

      

      “Fixed Basket”:  as defined in Section 1.6.

       

      “Fixed Basket Item or Event”:  as defined in Section 1.6.

       

      “Fixed Charge Coverage Ratio”: as of any date of determination, the ratio of (a) Consolidated EBITDA of the Borrower and its Restricted
        Subsidiaries for the most recently ended Test Period to (b) Fixed Charges of the Borrower and its Restricted Subsidiaries for such Test Period.  In the event that the Borrower or any of its Restricted Subsidiaries incurs, assumes, guarantees,
        repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness or issues or redeems Disqualified Capital Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or
        prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is being calculated, then the Fixed Charge Coverage Ratio will be calculated on a pro forma basis as if such incurrence, assumption, guarantee,
        repayment, repurchase, redemption, defeasance or other discharge of Indebtedness or issuance or redemption of Disqualified Capital Stock, and the use of the proceeds therefrom, had occurred at the beginning of the Test Period.

       

      “Fixed Charges”: for any Test Period, the sum of, without duplication, (a) Consolidated Net Interest Expense and (b) the product of (x)
        all dividend payments on any series of Disqualified Capital Stock of the Borrower paid, accrued or scheduled to be paid or accrued during the applicable Test Period, times (y) a fraction, the numerator of which is one and the denominator of which
        is one minus the then current effective consolidated federal, state and local tax rate of the Borrower expressed as a decimal.

       

      “Flood Insurance Laws”: collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute
        thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the
        Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

       

      “Foreign Subsidiary”:  any Restricted Subsidiary of the Borrower that is not a Domestic Subsidiary in accordance with clause (i) of such definition and each direct or indirect Restricted Subsidiary of another Foreign Subsidiary.

       

      “Foreign Subsidiary Holding Company”:  any Restricted Subsidiary of the Borrower which is a Domestic Subsidiary substantially all of the
        assets of which consist of the Capital Stock (or Capital Stock and Indebtedness) of one or more Foreign Subsidiaries.

       

      “Fronting Exposure”:  as defined in Section 2.6(f).

       

      “Funded Debt”:  with respect to any Person, (i) for purposes of the Consolidated Net First Lien Leverage Ratio and the Consolidated Net
        Secured Leverage Ratio, all Indebtedness of such Person of the types described in clauses (a), (b)(i) and (e)
        of the definition of “Indebtedness” or, to the extent related to Indebtedness of the types described in the preceding clauses (but without duplication), (d) of the definition of “Indebtedness”, in
        each case, to the extent reflected as indebtedness on such Person’s balance sheet and (ii) for purposes of the Consolidated Net Total Leverage Ratio, all Indebtedness of such Person of the types described in clauses

            (a), (b)(i), (e), (g)(ii), (h) or, to the
        extent related to Indebtedness of the types described in the preceding clauses (but without duplication), (d) of the definition of “Indebtedness”, in each case, to the extent reflected as indebtedness
        on such Person’s balance sheet.

       

      
        34

        
          

      

      “Funding Office”:  the office of the Administrative Agent specified in Section 10.2 or
        such other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders, or with respect to Local
        Fronting Lenders, the funding office thereof, as the context requires.

       

      “GAAP”:  generally accepted accounting principles in the United States as in effect from time to time.  If at any time the SEC permits or
        requires U.S.-domiciled companies subject to the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial reporting purposes and the Borrower notifies the Administrative Agent that it will effect such change, without
        limiting Section 10.16, effective from and after the date on which such transition from GAAP to IFRS is completed by the Borrower, references herein to GAAP shall thereafter be construed to mean (a)
        for periods beginning on and after the required transition date or the date specified in such notice, as the case may be, IFRS as in effect from time to time and (b) for prior periods, GAAP as defined in the first sentence of this definition.

       

      “Governmental Authority”:  any nation or government, any state, province or other political subdivision thereof and any governmental
        entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and, as to any Lender, any securities exchange, any self-regulatory organization (including the National Association of
        Insurance Commissioners) and any supranational bodies (including the European Union and the European Central Bank).

       

      “Guarantee”: collectively, the guarantee made by the Guarantors under the Guarantee and Collateral Agreement in favor of the Secured
        Parties, together with each other guarantee delivered pursuant to Section 6.8.

       

      “Guarantee and Collateral Agreement”:  the ABL Guarantee and Collateral Agreement, dated as of September 7, 2016, among the Borrower,
        each Subsidiary Guarantor from time to time party thereto and the Collateral Agent, substantially in the form of Exhibit A, as the same may be amended, supplemented, waived or otherwise modified from time to time.

       

      “Guarantee Obligation”:  as to any Person (the “guaranteeing person”), any
        obligation of (a) the guaranteeing person or (b) another Person (including any bank under any letter of credit) pursuant to which the guaranteeing person has issued a guarantee, reimbursement, counterindemnity or similar obligation, in either case
        guaranteeing or by which such Person becomes contingently liable for any Indebtedness (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting
        direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital, equity capital or any other financial statement condition or liquidity of the
        primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the
        primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
        however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in
        the ordinary course of business and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets or any Investment permitted under this Agreement.  The amount of any
        Guarantee Obligation of any guaranteeing Person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount
        for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which 

      

       

      
        35

        
          

      

       such guaranteeing person may be liable are not stated or determinable, in which case, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect
        thereof (assuming such person is required to perform thereunder) as determined by such Person in good faith.

       

      

      “Guarantors”:  the collective reference to Holdings, the Borrower (solely (i) for purposes of any
        Specified Cash Management Obligations, Specified Hedge Agreements and Specified Additional Obligations entered into by any Subsidiary Guarantor and (ii) for purposes of the Obligations of the Local Borrowing Subsidiaries hereunder) and the Subsidiary Guarantors.

       

      “Hedge Agreements”:  all agreements 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, in each case, entered into by the Borrower or any Restricted Subsidiary; provided, that no phantom stock, deferred compensation or
        similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings, the Borrower or any of its Subsidiaries shall be a Hedge Agreement.

       

      “Hedge Bank”:  with respect to any Hedge Agreement entered into by the Borrower or any Subsidiary Guarantor, any Person that was the
        Administrative Agent, any other Agent, a Lender, an agent under the Term Loan Documents, a lender under the Term Loan Agreement or any Affiliate of any of the foregoing at the time such Hedge Agreement was entered into (or, if in effect on the
        Closing Date, any Person that becomes a Lender, a lender under the Term Loan Agreement or an Affiliate thereof within 30 days after the Closing Date).

       

      “Hedge Designation Notice”:  as defined in Section 9.12(b).

       

      “Hedge Termination Value”: in respect of any one or more Hedge Agreements, after taking into account the effect of any legally
        enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for
        any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined by the counterparty thereto in accordance with the
        terms thereof and in accordance with customary methods for calculating mark-to-market values under similar arrangements by such counterparty.

       

      “Holdings”: as defined in the introductory paragraph of this Agreement.

       

      “Holdings Guarantee and Pledge Agreement”:  the Holdings ABL Guarantee and Pledge Agreement, dated as of September 7, 2016, among
        Holdings and the Collateral Agent, as the same may be amended, supplemented, waived or otherwise modified from time to time.

       

      “IFRS”:  International Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards
        Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute of Certified Public Accountants, or any successor to either such Board, or the SEC, as the case may be), as in
        effect from time to time.

       

       “Immaterial Subsidiary”:  on any date, any Restricted Subsidiary of the Borrower designated as such by the Borrower, but only to the extent that such
        Restricted Subsidiary has less than 

       

      

      
        36

        
          

      

      5.0% of Consolidated Total Assets and 5.0% of annual consolidated revenues of the Borrower and its Restricted Subsidiaries as reflected on the most recent financial statements delivered pursuant to Section 6.1 prior to such date, or, prior to the first such delivery, the pro forma financial statements referred to in Section 5.1(o); provided, that at no time shall all Immaterial Subsidiaries have in the aggregate Consolidated Total Assets or annual consolidated revenues (as reflected on the most recent financial
        statements delivered pursuant to Section 6.1 prior to such time, or, prior to the first such delivery, the pro forma financial statements referred to in Section
            5.1(o)) in excess of 7.5% of Consolidated Total Assets or 5.0% of annual consolidated revenues, respectively, of the Borrower and its Restricted Subsidiaries.

       

      “Impacted Interest Period”: as defined in the definition of “Eurocurrency Base Rate”.

       

      “Increase Supplement”: as defined in Section 2.25(e).

       

      “Increased Amount Date”:  as defined in Section 2.25(a).

       

      “Incremental Amendments”: Amendment No. 1 and any Increase Supplement.

       

      “Incremental Commitments”:  any Supplemental Revolving Commitments.

       

      “Indebtedness” of any Person:  without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such
        Person evidenced by (i) bonds (excluding surety bonds), debentures, notes or similar instruments, and (ii) surety bonds, (c) all obligations of such Person for the deferred purchase price of Property or services already received, (d) all Guarantee
        Obligations by such Person of Indebtedness of others, (e) all Capital Lease Obligations of such Person, (f) [reserved], (g) the principal component of all obligations, contingent or otherwise, of such Person (i) as an account party in respect of
        letters of credit (other than any letters of credit, bank guarantees or similar instrument in respect of which a back-to-back letter of credit has been issued under or permitted by this Agreement) and (ii) in respect of bankers’ acceptances and (h)
        all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Disqualified Capital Stock of such Person or any other Person, valued, in the case of a redeemable preferred interest, at the
        greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; provided, that Indebtedness
        shall not include (A) trade and other payables, accrued expenses and liabilities and intercompany liabilities arising in the ordinary course of business, (B) prepaid or deferred revenue arising in the ordinary course of business, (C) purchase price
        holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy unperformed obligations of the seller of such asset, (D)  earn-out and other contingent obligations until such obligations
        become a liability on the balance sheet of such Person in accordance with GAAP and (E) obligations owing under any Hedge Agreements or in respect of Cash Management Obligations.  The Indebtedness of any Person shall include the Indebtedness of any
        partnership in which such Person is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability of such Person in respect thereof (or provides for reimbursement to such
        Person).

       

      “Indebtedness for Borrowed Money”:  (a) to the extent the following would be reflected on a consolidated balance sheet of the Borrower
        and its Restricted Subsidiaries prepared in accordance with GAAP, the principal amount of all Indebtedness of the Borrower and its Restricted Subsidiaries with respect to (i) borrowed money, evidenced by debt securities, debentures, acceptances,
        notes or other similar instruments and (ii) Capital Lease Obligations, (b) reimbursement obligations for letters of credit and financial guarantees (without duplication) (other than ordinary course of business contingent reimbursement obligations)
        and (c) Hedge Agreements; provided, that the Obligations shall not constitute Indebtedness for Borrowed Money.

       

      
        37

        
          

      

      “Indemnified Liabilities”:  as defined in Section 10.5.

       

      “Indemnified Taxes”: (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
        Obligation of any Loan Party or Local Borrowing Subsidiary under any Loan Document and (b) to the extent not otherwise described in the immediately preceding clause (a), Other Taxes.

       

      “Indemnitee”:  as defined in Section 10.5.

       

      “Initial Term B Loans”: as defined in the Term Loan Agreement.

       

      “Insolvency”:  with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of
        ERISA.

       

      “Insolvent”:  pertaining to a condition of Insolvency.

       

      “Instrument”:  as defined in the Guarantee and Collateral Agreement.

       

      “Intellectual Property”:  the collective reference to all rights, priorities and privileges relating to intellectual property, whether
        arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, domain names, patents, patent licenses, trademarks, trademark licenses, trade names, technology, know-how and processes, and all
        rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

       

      “Intercreditor Agreements”:  collectively, the ABL Intercreditor Agreement and any Junior Intercreditor Agreement.

       

      “Interest Payment Date”:

       

      (a)          as to any ABR Loan (other than a Swingline Loan), the last Business Day of each March, June, September and December to occur while such Loan is outstanding and the
        final maturity date of such Loan;

       

      (b)          as to any Local Rate Loan and Eurocurrency Loan having an Interest Period of three months or less, the last day of such Interest Period;

       

      (c)          as to any Local Rate Loan and Eurocurrency Loan having an Interest Period longer than three months, each day that is three months or a
        whole multiple thereof after the first day of such Interest Period and the last day of such Interest Period;

       

      (d)          as to any Local Rate Loan which does not have an Interest Period, the last day of each calendar month, commencing on the first of such days to occur after such Local
        Rate Loan is made or Eurocurrency Loans are converted to Local Rate Loans;

       

      (e)          as to any Acceptance, the last Business Day of the calendar week in which such Acceptance matures (or such earlier date the relevant Local Fronting Lender may
        elect); and

       

      (f)          as to any Loan (other than any Revolving Loan that is an ABR Loan but, for the avoidance of doubt, including any Swingline Loan in accordance with Section 2.8(a)), the date of any repayment or prepayment made in respect thereof.

       

      
        38

        
          

      

      “Interest Period”:  as to any Eurocurrency Loan or (to the extent customary with respect to loans in the relevant Permitted Foreign Currency) any Local Rate Loan,

       

      (a)         initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurocurrency Loan or
        Local Rate Loan, as applicable, and ending one, two, three or six or (if available from all Lenders under the relevant Facility) twelve months (or such other period acceptable to all such Lenders) thereafter, as selected by the Borrower in its
        notice of borrowing or notice of continuation or conversion, as the case may be, given with respect thereto; and

       

      (b)         thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurocurrency Loan and ending one, two, three or six or (if
        available from all Lenders under the relevant Facility) twelve months (or such other period acceptable to all such Lenders) thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 1:00 p.m., New York
        City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto;

       

      provided, that all of the foregoing provisions relating to Interest Periods are subject to the following:

       

      (i)          if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the
        result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;

       

      (ii)        any Interest Period that would otherwise extend beyond the scheduled Revolving Termination Date with respect to the applicable Tranche of Revolving Loans shall end on
        such Revolving Termination Date; and

       

      (iii)        any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month
        at the end of such Interest Period) shall end on the last Business Day of a calendar month.

       

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

       

      “Inventory”: as defined in the UCC.

       

      “Investments”:  as defined in Section 7.7.

       

      “IRS”: the United States Internal Revenue Service.

       

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

       

      “Issuing Lenders”:  (a) Citibank, N.A. (including with respect to Existing Letters of Credit issued by it), (b) JPMorgan Chase Bank, N.A. (including with respect to Existing Letters of Credit issued 

      

       

      

      
        39

        
          

      

      
         by it), (c) Bank of America, N.A., and (d) any other Revolving Lender from time to time designated by the Borrower, in its sole discretion, as an Issuing Lender with the consent of the Administrative Agent in accordance with Section 3.11.

         

      

      “Joint Bookrunners”:  Citigroup Global Markets Inc., Bank of America, N.A., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities
        Inc., Macquarie Capital (USA) Inc., Wells Fargo Bank, National Association and Barclays Bank PLC, in their capacity as joint bookrunners.

       

      “Joint Lead Arrangers”:  Citigroup Global Markets Inc., Bank of America, N.A. and Wells Fargo Bank,
        National Association, in their capacity as joint lead arrangers.

       

      “Junior Financing”: as defined in Section 7.8.

       

      “Junior Financing Documentation”: any documentation governing any Junior Financing.

       

      “Junior Intercreditor Agreement”:  an intercreditor agreement in respect of Indebtedness intended to be secured by some or all of the
        Collateral on a junior priority basis with the Obligations, the terms of which are consistent with market terms governing security arrangements for the sharing of liens on a junior basis at the time such intercreditor agreement is proposed to be
        established in light of the type of Indebtedness to be secured by such liens, as determined in good faith by the Borrower and the Administrative Agent.

       

      “L/C Commitment”:  the commitment of each Issuing Lender to issue Letters of Credit pursuant to Section 3.1 in (a) an aggregate face amount not to exceed the Dollar Equivalent of $75,000,000 or such larger amount not to exceed the applicable Revolving
        Commitments as the Administrative Agent and the applicable Issuing Lender may agree and (b) with respect to each Issuing Lender, an aggregate face amount not to exceed the Dollar Equivalent of the amount set forth on Schedule 2.1.

       

      “L/C Disbursements”:  as defined in Section 3.4(a).

       

      “L/C Exposure”:  at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time and (b) the
        aggregate principal amount of all L/C Disbursements that have not yet been reimbursed at such time.

       

      “L/C Fronting Fee”:  as defined in Section 3.3(a).

       

      “L/C Fronting Fee Rate”: 0.125% per annum.

       

      “L/C Obligations”:  at any time, an amount equal to the sum of (a) the Dollar Equivalent of the aggregate then undrawn and unexpired face
        amount of the then outstanding Letters of Credit (to the extent not Cash Collateralized) and (b) the Dollar Equivalent of the aggregate amount of drawings under Letters of Credit that have not then been reimbursed.  The L/C Obligations of any Tranche A Revolving Lender at any time shall be its Tranche A Revolving Percentage of the total L/C Obligations at such time.  For purposes of computing the amount available to be drawn under any Letter of Credit, the
        amount of such Letter of Credit shall be determined in accordance with Section 1.5.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but
        any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, upon notice from the Administrative Agent to the Borrower such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to
        be drawn.

       

      
        40

        
          

      

      “L/C Participants”:  the collective reference to all the Tranche A Revolving Lenders other than the applicable Issuing Lender and, for
        purposes of Section 3.4(d), the collective reference to all Tranche A Revolving Lenders.

       

      “L/C Shortfall”:  as defined in Section 3.4(d).

       

      “Landlord Waiver”: a letter in form and substance reasonably acceptable to the Administrative Agent and
        executed by a landlord in respect of Inventory or Equipment of the Company or any Subsidiary Guarantor located at any leased premises of the Company or such Subsidiary Guarantor pursuant
        to which such landlord, among other things, waives or subordinates on terms and conditions reasonably acceptable to the Administrative Agent any Lien such landlord may have in respect of such Inventory or Equipment.

       

      “Latest Maturity Date”: at any date of determination, the latest maturity date or termination date applicable to any Loan or Commitment
        hereunder at such time.

       

      “LCA Election”:  as defined in Section 1.2(h).

       

      “LCA Test Date”:  as defined in Section 1.2(h).

       

      “Lender Joinder Agreement”: as defined in Section 2.25(e).

       

      “Lenders”:  the Revolving Lenders and Local Fronting Lenders and, unless the context otherwise requires,
        the Swingline Lender and with respect to Letters of Credit issued thereby and unless context requires, each Issuing Lender.

       

      “Letter of Credit”:  a letter of credit issued hereunder by an Issuing Lender under the Tranche A Revolving Commitments providing for the payment of cash upon the honoring of a presentation thereunder and shall include the Existing Letters of
        Credit.  A Letter of Credit may be a commercial letter of credit or a standby letter of credit.  Letters of Credit may be issued in Dollars or in a Permitted Foreign Currency.

       

      “Liabilities”: the recorded liabilities (including contingent liabilities that would be recorded in accordance with GAAP) of the Borrower
        and its Subsidiaries taken as a whole, as of the date hereof after giving effect to the consummation of the Transactions determined in accordance with GAAP consistently applied.

       

      “LIBOR”:  as defined in the definition of “Eurocurrency Base Rate”.

       

      “Lien”:  any mortgage, pledge, hypothecation, collateral assignment, encumbrance, lien (statutory or other), charge or other security
        interest or any other security agreement of any kind or nature whatsoever (including any conditional sale or other title retention agreement and any capital lease having substantially the same economic effect as any of the foregoing).

       

      “Limited Condition Acquisition”:  any acquisition, including by way of merger, amalgamation or consolidation, by one or more of the
        Borrower and its Restricted Subsidiaries of any assets, business or Person permitted by this Agreement whose consummation is not conditioned on the availability of, or on obtaining, third party acquisition financing and which is designated as a
        Limited Condition Acquisition by the Borrower or such Restricted Subsidiary in writing to the Administrative Agent and Lenders.

       

      
        41

        
          

      

      “Limited Condition Acquisition Provision”:  as defined in Section 1.2(h).

       

      “Liquidity Amount”: the sum equal to the difference equal to

       

      (a)        the lesser of (A) the Tranche A Borrowing Base in effect as of such date (based on the Borrowing Base Certificate most recently delivered to the Administrative Agent
        pursuant to Section 6.2(g) and after giving effect to any Eligibility Reserve, Specified Reserve or Dilution Reserve with
        respect to the Tranche A Borrowing Base in effect at such time (if any), whether or not reflected on such Borrowing Base Certificate but without duplication) and (B) the then effective Tranche A Revolving Commitments minus

       

      (b)          the sum of (A) the aggregate Tranche A Revolving Extensions of Credit on such date and (B) any Availability Reserve with respect to
        the Borrowing Base in effect on such date;.

       

      “Liquidity Event Period”:  any period after the delivery of the first Borrowing Base Certificate pursuant
        to Section 6.2(g),

       

      (a)          beginning on the first date on which the Liquidity Amount is less than the greater of $35,000,000 and 10% of the Maximum Availability
        and

       

      (b)          ending on the first date on which the Liquidity Amount shall have been equal to or greater than the greater of $35,000,000 and 10% of
        the Maximum Availability for 20 consecutive Business Days;

       

      provided that

       

      (x)          solely for the purposes of Sections 2.8(e), 2.18(d),
        6.2(g), 6.7(e), 6.15(e) and any Deposit Account Control Agreement, Securities Control Agreement (and any
        other Security Document in respect of a Deposit Account or Securities Account), a Liquidity Event Period shall be any period after the delivery of the first Borrowing Base Certificate under Section 6.2(g),

       

      (i)          beginning on the first date on which the Liquidity Amount is less than the greater of $50,000,000 and 15% of the Maximum Availability
        and

       

      (ii)        ending on the first date on which the Liquidity Amount shall have been equal to or greater than the greater of $50,000,000 and 15% of the Maximum Availability for 20
        consecutive Business Days and

       

      (y)        solely for purposes of Section 2.8(e), 2.18(d), 6.15(e) and any Deposit Account Control Agreement, Securities Control Agreement (and any other Security Document in respect of a Deposit Account or Securities Account), a Liquidity Event Period shall begin
        on the 2021 Notes Exchange Effective Date and shall continue until the then-latest Revolving Termination Date (notwithstanding anything to the contrary, a Liquidity Event Period shall be deemed to commence on the 2021 Notes Exchange Effective Date
        in respect of Section 2.8(e), 2.18(d), 6.15(e) and any Deposit Account Control Agreement, Securities
        Control Agreement (and any other Security Document in respect of a Deposit Account or Securities Account); provided, cash reserved and specifically identified to the Administrative Agent
        (1) to make payments in connection with the 2021 Notes Exchange substantially concurrently with the occurrence of the 2021 Notes Exchange Effective Date and (2) to pay cash consideration and other amounts due and payable in connection with any
        purchase, redemption or discharge of 2021 Notes, in each case, shall not be required to be used to make prepayments in accordance with Section 2.8(e) so long as such cash is so applied on 

       

      
        42

        
          

      

       the 2021 Notes Exchange Effective Date or within two Business Days thereafter (for the avoidance of doubt, any such remaining cash on the third Business Day after the 2021 Notes Exchange Effective
        Date shall be used to make prepayments in accordance with Section 2.8(e)).

       

      

      “Loan”:  any loan or advances made by any Lender pursuant to this Agreement, including Revolving Loans, Tranche B Term Loans, Swingline
        Loans, Local Loans, Acceptances and Protective Advances.

       

      “Loan Documents”:  the collective reference to this Agreement, the Intercreditor Agreements, the Security Documents and the Notes (if
        any), together with any amendment, supplement, waiver, or other modification to any of the foregoing.

       

      “Loan Parties”:  the Borrower and each Subsidiary Guarantor.

       

      “Local Borrower”: the Company or a Local Borrowing Subsidiary, as the
        context shall require (and collectively, the “Local Borrowers”).

       

      “Local Borrowing Subsidiary”: each Restricted Subsidiary of the Company set

        forth as such on Schedule 2.4(b) hereto (as such Schedule 2.4(b) may be or may be deemed to be amended, supplemented or otherwise modified from time to time) and each other Restricted Subsidiary of the Company

        which is designated as a “Local Borrowing Subsidiary” in accordance with the provisions of Section 2.27; provided, however, that, in each case in which there is more than one Restricted Subsidiary of
        the Company listed for any jurisdiction on Schedule 2.4(b), the term “Local Borrowing Subsidiary”
        shall be the collective reference to such Subsidiaries.

       

      “Local Borrowing Subsidiary Joinder Agreement”: a Local Borrowing Subsidiary Joinder Agreement,
        substantially in the form of Exhibit N-1, executed and delivered by a duly authorized officer of each Subsidiary of the Company which has been designated as a “Local Borrowing Subsidiary” pursuant to Section 2.27.

       

      “Local Fronting Lender”: with respect to a particular jurisdiction listed on Schedule 2.4(b) (as such Schedule 2.4(b)
        may be, or may be deemed to be, amended, supplemented or otherwise modified from time to time), the affiliate of the Administrative Agent from time to time set forth opposite such jurisdiction thereon or, if no affiliate of the Administrative Agent
        accepts such designation with respect to a particular jurisdiction or if an affiliate of the Administrative Agent resigns or is removed as the Local Fronting Lender with respect to a particular jurisdiction, such Lender or

        its affiliate designated by the Company and reasonably acceptable to the Administrative Agent.

       

      “Local Fronting Lender Joinder Agreement”: a Local Fronting Lender Joinder Agreement, substantially in the
        form of Exhibit N-2.

       

      “Local Loan” and “Local Loans”: as defined in
        Section 2.4(b); provided, however, that the term “Local Loans” shall, to the extent utilized directly or indirectly in the Security Documents, be deemed to include any Acceptances outstanding under this Agreement.

       

      “Local Outstandings”: at any date with respect to any Local Fronting Lender, the sum of (a) the aggregate
        principal amount then outstanding of Local Loans made by such Local Fronting Lender in Dollars, (b) the Dollar Equivalent of 105% of the aggregate principal amount then outstanding of Local Loans made by such Local
        Fronting Lender in the relevant Permitted Foreign Currency and (c) the Dollar Equivalent of 105% of the aggregate undiscounted face amount then outstanding of the Acceptances created
        by such Local Fronting Lender.

       

      
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      “Local Rate”: with respect to:

       

      (a)        any Local Loan in a Permitted Foreign Currency, the rate of interest from time to time publicly announced by the relevant Local
        Fronting Lender as its base rate (or its equivalent thereof) for loans denominated in such Permitted Foreign Currency at the principal lending office of such Local Fronting Lender in the local jurisdiction for such Permitted Foreign Currency (or such other rate as may be mutually agreed between the relevant Borrower and such Local Fronting Lender as reflecting the Cost of Funds to such Local Fronting Lender for the Local Loans to
        which such rate is applicable); provided, however, that, with respect to any Local Loans advanced by way of overdrafts, the “Local Rate” shall be the rate from time to time agreed upon between the relevant Local Borrower and the relevant Local Fronting Lender; and

       

      (b)         any Acceptance, the rate from time to time agreed upon between the relevant Local Borrower and the relevant Local Fronting Lender.

       

      “Local Rate Loan”: each Local Loan hereunder at such time as it is made and/or being maintained at a rate
        of interest based upon the Local Rate for the relevant Permitted Foreign Currency; provided, however,
        that (other than any Local Loans made on the Closing Date) no Local Loan shall be made or maintained as a Local Rate Loan unless either (a) the Local Fronting Lender with respect thereto so agrees (in its sole
        discretion) or (b) the right of the relevant Borrower to obtain Eurocurrency Loans has been suspended pursuant to Sections 2.17,
        2.29 or 2.22.

       

      “London Banking Day”: any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar
        market.

       

      “Mafco”: MacAndrews & Forbes Incorporated and its successors.

       

      “Majority Facility Lenders”:  with respect to any Facility at any time, the holders of more than 50% of
        the unused Revolving Commitments then in effect under such Facility and the aggregate Revolving Extensions of Credit under such Facility at such time; provided, however, that determinations of the “Majority Facility Lenders” shall exclude any Commitments or Loans held by Defaulting Lenders.

       

      “Material Adverse Effect”:  a material adverse effect on (a) the business, operations, assets, financial condition or results of
        operations of the Borrower and its Restricted Subsidiaries, taken as a whole, or (b) the material rights and remedies available to the Administrative Agent, any Local Fronting Lender and the Lenders, taken as a whole, or on the ability of the Loan
        Parties, taken as a whole, to perform their payment obligations to the Lenders, in each case, under the Loan Documents.

       

      “Material Real Property”:  any Real Property located in the United States and owned in fee by the Borrower or any Subsidiary Guarantor on
        the Closing Date having an estimated Fair Market Value exceeding $10,000,000 and any after-acquired Real Property located in the United States owned by a Loan Party having a gross purchase price exceeding $10,000,000 at the time of acquisition.

       

      “Materials of Environmental Concern”:  any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products,
        polychlorinated biphenyls, urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity and any other substances that are defined, listed or regulated as hazardous, toxic (or words of similar regulatory intent or meaning) under
        any Environmental Law, or that are regulated pursuant to Environmental Law or which may give rise to any Environmental Liability.

       

      “Maximum Availability”: at any time,

       

      
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      (a)        the lesser of (i) the aggregate Tranche A Commitments in effect at such time and (ii) the Tranche A Borrowing Base at such time (based on the Borrowing Base
        Certificate most recently delivered to the Administrative Agent pursuant to Section 6.2(g), after giving effect to any Eligibility Reserve, Specified Reserve, Push Down Reserve or Dilution Reserve in
        effect at such time (if any), whether or not reflected on such Borrowing Base Certificate but without duplication) minus

       

      (b)          the aggregate amount of any Availability Reserves in respect of the Borrowing Base in effect at such time;

       

      provided, that notwithstanding anything to the contrary herein or in any other Loan Document, from the Closing Date until the date on which the Borrower
        delivers, or is required to deliver, the Borrowing Base Certificate with respect to the calendar month ending October 31, 2016 pursuant to Section 6.2(g), Maximum Availability shall be equal to
        $300,000,000 for all purposes of this Agreement and the other Loan Documents; provided, further, that for purposes of
        determining the Applicable Margin, Maximum Availability shall be determined without giving effect to any Availability Reserves.

       

      “Maximum Incremental Facilities Amount”: at any date of determination, the greater of

       

      (x)          $75,000,000 minus the Tranche B Maximum Amount and

       

      (y)          the excess of

       

      (A)        the Borrowing Base at such time (based on the Borrowing Base Certificate most recently delivered to the Administrative Agent pursuant to Section 6.2(g) after giving effect to any Eligibility Reserve, any Specified Reserve or any Dilution Reserve in effect at such time (if any), whether or not reflected on such Borrowing Base Certificate but without
        duplication) minus the aggregate amount of any Availability Reserves in effect at such time over

       

      (B)        the amount of the then-effective Commitments.

       

      “Maximum Rate”:  as defined in Section 10.20.

       

      “Maximum Sublimit” of any Local Fronting Lender shall mean the amount of Dollars set forth opposite the name of such Local Fronting
        Lender under the heading “Maximum Sublimit” on Schedule 2.4(b) (as such Schedule 2.4(b) may be or may be deemed
        to be, amended, supplemented or otherwise modified from time to time).

       

      “Merger”: the merger of RR Transaction Corp. with and into the Target pursuant to, and as contemplated by, the Merger Agreement.

       

      “Merger Agreement”:  the Agreement and Plan of Merger, dated as of June 16, 2016, by and among, Holdings, RR Transaction Corp., the
        Borrower and the Target.

       

      “Minimum Extension Condition”:  as defined in Section 2.26(g).

       

      “MIRE Event”: at any time after the Amendment No. 1 Effective Date, if there are any Mortgaged Properties at such time included in the
        Borrowing Base, any increase, extension of the maturity, refinancing, modification or renewal of any of the Commitments or Loans (including a Supplemental Revolving Commitment and an Extension Amendment, but excluding for the avoidance of doubt (a)
        any 

      

       

      

      
        45

        
          

      

       continuation or conversion of borrowings, (b) the making of any Loan, (c) the issuance, creation, renewal or extension of Letters of Credit or Acceptances, as applicable, (d) any reduction or termination of the
        Commitments or (e) any other amendment).

       

      

      “Moody’s”:  Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

       

      “Mortgage”:  any mortgage, deed of trust, hypothec, assignment of leases and rents or other similar document delivered on or after the
        Closing Date in favor of, or for the benefit of, the Collateral Agent for the benefit of the Secured Parties, with respect to Mortgaged Properties, each substantially in the form of Exhibit M or otherwise in form and substance reasonably
        acceptable to the Administrative Agent and the Borrower (taking into account the law of the jurisdiction in which such mortgage, deed of trust, hypothec or similar document is to be recorded), as the same may be amended, restated, amended and
        restated, supplemented or otherwise modified from time to time.

       

      “Mortgage Supporting Documents”: with respect to a Mortgage for a parcel of Real Property, each of the
        documents required to be delivered pursuant to Section 6.8(b)(ii) and (iii) with respect to such Mortgage.

       

      “Mortgage Value”: with respect to any parcel of Eligible Real Property, the Dollar

        Equivalent of the value of such parcel of Eligible Real Property set forth in the most recent Appraisal delivered with respect thereto to the Administrative Agent on an “as is” basis.

       

      “Mortgaged Properties”:  all Material Real Property owned by the Borrower or any Subsidiary Guarantor that is, or is required to be,
        subject to a Mortgage pursuant to the terms of this Agreement.

       

      “Mortgagee’s Title Insurance Policy”: as defined in the definition of Mortgage Supporting Documents.

       

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

       

      “Net Cash Proceeds”:  in connection with any Equity Issuance or issuance or sale of debt securities or instruments or the incurrence of
        Indebtedness, the cash proceeds received from such issuance or incurrence, net of attorneys’ fees, investment banking fees, accountants’ fees, consulting fees, underwriting discounts and commissions and other customary fees and expenses actually
        incurred in connection therewith.

       

      “Net Orderly Liquidation Percentage”:

       

      (i)           as used to calculate the Tranche A Borrowing Base, 85% and

       

      (ii)          as used to calculate the Tranche B Borrowing Base, 15%,

       

      in each case, of the net orderly liquidation value of such Eligible Inventory as to which such percentage applies to as a percentage of cost specified for such class of Eligible
        Inventory in the most recent Appraisal of such class of Inventory of the applicable Loan Party.

       

      
        46

        
          

      

      “Net Orderly Liquidation Value”: with regard to any Eligible Equipment, the net orderly liquidation value
        of such Eligible Equipment, as determined by reference to the most recent Appraisal of such Equipment of the applicable Loan Party.

       

      “New Incremental Debt”:  as defined in the Term Loan Agreement as in effect on the date hereof.

       

      “New Lender”:  as defined in Section 2.25(c).

       

       “New Loans”:  any loan made by any New Lender pursuant to this Agreement.

       

       “New Subsidiary”:  as defined in Section 7.2(t).

       

      “Non-Defaulting Lender”:  any Revolving Lender other than a Defaulting Lender.

       

      “Non-Excluded Subsidiary”:  any Subsidiary of the Borrower which is not an Excluded Subsidiary.

       

      “Non-Extending Lender”:  as defined in Section 2.26(e).

       

      “Non-Guarantor Subsidiary”:  any Subsidiary of the Borrower which is not a Subsidiary Guarantor.

       

      “Non-Recourse Debt”:  Indebtedness (a) with respect to which no default would permit (upon notice, lapse of time or both) any holder of
        any other Indebtedness of the Borrower or any of its Restricted Subsidiaries the outstanding principal amount of which individually exceeds $25,000,000 to declare a default on such other Indebtedness or cause the payment thereof to be accelerated
        or payable prior to its stated maturity and (b) as to which the lenders or holders thereof will not have any recourse to the capital stock or assets of the Borrower or any of its Restricted Subsidiaries.

       

      “Non-US Guarantor”: any Guarantor not organized under the laws of any jurisdiction within the United States.

       

      “Non-US Lender”:  as defined in Section 2.20(e).

       

      “Not Otherwise Applied”: with reference to any proceeds of any transaction or event that is proposed to be applied to a particular use or
        transaction, that such amount (a) was not required to prepay Loans pursuant to Section 2.12 and (b) has not previously been (and is not simultaneously being) applied to anything other than such
        particular use or transaction (including any application thereof as a Cure Right pursuant to Section 8.2).

       

      “Note”:  any promissory note evidencing any Loan, which promissory note shall be in the form of Exhibit J, or such other form as agreed upon by the Administrative Agent and the Borrower.

       

      “Obligations”:  the unpaid principal of and interest on (including interest accruing after the maturity of the Loans and Reimbursement
        Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower or any Local Borrowing Subsidiary, whether or not a claim for
        post-filing or post-petition interest is allowed or allowable in such proceeding) the Loans, the Reimbursement Obligations and all other obligations and liabilities of the Borrowers to the Administrative Agent, the
        Collateral Agent or to any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter 

      

       

      

      
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        incurred, in each case, which may arise under, out of, or in connection with, this Agreement, any other Loan Document, the Letters of Credit or any other document made, delivered or given in connection herewith or therewith, whether on account
          of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the Administrative Agent or any Lender that are required to be paid by the Borrower pursuant
          hereto) or otherwise; provided, that the “Obligations” shall exclude any obligations in respect of any Specified Hedge Agreement, any Specified Cash Management Obligations and any
          Specified Additional Obligations.

         

      

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

       

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

       

      “Other Taxes”:  any and all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies
        arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

       

      “Parent Company”:  any direct or indirect parent of Holdings.

       

      “Pari Passu Distribution Additional Obligations”:  as defined in Section 9.12(c).

       

      “Pari Passu Distribution Hedge Obligations”: as defined in Section 9.12(b).

       

      “Participant”:  as defined in Section 10.6(c)(i).

       

      “Participant Register”:  as defined in Section 10.6(c)(iii).

       

      “Payment Conditions”: with respect to any transaction:

       

      (a)          the Tranche A Availability minus all Tranche A Revolving Extensions of Credit then outstanding determined on a pro forma basis after giving effect to such transaction as of the date of
        such transaction and during the 20 Business Day period immediately preceding such transaction is greater than or equal to (x) if the Financial Covenant Fixed Charge Coverage Ratio on a pro forma basis for such Test Period is greater than or equal
        to 1.00 to 1.00, the greater of $50,000,000 and 12.5% of the Tranche A Availability and (y) if the Financial Covenant Fixed Charge Coverage Ratio on a pro forma basis for such Test Period is less than 1.00 to 1.00, the greater of $70,000,000 and
        17.5% of Tranche A Availability and

       

      (b)          there is no Default or Event of Default existing immediately before or after such transaction;

       

      provided, that, notwithstanding anything to the contrary set forth herein, transactions shall not be permitted pursuant to Payment Conditions after the Amendment No. 5 Effective Date.

       

      “PBGC”:  the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

       

      
        48

        
          

      

      “Permitted Acquisition”:  (a) any acquisition or other Investment approved by the Required Lenders, (b) any acquisition or other
        Investment made solely with the Net Cash Proceeds of any substantially concurrent Equity Issuance or capital contribution (other than Disqualified Capital Stock or Cure Amounts) or (c) any acquisition, in a single
        transaction or a series of related transactions, of a majority controlling interest in the Capital Stock, or all or substantially all of the assets, of any Person, or of all or substantially all of the assets constituting a division, product line
        or business line of any Person, in each case to the extent the applicable acquired company or assets engage in or constitute a Permitted Business or Related Business Assets, so long as in the case of any acquisition described in this clause (c), no Event of Default shall be continuing immediately after giving pro forma effect to such acquisition.

       

      “Permitted Acquisition Provisions”: as defined in Section 2.25(b).

       

      “Permitted Business”:  (i) the Business or (ii) any business that is a natural outgrowth or a reasonable extension, development or
        expansion of any such Business or any business similar, reasonably related, incidental, complementary or ancillary to any of the foregoing.

       

      “Permitted Foreign Currency”:  with respect to any Letters of Credit, Local Loans or Acceptances, Euros,
        Pounds Sterling, Japanese Yen, Canadian Dollars, Australian Dollars, Hong Kong Dollars and any other foreign currency reasonably requested by the Borrower from time to time by notice to the Administrative Agent, the Issuing Lender and applicable Local Fronting Lender providing such Letters of Credit,
        Local Loans or Acceptances and in which an Issuing Lender or a Local Fronting Lender, as applicable, may, in accordance with its policies and procedures in effect at such time, issue
        Letters of Credit, lend Local Loans or create or discount Acceptances, as applicable.

       

      “Permitted Investors”:  the collective reference to (i) the Sponsor and any Affiliates of any Person included in the definition of
        “Sponsor”, (but excluding any operating portfolio companies of the foregoing), (ii) the members of management of any Parent Company, Holdings or any of its Subsidiaries that have ownership interests in any Parent Company or Holdings as of the
        Closing Date, (iii) the directors of Holdings or any of its Subsidiaries or any Parent Company as of the Closing Date and (iv) the members of any “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any
        successor provision) of which any Person described in clause (i), (ii) or (iii) of this definition is a
        member; provided that, in the case of such group and without giving effect to the existence of such group or any other group, Persons who are either Persons described in clause (i), (ii) or (iii) of this definition have aggregate beneficial ownership of more than 50% of the
        total voting power of the voting stock of the Borrower, Holdings or any Parent Company.

       

      “Permitted Refinancing”:  with respect to any Person, refinancings, replacements, modifications, refundings, renewals or extensions of
        Indebtedness (or of a prior Permitted Refinancing of Indebtedness); provided, that any such refinancing, replacement, modification, refunding, renewal or extension of Indebtedness
        effected pursuant to a clause in Section 7.2 or 7.3 in reliance on the term “Permitted Refinancing” must comply with the following conditions:

       

      (a)          there is no increase in the principal amount (or accreted value) thereof (except by an amount equal to accrued interest, fees, discounts, redemption and tender
        premiums, penalties and expenses and by an amount equal to any existing commitment unutilized thereunder and as otherwise permitted under the applicable clause of Section 7.2);

       

      (b)         the Weighted Average Life to Maturity of such Indebtedness is greater than or equal to the Weighted Average Life to Maturity of the Indebtedness being refinanced
        (other than a shorter Weighted Average Life to Maturity for customary bridge financings, which, subject to customary conditions, would either be automatically converted into or required to be exchanged 

      

       

      

      
        49

        
          

      

      
        for permanent financing which does not provide for a shorter Weighted Average Life to Maturity than the Weighted Average Life to Maturity of the Indebtedness being refinanced) and such Indebtedness shall not have a final maturity earlier than
          the maturity date of the Indebtedness being refinanced;

         

      

      (c)          immediately after giving effect to such refinancing, replacement, refunding, renewal or extension, no Event of Default shall be continuing;

       

      (d)         neither the Borrower nor any Restricted Subsidiary shall be an obligor or guarantor of any such refinancings, replacements, modifications, refundings, renewals or
        extensions except to the extent that such Person was (or would have been required to be) such an obligor or guarantor in respect of the applicable Indebtedness being modified, refinanced, replaced, refunded, renewed or extended; provided, that any other such Person shall be permitted to be such an obligor or guarantor to the extent that (x) such obligation or guaranty is created utilizing any applicable clause of Section 7.2 (other than Section 7.2(e)(ii) or (iv)) and (y) such Person would not have been restricted from
        being an obligor or guarantor, as applicable, of the Indebtedness being refinanced under this Agreement when the Indebtedness being refinanced was incurred (provided, that any such
        Indebtedness existing on the Closing Date shall be deemed to satisfy this clause (y));

       

      (e)         except in the case of a Permitted Refinancing under Section 7.2(p), any Liens securing such Permitted Refinancing
        shall be limited to the assets or property that secured the Indebtedness being refinanced; provided, that Liens in respect of assets or property granted as a result of the operation of
        after-acquired property clauses shall be permitted to the extent any such assets or property secured (or would have secured) the Indebtedness the subject of the Permitted Refinancing; provided,
        further, a Permitted Refinancing under Section 7.2(p) shall not be secured by any assets or property other than Collateral subject to Section 7.3(ll); provided, further, that Liens on other assets or property shall be
        permitted to the extent that (x) such Liens are granted utilizing any applicable clause of Section 7.3 and (y) the Indebtedness being refinanced would not have been restricted from being secured by
        such Liens when the Indebtedness being refinanced was incurred (provided, that any such Indebtedness existing on the Closing Date shall be deemed to satisfy this clause (y));

       

      (f)          to the extent the Indebtedness being refinanced is subject to the ABL Intercreditor Agreement or a Junior Intercreditor Agreement, to the extent that it is secured
        by the Collateral, the Permitted Refinancing shall be subject to the ABL Intercreditor Agreement or a Junior Intercreditor Agreement, as applicable, on terms no less favorable to the Lenders, taken as a whole (as determined in good faith by the
        Borrower); and

       

      (g)       except as otherwise permitted by this definition of “Permitted Refinancing”, the covenants and events of default applicable to such Permitted Refinancing shall be not
        materially more restrictive, taken as a whole, to the Borrower and its Restricted Subsidiaries than the covenants and events of default contained in customary agreements governing similar indebtedness in light of prevailing market conditions at the
        time of such Permitted Refinancing (as determined in good faith by the Borrower).

       

      “Permitted Refinancing Obligations”:  any Indebtedness (which Indebtedness shall be secured by the Collateral on a pari passu basis with
        the Liens securing the Obligations), in each case issued or incurred by the Borrower or a Guarantor to refinance, extend, renew, replace, modify or refund Indebtedness and to pro rata reduce the associated Revolving Commitments incurred under this
        Agreement and the Loan Documents (such Indebtedness, “Refinancing Debt”) and to pay fees, discounts, accrued interest, premiums and expenses in connection therewith; provided, that any such Refinancing Debt:

       

      
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      (a)          shall not be guaranteed by any Person that is not a Guarantor (unless such Person becomes a Guarantor hereunder);

       

      (b)          [reserved];

       

      (c)         shall not be secured (to the extent secured) by any Lien on any asset of any Loan Party that does not also secure the Obligations (unless such asset becomes
        Collateral hereunder);

       

      (d)          shall be incurred under this Agreement (as may be amended in furtherance of Section 10.1(d) of this Agreement) with
        the other Obligations; and

       

      (e)          (i) shall have a final maturity no earlier than the maturity date of the Indebtedness being refinanced (other than an earlier maturity date for customary bridge
        financings, which, subject to customary conditions, would either be automatically converted into or required to be exchanged for permanent financing which does not provide for an earlier maturity date than the maturity date of the Indebtedness
        being refinanced) and (ii) any such Indebtedness that is a revolving credit facility shall not mature prior to the maturity date of the Revolving Commitments being replaced.

       

      “Permitted Transferees” means, with respect to any Person that is a natural person (and any Permitted Transferee of such Person), (a)
        such Person’s immediate family, including his or her spouse, ex-spouse, children, step-children and their respective lineal descendants, (b) the estate of Ronald O. Perelman and (c) any other trust or other legal entity the primary beneficiary of
        which is such Person and/or such Person’s immediate family, including his or her spouse, ex-spouse, children, stepchildren or their respective lineal descendants.

       

      “Person”:  an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated
        association, joint venture, Governmental Authority or other entity of whatever nature.

       

      “Plan”:  at a particular time, any employee benefit plan as defined in Section 3(3) of ERISA and in respect of which the Borrower or any
        of its Restricted Subsidiaries is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA, including a Multiemployer Plan.

       

      “Platform”: as defined in Section 10.2(c).

       

      “Pledged Securities”:  as defined in the Guarantee and Collateral Agreement or the Canadian Collateral Agreement, as context may require.

       

      “Pledged Stock”:  as defined in the Guarantee and Collateral Agreement or the Canadian Collateral Agreement, as context may require.

       

      “Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Loan
        Documents continue to accrue after the commencement of any proceeding under any Debtor Relief Law, whether or not such interest, fees, expenses and other charges are allowed or allowable under any Debtor Relief Law or in any such proceeding.

       

      “PPSA” means the Personal Property Security Act (Ontario); provided that, if
        perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by a Personal Property Security Act as in effect in a Canadian jurisdiction other than Ontario or 

      

       

      
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       the Civil Code of Québec, “PPSA” means the Personal Property Security Act as in effect from time to time in such other jurisdiction or the Civil Code of Québec, as applicable, for purposes of the provisions hereof
        relating to such perfection, effect of perfection or non-perfection or priority in such Collateral.

       

      

      “Present Fair Salable Value”: the amount that could be obtained by an independent willing seller from an independent willing buyer if the
        assets of the Borrower and its Subsidiaries taken as a whole and after giving effect to the consummation of the Transactions are sold with reasonable promptness in an arm’s-length transaction under present conditions for the sale of comparable
        business enterprises insofar as such conditions can be reasonably evaluated.

       

      “Primary Administrative Agent”:  as defined in “Administrative Agent”.

       

      “Prior Tax Sharing Agreement”: the Tax Sharing Agreement entered into as of June 24, 1992, as amended and restated, among the Company and
        certain of its Subsidiaries, Holdings and Mafco.

       

      “Proceeding”: as defined in Section 10.5(c).

       

      “Property”:  any right or interest in or to property or assets of any kind whatsoever, whether real, personal or mixed and whether
        tangible or intangible, including Capital Stock.

       

      “Protective Advances”:  means all expenses, disbursements and advances incurred by the Administrative Agent pursuant to the Loan
        Documents after the occurrence and during the continuance of an Event of Default that the Administrative Agent, in its sole discretion exercised reasonably, deems necessary or desirable to preserve or protect the ABL Facility First Priority
        Collateral or any portion thereof or to enhance the likelihood, or maximize the amount, of repayment of the Obligations of the Revolving Lenders; provided, however, that the aggregate principal amount of such Protective Advances shall not exceed the lesser of $10,000,000 and the aggregate amount of the unused Tranche A Revolving Commitments.

       

      “Protective Advances Percentage”: as to any Tranche A Revolving Lender with respect to any Protective Advance, the percentage which such
        Tranche A Lender’s undrawn Revolving Commitment at the time such Protective Advance is made then constitutes of the aggregate undrawn Tranche A Revolving Commitments.

       

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

       

      “Public Information”: as defined in Section 10.2(c).

       

      “Public Lender”:  as defined in Section 10.2(c).

       

      “Push Down Reserve”:  a reserve established against the Tranche A Borrowing Base by the Administrative Agent at such time in an amount
        equal to the amount (if any) by which the aggregate principal amount of the Tranche B Term Loans outstanding at the applicable time of determination exceeds the Tranche B Borrowing Base at such time.

       

      “Qualified Capital Stock”:  any Capital Stock that is not Disqualified Capital Stock.

       

      “Qualified Cash”:  the amount of unrestricted cash and Cash Equivalents of the Loan Parties at such time to the extent held in a
        segregated restricted Deposit Account subject to a Deposit Account Control Agreement or Control Account and maintained either  (i) with the Administrative Agent 

      

       

      

      
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      or (ii) with another depository or Approved Securities Intermediary so long as such other applicable depository or Approved Securities Intermediary provides daily reports to the Administrative Agent setting forth the balances in such accounts
        and such information as the Administrative Agent may reasonably request.  For the avoidance of doubt, any cash or Cash Equivalents held in a Deposit Account to Cash Collateralize Letters of Credit, Swingline Loans or Acceptances shall not
        constitute Qualified Cash. 

      
        

        

      

      “Qualified Contract”: any new intellectual property license entered into by the Borrower or any of its Restricted Subsidiaries in respect
        of any brand so long as an officer of the Borrower has certified to the Administrative Agent that the revenues generated by such license in the next succeeding 12 months would reasonably be expected to exceed $10,000,000.

       

      “Ratio Basket”:  as defined in Section 1.6.

       

      “Ratio Basket Item or Event”:  as defined in Section 1.6.

       

      “Real Property”:  collectively, all right, title and interest of the Borrower or any of its Restricted Subsidiaries in and to any and all
        parcels of real property owned or leased by the Borrower or any such Restricted Subsidiary together with all improvements and appurtenant fixtures, easements and other property and rights incidental to the ownership, lease or operation thereof.

       

      “Receivables and Related Assets”: obligations arising from a sale of merchandise, goods or insurance, or the rendering of services which
        have been completed, together with (a) all interest in any goods, merchandise or insurance (including returned goods or merchandise) relating to any sale giving rise to such obligations, (b) all other security interests or Liens and property
        subject thereto from time to time purporting to secure payment of such obligations, whether pursuant to the contract related to such obligations or otherwise, together with all financing statements describing any collateral securing such
        obligations, (c) all rights to payment of any interest or finance charges and other obligations related thereto, (d) all supporting obligations, including but not limited to, all guarantees, insurance and other agreements or arrangements of
        whatever character from time to time supporting or securing payment of such obligations whether pursuant to the contract related to such obligations or otherwise, (e) all contracts, chattel paper, instruments and other documents, books, records and
        other information (including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) relating to such obligations, (f) any other property and assets that in accordance with market
        requirements at the time thereof are sold, transferred or pledged pursuant to receivables conduit securitization transactions and (g) collections and proceeds with respect to the foregoing, in each case, excluding the Capital Stock of any
        Receivables Subsidiary.

       

      “Receivables Facility”: one or more receivables financing facilities, as amended, supplemented, modified, extended, renewed, restated,
        refunded, replaced or refinanced from time to time, the Indebtedness of which is non-recourse (except for representations, warranties, covenants and indemnities made in connection with such facilities that the Borrower has determined in good faith
        to be customary in financings similar to a Receivables Facility, including those relating to servicing of the assets of a Receivables Subsidiary and those relating to any obligation of the Borrower or any of its Restricted Subsidiaries to
        repurchase the assets it sold thereunder as a result of a breach of a representation, warranty or covenant or otherwise) to the Borrower and its Restricted Subsidiaries pursuant to which the Borrower or any of its Restricted Subsidiaries sells or
        transfers its Receivables and Related Assets to either (x) a Person that is not a Restricted Subsidiary or (y) a Receivables Subsidiary that in turn sells or transfers its accounts receivable, payment intangibles and related assets to a Person that
        is not a Restricted Subsidiary.

       

      “Receivables Subsidiary”: any subsidiary formed solely for the purpose of engaging, and that engages only, in one or more Receivables
        Facilities.

       

      
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      “Recipient”: (a) any Lender, (b) the Administrative Agent and (c) any other Agent, as applicable.

       

      “Recovery Event”:  any settlement of or payment in respect of any Property or casualty insurance claim or any condemnation proceeding
        relating to any asset of the Borrower or any Restricted Subsidiary, in an amount for each such event exceeding $10,000,000.

       

      “Refinancing”:  the repayment, refinancing, retirement or redemption of Indebtedness under and termination of the Existing Credit
        Agreements and the Existing Target Notes on the Closing Date.

       

      “Refinancing Debt”: as defined in the definition of “Permitted Refinancing Obligations”.

       

      “Refinancing Revolving Commitment”:  as defined in Section 10.1(d).

       

      “Refinancing Revolving Loan”: a Loan in respect of a Refinancing Revolving Commitment.

       

      “Register”:  as defined in Section 10.6(b)(iv).

       

      “Reimbursement Obligation”:  the obligation of the Borrower to reimburse an Issuing Lender pursuant to Section

            3.5 for amounts drawn under Letters of Credit issued by such Issuing Lender.

       

      “Related Business Assets”:  assets (other than cash and Cash Equivalents) used or useful in a Permitted Business; provided, that any assets received by the Borrower or a Restricted Subsidiary in exchange for assets transferred by the Borrower or a Restricted Subsidiary shall not be deemed to be Related
        Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary.

       

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

       

      “Related Person”: as defined in Section 10.5.

       

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

       

      “Replaced Lender”:  as defined in Section 2.24.

       

      “Reportable Event”:  any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty day notice
        period is waived by the PBGC in accordance with the regulations thereunder.

       

      “Representatives”:  as defined in Section 10.14.

       

      “Required Lenders”:

       

       (a)         at any time prior to the Tranche A Discharge Date, the holders of more than 50% of the Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the
        Revolving Extensions of Credit then outstanding; provided, however, that

       

      

      
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      determinations of the “Required Lenders” shall exclude Revolving Commitments or Revolving Loans held by a Defaulting Lender and
        Revolving Commitments and Revolving Loans held by a Tranche B Term Lender (or an Affiliate thereof) shall be deemed to vote in the same proportion as Revolving Commitments and Revolving Loans held by Revolving Lenders that are not a Tranche B Term
        Lender (or an Affiliate thereof).

       

      (b)          thereafter, the holders of more than 50% of the aggregate principal amount of the Tranche B Term Loans then in effect.

       

      “Required Tranche A Lenders”:  at any time, the holders of more than 50% of the Tranche A Revolving Commitments then in effect or, if the
        Tranche A Revolving Commitments have been terminated, the Tranche A Revolving Extensions of Credit then outstanding; provided, however,
        that determinations of the “Required Tranche A Lenders” shall exclude Tranche A Revolving Commitments or Tranche A Revolving Loans held by Defaulting Lenders.

       

      “Requirement of Law”:  as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of
        such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its
        Property is subject.

       

      “Resignation Effective Date” as defined in Section 9.9.

       

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

       

      “Responsible Officer”:  any officer at the level of Vice President or higher of the relevant Person or, with respect to financial
        matters, the Chief Financial Officer, Treasurer, Controller or any other Person in the Treasury Department at the level of Vice President or higher of the relevant Person.

       

      “Restricted Payments”:  as defined in Section 7.6.

       

      “Restricted Subsidiary”:  any Subsidiary of the Borrower which is not an Unrestricted Subsidiary.

       

      “Revaluation Date”: (a) the date of delivery of each notice of borrowing in respect of Revolving Loans,
        the issuance of a Letter of Credit, the borrowing in respect of a Local Loan or the creation of an Acceptance, in a Permitted Foreign Currency, and (b) each other date on which a Spot Rate is calculated at the
        Administrative Agent’s discretion.

       

      “Revolving Commitment Period”:  with respect to each Tranche of Revolving Commitments, the period from and including the effective date for such Tranche to the Revolving Termination Date for such Tranche.

       

      “Revolving Commitments”:  as to any Revolving Lender, the obligation of such Lender, if any, to make Revolving Loans and, solely in the
        case of Tranche A Revolving Commitments, participate in Letters of Credit, Local Loans, Acceptances and Swingline Loans in an aggregate principal and/or
        face amount not to exceed the amount set forth on Schedule 2.1, or, as the
        case may be, in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant
        to an Extension Amendment, an Increase Supplement or otherwise pursuant to the terms hereof.  The aggregate amount of Revolving Commitments as of the Amendment No. 5 Effective Date is $400,000,000.

       

      
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      “Revolving Extensions of Credit”:  as to each Revolving Lender at any time, an amount equal to the Dollar
        Equivalent of the sum of, without duplication (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Revolving Lender’s L/C Obligations and

        aggregate applicable Tranche Revolving Percentages of the Local Loans and Acceptances then outstanding, and (c) such Revolving Lender’s Swingline
        Exposure.

       

      “Revolving Lender”:  each Lender that has a Revolving Commitment or that holds Revolving Loans.

       

      “Revolving Loans”:  Tranche A Revolving Loans as defined in Section 2.4(a).

       

      “Revolving Percentage”:  as to any Revolving Lender at any time, the percentage which such Lender’s Revolving Commitment then constitutes
        of the aggregate Revolving Commitments or, at any time after the Revolving Commitments shall have expired or terminated, the percentage which such Revolving Lender’s Revolving Extensions of Credit then outstanding constitutes of the aggregate
        Revolving Extensions of Credit then outstanding.

       

      “Revolving Termination Date”:

       

      (a)          with respect to the Tranche A Revolving Facility, the earlier of (x) the date that is 5 years after the Closing Date (or as otherwise provided in Section 2.26 for Extended Revolving Commitments) and (y) the Accelerated Maturity Date (subject to the proviso contained in the definition thereof),

       

      (b)          with respect to the Tranche B Term Facility, the earlier of

       

      (i)        (A) prior to the Tranche A Discharge Date, the date that is six months after the Revolving Termination Date of the then-latest Tranche A Revolving Facility and (B) on
        and after the Tranche A Discharge Date, the date that is six months after the Revolving Termination Date of the Tranche A Revolving Facility immediately prior to the occurrence of the Tranche A Discharge Date and

       

      (ii)         December 15, 2023 and

       

      (c)          with respect to any Extended Revolving Tranche, the maturity date set forth in the applicable Extension Amendment and

       

      (d)        with respect to any Tranche of Refinancing Revolving Commitments, the maturity date set forth in the applicable amendment pursuant to Section

            10.1(d);

       

      provided that, in each case of clauses (a), (b), (c) and (d), if such date is not a Business Day, the Revolving Termination Date will be the next succeeding
        Business Day.

       

      “S&P”:  Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof.

       

      “Sanction(s)”: any international economic sanction administered or enforced by OFAC, the United Nations Security Council, the European
        Union or Her Majesty’s Treasury.

       

       “Screen”:  the relevant display page for the Eurocurrency Base Rate (as reasonably determined by the Administrative Agent) on the Bloomberg Information
        Service or any successor thereto;

       

      

      
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       provided, that if the Administrative Agent determines that there is no such relevant display page or otherwise in Bloomberg for the Eurocurrency Base Rate,
        “Screen” means such other comparable publicly available service for displaying the Eurocurrency Base Rate (as reasonably determined by the Administrative Agent).

       

      “SEC”:  the Securities and Exchange Commission (or successors thereto or an analogous Governmental Authority).

       

      “Section 2.26 Additional Amendment”:  as defined in Section 2.26(c).

       

      “Secured Obligations”:  the Obligations, together with all obligations in respect of the Specified Hedge Agreements, the Specified Cash
        Management Obligations and the Specified Additional Obligations; provided, that the “Secured Obligations” shall exclude any Excluded Swap Obligations.

       

      “Secured Parties”:  collectively, the Lenders, the Administrative Agent, the Collateral Agent, each Issuing Lender, the Swingline Lender,
        any other holder from time to time of any of the Secured Obligations and, in each case, their respective successors and permitted assigns.

       

      “Securities Account”:  as defined in the Guarantee and Collateral Agreement.

       

      “Securities Account Control Agreement”:  as defined in the Guarantee and Collateral Agreement.

       

      “Securities Act”:  the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

       

      “Securities Intermediary”:  the meaning assigned to such term in the UCC.

       

      “Security”:  as defined in the Guarantee and Collateral Agreement.

       

      “Security Documents”:  the collective reference to the Guarantee and Collateral Agreement, the Holdings Guarantee and Pledge Agreement
        and all other security documents (including any Mortgages) hereafter delivered to the Administrative Agent or the Collateral Agent purporting to grant a Lien on any Property of any Loan Party to secure the Secured Obligations.

       

      “Single Employer Plan”:  any 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 of its Restricted Subsidiaries 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.

       

      “Solvent”:  (a) with respect to the Borrower and its Subsidiaries, as of any date of determination, (i) the Fair Value of the assets of
        the Borrower and its Subsidiaries taken as a whole exceeds their Liabilities, (ii) the Present Fair Salable Value of the assets of the Borrower and its Subsidiaries taken as a whole exceeds their Liabilities; (iii) the Borrower and its Subsidiaries
        taken as a whole Do not have Unreasonably Small Capital; and (iv) the Borrower and its Subsidiaries taken as a whole Will be able to pay their Liabilities as they mature and (b) no Local Borrower is undercapitalized to such an extent, that solely
        as a result of such undercapitalization, (i) any Lender would be deemed under the laws of the relevant jurisdiction to owe a fiduciary duty to any other creditor of such Local Borrower or (ii) the Local Loans made or the Acceptances created by the
        relevant Local Fronting Lender to such Local Borrower would be subordinated to any obligations of such Local Borrower owing to any other Person.

       

      
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      “Specified Additional Obligations”:  obligations, in an aggregate principal amount not to exceed $15,000,000 at any time outstanding,
        that in each case have been designated by the Borrower, by notice to the Administrative Agent, as a Specified Additional Obligation in accordance with Section 9.12(c).  The designation of any
        Specified Additional Obligations shall not create in favor of any party thereto (or their successors or assigns) any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Loan
        Documents.  For the avoidance of doubt, all obligations in existence on the Closing Date listed as such on Schedule 1.1B shall constitute Specified Additional Obligations.

       

      “Specified Cash Management Obligations”:  Cash Management Obligations (a) owed by the Borrower or a Restricted Subsidiary to a Person
        who, as of the time of incurrence of such obligations (or, in the case of any such obligations in existence on the Closing Date, within 30 days after the Closing Date), is the Administrative Agent, any other Agent, any Lender, an agent under the Term Loan Documents, a lender under the Term Loan Agreement or any Affiliate thereof (any such Person, a “Cash Management Provider”)

        and (b) that have been designated by the Borrower, by notice to the Administrative Agent, as a Specified Cash Management Obligations under this Agreement.  The designation of any Cash Management Obligations as Specified Cash Management Obligations
        shall not create in favor of the Cash Management Provider that is a party thereto (or their successors or assigns) any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Loan
        Documents.  For the avoidance of doubt, all Cash Management Obligations pursuant to agreements in existence on the Closing Date between the Borrower or any Subsidiary Guarantor, on the one hand, and a Cash Management Provider, on the other hand,
        listed as such on Schedule 1.1B, shall constitute Specified Cash Management Obligations.

       

      “Specified Disposition”:  the Disposition by the Borrower and/or any Subsidiary of one or more lines of Business (and/or any assets
        relating thereto) disclosed in a schedule to be provided to the Administrative Agent prior to the Closing Date.

       

      “Specified Existing Tranche”:  as defined in Section 2.26(a).

       

      “Specified Hedge Agreement”:  any Hedge Agreement (a) entered into by (i) the Borrower or any Subsidiary Guarantor and (ii) a Hedge Bank,
        as counterparty and (b) that has been designated by the Borrower, by notice to the Administrative Agent, as a Specified Hedge Agreement in accordance with Section 9.12(b); provided, that Specified Hedge Agreement shall exclude any Excluded Swap Obligations.  The designation of any Hedge Agreement as a Specified Hedge Agreement shall not create in favor of the Hedge Bank that is a
        party thereto (or their successors or assigns) any rights in connection with the management or release of any Collateral or of the obligations of any Guarantor under the Loan Documents.  For the avoidance of doubt, all Hedge Agreements in existence
        on the Closing Date between the Borrower or any Subsidiary Guarantor, on the one hand, and a Hedge Bank, on the other hand, listed as such on Schedule 1.1B, shall constitute Specified Hedge Agreements.

       

      “Specified Merger Agreement Representations”: such of the representations made by the Target with respect to the Target and its
        Subsidiaries in the Merger Agreement as are material to the interests of the Lenders and the Joint Bookrunners (in their capacities as such), but only to the extent that the Borrower (or its Affiliates) has the right to terminate the Borrower’s (or
        such Affiliate’s) obligations under the Merger Agreement or the right to decline to consummate the Merger as a result of a breach of such representations in the Merger Agreement.

       

       “Specified Representations”: the representations and warranties made solely with respect to the Loan Parties in Sections
            4.3(a), 4.4(a), 4.4(c), 4.5(a), 4.5(c)
        (solely to the extent that such representation and warranty relates to agreements or instruments governing material Indebtedness of the

       

      

      
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       relevant Loan Party the outstanding principal amount of which exceeds $50,000,000), 4.11, 4.13, 4.17(a) (subject to the conditionality limitations set forth in the last paragraph of Section 5.1), 4.18, 4.19, 4.22 and the second sentence of Sections 4.23 and 4.24
        (in each case, after giving effect to the Transactions).

       

      “Specified Reserve”:  effective as of five Business Days after the date of written notice of any determination thereof to the Borrower by
        the Administrative Agent (which notice shall include a reasonable description of the basis for such determination), such amounts as the Administrative Agent, in its sole discretion exercised reasonably and in accordance with customary business
        practices for comparable asset-based transactions, may from time to time establish a reserve against the Tranche A Borrowing Base (or the amount thereof, as the context requires) in respect of (i) Specified Hedge Agreements in effect at such time
        but only to the extent provided in Section 9.12, (ii) Specified Additional Obligations in effect at such time but only to the extent provided in Section 9.12
        and (iii) solely during a Liquidity Event Period or if an Event of Default has occurred and is continuing, Specified Cash Management Obligations in effect at such time.

       

      “Specified Transactions”: those certain transactions undertaken from time to time for planning and reorganization purposes of Holdings or
        its Subsidiaries as described in a writing reasonably acceptable to the Administrative Agent delivered prior to the Closing Date.

       

      “Sponsor”:  (a) Mafco, (b) each of Mafco’s direct and indirect Subsidiaries and Affiliates, (c) Ronald O. Perelman, (d) any of the
        directors or executive officers of Mafco or (e) any of their respective Permitted Transferees.

       

      “Spot Rate”: with respect to any currency, the rate determined by the Administrative Agent to be the rate quoted by the Oanda Corporation
        (or by any other provider of currency exchange rates, as selected by the Administrative Agent) as of which the foreign exchange computation is made; provided, that the Administrative
        Agent may obtain such spot rate from another financial institution designated by it if it does not have as of the date of determination a spot buying rate for any such currency; provided,
        further, that the Administrative Agent may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Revolving Loan or Letter of Credit
        denominated in a Permitted Foreign Currency.

       

      “Stated Maturity”:  with respect to any Indebtedness, the date specified in such Indebtedness as the fixed date on which the payment of
        principal of such Indebtedness is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the re-purchase or repayment of such Indebtedness at the option of the holder thereof upon the
        happening of any contingency).

       

      “Subsidiary”:  as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other
        ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors of such corporation, partnership
        or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person; provided,
        that any joint venture that is not required to be consolidated with the Borrower and its consolidated Subsidiaries in accordance with GAAP shall not be deemed to be a “Subsidiary” for purposes hereof.  Unless otherwise qualified, all references to
        a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a direct or indirect Subsidiary or Subsidiaries of the
        Borrower.

       

      
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      “Subsidiary Guarantors”:  (a) each Domestic Subsidiary other than any Excluded Subsidiary and (b) any other Subsidiary of the Borrower
        that is a party to the Guarantee and Collateral Agreement.

       

      “Successor Borrower”:  as defined in Section 7.4(j).

       

      “Successor Holdings”:  as defined in Section 7A.

       

      “Supermajority Lenders”:

       

      (a)        at any time prior the Tranche A Discharge Date, the holders of at least 662⁄3% of the sum of the Revolving Commitments then in effect or, if the Revolving Commitments have been terminated, the Revolving Extensions of Credit then outstanding; provided,
        however, that determinations of the “Supermajority Lenders” shall exclude Revolving
        Commitments or Revolving Loans held by a Defaulting Lender and Revolving Commitments of a Tranche B Term Lender (or an Affiliate thereof) shall be deemed to vote in the same proportion as all other Revolving Commitments not held by a Tranche B Term
        Lender (or an Affiliate thereof); and

       

      (b)          thereafter, the holders of at least 662⁄3% of the sum of the Tranche B Term Loans then in effect.

       

       “Supermajority Tranche A Lenders”:  at any time, the holders of at least 662⁄3% of the sum of the Tranche A Revolving Commitments then in
        effect or, if the Tranche A Revolving Commitments have been terminated, the Tranche A Revolving Extensions of Credit then outstanding; provided, however, that determinations of the “Supermajority Tranche A Lenders” shall exclude Tranche A Revolving Commitments or Tranche A Revolving Loans held by Defaulting Lenders.

       

      “Supplemental Revolving Commitment”:  as defined in Section 2.25(a).

       

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

       

      “Swingline Commitment”: the commitment of the Swingline Lender to make loans pursuant to Section 2.6,
        as the same may be changed from time to time pursuant to Section 2.10 or Section 2.6.

       

      “Swingline Exposure”: at any time the aggregate principal amount at such time of all outstanding Swingline Loans.  The Swingline Exposure
        of each Tranche A Revolving Lender at any time shall equal its Tranche A Revolving Percentage of the aggregate Swingline Exposure at such time.

       

      “Swingline Lender”:  Citibank, N.A., or any other Tranche A Revolving Lender that becomes the
        Administrative Agent or agrees, with the approval of the Administrative Agent and the Company, to act as the Swingline Lender hereunder, in each case, in its capacity as the Swingline Lender hereunder.

       

      “Swingline Loan”: any Loan made by the Swingline Lender pursuant to Section 2.6.

       

      “Syndication Agent”: Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as
        syndication agent.

       

      
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      “Target”: Elizabeth Arden, Inc., a Florida corporation.

       

      “TARGET Day” means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any,
        determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

       

      “Target Material Adverse Effect”: any Effect that (a) would reasonably be expected to prevent or
        materially impair the ability of the Company or any of its subsidiaries to consummate the Merger and the other transactions contemplated by the Merger Agreement, or (b) has a material adverse effect on the business,
        results of operations or financial condition of the Company and its subsidiaries taken as a whole; provided, that in the case of the foregoing clause (b), no Effect to the extent resulting from or arising out of any of the following shall constitute or be taken into account in determining whether there has been a Target Material Adverse Effect:
        (i) changes in general economic or political conditions or financial, credit or securities markets in general (including changes in interest or exchange rates) in any country or region in which the Company or any of
        its subsidiaries conducts business; (ii) any Effects that affect the industries in which the Company or any of the Company’s subsidiaries operate; (iii) any changes in Legal
        Requirements applicable to the Company or any of the Company’s subsidiaries or any of their respective properties or assets or changes in GAAP, or any changes in interpretations of the
        foregoing; (iv) acts of war, armed hostilities, sabotage or terrorism, or any escalation or worsening of any acts of war, armed hostilities, sabotage or terrorism; (v) the negotiation, announcement or existence of, or any action taken that is
        required or expressly contemplated by the Merger Agreement and the transactions contemplated thereby (including the impact thereof on relationships, contractual or otherwise, with customers, suppliers, vendors, lenders, employees, investors, or
        venture partners) or any action taken by the Company at the written request of or with the written consent of Parent; (vi) any changes in the credit rating of the Company or any of its
        subsidiaries, the market price or trading volume of shares of Common Stock or any failure to meet internal or published projections, forecasts or revenue or earnings predictions for any period, it being understood that any underlying event causing
        such changes or failures in whole or in part may be taken into account in determining whether a Target Material Adverse Effect has occurred; (vii) any litigation arising from allegations of a breach of fiduciary duty relating to the Merger
        Agreement or the transactions contemplated by the Merger Agreement; or (viii) any weather-related events, earthquakes, floods, hurricanes, tropical storms, fires or other natural disasters or any national, international or regional calamity, in
        each case of clauses (i), (ii), (iii), (iv) or (viii), to the extent such Effects, escalation or worsening do not have a materially disproportionate adverse impact on the Company and its subsidiaries relative to other
        companies operating in the geographic markets or segments of the industry in which the Company and its subsidiaries operate.  Capitalized terms used in the above definition (other than “Merger Agreement” and “Target
        Material Adverse Effect”) shall have the meanings set forth in the Merger Agreement as in effect on June 16, 2016.

       

      “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared
        platform and which was launched on November 19, 2007.

       

      “Tax Payments”: payments pursuant to the Company Tax Sharing Agreement and the Prior Tax Sharing Agreement, without duplication.

       

      “Taxes”:  all present and future taxes, levies, imposts, duties, deductions, withholdings (including
        backup withholding), assessments, fees or other charges now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto.

       

      
        61

        
          

      

      
        
        “Term Designated Additional Obligations”: as defined in the ABL Intercreditor Agreement.

        

        

        “Term Designated Banking Services Obligations”:

          as defined in the ABL Intercreditor Agreement.

        

        

        “Term Designated Swap Obligations”: as
          defined in the ABL Intercreditor Agreement.

        

        

        “Term Facility
            First Priority Collateral”:  as defined in the ABL Intercreditor Agreement.

        

        

        “Term Loan Agreement”:  the Term Credit Agreement, dated as of September
          7, 2016, by and among the Borrower, Holdings, Citibank, N.A., as administrative agent and collateral agent, and the other financial institutions party thereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

        

        

        “Term Loan Documents”:

          the collective reference to the Term Loan Agreement and any other document, agreement and instrument executed and/or delivered in connection therewith or relating thereto, together
          with any amendment, supplement, waiver, or other modification to any of the foregoing.

        

        

        “Term Pari Passu Obligations”:  (i) the Initial Term B Loans and (ii) the obligations in respect of Indebtedness permitted to be
          incurred under Section 7.2 that is (or is to be) secured on a pari passu basis with the Liens securing the Initial Term B Loans and/or other subsequent Term Pari Passu Obligations.

        

        

        “Test Period”:  on any date of determination, the period of four consecutive fiscal quarters of the Borrower (in each case taken as one
          accounting period) most recently ended on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 6.1 or, prior to the first such
          delivery, the pro forma financial statements referred to in Section 5.1(o).

        

        

        “Tranche”:  with respect to Revolving Loans or commitments, refers to whether such Revolving Loans or
          commitments are

        

        

        (1)          Tranche A Revolving Commitments or Loans thereunder,

        

        

        (2)          Tranche B Term Loans,

        

        

        (3)          Extended Revolving Commitments or Loans thereunder (of the same Extension Series) or

        

        

        (4)          Refinancing Revolving Commitments with the same terms and conditions made on the same day or Revolving Loans in respect thereof,

        

        

        in each case including any Supplemental Revolving Commitments in respect thereof or Loans thereunder.

        

        

        “Tranche A Availability”:  at any time,

        

        

        (a)         the lesser of (i) the aggregate Tranche A Revolving Commitments in effect at such time and (ii) the Tranche A Borrowing Base at such time (based on the Borrowing
          Base Certificate most recently delivered to the Administrative Agent pursuant to Section 6.2(g), after giving effect to any Eligibility Reserve, Specified Reserve, Push Down Reserve or Dilution
          Reserve in effect at such time with respect to the Tranche A Borrowing Base (if any), in each case without duplication

         

        

        
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         of any Eligibility Reserve or Dilution Reserve established with respect to the Tranche B Borrowing Base, whether or not reflected on such Borrowing Base Certificate but without duplication), minus

        

        

        (b)          the aggregate amount of any Availability Reserve in effect at such time with respect to the Borrowing Base;

        

        

        provided, that notwithstanding anything to the contrary herein or in any other Loan Document, from the Closing Date until the date on which the Borrower
          delivers, or is required to deliver, the Borrowing Base Certificate with respect to the calendar month ending October 31, 2016 pursuant to Section 6.2(g), Tranche A Availability shall be equal to
          $300,000,000 for all purposes of this Agreement and the other Loan Documents.

        

        

        “Tranche A Borrowing Base”: at any time, the amount equal to:

        

        

        (a)          85% of the Dollar Equivalent of the face amount of all Eligible Receivables (calculated net of all finance charges, late fees and other fees that are unearned,
          sales, excise or similar taxes, and credits or allowances granted at such time with respect to such Eligible Receivables); plus

        

        

        (b)         with respect to Eligible Inventory (valued, in each case, at the lower of a perpetual inventory at standard cost and market basis), the amount equal to:

        

        

        (i)         the lesser of (A) 100% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Prime Finished Goods; plus

        

        

        (ii)       the lesser of (A) 100% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Tote Stores Inventory; plus

        

        

        (iii)      the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Special Markets Inventory; plus

        

        

        (iv)       the lesser of (A) 75% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Work-in-Process Inventory; plus

        

        

        (v)         the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Raw Materials; plus

        

        

        (vi)        the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Bulk Inventory; plus

        

        

        (c)          the lesser of (A) the sum of (1) 75% of the Net Orderly Liquidation Value of Eligible Equipment at such time plus
          (2) 75% of the Mortgage Value of Eligible Real Property at such time and (B) 10% of Tranche A Availability; plus

        

        

        (d)          before the Amendment No. 5 Effective Date, the lesser of (A) 100% of Qualified Cash and (B) $75,000,000, plus

        

        

        (e)          [reserved]; minus

        

        

        (f)          in the case of clauses (a) through (c) above, any Eligibility
          Reserve in effect at such time with respect to the Tranche A Borrowing Base; minus

         

          

        
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        (g)          any Specified Reserve and Dilution Reserve in effect at such time with respect to the Tranche A Borrowing Base; minus

        

        

        (h)          the Push Down Reserve.

        

        

        Notwithstanding anything to the contrary,

        

        

        (1)         on and after the Amendment No. 5 Effective Date, (i) no new Availability Reserves, Dilution Reserves or Eligibility Reserves shall be established and (ii) the Net
          Orderly Liquidation Value, Mortgage Value and Net Orderly Liquidation Percentage, in each case, shall be calculated based upon the Appraisals in effect on the Amendment No. 5 Effective Date, in each case, until the earliest of (x) the 2021 Notes
          Exchange Effective Date, (y) an Event of Default specified in Section 8.1(f) occurring and continuing and (z) November 15, 2020 and

        

        

        (2)       if all of the results of new Appraisals and field exams that are in process on the Amendment No. 5 Effective Date are not delivered to the Administrative Agent prior
          to an Event of Default specified in Section 8.1(f) occurring, an Eligibility Reserve of $30,000,000 will automatically and immediately be established against the Tranche A Borrowing Base.

        

        

        “Tranche A Commitment Fee”: as defined in Section 2.09(a)(i).

        

        

        “Tranche A Discharge Date”:  the date on which

        

        

        (a)         all Tranche A Revolving Loans (and any Refinancing Revolving Loans in respect thereof) and all Swingline Loans have been repaid by or on behalf of Borrower in full
          in cash;

        

        

        (b)         all Tranche A Revolving Commitments (and any Refinancing Revolving Commitments in respect thereof) and all Swingline Commitments have been permanently terminated;

        

        

        (c)          all Letters of Credit are no longer outstanding (or have been Cash Collateralized in a manner acceptable to the applicable Issuing Lender); and

        

        

        (d)         all amounts owing to any Tranche A Revolving Lender and the Administrative Agent in respect of the Tranche A Facility (other than (i) contingent or indemnification
          obligations not then due and (ii) obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional Obligations) have been repaid by or on behalf of Borrower in full in cash;

        

        

        provided, that the Tranche A Discharge Date shall be deemed not to have occurred to the extent of a refinancing or replacement of the Tranche A Revolving
          Commitments with a Tranche A Refinancing complying with the terms of Section 10.19(j) of this Agreement.

        

        

        “Tranche A Revolving Commitment”: as to any Revolving Lender, the obligation of such Lender, if any, to make Tranche A Revolving Loans
          and participate in Letters of Credit, Local Loans, Acceptances and Swingline Loans in an aggregate principal and/or face amount not to exceed the amount set forth on Schedule 2.1, or, as the case
          may be, in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to an Extension Amendment, an Increase Supplement or otherwise pursuant to the terms hereof.  The
          aggregate amount of the Tranche A Revolving Commitments as of the Closing Date and as of the Amendment No. 1 Effective Date is $400,000,000.

         

        

        
          64

          
            

        

        “Tranche A Revolving Extensions of Credit”:  as to each Revolving Lender at any time, an amount equal to the Dollar Equivalent of the
          sum of, without duplication (a) the aggregate principal amount of all Tranche A Revolving Loans held by such Lender then outstanding, (b) such Tranche A Revolving Lender’s L/C Obligations and Tranche A Revolving Percentage of the Local Loans and
          Acceptances then outstanding, and (c) such Tranche A Revolving Lender’s Swingline Exposure.

        

        

        “Tranche A Revolving Facility”:  as defined in the definition of “Facility”.

        

        

        “Tranche A Revolving Lenders”:  each Lender that has a Tranche A Revolving Commitment or that holds Tranche A Revolving Loans.

        

        

        “Tranche A Revolving Loans”:  as defined in Section 2.4(a)(i).

        

        

        “Tranche A Revolving Percentage”:  as to any Revolving Lender at any time, the percentage which such Lender’s Tranche A Revolving
          Commitment then constitutes of the aggregate Tranche A Revolving Commitments or, at any time after the Tranche A Revolving Commitments shall have expired or terminated, the percentage which such Tranche A Revolving Lender’s Tranche A Revolving
          Extensions of Credit then outstanding constitutes of the aggregate Tranche A Revolving Extensions of Credit then outstanding.

        

        

        “Tranche A Secured Parties”:  Secured Parties in respect of Tranche A Secured Obligations.

        

        

        “Tranche A Secured Obligations”:  the Secured Obligations that are senior in right of payment to the Tranche B Secured Obligations
          pursuant to Section 6.6 of the Guarantee and Collateral Agreement.

        

        

        “Tranche B Administrative Agent”:  Alter Domus (US) LLC, as the administrative agent for the Tranche B Facility, together with any of
          its successors and permitted assigns in such capacity in accordance with Section 9.9.

        

        

        “Tranche B Borrowing Base”: at any time, the amount equal to:

        

        

        (a)        15% of the Dollar Equivalent of the face amount of all Eligible Receivables (calculated net of all finance charges, late fees and other fees that are unearned,
          sales, excise or similar taxes, and credits or allowances granted at such time with respect to such Eligible Receivables); plus

        

        

        (b)          with respect to Eligible Inventory (valued, in each case, at the lower of a perpetual inventory at standard cost and market basis), the amount equal to:

        

        

        (i)       if clause (b)(i) of the Tranche A Borrowing Base is based upon the Net Orderly Liquidation Percentage, the Net Orderly
          Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Prime Finished Goods; plus

        

        

        (ii)      if clause (b)(ii) of the Tranche A Borrowing Base is based upon the Net Orderly Liquidation Percentage, the Net
          Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Tote Stores Inventory; plus

        

        

        (iii)       the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Special Markets Inventory; plus

         

          

        
          65

          
            

        

        (iv)       the lesser of (A) 25% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Work-in-Process Inventory; plus

         

          

        (v)         the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Raw Materials; plus

        

        

        (vi)        the lesser of (A) 50% or (B) the Net Orderly Liquidation Percentage of the Dollar Equivalent of the value of all Eligible Bulk Inventory; plus

        

        

        (c)         the sum of (1) 25% of the Net Orderly Liquidation Value of Eligible Equipment at such time plus (2) 25%
          of the Mortgage Value of Eligible Real Property at such time; minus

        

        

        (d)          in the case of clauses (a) and (c) above, any Eligibility Reserve
          in effect at such time with respect to the Tranche B Borrowing Base; minus

        

        

        (e)          any Dilution Reserve in effect at such time with respect to the Tranche B Borrowing Base; minus

        

        

        (f)          (i) the Tranche B Maximum Amount minus (ii) the aggregate principal amount of the Tranche B Term
          Facility in effect at such time.

        

        

        “Tranche B Maximum Amount”:  the aggregate principal amount of all Tranche B Term Loans that have or may be issued to holders of 2021
          Notes as part of the 2021 Notes Exchange (whether or not such Tranche B Term Loans have been issued).

        

        

        “Tranche B Register” as define in Section 10.6(b)(iv).

        

        

        “Tranche B Secured Obligations”:  Secured Obligations in respect of the Tranche B Term Facility.

        

        

        “Tranche B Term Facility”:  as defined in the definition of “Facility”

        

        

        “Tranche B Term Lender”:  each Lender that holds a Tranche B Term Loan.

        

        

        “Tranche B Term Loans”:  as defined in Section 2.4(a)(ii).  Notwithstanding anything to
          the contrary, the aggregate principal amount of the Tranche B Term Loans shall not exceed $50,000,000.

        

        

        “Tranche Revolving Percentage”:  as to any Revolving Lender and Tranche at any time, the percentage which such Lender’s Revolving
          Commitment with respect to such Tranche then constitutes of the aggregate Revolving Commitments with respect to such Tranche or, at any time after such Revolving Commitments shall have expired or terminated, the percentage which such Revolving
          Lender’s Revolving Extensions of Credit with respect to such Tranche then outstanding constitutes of the aggregate Revolving Extensions of Credit with respect to such Tranche then outstanding.

        

        

        “Transaction Costs”: as defined in the definition of “Transactions.”

        

        

        “Transactions”: the consummation of the Merger in accordance with the terms of the Merger Agreement and the other transactions
          described therein, together with each of the following transactions consummated or to be consummated in connection therewith:

        

        

        (a)          the Borrower obtaining the Tranche A Revolving Facility and the Initial Term B Loans;

         

        

        
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        (b)        the Borrower (or a subsidiary thereof) issuing senior unsecured notes pursuant to a private placement under Rule 144A or other private placement yielding
          $450,000,000 in gross cash proceeds from the issuance of eight-year notes (the “2024 Notes”) and releasing such gross cash proceeds from escrow;

        

        

        (c)          the occurrence of the Refinancing; and

        

        

        (d)        the payment of all fees, costs and expenses incurred in connection with the transactions described in the foregoing provisions of this definition (the “Transaction Costs”).

        

        

        “Type”:  as to any Loan, its nature as an ABR Loan or Eurocurrency Loan.

        

        

        “UCP”: with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of
          Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

        

        

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

        

        

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

        

        

        “United States”:  the United States of America.

        

        

        “Unrestricted Cash”: as at any date of determination, the aggregate amount of cash and Cash Equivalents included in the cash accounts
          that would be listed on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as at such date, to the extent such cash and Cash Equivalents are not (a) subject to a Lien securing any Indebtedness or other obligations,
          other than (i) the Secured Obligations or (ii) any such other Indebtedness that is subject to any Intercreditor Agreement or (b) classified as “restricted” (unless so classified solely because of any provision under the Loan Documents or any
          other agreement or instrument governing other Indebtedness that is subject to any Intercreditor Agreement governing the application thereof or because they are subject to a Lien securing the Secured Obligations or other Indebtedness that is
          subject to any Intercreditor Agreement).

        

        

        “Unrestricted Subsidiary”:  (i) any Escrow Entity, (ii) any Subsidiary of the Borrower designated as such and listed on Schedule 4.14 on the Closing Date and (iii) any Subsidiary of the Borrower that is designated by a resolution of the Board of Directors of the Borrower as an Unrestricted Subsidiary, but only to the
          extent that, in the case of each of clauses (ii) and (iii), such Subsidiary:

        

        

        (a)         has no Indebtedness other than Non-Recourse Debt (other than such Indebtedness to the extent any related obligations of the Borrower or its Restricted Subsidiaries
          would otherwise be permitted under Section 7.7);

        

        

        (b)         is not party to any agreement, contract, arrangement or understanding with the Borrower or any Restricted Subsidiary unless (x) the terms of any such agreement,
          contract, arrangement or understanding, taken as a whole (as shall be determined by the Borrower in good faith), are no less favorable to the Borrower or such Restricted Subsidiary than those that might be obtained at the time from Persons who
          are not Affiliates of the Borrower or (y) the Borrower or

         

        

        
          67

          
            

        

         any Restricted Subsidiary would be permitted to enter into such agreement, contract, arrangement or understanding with an Unrestricted Subsidiary pursuant to Section

              7.9;

        

        

        (c)         is a Person with respect to which neither the Borrower nor any of its Restricted Subsidiaries has any direct or indirect obligation (x) to subscribe for additional
          Capital Stock or warrants, options or other rights to acquire Capital Stock or (y) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results, unless, in each case, the
          Borrower or any Restricted Subsidiary would be permitted to incur any such obligation with respect to an Unrestricted Subsidiary pursuant to Section 7.7; and

        

        

        (d)         does not guarantee or otherwise provide credit support after the time of such designation for any Indebtedness of the Borrower or any of its Restricted Subsidiaries
          unless it also guarantees or provides credit support in respect of the Obligations, in the case of clauses (a), (b) and (c), except to the extent not otherwise prohibited by Section 7.7.

        

        

        If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes hereof.  Subject to
          the foregoing, the Borrower may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary or any Restricted Subsidiary to be an Unrestricted Subsidiary; provided,
          that (i) such designation shall only be permitted if no Event of Default would be in existence following such designation, (ii) any designation of an Unrestricted Subsidiary as a Restricted Subsidiary shall be deemed to be an incurrence of
          Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary, (iii) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary shall be deemed to be an Investment in an Unrestricted
          Subsidiary and shall reduce amounts available for Investments in Unrestricted Subsidiaries permitted by Section 7.7 in an amount equal to the Fair Market Value of the Subsidiary so designated, (iv) any designation or re-designation of a Subsidiary as an Unrestricted Subsidiary or Restricted Subsidiary shall be consistent for the purposes of this Agreement, the Term Loan
          Agreement, the 2021 Notes and the 2024 Notes and (v) if such designation is of a Restricted Subsidiary that contributes in excess of 10% of the Tranche A Borrowing Base immediately prior to the designation of such
          Subsidiary as an Unrestricted Subsidiary, the Borrower shall deliver an updated Borrowing Base Certificate reflecting such designation concurrently therewith.  For the avoidance of doubt, a Local Borrowing
          Subsidiary may not be designated as an Unrestricted Subsidiary so long as such Restricted Subsidiary is a Local Borrowing Subsidiary.

        

        

        “US Lender”:  as defined in Section 2.20(g).

        

        

        “USA Patriot Act”:  as defined in Section 10.18.

        

        

        “Weighted Average Life to Maturity”: when applied to any Indebtedness at any date, the number of years obtained by dividing (a) the sum
          of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years
          (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness.

        

        

        “Will be able to pay their Liabilities as they mature”:  for the period from the date hereof through the Latest Maturity Date, the
          Borrower and its Subsidiaries taken as a whole and after giving effect to the consummation of the Transactions will have sufficient assets, credit capacity and cash flow to pay their Liabilities as those Liabilities mature or (in the case of
          contingent Liabilities) otherwise become payable, in light of business conducted or anticipated to be conducted by the Borrower and its Subsidiaries as reflected in the projected financial statements and in light of the anticipated credit
          capacity.

         

        

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

        

        

        1.2          Other Definitional Provisions.

        

        

        (a)          Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or
            any certificate or other document made or delivered pursuant hereto or thereto.

        

        

        (b)         As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting
            terms relating to the Borrower and its Subsidiaries not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include,” “includes” and
            “including” shall be deemed to be followed by the phrase “without limitation,” and (iii) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual
            Obligations as amended, supplemented, restated or otherwise modified from time to time.

        

        

        (c)         The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and
            not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

        

        

        (d)          The term “license” shall include sub-license.  The term “documents” includes any and all documents whether in physical or electronic form.

        

        

        (e)          The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

        

        

        (f)          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 (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 Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner
            as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.

        

        

        (g)          In connection with any action being taken in connection with a Limited Condition Acquisition, for purposes of determining compliance with any
            provision of this Agreement which requires that no Default, Event of Default or specified Event of Default, as applicable, has occurred, is continuing or would result from any such action, as applicable, at the option of the Borrower pursuant
            to an LCA

         

          

        
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         Election such condition shall be deemed satisfied so long as no Default, Event of Default or specified Event of Default, as applicable, exists on the date the definitive
            agreements for such Limited Condition Acquisition are entered into after giving pro forma effect to such Limited Condition Acquisition and the actions to be taken in connection therewith (including any incurrence of Indebtedness and the use of
            proceeds thereof) as if such Limited Condition Acquisition and other actions had occurred on such date.  For the avoidance of doubt, if the Borrower has exercised its option under the first sentence of this clause (g), and any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition Acquisition were entered into
            and prior to the consummation of such Limited Condition Acquisition, any such Default or Event of Default shall be deemed not to have occurred or be continuing solely for purposes of determining whether any action being taken in connection with
            such Limited Condition Acquisition is permitted hereunder.

        

        

        (h)          In connection with any action being taken solely in connection with a Limited Condition Acquisition, for purposes of:

        

        

        (i)        determining compliance with any provision of this Agreement which requires the calculation
            of the Consolidated Net First Lien Leverage Ratio, Consolidated Net Secured Leverage Ratio, Consolidated Net Total Leverage Ratio, Financial Covenant Fixed Charge Ratio or Fixed Charge Coverage Ratio; or

        

        

        (ii)         testing availability under baskets set forth in this Agreement (including baskets measured
            as a percentage of Consolidated Total Assets);

        

        

        in each case, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Acquisition, an “LCA
            Election”), the date of determination of whether any such action is permitted hereunder shall be deemed to be the date the definitive agreements for such Limited Condition Acquisition are entered into (the “LCA Test Date”), and if, after giving pro forma effect to the Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and
          the use of proceeds thereof) as if they had occurred at the beginning of the most recent four consecutive fiscal quarters ending prior to the LCA Test Date for which consolidated financial statements of the Borrower are available, the Borrower
          could have taken such action on the relevant LCA Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with.  For the avoidance of doubt, if the Borrower has made an LCA Election and any of
          the ratios or baskets for which compliance was determined or tested as of the LCA Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Borrower or the
          Person subject to such Limited Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations.  If the Borrower has
          made an LCA Election for any Limited Condition Acquisition, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments,
          mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness, or the designation of an Unrestricted Subsidiary
          on or following the relevant LCA Test Date and prior to the earlier of the date on which such Limited Condition Acquisition is consummated or the definitive agreement for such Limited Condition Acquisition is terminated or expires without
          consummation of such Limited Condition Acquisition, any such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Acquisition and other transactions in connection therewith (including any incurrence of
          Indebtedness and the use of proceeds thereof) have been consummated; provided that the calculation of Consolidated Net Income (and any defined term a component of which is Consolidated
          Net Income) shall not include the Consolidated Net Income of the Person or assets to be acquired in any Limited Condition Acquisition for usages other than in connection with the applicable transaction pertaining to such Limited

         

        

        
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         Condition Acquisition until such time as such Limited Condition Acquisition is actually consummated (clauses (g) and (h),
          collectively, the “Limited Condition Acquisition Provision”).

        

        

        (i)         For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a
            different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to
            the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.

        

        

        1.3         Pro Forma Calculations. 
          (i) Any calculation to be determined on a “pro forma” basis, after giving “pro forma” effect to certain transactions or pursuant to words of similar import and (ii) the Consolidated Net First Lien Leverage Ratio, the Consolidated Net Secured
          Leverage Ratio, the Consolidated Net Total Leverage Ratio, the Financial Covenant Fixed Charge Coverage Ratio and the Fixed Charge Coverage Ratio, in each case, shall be calculated as follows (subject to the provisions of Section 1.2): 

        

        

        (a)         for purposes of making the computation referred to above, in the event that the Borrower or any of its Restricted Subsidiaries incurs, assumes,
            guarantees, redeems, retires, defeases or extinguishes any Indebtedness or enters into, terminates or cancels a Qualified Contract, other than the completion thereof in accordance with its terms, subsequent to the commencement of the period for
            which such ratio is being calculated but on or prior to or substantially concurrently with or for the purpose of the event for which the calculation is made (a “Calculation

            Date”), then such calculation shall be made giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement, defeasance or extinguishment of Indebtedness or entry into, termination or cancellation of such Qualified Contract (other than the
            completion thereof in accordance with its terms) as if the same had occurred at the beginning of the applicable Test Period; provided, that the aggregate amount of revenues (and related assets) included in such pro forma calculation for any Test Period pursuant to this clause 1.3(a) with respect to Qualified Contracts shall not exceed $50 million in revenues (and any such related assets); provided, further, that for purposes of making the computation of Consolidated Net First Lien
            Leverage, Consolidated Net Secured Leverage, Consolidated Net Total Leverage or Fixed Charges for the computation of the Consolidated Net First Lien Leverage Ratio, Consolidated Net Secured Leverage Ratio, Consolidated Net Total Leverage Ratio,
            Financial Covenant Fixed Charge Coverage Ratio or Fixed Charge Coverage Ratio, as applicable, Consolidated Net First Lien Leverage, Consolidated Net Secured Leverage, Consolidated Net Total Leverage or Fixed Charges, as applicable, shall be
            Consolidated Net First Lien Leverage, Consolidated Net Secured Leverage, Consolidated Net Total Leverage or Fixed Charges as of the date the relevant action is being taken giving pro forma effect to any redemption, retirement or extinguishment of Indebtedness in connection with such event; and

        

        

        (b)         for purposes of making the computation referred to above, if any Investments (including the Transactions), brand acquisitions, Dispositions or
            designations of Unrestricted Subsidiaries or Restricted Subsidiaries are made (or committed to be made pursuant to a definitive agreement) subsequent to the commencement of the period for which such calculation is being made but on or prior to
            or simultaneously with the relevant Calculation Date, then such calculation shall be made giving pro forma effect to such Investments, brand acquisitions, Dispositions and designations as if the same had occurred at the beginning of the applicable Test Period in a manner consistent, where applicable, with the pro forma adjustments set forth in clause (n) of the definition of “Consolidated EBITDA” and clause (o) of the definition of “Consolidated Net Income”.  If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any of its Restricted Subsidiaries since the
            beginning of such period shall have made any Investment, brand acquisitions or Disposition that would have required adjustment pursuant to this provision, then such

         

          

        
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         calculation shall be made giving pro forma effect thereto for such Test Period as if such Investment, brand acquisitions or Disposition had occurred at the beginning of the applicable Test Period.

        

        

        1.4         Exchange Rates; Currency Equivalents. 

          The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of the face amount of Letters of Credit, L/C Disbursements in respect of such
          Letters of Credit, Local Loans and/or Acceptances denominated in Permitted Foreign Currencies.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the
          Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.  The Administrative Agent shall notify the applicable Issuing Lender and the Borrower on each Revaluation Date of the Spot
          Rates determined by it and the related Dollar Equivalent of Local Loans and Acceptances then outstanding.  Solely for purposes of Sections 2
          and 3 and related definitional provisions to the extent used in such Sections, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar
          Equivalent amount as so determined by the Administrative Agent and notified to the Borrower and the applicable Issuing Lender in accordance with this Section 1.4.  If any basket is exceeded solely
          as a result of fluctuations in applicable currency exchange rates after the last time such basket was utilized, such basket will not be deemed to have been exceeded solely as a result of such fluctuations in currency exchange rates.  For purposes
          of determining the Consolidated Net First Lien Leverage Ratio, the Consolidated Net Secured Leverage Ratio, the Consolidated Net Total Leverage Ratio, the Financial Covenant Fixed
          Charge Coverage Ratio and the Fixed Charge Coverage Ratio, amounts denominated in a currency other than Dollars will be converted to Dollars for the purposes of (A) testing the financial covenant under Section 7.1, at the Spot Rate as of the last day of the fiscal quarter for which such measurement is being made, and (B) calculating any
          Consolidated Net Total Leverage Ratio, the Consolidated Net Secured Leverage Ratio, the Consolidated Net First Lien Leverage Ratio, the Financial Covenant Fixed Charge Coverage Ratio
          and the Fixed Charge Coverage Ratio (other than for the purposes of determining compliance with Section 7.1), at the Spot Rate as of the date of calculation, and will,
          in the case of Indebtedness, reflect the currency translation effects, determined in accordance with GAAP, of Hedge Agreements permitted hereunder for currency exchange risks with respect to the applicable currency in effect on the date of
          determination of the Dollar Equivalent of such Indebtedness.

        

        

        1.5         Letter of Credit and Acceptance Amounts.  Unless otherwise specified herein, the amount of a Letter of Credit or Acceptance at any time shall be deemed to be the Dollar Equivalent of
          the stated amount of such Letter of Credit or Acceptance, as applicable, in effect at such time; provided, however, that with respect to any Letter of Credit or Acceptance that, by its terms or the terms of the Application or any other document, agreement or instrument entered into by the applicable
          Issuing Lender or Local Fronting Lender, as applicable, and the Borrower with respect thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit or Acceptance, as applicable, shall be deemed to be the maximum stated amount of such Letter of Credit or Acceptance, as applicable, after giving effect to all such increases, whether
          or not such maximum stated amount is in effect at such time.

        

        

        1.6         Covenants.  For purposes
          of determining compliance with Section 7 (other than Section 7.6), in the event that an item or event (or any portion thereof) meets the criteria of
          one or more of the categories described in a particular covenant contained in Section 7 (other than Section 7.6), the Borrower may, in its sole
          discretion, classify and reclassify or later divide, classify or reclassify (as if incurred at such later time) such item or event (or any portion thereof) and may include the amount and type of such item or event (or any portion thereof) in one
          or more of the relevant clauses or subclauses, in each case, within such covenant and will be entitled to include such item or event (or any portion thereof) only in one of the relevant clauses or subclauses (or any portion thereof).  In the case
          of an item or event (or any portion thereof) that is incurred pursuant to or otherwise included in a clause or subclause (or any portion thereof) of a covenant that does not rely on criteria based on the Consolidated Net First Lien Leverage
          Ratio, the

         

        

        
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         Consolidated Net Secured Leverage Ratio, the Consolidated Net Total Leverage Ratio, the Financial Covenant Fixed Charge Coverage Ratio or the Fixed Charge Coverage Ratio (any such item or event, a “Fixed Basket Item or Event” and any such clause, subclause or any portion thereof, a “Fixed Basket”) substantially concurrently
          with an item or event (or any portion thereof) that is incurred pursuant to or otherwise included in a clause or subclause (or any portion thereof) of a covenant that relies on criteria based on such financial ratios or tests (any such item or
          event, a “Ratio Basket Item or Event” and any such clause, subclause or any portion thereof, a “Ratio Basket”), such Ratio
          Basket Item or Event shall be treated as having been incurred or existing pursuant only to such Ratio Basket without giving pro forma effect to any such Fixed Basket Item or Event (other than a Fixed Basket Item or Event that relies on the term
          “Permitted Refinancing” or “Permitted Refinancing Obligations”) incurred pursuant to or otherwise included in a Fixed Basket substantially concurrently with such Ratio Basket Item or Event when calculating the amount that may be incurred or
          existing pursuant to any such Ratio Basket.  Furthermore, (A) for purposes of Section 7.2, the amount of any Indebtedness denominated in any currency other than Dollars shall be calculated based on
          the applicable Spot Rate, in the case of such Indebtedness incurred (in respect of funded term Indebtedness) or committed (in respect of revolving or delayed draw Indebtedness), on the date that such Indebtedness was incurred (in respect of
          funded term Indebtedness) or committed (in respect of revolving or delayed draw Indebtedness); provided that if such Indebtedness is incurred to refinance other Indebtedness denominated
          in a currency other than Dollars (or in a different currency from the Indebtedness being refinanced), and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the applicable Spot Rate on the
          date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as
          applicable, of such Indebtedness being refinanced plus (ii) the aggregate amount of accrued interest, fees, underwriting discounts, premiums and other costs and expenses incurred in connection with such refinancing, (B) for purposes of Sections 7.3, 7.5, 7.6 and 7.7, the amount of any Liens,
          Dispositions, Restricted Payments and Investments, as applicable, denominated in any currency other than Dollars shall be calculated based on the applicable Spot Rate, (C) for purposes of any calculation under Sections

              7.2 and 7.3, if the Borrower elects to give pro forma effect in such calculation to the entire committed amount of any proposed Indebtedness, whether or not then drawn, such committed
          amount may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with Section 7.2 or 7.3, but for
          so long as such Indebtedness is outstanding or in effect, the entire committed amount of such Indebtedness then in effect shall be included in any calculations under Sections 7.2 and 7.3, (D) any cash proceeds of Indebtedness shall be excluded as Unrestricted Cash and not netted for purposes of calculating any financial ratios and tests with respect to any substantially concurrent
          incurrence of a Ratio Basket Item or Event pursuant to a Ratio Basket and (E) any Fixed Basket Item or Event incurred pursuant to or otherwise included pursuant to a Fixed Basket based on Consolidated Total Assets shall be calculated based upon
          the Consolidated Total Assets at the time of such incurrence (it being understood that a Default shall be deemed not to have occurred solely to the extent that the Consolidated Total Assets after the time of such incurrence declines).

        

        

        SECTION II.

        AMOUNT AND TERMS OF COMMITMENTS

        

        

        2.1          [reserved].

        

        

        2.2          [reserved].

        

        

        2.3          [reserved].

        

        

        2.4          Revolving Commitments and Tranche B
              Term Loans.

        

        

        
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        (a)          Loans

         

        

        (i)          Tranche A Revolving Loans.  Subject to the terms and conditions hereof, each Tranche A Revolving Lender severally agrees to make revolving credit loans in Dollars (“Tranche A
              Revolving Loans”) to the Borrower from time to time during the Revolving Commitment Period in an aggregate principal amount at any one time outstanding which, when added to such Tranche A Revolving Lender’s other

            Tranche A Revolving Extensions of Credit then outstanding, does not exceed the amount of such Tranche A Revolving Lender’s Tranche A Revolving Commitment; provided that after giving effect to the making and the use of proceeds thereof, the aggregate Tranche A Revolving Extensions of Credit plus the face amount of any Cash Collateralized Letters of Credit shall
            not exceed the Tranche A Availability then in effect.

        

        

        (ii)          Tranche B Term Loans

        

        

        (A)       On the 2021 Notes Exchange Effective Date, the Borrower shall deliver a register (the “Tranche B Rights Register”) of each Person (such Person, the “Tranche B Rights Holder”) that, pursuant to the 2021 Notes
            Exchange, has the right to cause the Borrower to issue Tranche B Term Loans (a “Tranche B Right”) to such Person or its designee in accordance with the 2021 Notes Exchange (any such
            recipient of such Tranche B Term Loans, a “Tranche B Recipient”).  The Tranche B Rights Register shall identify each Person by legal name, the amount of 2021 Notes tendered by such
            Person and the aggregate principal amount of Tranche B Term Loans such Person or its designated Tranche B Recipient may receive.  To be eligible to receive a Tranche B Term Loan, a Tranche B Recipient must be an Eligible Assignee.  To designate
            another Person as its Tranche B Recipient, a Tranche B Rights Holder shall deliver a notice of designation, in a form acceptable to the Tranche B Administrative Agent, identifying the Tranche B Rights Holder and the aggregate principal amount
            of loans to be received by the designated Tranche B Recipient (a “Tranche B Rights Designation”).

        

        

        (B)        To exercise such rights, a Tranche B Rights Holder shall deliver (or cause it designated Tranche B Recipient to deliver) a 2021
          Notes Lender Joinder Agreement, a Tranche B Rights Designation (if applicable), all documentation and other information reasonably determined by the Tranche B Administrative Agent to be required by applicable “know your customer” and anti-money
          laundering rules and regulations, including the USA Patriot Act, and such other customary documentation as may be reasonably requested by the Tranche B Administrative Agent.  Upon execution and delivery of a 2021 Notes Lender Joinder Agreement by
          such Tranche B Term Lender on or after the 2021 Notes Exchange Effective Date to the Tranche B Administrative Agent with such completed documentation (and upon acceptance of such 2021 Notes Lender Joinder Agreement and documentation by such Tranche B Administrative Agent), each Tranche B Term Lender shall be deemed to have made a term loan in Dollars on a cashless basis (“Tranche B Term Loans”) to the Borrower as of the 2021 Notes Exchange Effective Date in accordance with the 2021 Notes Exchange and in an aggregate principal amount as set forth in the Initial
            Tranche B Facility Register; provided, that the aggregate principal amount of all Tranche B Term Loans shall not exceed
            $50,000,000.  On the Amendment No. 5 Effective Date, if the Tranche B Maximum Amount exceeds the Tranche B Borrowing Base at such time, a Push Down Reserve shall be established against the Tranche A Borrowing Base in the amount of such excess. 
            Once repaid by or on behalf of the Borrower, Tranche B Term Loans may not be reborrowed.  Any Tranche B Term Loans deemed borrowed on the 2021 Notes Exchange Effective Date shall be deemed to be a Eurocurrency Loan with an Interest Period of
            three months.

        

        

        
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        (C)        On the 2021 Notes Exchange Effective Date, the Borrower shall deliver to the Tranche B
            Administrative Agent a register with the name of each Tranche B Term Lender and the aggregate principal amount of the Tranche B Term Loans held by such Lender (the “Initial Tranche B Term Facility Register”) as of the 2021 Notes Exchange Effective Date.  The entries on the Initial Tranche B Term Facility Register shall be conclusive and the Tranche B
            Administrative Agent may treat each person whose name is recorded in the Initial Tranche B Term Register as the owner of Tranche B Term Loans in an aggregate principal amount as set forth in the Initial Tranche B Term Facility Register as of
            the 2021 Notes Exchange Effective Date for all purposes of this Agreement, notwithstanding any notice to the contrary.  The entries on the Tranche B Rights Register shall be conclusive and the Tranche B Administrative Agent may treat
          each person whose name is recorded in the Tranche B Rights Register as the owner of the right to cause the Borrower to issue Tranche B Term Loans in the amount set forth in the Tranche B Rights Register for all purposes of this Agreement,
          notwithstanding any notice to the contrary.  For the avoidance of doubt, the Tranche B Administrative Agent shall have no liability for the accuracy or completeness of the Initial Tranche B Term Facility Register or the Tranche B Rights
          Register.  To the extent there is any conflict between a 2021 Notes Lender Joinder Agreement and the Initial Tranche B Term Facility Register, the Initial Tranche B Term Facility Register shall govern.  To the extent there is any conflict between
          a 2021 Notes Lender Joinder Agreement or the Initial Tranche B Term Facility Register and the Tranche B Rights Register, the Tranche B Rights Register shall govern.

        

        

        (iii)       During the Revolving Commitment Period, the Borrower may use the Revolving Commitments by
            borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.

        

        

        (iv)         [reserved].

        

        

        (v)         The Revolving Loans and Tranche B Term Loans may from time to time be Eurocurrency Loans
            or, solely in the case of Revolving Loans and Tranche B Term Loans, in each case, denominated in Dollars, ABR Loans, as determined by the Borrower and notified to the Administrative Agent in accordance with Sections

                2.5 and 2.13.

        

        

        (b)         Subject to the terms and conditions hereof, each Local Fronting Lender
            severally agrees to make loans (and, to the extent provided in Section 2.31, to create Acceptances) under the aggregate Tranche A Revolving Commitments,
            in Dollars or in the Permitted Foreign Currency set forth on Schedule 2.4(b), to the Borrower or to the Local Borrowing Subsidiary for such Permitted Foreign Currency from time to time during the Revolving Commitment Period (individually, a “Local Loan”, and collectively, the “Local Loans”); provided, however, that, after giving effect to the making and the use of proceeds thereof, (i) the aggregate amount of the Local Outstandings of such Local Fronting Lender shall not exceed the amount equal to its Currency Sublimit then in effect and
            (ii) the aggregate Tranche A Revolving Extensions of Credit shall not exceed the Tranche A Availability then in effect.  The Local Loans made by each Local Fronting Lender generally shall be made by such Local Fronting Lender from a lending office which is located within the jurisdiction of its respective Permitted Foreign Currency; provided, however, that, in the event that the Company or the relevant Local Borrowing Subsidiary so
            requests and the relevant Local Fronting Lender (in its sole discretion) so agrees, any Local Loans to be made by such Local Fronting Lender may be made from a lending office of such Local Fronting Lender which is not located in the
            jurisdiction of its Permitted Foreign Currency.  During the Revolving Commitment Period, the
            Local Borrowers may use the aggregate Tranche A Revolving Commitments by borrowing Local Loans and Acceptances, repaying the Local Loans and Acceptances in whole or in
            part and reborrowing, all in accordance with the terms and conditions hereof.

         

          

        
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        (c)          Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document,

        

        

        (i)        no Local Borrowing Subsidiary organized under the laws of any jurisdiction outside the
            United States shall pay or be obligated under any Loan Document to pay any amounts, including any amounts owing by or on account of any other Loan Party pursuant to this Agreement or any other Loan Document or in respect of any other Secured
            Obligations, other than the Obligations arising from the Local Loans of such Local Borrowing Subsidiary and

        

        

        (ii)        no assets of any Local Borrowing Subsidiary organized outside of the United States shall be
            used to pay or secure obligations of the Company, any other Loan Party or any other Local Borrowing Subsidiary under any Loan Document or in respect of any other Secured Obligations, in each case of clauses
                (i) and (ii), only to the extent that the Borrower has not elected to make such Local Borrowing Subsidiary a Subsidiary Guarantor.

        

        

        (d)          Notwithstanding the provisions set forth in Section 2.10, Section 2.11 and Section 2.12 each of which shall not apply to repayments or terminations of Loans or Commitments pursuant to this Section 2.4(d), the Borrower shall repay all outstanding Revolving Loans, Local Loans and Swingline Loans on the Revolving Termination Date with respect to the applicable Tranche of Revolving Loans or commitments.  For the avoidance of doubt,
            unless terminated earlier, all Tranche A Revolving Commitments shall automatically terminate on the Revolving Termination Date with respect to the Tranche A Revolving Facility.  The Borrower shall repay all outstanding Tranche B Term Loans on
            the Revolving Termination Date with respect to the Tranche B Term Loans.

        

        

        2.5          Procedure for Revolving Loan and Local Loan Borrowing. The Borrower may borrow under the applicable Revolving Commitments during the applicable Revolving Commitment Period on any Business Day;
          provided that the Borrower shall give the Administrative Agent irrevocable written notice (which notice must be received by
            the Administrative Agent in the case of Eurocurrency Loans denominated in Dollars, prior to 12:00 Noon, New York City time, three Business Days prior to the requested Borrowing Date, or in the case of ABR Loans, prior to 1:00 p.m., New York City time, on the proposed Borrowing Date), specifying (w) the amount and Type of Revolving Loans to be borrowed, (x) the requested Borrowing Date, and (y) in the case of Eurocurrency Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor; provided, further, that if the Borrower wishes to request Eurocurrency Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the
            Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request
            and determine whether the requested Interest Period is acceptable to all of them. 

        

        

        Not later than 11:00 a.m., three Business Days before the requested date of such borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by
          telephone) whether or not the requested Interest Period has been consented to by all the Lenders.  Each borrowing by the Borrower under the Revolving Commitments shall be in an amount equal to (x) in the case of ABR Loans, $250,000 or a whole
          multiple of $100,000 in excess thereof (or, if the then aggregate Available Revolving Commitments of Revolving Lenders in respect of any Tranche are less than $250,000, such lesser amount with respect to borrowings under such Tranche) and (y) in
          the case of Eurocurrency Loans, the Borrowing Minimum or a whole multiple of the Borrowing Multiple in excess thereof.  Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each applicable Revolving
          Lender thereof.  Each applicable Revolving Lender will make the amount of its pro rata share of each borrowing available
          to the Administrative Agent for the account of the Borrower at the

         

        

        
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         Funding Office prior to 1:00 p.m. (or, in the case of ABR Loans being made pursuant to a notice delivered on the proposed Borrowing Date, 3:00 p.m.), New York City time, on the Borrowing Date requested by the
          Borrower in funds immediately available to the Administrative Agent.  Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account designated in writing by the Borrower to the Administrative Agent
          with the aggregate of the amounts made available to the Administrative Agent by such Revolving Lenders and in like funds as received by the Administrative Agent.  If no election as to the Type of a Revolving Loan is specified, then the requested
          Loan shall be an ABR Loan.  If no Interest Period is specified with respect to any requested Eurocurrency Loan, the Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Each Swingline Loan shall be made in
          accordance with the procedures set forth in Section 2.6.

        

        

        (b)         Each Local Borrower may request a borrowing of Local Loans under the aggregate

            Tranche A Revolving Commitments in Dollars or in the relevant Permitted Foreign Currency from the applicable Local Fronting Lender during the Revolving Commitment Period with respect to the Tranche A Revolving Facility on any Business Day by submitting an irrevocable written notice to the relevant Local Fronting Lender (with a copy to the Administrative Agent), specifying

        

        

        (i)          the aggregate principal amount of the relevant currency to be borrowed,

        

        

        (ii)          the requested Borrowing Date,

        

        

        (iii)        whether the Local Loans to be borrowed are to be (x) in
            the case of Local Loans denominated in Dollars, ABR Loans or Eurocurrency Loans or (y) in the case of Local Loans denominated in a Permitted Foreign Currency, Eurocurrency Loans or
            Local Rate Loans, or a combination thereof and, if a combination, the respective aggregate amount of each type of borrowing and

        

        

        (iv)        if the Local Loans to be borrowed are Eurocurrency Loans or (if it is customary in the
            relevant jurisdiction for Local Rate Loans to be subject to Interest Periods) Local Rate Loans, the length of the Interest Period or Interest Periods applicable thereto.

        

        

        Any such notice of borrowing must be received by the relevant Local Fronting Lender prior to 11:00 a.m., local time, three Business
          Days prior to the requested Borrowing Date (or such shorter period prior thereto as such Local Fronting Lender may agree) in the case of Eurocurrency Loans, and on the requested Borrowing

          Date, in the case of ABR Loans or Local Rate Loans (with the presentation by any third party of any check or draft drawn on the account of the relevant Local Borrower or any other borrowing by way of overdraft
          being deemed to constitute a notice of borrowing of Local Rate Loans in the amount of such check, draft or other borrowing, to the extent that insufficient funds are then available for the payment thereof in the account of such Local Borrower
          with the relevant Local Fronting Lender); provided, further, that the Administrative Agent may, at any time and from time to
          time in its sole discretion, suspend the right of the Local Borrowers with respect to any one or more Permitted Foreign Currencies to borrow ABR Loans or Local Rate Loans on the
          basis of same-day notice by providing written notice of such suspension to the Company and the affected Local Borrowing Subsidiaries (with a copy to the relevant Local Fronting Lender) not less than two Business
          Days prior to the effectiveness thereof (or, during such time as any Default or Event of Default has occurred and is continuing, on the date of such effectiveness), in which event any such notice of borrowing (other than any notice of borrowing
          deemed to be made on account of a check, draft or other customary means of borrowing by way of overdraft drawn by such Local Borrower prior to the date of such notice of suspension) of ABR Loans or Local Rate Loans
          must (until such notice of suspension has been revoked by the Administrative Agent) be received by the Local Fronting Lender prior to 11:00 a.m., local time, one Business Day prior to the requested Borrowing Date.  In the event that the relevant Local Fronting Lender determines on the requested Borrowing Date

         

        

        
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         that the making of such requested Local Loan will not cause the Local Outstandings of such Local Fronting Lender to exceed the amount equal to its Currency Sublimit then in effect (in each case, as has been
          notified to such Local Fronting Lender by the Administrative Agent pursuant to Section 2.30(b)), such Local Fronting
          Lender will make the requested Local Loan available to the relevant Local Borrower, at the principal lending office of such Local Fronting Lender in the relevant jurisdiction, by 1:00 p.m., local time, on the
          requested Borrowing Date, in funds immediately available to such Local Borrower.  Promptly following the making of each such Local Loan, such Local Fronting Lender shall provide notice to the Administrative Agent
          of the amount thereof.  The minimum amount of each borrowing of Local Loans shall be in an aggregate principal amount (not to exceed the relevant Currency Sublimit) to be mutually agreed upon by the relevant Local Fronting Lender and the relevant
          Local Borrower.  Notwithstanding anything to the contrary contained in this Section 2.5, no Local Fronting Lender shall
          be obligated hereunder to advance any Local Loan by way of an overdraft, but rather shall provide overdrafts only if it elects (in its sole discretion) to do so.

        

        

        2.6          Swingline Loans.

        

        

        (a)          Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other Tranche A Revolving Lenders set forth in this Section 2.6, shall make
            Swingline Loans to the Borrower from time to time in Dollars during the Revolving Commitment Period with respect to the Tranche A Revolving Facility, in an aggregate principal amount at any time outstanding that will not result in

        

        

        (i)           the aggregate principal amount of outstanding Swingline Loans exceeding $50,000,000 or

        

        

        (ii)          the aggregate Tranche A Revolving Extensions of Credit exceeding the Tranche A Availability then in effect;

        

        

        provided, that the Swingline Lender shall not be required to make a Swingline Loan (i) to refinance an outstanding
          Swingline Loan or (ii) if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by making such Swingline Loan may have, Fronting Exposure.  Within the foregoing limits and subject to the
          terms and conditions set forth herein, the Borrower may borrow, repay and reborrow Swingline Loans.  Each Swingline Loan shall be an ABR Loan.

        

        

        (b)         To request a Swingline Loan, the Borrower shall notify the Administrative Agent and the Swingline Lender of such request by telephone (promptly
            confirmed by telecopy), not later than 1:00 p.m., New York City time, on the day of a proposed Swingline Loan.  Each such notice shall be irrevocable and specify (y) the
            requested date (which shall be a Business Day) and amount of the requested Swingline Loan, and (z) proper wire instructions for the same.  Promptly after receipt by the
            Swingline Lender of any telephonic Swingline Loan notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swingline Loan notice and, if not, the
            Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.  Unless the Swingline Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of
            any Tranche A Revolving Lender) prior to 2:00 p.m. on the date of the proposed Swingline Loan (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in Section 2.6(a), or (B) that one or more of the applicable conditions specified in Section 5.2 is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender shall make each Swingline Loan available to the Borrower at its office by crediting the account of the Borrower on the
            books of the Swingline Lender in immediately available funds by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.  Swingline Loans shall be made in an amount equal to $100,000 or a whole multiple of $100,000 in excess
            thereof.

         

          

        
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        (c)         The Borrower shall have the right at any time and from time to time to repay, without premium or penalty, any Swingline Loan, in whole or in part,
            upon giving written or telecopy notice (or telephone notice promptly confirmed by written or telecopy notice) to the Swingline Lender and to the Administrative Agent before 3:00 p.m., New York City time on the date of repayment at the Swingline
            Lender’s address for notices specified in the Swingline Lender’s administrative questionnaire.  All principal payments of Swingline Loans shall be accompanied by accrued interest on the principal amount being repaid to the date of payment.

        

        

        (d)         The Swingline Lender may and, at any time there shall be Swingline Loan outstanding for more than seven days, the Swingline Lender shall by written
            notice given to the Administrative Agent not later than 3:00 p.m., New York City time, on any Business Day require the Tranche A Revolving 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 Tranche A Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Tranche A
            Revolving Lender, specifying in such notice such Lender’s Tranche A Revolving Percentage of such Swingline Loan or Loans.  Each Tranche A Revolving 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 Revolving Lender’s Tranche A Revolving Percentage of such Swingline Loan or Loans.  Each Tranche A Revolving 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 Tranche A Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever (provided, that such payment shall not cause such Tranche A Revolving Lender’s Tranche A Revolving Extensions of Credit to exceed such Tranche A Revolving Lender’s Tranche A Revolving Commitment).  Each Tranche A Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately
            available funds, in the same manner as provided in Section 3.4 with respect to Loans made by such Lender (and Section 3.4 shall apply, mutatis mutandis,
            to the payment obligations of the Tranche A Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Tranche A Revolving 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 Tranche A Revolving Lenders that shall have made their payments pursuant to this paragraph and to the
            Swingline Lender, as their interests may appear.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

        

        

        (e)          If the Revolving Termination Date applicable to a Tranche shall have occurred at a time when other Tranches will remain outstanding, then on such
            Revolving Termination Date all then outstanding Swingline Loans with respect to such maturing Tranche shall be repaid in full on such date (and there shall be no adjustment to the participations in such Swingline Loans as a result of the
            occurrence of such Revolving Termination Date); provided, that, if on the occurrence of
            such Revolving Termination Date (after giving effect to any repayments of Revolving Loans and any reallocation as contemplated in Section 3.4(d)), (i) there shall exist sufficient unutilized Tranche A Revolving Commitments that will remain outstanding after the date thereof and (ii) the conditions set forth in Sections

              5.2(a) and 5.2(b) shall be satisfied at such time so that the respective outstanding
            Swingline Loans could be incurred pursuant to such Tranche A Revolving Commitments which will remain in effect after the occurrence of such Revolving Termination Date, then there shall be an automatic adjustment on such date of the
            participations

         

          

        
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         in such Swingline Loans and the same shall be deemed to have been incurred solely pursuant to such Tranche A Revolving Commitments and such Swingline Loans shall not be so
            required to be repaid in full on such Revolving Termination Date.

        

        

        (f)         Notwithstanding anything to the contrary contained in this Agreement, in the event a Tranche A Revolving Lender becomes a Defaulting Lender, then
            such Defaulting Lender’s Tranche A Revolving Percentage in all outstanding Swingline Loans will automatically be reallocated among the Tranche A Revolving Lenders that are Non-Defaulting Lenders pro rata in accordance with each Non-Defaulting
            Lender’s Tranche A Revolving Percentage (calculated without regard to the Revolving Commitment of the Defaulting Lender), but only to the extent that such reallocation does not cause the Tranche A Revolving Extensions of Credit of any
            Non-Defaulting Lender to exceed the Tranche A Revolving Commitment of such Non-Defaulting Lender.  If such reallocation cannot, or can only partially, be effected, the Borrower shall, within five Business Days after written notice from the
            Administrative Agent or such longer period as the Administrative Agent shall agree, pay to the Administrative Agent an amount of cash equal to such Defaulting Lender’s Tranche A Revolving Percentage (calculated as in effect immediately prior to
            it becoming a Defaulting Lender) of the outstanding Swingline Loans (after giving effect to any partial reallocation pursuant to the first sentence of this Section 2.6(f)) to be applied to the repayment of such Swingline Loans.  So long as there is a Defaulting Lender, the Swingline Lender shall not be required to lend any Swingline Loans if the sum of, without duplication, the
            Non-Defaulting Lenders’ Tranche A Revolving Percentages of the outstanding Tranche A Revolving Loans, L/C Obligations, Local Loans and Acceptances, and their participations in Swingline Loans after giving effect to any such requested Swingline Loans would exceed the aggregate Tranche A Revolving Commitments of the Non-Defaulting
            Lenders (such excess, “Fronting Exposure”).

        

        

        2.7          Defaulting Lenders.

        

        

        (a)         Defaulting Lender Cure.  If the Borrower, the Administrative Agent, each Issuing
            Lender and the Swingline Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any
            conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as
            the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit, Swingline Loans, and Local Loans or Acceptances, if applicable, to be held pro rata by the Lenders in accordance with the Commitments under the applicable Facility (without giving effect to Section 3.4(d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
            having been a Defaulting Lender.

        

        

        (b)         Defaulting Lender Waterfall.  Any payment of principal, interest or other amounts
            (other than the payment of (i) commitment fees under Section 2.9, (ii) default interest under Section 2.15(c) and (iii) Letter of Credit fees under Section 3.3, which in each case shall be applied pursuant to the provisions of those Sections) received by the Administrative Agent for the account of any Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) shall be applied by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent pursuant to Section 9.7; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender
            (without duplication of the application of any cash collateral provided by the Borrower pursuant to Section 3.4(d)) to any Issuing
            Lender, Local Fronting Lender or Swingline Lender hereunder; third, to be held as security for any L/C Shortfall (without duplication of any cash collateral

         

          

        
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         provided by the Borrower pursuant to Section 3.4(d)) in a Cash
            Collateral Account; fourth, as the Borrower may request (so long as no Default exists), to the funding of any Loan in
            respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; fifth, if
            so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or the Swingline Lender as a result of any final
            non-appealable judgment of a court of competent jurisdiction obtained by any Lender, the Issuing Lenders or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
            Agreement; seventh, so long as no Default exists, to the payment of any amounts owing to the Borrower as a result of any
            final non-appealable judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that if (x) such payment is a payment of the principal amount of any Loans, L/C Disbursements or Acceptances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans
            were made or the related Letters of Credit were issued or the related Acceptances were created at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Disbursements and the participation interests in Acceptances owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Disbursements and amounts in respect of participation interests in Acceptances owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C
            Obligations and Acceptances are held by the Lenders pro rata in accordance with the Commitments under the applicable Facility without giving effect to Section 3.4(d).  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
            by a Defaulting Lender or to be held as security in a Cash Collateral Account pursuant to this Section 2.7(b) shall be deemed paid to
            and redirected by such Defaulting Lender and shall satisfy the Borrower’s payment obligation in respect thereof in full, and each Lender irrevocably consents hereto.

        

        

        2.8          Repayment of Loans.

        

        

        (a)         The Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of the appropriate Revolving Lender or Swingline
            Lender, as the case may be, (i) the then unpaid principal amount of each Revolving Loan of such Revolving Lender made to the Borrower outstanding on the applicable Revolving Termination Date (or on such earlier date on which the Loans become
            due and payable pursuant to Section 8.1), and (ii) subject
            to Section 2.6(e), the then unpaid principal amount of each Swingline Loan on the earlier of (A) the applicable Revolving Termination
            Date (or on such earlier date on which the Loans become due and payable pursuant to Section 8.1) and (B) the first date after such
            Swingline Loan is made that is the 15th or last day of a calendar month and is at least three Business Days after such Swingline Loan is made; provided, that on each date that a Revolving Loan is borrowed, the Borrower shall repay all Swingline Loans that were outstanding on the date such borrowing was requested.  The Borrower hereby further agrees to pay interest
            on the unpaid principal amount of the Loans and Swingline Loans made to the Borrower from time to time outstanding from the date made until payment in full thereof at the rates per annum, and on the dates, set forth in Section 2.15.  The Borrower hereby unconditionally promises to pay to the Tranche B Administrative Agent for the account of the appropriate Tranche
            B Term Lenders, as the case may be, the then unpaid principal amount of each Tranche B Term Loan made to the Borrower outstanding on the Revolving Termination Date in respect of the Tranche B Term Facility (or on such earlier date on which the
            Loans become due and payable pursuant to Section 8.1).

        

        

        Each Local Borrower hereby unconditionally promises to pay, in lawful money of the Permitted Foreign Currency or Dollars, as applicable, and in immediately available funds, to the applicable Local

         

        

        
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         Fronting Lender at the office of such Local Fronting Lender listed on Schedule 2.4(b) (or if such Local Fronting Lender has notified such Local Borrower that a Local
          Loan was funded by a different lending office of such Local Fronting Lender pursuant to Section 2.04(b), the lending office from which such Local Loan was funded) for
          its own account the then unpaid principal amount of each Local Loan of such Local Fronting Lender made to such Local Borrower outstanding on the Revolving Termination Date with respect to the Tranche A Revolving Facility (or on such earlier date on which
          the Loans become due and payable pursuant to Section 8.1).

        

        

        (b)         Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrowers to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest (based on the applicable interest rate and
            Interest Period) payable and paid to such Lender from time to time under this Agreement.  Each Local Borrowing Subsidiary hereby agrees that each Local Fronting Lender is authorized to record (i) the date, amount and currency of each Local Loan
            made by such Local Fronting Lender to such Local Borrowing Subsidiary pursuant to Section 2.4(b), (ii) the date of each interest rate
            conversion pursuant to Section 2.13 which is applicable to such Local Loan and the principal amount subject thereto, (iii) the date
            and amount of each payment or prepayment of principal of and interest with respect to each Local Loan made by such Local Borrowing Subsidiary to such Local Fronting Lender and (iv) the interest rate and Interest Period, in the books and records
            of such Local Fronting Lender and in such manner as is reasonable and customary for it and a certificate of an officer of such Local Fronting Lender, setting forth in reasonable detail the information so recorded, shall constitute prima facie
            evidence of the accuracy of the information so recorded in the absence of manifest error; provided, however, that the failure to make any such recording or any error in such recording shall not in any way affect the Obligations of the
            relevant Local Borrowing Subsidiary hereunder.

        

        

        (c)          Registers

        

        

        (i)          The Primary Administrative Agent, on behalf of each Borrower, shall maintain a Register
            pursuant to Section 10.6(b)(iv), and a subaccount therein for each Revolving Lender or Local Fronting Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note
            evidencing such Loan, the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any principal, interest and fees, as applicable, due and payable or to become due and payable from such Borrower to each Lender
            hereunder and (iii) the amount of any sum received by the Primary Administrative Agent or Local Fronting Lender, as applicable, hereunder from such Borrower and each Lender’s share
            thereof.  For the avoidance of doubt, in the event of any conflict between the Register and the records maintained by any Local Fronting Lender pursuant to Section 2.8(b), the Register shall
            control.

        

        

        (ii)         The Tranche B Administrative Agent, on behalf of the Borrower, shall maintain a Register
            pursuant to Section 10.6(b)(iv), and a subaccount therein for each Tranche B Term Lender, in which shall be recorded (i) the amount of each Loan made hereunder and any Note evidencing such Loan,
            the Type of such Loan and each Interest Period applicable thereto, (ii) the amount of any principal, interest and fees, as applicable, due and payable or to become due and payable from such Borrower to each Lender hereunder and (iii) the amount
            of any sum received by the Tranche B Administrative Agent, as applicable, hereunder from such Borrower and each Lender’s share thereof.  For the avoidance of doubt, in the event of any conflict between the Tranche B Register and the record
            maintained by any Tranche B Term Lender pursuant to Section 2.8(b), the Tranche B Register shall control.

        

        

        (d)         The entries made in the Register and the accounts of each Lender maintained pursuant to Section 2.8(c) shall, to the extent permitted by applicable law, be presumptively correct absent

         

          

        
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         demonstrable error of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of the Administrative Agent or any
            Lender to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of each Borrower to repay (with applicable
            interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement.

        

        

        (e)          The Company hereby irrevocably waives the right to direct, during a Liquidity Event Period or at any time an Event of Default has occurred and is
            continuing, the application of all funds in any Approved Deposit Account and agrees that the Administrative Agent may (in its sole discretion exercised reasonably) and, upon the written direction of the Required Lenders given at any time during
            such Liquidity Event Period or after an Event of Default has occurred and is continuing, shall exercise its applicable rights under any Deposit Account Control Agreement (including providing any notices of blockage or control) for each Approved
            Deposit Account and apply all available funds in any Approved Deposit Account, but in each case without a permanent reduction of Revolving Commitments, on a daily basis (but only so long as such Liquidity Event Period or Event of Default, as
            the case may be, is continuing) as follows:

        

        

        first, to repay the outstanding principal amount of any outstanding Protective Advances,

        

        

        second, the Swingline Loans until such Swingline Loans have been repaid in full; and

        

        

        third, to repay the outstanding principal balance of the Tranche A Revolving Loans until such Tranche A Revolving
          Loans shall have been repaid in full.

        

        

        The Administrative Agent agrees to use its commercially reasonable efforts to apply such funds in accordance with this Section 2.8(e), and the Company consents to
          such application.  If no Liquidity Event Period or Event of Default shall be continuing, the Administrative Agent shall not exercise control rights under the Deposit Account Control Agreements and shall, upon receipt of three Business Days’ prior
          written notice and a certificate of a Responsible Officer of the Company that no Liquidity Event Period or Event of Default is continuing, cease any enforcement measures in respect of Approved Deposit Accounts in effect at such time, including
          blockage, dominion or the withdrawal of all notices, instructions or directions provided to any Deposit Account Bank thereunder.  For the avoidance of doubt, funds used to reduce outstanding amounts may be reborrowed, subject to satisfaction of
          the conditions set forth in Section 5.2.

        

        

        (f)        Without diminishing the control of the Administrative Agent over amounts from time to time paid to the Administrative Agent for the purpose of Cash
            Collateralization, the Administrative Agent shall from time to time (upon the request of the Company so long as no Default or Event of Default shall have occurred and be continuing) cause the prompt return to the Company of any such amounts
            which are in excess of the amount required to be deposited to effect such Cash Collateralization.

        

        

        2.9          Commitment Fees, etc.

        

        

        (a)          Commitment Fee

        

        

        (i)         The Borrower agrees to pay to the Administrative Agent for the account of each Tranche A
            Revolving Lender a commitment fee (the “Tranche A Commitment Fee”), in Dollars, for the period from and including the Closing Date to the last day of
            the Revolving Commitment Period with respect to the Tranche A Revolving Facility (or, if earlier, the termination of all Tranche A Revolving Commitments), computed at the Commitment Fee Rate on the actual daily amount of the Available Revolving
            Commitment (but solely with respect to such Tranche A Revolving Lender’s Tranche A Revolving Commitment and Tranche A Revolving Extensions of Credit)

         

          

        
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         (provided, that, for purposes of this calculation, the Swingline Exposure shall not constitute a
            Tranche A Revolving Extension of Credit) of such Tranche A Revolving Lender during the period for which payment is made, payable quarterly in arrears on the later of (x) each Fee Payment Date and (y) the date
            that is two Business Days after the Borrower’s receipt from the Administrative Agent of documentation supporting the calculation of such commitment fee; provided, that (A) any commitment fee accrued with respect to any of the Tranche A Revolving Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such
            time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time and (B) no commitment fee
            shall accrue on any of the Tranche A Revolving Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

        

        

        (ii)         [reserved].

        

        

        (b)          The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in any fee agreements with the
            Administrative Agent and to the Tranche B Administrative Agent the fees in the amounts and on the dates as may be agreed between the Tranche B Administrative Agent and the Borrower.

        

        

        2.10        Termination or Reduction of
              Commitments.

        

        

        (a)          Reduction of Commitments

        

        

        (i)          The Borrower shall have the right, upon not less than two Business Days’ notice to the
            Administrative Agent, to terminate the L/C Commitments or the Swingline Commitments or, from time to time, to reduce the amount of the L/C Commitments or the Swingline Commitments.

        

        

        (ii)         The Borrower shall have the right, upon not less than two Business Days’ notice to the
            Administrative Agent, to terminate the Tranche A Revolving Commitments or, from time to time, to reduce the amount of the Tranche A Revolving Commitments; provided that (except as
            otherwise expressly provided herein) no such termination or reduction of Tranche A Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Tranche A Revolving Loans made on the effective date
            thereof, the total Tranche A Revolving Extensions of Credit would exceed the total Tranche A Revolving Commitments.

        

        

        (iii)         [Reserved].

        

        

        (iv)        Except with respect to terminations or reductions of Tranche A Revolving Commitments which
            shall be subject to clauses (i) above, the Borrower shall have the right, upon not less than two Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments of any
            Tranche or, from time to time, to reduce the amount of the Revolving Commitments of any Tranche; provided, that no such termination or reduction of Revolving Commitments of any
            Tranche shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans made on the effective date thereof, the total Revolving Extensions of Credit of such Tranche would exceed the total Revolving Commitments
            of such Tranche.

        

        

        Any such partial reduction shall be in an amount equal to $500,000, or a whole multiple of $100,000 in excess thereof, and shall reduce permanently the Revolving Commitments of the applicable Tranche then

         

        

        
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         in effect.  Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of termination or reduction under this Section 2.10
          if the notice of such termination or reduction stated that such notice was conditioned upon the occurrence or non-occurrence of a transaction or the receipt of a replacement of all, or a portion, of the Revolving Commitments outstanding at such
          time, in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied.

        

        

        (b)         Upon the incurrence by the Borrower or any of its Restricted Subsidiaries of any Permitted Refinancing Obligations in respect of Revolving
            Commitments or Revolving Loans, the Revolving Commitments designated by the Borrower to be terminated in connection therewith shall be automatically permanently reduced by an amount equal to 100% of the aggregate principal amount of commitments
            under such Permitted Refinancing Obligations and any outstanding Revolving Loans in respect of such terminated Revolving Commitments shall be repaid in full.

        

        

        2.11        Optional Prepayments.

        

        

        (a)         The Borrower may at any time and from time to time prepay any Tranche of Revolving Loans, the Swingline Loans or, after the Tranche A Discharge Date, Tranche B Term Loans, in whole or in part, without premium or penalty, upon irrevocable written notice delivered to the Administrative Agent no later than 12:00 Noon,
            New York City time,

        

        

        (i)          three Business Days prior thereto, in the case of Eurocurrency Loans that are Revolving Loans or Tranche B Term Loans, and

        

        

        (ii)         on the date of prepayment, in the case of ABR Loans that are Revolving Loans, Tranche B Term Loans or Swingline Loans, which notice shall specify (x) the date and
          amount of prepayment, (y) whether the prepayment is of a Tranche of Revolving Loans, Tranche B Term Loans or Swingline Loans and (z) whether the prepayment is of Eurocurrency Loans or ABR Loans; provided, that if a Eurocurrency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section

              2.21.

        

        

        Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.  If any such notice is given, the amount specified in such notice shall be due and payable on the date
          specified therein (provided, that any such notice may state that such notice is conditioned upon the occurrence or non-occurrence of any transaction or the receipt of proceeds to be used
          for such payment, in each case specified therein (including the effectiveness of other credit facilities), in which case such notice may be revoked by the Borrower (by written notice to the Administrative Agent on or prior to the specified
          effective date) if such condition is not satisfied), together with (except in the case of Revolving Loans that are ABR Loans) accrued interest to such date on the amount prepaid.  Partial prepayments of Revolving Loans, Tranche B Term Loans or
          Swingline Loans shall be in an aggregate principal amount of (i) $100,000 or a whole multiple of $100,000 in excess thereof (in the case of prepayments of ABR Loans) or (ii) the Borrowing Minimum or a whole multiple of the Borrowing Multiple in
          excess thereof (in the case of prepayments of Eurocurrency Loans), and in each case shall be subject to the provisions of Section 2.18.

        

        

        (b)          The Company and each Local Borrowing
            Subsidiary may at any time and from time to time, prepay any Local Loans borrowed by it, or Acceptances created for its account which are then outstanding, in whole or in part, without premium or penalty, upon irrevocable written notice delivered to the relevant Local Fronting Lender (with a copy to the Administrative Agent) no later than (i) three Business Days, in the case of Eurocurrency Loans, and (ii) two Business Days’ in the case of ABR Loans, Local Rate Loans or Acceptances, which notice shall specify (x) the date and amount of such prepayment, (y)

         

          

        
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         whether the amounts prepaid are on account of Acceptances or Local Loans (and, if on account of Local Loans, whether such Local Loans to be prepaid are denominated in Dollars or
            in a Permitted Foreign Currency, as the case may be) or a combination thereof, and, if a combination thereof, the amount of prepayment allocable to each and (z) whether the prepayment is of Eurocurrency Loans, ABR Loans (in the case of any prepayment of any such Loans denominated in Dollars) or Local Rate Loans or a combination thereof, and, if of a combination thereof, the amount of prepayment allocable to each (and, with respect to
            such Eurocurrency Loans or, to the extent applicable, Local Rate Loans, each Interest Period tranche thereof); provided, however, that Local Loans borrowed by way of
            overdrafts may be repaid on same-day notice without regard to any minimum amount of repayment required by this Section 2.11(b), with any deposit of funds (whether by clearance of a check, receipt of a wire transfer or otherwise) in the account of the relevant Local
            Borrowing Subsidiary maintained by the Local Fronting Lender with respect to such overdrafts being deemed to constitute such notice of prepayment.  If any such notice is given, the relevant Local Borrower or the Company, as applicable, will
            make the prepayment specified therein, and such prepayment shall be due and payable on the date specified therein (provided that any such notice may state that such notice is conditioned upon the occurrence or non-occurrence of any transaction or the receipt of proceeds to be used for such payment, in each case specified therein (including the effectiveness of
            other credit facilities), in which case such notice may be revoked by the relevant Local Borrower or the Company, as applicable (by written notice to the relevant Local Fronting Lender (with a copy to the Administrative Agent) on or prior to
            the specified effective date) if such condition is not satisfied).  Each partial prepayment of the Local Loans pursuant to this Section 2.11(b) shall be in such minimum amount as may be mutually agreed upon by the relevant Local Fronting Lender and the relevant Borrower and shall
            comply with Section 2.14; provided, however, that in no event shall such minimum amount be greater than $500,000 or the Dollar Equivalent thereof in the relevant Permitted Foreign Currency.

        

        

        (c)        Prepayments under this Section 2.11
            shall be applied, first, to prepay any Protective Advances, second, to prepay the Swingline Loans, the Tranche A Revolving Loans and the Local Loans, as the Borrower so
            determines, and, after the Tranche A Discharge Date, third, to prepay the Tranche B Term Loans.  Notwithstanding
            anything to the contrary, Tranche B Term Loans may not be prepaid until the Tranche A Discharge Date has occurred.

        

        

        2.12        Mandatory Prepayments.

        

        

        (a)       To the extent remaining after any prepayments therefrom pursuant to the terms of the Term Loan Agreement and any other
            Indebtedness intended to be secured by the Term Facility First Priority Collateral on a senior basis to the Liens securing the Obligations, and unless the Required Lenders
            shall otherwise agree, if any Indebtedness (excluding any Indebtedness permitted to be incurred in accordance with Section 7.2) shall
            be incurred by the Borrower or any Restricted Subsidiary, an amount equal to the lesser of (i) 100% of the Net Cash Proceeds thereof and (ii) the outstanding principal amount of Revolving Loans then outstanding, shall be applied not later than one Business Day after the date of receipt of such Net Cash Proceeds toward the prepayment of the Revolving Loans or Local Loans, as applicable, without a corresponding reduction in the Revolving
            Commitments, as directed by the Borrower in respect of Tranches thereof; provided, that each Borrower shall be required to make prepayments pursuant to this Section 2.12(a) solely in respect of its Loans.

        

        

        (b)          Prepayments of Loans

        

        

        (i)

        

        

        (A)        If, on any date, the aggregate Tranche A Revolving Extensions of Credit exceed the Tranche A
            Availability at such time, the Borrower or each Local Borrowing Subsidiary (but solely in respect of its applicable Local Loans and Acceptances) shall

         

          

        
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         promptly prepay (without a corresponding reduction in the Tranche A Revolving Commitments) the Tranche A Revolving Loans, the Swingline Loans, the Local Loans,
            the Acceptances and/or the L/C Obligations, to the Administrative Agent or a Local Fronting Lender, in each case as applicable, and/or Cash Collateralize its obligations, in an aggregate principal amount equal to such excess.

        

        

        (B)       If, on any date on or after the Amendment No. 5 Effective Date until the 2021 Notes Exchange
            Effective Date, the aggregate Tranche A Revolving Extensions of Credit plus $85,000,000 exceed the Tranche A Availability at such time, the Borrower or each Local Borrowing Subsidiary (but solely in respect of its applicable Local Loans and
            Acceptances) shall promptly prepay (without a corresponding reduction in the Tranche A Revolving Commitments) the Tranche A Revolving Loans, the Swingline Loans, the Local Loans, the Acceptances and/or the L/C Obligations, to the Administrative
            Agent or a Local Fronting Lender, in each case as applicable, and/or Cash Collateralize its obligations, in an aggregate principal amount equal to such excess.

        

        

        (ii)        Prior to the Tranche A Discharge Date, if, on any date, the aggregate Tranche B Term Loans
            exceed the Tranche B Borrowing Base at such time, a Push Down Reserve shall be immediately and automatically established in respect of the Tranche A Borrowing Base in an aggregate principal amount equal to such excess.  On and after the Tranche
            A Discharge Date and subject to Section 10.19, if, on any date, the aggregate Tranche B Term Loans exceed the Tranche B Borrowing Base at such time, the Borrower shall promptly prepay the Tranche
            B Term Loans to the Tranche B Administrative Agent in an aggregate principal amount equal to such excess and provide written notice to the Tranche B Administrative Agent of such prepayment an no later than three (3) Business Days prior to the
            prepayment.

        

        

        (iii)       If, on any date on or after the 2021 Notes Exchange Effective Date, the aggregate amount of
            cash or Cash Equivalents of Holdings and its Subsidiaries (other than cash reserved and specifically identified to the Administrative Agent to make payments in connection with the 2021 Notes Exchange substantially concurrently with the
            occurrence of the 2021 Notes Exchange Effective Date or with any purchase, redemption or discharge of 2021 Notes, regardless of whether such purchase, redemption or discharge is in connection with the 2021 Notes Exchange) exceeds $100,000,000,
            the Borrower shall promptly repay (without a corresponding reduction in the Tranche A Revolving Commitments) the Tranche A Revolving Loans, the Swingline Loans, the Local Loans, the Acceptances and/or the L/C Obligations, to the Administrative
            Agent or a Local Fronting Lender, in each case as applicable, and/or Cash Collateralize its obligations, in an aggregate principal amount equal to the lesser of (A) such excess and (B) the aggregate principal of any Tranche A Revolving Loans,
            Swingline Loans, Local Loans, Acceptances and/or L/C Obligations outstanding.

        

        

        (c)          Unless the Required Lenders otherwise agree, if at any time and from time to time the sum (based on the Borrowing Base Certificate most recently
            delivered to the Administrative Agent pursuant to Section 6.2(g)) of (i) the aggregate outstanding principal amount of Local Loans denominated in Dollars which are owing by the Local Borrowers to a Local Fronting Lender, (ii) the Dollar Equivalent of 105% of the aggregate outstanding principal amount of Local Loans denominated in the relevant Permitted Foreign Currency
            which are owing by the Local Borrowers to such Local Fronting Lender and (iii) the Dollar Equivalent of 105% of the aggregate undiscounted face amount of Acceptances in
            the relevant Permitted Foreign Currency which are owing by the relevant Local Borrowing Subsidiary to such Local Fronting Lender, exceeds the Currency Sublimit for such
            Local Fronting Lender, such Local Borrowers shall, within three Business Days, prepay the Local Loans and Acceptances owing by them to such Local Fronting Lender by the amount equal to such excess or, with respect to Acceptances, provide cash
            and/or Cash

         

          

        
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         Equivalents to be held as security for obligations in respect of Acceptances in a manner reasonably acceptable to such Local Fronting Lender; provided, such cash and/or Cash Equivalents so held as security shall not constitute Qualified Cash.

        

        

        (d)         Prepayments under Section 2.12(b)(i)
            shall be applied, first, to prepay the Swingline Loans and second, to repay the Tranche A Revolving Loans, the Local Loans, the Acceptances and the L/C Obligations (including the Cash Collateralization of Letters of Credit) as the Borrower and the Local Borrowing Subsidiaries so determine, subject to clause (e) below.

        

        

        (e)         Prepayments of Local Loans and Acceptances pursuant to this Section 2.12 shall be applied, first, to the Local Loans of such Local Borrowers as the Borrower (on its own behalf and as agent of the Local Borrowing Subsidiaries) may elect and, second, to the Acceptances; provided, however, that, during such time as an Event of Default has occurred and is continuing, such prepayment shall be applied to the Local Loans and (to the extent relevant) Acceptances
            of such Local Borrowers as the Administrative Agent may elect.

        

        

        (f)         If the Borrower shall provide cash and/or Cash Equivalents as collateral in order to comply with this Section 2.12, such amount shall be returned to the Borrower within three Business Days after notice from the Borrower to the Administrative Agent
            and the Local Fronting Lender that such collateral is no longer necessary to so comply with this Section 2.12 and requesting return
            of such collateral.

        

        

        (g)        If any Borrower would incur costs pursuant to Section 2.21 as a result of any payment due pursuant to this Section 2.12, such Borrower may deposit the amount of such payment with the Administrative Agent, for the benefit of the relevant Lenders, in an Approved Deposit Account, until the end of the applicable Interest Period at which
            time such payment shall be made; provided, such cash and/or Cash Equivalents shall not constitute Qualified Cash.  Each
            such Borrower hereby grants the Administrative Agent, for the benefit of such Lenders, a security interest (or if the applicable Borrower is a Local Borrowing Subsidiary organized under the laws of the Commonwealth of Australia or any political
            subdivision thereof, the Administrative Agent shall have a right to apply and setoff any such payment toward any amount payable by such Local Borrowing Subsidiary at the end of the applicable Interest Period) in all amounts in which such
            Borrower has any right, title or interest which are from time to time on deposit in such Cash Collateral Account and expressly waives all rights (which rights such Borrower hereby acknowledges and agrees are vested exclusively in the
            Administrative Agent) to exercise dominion or control over any such amounts.

        

        

        2.13       Conversion and Continuation Options.

        

        

        (a)         The Borrower may elect from time to time to convert Eurocurrency Loans (other than Local Loans or Eurocurrency Loans denominated in a Permitted Foreign Currency) made to the Borrower to ABR Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 12:00 Noon, New
            York City time, on the Business Day (or in the case of the Tranche B Term Loans, one (1) Business Day) preceding the proposed conversion date; provided, that if any such Eurocurrency Loan is so converted on any day other than the last day of the Interest Period applicable thereto, the
            Borrower shall also pay any amounts owing pursuant to Section 2.21.  The Borrower may elect from time to time to convert ABR Loans (other than Local Loans) made to the Borrower to Eurocurrency Loans by giving the Administrative Agent prior irrevocable written notice of such election no later than 12:00 Noon,
            New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, that no such ABR Loan under a particular Facility may be converted into a Eurocurrency Loan when any Event of
            Default has occurred and is continuing and the Administrative Agent or the Majority Facility Lenders in respect of such Facility have determined in its or their sole discretion not to permit such conversions.  Upon receipt of any such notice
            the Administrative

         

          

        
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         Agent shall promptly notify each relevant Lender thereof.  This Section 2.13 shall not apply to Swingline Loans and Protective Advances, in each case, which may not be converted or continued.

        

        

        (b)         Any Eurocurrency Loan (other than a Local Loan) may be continued as such by the Borrower giving irrevocable written notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest
            Period” set forth in Section 1.1 and no later than 12:00 Noon, New York City time, on the third Business Day preceding the proposed
            continuation date, of the length of the next Interest Period to be applicable to such Loans; provided, that if any such Eurocurrency Loan is so continued on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also
            pay any amounts owing pursuant to Section 2.21; provided, further, that no such Eurocurrency Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent has or the Majority Facility Lenders in respect of such Facility have
            determined in its or their sole discretion not to permit such continuations; provided, further, that (i) if the Borrower shall fail to give any required notice as described above in this paragraph such Eurocurrency Loans shall be
            automatically continued as Eurocurrency Loans having an Interest Period of one month’s duration on the last day of such then-expiring Interest Period and (ii) if such continuation is not permitted pursuant to the preceding proviso, such
            Eurocurrency Loans shall be automatically converted to ABR Loans on the last day of such then expiring Interest Period; provided, further, that if the Borrower wishes to request Eurocurrency Loans having an Interest Period other than one,
            two, three or six months in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. four Business Days prior to the requested date of such
            borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to the appropriate Lenders of such request and determine whether the
            requested Interest Period is acceptable to all of them.  Not later than 11:00 a.m., three Business Days before the requested date of such borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice
            may be by telephone) whether or not the requested Interest Period has been consented to by all the Lenders.  Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.

        

        

        (c)          Each Borrower may elect from time to time to convert outstanding Local Loans from Eurocurrency Loans to ABR Loans (in the case of Local Loans which are in Dollars) by giving (or causing the Company to give) the relevant Local Fronting Lender (with a copy to the Administrative Agent) at least two Business Days’ prior irrevocable notice of such election.  Each Local Borrower may elect from time to time
            to convert outstanding Local Loans from Eurocurrency Loans to Local Rate Loans (in the case of Local Loans which are in a Permitted Foreign Currency) by giving (or
            causing the Company to give) the relevant Local Fronting Lender at least two Business Days’ prior irrevocable notice of such election.  Each Borrower may elect from time
            to time and at any time to convert outstanding Local Loans from ABR Loans to Eurocurrency Loans
            (in the case of Local Loans which are in Dollars) by giving (or causing the Company to give) the relevant Local Fronting Lender (with a copy to the Administrative Agent)
            at least three Business Days’ irrevocable notice of such election; provided, however, that no ABR Loans may be converted to Eurocurrency Loans when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders so elect by notice to the Company.  Each Local Borrower may elect from time to time
            and at any time to convert outstanding Local Rate Loans to Eurocurrency Loans (in the case of Local Loans which are in a Permitted Foreign Currency) by giving (or causing
            the Company to give) the relevant Local Fronting Lender (with a copy to the Administrative Agent) at least three Business Days’ irrevocable notice of such election; provided, further, that no Local Rate Loans may be converted to Eurocurrency Loans when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders so elect by notice to the Company.  On the date on which
            such conversion is being made, the relevant Local Fronting Lender shall take such action as is necessary to effect such conversion.  All or any part of the outstanding Local Loans may be converted as provided herein.

        

        

        
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        (d)         Any Local Loans which are Eurocurrency Loans or (to the extent applicable) Local Rate Loans may be continued as such upon the expiration of an
            Interest Period with respect thereto by giving the relevant Local Fronting Lender (with a copy to the Administrative Agent) at least three Business Days’ irrevocable notice for continuation thereof; provided, however, that no such
            Eurocurrency Loan may be continued as such when any Event of Default has occurred and is continuing and the Administrative Agent or the Required Lenders so elect by notice to the Company and, instead, such Eurocurrency Loans denominated in Permitted Foreign Currencies shall be automatically converted to Local Rate Loans and Eurocurrency Loans denominated in Dollars shall be automatically converted to ABR Loans,
            in each case, on the last day of the Interest Period for such Eurocurrency Loans.  The Administrative Agent shall notify the relevant Local Fronting Lenders promptly that such automatic conversion shall occur.

        

        

        (e)         In the event that a timely notice of conversion or continuation with regard to Local Loans which are Eurocurrency Loans is not given in accordance
            with this Section 2.13, then,
            unless the relevant Local Fronting Lender shall have received timely notice from the relevant Borrower in accordance with Section 2.11 that such Eurocurrency Loans are to be prepaid on the last day of such Interest Period, such Borrower shall be deemed irrevocably to have
            requested that such Eurocurrency Loans denominated in Permitted Foreign Currencies be converted into Local Rate Loans and Eurocurrency Loans denominated in Dollars be converted into ABR Loans, as the case may be, on the last day of such
            Interest Period.  In the event that a timely notice of continuation with regard to Local Rate Loans which are subject to an Interest Period is not given in accordance with this Section

            2.13, then, unless the relevant Local Fronting Lender shall have received timely notice from the
            relevant Borrower in accordance with Section 2.11 that such Local Rate Loans are to be converted into Eurocurrency Loans or prepaid on the last day of such Interest Period, such Borrower shall be deemed irrevocably to have requested that such Local Rate Loans be continued as
            such on the last day of such Interest Period for a new Interest Period which is the shortest such Interest Period available to such Borrower from the relevant Local Fronting Lender.

        

        

        (f)        Notwithstanding anything to the contrary, Tranche B Term Loans shall always constitute a single “borrowing” for purposes of determining whether such
            Tranche B Term Loans are Eurocurrency Loans or ABR Loans.  If Tranche B Term Loans are Eurocurrency Loans, such Tranche B Term Loans shall always have the same Interest Period.

        

        

        2.14      Minimum Amounts and Maximum Number of
              Eurocurrency Tranches.  Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions, continuations and optional prepayments of Eurocurrency Loans and all selections of Interest Periods shall be in such
          amounts and be made pursuant to such elections so that 

        

        

        (a)          after giving effect thereto, the aggregate principal amount of the Eurocurrency Loans comprising each Eurocurrency Tranche shall be equal to the Borrowing Minimum or a whole multiple
          of the Borrowing Multiple in excess thereof; provided, that the foregoing shall not apply to Local Loans, in respect of which aggregate principal amounts and minimum borrowing
          requirements shall be mutually agreed between the applicable Local Fronting Lender and applicable Borrower, and

        

        

        (b)         no more than (A) seventeen Eurocurrency Tranches of Revolving Loans, (B) two Interest
          Periods (or such other number of Interest Periods as may be mutually agreed upon by the relevant Local Fronting Lender and the relevant Borrowers) in respect of Local Loans which are Eurocurrency Loans and (if an Interest Period is applicable
          thereto) Local Rate Loans in each Permitted Foreign Currency, shall be outstanding at any one time and (C) one Eurocurrency Tranche of Tranche B Term Loans.

         

        

        
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        2.15       Interest Rates and Payment Dates.

        

        

        (a)          Each Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the
            Eurocurrency Rate determined for such day plus the Applicable Margin.

        

        

        (b)         (i) Each ABR Loan and each Swingline Loan shall bear interest at a rate
            per annum equal to the ABR plus the Applicable Margin and (ii) each Local Rate Loan shall bear interest on the unpaid
            principal amount thereof at a rate per annum equal to the Local Rate applicable to the relevant Permitted Foreign Currency plus the Applicable Margin.

        

        

        (c)         (i) If all or a portion of the principal amount of any Loan, Reimbursement Obligation, Local Loan or Acceptances shall not be paid when due
            (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to (x) in the case of the Loans, Local Loans or Acceptances, the rate that would otherwise be applicable thereto
            pursuant to the foregoing provisions of this Section 2.15 plus 2.00% or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans under the relevant Facility plus 2.00%, and (ii) if all or a portion of any interest
            payable on any Loan, Reimbursement Obligation, Local Loan or Acceptance or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall
            bear interest at a rate per annum equal to the rate then applicable to ABR Loans if denominated in Dollars under the relevant Facility or if denominated in a Permitted Foreign Currency, the rate then applicable to Local Rate Loans, in each
            case, plus 2.00% (or, in the case of any such other amounts that do not relate to a particular Facility, the rate then
            applicable to ABR Loans if denominated in Dollars or the rate applicable to Local Rate Loans for the applicable Permitted Foreign Currency, in each case, under the relevant Facility plus 2.00%), in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full
            (after as well as before judgment); provided, that no amount shall be payable pursuant to this Section 2.15(c) to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further, that no amounts shall accrue
            pursuant to this Section 2.15(c) on any overdue Loan, Reimbursement Obligation, Local Loan, Acceptance, commitment fee or other
            amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender.

        

        

        (d)        Interest shall be payable by the Borrower in arrears on each Interest Payment Date; provided, that interest accruing pursuant to paragraph (c) of this Section 2.15 shall be payable from time to time on demand. Interest on each Local Loan shall be payable in arrears to the relevant Local Fronting Lender in the applicable Permitted Foreign Currency (or, with respect to Local Loans which are denominated in Dollars, in
            Dollars).

        

        

        (e)         On each Interest Payment Date (including, without limitation, each Interest Payment Date with respect to Acceptances), the Local Fronting Lender
            shall deliver to the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary an Interest Allocation Statement, substantially in the form of Exhibit O-2, and the Company and the relevant Local Borrowing Subsidiary shall (in the absence of manifest error) pay the amount specified therein on such Interest Payment Date.

        

        

        (f)         As promptly as is practicable following each date upon which a Local Fronting Lender receives a payment of interest
            under this Agreement on account of Local Loans and/or Acceptances, such Local Fronting Lender shall convert into Dollars (at the exchange rate then applicable to it) the amount equal to (i) the portion of such payment which constitutes the
            Applicable Margin thereon (or, with respect to each Tranche A Revolving Lender which funded the purchase of a participating interest in such Local Loan or Acceptance
            pursuant to Section 2.32(a), as
            the case may be, such Tranche A Revolving Lender’s Tranche A Revolving Percentage of the full
            amount of such interest payment) minus (ii) 1/4 of 1% per

         

          

        
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         annum on the aggregate undiscounted face amount of the extensions of credit on account of which such interest payment was made (which unconverted amount shall be retained by such
            Local Fronting Lender for its own account).  In consideration of the agreement of the Tranche A Revolving Lenders to purchase participating interests in the Local Loans
            and Acceptances, each Local Fronting Lender hereby agrees to pay to the Administrative Agent, for the ratable account of each Tranche A Revolving Lender, a risk
            participation fee in the amount equal to the proceeds received by such Local Fronting Lender from such conversion (other than any such proceeds payable for the account of a Defaulting Lender, which proceeds shall be retained by such Local Fronting Lender for its own account) or, if no such conversion is required, the amount which would have been converted if such interest had been paid in a Permitted Foreign Currency; provided, however, that, in the event that the Tranche A Revolving
            Lenders have funded the purchase of participating interests in the extensions of credit on account of which such interest payment was made pursuant to Section 2.32(a), such Local Fronting Lender shall instead pay to the Administrative Agent, for the account of each Tranche A Revolving Lender which has so funded such purchase, the amount equal to such Tranche A Revolving
            Lender’s Tranche A Revolving Percentage of the proceeds received by such Local Fronting Lender from such conversion.  Such amount shall be payable to the Administrative
            Agent in Dollars on the date upon which such Local Fronting Lender receives the proceeds of such conversion.  For purposes of this Section 2.15(f), interest shall be deemed to have been received by the Local Fronting Lender on account of an Acceptance on the last day of the calendar
            month in which such Acceptance matures.

        

        

        (g)          On each date upon which any Local Borrower pays interest to a Local Fronting Lender hereunder on account of any Local Loan and on each date upon
            which any Acceptance is created by a Local Fronting Lender for the account of a Local Borrower hereunder, such Local Borrower shall pay to such Local Fronting Lender (for its own account) a local administrative fee in the amount equal to 1⁄4 of
            1.0% per annum on the aggregate principal amount of the Local Loans with respect to which such interest is being paid or on the aggregate undiscounted face amount of such Acceptance, as the case may be.

        

        

        (h)        From the 2021 Notes Exchange Effective Date until such Tranche B Right is exercised and a Tranche B Term Loan is issued in respect of such Tranche B
            Right, each unexercised Tranche B Right shall bear interest at the same rate as any then-outstanding Tranche B Term Loans on the aggregate principal amount of Tranche B Term Loans such Tranche B Right would be entitled to receive upon exercise
            of such Tranche B Right (it being understood that if no Tranche B Term Loans are issued on the 2021 Notes Exchange Effective Date, all unexercised Tranche B Rights shall bear interest based upon a Eurocurrency Loan with a three month Interest
            Period starting on the 2021 Notes Exchange Effective Date).  Such interest shall be payable to the Tranche B Administrative Agent upon each Interest Payment Date both in respect of any then-outstanding Tranche B Term Loans as well as any
            Tranche B Right.  Interest on any Tranche B Term Loan shall be disbursed to Tranche B Lenders in accordance with this Agreement.  However, the Tranche B Administrative Agent shall retain amounts in respect of Tranche B Right until first
            Interest Payment Date after the applicable Tranche B Rights are exercised and, upon such Interest Payment Date, the Tranche B Administrative Agent shall pay such amounts to the Tranche B Term Lender of record in respect of the applicable
            Tranche B Term Loans.  If a Tranche B Right is not exercised prior to the repayment in full in cash of the Tranche B Term Facility, the Tranche B Administrative Agent shall pay all such amounts to the Borrower and the Borrower shall pay such
            amounts to the applicable Tranche B Right Holder.  In furtherance of the foregoing, all Tranche B Term Loans shall always constitute a single “borrowing” for purposes of determining interest and, if the Tranche B Term Loans are Eurocurrency
            Loans, shall always maintain the same Interest Period.

        

        

        2.16        Computation of Interest and Fees.

        

        

        (a)         Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that interest on
            ABR Loans (except for ABR computations in respect of

         

          

        
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         clauses (b) and (c) of the definition thereof), Local Rate Loans and Acceptances shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed (or
            in the case of Local Rate Loans and Acceptances, on such other basis as may be agreed from time to time by the relevant Local Fronting Lender and the relevant Local Borrower to reflect customary practices in the relevant jurisdiction).  The
            Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurocurrency Rate.  The Local Fronting Lender shall as soon as practicable notify the relevant Local Borrower of each
            determination of Local Rate.  Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes
            effective.  Any change in the interest rate on a Loan resulting from a change in the Local Rate or with respect to Local Loans that are ABR Loans, resulting from a change in ABR, shall become effective as of the opening of business in the
            jurisdiction of the local lending office of the relevant Local Fronting Lender on the day on which such change shall become effective.  The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the
            effective date and the amount of each such change in interest rate.

        

        

        (b)        Each determination of an interest rate by the Administrative Agent or a Local Fronting Lender pursuant to any provision of this Agreement shall be
            presumptively correct in the absence of demonstrable error.  The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the Administrative Agent in determining any interest
            rate pursuant to Section 2.15(a) and Section 2.15(b)(i).  The applicable Local Fronting Lender shall, at the request of the relevant Local Borrower, deliver to the Local Borrower a statement showing the quotation used by the Local Fronting Lender in determining any
            interest rate pursuant to Section 2.15(b)(ii).

        

        

        2.17       Inability to Determine Interest Rate. 

          If prior to the first day of any Interest Period for any Eurocurrency Loan:

        

        

        (a)          the Administrative Agent or the relevant Local Fronting Lender shall have determined (which determination shall be presumptively correct absent
            demonstrable error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate for such Interest Period, or

        

        

        (b)         the Administrative Agent shall have received notice from the Majority Facility Lenders in respect of the relevant Facility or, with respect to Local Loans, the applicable Local Fronting Lender, that by reason of any changes
            arising after the Closing Date, the Eurocurrency Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as certified by such Lenders) of making or maintaining their affected
            Loans during such Interest Period,

        

        

        then, the Administrative Agent or the relevant Local Fronting Lender (as the case may be) shall give telecopy notice thereof to the Borrower and the relevant Lenders as soon as practicable
          thereafter.  If such notice is given

        

        

        (i)           the Eurocurrency Rate for such Interest Periods shall be

        

        

        (A)        a comparable successor or alternative interbank rate for deposits in the corresponding currency in lieu of the Eurocurrency Rate that is

        

        

        (x)          reasonably acceptable to the Borrower and the Administrative Agent,

        

        

        (y)        no less favorable to the Borrower than such successor or alternative interbank rates used under other credit facilities of similarly situated borrowers in respect

         

        

        
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         of which the Administrative Agent acts in a substantively similar capacity to its capacity hereunder and

        

        

        (z)        posted electronically on the Platform to Required Lenders (provided, that if Required Lenders have
          objected in writing to such posted rate within five Business Days following such posting, such posted rate shall cease to apply), or

        

        

        (B)         solely if no such comparable successor or alternative interbank rate exists at such time or if Required Lenders have objected to a posted rate under clause (A) above, a successor or alternative index rate as the Administrative Agent and the Borrower may determine with the consent of Required Lenders (not to be unreasonably withheld or delayed), which
          shall be no less favorable to the Borrower than such successor or alternative interbank rates used under other credit facilities of similarly situated borrowers in respect of which the Administrative Agent acts in a substantively similar capacity
          to its capacity hereunder and

        

        

        (ii)          until the adoption of a successor or alternative index rate in accordance with clause (i) above,

        

        

        (x)         any Eurocurrency Loans under the relevant Facility requested to be made on the first day of such Interest Period shall be made as ABR Loans, unless such request for Eurocurrency Loans shall be rescinded by the Borrower or the applicable Local Borrowing Subsidiary, promptly after receipt of
          such notice from the Administrative Agent,

        

        

        (y)        any Loans under the relevant Facility that were to have been converted on the first day of such Interest Period to Eurocurrency Loans shall be continued as ABR Loans
          and

        

        

        (z)        any outstanding Eurocurrency Loans under the relevant Facility shall be converted, on the last day of the then-current Interest Period with respect thereto, to ABR
          Loans.

        

        

        Until such notice has been withdrawn by the Administrative Agent (which action the Administrative Agent will take promptly after the conditions giving rise to such notice no longer exist) or the adoption of a
          successor or alternative index rate pursuant to clause (i) above, no further Eurocurrency Loans under the relevant Facility shall be made or continued as such, nor shall the Borrower have the right
          to convert Loans under the relevant Facility to Eurocurrency Loans.  For the avoidance of doubt, the Company’s or the applicable Local Borrowing Subsidiary’s rescission of a request for Eurocurrency Loans shall be subject to Section 2.21.  Notwithstanding the foregoing, in no event shall the successor or alternative index rate be less than 1.75%.

        

        

        2.18       Pro Rata Treatment and Payments

        

        

        (a)          Borrowings, Commitment Fees and Reduction of Commitments

        

        

        (i)         Except as expressly otherwise provided herein (including as expressly provided in Sections 2.4, 2.7, 2.9, 2.10(b), 2.12, 2.15(c), 2.19, 2.20,
            2.21, 2.22, 2.24, 2.26, 10.5, 10.6 and 10.7), each borrowing by the Borrower from the Tranche A Revolving Lenders
            hereunder, each payment by the Borrower on account of the Tranche A Commitment Fee and any reduction of the Tranche A Revolving Commitments shall be made pro rata
            according to the Tranche A Revolving Percentages of the relevant Tranche A Revolving Lenders other than reductions of Tranche A Revolving Commitments pursuant to Section 2.24.

        

        

        (ii)         [reserved].

        

        

        
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        (iii)       With respect to each Tranche (excluding Tranche A Revolving Commitments, Tranche A
            Revolving Loans, Tranche B Term Commitments and Tranche B Term Loans), except as expressly otherwise provided herein (including as expressly provided in Sections 2.4, 2.7, 2.9, 2.10(b), 2.12, 2.15(c),
            2.19, 2.20, 2.21, 2.22, 2.24, 2.26, 10.5, 10.6 and 10.7),

            each borrowing by the Borrower from the Revolving Lenders hereunder, each payment by the Borrower on account of any commitment fee and any reduction of the Revolving Commitments, in each case in respect of such Tranche, shall be made pro rata according to the applicable Tranche Revolving Percentages of such Revolving Lenders other than reductions of such Revolving Commitments pursuant
            to Section 2.24.

        

        

        (b)          [reserved].

        

        

        (c)          Principal and Interest

        

        

        (i)          Except as expressly otherwise provided herein (including as expressly provided in Sections 2.7, 2.10(b), 2.11, 2.12, 2.15(c), 2.19, 2.20, 2.21, 2.22, 2.24, 2.26, 10.5, 10.6
            and 10.7), each payment (including prepayments) to be made by the Borrower on account of principal of and interest on the Tranche A Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Tranche A Revolving Loans then held by the Tranche A Revolving Lenders.

        

        

        (ii)         Except as expressly otherwise provided herein (including as expressly provided in Sections 2.7, 2.10(b), 2.11, 2.12, 2.15(c), 2.19, 2.20, 2.21, 2.22, 2.24, 2.26, 10.5, 10.6
            and 10.7), each payment (including prepayments) to be made by the Borrower on account of principal of and interest on the Tranche B Term Loans shall be made pro rata according to the respective outstanding principal amounts of the Tranche B Term Loans then held by the Tranche B Term Lenders.

        

        

        (iii)      With respect to each Tranche (excluding Tranche A Revolving Loans and Tranche B Term Loans),
            except as expressly otherwise provided herein (including as expressly provided in Sections 2.7, 2.10(b), 2.11,
            2.12, 2.15(c), 2.19, 2.20, 2.21, 2.22, 2.24, 2.26, 10.5,
            10.6 and 10.7), each payment (including prepayments) to be made by the Borrower on account of principal of and interest on the Revolving Loans of
            such Tranche shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans of such Tranche then held by the
            Revolving Lenders other than payments in respect of any differences in the Applicable Margin applicable to different Tranches.

        

        

        (iv)        Each payment in respect of Reimbursement Obligations in respect of any Letter of Credit
            shall be made to the Issuing Lender that issued such Letter of Credit.  Each payment of principal in respect of Swingline Loans shall be made in accordance with Section 2.6.  Each payment in
            respect of Local Loans shall be made to the applicable Local Fronting Lender, in accordance with Section 2.8(a).

        

        

        (d)         (i)          All payments (including prepayments) to be made by the
            Borrower hereunder, whether on account of principal, interest, fees or otherwise (other than those relating to Local Loans and Acceptances), shall be made without setoff, deduction or counterclaim and shall be made prior to 3:00 p.m., New York
            City time, on the due date thereof to the Administrative Agent, for the account of the relevant Lenders, at the Funding Office, in immediately available funds.  Any payment received by the Administrative Agent after 3:00 p.m., New York City
            time may be considered received on the next Business Day in the Administrative Agent’s sole discretion.  The Administrative Agent shall distribute such payments to the relevant Lenders promptly upon receipt in like funds as received; provided, that payments

         

          

        
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         received by the Administrative Agent on account of interest or fees on the Local Loans and Acceptances may be held by the Administrative Agent and distributed to the Lenders not
            less frequently than weekly.  If any payment hereunder (other than payments on the Eurocurrency Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day.  If any
            payment on a Eurocurrency Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into
            another calendar month, in which event such payment shall be made on the immediately preceding Business Day.  In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at
            the then applicable rate during such extension.  During any Liquidity Event Period, solely for purposes of determining the amount of Loans available for borrowing purposes, checks (in addition to immediately available funds applied pursuant to
          Section 2.8(e)) from collections of items of payment and proceeds of any ABL Facility First Priority Collateral shall be applied in
            whole or in part against the applicable Obligations on the Business Day of receipt, subject to actual collection.  Notwithstanding anything to the contrary, to the extent the Administrative Agent receives a payment or other amount after the
            date such payment or other amount is due, the Administrative Agent, in its sole discretion, may distribute such payment or other amount to the relevant Lender of record (or other Person of record entitled to such payment) as of the date such
            payment or other amount is received by the Administrative Agent.

        

        

        (ii)          All payments (including prepayments) to be made by any Local Borrower on account of
            principal, interest and fees relating to Local Loans and Acceptances shall be made without set-off or counterclaim and shall be made to the Local Fronting Lender to which such amounts are owing at the office of such Local Fronting Lender, or at
            such other location as such Local Fronting Lender may direct, on or prior to 1:00 p.m., local time at the principal lending office of such Local Fronting Lender.  Each such payment shall, to the extent that it is
            owing on account of Local Loans which are denominated in Dollars, be paid in Dollars and, otherwise, shall be paid in the relevant Permitted Foreign Currency and in immediately
            available funds.  Each Local Fronting Lender shall give prompt notice to the Administrative Agent of amounts from time to time received by it hereunder.

        

        

        (e)         Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount
            that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in
            reliance upon such assumption, make available to the Borrower a corresponding amount.  If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the
            Administrative Agent on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate reasonably determined by the Administrative Agent in accordance with banking industry
            rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent.  A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under
            this paragraph shall be presumptively correct in the absence of demonstrable error.  If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date,
            the Administrative Agent shall give notice of such fact to the Borrower and the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the relevant Facility,
            on demand, from the Borrower.  Nothing herein shall be deemed to limit the rights of the Administrative Agent or the Borrower against any Defaulting Lender.

        

        

        (f)          Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment due to be made by the Borrower
            hereunder that the Borrower will not make such

         

          

        
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         payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be required to,
            in reliance upon such assumption, make available to the relevant Lenders their respective pro rata shares of a corresponding amount.  If such payment is not made to the Administrative Agent by the Borrower within three Business Days after such
            due date, the Administrative Agent shall be entitled to recover, on demand, from each relevant Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal
            to the daily average Federal Funds Effective Rate.  Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower.

        

        

        2.19        Requirements of Law.

        

        

        (a)         Except with respect to Indemnified Taxes, Excluded Taxes and Other Taxes, if the adoption of or any change in any Requirement of Law or in the
            interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority first made, in each case, subsequent to the Closing
            Date:

        

        

        (i)          shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or
            similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of
            funds by any office of such Lender that is not otherwise included in the determination of the Eurocurrency Rate hereunder;

        

        

        (ii)         shall subject any Recipient to any Taxes on its loans, loan principal, letters of credit,
            commitments, or other obligations or its deposits, reserves, other liability or capital attributable thereto; or

        

        

        (iii)        shall impose on such Lender any other condition not otherwise contemplated hereunder;

        

        

        and the result of any of the foregoing is to increase the cost to such Lender or other Recipient, by an amount which such Lender or other Recipient reasonably deems to be material, of making, converting into,
          continuing or maintaining Eurocurrency Loans or issuing or participating in Letters of Credit, Local Loans or Acceptances (in each case hereunder), or to reduce any amount receivable hereunder in respect thereof,
          then, in any such case, the Borrower or Local Borrowing Subsidiary, as applicable, shall promptly pay such Lender, in Dollars or the Permitted Foreign
          Currency, as applicable, within thirty Business Days after the Borrower’s receipt of a reasonably detailed invoice therefor (showing with reasonable detail the calculations thereof), any additional amounts
          necessary to compensate such Lender for such increased cost or reduced amount receivable.  If any Lender becomes entitled to claim any additional amounts pursuant to this Section 2.19, it shall
          promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled.

        

        

        (b)        If any Lender shall have reasonably determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity
            requirements or in the interpretation or application thereof or compliance by such Lender or any entity controlling such Lender with any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force
            of law) from any Governmental Authority first made, in each case, subsequent to the Closing Date shall have the effect of reducing the rate of return on such Lender’s or such entity’s capital as a consequence of its obligations hereunder or
            under or in respect of any Letter of Credit, Local Loan or Acceptance to a level below that which such Lender or such entity could have achieved but for such adoption,
            change or compliance (taking into consideration such Lender’s or such entity’s policies with respect to capital

         

          

        
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         adequacy or liquidity requirements) by an amount deemed by such Lender to be material, then from time to time, after submission by such Lender to the Borrower (with a copy to the
            Administrative Agent) of a reasonably detailed written request therefor (consistent with the detail provided by such Lender to similarly situated borrowers), the Borrower,
            or if such Lender is a Local Fronting Lender, the applicable Local Borrowing Subsidiary, shall
            pay to such Lender, in Dollars, such additional amount or amounts as will compensate such Lender or such entity for such reduction.

        

        

        (c)          A certificate prepared in good faith as to any additional amounts payable pursuant to this Section 2.19 submitted by any Lender to the Borrower (with a copy to the Administrative Agent) shall be presumptively correct in the absence of demonstrable error.  Notwithstanding anything
            to the contrary in this Section 2.19, the Borrower shall not be required to compensate a Lender pursuant to this Section 2.19 for any amounts incurred more than 180 days prior to the date that such Lender notifies the Borrower of such Lender’s intention to
            claim compensation therefor; provided, that if the circumstances giving rise to such claim have a retroactive effect,
            then such 180-day period shall be extended to include the period of such retroactive effect.  The obligations of the Borrower pursuant to this Section 2.19 shall survive the termination of this Agreement and the payment of the Obligations.  Notwithstanding the foregoing, the Borrower shall not be obligated to make payment to any Lender with respect to penalties,
            interest and expenses if written demand therefor was not made by such Lender within 180 days from the date on which such Lender makes payment for such penalties, interest and expenses.

        

        

        (d)         Notwithstanding anything in this Section 2.19 to the contrary, solely for purposes of this Section 2.19, (i) the Dodd Frank Wall Street Reform and Consumer Protection
            Act, and all requests, rules, regulations, guidelines and directives promulgated thereunder or issued in connection therewith 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, shall, in each case, be deemed to have been enacted,
            adopted or issued, as applicable, subsequent to the Closing Date.

        

        

        (e)          For purposes of this Section 2.19,
            the term “Lender” shall include any Issuing Lender, Local Fronting Lender and Swingline Lender.

        

        

        2.20        Taxes.

        

        

        (a)          Except as otherwise provided in this Agreement or as required by law, all payments made by or on account of each Borrower or any Loan Party under
            this Agreement and the other Loan Documents to any Recipient under this Agreement shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes.  If any Indemnified Taxes or Other Taxes are required to be
            deducted or withheld from any such payments, the amounts so payable to the applicable Recipient shall be increased to the extent necessary so that after deduction or withholding of such Indemnified Taxes and Other Taxes (including Indemnified
            Taxes attributable to amounts payable under this Section 2.20(a)) the applicable Recipient receives an amount equal to the sum it
            would have received had no such deduction or withholding been made.

        

        

        (b)          In addition, each Borrower or any Loan Party under this Agreement and the other Loan Documents shall pay any Other Taxes to the relevant
            Governmental Authority in accordance with applicable law.

        

        

        (c)         Whenever any Taxes are payable by any Borrower and any Loan Party under this Agreement and the other Loan Documents, as promptly as possible
            thereafter the Borrower shall send to the Administrative Agent for the account of the Administrative Agent or Lender, as the case may be, a certified copy of an original official receipt received by such Borrower or Loan Party showing payment

         

          

        
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         thereof if such receipt is obtainable, or, if not, such other evidence of payment as may reasonably be required by the Administrative Agent or such Lender.  If any Borrower or
            any Loan Party under this Agreement and the other Loan Documents fails to pay any Indemnified Taxes or Other Taxes that such Borrower or Loan Party under this Agreement and the other Loan Documents is required to pay pursuant to this Section 2.20 (or in respect of which such Borrower or any Loan Party under this Agreement and the other Loan Documents would be required to pay
            increased amounts pursuant to Section 2.20(a) if such Indemnified Taxes or Other Taxes were withheld) when due to the appropriate
            taxing authority or fails to remit to the Administrative Agent the required receipts or other required documentary evidence, such Borrower or any Loan Party under this Agreement and the other Loan Documents shall indemnify the applicable
            Recipient for any payments by them of such Indemnified Taxes or Other Taxes, including any amounts payable pursuant to Section 2.20(a),
            and for any Indemnified Taxes that become payable by such Recipient as a result of any such failure within thirty days after the Lender or the Administrative Agent delivers to such Borrower or Loan Party (with a copy to the Administrative
            Agent) either (a) a copy of the receipt issued by a Governmental Authority evidencing payment of such Taxes or (b) certificates as to the amount of such payment or liability prepared in good faith.

        

        

        (d)          [reserved]

        

        

        (e)         Each Lender that is entitled to an exemption from or reduction of non-U.S. withholding Tax with respect to payments made under any Loan Document
            shall deliver to the Borrowers and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the
            Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, each Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other
            documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to non U.S. backup or
            similar withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation shall not be required if in the Lender’s
            reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.  Each Lender that is not a United
            States person (as such term is defined in Section 7701(a)(30) of the Code) (a “Non-US Lender”) shall deliver to the
            Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) (A) (i) two accurate and complete copies of IRS Form W-8ECI, W-8BEN or W-8BEN-E, as
            applicable, (ii) in the case of a Non-US Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit F and two accurate and complete copies of IRS Form W-8BEN or W-8BEN-E, or any subsequent versions or successors to such forms, in each case
            properly completed and duly executed by such Non-US Lender claiming complete exemption from, or reduced rate of, U.S. federal withholding tax on all payments under this Agreement and the other Loan Documents, or (iii) IRS Form W-8IMY (or any
            applicable successor form) and all necessary attachments (including the forms described in clauses (i) and (ii) above, provided that if the Non-US Lender is a partnership, and one or more of the partners is claiming portfolio interest treatment, the
            certificate in the form of Exhibit F may be provided by such Non-US Lender on behalf of such partners) and (B) any other form
            prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or
            the Administrative Agent to determine the withholding or deduction required to be made.  Such forms shall be delivered by each Non-US Lender before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before
            the date such Participant purchases the related participation).  In addition, each Non-US Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by

         

          

        
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         such Non-US Lender, and from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent.  Each Non-US Lender shall (i) promptly notify the
            Borrower and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower and the Administrative Agent (or any other form of certification adopted by the
            United States taxing authorities for such purpose) and (ii) take such steps as shall not be disadvantageous to it, in its reasonable judgment, and as may be reasonably necessary (including the re-designation of its lending office pursuant to Section 2.23) to avoid any requirement of applicable laws of any such jurisdiction that the applicable Borrower or any Loan Party make any
            deduction or withholding for Taxes from amounts payable to such Lender.  Notwithstanding any other provision of this paragraph, a Non-US Lender shall not be required to deliver any form pursuant to this paragraph that such Non-US Lender is not
            legally able to deliver provided that it shall promptly notify the Borrower and the Administrative Agent in writing of
            such inability.

        

        

        (f)          [reserved]

        

        

        (g)         Each Lender that is a United States person (as such term is defined in Section 7701(a)(30) of the Code) (a “US Lender”) shall deliver to the Borrower and the Administrative Agent two accurate and complete copies of IRS Form W-9, or any subsequent versions or
            successors to such form and certify that such Lender is not subject to backup withholding.  Such forms shall be delivered by each US Lender on or before the date it becomes a party to this Agreement.  In addition, each US Lender shall deliver
            such forms promptly upon the obsolescence or invalidity of any form previously delivered by such US Lender, and from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent.  Each US Lender shall promptly
            notify the Borrower and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certifications to the Borrower and the Administrative Agent (or any other form of certification
            adopted by the United States taxing authorities for such purpose).

        

        

        (h)         If any Recipient determines, in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been
            indemnified pursuant to this Section 2.20 (including by the payment of additional amounts pursuant to this Section 2.20), it shall promptly pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made,
            or additional amounts paid under this Section 2.20 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund),
            net of all out-of-pocket expenses of such Recipient and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such indemnifying party, upon the request of such Recipient, agrees to repay the amount paid over to the indemnifying party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority other than any such penalties, interest or other charges resulting
            from the gross negligence or willful misconduct of the relevant Recipient (as determined by a final and non-appealable judgment of a court of competent jurisdiction)) to such Recipient in the event such Recipient is required to repay such
            refund to such Governmental Authority; provided, further, that such Recipient shall, at the indemnifying party’s request, provide a copy of any notice of assessment or other evidence of the requirement to pay such refund received from
            the relevant Governmental Authority (provided that the Recipient may delete any information therein that it deems
            confidential).  This paragraph shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.  In no event will
            any Recipient be required to pay any amount to an indemnifying party the payment of which would place such Recipient in a less favorable net after-tax position than such Recipient would have been in if the additional amounts giving rise to such
            refund of any Indemnified Taxes or Other Taxes had never been paid.  The agreements in this Section 2.20 shall survive the
            termination of this Agreement and the payment of the Obligations.

        

        

        (i)          [reserved]

        

        

        
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        (j)          If a payment made to a Lender under any Loan Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply
            with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and Administrative Agent at the time or times prescribed by law
            and at such time or times reasonably requested by the Borrower or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
            reasonably requested by the Borrower or Administrative Agent as may be necessary for the Borrower and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
            obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 2.20(j) “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

        

        

        (k)         To the extent required by any applicable laws, the Administrative Agent may withhold from any payment to any Lender an amount equivalent to any
            applicable withholding Tax.  Without limiting the provisions of Section 2.20, each Lender shall severally indemnify the
            Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Borrower or Loan Party has not already indemnified the Administrative Agent for such
            Indemnified Taxes and without limiting the obligation of such Borrower or Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c)(iii) relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
            Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A
            certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
            amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (h).

        

        

        (l)          The agreements in this Section 2.20
            shall survive the termination of this Agreement and payment of the Loans and all other amounts payable under any Loan Document, the resignation of the Administrative Agent and any assignment of rights by, or replacement of, any Lender.

        

        

        (m)        For purposes of this Section 2.20,
            the term “Lender” shall include any Issuing Lender or Swingline Lender, and, for the avoidance of doubt, applicable law includes FATCA.

        

        

        2.21       Indemnity.  Other than
          with respect to Taxes, which shall be governed solely by Section 2.20, the Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense (other than lost
          profits, including the loss of Applicable Margin) that such Lender actually sustains or incurs as a consequence of (a) any failure by the Borrower in making a borrowing of, conversion into or continuation of Eurocurrency Loans or Local Rate Loans
          after the Borrower has given notice requesting the same in accordance with the provisions of this Agreement, (b) any failure by the Borrower in making any prepayment of or conversion from Eurocurrency Loans or Local Rate Loans after the Borrower
          has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment, conversion or continuation of Eurocurrency Loans or Local Rate Loans on a day that is not the last day of an Interest Period with
          respect thereto.  A reasonably detailed certificate as to (showing in reasonable detail the calculation of) any amounts payable pursuant to this Section 2.21 submitted to the Borrower by any Lender
          shall be presumptively correct in the absence of demonstrable error.  This covenant shall survive the termination of this Agreement and the payment of the Obligations.

        

        

        2.22        Illegality.

        

        

        
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        (a)          Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application
            thereof, in each case, first made after the Closing Date, shall make it unlawful for any Revolving Lender to make or maintain Eurocurrency Loans as contemplated by this
            Agreement, such Lender shall promptly give notice thereof to the Administrative Agent and the Borrower, and (a) the commitment of such Lender hereunder to make Eurocurrency Loans, continue Eurocurrency Loans as such and convert ABR Loans to
            Eurocurrency Loans shall be suspended during the period of such illegality and (b) such Lender’s Loans then outstanding as Eurocurrency Loans, if any, shall be converted automatically to ABR Loans on the respective last days of the then current
            Interest Periods with respect to such Loans or within such earlier period as required by law.  If any such conversion of a Eurocurrency Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the
            Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.21.

        

        

        (b)          Notwithstanding any other provision herein, if the adoption of or any
            change in any Requirement of Law or in the interpretation or application thereof, in each case,
            first made after the Closing Date, shall make it unlawful for any Local Fronting Lender to make or maintain Local Loans as Eurocurrency Loans in the Permitted Foreign Currency applicable to it as contemplated by this Agreement or to accept deposits in order to make or maintain such Eurocurrency Loans, (i) such Local Fronting
            Lender shall promptly notify the Administrative Agent, the Company and the relevant Local Borrowing Subsidiary thereof, (ii) the agreements of such Local Fronting Lender
            hereunder to make or convert to Eurocurrency Loans shall be suspended during the period of such illegality, (iii) such Local Fronting Lender’s Local Loans then
            outstanding as Eurocurrency Loans, if any, shall automatically become Local Rate Loans for the duration of the respective Interest Periods applicable thereto (or, if permitted by applicable law, at the end of such Interest Periods).

        

        

        (c)          Notwithstanding any other provision herein, if the adoption of or any
            change in any Requirement of Law or in the interpretation or application thereof, in each case,
            first made after the Closing Date, shall make it unlawful for any Revolving Lender to purchase a
            participating interest in any Local Loan or Acceptance, such Revolving Lender shall use reasonable efforts (including reasonable efforts to change the office in which it
            is booking such participating interest) to avoid such prohibition; provided, however, that such efforts shall not cause the imposition on such Revolving Lender of
            any additional costs or legal or regulatory burdens deemed by such Revolving Lender to be material or otherwise be deemed by such Revolving Lender to be disadvantageous to it or contrary to its policies.  In the event that such efforts are not sufficient to avoid such prohibition, (i) the Borrower shall be permitted to replace such Revolving
            Lender in accordance with and subject to the requirements of Section 2.24, (ii) such Revolving Lender shall promptly notify the Administrative Agent, the relevant Local Fronting Lender, the Company and the relevant Local
            Borrowing Subsidiary thereof and (iii) the agreements of such Local Fronting Lender to make further Local Loans (or, to the extent applicable, to make further Local Loans upon such interest rate basis) and Acceptances hereunder shall be
            suspended during the period of such prohibition.

        

        

        2.23       Change of Lending Office. 
          Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.19, 2.20(a) or 2.22
          with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to avoid or minimize any amounts payable pursuant to such Sections (including by designating
          another lending office for any Loans affected by such event with the object of avoiding the consequences of such event); provided, that such designation is made on terms that, in the
          good faith judgment of such Lender, cause such Lender and its lending office(s) to suffer no material economic, legal or regulatory disadvantage; provided, further, that nothing in this Section 2.23 shall affect or postpone any of the obligations of the Borrower or the rights of any Lender pursuant to Section 2.19, 2.20(a) or 2.22.

         

        

        
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        2.24       Replacement of Lenders. 
          Notwithstanding anything to the contrary herein, including the provisions set forth in Section 2.10, Section 2.11 and Section 2.12 each of which shall not apply to prepayments or termination of Loans or Commitments under this Section 2.24, the Borrower shall be permitted to (a) replace with a
          financial entity or financial entities, or (b) prepay or terminate, without premium or penalty (but subject to Section 2.21), the Loans or Commitments, as applicable, of any Lender, Issuing Lender
          or Swingline Lender (each such Lender, Issuing Lender or Swingline Lender, a “Replaced Lender”) that (i) requests reimbursement for amounts owing or otherwise results in increased costs
          imposed on the Borrowers or on account of which a Borrower is required to pay additional amounts to any Governmental Authority, in each case, pursuant to Section 2.19, 2.20 or 2.21 (to the extent a request made by a Lender pursuant to the operation
          of Section 2.21 is materially greater than requests made by other Lenders) or gives a notice of illegality pursuant to Section 2.22, (ii) is a
          Defaulting Lender or a Lender referred to in Section 2.22(c)(i), (iii) is, or the Borrower reasonably believes could constitute, a Disqualified Institution, or
          (iv) has refused to consent to any waiver or amendment with respect to any Loan Document that requires such Lender’s consent and has been consented to by the Required Lenders; provided, that, in the case of a replacement pursuant to clause (a) above:

        

        

        (A)         such replacement does not conflict with any Requirement of Law;

        

        

        (B)        the replacement financial entity or financial entities shall purchase, at par, all Loans and
            other amounts owing to such Replaced Lender on or prior to the date of replacement (or, in the case of a replacement of an Issuing Lender or Swingline Lender, comply with the provisions of Section 9.9(c)
            (to the extent applicable as if such Lender was resigning as Administrative Agent));

        

        

        (C)         the Borrower shall be liable to such Replaced Lender under Section 2.21 (as though Section 2.21 were applicable) if any Eurocurrency Loan owing to such Replaced Lender shall be purchased other than on the last day of the Interest
            Period relating thereto;

        

        

        (D)         the replacement financial entity or financial entities, (x) if not already a Lender, shall
            be reasonably satisfactory to the Administrative Agent to the extent that an assignment to such replacement financial institution of the rights and obligations being acquired by it would otherwise require the consent of the Administrative Agent
            pursuant to Section 10.6(b)(i)(2) and (y) shall pay (unless otherwise paid by the Borrower) any processing and recordation fee required under Section
                10.6(b)(ii)(2);

        

        

        (E)        the Administrative Agent and any replacement financial entity or entities shall execute and
            deliver, and such Replaced Lender shall thereupon be deemed to have executed and delivered, an appropriately completed Assignment and Assumption to effect such substitution (or, in the case of a replacement of an Issuing Lender or Swingline
            Lender, customary assignment documentation);

        

        

        (F)         the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.19 or 2.20, as the case may be, in respect of any period prior to the date on which such replacement shall be consummated;

        

        

        (G)      in respect of a replacement pursuant to clause (iv)
            above, the replacement financial entity or financial entities shall consent to such amendment or waiver; and

         

          

        
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        (H)         any such replacement shall not be deemed to be a waiver of any rights that the Borrower,
            the Administrative Agent or any other Lender shall have against the Replaced Lender.

        

        

        Prepayments pursuant to clause (b) above (i) shall be accompanied by accrued and unpaid interest on the principal amount so prepaid up to the date of such prepayment and (ii) shall not be subject to the provisions
          of Section 2.18.  The termination of the Revolving Commitments of any Lender pursuant to clause (b) above shall not be subject to the provisions of
          Section 2.18.  In connection with any such replacement under this Section 2.24, if the Replaced Lender does not execute and deliver to the Administrative Agent a duly completed Assignment and
          Assumption and/or any other documentation necessary to reflect such replacement by the later of (a) the date on which the replacement Lender executes and delivers such Assignment and Assumption and/or such other documentation and (b) the date as
          of which all obligations of the Borrower owing to the Replaced Lender relating to the Loans and participations so assigned shall be paid in full to such Replaced Lender, then such Replaced Lender shall be deemed to have executed and delivered
          such Assignment and Assumption and/or such other documentation as of such date and the Borrower shall be entitled (but not obligated) to execute and deliver such Assignment and Assumption and/or such other documentation on behalf of such Replaced
          Lender, and the Administrative Agent shall record such assignment in the Register.

        

        

        2.25        Incremental Loans.

        

        

        (a)         After the Amendment No. 5 Effective Date, the Borrower may by written notice to the Administrative Agent elect to request increases of any-then
            existing Tranche of Revolving Commitments (each increase in Commitment pursuant to this sentence, a “Supplemental Revolving Commitment”) hereunder, in an aggregate amount for all such Supplemental Revolving Commitments not in excess of, at the time the respective Supplemental Revolving Commitments become effective, the Maximum Incremental Facilities Amount
            after giving effect to Amendment No. 5 and the establishment of the Tranche B Term Loans.  Each such notice relating to Supplemental Revolving Commitments shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that the Supplemental Revolving Commitments shall be effective, which shall be a date not less than 10 Business Days
            (or such shorter period as the Administrative Agent may agree) after the date on which such notice is delivered to the Administrative Agent
            and (ii) if applicable, the Tranche (or Tranches) of Revolving Commitments to be so increased (and, if more than one Tranche of Revolving Commitments will be increased, the amount of the aggregate Supplemental Revolving Commitment to be
            allocated to each such Tranche); provided, that (x) any Lender offered or approached to provide all or a portion of any
            Supplemental Revolving Commitments may elect or decline, in its sole discretion, to provide such Supplemental Revolving Commitments, and (y) any Person that the Borrower proposes to become a New Lender, if such Person is not then a Lender, must
            be an Eligible Assignee and must be reasonably acceptable to the Administrative Agent, and to the extent its consent would be required to assign Loans to any such Eligible Assignee, each Issuing Lender and the Swingline Lender.

        

        

        (b)          Such Supplemental Revolving Commitments shall become effective as of the applicable Increased Amount Date; provided, that:

        

        

        (i)          no Event of Default shall exist on such Increased Amount Date immediately after giving
            effect to such Supplemental Revolving Commitments and the making of any New Loans pursuant thereto and any transaction consummated in connection therewith subject to the Permitted Acquisition Provisions (as defined below) and the Limited
            Condition Acquisition Provision, in connection with any acquisition or investment being made with the proceeds thereof;

         

          

        
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        (ii)        the proceeds of any Supplemental Revolving Commitments shall be used, at the discretion of
            the Borrower, for any purpose not prohibited by this Agreement;

        

        

        (iii)       the Supplemental Revolving Commitments shall benefit, ratably with the other Commitments in
            the same Tranche, from the guarantees under the Guarantee and Collateral Agreement and shall only be guaranteed by the Guarantors;

        

        

        (iv)       the Supplemental Revolving Commitments shall be secured by the Liens on the Collateral on a
            pari passu basis with the Liens securing all other Obligations and the Obligations with respect to the Supplemental Revolving Commitments shall have the same payment priority as the other Obligations in the same Tranche;

        

        

        (v)          the conditions set forth in Section 2.34
            shall be satisfied, if applicable;

        

        

        (vi)        (A)  the maturity date of such Supplemental Revolving Commitment shall be the Revolving
            Termination Date of the Tranche being so increased, (B) such Supplemental Revolving Commitment shall require no scheduled amortization or mandatory commitment reduction prior to such Revolving Termination Date and (C) such Supplemental
            Revolving Commitment shall be on the same terms as the Tranche being so increased (other than with respect to upfront fees) and pursuant to the same documentation applicable to such Tranche;

        

        

        (vii)       such Supplemental Revolving Commitments shall be effected in accordance with Section 2.25(e); and

        

        

        (viii)       to the extent reasonably requested by the Administrative Agent, the Borrower shall deliver
            or cause to be delivered

        

        

        (A)        customary legal opinions with respect to the due authorization, execution and delivery by
            the Borrower and each other Loan Party to be party thereto and the enforceability of the applicable Increase Supplement or Lender Joinder Agreement, as applicable, the non-conflict of the execution, delivery of and performance of payment
            obligations under such documentation with this Agreement and with the organizational documents of the Loan Parties and the effectiveness of the Guarantee and Collateral Agreement to create a valid security interest, and the effectiveness of
            specified other Security Documents to perfect such security interests, in specified Collateral to secure the Obligations, including the Supplemental Revolving Commitments and the extensions of credit thereunder,

        

        

        (B)         certified copies of the resolutions or other applicable corporate action of each applicable
            Loan Party approving its entry into such documents and the transactions contemplated thereby and

        

        

        (C)        customary reaffirmation agreements and/or such amendments, supplements or modifications to
            the Security Documents as may be reasonably necessary or advisable to ensure that each New Lender is provided with the benefits of the applicable Loan Documents and each then existing Secured Party continues to be provided with the benefit of
            the applicable Loan Documents.

        

        

        Notwithstanding anything to the contrary above, in connection with the incurrence of any Supplemental Revolving Commitment, if the proceeds of such Supplemental Revolving Commitment are, substantially concurrently
          with the receipt thereof, to be used, in whole or in part, by the Borrower or any Restricted

         

        

        
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         Subsidiary to finance, in whole or in part, a Permitted Acquisition, then to the extent so required by the applicable New Lenders, (A) the only representations and warranties that will be required to be true and
          correct in all material respects as of the applicable Increased Amount Date shall be (x) the Specified Representations (conformed as necessary for such Permitted Acquisition) and (y) such of the representations and warranties made by or on behalf
          of the applicable acquired company or business in the applicable acquisition agreement as are material to the interests of the Lenders, but only to the extent that Holdings or the Borrower (or any Affiliate of Holdings or the Borrower) has the
          right to terminate the obligations of Holdings, the Borrower or such Affiliate under such acquisition agreement or not consummate such acquisition as a result of a breach of such representations or warranties in such acquisition agreement and (B)
          there need not be a condition to borrowing that there be no Default or Event of Default other than there shall be no Event of Default under Sections 8.1(a) or (f)
          after giving effect to such incurrence (“Permitted Acquisition Provisions”).

        

        

        (c)        On any date on which any Incremental Commitment becomes effective, subject to the foregoing terms and conditions, each lender with an Incremental
            Commitment (each, a “New Lender”) shall become a Lender hereunder with respect to such Incremental Commitment.

        

        

        (d)       For purposes of this Agreement, any New Loans or Incremental Commitments shall be deemed to be Revolving Loans or Revolving Commitments,
            respectively.  Each Incremental Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion of the Borrower and the
            Administrative Agent, to effect the provisions of this Section 2.25.

        

        

        (e)        Supplemental Revolving Commitments related to existing Tranche(s) of Revolving Commitments at such time shall become commitments under this
            Agreement pursuant to a supplement specifying the Tranche to be increased, executed by the Borrower and each increasing Lender substantially in the form attached hereto as Exhibit
              L-1 (the “Increase Supplement”) and by each New Lender (if not already a
            Lender) substantially in the form attached hereto as Exhibit L-2 (the “Lender Joinder Agreement”), as the case may be, or, in each case, such other form as may be reasonably acceptable to the Administrative Agent and the Borrower, which shall be
            delivered to the Administrative Agent for recording in the Register.  Upon effectiveness of the Lender Joinder Agreement or Increase Supplement, as applicable, each New Lender shall be a Lender for all intents and purposes of this Agreement and
            the commitments made pursuant to such Supplemental Revolving Commitment shall be Revolving Commitments of such increased Tranche.

        

        

        (f)          Upon the effectiveness of each Supplemental Revolving Commitment pursuant to this Section

              2.25,

        

        

        (i)          each Lender under the applicable Tranche immediately prior to such increase will
            automatically and without further act be deemed to have assigned to each New Lender providing a portion of such Supplemental Revolving Commitment, and each such New Lender will automatically and without further act be deemed to have assumed, a
            portion of such Lender’s participations hereunder in outstanding Letters of Credit, Swingline Loans, Local Loans, Acceptances and Protective Advances under such Tranche such that, after giving effect to such Supplemental Revolving Commitment
            and each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding participations hereunder in Letters of Credit, Swingline Loans, Local Loans, Acceptances and Protective Advances under such Tranche
            held by each Lender (including each such New Lender) will equal such Lender’s Tranche Revolving Percentage thereof and

         

          

        
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        (ii)       if, on the date of such Supplemental Revolving Commitment, there are any Revolving Loans
            outstanding under such Tranche, such Revolving Loans shall on or prior to the effectiveness of such Supplemental Revolving Commitment be prepaid from the proceeds of additional Revolving Loans made hereunder (reflecting such Supplemental
            Revolving Commitment), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred by any Lender in accordance with Section 2.11.

        

        

        2.26        Extension of Revolving Commitments.

        

        

        (a)         The Borrower may at any time and from time to time request that all or a portion of the Revolving Commitments of one or more Tranches existing at
            the time of such request (each, an “Existing Revolving Tranche” and the Revolving Loans of such Existing Revolving
            Tranche, the “Existing Revolving Loans”), in each case, be converted to extend the scheduled maturity date(s) of any
            payment of principal (or extend the termination date of any commitments) with respect to all or a portion of any principal amount (or commitments) of any Existing Revolving Tranche (any such Existing Revolving Tranche which has been so extended, an “Extended Revolving Tranche”, and the Revolving Commitments of such Extended Revolving

            Tranches, the “Extended Revolving Commitments”) and to provide for other terms consistent with this Section 2.26; provided, that (i) any such request shall be made by the Borrower to all Lenders with Revolving Commitments, with a like maturity date (whether under one or more Tranches) on a pro rata basis (based on the aggregate outstanding principal amount of the applicable Revolving Commitments) and (ii) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower in
            its sole discretion.  In order to establish any Extended Revolving Tranche, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of
            such notice to each of the Lenders of the applicable Existing Revolving Tranche) (an “Extension

            Request”) setting forth the proposed terms of the Extended Revolving Tranche to be established, which terms shall be
            substantially similar to those applicable to the Existing Revolving Tranche from which they are to be extended (the “Specified Existing Tranche”), except (x) all or any of the final maturity or termination dates of
            such Extended Revolving Tranches may be delayed to later dates than the final maturity or
            termination dates of the Specified Existing Tranche, and (y) (A) the interest margins with respect to the Extended Revolving Tranche may be higher or lower than the interest margins for the Specified Existing Tranche and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Tranche in addition to or in lieu of any increased margins contemplated by the preceding clause (A); provided, that, notwithstanding anything to the contrary
            in this Section 2.26 or otherwise, assignments and participations of Extended Revolving Tranches shall be governed by the same or, at the Borrower’s discretion, more restrictive assignment and participation provisions applicable to Revolving Commitments, set forth in Section 10.6.  No Lender shall have any obligation to agree to have any of its Existing Revolving Loans converted into an Extended Revolving Tranche pursuant to any Extension Request.  Any Extended Revolving Tranche shall constitute a separate Tranche of Loans from the Specified Existing Tranches and from any other Existing Revolving
            Tranches (and any other Extended Revolving Tranches so established on such date).

        

        

        (b)          The Borrower shall provide the applicable Extension Request at least 10 Business Days (or such shorter period as the Administrative Agent may agree
            to) prior to the date on which Lenders under the applicable Existing Revolving Tranche or Existing Revolving Tranches are requested to respond.  Any Lender (an “Extending Lender”) wishing to have all or a portion of
            its Specified Existing Tranche converted into an Extended Revolving Tranche shall notify the Administrative Agent (each, an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Specified Existing Tranche that it has elected to convert
            into an Extended Revolving Tranche.  In the event that the aggregate amount of the Specified Existing Tranche subject to Extension Elections exceeds the amount of
            Extended Revolving Tranches requested pursuant to the Extension Request, the Specified Existing Tranches subject to Extension Elections shall be converted to Extended Revolving Tranches on a pro rata basis based on the

         

          

        
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         amount of Specified Existing Tranches included in each such Extension Election.  In connection with any extension of Loans pursuant to this Section 2.26 (each, an “Extension”), the
            Borrower shall agree to such procedures regarding timing, rounding and other administrative adjustments to ensure reasonable administrative management of the credit facilities hereunder after such Extension, as may be established by, or
            acceptable to, the Administrative Agent and the Borrower, in each case acting reasonably to accomplish the purposes of this Section 2.26; provided, that no such Extension
            and no amendments relating thereto (including any Section 2.26 Additional Amendments) shall become effective, unless (i) the Borrower shall deliver or cause to be delivered documents of a type comparable to those described in clause (viii) of Section 2.25(b) to
            the extent reasonably requested by the Administrative Agent and (ii) the conditions set forth in Section 2.34 shall be satisfied, if
            applicable.

        

        

        (c)          Extended Revolving Tranches shall be established pursuant to an amendment
            (an “Extension Amendment”) to this Agreement and the other Loan Documents (which may include amendments to provisions
            related to maturity, interest margins or fees referenced in clauses (x) and (y) of Section 2.26(a), and which, except to the extent expressly contemplated by the last sentence of this Section 2.26(c) and
            notwithstanding anything to the contrary set forth in Section 10.1, shall not require the consent of any Lender other than the
            Extending Lenders with respect to the Extended Revolving Tranches established thereby) executed by the Loan Parties, the Administrative Agent, and the Extending Lenders. 
            Subject to the requirements of this Section 2.26 and without limiting the generality or applicability of Section 10.1 to any Section 2.26 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments other
            than those referred to or contemplated above (any such additional amendment, a “Section 2.26 Additional Amendment”) to
            this Agreement and the other Loan Documents; provided, that such Section 2.26 Additional Amendments do not become
            effective prior to the time that such Section 2.26 Additional Amendments have been consented to (including pursuant to consents applicable to holders of any Extended Revolving

            Tranches provided for in any Extension Amendment) by such of the Lenders, Loan Parties and other parties (if any) as may be required in order for such Section 2.26 Additional Amendments to become effective in accordance with Section 10.1; provided,
          further, that no Extension Amendment may provide for any Extended Revolving Tranche to be secured by any Collateral or other assets of any Loan Party that does not also secure the Existing Revolving Tranches
            or be guaranteed by any Person other than the Guarantors.  Notwithstanding anything to the contrary in Section 10.1, any such
            Extension Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the reasonable judgment of the Borrower and the Administrative Agent, to effect the
            provisions of this Section 2.26; provided, that the foregoing shall not constitute a consent on behalf of any Lender to the terms of any Section 2.26 Additional Amendment.

        

        

        (d)         Notwithstanding anything to the contrary contained in this Agreement, on any date on which any Existing Revolving Tranche is converted to extend the related scheduled termination date(s) in accordance with Section 2.26(a) above (an “Extension Date”), in the case of the Specified Existing Tranche of each Extending Lender, the
            aggregate principal amount of such Specified Existing Tranche shall be deemed reduced by an amount equal to the aggregate principal amount of the Extended Revolving
            Tranche so converted by such Lender on such date, and such Extended Revolving Tranches shall be established as a separate Tranche from the Specified Existing Tranche and
            from any other Existing Revolving Tranches (and any other Extended Revolving Tranches so
            established on such date).

        

        

        (e)          If, in connection with any proposed Extension Amendment, any Lender declines to consent to the applicable extension on the terms and by the
            deadline set forth in the applicable Extension Request (each such other Lender, a “Non-Extending Lender”) then the
            Borrower may, on notice to the Administrative Agent and the Non-Extending Lender, replace such Non-Extending Lender by causing such Lender to (and such Lender shall be obligated to) assign pursuant to Section 10.6 (with the assignment fee and any other costs and expenses to be paid by the Borrower or the assignee in such instance) all of its

         

          

        
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         rights and obligations under this Agreement to one or more assignees; provided, that neither the Administrative Agent nor any Lender shall have any obligation to the Borrower to find a replacement Lender; provided, further, that the applicable assignee shall have agreed to provide Extended Revolving
            Commitments on the terms set forth in such Extension Amendment; provided, further, that all obligations of the Borrower owing to the Non-Extending Lender relating to the Existing Revolving Loans so assigned (including pursuant to Section 2.21 (as though Section 2.21 were applicable)) shall be paid in full by the assignee Lender to such Non-Extending Lender concurrently with such Assignment and
            Assumption.  In connection with any such replacement under this Section 2.26, if the Non-Extending Lender does not execute and
            deliver to the Administrative Agent a duly completed Assignment and Assumption, by the later of (A) the date on which the replacement Lender executes and delivers such Assignment and Assumption, and (B) the date as of which all obligations of
            the Borrower owing to the Non-Extending Lender relating to the Existing Revolving Loans so assigned shall be paid in full to such Non-Extending Lender, then such
            Non-Extending Lender shall be deemed to have executed and delivered such Assignment and Assumption, as of such date and the Borrower shall be entitled (but not obligated) to execute and deliver such Assignment and Assumption, on behalf of such
            Non-Extending Lender.

        

        

        (f)         Following any Extension Date, with the written consent of the Borrower, any Non-Extending Lender may elect to have all or a portion of its existing
          Revolving Commitments deemed to be an Extended Revolving Commitment under the applicable Extended Revolving

            Tranche on any date (each date a “Designation Date”) prior to the commitment termination date of such Extended Revolving Tranche; provided, that such Lender shall have provided written notice to the Borrower and the Administrative Agent at least 10 Business Days prior to such Designation Date (or such shorter period as the
            Administrative Agent may agree in its reasonable discretion); provided, further, that no greater amount shall be paid by or on behalf of the Borrower or any of its Affiliates to any such Non-Extending Lender as consideration for its
            extension into such Extended Revolving Tranche than was paid to any Extending Lender as consideration for its Extension into such Extended Revolving Tranche.  Following a Designation Date, the Existing Revolving Loans held by such Lender so
            elected to be extended will be deemed to be Extended Revolving Commitments of the applicable Extended Revolving Tranche, and any existing Revolving Commitments held by
            such Lender not elected to be extended, if any, shall continue to be Revolving Commitments of the applicable Tranche.

        

        

        (g)         With respect to all Extensions consummated by the Borrower pursuant to this Section

              2.26, (i) such Extensions shall not constitute optional or mandatory payments or prepayments for purposes of Sections 2.11 and 2.12 and (ii) no Extension Request is required to be in any minimum amount or any minimum
            increment, provided, that the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant
            Extension Request in the Borrower’s sole discretion and which may be waived by the Borrower) of Extended Revolving Tranches or Existing Revolving Loans of any or all applicable Tranches be extended.  The Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 2.26 (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Revolving Commitments on such terms as may be set forth in the
            relevant Extension Request) and hereby waive the requirements of any provision of this Agreement (including Sections 2.8, 2.11 and 2.12) or any other Loan
            Document that may otherwise prohibit any such Extension or any other transaction contemplated by this Section 2.26.

        

        

        2.27  

               Designation of Additional Permitted Foreign Currencies.

        

        

        (a)         The Company may from time to time request that any one or more additional
            freely available currencies which are freely transferable and freely convertible into Dollars be designated as “Permitted Foreign Currencies” hereunder by providing written notice to the Administrative Agent specifying (i) the relevant Local Borrowing Subsidiary for such currency (which need not be an existing

         

          

        
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         Local Borrowing Subsidiary), (ii) the requested amount of the Currency Sublimit for such Permitted
            Foreign Currency and (iii) specifying the Local Fronting Lender with respect thereto and the Maximum Sublimit to be inserted in Schedule 2.4(b) for such Local Fronting Lender; provided, however, that in no event shall the sum of all Currency Sublimits (after giving effect to
            the requested designation of an additional Permitted Foreign Currency and any concurrent re-allocation of the Currency Sublimits pursuant to Section 2.28) exceed 20% of the aggregate Tranche A Revolving Commitments then in effect.  The Administrative Agent shall promptly forward to each Tranche A Revolving Lender a copy of any such notice.  Within ten Business Days following the receipt of such notice, the applicable Tranche
            A Revolving Lender or Local Fronting Lender shall notify the Administrative Agent in writing whether such designation is acceptable to such Tranche A Revolving Lender or Local Fronting Lender (in its sole discretion) and the Administrative Agent promptly shall notify the Company thereof.

        

        

        (b)       In the event that such designation is acceptable to the applicable Tranche A Revolving Lender or Local Fronting Lender, the Company shall cause the requested Local Borrowing Subsidiary to deliver, as applicable, to the
            Administrative Agent (i) if the applicable Local Borrowing Subsidiary is not an existing party to this Agreement, a Local Borrowing Subsidiary Joinder Agreement, (ii)
            such other documents, instruments, agreements and legal opinions as the Administrative Agent reasonably may request (including, in any event, an opinion of local counsel in the relevant jurisdiction to the effect that no Lender, other than the
            relevant Local Fronting Lender, shall be deemed to be doing business in the relevant jurisdiction, or otherwise shall be subject to regulation or taxation therein, solely as a result of the agreements set forth herein, with such legal opinions to be in form and substance reasonably acceptable to the Administrative Agent)
            and (iii) if the Local Fronting Lender for such Permitted Foreign Currency is not an existing
            Local Fronting Lender, a Local Fronting Lender Joinder Agreement from such Local Fronting Lender.

        

        

        (c)        From and after the date upon which the Administrative Agent has received the documents (all of which shall be in form and substance reasonably
            satisfactory to the Administrative Agent) described in Section 2.27(b), Schedule 2.4(b) hereto shall be deemed to be amended to reflect (i) the designation of such currency as a Permitted Foreign Currency, (ii) the aggregate amount of the
            Currency Sublimit and Maximum Sublimit with respect thereto, (iii) the name and applicable local lending office of the relevant Local Fronting Lender with respect thereto and (iv) the name of the relevant Local Borrowing Subsidiary.

        

        

        (d)          With respect to any Permitted Foreign Currency set forth on Schedule 2.4(b), the Company may designate an additional or different Local Borrowing Subsidiary with respect thereto with the approval of the applicable Tranche A Revolving Lender and the relevant Local Fronting Lender, which designation shall take effect from and after the date upon which the Administrative Agent has received the documents described in Section 2.27(b)(i) and (ii) with respect to such designated Local Borrowing Subsidiary and from and after such date Schedule 2.4(b) shall be deemed to be amended to reflect the name of the Local
            Borrowing Subsidiary so designated.

        

        

        (e)          The Administrative Agent shall give prompt notice to the Revolving
            Lenders of the effectiveness of any such designation and shall deliver to each Revolving Lender and the Company a revised version of Schedule 2.4(b) which reflects any such amendment.

        

        

        2.28        Re-Allocation of Currency Sublimits.

        

        

        (a)        The Company (on its own behalf and as agent of the Local Borrowing
            Subsidiaries) may from time to time (but, unless the Administrative Agent shall otherwise agree, not more frequently than two times per calendar month) request that the amount of any one or more Currency Sublimits be increased and/or the amount
            of any one or more Currency Sublimits be decreased by delivering a written request for such re-allocation to the Administrative Agent.  Each such request shall specify the amount (in Dollars) of

         

          

        
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         the increase or decrease, as the case may be, applicable to each affected Currency Sublimit.  The Administrative Agent shall deliver to each affected Local Fronting Lender a copy
            of such request promptly following receipt thereof.

        

        

        (b)         Unless the revised Currency Sublimit of any Local Fronting Lender will, after giving effect to the requested re-allocation of Currency Sublimits,
            be in excess of the Maximum Sublimit then in effect for such Local Fronting Lender, then the Currency Sublimits shall be deemed to be so re-allocated and Schedule 2.4(b) shall be deemed to be amended to reflect such reallocation; provided, however, that (i) no Local
            Fronting Lender shall be required to lend more than its Currency Sublimit (as in effect prior to the effectiveness of such re-allocation) until such Local Fronting Lender has received notice from the Administrative Agent of the effectiveness of
            such re-allocation (which notice the Administrative Agent agrees to deliver promptly upon such effectiveness) and (ii) after giving effect to such re-allocation, the aggregate

            Tranche A Revolving Extensions of Credit shall not exceed the Tranche A Availability then in effect.  Promptly following the effectiveness of such re-allocation, the
            Administrative Agent shall deliver to each Revolving Lender and the Company a revised Schedule 2.4(b) which reflects such amendment.

        

        

        (c)          In the event that the revised Currency Sublimit of any Local Fronting Lender will (after giving effect to the requested
            re-allocation of Currency Sublimits) be in excess of the Maximum Sublimit specified for such Local Fronting Lender on Schedule 2.4(b), then such Local Fronting Lender and the Administrative Agent shall have ten Business Days to determine whether (in their sole discretion)
            to approve such increase.  In the event that such Local Fronting Lender and the Administrative Agent approve such increase (which approval shall be delivered in writing to the Company and, in the case of the approval of such Local Fronting Lender, to the Administrative Agent) then the Currency Sublimit and the Maximum Sublimit of such Local Fronting Lender shall be re-allocated to such higher amounts requested
            for such Local Fronting Lender in the request delivered to the Administrative Agent pursuant to Section 2.28(a).  In the event that such Local Fronting Lender and the Administrative Agent do not approve such increase in accordance with the foregoing terms of this Section 2.28(c), then the Currency Sublimit of
            such Local Fronting Lender shall be increased only to its existing Maximum Sublimit on the date upon which either such Local Fronting Lender or the Administrative Agent notifies the Company that such increase has not been approved (or, if no such notice is given, at the end of such ten day approval period).  Promptly following the effectiveness of any such reallocation, the Administrative Agent shall deliver
            to each Revolving Lender and the Company a revised Schedule 2.4(b) which reflects such amendment.  The Company or the relevant Local Borrowing Subsidiary shall pay any stamp, recording or other similar tax payable under the laws of the local jurisdiction which is required as a result
            of any such increase in the Maximum Sublimit of its relevant Local Fronting Lender.

        

        

        (d)         In connection with any re-allocation made in accordance with this Section 2.28, the Company may designate that
            the Currency Sublimit applicable to any Local Fronting Lender is to be reduced to zero and that the relevant Local Borrowing Subsidiary is to cease to be a “Local Borrowing
            Subsidiary” hereunder.  From and after any such designation and repayment of all relevant Local Loans or Acceptances then outstanding, such Local Borrowing Subsidiary shall cease to be a Borrower
            hereunder, such Local Fronting Lender shall cease to be the “Local Fronting Lender” for the relevant Permitted Foreign Currency and (except to the extent that the provisions of Section 2.27 subsequently are complied with) no further Local Loans or Acceptances shall be made to any Borrower by such Local Fronting Lender in such Permitted Foreign Currency.

        

        

        (e)         Notwithstanding anything to the contrary contained herein, no such reallocation shall be permitted if, after giving effect thereto, the aggregate Tranche A Revolving Extensions of Credit shall exceed the Tranche A Availability then in effect
            or the aggregate Revolving Extensions of Credit shall exceed the Availability then in effect.

        

        

        
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        (f)         Promptly following any change in the Currency Sublimit in effect for any Local Fronting Lender, the Administrative
            Agent shall deliver to such Local Fronting Lender a statement indicating the new Currency Sublimit in effect for such Local Fronting Lender.

        

        

        2.29        Resignation or Removal of a Local Fronting Lender.

        

        

        (a)          In the event that a Local Fronting Lender shall so elect, such Local Fronting Lender shall resign as Local Fronting Lender by giving written notice
            of its resignation to the Company, the relevant Local Borrowing Subsidiary and the Administrative Agent, with such resignation becoming effective on the date which is the earlier of (i) the date upon which a Local Fronting Lender reasonably
            acceptable to the Administrative Agent and the Company (on its own behalf and as agent for the relevant Local Borrowing Subsidiary) is designated as a substitute Local
            Fronting Lender in accordance with the provisions of Section 2.29(c) and (ii) such other date upon which such Local Fronting Lender, the Company and the relevant Local Borrowing Subsidiary otherwise agree; provided, however, that such effective date shall in no event be later than the date which is 30 days following the date upon which such written notice is delivered to the Company.  Any Local Loans and Acceptances made by such Local Fronting Lender
            which are outstanding on such termination date shall be due and payable on such termination date.

        

        

        (b)         The Company (on its own behalf and as agent
            for the relevant Local Borrowing Subsidiary) at any time may, using its commercially reasonable judgment, request that any Local Fronting Lender cease to be designated as such by giving written notice of such request to the Administrative Agent
            (which notice the Administrative Agent promptly shall deliver to such Local Fronting Lender and to each Revolving Lender).  Immediately upon receipt of such request, such
            Local Fronting Lender shall cease to make any additional Local Loans and cease to create any additional Acceptances, and all Local Loans and Acceptances then maintained by such Local Fronting Lender shall be due and payable on the date
            requested by the Company (which date shall be not earlier than (i) the earlier of (A) 30 days following delivery of such notice, in the case of ABR Loans, Local Rate Loans and Acceptances and (B) the last day of the Interest Period then in effect with respect thereto, in the case of Eurocurrency Loans, and (ii) such other
            date upon which such Local Fronting Lender, the Company and the relevant Local Borrowing Subsidiary otherwise agree).  From and after the date upon which all such Local
            Loans and Acceptances are repaid (together with accrued interest and other amounts owing to such Local Fronting Lender on account thereof), such Local Fronting Lender shall cease to be a “Local Fronting Lender” with respect to such Permitted Foreign Currency.

        

        

        (c)          In the event that the Local Fronting Lender with respect to any Permitted Foreign Currency shall cease to serve as such pursuant to Section 2.29(a) or (b), the Company (on its own behalf and as agent of the relevant Local Borrowing Subsidiary) may designate another Local Fronting Lender reasonably acceptable to the Administrative Agent to serve as “Local Fronting Lender” with respect to such Permitted Foreign Currency; provided, however, that no Revolving Lender or affiliate thereof shall be so designated without its
            agreement (in its sole discretion) to serve as the “Local Fronting Lender” with respect to such Permitted Foreign Currency hereunder.  Upon any such designation and, in the case that the newly-designated Local Fronting Lender is not
            already a Local Fronting Lender hereunder, the receipt by the Administrative Agent of a Local Fronting Lender Joinder Agreement, duly executed and delivered by such designated Local Fronting Lender, such Revolving Lender or its affiliate, as the case may be, shall be deemed to be the “Local Fronting Lender” with respect to such Permitted Foreign Currency for all purposes under this Agreement and the other
            Loan Documents.

        

        

        (d)         During any period when no substitute Local Fronting Lender has been duly appointed in accordance with the terms of this Section 2.29, the right of the Borrowers to borrower in such Permitted Foreign Currency shall be suspended in the applicable jurisdiction.

        

        

        
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        2.30       Local Fronting Lender Reports. 

          Each Local Fronting Lender shall deliver to the Administrative Agent on the first Business Day of each calendar week and on the first Business Day of each calendar month (and at any time and from time to time when the Administrative Agent may so
          request) a statement, substantially in the form of Exhibit O-1, showing (i) the aggregate principal amount of Local
          Loans in the relevant Permitted Foreign Currency outstanding from such Local Fronting Lender as of the close of business on each Business Day during the prior week (or portion thereof), (ii) the aggregate principal
          amount of Local Loans in Dollars outstanding from such Local Fronting Lender as of the close of business on each Business Day during the prior week (or portion thereof), (iii) the aggregate undiscounted face amount of Acceptances outstanding from
          such Local Fronting Lender as of the close of business on each Business Day during the prior week (or portion thereof) and (iv) such other matters as are contained therein.  The Administrative Agent hereby agrees to deliver a copy of each such
          statement to the Company promptly following its receipt thereof and of any such statement to any Revolving Lender promptly upon its request therefor.

        

        

        2.31        Bankers’ Acceptances.

        

        

        (a)          Notwithstanding anything to the contrary contained herein, any Local Fronting Lender may agree (in its sole discretion from time to time) to create
            bankers’ acceptances under its Currency Sublimit by way of the acceptance and discount of Drafts (the “Acceptances”)
            pursuant to this Section 2.31; provided, however, that no Local Fronting Lender shall have any obligation to create and/or discount Acceptances, regardless of any prior practice of doing so for the account of such Local Borrowing Subsidiary.  Any Acceptances created pursuant to this
          Section 2.31 shall be denominated in
            the Permitted Foreign Currency for the relevant Local Fronting Lender (and not in Dollars), and shall be for such tenor and in such amount as may be mutually agreed upon
            by the relevant Local Fronting Lender and Local Borrowing Subsidiary; provided, however, that in no event shall any Acceptance mature after the date which is 30 days prior to the Revolving Termination Date with respect to the Tranche A Revolving Facility (or such later date as the applicable Local Fronting Lender may agree in its sole discretion).

        

        

        (b)         Unless the relevant Local Borrowing Subsidiary and Local Fronting Lender otherwise agree, the relevant Local Borrowing Subsidiary shall give to the
            relevant Local Fronting Lender not less than two Business Days’ prior written notice of its intent to borrow by way of Acceptances from any Local Fronting Lender which has agreed to accept and discount Drafts for the account of such Local
            Borrowing Subsidiary, which notice shall be accompanied by (i) a Draft which has been completed, executed and delivered by a duly authorized officer of such Local Borrowing Subsidiary and (ii) such other documents, instruments and certificates
            as such Local Fronting Lender reasonably may request; provided, however, that, after giving effect to the creation of such Acceptance, the Local Outstandings owing to such Local Fronting Lender shall not exceed the amount equal to its
            Currency Sublimit then in effect.  On the requested borrowing date, the relevant Local Fronting Lender will accept such Draft and discount such accepted Draft in accordance with the provisions of Section 2.31(c).

        

        

        (c)         Any Local Fronting Lender may, in its sole discretion, elect to discount Drafts of the relevant Local Borrowing Subsidiary on the date upon which
            such Local Fronting Lender accepts such Drafts by discounting such Draft at the rate per annum equal to the Local Rate (which may be a different rate than the Local Rate then payable on account of Local Loans in such Permitted Foreign Currency) then in effect plus the
            Applicable Margin then in effect for Local Rate Loans; provided, however, that, unless the relevant Local Fronting Lender and Local Borrowing Subsidiary otherwise agree, such discount shall be calculated by, first, discounting the aggregate face amount of such Draft at the rate per annum equal to the Local Rate then in effect and, second, discounting the result thereof at the rate per annum equal to the Applicable Margin then in effect for Local Rate Loans. 
            Promptly following such discounting (and, in any event, on the date thereof), such Local Fronting Lender shall make available to such Local Borrowing

         

          

        
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         Subsidiary the amount equal to the discounted face amount of such Draft in the manner in which such Local Fronting Lender makes available Local Loans pursuant to Section 2.5(b).

        

        

        (d)          Each Local Borrowing Subsidiary hereby unconditionally agrees to pay to the relevant Local Fronting Lender the aggregate, undiscounted face amount
            of each Draft accepted by such Local Fronting Lender hereunder on the maturity date thereof (or on such earlier date upon which the obligations of such Local Borrowing Subsidiary under this Agreement shall become or shall have been declared due
            and payable pursuant to the terms and conditions of this Agreement).  Interest shall accrue on any amount owing pursuant to this Section 2.31(d) which is not paid when due (whether by scheduled maturity, mandatory prepayment, acceleration or otherwise) from the date such amount
            becomes due until paid in full at a fluctuating rate per annum equal to the rate which would then be payable on any overdue Local Rate Loans and shall be payable by such Local Borrowing Subsidiary upon demand by such Local Fronting Lender.

        

        

        (e)          Each Tranche A Revolving Lender hereby unconditionally and irrevocably
            agrees to purchase undivided participating interests in the Acceptances created by each Local Fronting Lender in accordance with the provisions of Section 2.32.

        

        

        (f)          Notwithstanding anything to the contrary contained herein, the indefeasible prepayment by the relevant Local Borrowing Subsidiary to the relevant
            Local Fronting Lender of all or a portion of any outstanding Acceptance shall be deemed to constitute a prepayment of such portion of such Acceptance for all purposes hereunder, regardless of whether the relevant Local Fronting Lender has
            distributed such amount to the holder of the underlying Draft.

        

        

        2.32        Currency Conversion and Contingent Funding Agreement.

        

        

        (a)          Each Tranche A Revolving Lender hereby unconditionally and irrevocably
            agrees to purchase (in Dollars) an undivided participating interest in its ratable share of such Local Loans and Acceptances made by such Local Fronting Lenders as the Administrative Agent may at any time request; provided, however, that:

        

        

        (i)        the Administrative Agent hereby agrees that, it will not request any such purchase of
            participating interests unless a Liquidity Event Period has commenced and is continuing or a Default or an Event of Default has occurred and is continuing;

        

        

        (ii)         the Administrative Agent hereby agrees that it promptly will request that the Tranche A Revolving Lenders purchase such participating interest in all Local Loans and Acceptances made by any Local Fronting Lender which provides to the Administrative Agent a written certification that an Event
            of Default described in Section 8.1(a) is continuing with respect to the
            Local Loans or Acceptances made by such Local Fronting Lender and requesting that such request be made by the Administrative Agent; and

        

        

        (iii)        in the event that any of the events specified in clauses

                (i), (ii) or (iii) of Section 8.1(f) shall have occurred with respect to any
            Local Borrower, each Tranche A Revolving Lender shall be deemed to have purchased, automatically and without request, such participating interest in the Local Loans and Acceptances made to such Local Borrower.

        

        

        Any such request by the Administrative Agent shall be made in writing to each Tranche A Revolving Lender and shall specify the amount of Dollars (based upon the actual exchange rate
          at which the Administrative Agent anticipates being able to obtain the relevant Permitted Foreign Currency, with any excess payment being refunded to the Tranche A Revolving Lenders
          and any deficiency remaining payable

         

        

        
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         by the Tranche A Revolving Lenders) required from such Tranche A Revolving Lender in order to effect the purchase by such Tranche

          A Revolving Lender of a participating interest in the amount equal to its Tranche A Revolving Percentage multiplied by the aggregate then outstanding principal amount (in the Permitted

          Foreign Currency) of the relevant Local Loans and Acceptances (together with accrued interest thereon and other amounts owing in connection therewith) in such Permitted Foreign Currency.  Promptly upon receipt of
          such request, each Tranche A Revolving Lender shall deliver to the Administrative Agent (in immediately available funds) the amount so specified by the Administrative Agent.  The Administrative Agent shall convert
          such amounts into the relevant Permitted Foreign Currency and shall promptly deliver the proceeds of such conversion to the relevant Local Fronting Lender in immediately available funds.  From and after such
          purchase, (i) the outstanding Local Loans and Acceptances in which the Tranche A Revolving Lenders have purchased such participations shall be deemed to have been converted into Tranche A Revolving Loans that are ABR Loans denominated in Dollars (with such conversion constituting, for purposes of Section 2.21,
          a prepayment of such Local Loans and Acceptances before the last day of the Interest Period with respect thereto), (ii) any further Local Loans to be made to such Borrower shall be made in Dollars, with each Tranche A Revolving

          Lender purchasing a participating interest therein in the manner described in the foregoing provisions of this Section 2.32(a)
          immediately upon the making thereof in the amount equal to such Tranche A Revolving Lender’s Tranche A Revolving Percentage thereof (with the Administrative Agent hereby agreeing to
          provide prompt notice to each such Tranche A Revolving Lender of its receipt from the relevant Local Fronting Lender of a notice of borrowing and of making the relevant Local Loan), (iii) no further Acceptances
          shall be created for the account of such Local Borrowing Subsidiary, (iv) all amounts from time to time accruing, and all amounts from time to time payable, on account of such Local Loans and Acceptances
          (including, without limitation, any interest and other amounts which were accrued but unpaid on the date of such purchase) shall be payable in Dollars as if such Local Loan or Acceptance, as the case may be, had originally been made in Dollars
          and shall (other than with respect to the portion of the Applicable Margin which, pursuant to Section 2.15, is
          expressly stated to be paid for the account of the Local Fronting Lender) be distributed by the relevant Local Fronting Lender to the Administrative Agent, for the accounts of the Tranche A Revolving Lenders, on
          account of such participating interests.  Notwithstanding anything to the contrary contained in this Section 2.32, the
          failure of any Tranche A Revolving Lender to purchase its participating interest in any Local Loan or Acceptance shall not relieve any other Tranche A Revolving Lender of its
          obligation hereunder to purchase its participating interest in a timely manner, but no Tranche A Revolving Lender shall be responsible for the failure of any other Tranche A
          Revolving Lender to purchase the participating interest to be purchased by such other Tranche A Revolving Lender on any date.

        

        

        (b)         If any amount required to be paid by any Tranche

            A Revolving Lender pursuant to Section 2.32(a) is paid to the Administrative Agent within three Business Days following the date upon which such Tranche A Revolving Lender receives notice from the
            Administrative Agent that the Local Loan or Acceptance in which such Tranche A Revolving Lender has purchased a participating interest has been made or created (as the
            case may be), such Tranche A Revolving Lender shall pay to the Administrative Agent on demand an amount equal to the product of such amount, times the daily average
            Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the Administrative Agent, times a fraction the numerator of which is the number of
            days that elapse during such period and the denominator of which is 360.  If any such amount required to be paid by any Tranche A Revolving Lender pursuant to Section 2.32(a) is not in fact made available
            to the Administrative Agent within three Business Days following the date upon which such Tranche A Revolving Lender receives notice from the Administrative Agent that
            the Local Loan or Acceptance in which such Tranche A Revolving Lender has purchased a participating interest has been made or created (as the case may be), the
            Administrative Agent shall be entitled to recover from such Tranche A Revolving Lender, on demand, such amount with interest thereon calculated from such due date at the
            rate per annum applicable to Tranche A Revolving Loans that are ABR Loans hereunder.  A certificate of the Administrative Agent submitted to any Tranche A Revolving Lender with respect to any amounts

         

          

        
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         owing under this Section 2.32(b) shall be conclusive in the absence of manifest error.  Amounts payable by any Tranche A Revolving Lender pursuant to this Section 2.32(b) shall be paid to the Administrative Agent, for the account of the relevant Local Fronting Lender; provided, however, that, if the Administrative Agent (in its sole discretion) has elected to fund on behalf of such Tranche A Revolving Lender the amounts owing to such Local
            Fronting Lender, then the amounts shall be paid to the Administrative Agent, for its own account.

        

        

        (c)        Whenever, at any time after the relevant Local Fronting Lender has received from any Tranche A Revolving Lender such Tranche A Revolving Lender’s participating interest in a Local Loan or Acceptance pursuant to clause(a) above, the Local Fronting Lender receives any payment on account thereof, such Local Fronting Lender will
            distribute to the Administrative Agent, for the account of such Tranche A Revolving Lender, such Tranche

            A Revolving Lender’s participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Tranche

            A Revolving Lender’s participating interest was outstanding) in like funds as received; provided, however, that in the event that such payment received by such Local Fronting Lender is required to be returned, such Tranche A Revolving Lender will return to such Local Fronting Lender any portion thereof previously distributed by such Local Fronting Lender to such Tranche A Revolving Lender in like funds as such payment is required to be returned by such Local Fronting Lender.

        

        

        Each Tranche A Revolving Lender’s obligation to purchase participating interests pursuant to clause (a) above shall be absolute and
          unconditional and shall not be affected by any circumstance, including, without limitation, (a) any set-off, counterclaim, recoupment, defense or other right which such Tranche A Revolving Lender may have against
          the relevant Local Fronting Lender, the relevant Local Borrower or any other Person for any reason whatsoever; (b) the occurrence or continuance of a Default or an Event of Default; (c) any adverse change in the condition (financial or otherwise)
          of the relevant Local Borrower or any other Person; (d) any breach of this Agreement by the relevant Local Borrower, any other Local Borrower or any other Lender; or (e) any other circumstance, happening or event whatsoever, whether or not
          similar to any of the foregoing; provided, however, that no Tranche A Revolving Lender shall
          be obligated to purchase participating interests in any Local Loans made by a Local Fronting Lender to the extent that such Local Loans (at the time when made) caused the amount of Local Loans outstanding from such Local Fronting Lender to be in
          excess of the Currency Sublimit then in effect with respect to such Local Fronting Lender.

        

        

        2.33        Protective Advances.

        

        

        (a)         Subject to the limitations set forth in the definition of Protective Advances, the Administrative Agent may make Protective Advances.  The
            Protective Advances shall constitute Obligations for all purposes hereof and the other Loan Documents.  All Protective Advances shall be ABR Loans subject to the Applicable Margin applicable to the Tranche A Revolving Loans.  At any time that
            Availability exceeds Revolving Extensions of Credit then outstanding, the Administrative Agent may request the Tranche A Revolving Lenders to make a Tranche A Revolving Loan, in Dollars, to repay such Protective Advance.  At any other time the
            Administrative Agent may require the Tranche A Lenders to fund, in Dollars, their risk participations described in Section 2.33(b). 
            The Administrative Agent shall endeavor to notify the Borrower promptly after the making of any Protective Advance.

        

        

        (b)        Upon the making of a Protective Advance by the Administrative Agent in accordance with the terms hereof, each Tranche A Revolving Lender shall be
            deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Administrative Agent, without recourse or warranty, an undivided interest and participation in the applicable Protective Advance, in
            proportion to its Protective Advances Percentage of such Protective Advance.  From and after the date, if any, on which any Tranche A Revolving Lender is required to fund its participation in any Protective Advance purchased

         

          

        
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         hereunder, the Administrative Agent shall promptly distribute to such Tranche A Revolving Lender such Tranche A Revolving Lender’s Protective Advances Percentage of all payments
            of principal and interest and all proceeds of Collateral received by the Administrative Agent in respect of such Protective Advance.

        

        

        2.34       MIRE
              Events. Each of the parties hereto acknowledges and agrees that each MIRE Event after the Amendment No. 1 Effective Date shall be subject to (and conditioned upon): (1) the delivery to the Collateral Agent of all flood hazard
          determination certifications, acknowledgements and evidence of flood insurance and other flood-related documentation with respect to Mortgaged Properties or any Real Property that will become Mortgaged Property at such time as required by Flood
          Insurance Laws and as otherwise reasonably required by the Collateral Agent and (2) the Collateral Agent shall have confirmed that all reasonable flood insurance due diligence with respect to the information delivered pursuant to clause (1) has been completed to the reasonable satisfaction of the Collateral Agent and the Lenders (such confirmation not to be unreasonably withheld, conditioned or delayed); provided, that the condition in this clause (2) shall be deemed satisfied unless the Collateral Agent provides the Borrower with written
          notice to the contrary within 20 Business Days (or such shorter period agreed to by the Collateral Agent in its reasonable discretion) after the Borrower or the applicable Loan Party has complied with clause
              (1) above.

        

        

        Promptly upon a Responsible Officer of the Borrower obtaining knowledge thereof, the Borrower shall give notice to the Administrative Agent of any special flood hazard area status and flood
          disaster assistance executed by Holdings, the Borrower and any applicable Loan Party.

        

        

        SECTION III.

        LETTERS OF CREDIT

        

        

        3.1          L/C Commitment.

        

        

        (a)          Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Tranche A Revolving Lenders set forth
            in Section 3.4(a), agrees, in the case of each Issuing Lender on the Closing Date in its capacity as the issuer of Existing Letters of Credit, to continue under this Agreement for the account of the Borrower or a Restricted Subsidiary, as applicable, such Existing Letters of Credit until the
            expiration or earlier termination thereof, and, in the case of each other Issuing Lender, to issue Letters of Credit under the Revolving Commitments for the account of the
            Borrower or any of its Restricted Subsidiaries on any Business Day during the Revolving Commitment Period with respect to the Tranche A Revolving Facility in such form as
            may be approved from time to time by such Issuing Lender; provided, that no Issuing
            Lender shall have any obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) (A) the L/C Obligations would exceed the aggregate L/C Commitment set forth in clause (a) of the definition of “L/C Commitment” and (B) the L/C Obligations with respect to each Issuing Lender
            would exceed the L/C Commitment of such Issuing Lender as set forth in clause (b) of the definition of “L/C Commitments” and on Schedule 2.1, or (ii) after giving effect to the issuance thereof, the
            aggregate Tranche A Revolving Extensions of Credit shall exceed the Tranche A Availability then in effect.  Each Letter of Credit shall (i) be denominated in Dollars or
            any Permitted Foreign Currency and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is three Business Days prior to the Revolving Termination Date with respect to the Tranche A
            Revolving Facility (unless Cash Collateralized or the applicable Issuing Lender so agrees); provided, that any Letter of Credit with a one-year term may provide for the renewal thereof for
            additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above).

        

        

        (b)          No Issuing Lender shall at any time be obligated to issue any Letter of Credit if such issuance would (i) conflict with, or cause such Issuing
            Lender to exceed any limits imposed by, any applicable Requirement of Law, or if such Requirement of Law would impose upon such Issuing Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and is not
            otherwise

         

          

        
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         reimbursable to it by the Borrower hereunder and which such Issuing Lender in good faith deems material to it or (ii) violate one or more policies of such Issuing Lender
            applicable generally to the issuance of letters of credit for the account of similarly situated borrowers.

        

        

        3.2         Procedure for Issuance of Letter of
              Credit.  The Borrower may from time to time request that the relevant Issuing Lender issue a Letter of Credit (or amend, renew or extend an outstanding Letter of Credit) by delivering to such Issuing Lender at its address for
          notices specified to the Borrower by such Issuing Lender an Application therefor, with a copy to the Administrative Agent, completed to the reasonable satisfaction of such Issuing Lender, and such other certificates, documents and other papers
          and information as such Issuing Lender may reasonably request.  Such Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the relevant Issuing Lender, by
          personal delivery or by any other means acceptable to the relevant Issuing Lender.  Upon receipt of any Application, the relevant Issuing Lender will process such Application and the certificates, documents and other papers and information
          delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue (or amend, renew or extend, as the case may be) the Letter of Credit requested thereby (but in no event without the consent of the
          applicable Issuing Lender shall any Issuing Lender be required to issue (or amend, renew or extend, as the case may be) any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other
          certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit (or such amendment, renewal or extension, as the case may be) to the beneficiary thereof or as otherwise may be agreed to
          by such Issuing Lender and the Borrower.  Such Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance (or such amendment, renewal or extension, as the case may be) thereof.  Each Issuing
          Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the relevant Tranche A Revolving Lenders, notice of the issuance (or such amendment, renewal or extension, as the case may be) of each Letter of
          Credit issued by it (including the amount thereof).

        

        

        3.3          Fees and Other Charges.

        

        

        (a)         The Borrower will pay a fee, in Dollars, on each outstanding Letter of Credit requested by it, at a per annum rate equal to the Applicable Margin
            then in effect with respect to Eurocurrency Loans under the applicable Facilities, on the Dollar Equivalent of the face amount of such Letter of Credit, which fee shall
            be shared ratably among the applicable Tranche A Revolving Lenders and payable quarterly in arrears on each Fee Payment Date after the issuance date; provided, that, with respect to any Defaulting Lender, such Lender’s ratable share of any letter of credit fee accrued on the aggregate amount available to be drawn on any outstanding
            Letters of Credit during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such
            Lender’s ratable share of any letter of credit fee shall otherwise have been due and payable by the Borrower prior to such time; provided, further, that any
            Defaulting Lender’s ratable share of any letter of credit fee accrued on the aggregate amount available to be drawn on any outstanding Letters of Credit shall accrue (x) for the account of each Non-Defaulting Lender with respect to such
            Defaulting Lender’s participation in Letters of Credit which has been reallocated to such Non-Defaulting Lender pursuant to Section 3.4(d), (y) for the account of the Borrower with respect to any L/C Shortfall if the Borrower has paid to the Administrative Agent an amount of cash and/or Cash Equivalents equal to the amount of the L/C Shortfall to be held as security for all
            obligations of the Borrower to the applicable Issuing Lenders hereunder in a Cash Collateral Account, or (z) for the account of the applicable Issuing Lenders, in any other instance, in each case so long as such Lender shall be a Defaulting
            Lender.  In addition, the Borrower shall pay to each Issuing Lender for its own account a fronting fee, in Dollars, on the Dollar Equivalent of the aggregate face amount of all outstanding Letters of Credit issued by it to the Borrower, equal
            to the L/C Fronting Fee Rate, payable quarterly in arrears on each Fee Payment Date after the issuance date (the “L/C Fronting Fee”).

        

        

        
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        (b)          In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for standard costs and expenses agreed by the Borrower
            and such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit requested by the Borrower.

        

        

        3.4          L/C Participations.

        

        

        (a)         Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce such Issuing Lender to issue Letters of
            Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account and risk an undivided interest
            equal to such L/C Participant’s Tranche A Revolving Percentage in such Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued by it (including each Existing Letter of Credit) and the amount of each draft
            paid by such Issuing Lender thereunder.  Each L/C Participant agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by it for which such Issuing Lender is not reimbursed in full by the Borrower in accordance
            with the terms of this Agreement, such L/C Participant shall pay, in Dollars, to the Administrative Agent for the account of such Issuing Lender upon demand an amount equal to such L/C Participant’s Tranche A Revolving Percentage of the Dollar
            Equivalent of the amount of such draft, or any part thereof, that is not so reimbursed (“L/C Disbursements”); provided, that nothing in this
            paragraph shall relieve the Issuing Lender of any liability resulting from the gross negligence or willful misconduct of the Issuing Lender (as determined by a final non-appealable judgment of a court of competent jurisdiction).  Each L/C
            Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against
            any Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the financial condition of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the
            Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

        

        

        (b)          If any amount required to be paid by any L/C Participant to the Administrative Agent for the account of any Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to the
            Administrative Agent for the account of such Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Administrative Agent for the account of such Issuing Lender on demand an amount
            equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period
            from and including the date such payment is required to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360.  If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to the Administrative Agent for the account of the relevant Issuing Lender by such L/C Participant within
            three Business Days after the date such payment is due, such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to
            ABR Loans under the applicable Facilities.  A certificate of the relevant Issuing Lender submitted to any relevant L/C Participant with respect to any amounts owing under
            this Section 3.4 shall be presumptively correct in the absence of demonstrable error.

        

        

        (c)        Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in
            accordance with Section 3.4(a), if the Administrative Agent receives for the account of the Issuing Lender any payment related to
            such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of

         

          

        
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         collateral applied thereto by the Administrative Agent), or any payment of interest on account thereof, the Administrative Agent will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such payment shall be required to be returned by such Issuing Lender, such L/C Participant shall return to the Administrative Agent for the account of such Issuing Lender the portion thereof previously
            distributed by such Issuing Lender to it.

        

        

        (d)          Notwithstanding anything to the contrary contained in this Agreement, in the event an L/C Participant becomes a Defaulting Lender, then such
            Defaulting Lender’s applicable Tranche A Revolving Percentage in all outstanding Letters of Credit will automatically be reallocated among the applicable L/C Participants that are Non-Defaulting Lenders pro rata in accordance with each
            Non-Defaulting Lender’s applicable Tranche A Revolving Percentage (calculated without regard to the Tranche A Revolving Commitments of the Defaulting Lender), but only to the extent that such reallocation does not cause the Tranche A Revolving
            Extensions of Credit of any Non-Defaulting Lender to exceed the Tranche A Revolving Commitments of such Non-Defaulting Lender.  If such reallocation cannot, or can only partially, be effected the Borrower shall, within five Business Days after
            written notice from the Administrative Agent, pay to the Administrative Agent an amount of cash and/or Cash Equivalents equal to such Defaulting Lender’s applicable Tranche A Revolving Percentage (calculated as in effect immediately prior to it
            becoming a Defaulting Lender) of the L/C Obligations (after giving effect to any partial reallocation pursuant to the first sentence of this Section 3.4(d)) to be held as security for all obligations of the Borrower to the Issuing Lenders hereunder in a Cash Collateral Account.  So long as there is a Defaulting Lender, an Issuing Lender shall not be required to issue
            any Letter of Credit where the sum of the Non-Defaulting Lenders’ applicable Tranche A Revolving Percentages of the outstanding Tranche A Revolving Loans and their participations in Letters of Credit, after giving effect to any such requested Letter of Credit would exceed (each such excess, the “L/C Shortfall”) the aggregate applicable Tranche A Revolving Commitments of the Non-Defaulting Lenders, unless the Borrower shall pay to the Administrative Agent an amount of cash and/or Cash Equivalents equal to the amount of
            the L/C Shortfall, such cash and/or Cash Equivalents to be held as security for all obligations of the Borrower to the Issuing Lenders hereunder in a Cash Collateral Account.  

        

        

        3.5       Reimbursement Obligation of the Borrower.  The Borrower agrees to reimburse each Issuing Lender on the Business Day following the date on which such
          Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit issued or continued by such Issuing Lender at the Borrower’s request (including any Letters of Credit issued for the account of a
          Restricted Subsidiary and the Existing Letters of Credit) and paid by such Issuing Lender for the amount of such draft so paid.  Each such payment shall be made to such Issuing Lender at its address for notices
          specified to the Borrower in Dollars and in immediately available funds.  Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at a rate equal to (i) until the second Business Day
          next succeeding the date of the relevant notice (which notice shall be provided on the date the relevant draft is paid), the rate applicable to ABR Loans that are Tranche A Revolving Loans and (ii) thereafter, the rate set forth in Section 2.15(c).  In the case of any such reimbursement in Dollars with respect to a Letter of Credit denominated in a Permitted Foreign Currency, the applicable Issuing Lender shall notify the Borrower
          of the Dollar Equivalent of the amount of the draft so paid promptly following the determination thereof.

        

        

        3.6          Obligations Absolute. 
          The Borrower’s obligations under this Section 3 shall be absolute, unconditional and irrevocable under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment
          that the Borrower may have or have had against any Issuing Lender, any beneficiary of a Letter of Credit or any other Person.  The Borrower also agrees with each Issuing Lender that such Issuing Lender shall not be responsible for, and the
          Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things,

        

        

        
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              	(i)	
                the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact later prove to be invalid, fraudulent or forged;

              

        

        

        	

              	(ii)	
                any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred;

              

        

        

        	

              	(iii)	
                any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee;

              

        

        

        	

              	(iv)	
                any other events or circumstances that, pursuant to applicable law or the applicable customs and practices promulgated by the ICC, are not within the responsibility of such Issuing Lender;

              

        

        

        	

              	(v)	
                waiver by such Issuing Lender of any requirement that exists for such Issuing Lender’s protection and not the protection of the Borrower or any waiver by such Issuing Lender which does not in fact materially prejudice the Borrower;

              

        

        

        	

              	(vi)	
                honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

              

        

        

        	

              	(vii)	
                any payment made by such Issuing Lender in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if
                  presentation after such date is authorized by the Uniform Commercial Code, the ISP or the UCP, as applicable;

              

        

        

        	

              	(viii)	
                any payment by such Issuing Lender under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such Issuing Lender under such
                  Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of
                  such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;

              

        

        

        	

              	(ix)	
                any adverse change in the relevant exchange rates or in the availability of the relevant Permitted Foreign Currency to the Borrower or any Subsidiary or in the relevant currency markets generally; or

              

        

        

        	

              	(x)	
                any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any Subsidiary,
                  except, in each case, for errors, omissions, interruptions or delays resulting from the gross negligence or willful misconduct of such Issuing Lender or its employees or agents.

              

        

        

        No Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors, omissions, interruptions or delays resulting from the gross negligence or willful misconduct of such Issuing Lender or its employees
          or agents (such gross negligence or willful misconduct, as determined by a final and non-appealable judgment of a court of competent jurisdiction).  The Borrower agrees that any action taken or omitted by any Issuing Lender under or in connection
          with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct (such gross negligence or
          willful misconduct, as determined by a final and non-appealable judgment of a court of competent

         

        

        
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         jurisdiction) and in accordance with the standards of care specified in the Uniform Commercial Code of the State of New York, shall be binding on the Borrower and shall not result in any liability of such Issuing
          Lender to the Borrower.

        

        

        3.7         Role of the Issuing Lender. 

          Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the Issuing Lenders shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by a
          Letter of Credit) or to ascertain or inquire as to the validity, authenticity or accuracy of any such document (provided, that the Issuing Lenders will determine whether such documents
          appear on their face to be in order) or the authority of the Person executing or delivering any such document.  None of the Issuing Lenders, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or
          assignee of the Issuing Lenders shall be liable to any Lender for:

        

        

        	

              	(i)	
                any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Majority Facility Lenders or the Borrower, as applicable;

              

        

        

        	

              	(ii)	
                any action taken or omitted in the absence of gross negligence or willful misconduct (such gross negligence or willful misconduct, as determined by a final and non-appealable judgment of a court of competent jurisdiction);

              

        

        

        	

              	(iii)	
                the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or related Application, or any other document, agreement and instrument entered into by such Issuing Lender and
                  the Borrower (or any Restricted Subsidiary) or in favor of such Issuing Lender and relating to such Letter of Credit; or

              

        

        

        	

              	(iv)	
                any special, indirect, punitive or consequential damages.

              

        

        

        The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,
          however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or
          under any other agreement.  None of the Issuing Lenders, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the Issuing Lenders shall be liable or responsible for any of the matters
          described in clauses (i) through (x) of Section 3.6; provided, however, that anything in such clauses to the contrary notwithstanding, the
          Borrower may have a claim against the relevant Issuing Lender, and such Issuing Lender may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower
          which the Borrower proves were caused by such Issuing Lender’s willful misconduct or gross negligence or such Issuing Lender’s willful failure to pay under any Letter of Credit (such gross negligence, willful misconduct or willful failure to pay,
          as determined by a final and non-appealable judgment of a court of competent jurisdiction) after the presentation to it by the beneficiary of a sight draft and certificate(s) and documents expressly required by and strictly complying with the
          terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the Issuing Lenders may accept documents that appear on their face to be in order, without responsibility
          for further investigation, and provided that a Letter of Credit is issued permitting transfer then the Issuing Lenders shall not be responsible for the validity or sufficiency of any
          instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  The Issuing
          Lenders may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or
          overnight courier, or any other commercially reasonable means of communicating with a beneficiary, as agreed to with the Borrower.

        

        

        
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        3.8         Letter of Credit Payments. 

          If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify the Borrower of the date and amount thereof.  The responsibility of such Issuing Lender to the Borrower in connection with
          any draft presented for payment under any Letter of Credit issued by such Issuing Lender shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each
          draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

        

        

        3.9         Applications.  To the
          extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Agreement or any other Loan Document, the provisions of this Agreement or such other Loan Document shall apply.

        

        

        3.10      Applicability of ISP and UCP. 

          Unless otherwise expressly agreed by the applicable Issuing Lender and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (a) the rules of the ISP shall apply to each standby
          Letter of Credit, and (b) the rules of the UCP shall apply to each commercial Letter of Credit.  Notwithstanding the foregoing, the Issuing Lender shall not be responsible to the Borrower for, and the Issuing Lender’s rights and remedies against
          the Borrower shall not be impaired by, any action or inaction of the Issuing Lender required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the
          applicable law or any order of a jurisdiction where the Issuing Lender or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC
          Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or
          practice.

        

        

        3.11       Designation of Issuing Lender. 

          The Borrower may, at any time and from time to time, designate as Issuing Lender one or more Tranche A Revolving Lenders that agree to serve in such capacity as provided herein.  The acceptance by a Tranche A Revolving Lender of an appointment as
          an Issuing Lender hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, executed by the Borrower, the Administrative Agent and such designated
          Issuing Lender, and, from and after the effective date of such agreement, (i) such Tranche A Revolving Lender shall have all the rights and obligations of an Issuing Lender under this Agreement and (ii) references herein to the term “Issuing
          Lender” shall be deemed to include such Tranche A Revolving Lender in its capacity as an Issuing Lender of Letters of Credit hereunder.

        

        

        SECTION IV.

        REPRESENTATIONS AND WARRANTIES

        

        

        To induce the Agents and the Lenders to enter into this Agreement and to make the Loans and issue or participate in the Letters of Credit, the Borrower hereby represents and warrants (as to
          itself and each of its Restricted Subsidiaries) to the Agents and each Lender, which representations and warranties shall be deemed made on the Closing Date (after giving effect to the Transactions) and (subject
          to, in the case of any incurrence of any Supplemental Revolving Commitment, if the proceeds of such Supplemental Revolving Commitment are, substantially concurrently with the receipt thereof, to be used, in whole or in part, by the Borrower or
          any other Subsidiary to finance, in whole or in part, a Permitted Acquisition, the Permitted Acquisition Provisions) on the date of each borrowing of Loans or issuance, extension or renewal of a Letter of Credit hereunder that:

        

        

        
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        4.1          Financial Condition.

        

        

        (a)         The audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at December 31, 2013, December 31, 2014 and December 31, 2015, and the related statements of income, stockholders’ equity and of cash flows for the fiscal years ended on such date, reported on by and accompanied by an unqualified report from KPMG LLP, present fairly in all material respects the financial condition of the Borrower and its consolidated Subsidiaries as at such dates and the results of their
            operations, their cash flows and their changes in stockholders’ equity for the respective fiscal years then ended.  All such financial statements, including the related schedules and notes thereto and year-end adjustments, have been prepared in
            accordance with GAAP (except as otherwise noted therein).

        

        

        (b)         The audited consolidated balance sheet of the Target and its consolidated
            Subsidiaries as at June 30, 2013, June 30, 2014 and June 30, 2015, and the related statements of income,
            stockholders’ equity and of cash flows for the fiscal years ended on such date, reported on by and accompanied by an unqualified report from PricewaterhouseCoopers LLP, present fairly in all material respects the financial condition of the Target and its consolidated
            Subsidiaries as at such dates and the results of their operations, their cash flows and their changes in stockholders’ equity for the respective fiscal years then ended.  All such financial statements, including the related schedules and notes
            thereto and year-end adjustments, have been prepared in accordance with GAAP (except as otherwise noted therein).

        

        

        4.2        No Change.  Since the
          Closing Date, there has been no event, development or circumstance that has had or would reasonably be expected to have a Material Adverse Effect.

        

        

        4.3         Existence; Compliance with Law. 

          Except as set forth in Schedule 4.3, each of the Borrower and its Restricted Subsidiaries (other than any Immaterial Subsidiaries) (a) (i) is duly organized (or incorporated), validly existing and in good standing (or, only where
          applicable, the equivalent status in any foreign jurisdiction) under the laws of the jurisdiction of its organization or incorporation, except in each case (other than with respect to the Borrower) to the extent such failure to do so would not
          reasonably be expected to have a Material Adverse Effect, (ii) has the corporate or other organizational power and authority, and the legal right, to own and operate its Property, to lease the Property it operates as lessee and to conduct the
          business in which it is currently engaged, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and (iii) is duly qualified as a foreign corporation or other entity and in good standing (where such
          concept is relevant) under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification except, in each case, to the extent that the failure to be so qualified or in
          good standing (where such concept is relevant) would not have a Material Adverse Effect and (b) is in compliance with all Requirements of Law except to the extent that any such failure to comply therewith would not reasonably be expected to have
          a Material Adverse Effect.

        

        

        4.4          Corporate Power; Authorization;
              Enforceable Obligations.

        

        

        (a)        Each Loan Party and Local Borrowing Subsidiary has the corporate or other organizational power and authority to execute and deliver, and perform its
            obligations under, the Loan Documents to which it is a party and, in the case of each Borrower, to borrow or have Letters of Credit or Acceptances issued hereunder, except in each case (other than with respect to the Borrower) to the extent
            such failure to do so would not reasonably be expected to have a Material Adverse Effect.  Each Loan Party and Local Borrowing Subsidiary has taken all necessary corporate or other action to authorize the execution and delivery of, and the
            performance of its obligations under, the Loan Documents to which it is a party and, in the case of each Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement, except in each case (other than with respect
            to the Borrower) to the extent such failure to do so would not reasonably be expected to have a Material Adverse Effect.

        

        

        
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        (b)          No consent or authorization of, filing with, or notice to, any Governmental Authority is required to be obtained or made by any Loan Party or Local
            Borrowing Subsidiary for the extensions of credit hereunder or such Loan Party’s or Local Borrowing Subsidiary’s execution and delivery of, or performance of its obligations under, or validity or enforceability of, this Agreement or any of the
            other Loan Documents to which it is party, as against or with respect to such Loan Party or Local Borrowing Subsidiary, as applicable, except (i) consents, authorizations, filings and notices described in Schedule 4.4, (ii) consents, authorizations, filings and notices which have been obtained or made and are in full force and effect, (iii) consents, authorizations, filings
            and notices the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect and (iv) the filings referred to in Section 4.17.

        

        

        (c)          Each Loan Document has been duly executed and delivered on behalf of each Loan Party and Local Borrowing Subsidiary that is a party thereto. 
            Assuming the due authorization of, and execution and delivery by, the parties thereto (other than the applicable Loan Parties or Local Borrowing Subsidiary), this Agreement constitutes, and each other Loan Document upon execution and delivery
            by each Loan Party or Local Borrowing Subsidiary that is a party thereto will constitute, a legal, valid and binding obligation of each such Loan Party or Local Borrowing Subsidiary, as applicable, that is a party thereto, enforceable against
            each such Loan Party or Local Borrowing Subsidiary, as applicable, in accordance with its terms (provided, that, with respect to the creation and perfection of security interests with respect to the Capital Stock of Foreign Subsidiaries, only to the extent enforceability thereof is governed by the Uniform Commercial Code), except as
            enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
            proceedings in equity or at law) and the implied covenants of good faith and fair dealing.

        

        

        4.5         No Legal Bar.  Assuming
          the consents, authorizations, filings and notices referred to in Section 4.4(b) are obtained or made and in full force and effect, the execution, delivery and performance of this Agreement and the
          other Loan Documents by the Loan Parties and Local Borrowing Subsidiaries thereto, the issuance of Letters of Credit and Acceptances, the borrowings hereunder and the use of the proceeds thereof will not (a) violate the organizational or
          governing documents of (i) any Borrower or (ii) except as would not reasonably be expected to have a Material Adverse Effect, any other Loan Party, (b) except as would not reasonably be expected to have a Material Adverse Effect, violate any
          Requirement of Law binding on Holdings, the Borrower, any of its Restricted Subsidiaries or any Local Borrowing Subsidiary, (c) except as would not reasonably be expected to have a Material Adverse Effect, violate any Contractual Obligation of
          Holdings, the Borrower, any of its Restricted Subsidiaries or any Local Borrowing Subsidiary or (d) except as would not have a Material Adverse Effect, result in or require the creation or imposition of any Lien on any of their respective
          properties or revenues pursuant to any Requirement of Law or any such Contractual Obligation (other than the Liens permitted by Section 7.3).

        

        

        4.6          No Material Litigation. 
          Except as set forth in Schedule 4.6, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened
          against the Borrower or any of its Restricted Subsidiaries or against any of their Properties which, taken as a whole, would reasonably be expected to have a Material Adverse Effect.

        

        

        4.7          No Default.  No Default
          or Event of Default has occurred and is continuing.

        

        

        4.8        Ownership of Property; Liens. 

          Except as set forth in Schedule 4.8A, each of the Borrower and its Restricted Subsidiaries has good title in fee simple to, or a valid leasehold interest in, all of its Real Property, and good title
          to, or a valid leasehold interest in, all of its other Property (other than Intellectual Property), in each case, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and none of such Property is
          subject to any Lien, except as permitted by

         

        

        
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         the Loan Documents.  Schedule 4.8B lists all Real Property owned in fee simple with a Fair Market Value in excess of $10,000,000 by any Loan Party as of the Closing
          Date.

        

        

        4.9       Intellectual Property. 
          Each of the Borrower and its Restricted Subsidiaries owns, or has a valid license or right to use, all Intellectual Property necessary for the conduct of its business as currently conducted free and clear of all Liens, except as permitted by the
          Loan Documents and except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.  To the Borrower’s knowledge, neither the Borrower nor any of its Restricted Subsidiaries is infringing, misappropriating,
          diluting or otherwise violating any Intellectual Property rights of any Person in a manner that would reasonably be expected to have a Material Adverse Effect.  The Borrower and its Restricted Subsidiaries take all reasonable actions that in the
          exercise of their reasonable business judgment should be taken to protect their Intellectual Property, including Intellectual Property that is confidential in nature, except where the failure to do so would not reasonably be expected to have a
          Material Adverse Effect.

        

        

        4.10       Taxes.  Each of the
          Borrower and its Restricted Subsidiaries (a) has filed or caused to be filed all federal, state, provincial and other Tax returns that are required to be filed and (b) has paid or caused to be paid all taxes shown to be due and payable on said
          returns and all other taxes, fees or other charges imposed on it or on any of its Property by any Governmental Authority (other than (i) any returns or amounts that are not yet due or (ii) amounts the validity of which are currently being
          contested in good faith by appropriate proceedings and with respect to which any reserves required in conformity with GAAP have been provided on the books of the Borrower or such Restricted Subsidiary, as the case may be), except in each case
          where the failure to do so would not reasonably be expected to have a Material Adverse Effect.  The Company does not intend to treat the Loans and the Letters of Credit and the related transactions contemplated hereby as being a “reportable
          transaction” (within the meaning of Treasury Regulation Section 1.6011-4).

        

        

        4.11      Federal Regulations.  No
          part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used for any purpose that violates the provisions of the regulations of the Board.

        

        

        4.12        ERISA.

        

        

        (a)          Except as would not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect:  (i) neither a Reportable
            Event nor a failure to meet the minimum funding standards (within the meaning of Section 412(a) of the Code or Section 302(a)(2) of ERISA) has occurred during the five-year period prior to the date on which this representation is made with
            respect to any Single Employer Plan, and each Single Employer Plan has complied with the applicable provisions of ERISA and the Code; (ii) no termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has
            arisen on the assets of the Borrower or any of its Restricted Subsidiaries, during such five-year period; the present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as
            of the last annual valuation date prior to the date on which this representation is made or deemed made, exceed the value of the assets of such Single Employer Plan allocable to such accrued benefits; (iii) none of the Borrower or any of its
            Restricted Subsidiaries has had a complete or partial withdrawal from any Multiemployer Plan that has resulted or would reasonably be expected to result in a liability under ERISA; (iv) none of the Borrower or any of its Restricted Subsidiaries
            would become subject to any liability under ERISA if the Borrower or such Restricted Subsidiary were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is
            made; and (v) no Multiemployer Plan is Insolvent.

        

        

        (b)          The Borrower and its Restricted Subsidiaries have not incurred, and do not reasonably expect to incur, any liability under ERISA or the Code with
            respect to any plan within the meaning of Section 3(3) of ERISA which is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of

         

          

        
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         ERISA that is maintained by a Commonly Controlled Entity (other than the Borrower and its Restricted Subsidiaries) (a “Commonly Controlled Plan”) merely by virtue of being treated as a single employer under Title IV of ERISA with the sponsor of such plan that would reasonably be likely to have a
            Material Adverse Effect and result in a direct obligation of the Borrower or any of its Restricted Subsidiaries to pay money.

        

        

        4.13       Investment Company Act. 
          No Loan Party is an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended.

        

        

        4.14      Subsidiaries.  The
          Subsidiaries listed on Schedule 4.14 constitute all the Subsidiaries of the Borrower at the Closing Date (after giving effect to the Merger).  Schedule 4.14
          sets forth as of the Closing Date the name and jurisdiction of incorporation of each Subsidiary and, as to each Subsidiary, the percentage of each class of Capital Stock owned by any Loan Party and the designation of such Subsidiary as a
          Restricted Subsidiary or an Unrestricted Subsidiary.

        

        

        4.15       Environmental Matters. 
          Other than exceptions to any of the following that would not reasonably be expected to have a Material Adverse Effect, (A) none of the Borrower or any of its Restricted 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 for the operation of the Business; or (ii) has become subject to any pending or threatened Environmental Liability and (B) to Borrower’s
          knowledge, there are no existing facts or circumstances (including any presence or Release of Materials of Environmental Concern at any Real Property or any real property formerly owned or operated by Borrower or its Subsidiaries) that are
          reasonably likely to give rise to any Environmental Liability of Borrower or any of its Restricted Subsidiaries.

        

        

        4.16      Accuracy of Information, etc. 

          As of the Closing Date, no statement or information (excluding the projections and pro forma financial information referred to below) contained in this Agreement, any other Loan Document or any certificate furnished to the Administrative Agent or
          the Lenders or any of them (in their capacities as such), by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, including the Transactions, when taken as a whole,
          contained as of the date such statement, information or certificate was so furnished, any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements contained herein or therein, in light of
          the circumstances under which they were made, not materially misleading (in the case of any of the foregoing to the extent relating to the Target on or prior to the Closing Date, to the Borrower’s knowledge).  As of the Closing Date, the
          projections and pro forma financial information contained in the materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, in light of the
          circumstances under which they were made, it being recognized by the Agents and the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by
          such financial information may differ from the projected results set forth therein by a material amount.

        

        

        4.17        Security Documents.

        

        

        (a)          The Guarantee and Collateral Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal,
            valid and enforceable security interest in the Collateral described therein (other than Excluded Collateral) of a type in which a security interest can be created under Article 9 of the UCC (including any proceeds of any such item of
            Collateral).  The Canadian Collateral Agreement is effective to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein (other than
            Excluded Collateral) of a type in which a security interest can be created under the PPSA (including any proceeds of

         

          

        
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         any such item of Collateral).  In the case of (i) the Pledged Securities described in the Guarantee and Collateral Agreement and the Canadian Collateral Agreement (in each case,
            other than Excluded Collateral), when any stock certificates or notes, as applicable, representing such Pledged Securities are delivered to the Collateral Agent (or, in the case of Pledged Securities that are Term Facility First Priority Collateral, the Designated Term Loan Agent) together with any proper indorsements executed in blank and such other actions have been taken with respect to the Pledged Securities of
            Foreign Subsidiaries as are required under the applicable law of the jurisdiction of organization of the applicable Foreign Subsidiary (it being understood that no such actions under applicable law of the jurisdiction of organization of the
            applicable Foreign Subsidiary shall be required by any Loan Document) and (ii) the other Collateral described in the Guarantee and Collateral Agreement and the Canadian Collateral Agreement (in each case, other than Excluded Collateral), when
            financing statements in appropriate form are filed in the offices specified on Schedule 4.17 (or, in the case of other Collateral not
            in existence on the Closing Date, such other offices as may be appropriate) (which financing statements have been duly completed and executed (as applicable) and delivered to the Collateral Agent) and such other filings as are specified on Schedule 4.17 are made (or, in the case of other Collateral not in existence on the Closing Date, such other filings as may be appropriate), the
            Collateral Agent shall have a fully perfected first priority Lien (or, with respect to the Term Facility First Priority Collateral, a fully perfected second priority
            Lien) on, and security interest in, all right, title and interest of the Loan Parties in such Collateral (including any proceeds of any item of Collateral) (to the extent a security interest in such Collateral can be perfected through the
            filing of such documents and financing statements in the offices specified on Schedule 4.17 (or, in the case of other Collateral not
            in existence on the Closing Date, such other offices as may be appropriate) and the other filings specified on Schedule 4.17 (or, in
            the case of other Collateral not in existence on the Closing Date, such other filings as may be appropriate), and through the delivery of the Pledged Securities required to be delivered on the Closing Date), as security for the Secured
            Obligations, in each case prior in right to the Lien of any other Person (except (i) in the case of Collateral other than Pledged Securities that comprise stock of wholly-owned Subsidiaries, Liens permitted by Section 7.3 and (ii) Liens having priority by operation of law) to the extent required by the Guarantee and Collateral Agreement or the Canadian Collateral Agreement,
            as applicable.

        

        

        (b)         Upon the execution and delivery of any Mortgage to be executed and delivered pursuant to Section 6.8(b), such Mortgage shall be effective to create in favor of the Collateral Agent for the benefit of the Secured Parties a legal, valid and enforceable Lien on the Mortgaged
            Property described therein and proceeds thereof, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
            equitable principles (whether enforcement is sought by proceedings in equity or at law) and the implied covenants of good faith and fair dealing; and when such Mortgage is filed in the recording office designated by the Borrower and all
            relevant mortgage taxes and recording charges are duly paid, such Mortgage shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the applicable Loan Party in such Mortgaged Property and the
            proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case subject only to Liens permitted by Section 7.3 or other encumbrances or rights permitted by the relevant Mortgage.

        

        

        (c)         Each Security Document to which a Non-US Guarantor is a party is effective to create in favor of the Collateral Agent, for the benefit of the
            Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein (other than Excluded Collateral) subject to the limitations set forth in such Security Document.

        

        

        4.18      Solvency.  As of the
          Closing Date, the Borrower and its Subsidiaries are (on a consolidated basis), and immediately after giving effect to the Transactions will be, Solvent.

        

        

        
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        4.19       Anti-Terrorism.  As of the
          Closing Date, Holdings, the Borrower and its Restricted Subsidiaries are in compliance with the USA Patriot Act, except as would not reasonably be expected to have a Material Adverse Effect.

        

        

        4.20       Use of Proceeds.  The
          Borrower will use the proceeds of the Loans and will request the issuance of Letters of Credit solely in compliance with Section 6.9 of this Agreement.

        

        

        4.21       Labor Matters.  Except as,
          in the aggregate, would not reasonably be expected to have a Material Adverse Effect:  (a) there are no strikes or other labor disputes against the Borrower or its Restricted Subsidiaries pending or, to the knowledge of the Borrower, threatened;
          (b) hours worked by and payment made to employees of the Borrower or its Restricted Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments
          due from the Borrower or any of its Restricted Subsidiaries on account of employee health and welfare insurance have been paid or accrued as a liability on the books of the Borrower or such Restricted Subsidiary, as applicable.

        

        

        4.22       Senior Indebtedness.  The
          Obligations constitute senior Indebtedness in accordance with the terms of the 2021 Notes and the 2024 Notes.

        

        

        4.23       OFAC.  No Loan Party, nor,
          to the knowledge of any Loan Party, any Related Party, (i) is currently the target of any Sanctions, (ii) is located, organized or residing in any Designated Jurisdiction, or (iii) is or has been (within the previous five years) engaged in any
          transaction with any Person who is now or was then the target of Sanctions or who is located, organized or residing in any Designated Jurisdiction in violation of any applicable Sanctions.  No Loan, Letter of Credit or Acceptance, nor the
          proceeds from any Loan, Letter of Credit or Acceptance, has been used by any Loan Party or any Local Borrowing Subsidiary, directly or indirectly, to lend, contribute, provide or has otherwise been made available to fund any activity or business
          in any Designated Jurisdiction or to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the target of any Sanctions, or in any other manner that will, in each case, result in any
          violation by any party hereto (including any Lender, Joint Lead Arranger, Administrative Agent, Issuing Lender or Swingline Lender) of Sanctions.

        

        

        4.24       Anti-Corruption Compliance. 

          The Borrower and each of its Subsidiaries (and all Persons acting on behalf of the Borrower and each of its Subsidiaries) is in compliance with applicable Anti-Corruption Laws and has implemented and maintains in effect policies and procedures
          reasonably designed to facilitate continued compliance.  No part of the proceeds of the Loans, Letters of Credit or Acceptances has been or will be used by the Borrower or its Subsidiaries, directly or indirectly, for any payments to any Person,
          governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in
          violation of any applicable Anti-Corruption Law.

        

        

        4.25       Borrowing

              Base Certificate.  At the time of delivery of each Borrowing Base Certificate, assuming that any eligibility criteria that require the approval or satisfaction of the Administrative

          Agent are approved by or satisfactory to the Administrative Agent, the information contained in such Borrowing Base Certificate is accurate and complete in all material respects.

        

        

        SECTION V.

        CONDITIONS PRECEDENT

        

        

        5.1         Conditions

              to Initial Extension of Credit on the Closing Date.  The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction (or

         

        

        
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         waiver), prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent:

        

        

        (a)         Credit Agreement; Guarantee and Collateral Agreement.  The Administrative Agent shall have
            received (i) this Agreement, executed and delivered by Holdings and the Borrower, (ii) the Guarantee and Collateral Agreement, executed and delivered by the Borrower and each Subsidiary Guarantor,(iii) the Holdings Guarantee and Pledge
            Agreement, executed and delivered by Holdings and (iv) the ABL Intercreditor Agreement, executed and delivered by Holdings, the Borrower and each Subsidiary Guarantor;

        

        

        (b)       Representations and Warranties.  All Specified Merger Agreement Representations shall be true and
            correct in all material respects (or if qualified by materiality, in all respects) on the Closing Date, and all Specified Representations made by any Loan Party shall be true and correct in all material respects (or if qualified by materiality,
            in all respects) on the Closing Date;

        

        

        (c)          Borrowing Notice.  The Administrative Agent shall have received a notice of borrowing from the
            Borrower with respect to the Revolving Loans to be made on the Closing Date;

        

        

        (d)         Fees.  The Administrative Agent shall have received all fees due and payable on or prior to the
            Closing Date in respect of the Tranche A Revolving Facility pursuant to the Fee Letter and, to the extent invoiced at least two Business Days prior to the Closing Date
            (or such later date as the Borrower may reasonably agree), shall have been reimbursed for all reasonable and documented out-of-pocket expenses (including the reasonable fees, charges and disbursements of Latham & Watkins LLP, counsel to the
            Administrative Agent) required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document;

        

        

        (e)         Legal Opinions.  The Administrative Agent shall have received an executed legal opinion of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, special
            New York counsel to the Loan Parties, (ii) Akerman LLP, special Florida counsel to the Loan Parties, (iii) Lubin, Olson & Niewiadomski LLP, special California counsel
            to the Loan Parties, (iv) in-house counsel for Holdings, and (v) in-house counsel for Elizabeth Arden, Inc., in each case, in form and substance reasonably satisfactory
            to the Administrative Agent;

        

        

        (f)         Closing Certificate.  The Administrative Agent shall have received a certificate of the Borrower,
            dated as of the Closing Date, substantially in the form of Exhibit C;

        

        

        (g)          USA Patriot Act.  The Lenders shall have received from the Borrower and each of the Loan Parties,
            at least 3 Business Days prior to the Closing Date, all documentation and other information reasonably requested by any Lender no less than 10 calendar days prior to the Closing Date that such Lender reasonably determines is required by
            regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act;

        

        

        (h)          Filings.  Subject to the last paragraph of this Section 5.1, and except as set forth on Schedule 6.10, each Uniform Commercial Code financing statement and each intellectual property security agreement required by the Security Documents to be filed with the U.S. Patent and Trademark Office or the U.S. Copyright
            Office in order to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected Lien (or, with respect to the Term Facility
            First Priority Collateral, a fully perfected second priority Lien) on the Collateral described therein shall have been delivered to the Collateral Agent in proper form for filing;

        

        

        (i)          Pledged Stock; Stock Powers.  Subject to the last paragraph of this Section 5.1, and except as set forth on Schedule 6.10,
            the Collateral Agent (or, in the case of any Pledged Securities that are Term

         

          

        
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         Facility First Priority Collateral, the Designated Term Loan Agent) shall have received the certificates, if any, representing the shares of Pledged Stock held by a Loan Party
            pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof;

        

        

        (j)          Solvency Certificate.  The Administrative Agent shall have received a solvency certificate signed
            by the chief financial officer on behalf of the Borrower, substantially in the form of Exhibit G, after giving effect to the Transactions or, at the
            Borrower’s option, a solvency opinion from an independent investment bank or valuation firm of nationally recognized standing;

        

        

        (k)         Refinancing.  The Refinancing shall have been, or shall substantially concurrently with the
            Closing Date be, consummated (and the Joint Lead Arrangers shall have received reasonably satisfactory evidence thereof) and arrangements for the concurrent termination and release of all security interests in respect of, and Liens securing,
            the Indebtedness and other obligations thereunder created pursuant to the security documentation relating to the Existing Credit Agreements shall have been made and shall be effective;

        

        

        (l)          Material Adverse Effect.  Since June 16, 2016, there shall not have occurred any changes, events,
            circumstances, effects, developments, occurrences or state of facts that, individually or in the aggregate, have had or would reasonably be expected to have a Target Material Adverse Effect;

        

        

        (m)         Merger.  The Merger shall have been consummated, or substantially simultaneously with the Closing
            Date shall be consummated, in all material respects in accordance with the terms of the Merger Agreement, without giving effect to any modifications, amendments, consents or waivers thereto or thereunder that are material and adverse to the
            Lenders or the Joint Bookrunners (in each case, in their capacity as such) without the prior consent of the Joint Bookrunners (such consent not to be unreasonably withheld, delayed or conditioned); provided, that any request or consent provided by Borrower or its affiliates in accordance with clause

              (v) of the definition of Company Material Adverse Effect (as defined in the Merger Agreement) that has the effect of waiving or otherwise excusing an action or omission to act that would, absent
            such request or consent, result in a Company Material Adverse Effect (as defined in the Merger Agreement) shall be deemed to be materially adverse to the interests of the Lenders and the Joint Bookrunners.  For purposes of the foregoing
            condition, it is hereby understood and agreed that any reduction in the purchase price in connection with the Merger shall not be deemed to be material and adverse to the interests of the Lenders and the Joint Bookrunners;

        

        

        (n)         Financial Statements.  The Joint Bookrunners shall have received (i) audited consolidated balance
            sheets of each of the Borrower and the Target and related statements of income, changes in equity and cash flows of each of the Borrower and the Target for each of their respective three (3) most recently completed fiscal years ended at least
            90 days before the Closing Date and (ii) unaudited consolidated balance sheets and related statements of income, changes in equity and cash flows of each of the Borrower and the Target for each subsequent fiscal quarter after the audited
            financial statements referred to above and ended at least 45 days before the Closing Date (other than any fiscal fourth quarter);

        

        

        (o)        Pro Forma Financial Statements.  The Joint Bookrunners shall have received a pro forma consolidated
            balance sheet and related pro forma consolidated statement of income of the Borrower and its Subsidiaries (based on the financial statements of the Borrower and the Target referred to in clause (n) above) as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period of the Borrower ended at least 45 days prior to the
            Closing Date (or, if the most recently completed fiscal period of the Borrower is the end of a fiscal year, ended at least 90 days before the Closing Date), prepared after giving effect to the Transactions as if the Transactions had occurred as
            of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such consolidated

         

          

        
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         statement of income), which need not be prepared in compliance with Regulation S-X of the Securities Act, as amended, or include adjustments for purchase accounting; and

        

        

        (p)        Lien Searches.  The Collateral Agent shall have received the results of a recent lien search in
            each of the jurisdictions in which Uniform Commercial Code financing statements will be made to evidence or perfect security interests required to be evidenced or perfected, and such search shall reveal no liens on any of the assets of the Loan
            Parties, except for Liens permitted by Section 7.3 or liens to be discharged on or prior to the Closing Date.

        

        

        Each of the requirements set forth in clauses (h) and (i) above (except (a) to the extent that a Lien on such
          Collateral may under applicable law be perfected on the Closing Date by the filing of financing statements under the Uniform Commercial Code, (b) the delivery of stock certificates of the Borrower and its wholly-owned Domestic Subsidiaries
          (including Guarantors but other than (x) Immaterial Subsidiaries and (y) Subsidiaries of the Target to the extent stock certificates issued by such entities are not delivered to the Borrower on the Closing Date) to the extent included in the
          Collateral, with respect to which a Lien may be perfected on the Closing Date by the delivery of a stock certificate and (c) short-form intellectual property filings in respect of U.S. Intellectual Property of the Borrower and its Subsidiaries
          and, subject always to the extent expressly provided in the Merger Agreement and to the Borrower using commercially reasonable efforts to cause the filing of the same in respect thereof, the Target and its Subsidiaries, filed with the U.S. Patent
          and Trademark Office and the U.S. Copyright Office) shall not constitute conditions precedent under this Section 5.1 after the Borrower’s use of commercially reasonable efforts to satisfy such
          requirements without undue burden or expense; provided, that the Borrower hereby agrees to deliver, or cause to be delivered, such documents and instruments, or take or cause to be
          taken such other actions, in each case, as may be required to perfect such security interests within ninety (90) days after the Closing Date (subject to extensions approved by the Administrative Agent in its reasonable discretion).

        

        

        5.2        Conditions to Each Extension of
              Credit After Closing Date.  The agreement of each Lender to make any Loan or to issue or participate in any Letter of Credit hereunder on any date after the Closing Date is subject to the satisfaction (or waiver) of the following
          conditions precedent (subject to, in the case of any incurrence of any Supplemental Revolving Commitment, if the proceeds of such Supplemental Revolving Commitment are, substantially concurrently with the receipt thereof, to be used, in whole or
          in part, by the Borrower or any other Subsidiary to finance, in whole or in part, a Permitted Acquisition, the Permitted Acquisition Provisions):

        

        

        (a)         Representations and Warranties.  Subject, in the case of any borrowings in connection
            with a Limited Condition Acquisition, to the limitations in Section 1.2, each of the representations and warranties made by any Loan
            Party in or pursuant to the Loan Documents shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect), in each case on and as of
            such date as if made on and as of such date except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (and in
            all respects if any such representation or warranty is already qualified by materiality or Material Adverse Effect) as of such earlier date;

        

        

        (b)         No Default.  Subject, in the case of any borrowings in connection with a Limited
            Condition Acquisition, to the limitations in Section 1.2, no Default or Event of Default shall have occurred and be continuing on
            such date or after giving effect to the extensions of credit requested to be made on such date;

        

        

        (c)         Borrowing Notice.  In the case of a borrowing of any Loans, the Administrative Agent
            shall have received a notice of borrowing from the Borrower in accordance with Section 2.5 (or, in the case of a Swingline Loan, Section 2.6); and

         

          

        
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        (d)         Borrowing Base.  Commencing on and after the date on which the Borrower is first
            required to deliver a Borrowing Base Certificate pursuant to Section 6.2(g)(i), the Borrower shall have delivered the Borrowing Base
            Certificate most recently required to be delivered by Section 6.2(g).  After giving effect to the Loans requested to be made, the
            Acceptances requested to be created or the Letters of Credit requested to be issued on any such date and the use of proceeds thereof, the aggregate Revolving Extensions of Credit shall not exceed the Availability then in effect (after giving
            effect to any Push Down Reserve).

        

        

        (e)       Anti-Cash Hoarding.  Commencing on and after the 2021 Notes Exchange Effective Date,
            Holdings and its Subsidiaries shall not have more than $100,000,000 in cash or Cash Equivalents before and after the making of such Loan or at the time of issuance, extension or renewal of such Letter of Credit; provided, that this condition precedent shall not apply to any borrowing made two Business Days after the 2021 Notes Exchange
            Effective Date, the proceeds of which are used and specifically identified to the Administrative Agent to pay the cash consideration and other amounts due and payable in connection with any purchase, redemption or discharge of 2021 Notes,
            regardless of whether such purchase, redemption or discharge is in connection with the 2021 Notes Exchange.

        

        

        (f)          Excess Availability.  In the case of any borrowing on and after the Amendment No. 5
            Effective Date until the 2021 Notes Exchange Effective Date,

        

        

        (i)        the Excess Availability on such date or after giving effect to the extensions of credit
            requested to be made on such date shall not be less than $85,000,000 and

        

        

        (ii)         the aggregate principal amount of all Revolving Extensions of Credit of Tranche A Lenders
            shall not exceed the aggregate principal amount of all Revolving Extensions of Credit of Tranche A Lenders on the Amendment No. 5 Effective Date (after giving effect to the Amendment No. 5 Paydown).

        

        

        Each borrowing of a Loan by and issuance, extension or renewal of a Letter of Credit on behalf of the Borrower hereunder after the Closing Date shall constitute a representation and warranty by the
          Borrower as of the date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied subject to the Permitted Acquisition
          Provisions.

        

        

        SECTION VI.

        AFFIRMATIVE COVENANTS

        

        

        The Borrower (on behalf of itself and each of its Restricted Subsidiaries) hereby agrees that, from and after the Closing Date, so long as the Commitments remain in effect, any Letter of Credit
          remains outstanding (that has not been Cash Collateralized) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (i) contingent or indemnification obligations not then due and (ii) obligations in respect of
          Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional Obligations), the Borrower shall, and shall cause (except in the case of the covenants set forth in Section 6.1,
          Section 6.2, Section 6.7, Section 6.11 and Section 6.17)
          each of its Restricted Subsidiaries to:

        

        

        6.1         Financial Statements. 
          Furnish to the Administrative Agent for delivery to each Lender (which may be delivered via posting on the Platform):

        

        

        (a)          within 90 days after the end of each fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2016, (i) a copy of the
            audited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements

         

          

        
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         of income and of cash flows for such year, setting forth, commencing with the financial statements with respect to the fiscal year ending December 31, 2016, in comparative form
            the figures as of the end of and for the previous year, reported on without qualification, exception or explanatory paragraph as to “going concern” or arising out of the scope of the audit (other than any such exception or explanatory paragraph
            (but not qualification) that is expressly solely with respect to, or expressly resulting solely from, an upcoming maturity date of the Facilities or the Term Loan Agreement occurring within one year from the time such report is delivered), by
            KPMG LLP or other independent certified public accountants of nationally recognized standing and (ii) a management’s discussion and analysis of the important operational and financial developments during such fiscal year; and

        

        

        (b)        within 45 days after the end of each of the first three quarterly periods of each fiscal year of the Borrower, commencing with the fiscal quarter
            ending September 30, 2016, (i) the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such
            quarter and the portion of the fiscal year through the end of such quarter, setting forth, in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible Officer as fairly
            presenting in all material respects the financial condition of the Borrower and its consolidated Subsidiaries in conformity with GAAP (subject to normal year-end audit adjustments and the lack of complete footnotes) and (ii) a management’s
            discussion and analysis of the important operational and financial developments during such fiscal quarter.

        

        

        (c)          within 30 days after the end of each month of the Borrower, commencing with the month ending April 30, 2020,

        

        

        (i)          the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries
            as at the end of such month and the related unaudited consolidated statements of income and of cash flows for such month and the portion of the fiscal year through the end of such month, setting forth, in comparative form the figures as of the
            end of and for the corresponding period in the previous year, certified by a Responsible Officer as fairly presenting in all material respects the financial condition of the Borrower and its consolidated Subsidiaries in conformity with GAAP
            (subject to normal year-end audit adjustments and the lack of complete footnotes), and

        

        

        (ii)          a report of the Cash and Cash Equivalents of the Borrower and its consolidated
            Subsidiaries as of such month end.

        

        

        All such financial statements shall be prepared in reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as disclosed therein and
          except in the case of the financial statements referred to in clause (b), for customary year-end adjustments and the absence of complete footnotes).  Any financial statements or other deliverables
          required to be delivered pursuant to this Section 6.1 and any financial statements or reports required to be delivered pursuant to clause (d) of Section 6.2 shall be deemed to have been furnished to the Administrative Agent on the date that (i) such financial statements or deliverable (as applicable) are posted on the SEC’s website at www.sec.gov
          or the website for Holdings and (ii) the Administrative Agent has been provided written notice of such posting.

        

        

        Documents required to be delivered pursuant to this Section 6.1 may also be delivered by posting such documents electronically with written notice of such posting to
          the Administrative Agent and if so posted, shall be deemed to have been delivered on the date on which such documents are posted on the Borrower’s behalf on the Platform.

         

        

        
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        Notwithstanding anything to the contrary in this Agreement, during the effective period of the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934
          Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, Release No. 34-88465, as such order may be supplemented, extended or otherwise modified from time to time, the delivery of any financial statements
          required by this Section 6.1 and Section 6.2 shall be extended to
          match the time periods set forth therein.

        

        

        6.2         Certificates; Other Information. 

          Furnish to the Administrative Agent for delivery to each Lender, or, in the case of clause (e), to the relevant Lender (in each case, which may be delivered via posting on the Platform):

        

        

        (a)          [reserved];

        

        

        (b)          concurrently with the delivery of any financial statements pursuant to Section 6.1, commencing with delivery of financial statements for the first period ending after the Closing Date,

        

        

        (i)          a Compliance Certificate of a Responsible Officer on behalf of the Borrower

        

        

        (x)       stating that such Responsible Officer has obtained no knowledge of any Default or Event of Default that has occurred and is continuing except as specified in such
          certificate and

        

        

        (y)        containing information and calculations reasonably necessary for determining, on a consolidated basis, the Financial Covenant Fixed Charge Coverage Ratio for the
          most recently ended Test Period (including, without limitation, the calculation of Consolidated EBITDA and the components thereof and a reconciliation of Consolidated EBITDA hereunder with “EBITDA” as reported by the Borrower in financial
          statements and other reports posted on the SEC’s website or otherwise filed with the SEC); provided, that the information in this clause (y)
          shall not be required to be included in such Compliance Certificate with respect to any Test Period if the ratio (expressed as a percentage) of (A) the sum of the amounts of Excess Availability (calculated as if it applied solely to the Tranche A
          Revolving Facility) for each day in the last fiscal quarter of such Test Period to (B) the sum of the amounts of Tranche A Availability for each such day is greater than or equal to 66-2/3% and

        

        

        (ii)          to the extent not previously disclosed to the Administrative Agent,

        

        

        (x)          a description of any Default or Event of Default that occurred,

        

        

        (y)         a description of any new Subsidiary and of any change in the name or jurisdiction of organization of any Loan Party since the date of the most recent list delivered
          pursuant to this clause (or, in the case of the first such list so delivered, since the Closing Date) to the extent not previously disclosed pursuant to Section 6.8 and

        

        

        (z)          solely in the case of financial statements delivered pursuant to Section 6.1(a), a listing of any registrations of
          or applications for United States Intellectual Property by any Loan Party filed since the last such report, together with a listing of any intent-to-use applications for trademarks or service marks for which a statement of use or an amendment to
          allege use has been filed since the last such report and, with respect to any Non-US Guarantor organized under the laws of Canada or any jurisdiction thereof, a listing of any Intellectual Property acquired by such Non-US Guarantor since the last
          such report

         

        

        
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         which is the subject of a registration or application with the Canadian Intellectual Property Office;

        

        

        (c)          not later than 90 days after the end of each fiscal year of Holdings, commencing with the fiscal year ending December 31, 2016, a consolidated
            forecast for the following fiscal year (including a projected consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the following fiscal year and the related consolidated statements of projected cash flow and
            projected income);

        

        

        (d)          promptly after the same become publicly available, copies of all financial statements and material reports that Holdings sends to the holders of
            any class of its publicly traded debt securities or public equity securities (except for those provided solely to the Permitted Investors), in each case to the extent not already provided pursuant to Section 6.1 or any other clause of this Section 6.2;

        

        

        (e)         promptly, such additional financial and other information regarding the operations, business affairs and financial condition of the Borrower or any
            Restricted Subsidiary as the Administrative Agent (for its own account or upon the request from any Lender) may from time to time reasonably request to the extent such additional financial or other information is reasonably available to, or can
            be reasonably obtained by, the Borrower; provided, that such requests shall not be made for the purposes set forth under
          Section 6.14, it being understood that Section 6.14 shall govern the subject matter thereof exclusively;

        

        

        (f)          within a reasonable period following the delivery of any financial statements pursuant to Section 6.1, dial-in details in respect of a conference call with Lenders (which may be satisfied by a call with holders of Holdings’s publicly listed debt or equity securities attended by
            any Lender) and during which representatives from the Borrower will be available to discuss the details of the relevant financial statements and otherwise address additional matters in a manner consistent with Holdings’s past practice;

        

        

        (g)          (i)          The Company may deliver from time to time a Borrowing Base Certificate, but in any event
            shall deliver a Borrowing Base Certificate

        

        

        (A)        calculated as of the last day of each four-week period commencing with the four-week period ending on the second Friday after the Amendment No. 5 Effective Date, as
          soon as available but in any event not later than the first Thursday (or if such Thursday is not a Business Day, Friday) after the end of such four-week period (or, if such date is not a Business Day, the next succeeding Business Day), which
          Borrowing Base Certificate shall include the calculation of Average Excess Availability for such four-week period,

        

        

        (B)         not later than the first Thursday (or if such Thursday is not a Business Day, Friday) after the end of the last day of each week (containing available updated
          figures for Eligible Receivables but not, unless otherwise available, Eligible Inventory) and

        

        

        (C)        as soon as available, but in any event not later than two Business Days after the sale of any Receivables and Related Assets in connection with a Receivables
          Facility that comprise any portion of the Borrowing Base (containing available updated figures for Eligible Receivables but not, unless otherwise available, Eligible Inventory), in each case, executed by a Responsible Officer of the Company

        

        

        (for the avoidance of doubt, only a Borrowing Base Certificate delivered pursuant to clause (i)(A) above shall be required to include a calculation
          of Average Excess Availability); and

        

        

        
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        (ii)          The Company shall deliver as soon available, but in any event not later than the first Wednesday (or if Wednesday is not a Business Day, the first Thursday) after
          the end of the last day of each week, cash flow projections in form and substance (A) consistent with the cash flow projections delivered on the Amendment No. 5 Effective Date, subject to the inclusion of such modifications and additional
          information that the Administrative Agent may reasonably request and (B) reasonably satisfactory to the Administrative Agent; and

        

        

        (h)          The Company shall deliver a Borrowing Base Certificate calculated as of September 30, 2016, as soon as available but in any event not later than
            October 17, 2016.

        

        

        Notwithstanding anything to the contrary in this Section 6.2, (a) none of the Borrower or any of its Restricted Subsidiaries will be required to disclose any
          document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or
          contractors) is prohibited or restricted by Requirements of Law or any binding agreement or obligation, (iii) is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) constitutes classified information and
          (b) unless such material is identified in writing by the Borrower as “Public” information, the Administrative Agent shall deliver such information only to “private-side” Lenders (i.e., Lenders that have affirmatively requested to receive
          information other than Public Information).

        

        

        Documents required to be delivered pursuant to this Section 6.2 may be delivered by posting such documents electronically with notice of such posting to the
          Administrative Agent and if so posted, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website or (ii) on which such documents are posted on the
          Borrower’s behalf on the Platform.

        

        

        6.3         Payment of Taxes.  Pay,
          discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its Taxes, governmental assessments and governmental charges (other than Indebtedness), except (a) where the amount or validity thereof
          is currently being contested in good faith by appropriate proceedings and reserves required in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Restricted Subsidiaries, as the case may be, or (b) to
          the extent that failure to pay or satisfy such obligations would not reasonably be expected to have a Material Adverse Effect.

        

        

        6.4         Conduct of Business and Maintenance
              of Existence, etc.; Compliance.  (a) Preserve and keep in full force and effect its corporate or other existence and take all reasonable action to maintain all rights, privileges and franchises necessary in the normal conduct of
          its business, except, in each case, as otherwise permitted by Section 7.4 or except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and (b)
          comply with all Requirements of Law (including ERISA, Environmental Laws, and the USA Patriot Act) except to the extent that failure to comply therewith would not reasonably be expected to have a Material Adverse Effect; provided, that with respect to Environmental Laws, none of the Borrower or any Restricted Subsidiary shall be required to undertake any remedial action required by Environmental Laws to the
          extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.

        

        

        6.5          Maintenance of Property; Insurance.

        

        

        (a)        Keep all Property useful and necessary in its business in reasonably good working order and condition, ordinary wear and tear excepted, except where
            the failure to do so would not reasonably be expected to have a Material Adverse Effect.

        

        

        
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        (b)         Take all commercially reasonable steps, including in any proceeding before the United States Patent and Trademark Office or the United States
            Copyright Office, to maintain and pursue each application (and to obtain the relevant registration) and to maintain each registration of the United States Intellectual Property owned by the Borrower or its Restricted Subsidiaries, including
            filing of applications for renewal, affidavits of use and affidavits of incontestability, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

        

        

        (c)          Maintain insurance with financially sound and reputable insurance companies on all its Property that is necessary in, and material to, the conduct
            of business by the Borrower and its Restricted Subsidiaries, taken as a whole, in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar
            business, and use its commercially reasonable efforts to ensure that all such material insurance policies shall, to the extent customary (but in any event, not including business interruption insurance and personal injury insurance) name the
            Collateral Agent or, in the case of the Term Facility First Priority Collateral, the Designated Term Loan Agent, as applicable, as additional insured party or loss payee.

        

        

        (d)        With respect to any Mortgaged Properties, if at any time the area in which the Premises (as defined in the Mortgages, if any) are located is
            designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency), with respect to which flood insurance has been made available under Flood Insurance Laws, the
            applicable Loan Party (A) will promptly upon notice thereof obtain and maintain, with financially sound and reputable insurance companies (except to the extent that any insurance company insuring the Mortgaged Property of the Loan Party ceases
            to be financially sound and reputable after the Closing Date, in which case, such Loan Party shall promptly replace such insurance company with a financially sound and reputable insurance company), flood insurance in such reasonable total
            amount as the Collateral Agent may from time to time reasonably require (such amount not to exceed 100% of the full replacement cost of the improvements on such Premises), and otherwise sufficient to comply with all applicable rules and
            regulations promulgated pursuant to the Flood Insurance Laws; provided, that a portion of such flood insurance may be
            obtained under the Flood Insurance Laws, (B) promptly upon request of the Collateral Agent or any Lender, will deliver to the Collateral Agent evidence of such compliance in form and substance reasonably acceptable to the Collateral Agent,
            including, without limitation, evidence of annual renewals of such insurance and (C) name the Collateral Agent as lender loss payee and mortgagee with respect to such flood insurance.

        

        

        6.6          Inspection of Property; Books and
              Records; Discussions.

        

        

        (a)          Keep proper books of records and accounts in a manner to allow financial statements to be prepared in conformity with GAAP (or, with respect to
            Subsidiaries organized outside of the United States, the local accounting standards applicable to the relevant jurisdiction; provided, that, to the extent that any such Subsidiary is permitted to prepare financial statements in accordance with different local accounting standards, such Subsidiary shall continue to apply the local accounting standard applied as
            of the Closing Date (as such standard may be updated or revised from time to time and, for the avoidance of doubt, with any discretions, judgments and elections afforded by such local accounting standard, including any changes in the
            application of such discretions, judgments and elections as such Subsidiary shall determine) except to the extent of changes between local accounting standards required by applicable law or regulation).

        

        

        (b)        Permit representatives designated by the Administrative Agent to visit and inspect any of its properties and examine and make abstracts from any of
            its books and records upon reasonable notice and at such reasonable times during normal business hours (provided, that
            (i) such visits shall be limited to no more than one such visit per calendar year at each facility, (ii) such visits by the Administrative Agent shall be at the Administrative Agent’s expense, except in the case of the foregoing clauses (i) and (ii) during the
            continuance of an Event of Default and (iii) such visits shall not be for the purposes set forth under

         

          

        
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         Section 6.14, it being understood that Section 6.14 shall govern discussions as set forth thereunder exclusively).

        

        

        (c)        Permit representatives designated by the Administrative Agent to have reasonable discussions regarding the business, operations, properties and
            financial and other condition of the Borrower and its Restricted Subsidiaries with officers of the Borrower and its Restricted Subsidiaries upon reasonable notice and at such reasonable times during normal business hours (provided, that (i) a Responsible Officer of the Borrower shall be afforded the opportunity to be present during such discussions, (ii)
            such discussions shall be coordinated by the Administrative Agent, (iii) such discussions shall be limited to no more than once per calendar year except during the continuance of an Event of Default and (iv) such discussions shall not be for the purposes set forth under Section 6.14, it being
            understood that Section 6.14 shall govern discussions as set forth thereunder exclusively).

        

        

        (d)        Permit representatives of the Administrative Agent to have reasonable discussions regarding the business, operations, properties and financial and
            other condition of the Borrower and its Restricted Subsidiaries with its independent certified public accountants to the extent permitted by the internal policies of such independent certified public accountants upon reasonable notice and at
            such reasonable times during normal business hours (provided, that (i) a Responsible Officer of the Borrower shall be
            afforded the opportunity to be present during such discussions, (ii) such discussions shall be limited to no more than once per calendar year except during the continuance
            of an Event of Default and (iii) such discussions shall not be for the purposes set forth under Section
              6.14, it being understood that Section 6.14 shall govern discussions as set forth
            thereunder exclusively).

        

        

        Notwithstanding anything to the contrary in this Section 6.6 or Section 6.14, none of the Borrower or any of the
          Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discuss, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial
          proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited or restricted by Requirements of Law or any binding agreement or obligation,
          (iii) is subject to attorney-client or similar privilege or constitutes attorney work product or (iv) constitutes classified information.

        

        

        6.7         Notices.  Promptly upon a
          Responsible Officer of the Borrower obtaining knowledge thereof, give notice to the Administrative Agent of:

        

        

        (a)          the occurrence of any Default or Event of Default;

        

        

        (b)         any litigation, investigation or proceeding which may exist at any time between the Borrower or any of its Restricted Subsidiaries and any other
            Person, that in either case, would reasonably be expected to have a Material Adverse Effect;

        

        

        (c)          the occurrence of any Reportable Event, where there is any reasonable likelihood of the imposition of liability on any Loan Party as a result
            thereof that would reasonably be expected to have a Material Adverse Effect;

        

        

        (d)          (i)           the aggregate
            Revolving Extensions of Credit exceed the Availability then in effect as a result of a decrease therein,

        

        

        (ii)        the aggregate Tranche A Revolving Extensions of Credit exceed the Tranche A Availability then in effect as a result of a decrease therein and

        

        

        
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        (iii)       the aggregate principal amount of the Tranche B Term Loans exceeds the Tranche B Borrowing Base then in effect as a result of a decrease therein,

        

        

        in each case, the Borrower shall comply with the terms of Section 2.12(b);

        

        

        (e)          a Liquidity Event Period has begun; and

        

        

        (f)          any other development or event that has had or would reasonably be expected to have a Material Adverse Effect.

        

        

        Each notice pursuant to Section 6.7 shall be accompanied by a statement of a Responsible Officer setting forth in reasonable detail the occurrence referred to therein
          and stating what action the Borrower or the relevant Restricted Subsidiary proposes to take with respect thereto.

        

        

        6.8          Additional Collateral, etc.

        

        

        (a)         With respect to any Property (other than Excluded Collateral) located in the United States (or with respect to Property of any Non-US Guarantor,
            any Property (other than Excluded Collateral) located in jurisdiction of formation of such Non-US Guarantor or any other jurisdiction in which such Non-US Guarantor has previously granted a security interest to secure the Obligations, in each
            case to the extent required by the Security Documents to which such Non-US Guarantor is a party) having a value, individually or in the aggregate, of at least $10,000,000 acquired after the Closing Date by the Borrower or any Subsidiary
            Guarantor  (other than (i) any interests in Real Property and any Property described in paragraph (c) or paragraph (d) of this Section 6.8,
            (ii) any Property subject to a Lien expressly permitted by Section 7.3(g) or 7.3(y), and (iii) Instruments, Certificated Securities, Securities and Chattel Paper, which are referred to in the last sentence of this paragraph (a)) as to which the Collateral Agent for the benefit of the Secured Parties does not have a perfected Lien, promptly (A) give notice of such Property to the Collateral Agent
            and execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably requests to grant to the Collateral Agent for the benefit of the Secured
            Parties a security interest in such Property and (B) take all actions reasonably requested by the Collateral Agent to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required
            by the Loan Documents and with the priority required by Section 4.17) in such Property (with respect to Property of a type owned by
            the Borrower or any Subsidiary Guarantor as of the Closing Date to the extent the Collateral Agent, for the benefit of the Secured Parties, has a perfected security interest in such Property as of the Closing Date), including the filing of
            Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent.  If any amount in excess of $10,000,000 payable
            under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security, Security or Chattel Paper (or, if more than $10,000,000 in the aggregate payable under or in connection with the Collateral
            shall become evidenced by Instruments, Certificated Securities, Securities or Chattel Paper), such Instrument, Certificated Security, Security or Chattel Paper shall be promptly delivered to the Collateral Agent indorsed in a manner reasonably
            satisfactory to the Collateral Agent to be held as Collateral pursuant to this Agreement (or, in the case of any such Collateral that is Term Facility First Priority
            Collateral, delivered to the Designated Term Loan Agent).

        

        

        (b)        With respect to any fee interest in any Material Real Property acquired after the Closing Date by the Borrower or any Subsidiary Guarantor (other
            than Excluded Real Property), promptly:

        

        

        (i)          give notice of such acquisition to the Collateral Agent and, if requested by the
            Collateral Agent or the Borrower, execute and deliver a Mortgage (subject to liens permitted by

         

          

        
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         Section 7.3 or other encumbrances or rights permitted by the relevant Mortgage) in favor of the Collateral
            Agent, for the benefit of the Secured Parties, covering such Real Property (provided, that no Mortgage shall be obtained if the Administrative Agent reasonably determines in
            consultation with the Borrower that the costs of obtaining such Mortgage are excessive in relation to the value of the security to be afforded thereby);

        

        

        (ii)          if a Mortgage has been requested with respect to Material Real Property pursuant to clause (i) above, then (A) if reasonably requested by the Collateral Agent, provide the Lenders with a lenders’ title insurance policy with extended coverage covering such Real Property in an amount
            equal to the purchase price (if applicable) or the Fair Market Value of the applicable Material Real Property, as determined in good faith by the Borrower and reasonably acceptable to the Administrative Agent, as well as an ALTA survey thereof,
            together with a surveyor’s certificate unless the title insurance policy referred to above shall not contain an exception for any matter shown by a survey (except to the extent an existing survey has been provided and specifically incorporated
            into such title insurance policy or if the Administrative Agent reasonably determines in consultation with the Borrower that the costs of obtaining such survey are excessive in relation to the value of the security to be afforded thereby), each
            in form and substance reasonably satisfactory to the Collateral Agent, and (B) comply with the requirements set forth in Section 6.5(d) with respect to such Material Real Property; and

        

        

        (iii)      if reasonably requested by the Collateral Agent, deliver to the Collateral Agent customary
            legal opinions regarding the enforceability, due authorization, execution and delivery of the Mortgages and such other matters reasonably requested by the Collateral Agent, which opinions shall be in form and substance reasonably satisfactory
            to the Collateral Agent.

        

        

        (c)       Except as otherwise contemplated by Section 7.7(p), with respect to (x) any new Domestic Subsidiary that is a Non-Excluded Subsidiary created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any Subsidiary that was previously an
            Excluded Subsidiary that becomes a Non-Excluded Subsidiary) by the Borrower or any Subsidiary Guarantor or (y) any other Subsidiary that the Borrower elects to designate as not constituting an “Excluded Subsidiary” pursuant to clause (y) of the proviso to the definition thereof, promptly:

        

        

        (i)          give notice of such acquisition or creation to the Collateral Agent and, if requested by
            the Collateral Agent or the Borrower, execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary to grant to the Collateral
            Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock
            of such new Subsidiary that is owned by the Borrower or such Subsidiary Guarantor (as applicable);

        

        

        (ii)       deliver to the Collateral Agent (or, in the case of Pledged Securities that are Term Facility First Priority Collateral, the Designated Term Loan Agent), the certificates, if any, representing such Capital Stock (other than Excluded Collateral), together with undated stock powers, in blank,
            executed and delivered by a duly authorized officer of the Borrower or such Subsidiary Guarantor (as applicable); and

        

        

        (iii)       cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement
            and (B) (x) to take such actions reasonably necessary to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary (to the extent the

         

          

        
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         Collateral Agent, for the benefit of the Secured Parties, has a perfected security interest in the same type of Collateral as of the Closing Date), including
            the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by law or as may be reasonably requested by the Collateral Agent and (y) comply with the provisions
            of Section 6.8(b) with respect to any Material Real Property (other than Excluded Real Property) owned by such new Subsidiary.

        

        

        Without limiting the foregoing, if (1) the aggregate Consolidated Total Assets or annual consolidated revenues of all Restricted Subsidiaries designated as “Immaterial Subsidiaries” hereunder shall at any time
          exceed 7.5% of Consolidated Total Assets or 5.0% of annual consolidated revenues, respectively, of the Borrower and its Restricted Subsidiaries (based on the most recent financial statements delivered pursuant to Section

              6.1 prior to such time) or (2) if any Restricted Subsidiary shall at any time cease to constitute an Immaterial Subsidiary under the definition of “Immaterial Subsidiary” (based on the most recent financial statements delivered
          pursuant to Section 6.1 prior to such time), the Borrower shall promptly, (x) in the case of clause (1) above, rescind the designation as “Immaterial
          Subsidiaries” of one or more of such Restricted Subsidiaries so that, after giving effect thereto, the aggregate Consolidated Total Assets or annual consolidated revenues, as applicable, of all Restricted Subsidiaries so designated (and which
          designations have not been rescinded) shall not exceed 7.5% of Consolidated Total Assets or 5.0% of annual consolidated revenues, respectively, of the Borrower and its Restricted Subsidiaries (based on the most recent financial statements
          delivered pursuant to Section 6.1 prior to such time), as applicable, and (y) in the case of clauses (1) and (2)
          above, to the extent not already effected, (A) cause each affected Restricted Subsidiary to take such actions to become a “Subsidiary Guarantor” hereunder and under the Guarantee and Collateral Agreement and execute and deliver the documents and
          other instruments referred to in this paragraph (c) to the extent such affected Subsidiary is not otherwise an Excluded Subsidiary and (B) cause the owner of the Capital Stock of such affected Restricted Subsidiary to take such actions to pledge
          such Capital Stock to the extent required by, and otherwise in accordance with, the Guarantee and Collateral Agreement and execute and deliver the documents and other instruments required hereby and thereby unless such Capital Stock otherwise
          constitutes Excluded Collateral.

        

        

        (d)         Except as otherwise contemplated by Section 7.7(p), with respect to any new first-tier Foreign Subsidiary created or acquired after the Closing Date by the Borrower or any Subsidiary Guarantor, promptly (i) give notice of such acquisition or creation to the Collateral Agent and,
            if requested by the Collateral Agent, execute and deliver to the Collateral Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Collateral Agent reasonably deems necessary or reasonably advisable in
            order to grant to the Collateral Agent, for the benefit of the Secured Parties, a perfected security interest (to the extent required by the Security Documents and with the priority required by Section 4.17) in the Capital Stock of such new Subsidiary (other than any Excluded Collateral) that is owned by the Borrower or such Subsidiary Guarantor (as applicable) and (ii)
            deliver to the Collateral Agent (or, in the case of Pledged Securities that are Term Facility First Priority Collateral, the Designated Term Loan Agent) the certificates,
            if any, representing such Capital Stock (other than any Excluded Collateral), together with undated stock powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary Guarantor (as applicable).

        

        

        (e)         Notwithstanding anything in this Section 6.8 or any Security Document to the contrary, (i) neither Holdings nor the Borrower nor any of its Restricted Subsidiaries shall be required to take any actions in order to create or perfect the security interest in the Collateral granted
            to the Collateral Agent for the benefit of the Secured Parties under the laws of any jurisdiction outside the United States (unless, in the case of any Non-US Guarantor, such jurisdiction is the jurisdiction of organization for such Non-US
            Guarantor or such Non-US Guarantor has previously granted a security interest in such jurisdiction to secure the Obligations, in each case to the extent required by the Security Documents to which such Non-US Guarantor is a party), (ii) no
            control agreement shall be required with respect to (x) any Excluded Account

         

          

        
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         or (y) any other Deposit Accounts for which control agreements are not required under Section 6.15 and (iii) no Liens shall be required to be pledged or created with respect to any of the following (collectively, the “Excluded
            Collateral”):

        

        

        (A)        (x) in the case of assets that would otherwise constitute Term Facility First Priority Collateral, any such asset at any time that does not constitute Term Facility
          First Priority Collateral at such time (other than in connection with the Discharge of the Term Priority Claims (as defined in the ABL Intercreditor Agreement)), (y) motor vehicles or other assets subject to certificates of title or (z) any
          “intent-to-use” application for registration of a trademark or service mark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
          “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or
          enforceability of any registration that issues from such intent-to-use application under applicable federal law;

        

        

        (B)       any property or asset to the extent that such grant of a security interest is prohibited or effectively restricted by any applicable law (only so long as such
          prohibition exists) or requires a consent not obtained of any Governmental Authority pursuant to such applicable laws;

        

        

        (C)         any Excluded Accounts and any Excluded Equity Securities;

        

        

        (D)        (w) any assets owned on or acquired after the Closing Date, to the extent that, and for so long as, taking such actions would violate applicable law or regulation
          (after giving effect to Section 9-406(d), 9-407(a), 9-408 or 9-409 of the Uniform Commercial Code and other applicable law), (x) any assets acquired before or after the Closing Date, to the extent that and for so long as such grant would violate
          an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets, (y) any
          assets (1) owned on the Closing Date or (2) acquired after the Closing Date, in each case in this clause (y), securing Indebtedness of the type permitted pursuant to Section 7.2(c) (or other Indebtedness permitted under Section 7.2(d), 7.2(j), 7.2(t)
          or 7.2(v) if such Indebtedness is of the type that is contemplated by Section 7.2(c)) that is secured by a Lien permitted by Section 7.3 so long as the documents governing such Lien do not permit the pledge of such assets to the Collateral Agent, or (z) any lease, license or other agreement, any asset embodying rights,
          priorities or privileges granted under such leases, licenses or agreements, or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate, breach or
          invalidate such lease, license or agreement or purchase money arrangement or create a right of acceleration, modification, termination or cancellation in favor of any other party thereto (other than any Loan Party) after giving effect to the
          applicable anti-assignment provisions of the Uniform Commercial Code or applicable law, other than proceeds and receivables thereof, and only for so long such prohibition exists and to the extent such prohibition was not creation in contemplation
          of such grant;

        

        

        (E)        (x) any assets to the extent a security interest in such assets could reasonably be expected to result in material adverse tax consequences (including as a result of
          the operation of Section 956 of the Code or any similar law or regulation in any applicable jurisdiction) as reasonably determined in good faith by the Borrower, or (y) any assets as to which the Administrative Agent and the Borrower shall
          reasonably determine that the costs and burdens of obtaining a security interest therein outweigh the value of the security afforded thereby;

        

        

        
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        (F)        any leasehold interest in Real Property (and any Fixtures (as defined in the Guarantee and Collateral Agreement) relating thereto) and any Fixtures relating to any
          owned Real Property to the extent that the Collateral Agent is not otherwise entitled to a security interest with respect to such owned Real Property under the terms of this Agreement; and

        

        

        (G)         any owned Real Property other than Material Real Property, but in any event excluding any Excluded Real Property.

        

        

        (f)        Notwithstanding the foregoing, to the extent any new Restricted Subsidiary is created solely for the purpose of consummating a merger transaction
            pursuant to an acquisition permitted by Section 7.7, and such new Subsidiary at no time holds any assets or liabilities other than
            any merger consideration contributed to it substantially contemporaneously with the closing of such merger transaction, such new Subsidiary shall not be required to take the actions set forth in Section 6.8(c) or 6.8(d), as applicable, until the respective
            acquisition is consummated (at which time the surviving entity of the respective merger transaction shall be required to so comply within ten Business Days (or such longer period as the Administrative Agent shall agree in its sole discretion)).

        

        

        (g)        From time to time the Loan Parties shall execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or
            documents, and take all such actions, as the Collateral Agent may reasonably request for the purposes implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of renewing the rights of the Secured Parties
            with respect to the Collateral as to which the Collateral Agent, for the benefit of the Secured Parties, has a perfected Lien pursuant hereto or thereto, including, without limitation, filing any financing or continuation statements or
            financing statement amendments under the Uniform Commercial Code (or other similar laws, including the PPSA) in effect in any jurisdiction with respect to the security interests created thereby and providing an updated perfection certificate
            (or schedule thereof); provided, that (i) the scope and substance of such updated perfection certificate (or schedule thereof) shall not be broader than that
            of the perfection certificate (or applicable schedule thereof) delivered by the Borrower on the Closing Date (after giving pro forma effect to the joinder or Disposition of any Guarantors after the Closing Date), (ii) in lieu of providing such
            updated perfection certificate (or schedule thereof), the Borrower may provide a certification that no changes have occurred since the most recent date on which a perfection certificate (or applicable schedule thereof) was delivered by the
            Borrower and (iii) no more than one such perfection certificate (or schedule thereof) shall be required  during any 12-month period beginning on the Amendment No. 1 Effective Date or any anniversary thereof; provided, that the Administrative Agent may request additional information, including, an updated perfection certificate (or schedules thereof) if the
            Borrower or its subsidiaries consummate a material transaction permitted pursuant to Section 7.4 or Dispose of or acquire material
            assets of the type identified on the perfection certificate; provided, further, that in no event shall the Loan Parties be required to deliver landlord lien waivers, estoppels or collateral access letters except as set forth in Section 6.16.  Notwithstanding the foregoing, the provisions of this Section 6.8 shall not apply to assets as to which the Administrative Agent and the Borrower shall reasonably determine that the costs and burdens of obtaining a security interest therein or perfection thereof outweigh the
            value of the security afforded thereby.  The Administrative Agent may grant extensions of time or waivers of requirement for the creation or perfection of security interests in or the obtaining of insurance (including title insurance) or
            surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Borrower,
            that perfection or obtaining of such items cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents.

        

        

        (h)        Notwithstanding the foregoing, if (a) the Borrower or any Restricted Subsidiary acquires any Material Real Property (other than Excluded Real
            Property) or (b) the Required Lenders or

         

          

        
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         Administrative Agent shall have notified the Borrower in writing that they have or it has a reasonable belief that either the Borrower or any of its Restricted Subsidiaries is in
            breach of its obligations under Section 6.4 (to the extent applicable to Environmental Law or Releases of Materials of Environmental
            Concern), then the Borrower shall deliver within 60 days after the Required Lenders or the Administrative Agent, as applicable, requests therefor or such longer period as the Administrative Agent shall agree, at the Borrower’s cost and expense,
            an environmental assessment report, in the case of clause (b) above of a scope reasonably appropriate to address the subject of the
            Required Lenders’ or the Administrative Agent’s, as applicable, reasonable belief that such a breach exists, prepared by an environmental consulting firm reasonably acceptable to the Administrative Agent, indicating the presence or absence of
            Materials of Environmental Concern or noncompliance with Environmental Law and the estimated cost of any compliance, response or other corrective action to address any identified Materials of Environmental Concern, to the extent required by
            Environmental Law, or noncompliance on such properties.  Without limiting the generality of the foregoing, if the Administrative Agent reasonably determines at any time that a material risk exists that any such report will not be provided
            within the time referred to above, the Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of the Borrower (which report would be addressed to the Borrower), and the Borrower hereby grants and
            agrees to cause any Subsidiary that owns or leases any property described in such request to grant the Administrative Agent, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of
            tenants or necessary consent of landlords, to enter onto their respective properties to undertake such an assessment on behalf of the Borrower.  By virtue of the foregoing, the Borrower does not intend to waive the attorney-client privilege
            with respect to any information or advice provided by the environmental consulting firm.

        

        

        6.9         Use of Proceeds.  Use
          proceeds of (i) any Revolving Loans borrowed on the Closing Date to effect the Transactions (including, for the avoidance of doubt, to consummate the Refinancing), to pay the Transaction Costs and any excess for other general corporate purposes
          of the Borrower and its Subsidiaries not prohibited by this Agreement and (ii) any other Loans, Letters of Credit or Acceptances hereunder to finance Permitted Acquisitions and Investments permitted hereunder or for other purposes of the Borrower
          and its Subsidiaries not prohibited by this Agreement.

        

        

        6.10       Post-Closing.  Satisfy the
          requirements set forth on Schedule 6.10, on or before the date set forth opposite such requirements or such later date as consented to by the Administrative Agent in its reasonable discretion.

        

        

        6.11       Credit Ratings.  Use
          commercially reasonable efforts to maintain a corporate credit rating from S&P and a corporate family rating from Moody’s, in each case, with respect to the Borrower but not, in any such case, a specific rating.

        

        

        6.12        Line of Business. 
          Continue to operate solely as a Permitted Business.

        

        

        6.13       Changes in Jurisdictions of
              Organization; Name.  Provide prompt written notice to the Collateral Agent of any change of name or change of jurisdiction of organization of any Loan Party, and deliver to the Collateral Agent all additional executed financing
          statements, financing statement amendments and other documents reasonably requested by the Collateral Agent to maintain the validity, perfection and priority of the security interests to the extent provided for in the Security Documents.

        

        

        6.14       Appraisals

              and Field Examinations.

        

        

        (a)        The Company may and, upon request of the
            Administrative Agent, shall conduct, or cause to be conducted, at its expense, and present to the Administrative Agent for approval, such Appraisals, investigations and reviews as the Administrative Agent shall request for the purpose of
            determining the

         

          

        
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         Tranche A Borrowing Base and the Tranche B Borrowing Base (which determination shall in each case apply jointly to the foregoing), all upon reasonable notice and at such times
            during normal business hours and as often as may be reasonably requested; provided, however, that unless a Default or Event of Default shall be continuing, the Administrative Agent shall not request any such Appraisal, investigation and
            review prior to the first anniversary of the Closing Date and shall request no more than two such Appraisals, investigations and reviews in the aggregate during any 12-month period beginning on an
            anniversary of the Closing Date.  The Company shall furnish to the Administrative Agent any information that the Administrative Agent may reasonably request regarding the
            determination and calculation of the Tranche A Borrowing Base or the Tranche B Borrowing Base including correct and complete copies of any invoices, underlying agreements, instruments or other documents and the identity of all Account Debtors
            in respect of the Accounts referred to therein.

        

        

        (b)       The Administrative Agent may, at the Company’s sole cost and expense, make
            test verifications of the Accounts and physical verifications of Inventory in any manner and through any medium that the Administrative Agent reasonably considers advisable and conduct customary field examinations of the ABL Facility First
            Priority Collateral, and the Company shall furnish all such assistance and information as the Administrative Agent may reasonably require in connection therewith; provided, however, that unless a Default or Event of Default shall be continuing, the Administrative Agent shall not request any such verifications and customary field examination prior to the first anniversary of the Closing Date and shall request no
            more than two such verifications and customary field examinations in the aggregate during any 12-month

            period beginning on an anniversary of the Closing Date.  At any time and from time to time, upon the Administrative Agent’s request and at the expense of the Company, the Company shall furnish to the Administrative Agent reports reasonably
            satisfactory to the Administrative Agent showing reconciliations, aging and test verifications of, and trial balances for, the Accounts; provided, however, that unless a Default or Event of Default shall be continuing, the
            Administrative Agent shall not request any such report prior to the first anniversary of the Closing Date and shall request no more than two such reports during any 12-month period beginning on the Closing Date or an anniversary thereof.

        

        

        6.15       Control Accounts; Approved Deposit Accounts.  From and after the date that is sixty (60) days after the Closing Date or such later date as the Administrative Agent may agree in its
          sole discretion (except in the case of clause (e) below):

        

        

        (a)        The Company shall, and shall cause each of the Subsidiary Guarantors to,
            except cash or Cash Equivalents subject to a Lien permitted under Section 7.3(c), (d), (g) (solely to the extent securing Indebtedness permitted pursuant to Section 7.2(t) and only to the extent
            prohibited by the terms of the Indebtedness secured thereby), (j) (solely to the extent prohibited by the terms of the Indebtedness
            secured thereby), (o), (p), (r), (t), (bb), (kk) and (ee) (with respect to the foregoing clauses), (i) deposit in an Approved Deposit Account all cash and all Proceeds (as defined in the Guarantee and
            Collateral Agreement) (or such similar term under and as defined in the Security Documents of a Non-US Guarantor) of any Account or General Intangible (as defined in the Guarantee and Collateral Agreement) (or such similar terms under and as
            defined in the Security Documents of a Non-US Guarantor) they receive from any other Person, (ii) not maintain any funds or other assets in any Securities Accounts that is not a Control Account (except as otherwise provided in Section 7.3(ii) of the Guarantee and Collateral Agreement) and (iii) not establish or maintain any Deposit Account other than with a Deposit
            Account Bank; provided, however, that the Company and the Subsidiary Guarantors may deposit cash into and maintain Excluded Accounts.

        

        

        (b)        The Company shall, and shall cause each of the Subsidiary Guarantors, to
            instruct (or, with respect to General Intangibles, use commercially reasonable efforts to instruct) each Account Debtor with a principal place of business located in the jurisdictions permitted in clause (f) of the definition of “Eligible

         

          

        
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         Receivables” obligated to make a payment to any of them under any Account or General Intangible to make payment, or to continue to make payment, to an Approved Deposit Account.

        

        

        (c)        In the event (i) the Company, any Subsidiary Guarantor or any Deposit Account Bank shall, after the date hereof, terminate an agreement with respect
            to the maintenance of an Approved Deposit Account for any reason, (ii) the Administrative Agent shall demand such termination as a result of the failure of a Deposit Account Bank to comply in any material respect with the terms of the
            applicable Deposit Account Control Agreement or (iii) the Administrative Agent determines in its sole discretion exercised reasonably that the financial condition of a Deposit Account Bank has materially deteriorated, the Company shall, and shall cause each Subsidiary Guarantor to, notify all of their respective obligors that were making payments to such terminated Approved Deposit Account to make
            all future payments to another Approved Deposit Account.

        

        

        (d)        In the event (i) the Company, any Subsidiary Guarantor or any Approved Securities Intermediary shall, after the date hereof, terminate an agreement
            with respect to the maintenance of a Control Account for any reason, (ii) the Administrative Agent shall demand such termination as a result of the failure of an Approved Securities Intermediary to comply with the terms of the applicable
            Securities Account Control Agreement or (iii) the Administrative Agent determines in its sole discretion exercised reasonably that the financial condition of an Approved Securities Intermediary has materially deteriorated, the Company shall,
            and shall cause each Subsidiary to Guarantor to, notify all of its obligors that were making payments to such terminated Control Account to make all future payments to another Control Account.

        

        

        (e)          The Administrative Agent may establish one or more Cash Collateral Accounts with such depositaries and Securities Intermediaries as it in its sole
            discretion shall determine to the extent expressly contemplated in any Loan Document and shall (or direct the Collateral Agent to) apply the all funds on deposit in such Cash Collateral Account as so contemplated.  Funds on deposit in any Cash
            Collateral Account may be invested (but the Administrative Agent shall be under no obligation to make any such investment) in Cash Equivalents at the direction of the Administrative Agent and, except during a Liquidity Event Period or the
            continuance of an Event of Default, the Administrative Agent agrees with the Company to direct the Collateral Agent to issue Entitlement Orders for such investments in Cash Equivalents as requested by the Company; provided, however, that neither the Administrative Agent nor the Collateral Agent shall have any responsibility for, or bear any risk of loss of, any such investment or income thereon.

        

        

        6.16      Landlord Waiver and Bailee’s Letters. 

          The Company shall, and shall cause each of the Subsidiary Guarantors to, use commercially reasonable efforts to deliver Landlord Waivers and Bailee’s Letters pursuant to Section
            6.10 and as the Administrative Agent shall request from time to time in connection with ABL Facility First Priority Collateral included in the Tranche A
          Borrowing Base or the Tranche B Borrowing Base in its sole discretion exercised reasonably and in accordance with customary business practices for comparable asset-based transactions.

        

        

        6.17       Tax Reporting.  Promptly
          after the Company determines that it intends to treat the Loans and the Letters of Credit and the related transactions contemplated hereby as a “reportable transaction”
          (within the meaning of Treasury Regulation Section 1.6011-4), the Company shall give the Administrative Agent written notice thereof and shall deliver to the Administrative Agent all U.S. Internal Revenue Service
          forms required in connection therewith.

        

        

        6.18        Sanctions; Anti-Corruption Laws.

        

        

         The Borrower will maintain in effect policies and procedures designed to promote compliance by Holdings, the Borrower, its Subsidiaries, and their respective directors, officers, employees, and
          agents with applicable Sanctions and with the Anti-Corruption Law.  The Borrower and each Local Borrowing Subsidiary will not, directly or indirectly, use

         

        

        
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         the proceeds of the Loans or use the Letters of Credit or Acceptances (i) to lend, contribute, provide or otherwise make available such proceeds to fund any activity or business in any Designated Jurisdiction or
          to fund any activity or business of any Person located, organized or residing in any Designated Jurisdiction or who is the target of any Sanctions, or in any other manner, in each case, that would result in any violation by any party hereto
          (including any Lender, Joint Lead Arranger, Administrative Agent, Issuing Lender or Swingline Lender) of Sanctions or (ii) for any payments to any Person, governmental official or employee, political party, official of a political party,
          candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any applicable Anti-Corruption Law.

        

        

        SECTION VII.

        NEGATIVE COVENANTS

        

        

        The Borrower hereby agrees that, from and after the Closing Date, so long as the Commitments remain in effect, any Letter of Credit
          remains outstanding (that has not been Cash Collateralized) or any Loan or other amount is owing to any Lender or any Agent hereunder (other than (i) contingent or indemnification obligations not then due and (ii)
          obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional Obligations), the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to:

        

        

        7.1          Financial Covenant. 

          Unless consented to by the Required Lenders, during a Liquidity Event Period, the Borrower shall not permit the Financial Covenant Fixed Charge
          Coverage Ratio to be less than 1.00 to 1.00 as of the last day of any Test Period (commencing with the Test Period ended on or immediately prior to
          the commencement of such Liquidity Event Period).

        

        

        7.2          Indebtedness. 

          Create, issue, incur, assume, or permit to exist any Indebtedness, except:

        

        

        (a)          Indebtedness of the Borrower and any of its Restricted Subsidiaries pursuant to this Agreement and any other Loan Document and any Permitted
            Refinancing thereof;

        

        

        (b)       unsecured Indebtedness of the Borrower or any of its Restricted Subsidiaries owing to the Borrower or any of its Restricted Subsidiaries, provided, that any such Indebtedness owing by a non-Loan Party to a Loan Party is permitted by Section 7.7 (other than by reference to Section 7.2 or any
            clause thereof); provided, further, that such Indebtedness of the Borrower or any of its Restricted Subsidiaries owing to a Loan Party may be secured by Liens permitted pursuant to Section

              7.3(ff);

        

        

        (c)         (i) Capital Lease Obligations, and Indebtedness of the Borrower or any of its Restricted Subsidiaries incurred to finance or reimburse the cost of
            the acquisition, development, construction, purchase, lease, repair, addition or improvement of any property (real or personal), equipment or other assets used or useful in a Permitted Business, whether such property, equipment or assets were
            originally acquired directly or as a result of the purchase of any Capital Stock of any Person owning such property, equipment or assets, in an aggregate outstanding principal amount for this clause (i) not to exceed the sum of (A) the greater of (x) 10.0% of Consolidated Total Assets, at the time of incurrence and (y) 10.0% of Consolidated Total Assets as of the
            Closing Date plus (B) $7,500,000, plus (C) for each period of twelve consecutive months after December 31, 2009, an additional $7,500,000 and (ii) subject to the last sentence of this Section

              7.2, Permitted Refinancings in respect of the Indebtedness incurred pursuant to clause (c)(i) above;

        

        

        (d)         (i) Indebtedness outstanding or incurred pursuant to facilities outstanding on the Closing Date (after giving effect to the Transactions) or
            committed to be incurred as of such date and, in each case, up to the aggregate principal amounts listed on Schedule 7.2(d) and any
            Permitted Refinancing thereof, (ii)

         

          

        
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         Indebtedness incurred in connection with transactions permitted under Section 7.10 and any Permitted Refinancing thereof and (iii) Indebtedness contemplated by or incurred in connection with a Specified Transaction;

        

        

        (e)        Guarantee Obligations (i) by the Borrower or any of its Restricted Subsidiaries of obligations of the Borrower or any
            Subsidiary Guarantor not prohibited by this Agreement to be incurred, (ii) by the Borrower or any Subsidiary Guarantor of obligations of Holdings, any Non-Guarantor Subsidiary or joint venture or other Person that is not a Subsidiary to the
            extent permitted by Section 7.7 (other than by reference to Section
              7.2 or any clause thereof), (iii) by any Non-Guarantor Subsidiary of obligations of any other Non-Guarantor Subsidiary; and (iv) by any Non-Guarantor Subsidiary of the obligations of any other
            Person that is not a Subsidiary to the extent permitted by Section 7.7 (other than by reference to Section 7.2 or any clause thereof);

        

        

        (f)          Indebtedness of the Borrower or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check,
            draft or similar instrument inadvertently drawn by the Borrower or such Restricted Subsidiary in the ordinary course of business against insufficient funds, so long as such Indebtedness is promptly repaid;

        

        

        (g)          Indebtedness in the form of New Incremental Debt and Permitted Refinancings thereof;

        

        

        (h)          Indebtedness in the form of earn-outs, indemnification, incentive, non-compete, consulting, ordinary course deferred purchase price, purchase price
            adjustment or other similar arrangements and other contingent obligations in respect of the Transactions and other acquisitions or Investments permitted by Section 7.7 (other than by reference to Section 7.2 or any clause thereof) (both before or after any liability
            associated therewith becomes fixed), including any such obligations which may exist on the Closing Date as a result of acquisitions consummated prior to the Closing Date;

        

        

        (i)        Indebtedness of the Borrower and any of its Restricted Subsidiaries constituting (i) Permitted Refinancing
            Obligations and (ii) Permitted Refinancings in respect of Indebtedness incurred pursuant to the preceding clause (i);

        

        

        (j)          (i)          Indebtedness of the Borrower or any of its Restricted Subsidiaries in an aggregate
            principal amount (for the Borrower and all Restricted Subsidiaries) not to exceed the greater of (x) $200,000,000 and (y) 6.0% of Consolidated Total Assets at the time of such incurrence, at any time outstanding,

        

        

        (ii)         Indebtedness of the Borrower and any of its Restricted Subsidiaries under the BrandCo Credit Agreement not to exceed the aggregate principal amounts listed on
          Schedule 2.1 thereto as of the 2021 Notes Exchange Effective Date (being $1,833,010,391.30) and

        

        

        (iii)       subject to the last sentence of this Section 7.2, Permitted Refinancings in respect of the Indebtedness incurred
          pursuant to clauses (j)(i) and (j)(ii) above;

        

        

        (k)          (i)         Indebtedness of Non-Guarantor Subsidiaries, in an aggregate principal amount not to exceed the greater of (x) $250,000,000 and (y) 8.0%
            of Consolidated Total Assets at the time of such incurrence, at any time outstanding (provided, however, that for purposes of this clause (k)(i), such aggregate principal amount shall not include an amount equal to the aggregate principal amount of Indebtedness of the Non-Guarantor Subsidiaries to any bank which is offset by compensating balances at such
            bank (which Indebtedness shall be permitted hereunder)) and (ii) subject to the last sentence of this Section 7.2, Permitted
            Refinancings in respect of the Indebtedness incurred pursuant to clause (k)(i) above;

        

        

        
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        (l)         Indebtedness of the Borrower or any of its Restricted Subsidiaries in respect of workers’ compensation claims, bank guarantees, warehouse receipts
            or similar facilities, property casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations, performance, bid, customs, government, VAT, duty, tariff, appeal and surety bonds, completion
            guarantees, and other obligations of a similar nature, in each case in the ordinary course of business;

        

        

        (m)        Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries arising from agreements providing for indemnification related to sales,
            leases or other Dispositions of goods or adjustment of purchase price or similar obligations in any case incurred in connection with the acquisition or Disposition of any business, assets or Subsidiary;

        

        

        (n)         Indebtedness supported by a Letter of Credit or a letter of credit issued under any revolving credit or letter of credit facility permitted by this
          Section 7.2, including in respect of unpaid reimbursement obligations relating thereto, in a principal amount not in excess of the
            stated amount of such Letter of Credit or letter of credit;

        

        

        (o)         Indebtedness issued in lieu of cash payments of Restricted Payments permitted by Section

              7.6 (other than by reference to Section 7.2 or any clause thereof);

        

        

        (p)        Indebtedness of the Borrower or any Restricted Subsidiary under the Existing Notes Financing and any Permitted
            Refinancing thereof;

        

        

        (q)        Indebtedness of the Borrower or any Restricted Subsidiary as an account party in respect of trade letters of credit issued in the ordinary course of
            business or otherwise consistent with industry practice;

        

        

        (r)         Indebtedness (i) owing to any insurance company in connection with the financing of any insurance premiums permitted by such insurance company in
            the ordinary course of business and (ii) in the form of pension and retirement liabilities not constituting an Event of Default, to the extent constituting Indebtedness;

        

        

        (s)         (i) Guarantee Obligations made in the ordinary course of business; provided, that such Guarantee Obligations are not of Indebtedness for Borrowed Money, (ii) Guarantee Obligations in respect of lease obligations of the Borrower and its Restricted Subsidiaries,
            (iii) Guarantee Obligations in respect of Indebtedness of joint ventures or Unrestricted Subsidiaries; provided, that
            the aggregate principal amount of any such Guarantee Obligations under this sub-clause (iii) shall not exceed the greater of (A)
            $150,000,000 and (B) 5.0% of Consolidated Total Assets at the time of such incurrence, at any time outstanding, (iv) Guarantee Obligations in respect of Indebtedness permitted by clause

              (r)(ii) above and (v) Guarantee Obligations by the Borrower or any of its Restricted Subsidiaries of any Restricted Subsidiary’s purchase obligations under supplier agreements and in respect of
            obligations of or to customers, distributors, franchisees, lessors, licensees and sublicensees; provided, that such
            Guarantee Obligations are not of Indebtedness for Borrowed Money;

        

        

        (t)          (x) Indebtedness (including pursuant to any factoring arrangements) of any Person that becomes a Restricted Subsidiary or is merged with or into
            the Borrower or any of its Restricted Subsidiaries after the Closing Date (a “New Subsidiary”) or that is associated with
            assets being purchased or otherwise acquired, in each case, as part of an acquisition, merger or consolidation or amalgamation or other Investment not prohibited hereunder; provided, that (A) such Indebtedness exists at the time such Person becomes a Restricted Subsidiary or is acquired, merged,
            consolidated or amalgamated by, with or into the Borrower or such Restricted Subsidiary or when such assets are acquired and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary or with such
            merger (except to the

         

          

        
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         extent such Indebtedness refinanced other Indebtedness to facilitate such Person becoming a Restricted Subsidiary or to facilitate such merger) or such asset acquisition and (B)
            neither the Borrower nor any of its Restricted Subsidiaries (other than the applicable New Subsidiary and its Subsidiaries) shall provide security or any guarantee therefor and (y) Permitted Refinancings of the Indebtedness referred to in clause (x) of this paragraph (t);

        

        

        (u)         (i) Indebtedness incurred to finance any acquisition or Investment permitted under Section

              7.7 to the extent (A) unsecured at all times during the term of this Agreement and (B) in an aggregate outstanding principal amount for all such Indebtedness under this clause (u)(i) not to exceed the greater of (x) $50,000,000 and (y) 1.5% of Consolidated Total Assets at the time of such incurrence, at any time
            outstanding and (ii) subject to the last sentence of this Section 7.2, Permitted Refinancings in respect of the Indebtedness incurred
            pursuant to clause (u)(i) above;

        

        

        (v)          (A)         other Indebtedness so long as at the time of incurrence thereof:

        

        

        (a)          if unsecured, after giving pro forma effect to the incurrence of such Indebtedness and the intended use of proceeds thereof determined as of the
          last day of the fiscal quarter most recently then ended for which financial statements have been delivered pursuant to Section 6.1, the Fixed Charge Coverage Ratio of the Borrower and its Restricted
          Subsidiaries shall be no less than 2.00 to 1.00;

        

        

        (b)         if secured on a junior basis to the Term Pari Passu Obligations, after giving pro forma effect to the incurrence of such Indebtedness and the
          intended use of proceeds thereof determined as of the last day of the fiscal quarter most recently then ended for which financial statements have been delivered pursuant to Section 6.1, the
          Consolidated Net Secured Leverage Ratio of the Borrower and its Restricted Subsidiaries shall be no greater than 4.25 to 1.00;

        

        

        (c)        if secured on a pari passu basis with the Term Pari Passu Obligations, after giving pro forma effect to the incurrence of such Indebtedness and the
          intended use of proceeds thereof determined as of the last day of the fiscal quarter most recently then ended for which financial statements have been delivered pursuant to Section 6.1, the
          Consolidated Net First Lien Leverage Ratio of the Borrower and its Restricted Subsidiaries shall be no greater than 3.50 to 1.00;

        

        

        (d)          no Event of Default shall be continuing immediately after giving effect to the incurrence of such Indebtedness; and

        

        

        (e)          any such Indebtedness that is secured by Collateral shall be subject to the ABL Intercreditor Agreement;

        

        

        provided, that the amount of Indebtedness which may be incurred pursuant to this paragraph (v) by Non-Guarantor Subsidiaries and any
          Permitted Refinancings thereof pursuant to clause (B) below shall not exceed, at any time outstanding, the greater of $325,000,000 and 10.0% of Consolidated Total Assets, at the time of such
          incurrence; and

        

        

        (B)          Permitted Refinancings of any of the Indebtedness referred to in clause (A) of this paragraph (v) subject to the proviso thereof;

        

        

        (w)        (i) Indebtedness representing deferred compensation or stock-based compensation to employees of Holdings, any Parent Company, the Borrower or any
            Restricted Subsidiary incurred in the ordinary course of business and (ii) Indebtedness consisting of obligations of the Borrower or any Restricted

         

          

        
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         Subsidiary under deferred compensation or other similar arrangements incurred in connection with the Transactions and any Investment permitted hereunder;

        

        

        (x)         Indebtedness issued by the Borrower or any of its Restricted Subsidiaries to the officers, directors and employees of Holdings, any Parent Company,
            the Borrower or any Restricted Subsidiary of the Borrower or their respective estates, trusts, family members or former spouses, in lieu of or combined with cash payments to finance the purchase of Capital Stock of Holdings, any Parent Company
            or the Borrower, in each case, to the extent such purchase is permitted by Section 7.6;

        

        

        (y)          Indebtedness (and Guarantee Obligations in respect thereof) in respect of overdraft facilities, employee credit card programs, netting services,
            automatic clearinghouse arrangements and other cash management and similar arrangements in the ordinary course of business;

        

        

        (z)         (i) Indebtedness of the Borrower or any of its Restricted Subsidiaries undertaken in connection with cash management and related activities with
            respect to any Subsidiary or joint venture in the ordinary course of business and (ii) Indebtedness of the Borrower or any of its Restricted Subsidiaries to any joint venture (regardless of the form of legal entity) that is not a Subsidiary
            arising in the ordinary course of business in connection with the cash management operations (including in respect of intercompany self-insurance arrangements);

        

        

        (aa)        (i) Indebtedness of the Borrower and any of its Restricted Subsidiaries under the Term Loan Agreement or otherwise in an aggregate outstanding
            principal amount not to exceed the amount outstanding thereunder as of the Amendment No. 5 Effective Date, which amount shall reduce, on a dollar-for-dollar basis, for additional amounts incurred pursuant Section 7.2(j) and Section 2.25 of the BrandCo Credit Agreement (as in effect on the Amendment No. 5 Effective Date) after the Amendment No.
            5 Effective Date, and (ii) subject to the last sentence of this Section 7.2, Permitted Refinancings in respect of the Indebtedness
            incurred pursuant to clause (aa)(i) above;

        

        

        (bb)      Indebtedness to any Person (other than an Affiliate of the Borrower) in respect of the undrawn portion of the face amount of or unpaid reimbursement
            obligations in respect of letters of credit not issued hereunder for the account of the Borrower or any of its Subsidiaries in an aggregate amount at any one time
            outstanding not to exceed (x) $20,000,000, plus (y) an additional $30,000,000 to the extent that the amounts incurred
            under this clause (y) are offset or secured by a counterpart deposit, compensating balance or a pledge of cash deposits;

        

        

        (cc)        (i) unsecured Indebtedness of the Borrower that is subordinated in right of payment to the Obligations and is issued by the Borrower or a
            Restricted Subsidiary to Holdings, any Parent Company or any Affiliate of the Borrower, Holdings or any Parent Company in an aggregate principal amount at any time outstanding not to exceed $75,000,000 and (ii) subject to the last sentence of
            this Section 7.2, Permitted Refinancings in respect of the Indebtedness incurred pursuant to clause (cc)(i) above;

        

        

        (dd)       other Indebtedness of the Borrower or any
            Restricted Subsidiary, so long as (i) the Payment Conditions are satisfied at the time of incurrence of such Indebtedness and (ii) such Indebtedness is either unsecured or secured in accordance with Section

              7.3(ii); and

        

        

        (ee)       all premiums (if any), interest (including post-petition interest), fees, expenses, charges, accretion or amortization of original issue discount,
            accretion of interest paid in kind and additional or contingent interest on obligations described in clauses (a) through (dd) above.

        

        

        To the extent that any Indebtedness incurred under Section 7.2(c), (j), (k),
          (u), (aa) or (cc) is refinanced in a Permitted Refinancing under clause

              (ii) of the relevant foregoing Section, then the aggregate outstanding

         

        

        
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         principal amount of such Permitted Refinancing shall be deemed to utilize the related basket under the relevant foregoing Section on a dollar for dollar basis (it being understood that a Default shall be deemed
          not to have occurred solely to the extent that the incurrence of a Permitted Refinancing would cause the permitted amount under such Section to be exceeded and such excess shall be permitted hereunder).

        

        

        7.3         Liens. 

          Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for: 

        

        

        (a)          Liens for Taxes not yet due or which are being contested in good faith by appropriate proceedings; provided, that adequate reserves with respect thereto are maintained on the books of the Borrower or its Restricted Subsidiaries, as the case may be, to the
            extent required by GAAP;

        

        

        (b)          landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which
            are not overdue for a period of more than 60 days or that are being contested in good faith by appropriate proceedings;

        

        

        (c)          (i) pledges, deposits or statutory trusts in connection with workers’ compensation, unemployment insurance and other social security legislation
            and (ii) Liens incurred in the ordinary course of business securing liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty or liability insurance to the Borrower or any of its Restricted
            Subsidiaries in respect of such obligations;

        

        

        (d)          deposits and other Liens to secure the performance of bids, government, trade and other similar contracts (other than for borrowed money), leases,
            subleases, statutory or regulatory obligations, surety, judgment and appeal bonds, performance bonds and other obligations of a like nature and liabilities to insurance carriers incurred in the ordinary course of business;

        

        

        (e)          (i) Liens and encumbrances shown as exceptions in the title insurance policies insuring the Mortgages, and (ii) easements, zoning restrictions,
            rights-of-way, leases, licenses, covenants, conditions, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, do not materially interfere with the ordinary conduct of the business of the
            Borrower or any of its Restricted Subsidiaries;

        

        

        (f)          Liens (i) in existence on the Closing Date (after giving effect to the Transactions) listed on Schedule

              7.3(f) (or to the extent not listed on such Schedule 7.3(f), where the Fair Market Value of the Property
            to which such Lien is attached is less than $10,000,000), (ii) securing Indebtedness permitted by Section 7.2(d) and (iii) created
            after the Closing Date in connection with any refinancing, refundings, or renewals or extensions thereof permitted by Section 7.2(d);
          provided, that no such Lien is spread to cover any additional Property of the Borrower or any of its Restricted
            Subsidiaries after the Closing Date unless such Lien utilizes a separate basket under this Section 7.3;

        

        

        (g)          (i) Liens securing Indebtedness of the Borrower or any of its Restricted Subsidiaries incurred pursuant to Sections 7.2(c), 7.2(e), 7.2(g), and 7.2(i) (provided that no such Lien securing debt pursuant to Section 7.2(g) or 7.2(i) shall apply to any other Property of the Borrower or any of its Restricted Subsidiaries that
            is not Collateral (or does not concurrently become Collateral) unless such Lien utilizes a separate basket under this Section 7.3)
            and Sections 7.2(j), 7.2(k), 7.2(r), 7.2(s),
          7.2(t) and 7.2(v); provided, that (A) in the case of any such Liens securing Indebtedness pursuant to Section 7.2(k), such Liens do not at any time encumber any Property of the Borrower or any Subsidiary Guarantor, (B) in the case of any such Liens securing Indebtedness incurred
            pursuant to Section 7.2(r), such Liens do not encumber any Property other than cash paid to any such insurance company in respect of
            such insurance, (C) in the case of any such Liens securing Indebtedness pursuant to Section 7.2(t)(x), such Liens exist at

         

          

        
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         the time that the relevant Person becomes a Restricted Subsidiary or such assets are acquired and are not created in contemplation of or in connection with such Person becoming a
            Restricted Subsidiary or the acquisition of such assets (except to the extent such Liens secure Indebtedness which refinanced other secured Indebtedness to facilitate such Person becoming a Restricted Subsidiary or to facilitate the merger,
            consolidation or amalgamation or other acquisition of assets referred to in such Section 7.2(t)(x)) and (D) in the case of Liens
            securing Guarantee Obligations pursuant to Section 7.2(e), the underlying obligations are secured by a Lien permitted to be incurred
            pursuant to this Agreement and (ii) any extension, refinancing, renewal or replacement of the Liens described in clause (i) of this Section 7.3(g) in whole or in part; provided, that such extension, renewal or replacement shall be limited to all or a part of the property which secured (or was permitted to secure) the Lien so extended, renewed or replaced (plus improvements on such
            property, if any);

        

        

        (h)         Liens created pursuant to the Loan Documents or any other Lien securing all or a portion of the Obligations or any obligations in respect of a
            Permitted Refinancing thereof in accordance with Section 7.2;

        

        

        (i)          Liens arising from judgments in circumstances not constituting an Event of Default under Section 8.1(h);

        

        

        (j)          Liens on Property or assets acquired pursuant to an acquisition permitted under Section 7.7 (and the proceeds thereof) or assets of a Restricted Subsidiary in existence at the time such Restricted Subsidiary is acquired pursuant to an acquisition
            permitted under Section 7.7 and not created in contemplation thereof and Liens created after the Closing Date in connection with any
            refinancing, refundings, replacements or renewals or extensions of the obligations secured thereby permitted hereunder, provided, that no such Lien is spread to cover any additional Property (other than other Property of such Restricted Subsidiary or the proceeds or products of the acquired assets or any accessions or improvements thereto and after-acquired
            property, subjected to a Lien pursuant to terms existing at the time of such acquisition) after the Closing Date (unless such Lien utilizes a separate basket under this Section
              7.3);

        

        

        (k)         (i) Liens on Property of Non-Guarantor Subsidiaries securing Indebtedness or other obligations not prohibited by this Agreement to be incurred by
            such Non-Guarantor Subsidiaries and (ii) Liens securing Indebtedness or other obligations of the Borrower or any of its Restricted Subsidiaries in favor of any Loan Party;

        

        

        (l)          receipt of progress payments and advances from customers in the ordinary course of business to the extent same creates a Lien on the related
            inventory and proceeds thereof;

        

        

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

        

        

        (n)        Liens arising out of consignment or similar arrangements for the sale by the Borrower and its Restricted Subsidiaries of goods through third parties
            in the ordinary course of business or otherwise consistent with past practice;

        

        

        (o)         Liens solely on any cash earnest money deposits made by the Borrower or any of its Restricted Subsidiaries in connection with an Investment
            permitted by Section 7.7;

        

        

        (p)          Liens deemed to exist in connection with Investments permitted by Section 7.7(b) that constitute repurchase obligations;

         

          

        
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        (q)          Liens upon specific items of inventory, equipment or other goods and proceeds of the Borrower or any of its Restricted Subsidiaries arising in the
            ordinary course of business securing such Person’s obligations in respect of bankers’ acceptances and letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory,
            equipment or other goods;

        

        

        (r)          Liens (i) on cash deposits securing any Hedge Agreements permitted hereunder, and not for speculative purposes, in an aggregate amount not to
            exceed $10,000,000 at any time outstanding or (ii) securing Hedging Agreements of the Borrower and its Restricted Subsidiaries entered into in the ordinary course of business for the purpose of providing foreign exchange for their respective
            operating requirements or of hedging interest rate or currency exposure, and not for speculative purposes;

        

        

        (s)          any interest or title of a lessor under any leases or subleases entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary
            course of business and any financing statement filed in connection with any such lease;

        

        

        (t)          Liens on cash and Cash Equivalents (including the net proceeds of the incurrence

            of Indebtedness) used to defease or to satisfy and discharge or redeem or repurchase Indebtedness, provided, that such
            defeasance or satisfaction and discharge or redemption or repurchase is not prohibited hereunder;

        

        

        (u)       (i) Liens that are contractual rights of set-off (A) relating to the establishment of depository relations with banks not given in connection with
            the issuance of Indebtedness, (B) relating to pooled deposit or sweep accounts of the Borrower or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the
            Borrower and its Restricted Subsidiaries or (C) relating to purchase orders and other agreements entered into with distributors, clients, customers, vendors or suppliers of the Borrower or any of its Restricted Subsidiaries in the ordinary
            course of business, (ii) other Liens securing cash management obligations in the ordinary course of business and (iii) Liens encumbering reasonable and customary initial deposits and margin deposits in respect of, and similar Liens attaching
            to, commodity trading accounts and other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

        

        

        (v)          Liens arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights;

        

        

        (w)          Liens on Capital Stock in joint ventures and other non-wholly owned entities securing obligations of such joint venture or entity and options, put
            and call arrangements, rights of first refusal and similar rights relating to Capital Stock in joint ventures and other non-wholly owned entities;

        

        

        (x)        Liens securing obligations in respect of trade-related letters of credit permitted under Section 7.2 and covering the goods (or the documents of title in respect of such goods) financed by such letters of credit and the proceeds and products thereof;

        

        

        (y)         other Liens with respect to obligations the principal amount of which do not exceed the greater of (i) $75,000,000 and (ii) 2.0% of Consolidated
            Total Assets at the time of such incurrence, at any time outstanding;

        

        

        (z)        licenses, sublicenses, cross-licensing or pooling of, or similar arrangements with respect to, Intellectual Property granted by the Borrower or any
            of its Restricted Subsidiaries which do not interfere in any material respect with the ordinary conduct of the business of the Borrower or such Restricted Subsidiary;

         

          

        
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        (aa)        Liens arising from precautionary UCC financing statement filings (or other similar filings in non-U.S. jurisdictions) regarding leases, subleases,
            licenses or consignments, in each case, entered into by the Borrower or any of its Restricted Subsidiaries;

        

        

        (bb)        Liens on cash and Cash Equivalents (and the related escrow accounts) in connection with the issuance into (and pending the release from) escrow of,
            any Permitted Refinancing Obligations, any New Incremental Debt, any Indebtedness permitted under Section 7.2 and, in each case, any
            Permitted Refinancing thereof;

        

        

        (cc)      Liens on the Collateral securing (i) Indebtedness incurred pursuant to Section
              7.2(aa), (ii) Term Designated Banking Services Obligations, (iii) Term Designated Swap Obligations and (iv) Term Designated Additional Obligations; provided
            that such Liens shall be subject to the ABL Intercreditor Agreement;

        

        

        (dd)       (i) zoning or similar laws or rights reserved to or vested in any Governmental Authority to control or regulate the use of any real property and
            (ii) Liens in favor of the United States of America for amounts paid by the Borrower or any of its Restricted Subsidiaries as progress payments under government contracts entered into by them (provided, that no such Lien described in this clause (ii)
            shall encumber any Collateral);

        

        

        (ee)        any extension, renewal or replacement of any Liens permitted by this Section 7.3; provided, that the Liens permitted by this clause (ee) shall not extend to or cover any additional Indebtedness (other than
            applicable Permitted Refinancings) or property (other than the proceeds or products thereof or any accessions or improvements thereto and after-acquired property subjected to a Lien pursuant to terms no broader than the equivalent terms
            existing at the time of such extension, renewal or replacement, and other than a substitution of like property) unless such Lien uses a separate basket under this Section 7.3;

        

        

        (ff)         Liens in favor of the Borrower or any Subsidiary Guarantor securing Indebtedness permitted under Section 7.2(b); provided, that to the extent such Liens
            are on the Collateral such Liens shall be junior to the Liens on the Collateral securing the Obligations and subject to a Junior Intercreditor Agreement;

        

        

        (gg)      Liens on inventory or equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business
            to the Borrower’s or such Restricted Subsidiary’s (as applicable) distributor, vendor, supplier, client or customer at which such inventory or equipment is located;

        

        

        (hh)       other Liens incidental to the conduct of business of the Borrower and its Restricted Subsidiaries or the ownership of any of their assets not
            incurred in connection with Indebtedness, which Liens do not in any case materially detract from the value of the Property subject thereto or interfere with the ordinary course of business of the Borrower or any of its Restricted Subsidiaries;

        

        

        (ii)         Liens securing Indebtedness permitted under Section

              7.2(dd); provided that (i) if Receivables or Inventory are subject to
            such Liens, such Liens shall be junior to the Liens on such Receivables and Inventory securing the Obligations and subject to a Junior Intercreditor Agreement and (ii) any such Liens securing Indebtedness permitted under Section 7.2(dd) (A) on a pari passu basis with the Liens securing the Obligations shall be subject to the ABL Intercreditor Agreement and (B) on a
            junior basis with the Liens securing the Obligations shall be subject a Junior Intercreditor Agreement;

         

          

        
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            (jj)         Liens on Receivables and Related Assets (other than the Capital Stock of any Receivables Subsidiary) incurred in connection with a Receivables
                Facility or in connection with factoring arrangements permitted under Section 7.2(t);

             

            (kk)       Liens on cash deposits in respect of Indebtedness permitted under Section 7.2(n) or 7.2(bb); provided, that, with respect to Indebtedness permitted under Section 7.2(bb)(y), the amount of any such deposit does not
                exceed the amount of the Indebtedness such cash deposits secures;

             

            (ll)         Liens on the Collateral securing Indebtedness permitted under Section 7.2(p) and Permitted Refinancings in respect thereof; provided, that such Liens shall be junior to the Liens on the Collateral securing the Obligations and subject to a Junior Intercreditor Agreement; and

             

            (mm)    Liens on all premiums (if any), interest (including post-petition interest), fees, expenses, charges, accretion or amortization of original issue
                discount, accretion of interest paid in kind and additional or contingent interest on obligations permitted to be incurred pursuant to Sections 7.2(a) through (dd) and the subject of any Lien permitted pursuant to clauses

                  (a) through (ll) above.

             

            7.4        Fundamental

                  Changes.  Consummate any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or Dispose of all or substantially all of its Property or business, except
              that:

             

            (a)         (i) any Restricted Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, the Borrower (provided, that the Borrower shall be the continuing or surviving corporation) or (ii) any Restricted Subsidiary may be merged, amalgamated
                or consolidated with or into, or be liquidated into, any Subsidiary Guarantor (provided, that (x) a Subsidiary Guarantor shall
                be the continuing or surviving corporation or (y) substantially simultaneously with such transaction, the continuing or surviving corporation shall become a Subsidiary Guarantor and the Borrower shall comply with Section 6.8 in connection therewith);

             

            (b)         any Non-Guarantor Subsidiary may be merged or consolidated with or into, or be liquidated into, any other Non-Guarantor Subsidiary that is a
                Restricted Subsidiary;

             

            (c)          any Restricted Subsidiary may Dispose of all or substantially all of its assets upon voluntary liquidation or otherwise to any Loan Party;

             

            (d)        any Non-Guarantor Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding-up or otherwise)
                to any other Non-Guarantor Subsidiary that is a Restricted Subsidiary or to Holdings;

             

            (e)         Dispositions permitted by Section 7.5 (other
                than Section 7.5(c)) and any merger, dissolution, liquidation, consolidation, amalgamation, investment or Disposition, the purpose of which
                is to effect a Disposition permitted by Section 7.5 (other than Section 7.5(c)), may be consummated;

             

            (f)       any Investment expressly permitted by Section 7.7
                (other than Section 7.7(o)) may be structured as a merger, consolidation or amalgamation;

             

            (g)          The Borrower and its Restricted Subsidiaries may consummate the Transactions and a Specified Transaction;

             

            (h)          any Restricted Subsidiary may liquidate or dissolve if (i) the Borrower determines in good faith that such liquidation or dissolution is in the best
                interest of the Borrower and is not materially

             

            
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            disadvantageous to the Lenders and (ii) to the extent such Restricted Subsidiary is a Loan Party, any assets or business of such Restricted Subsidiary not otherwise disposed of or transferred in
              accordance with Section 7.4 or 7.5 or, in the case of any such business, discontinued, shall be transferred to, or otherwise owned or conducted
              by, a Loan Party after giving effect to such liquidation or dissolution;

             

            (i)         any Escrow Entity may be merged with and into the Borrower or any Restricted Subsidiary (provided that the Borrower or such Restricted Subsidiary shall be the continuing or surviving entity); and

             

            (j)          if at the time thereof and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing or would
                result therefrom, any Person may be merged, amalgamated or consolidated with or into the Borrower, provided, that (A) the
                Borrower shall be the surviving entity or (B) if the surviving entity is not the Borrower (such other person, the “Successor Borrower”), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume
                all the obligations of the Borrower under this Agreement and the other Loan Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party
                to such merger or consolidation, shall have by a supplement to the Guarantee and Collateral Agreement confirmed that its guarantee thereunder shall apply to any Successor Borrower’s obligations under this Agreement, (4) each Guarantor,
                unless it is the other party to such merger or consolidation, shall have by a supplement to any applicable Security Document affirmed that its obligations thereunder shall apply to its guarantee as reaffirmed pursuant to clause (3), (5) each mortgagor of a Mortgaged Property, unless it is the other party to such merger or consolidation, shall have affirmed that its
                obligations under the applicable Mortgage shall apply to its guarantee as reaffirmed pursuant to clause (3) and (6) the Successor Borrower
                shall deliver to the Administrative Agent (x) an officer’s certificate stating that such merger or consolidation does not violate this Agreement or any other Loan Document and (y) if requested by the Administrative Agent, an opinion of
                counsel to the effect that such merger or consolidation does not violate this Agreement or any other Loan Document and covering such other matters as are contemplated by the opinions of counsel delivered on the Closing Date pursuant to Section 5.1(e) (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower
                under this Agreement).

             

            7.5         Dispositions

                  of Property.  Dispose of any of its owned Property (including receivables) whether now owned or hereafter acquired, or, in the case of any Restricted Subsidiary, issue or sell any shares of such Restricted Subsidiary’s Capital
              Stock (other than directors’ qualifying shares) to any Person, except:

             

            (a)        (i) the Disposition of surplus, obsolete, damaged or worn out Property (including scrap and byproducts) in the ordinary course of business,
                Dispositions of Property no longer used or useful or economically practicable to maintain in the conduct of the business of the Borrower and other Restricted Subsidiaries in the ordinary course and Dispositions of Property necessary in
                order to comply with applicable Requirements of Law or licensure requirements (as determined by the Borrower in good faith), (ii) the sale of defaulted receivables in the ordinary course of business, (iii) abandonment, cancellation or
                disposition of any Intellectual Property in the ordinary course of business and (iv) sales, leases or other dispositions of inventory determined by the management of the Borrower to be no longer useful or necessary in the operation of the
                Business;

             

            (b)        (i) the sale of inventory or other Property in the ordinary course of business, (ii) the cross-licensing, pooling, sublicensing or licensing of, or
                similar arrangements (including disposition of marketing rights) with respect to, Intellectual Property in the ordinary course of business or otherwise consistent with past practice or not materially disadvantageous to the Lenders, and
                (iii) the contemporaneous exchange, in the ordinary course of business, of Property for Property of a like kind, to the extent that the Property

             

            
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            received in such exchange is of a Fair Market Value equivalent to the Fair Market Value of the Property exchanged (provided, that
              after giving effect to such exchange, the Fair Market Value of the Property of any Loan Party subject to Liens in favor of the Collateral Agent under the Security Documents is not materially reduced);

             

            (c)          Dispositions permitted by Section 7.4 (other
                than Section 7.4(e));

             

            (d)         the sale or issuance of (i) any Subsidiary’s Capital Stock to any Loan Party; provided, that the sale or issuance of Capital Stock of an Unrestricted Subsidiary to the Borrower or any of its Restricted Subsidiaries is otherwise permitted by Section 7.7, (ii) the Capital Stock of any Non-Guarantor Subsidiary that is a Restricted Subsidiary to any other Non-Guarantor Subsidiary that is a
                Restricted Subsidiary or to Holdings and (iii) the Capital Stock of any Subsidiary that is an Unrestricted Subsidiary to any other Subsidiary that is an Unrestricted Subsidiary, in each case, including in connection with any tax
                restructuring activities not otherwise prohibited hereunder;

             

            (e)          any Disposition of assets; provided,
                that if

             

            (i)           the total consideration of such Disposition is in excess of $20,000,000, it shall be for
                Fair Market Value,

             

            (ii)         at least 75% of the total consideration for any Disposition in excess of $50,000,000
                received by the Borrower and its Restricted Subsidiaries is in the form of cash or Cash Equivalents,

             

            (iii)       no Event of Default then exists or would result from such Disposition (except if such
                Disposition is made pursuant to an agreement entered into at a time when no Event of Default exists), and

             

            (iv)        if ABL Facility First Priority Collateral constituting more than 10% of the Tranche A
                Borrowing Base is included in the assets subject to such Disposition, the Borrower shall deliver to the Administrative Agent, within five Business Days after such Disposition, a pro forma calculation of the Tranche A Borrowing Base and the
                Tranche B Borrowing Base as of the most recent date for which a calculation of the Tranche A Borrowing Base and Tranche B Borrowing Base shall have been delivered pursuant to Section 6.2(g)
                giving effect to such Disposition;

             

            provided, however, that for purposes of clause (ii)
              above, the following shall be deemed to be cash:

             

            (A)       any liabilities (as shown on the Borrower’s or such Restricted Subsidiary’s most recent balance sheet provided hereunder or in the footnotes thereto) of the
              Borrower or such Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee with respect to the applicable Disposition and for which the Borrower and its
              Restricted Subsidiaries shall have been validly released by all applicable creditors in writing,

             

            (B)         any securities received by the Borrower or such Restricted Subsidiary from such transferee that are converted by the Borrower or such Restricted Subsidiary into
              cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received in the conversion) within 180 days following the closing of the applicable Disposition, and

             

            (C)        any Designated Non-cash Consideration received by the Borrower or any of its Restricted Subsidiaries in such Disposition having an aggregate Fair Market Value,
              taken together with all other Designated Non-cash Consideration received pursuant to this clause (e) that is at that

             

            
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            time outstanding, not to exceed the greater of (I) $75,000,000 and (II) 2.0% of Consolidated Total Assets at the time of the receipt of such Designated Non-cash Consideration (with the Fair
              Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value);

             

            (f)          (i) any Recovery Event and (ii) any event that would constitute a Recovery Event but for the Dollar threshold set forth in the definition thereof;

             

            (g)         the leasing, licensing, occupying pursuant to occupancy agreements or sub-leasing of Property that would not materially interfere with the required
                use of such Property by the Borrower or its Restricted Subsidiaries;

             

            (h)        the transfer for Fair Market Value of Property (including Capital Stock of Subsidiaries) to another Person in connection with a joint venture
                arrangement with respect to the transferred Property; provided, that such transfer is permitted under Section 7.7(h), (k), (v) or (y);

             

            (i)          the sale or discount, in each case without recourse and in the ordinary course of business, of accounts receivable arising in the ordinary course of
                business, but only in connection with the compromise or collection thereof consistent with customary industry practice (and not as part of any bulk sale or financing of receivables);

             

            (j)         transfers of condemned Property as a result of the exercise of “eminent domain” or other similar policies to the respective Governmental Authority
                or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise), and transfers of properties that have been subject to a casualty to the respective insurer of such Property as part of an insurance settlement;

             

            (k)          the Disposition of any Immaterial Subsidiary or any Unrestricted Subsidiary;

             

            (l)         the transfer of Property (including Capital Stock of Subsidiaries) of the Borrower or any Subsidiary Guarantor to any Restricted Subsidiary for Fair
                Market Value;

             

            (m)        the transfer of Property (i) by the Borrower or any Subsidiary Guarantor to any other Loan Party or (ii) from a Non-Guarantor Subsidiary to (A) any
                Loan Party; provided, that the portion (if any) of such Disposition made for more than Fair Market Value shall constitute an
                Investment and comply with Section 7.7 or (B) any other Non-Guarantor Subsidiary that is a Restricted Subsidiary;

             

            (n)          the Disposition of cash and Cash Equivalents (or the foreign equivalent of Cash Equivalents) in the ordinary course of business;

             

            (o)         (i) Liens permitted by Section 7.3 (other than
                by reference to Section 7.5 or any clause thereof), (ii) Restricted Payments permitted by Section 7.6 (other than by reference to Section 7.5 or any clause thereof), (iii)
                Investments permitted by Section 7.7 (other than by reference to Section 7.5 or any clause thereof) and (iv) sale and leaseback transactions permitted by Section 7.10 (other than by reference
                to Section 7.5 or any clause thereof);

             

            (p)        Dispositions of Investments in joint ventures and other non-wholly owned entities to the extent required by, or made pursuant to, customary buy/sell
                arrangements between the joint venture parties set forth in joint venture arrangements, shareholder agreements and similar binding arrangements;

             

            (q)          other Dispositions; provided, that at the time such Disposition is made, the Payment Conditions are satisfied;

             

            
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            (r)          the unwinding of Hedge Agreements permitted hereunder pursuant to their terms;

             

            (s)         the Disposition of assets acquired pursuant to or in order to effectuate a Permitted Acquisition which assets are (i) obsolete or (ii) not used or
                useful to the core or principal business of the Borrower and the Restricted Subsidiaries;

             

            (t)          Dispositions made on the Closing Date to consummate the Transactions or made from and after the Closing Date in connection with or as part of a
                Specified Transaction;

             

            (u)         Dispositions involving the spin-off of a line of business so long as (i) after giving pro forma effect thereto, determined as of the last day of the fiscal quarter most recently then ended for which financial statements have
                been delivered pursuant to Section 6.1, the Consolidated Net Total Leverage Ratio of the Borrower and its Restricted Subsidiaries shall be
                no greater than 3.00 to 1.00, and (ii) no more than 7.0% of Consolidated EBITDA in the aggregate for all such Dispositions, determined as of the last day of the fiscal quarter most recently then ended for which financial statements have
                been delivered pursuant to Section 6.1, is disposed pursuant to this clause (u);

             

            (v)          the Specified Dispositions;

             

            (w)         the sale of services, or the termination of any other contracts, in each case in the ordinary course of business;

             

            (x)          [reserved];

             

            (y)       Dispositions of Receivables and Related Assets in connection with any Receivables Facility or in connection with factoring arrangements permitted
                under Section 7.2(t);

             

            (z)          Dispositions of Property to the extent that (i)(A) such Property is exchanged for credit against the purchase price of similar replacement Property
                or (B) the proceeds of such Disposition are applied to the purchase price of such replacement Property and (ii) to the extent such Property constituted Collateral, such replacement Property constitutes Collateral as well;

             

            (aa)        any Disposition of Property that represents a surrender or waiver of a contract right or settlement, surrender or release of a contract or tort
                claim; and

             

            (bb)     Dispositions of Property between or among the Borrower and/or its Restricted Subsidiaries as a substantially concurrent interim Disposition in
                connection with a Disposition otherwise permitted pursuant to clauses (a) through (aa) above.

             

            7.6         Restricted Payments. 
              Declare or pay any dividend on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of the Borrower or
              any of its Restricted Subsidiaries, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or Property or in obligations of the Borrower or such Restricted
              Subsidiary (collectively, “Restricted Payments”), except that:

             

            (a)        (i) any Restricted Subsidiary may make Restricted Payments to any Loan Party and (ii) Non-Guarantor Subsidiaries may make Restricted Payments to
                other Non-Guarantor Subsidiaries;

             

            (b)          the Borrower or any Restricted Subsidiary may make any Restricted Payment so long as the Payment Conditions are satisfied at the time of such
                Restricted Payment;

             

            
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            (c)          the Borrower or any Restricted Subsidiary may make, without duplication,

             

            (i)           Tax Payments and

             

            (ii)          Restricted Payments to Holdings or any Parent Company to permit Holdings or such Parent
                Company to pay

             

            (A)        franchise and similar taxes and other fees and expenses in connection with the maintenance of
                its (or any Parent Company’s) existence and its (or any Parent Company’s indirect) ownership of the Borrower,

             

            (B)        so long as the Borrower and Holdings are members of a consolidated, combined, unitary or
                similar group with any Parent Company for U.S. federal, state or local income tax purposes, such Parent Company’s federal, state or local income taxes, as applicable, but only to the extent such income taxes are (x) attributable to the
                income of the Borrower and its Subsidiaries that are members of such group, determined by taking into account any available net operating loss carryovers or other tax attributes of the Borrower and such Subsidiaries and (y) not covered by
                Tax Payments; provided, that in each case the amount of such payments with respect to any fiscal year does not exceed the amount that the Borrower and such Subsidiaries would have
                been required to pay in respect of such income taxes for such fiscal year were the Borrower and such Subsidiaries a consolidated or combined group of which the Borrower was the common parent, less any amounts paid directly by Borrower and
                such Subsidiaries with respect to such Taxes;

             

            (C)         customary fees, salary, bonus, severance and other benefits payable to, and indemnities
                provided on behalf of, their current and former officers and employees and members of their Board of Directors,

             

            (D)         ordinary course corporate operating expenses and other fees and expenses required to
                maintain its corporate existence,

             

            (E)         fees and expenses to the extent permitted under clause
                    (i) of the second sentence of Section 7.9,

             

            (F)         reasonable fees and expenses incurred in connection with any debt or equity offering by
                Holdings or any Parent Company, to the extent the proceeds thereof are (or, in the case of an unsuccessful offering, were intended to be) used for the benefit of the Borrower and its Restricted Subsidiaries, whether or not completed and

             

            (G)         reasonable fees and expenses in connection with compliance with reporting and public and
                limited company obligations under, or in connection with compliance with, federal or state laws (including securities laws, rules and regulations, securities exchange rules and similar laws, rules and regulations) or under this Agreement or
                any other Loan Document;

             

            (d)          the Borrower may make Restricted Payments in the form of Capital Stock of the Borrower;

             

            (e)         the Borrower and any of its Subsidiaries may make Restricted Payments to, directly or indirectly, purchase the Capital
                Stock of Holdings, the Borrower, any Parent Company or any Subsidiary from present or former officers, directors, consultants, agents or employees (or their estates, trusts, family members or former spouses) of Holdings, the Borrower, any
                Parent Company or any Subsidiary upon the

             

            
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            death, disability, retirement or termination of the applicable officer, director, consultant, agent or employee or pursuant to any equity subscription agreement, stock option or equity incentive
              award agreement, shareholders’ or members’ agreement or similar agreement, plan or arrangement; provided, that the aggregate amount of payments under this clause (e) in any fiscal year of the
              Borrower shall not exceed the sum of (i) $7,500,000 in any fiscal year, plus (ii) any proceeds received from key man life insurance policies, plus (iii) any proceeds received by Holdings, the Borrower, or any Parent Company during such fiscal
              year from sales of the Capital Stock of Holdings, the Borrower or any Parent Company to directors, officers, consultants or employees of Holdings, the Borrower, any Parent Company or any Subsidiary in connection with permitted employee
              compensation and incentive arrangements; provided, further, that cancellation of Indebtedness owing to the Borrower or
              any Subsidiary by any member of management of Holdings, any Parent Company, the Borrower or any Subsidiary in connection with a repurchase of the Capital Stock of the Borrower, Holdings or any Parent Company will not be deemed to constitute a
              Restricted Payment for purposes of this Section 7.6;

             

            (f)          the Borrower and its Restricted Subsidiaries may make Restricted Payments to make, or to allow Holdings or any Parent Company to make,

             

            (i)         non-cash repurchases of Capital Stock deemed to occur upon exercise of stock options or
                similar equity incentive awards, if such Capital Stock represents a portion of the exercise price of such options or similar equity incentive awards,

             

            (ii)         tax payments on behalf of present or former officers, directors, consultants, agents or
                employees (or their estates, trusts, family members or former spouses) of Holdings, the Borrower, any Parent Company or any Subsidiary in connection with noncash repurchases of Capital Stock pursuant to any equity subscription agreement,
                stock option or equity incentive award agreement, shareholders’ or members’ agreement or similar agreement, plan or arrangement of Holdings, the Borrower, any Parent Company or any Subsidiary,

             

            (iii)        make-whole or dividend-equivalent payments to holders of vested stock options or other
                Capital Stock or to holders of stock options or other Capital Stock at or around the time of vesting or exercise of such options or other Capital Stock to reflect dividends previously paid in respect of Capital Stock of the Borrower,
                Holdings or any Parent Company and

             

            (iv)         payments under a “Dutch Auction” (as defined in the Term Loan Agreement) or similar auction
                procedures;

             

            (g)         the Borrower may make Restricted Payments with the cash proceeds contributed to its common equity from the Net Cash Proceeds of any Equity Issuance
                Not Otherwise Applied, so long as, with respect to any such Restricted Payments, no Event of Default shall have occurred and be continuing or would result therefrom;

             

            (h)         the Borrower may make Restricted Payments to make, or to allow Holdings or any Parent Company to make, payments in cash, in lieu of the issuance of
                fractional shares, upon the exercise of warrants or upon the conversion or exchange of Capital Stock of any such Person;

             

            (i)          so long as no Event of Default under Section 8.1(a) or 8.1(f) has occurred and is continuing, the Borrower may make Restricted Payments to Holdings or any Parent Company to enable
                it to make payments to the Sponsor or its Affiliates in respect of expenses or indemnification payments on terms reasonably acceptable to the Administrative Agent;

             

            
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            (j)         to the extent constituting Restricted Payments, the Borrower and its Restricted Subsidiaries may enter into and consummate transactions expressly
                permitted (other than by reference to Section 7.6 or any clause thereof) by any provision of Sections 7.4, 7.5, 7.7 and 7.9;

             

            (k)          (i) any non-wholly owned Restricted Subsidiary of the Borrower may declare and pay cash dividends to its equity holders generally so long as the
                Borrower or its respective Subsidiary which owns the equity interests in the Restricted Subsidiary paying such dividend receives at least its proportional share thereof (based upon its relative holding of the equity interests in the
                Restricted Subsidiary paying such dividends and taking into account the relative preferences, if any, of the various classes of equity interest of such Restricted Subsidiary), and (ii) any non-wholly owned Restricted Subsidiary of the
                Borrower may make Restricted Payments to one or more of its equity holders (which payments need not be proportional) in lieu of or to effect an earnout so long as (x) such payment is in the form of such Restricted Subsidiary’s Capital Stock
                and (y) such Restricted Subsidiary continues to be a Restricted Subsidiary after giving effect thereto;

             

            (l)          the Borrower and its Restricted Subsidiaries may make Restricted Payments on or after the Closing Date to consummate the Transactions (or to comply
                with their obligations under the Merger Agreement) or in connection with a Specified Transaction, including to make payments in respect of any deferred transaction fees or any indemnity and other similar obligations under the Merger
                Agreement;

             

            (m)         The Borrower and its Restricted Subsidiaries may make Restricted Payments:

             

            (1)          [reserved]; and/or

             

            (2)         in an aggregate amount under this clause (2) not to exceed (x) the greater of (i) $40,000,000 and (ii) 1.2% of
              Consolidated Total Assets at the time such Restricted Payment is made, in any fiscal year of the Borrower (provided, that the Borrower may carry forward any unused amounts under this
              clause (x) to subsequent fiscal years in an aggregate amount not to exceed the greater of (i) $120,000,000 and (ii) 3.6% of Consolidated Total Assets at the time such Restricted Payment is made),
              less (y) the sum of (i) the aggregate amount of any Investment made pursuant to Section 7.7(v)(iii) using amounts under this clause (m) and (ii) the aggregate amount of any prepayment, redemption, purchase, defeasement or other satisfaction prior to the scheduled
              maturity of any Junior Financing pursuant to Section 7.8(a)(iv)(y) using amounts under this clause

                  (m), in each case, during such fiscal year of the Borrower;

             

            (n)          the payment of dividends and distributions within 60 days after the date of declaration thereof, if at the date of declaration of such payment, such
                payment would have been permitted pursuant to another clause of this Section 7.6;

             

            (o)          provided that no Event of Default is continuing or would result therefrom, the Borrower and its Restricted Subsidiaries may make any Restricted
                Payments, in an amount not to exceed $75,000,000 less (i) the aggregate amount of any prepayment, redemption, purchase, defeasement or other
                satisfaction prior to the scheduled maturity of any Junior Financing pursuant to Section 7.8(a)(iv)(y) using amounts under this clause (o) and (ii) the aggregate amount of any Investment made pursuant to Section 7.7(v)(iii) using amounts under this clause (o);

             

            (p)          the Borrower and its Restricted Subsidiaries may make Restricted Payments (to the extent such payments would constitute Restricted Payments)
                pursuant to and in accordance with any Hedge Agreement in connection with a convertible debt instrument; provided, that, the
                aggregate amount of all

             

            
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            such Restricted Payments minus cash received from counterparties to such Hedge Agreements upon entering into such Hedge Agreements
              shall not exceed $50,000,000; and

             

            (q)          provided that no Event of Default is continuing or would result therefrom, the Borrower may make Restricted Payments in respect of reasonable fees
                and expenses incurred in connection with any successful or unsuccessful debt or equity offering or any successful or unsuccessful acquisition or strategic transaction of Holdings;

             

            provided that,
              notwithstanding the foregoing and notwithstanding anything to the contrary hereunder, no Restricted Payments (other than pursuant to Section 7.6(a), (c),
              (e), (f)(i), (j) and (q)) are permitted to be made
              after the Amendment No. 5 Effective Date.

             

            7.7          Investments.  Make any advance, loan, extension of credit (by way of guarantee or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or other debt securities
              of, or all or substantially all of the assets constituting an ongoing business from, or make any other similar investment in, any other Person (all of the foregoing, “Investments”),
              except:

             

            (a)          (i) extensions of trade credit in the ordinary course of business, (ii) loans, advances and promotions made to distributors, customers, vendors and
                suppliers in the ordinary course of business or in accordance with market practices, (iii) purchases and acquisitions of inventory, supplies, materials and equipment, purchases of contract rights, accounts and chattel paper, purchases of
                put and call foreign exchange options to the extent necessary to hedge foreign exchange exposures or foreign exchange spot and forward contracts, purchases of notes receivable or licenses or leases of Intellectual Property, in each case in
                the ordinary course of business, to the extent such purchases and acquisitions constitute Investments, (iv) Investments among the Borrower and its Restricted Subsidiaries in connection with the sale of inventory and parts in the ordinary
                course of business and (v) purchases and acquisitions of Intellectual Property or purchases of contract rights or licenses or leases of Intellectual Property, in each case, in the ordinary course of business, to the extent such purchases
                and acquisitions constitute Investments;

             

            (b)        Investments in Cash Equivalents (or the foreign equivalent of Cash Equivalents) and Investments that were Cash Equivalents (or the foreign equivalent
                of Cash Equivalents) when made;

             

            (c)          Investments arising in connection with (i) the incurrence of Indebtedness permitted by Section

                  7.2 (other than by reference to Section 7.7 or any clause thereof) to the extent arising as a
                result of Indebtedness among the Borrower or any of its Restricted Subsidiaries and Guarantee Obligations permitted by Section 7.2 (other
                than by reference to Section 7.7 or any clause thereof) and payments made in respect of such Guarantee Obligations, (ii) the forgiveness or
                conversion to equity of any Indebtedness permitted by Section 7.2 (other than by reference to Section 7.7 or any clause thereof) and (iii) guarantees by the Borrower or any of its Restricted Subsidiaries of leases (other than Capital Lease Obligations) or of other
                obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business;

             

            (d)          loans and advances to employees, consultants or directors of any Parent Company, Holdings or any of its Restricted Subsidiaries in the ordinary
                course of business in an aggregate amount (for the Borrower and all of its Restricted Subsidiaries) not to exceed $10,000,000 (excluding (for purposes of such cap) tuition advances, travel and entertainment expenses, but including
                relocation advances) at any one time outstanding;

             

            (e)          Investments (i) (other than those relating to the incurrence of Indebtedness permitted by Section

                  7.7(c)) by the Borrower or any of its Restricted Subsidiaries in the Borrower or any Person that, prior to such Investment, is a Loan Party (or is a Subsidiary that becomes a Loan Party in
                connection with such Investment), (ii) by the Borrower or any Subsidiary Guarantor in any Non-Guarantor Subsidiaries so

             

            
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            long as such Investment is part of a series of Investments by Restricted Subsidiaries in other Restricted Subsidiaries that result in the proceeds of the initial Investment being invested in one
              or more Loan Parties, (iii) comprised solely of equity purchases or contributions by the Borrower or any of its Restricted Subsidiaries in any other Restricted Subsidiary made for tax purposes, so long as the Borrower provides to the
              Administrative Agent evidence reasonably acceptable to the Administrative Agent that, after giving pro forma effect to such Investments, the granting, perfection, validity and priority of the security interest of the Secured Parties in the
              Collateral, taken as a whole, is not impaired in any material respect by such Investment and (iv) existing on the Closing Date in any Non-Guarantor Subsidiary;

             

            (f)         Permitted Acquisitions to the extent that any Person or Property acquired in such acquisition becomes a Restricted Subsidiary or a part of a
                Restricted Subsidiary; provided, that (i) immediately
                before and after giving effect to any such Permitted Acquisition, no Event of Default shall have occurred and be continuing and (ii) after giving pro forma effect to such Permitted Acquisition and any incurrence of any Indebtedness in connection therewith, the Borrower shall be
                in pro forma compliance with the terms of Section 7.1, to the extent then applicable (and the Borrower shall have delivered to the
                Administrative Agent such financial information as it may reasonably request demonstrating such compliance);

             

            (g)          loans by the Borrower or any of its Restricted Subsidiaries to the employees, officers or directors of any Parent
                Company, Holdings or any of its Restricted Subsidiaries in connection with management incentive plans (provided, that such
                loans represent cashless transactions pursuant to which such employees, officers or directors directly (or indirectly) invest the proceeds of such loans in the Capital Stock of Holdings or a Parent Company);

             

            (h)         Investments by the Borrower and its Restricted Subsidiaries in Unrestricted Subsidiaries, joint ventures or similar
                arrangements in an aggregate amount outstanding (for the Borrower and all of its Restricted Subsidiaries), not to exceed the greater of $100,000,000 and 3.0% of Consolidated Total Assets at the time of such Investment;

             

            (i)         Investments (including debt obligations) received in the ordinary course of business by the Borrower or any of its Restricted Subsidiaries in
                connection with (w) the bankruptcy or reorganization of suppliers, vendors, distributors, clients, customers and other Persons, (x) settlement of delinquent obligations of, and other disputes with, suppliers, vendors, distributors, clients,
                customers and other Persons arising in the ordinary course of business, (y) endorsements for collection or deposit and (z) customary trade arrangements with suppliers, vendors, distributors, clients and customers, including consisting of
                Capital Stock of clients and customers issued to the Borrower or any Subsidiary in consideration for goods provided and/or services rendered;

             

            (j)           Investments by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary;

             

            (k)        Investments in existence on, or pursuant to legally binding written commitments in existence on, the Closing Date (after giving effect to the
                Transactions) and listed on Schedule 7.7 and, in each case, any extensions, renewals or replacements thereof, so long as the amount of any Investment made
                pursuant to this clause (k) is not increased (other than pursuant to such legally binding commitments);

             

            (l)           Investments of the Borrower or any of its Restricted Subsidiaries under Hedge Agreements permitted hereunder;

             

            (m)         Investments of any Person existing, or made pursuant to binding commitments in effect, at the time such Person becomes a Restricted Subsidiary or
                consolidates, amalgamates or merges with the Borrower or any of its Restricted Subsidiaries (including in connection with a Permitted Acquisition);

             

            
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            provided, that such Investment was not made in anticipation of such Person becoming a Restricted Subsidiary or of such consolidation,
              amalgamation or merger;

             

            (n)          Investments made (i) on or prior to or substantially concurrently with the Closing Date to consummate the Transactions or (ii) in connection with a
                Specified Transaction;

             

            (o)         to the extent constituting Investments, transactions expressly permitted (other than by reference to this Section 7.7 or any clause thereof) under Sections 7.4, 7.5, 7.6 and 7.8;

             

            (p)         Subsidiaries of the Borrower may be established or created, if (i) to the extent such new Subsidiary is a Domestic Subsidiary, the Borrower and such
                Subsidiary comply with the provisions of Section 6.8(c) and (ii) to the extent such new Subsidiary is a Foreign Subsidiary, the Borrower
                complies with the provisions of Section 6.8(d); provided, that, in each case, to the extent such new Subsidiary is created solely for the purpose of consummating a merger, consolidation, amalgamation or similar transaction pursuant to an acquisition permitted by this Section 7.7, and such new Subsidiary at no time holds any assets or liabilities other than any consideration contributed to it substantially
                contemporaneously with the closing of such transactions, such new Subsidiary shall not be required to take the actions set forth in Section 6.8(c) or 6.8(d), as applicable, until the respective acquisition is consummated (at which time the surviving entity of the respective
                transaction shall be required to so comply within ten Business Days or such longer period as the Administrative Agent shall agree);

             

            (q)        Investments arising directly out of the receipt by the Borrower or any of its Restricted Subsidiaries of non-cash consideration for any sale of
                assets permitted under Section 7.5 (other than by reference to Section 7.7 or any clause thereof);

             

            (r)         (i) Investments resulting from pledges and deposits referred to in Sections 7.3(c) and (d) and (ii) cash earnest money deposits made in connection with Permitted Acquisitions or other Investments
                permitted under this Section 7.7;

             

            (s)        Investments consisting of (i) the licensing, sublicensing, cross-licensing, pooling or contribution of, or similar arrangements with respect to,
                Intellectual Property, and (ii) the transfer or licensing of non-U.S. Intellectual Property to a Foreign Subsidiary;

             

            (t)          any Investment in a Non-Guarantor Subsidiary or in a joint venture to the extent such Investment is substantially contemporaneously repaid in full
                with a dividend or other distribution from such Non-Guarantor Subsidiary or joint venture;

             

            (u)         Investments in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4 customary trade
                arrangements with customers;

             

            (v)         Investments in an aggregate amount not to exceed the sum of (i) the greater of $300,000,000 and 9.0% of Consolidated
                Total Assets at the time of such Investment, plus (ii) [reserved] plus (iii) the amount, if any, that is then available for Restricted Payments pursuant to Sections 7.6(m) and/or 7.6(o);

             

            (w)         advances of payroll payments to employees, or fee payments to directors or consultants, in the ordinary course of business;

             

            (x)          Investments constituting loans or advances in lieu of Restricted Payments permitted pursuant to Section 7.6;

             

            
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            (y)          other Investments; provided that, at the time such Investment is made, the Payment Conditions are satisfied;

             

            (z)         (i)         Investments by the Borrower or any Subsidiary Guarantor in any Non-Guarantor Subsidiary that is a
                Restricted Subsidiary of Capital Stock, Property and cash with an aggregate value not to exceed the aggregate value of any Capital Stock, Property and cash previously transferred to the Borrower or any Subsidiary Guarantor that is a
                Restricted Subsidiary pursuant to any Investment made in, or any dividend or similar distribution paid to, the Borrower or any Subsidiary Guarantor by any Non-Guarantor Subsidiary that is a Restricted Subsidiary on and after the Closing
                Date; provided, that the aggregate amount of any such Investments made in cash by the Borrower or any Subsidiary Guarantor in
                any Non-Guarantor Subsidiary pursuant to this clause (i) shall not exceed the aggregate amount of Investments in cash previously made by
                any such Non-Guarantor Subsidiary in the Borrower or any Subsidiary Guarantor and cash dividends and similar cash distributions received by the Borrower or any Subsidiary Guarantor from any such Non-Guarantor Subsidiary, in each case, on
                and after the Closing Date; provided, further, that (x) to the extent that any such Investment by any such Non-Guarantor Subsidiary in the Borrower or any Subsidiary Guarantor is made in the form of Indebtedness owing by the Borrower or any Subsidiary Guarantor
                to a Non-Guarantor Subsidiary, the amount of any payment of principal and interest and other amounts paid in respect of such Indebtedness shall be treated as an Investment in the applicable Non-Guarantor Subsidiary and shall be included for
                purposes of determining compliance with the limitations on Investments by the Borrower or Subsidiary Guarantors in Non-Guarantor Subsidiaries, and (y) any such Investment consisting of loans or advances made by any such Non-Guarantor
                Subsidiary to the Borrower or any Subsidiary Guarantor shall be subordinated to the Obligations in a manner reasonably satisfactory to the Administrative Agent; provided, however, that the terms of such subordination shall not provide for any restrictions on repayment of
                such intercompany Investments unless an Event of Default has occurred and is continuing hereunder; and

             

            (ii)       other Investments by the Borrower or any Subsidiary Guarantor in any Non-Guarantor Subsidiary
                that is a Restricted Subsidiary; provided, that (x) if such Investment is made in cash as an advance, loan or other extension of credit, such Investment shall be evidenced by an
                intercompany note which, in the case of any such note held by the Borrower or any Subsidiary Guarantor, shall be promptly pledged to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the Security Documents and (y) if
                such Investment is made in cash as a capital contribution, such Investment shall only be made in a Foreign Subsidiary:

             

            (a)          in an aggregate amount such that after giving effect thereto, such Foreign Subsidiary:

             

            (1)          is in compliance with all material Requirements of Law applicable to it with respect to capitalization;

             

            (2)          has sufficient capital with which to conduct its business in accordance with past practice; and

             

            (3)         is not undercapitalized to such an extent that, solely as a result of such undercapitalization, any creditor of such Foreign Subsidiary would be deemed under
              the laws of any relevant jurisdiction to owe a fiduciary duty to any other creditor of such Foreign Subsidiary;

             

            (b)         to the extent that on the date of such contribution, the cash contributed to the capital of the applicable Foreign Subsidiary, if loaned or advanced through an
              intercompany loan evidenced by a note, would either:

             

            
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            (1)        not cause the Company or the Domestic Subsidiary of the Company acquiring such note to be deemed to be doing business in any jurisdiction outside of the United
              States or otherwise subject to taxation or regulation in such jurisdiction; or

             

            (2)        not require the Foreign Subsidiary issuing such note to withhold from any payment made in respect thereof any amount now or hereafter imposed, levied, collected
              or assessed by any relevant jurisdiction, or any political subdivision or taxing authority thereof or therein;

             

            (c)        in connection with any sale, transfer or other disposition of capital stock or other equity interests or assets of such Foreign Subsidiary permitted hereunder,
              to the extent that the aggregate amount of such capital contribution does not exceed the aggregate amount outstanding of any Indebtedness and other obligations of such Foreign Subsidiary owing to the Borrower or any of its Domestic
              Subsidiaries that was in each case created or otherwise incurred on or prior to the date of such sale, transfer or other disposition and which Indebtedness and other obligations are outstanding immediately prior to such sale, transfer or
              other disposition; or

             

            (d)         in connection with the formation or organization of such Foreign Subsidiary, to the extent that the aggregate amount of such capital contributions pursuant to
              this Section 7.7(z)(ii)(d) does not exceed $100,000,000;

             

            (aa)       Investments to the extent that payment for such Investments is made solely by the issuance of Capital Stock (other than Disqualified Capital Stock)
                of Holdings (or any Parent Company) to the seller of such Investments;

             

            (bb)        [reserved];

             

            (cc)       Investments in any Escrow Entity in amounts necessary to fund any interest, fees and related obligations in respect of any bonds, notes, term loans,
                debentures or other debt issued by such Escrow Entity;

             

            (dd)        the Borrower or any of its Restricted Subsidiaries may make Investments in the amount of any cash or other property received by the Borrower after
                the Closing Date as capital contributions and Not Otherwise Applied, so long as, with respect to any such Investments, no Event of Default shall have occurred and be continuing or would result therefrom;

             

            (ee)       the Borrower or any of its Restricted Subsidiaries may make Investments in the form of Capital Stock or notes received from a Receivables Subsidiary
                as consideration for the sale of Receivables and Related Assets to such Receivables Subsidiary;

             

            (ff)        the Borrower or any of its Restricted Subsidiaries may make Investments in prepaid expenses, negotiable instruments held for collection and lease
                and utility and worker’s compensation deposits provided to third parties in the ordinary course of business;

             

            (gg)        [reserved]; and

             

            (hh)        Investments in (i) open-market purchases of common stock of Revlon and (ii) any other Investment available to highly compensated employees under any
                “excess 401-(k) plan” of the Borrower (or any of its Domestic Subsidiaries, as applicable), in each case to the extent necessary to permit the

             

            
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            Borrower (or such Domestic Subsidiary, as applicable) to satisfy its obligations under such “excess 401-(k) plan” for highly compensated employees; provided, however, that the aggregate amount of such purchases and other Investments under this Section 7.7(hh)
              together with any Restricted Payments made as permitted under Section 7.6(e) does not exceed the amounts set forth in such section.

             

            It is further understood and agreed that for purposes of determining the value of any Investment outstanding for purposes of this Section 7.7, such amount shall
              be deemed to be the amount of such Investment when made, purchased or acquired less any returns on such Investment (not to exceed the original amount invested).

             

            7.8          Prepayments, Etc. of Indebtedness; Amendments.

             

            (a)         Optionally prepay, redeem, purchase, defease or otherwise satisfy prior to the day that is 90 days before the scheduled maturity thereof in any
                manner the principal amount of (x) any Indebtedness that is expressly subordinated by contract in right of payment to the Obligations or (y) (I) any Indebtedness incurred pursuant to Section

                  7.2(a), (g), (i), (t) and (v)
                that is secured by all or any part of the Collateral or (II) any other Indebtedness incurred pursuant to Section 7.2 that is secured by all
                or a material part of the Collateral, in each case of clauses (I) and (II), on a junior basis relative to the Obligations, but is not also secured by any substantial part of the Collateral on a pari passu or senior basis relative to the Obligations (collectively, “Junior Financing”) (it being understood, for the avoidance of doubt, that (1) payments of regularly scheduled interest and principal on all
                of the foregoing shall be permitted and (2) the term “Junior Financing” does not include any Indebtedness under any Existing Notes Financing, the Term Loan Agreement or any other Indebtedness subject to the ABL Intercreditor Agreement), or
                make any payment in violation of any subordination terms of any Junior Financing Documentation, except:

             

            (i)        a prepayment, redemption, purchase, defeasement or other
                satisfaction of Junior Financing if the Payment Conditions are satisfied at such time;

             

            (ii)         the conversion of any Junior Financing to Capital Stock (other than Disqualified Capital
                Stock) or the prepayment, redemption, purchase, defeasement or other satisfaction of Junior Financing with the proceeds of an Equity Issuance Not Otherwise Applied (other than Disqualified Capital Stock);

             

            (iii)      the prepayment, redemption, purchase, defeasement or other satisfaction of any Junior
                Financing with any Permitted Refinancing thereof;

             

            (iv)        the prepayment, redemption, purchase, defeasement or other satisfaction prior to the day
                that is 90 days before the scheduled maturity of any Junior Financing, in an aggregate amount not to exceed the sum of (x) the greater of $75,000,000 and 2.0% of Consolidated Total Assets at the time such prepayment, redemption, purchase,
                defeasement or other satisfaction is made plus (y) the amount, if any, that is then available for Restricted Payments pursuant to Section
                    7.6(m) and/or (o) (which amounts shall be reduced, without duplication, by any such amount previously utilized pursuant to this clause (y));

             

            (v)         the prepayment, redemption, purchase, defeasance or other satisfaction of any Indebtedness
                incurred or assumed pursuant to Section 7.2(t);

             

            (vi)        the prepayment, redemption, purchase, defeasance or other satisfaction of any Indebtedness
                to consummate the Transactions; and

             

            
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            (vii)       the prepayment, redemption, purchase, defeasance or other satisfaction of any intercompany
                indebtedness (A) owing by a Loan Party to another Loan Party, (B) owing by a Restricted Subsidiary that is Non-Guarantor Subsidiary to a Restricted Subsidiary that is Non-Guarantor Subsidiary and (C) owing by a Restricted Subsidiary that is
                Non-Guarantor Subsidiary to a Loan Party; or

             

            (b)          amend or modify the documentation in respect of any Junior Financing in a manner, taken as a whole (as shall be
                determined by the Borrower in good faith), that would be materially adverse to the Lenders; provided, that nothing in this Section 7.8(b) shall prohibit the refinancing, replacement, extension or other similar modification of any Indebtedness to the extent otherwise permitted
                by Section 7.2.

             

            7.9        Transactions with Affiliates. 

              Enter into any transaction, including any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate thereof (other than the Borrower or any of
              its Restricted Subsidiaries) involving aggregate payments or consideration in excess of $25,000,000 unless such transaction is (a) otherwise not prohibited under this Agreement and (b) upon terms materially no less favorable when taken as a
              whole to the Borrower or such Restricted Subsidiary, as the case may be, than it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate.  Notwithstanding the foregoing, the Borrower and its Restricted
              Subsidiaries may:

             

            (i)          pay to Holdings or any Parent Company and any of their Affiliates fees, indemnities and
                expenses permitted by Section 7.6(i) and/or fees and expenses in connection with the Transactions and disclosed to the Administrative Agent prior to the Closing Date;

             

            (ii)        enter into any transaction with an Affiliate that is not prohibited by the terms of this
                Agreement to be entered into by Holdings, the Borrower or its Restricted Subsidiaries;

             

            (iii)        make any Restricted Payment permitted pursuant to Section

                    7.6 (other than by reference to Section 7.9 or any clause thereof) or any Investment permitted pursuant to Section 7.7;

             

            (iv)        perform their obligations pursuant to the Transactions, including payments required to be
                made pursuant to the Merger Agreement and any Specified Transaction;

             

            (v)         enter into transactions with joint ventures for the purchase or sale of goods, equipment and
                services entered into in the ordinary course of business;

             

            (vi)        without being subject to the terms of this Section 7.9,
                enter into any transaction with any Person which is an Affiliate of Holdings or the Borrower only by reason of such Person and Holdings or the Borrower, as applicable, having common directors;

             

            (vii)      issue Capital Stock to the Sponsor, any other direct or indirect owner of Holdings (including
                any Parent Company), or any director, officer, employee or consultant thereof;

             

            (viii)       enter into the transactions allowed pursuant to Section

                    10.6;

             

            (ix)       enter into transactions set forth on Schedule 7.9 and any amendment thereto or
                replacement thereof so long as such amendment or replacement is not materially more disadvantageous to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as reasonably determined in
                good faith by the Borrower;

             

            
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            (x)          enter into joint purchasing arrangements with the Sponsor in the ordinary course of business
                or otherwise consistent with past practice;

             

            (xi)        enter into and perform their respective obligations under the terms of the Company Tax
                Sharing Agreement in effect on the Closing Date, or any amendments thereto that do not materially increase the Borrower’s or any Subsidiary Guarantor’s obligations thereunder;

             

            (xii)       enter into any transaction with an officer, director, manager, employee or consultant of
                Holdings, any Parent Company, the Borrower or any of its Subsidiaries (including compensation or employee benefit arrangements with any such officer, director, manager, employee or consultant) in the ordinary course of business;

             

            (xiii)      make payments to Holdings, any Parent Company, the Borrower, any Restricted Subsidiary or
                any Affiliate of any of the foregoing for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments,
                to the extent the amount thereof either individually or collectively with any related payments exceeds $20,000,000, are approved by a majority of the members of the Board of Directors of the Borrower or, other than with respect to payments
                to Holdings, Holdings in good faith;

             

            (xiv)       enter into any transaction in which the Borrower or any Restricted Subsidiary, as the case
                may be, delivers to the Administrative Agent a letter from a nationally recognized investment banking firm stating that such transaction is fair to the Borrower or such Restricted Subsidiary from a financial point of view or meets the
                requirements of Section 7.9(b);

             

            (xv)        enter into any transaction with an Affiliate in which the consideration paid by the Borrower
                or any Restricted Subsidiary consists only of Capital Stock of Holdings;

             

            (xvi)       enter into transactions with customers, clients, suppliers, or purchasers or sellers of
                goods or services that are Affiliates, in each case, in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrower and its Restricted Subsidiaries, as determined in good faith
                by the Board of Directors or the senior management of the Borrower or Holdings, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

             

            (xvii)     engage in any transaction pursuant to which Mafco, or any wholly owned subsidiary of Mafco,
                Holdings, any Parent Company or any Affiliate of any of the foregoing will provide the Borrower and the Subsidiaries, at their request, and at the cost to Mafco or such wholly owned subsidiary or Holdings, such Parent Company or such
                Affiliate (as applicable), with certain allocated services to be purchased from third party providers in the ordinary course of business, such as legal and accounting services, tax, consulting, financial advisory, corporate governance,
                insurance coverage and other services; and

             

            (xviii)    engage in any transaction in the ordinary course of business between the Borrower or a
                Subsidiary and its own employee stock option plan that is approved by the Borrower or such Subsidiary in good faith.

             

            For the avoidance of doubt, this Section 7.9 shall not restrict or otherwise apply to employment, benefits, compensation, bonus, retention and
              severance arrangements with, and payments of compensation or benefits (including customary fees, expenses and indemnities) to or for the benefit of, current or former

             

            
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            employees, consultants, officers or directors of Holdings or the Borrower or any of its Restricted Subsidiaries in the ordinary course of business.

             

            For purposes of this Section 7.9, any transaction with any Affiliate shall be deemed to have satisfied the standard set forth in clause (b) of the first sentence hereof if such transaction is approved by a majority of the Disinterested Directors of the Board of Directors of the Borrower or such Restricted Subsidiary, as
              applicable.  “Disinterested Director”: with respect to any Person and transaction, a member of the Board of Directors of such Person who does not have any material direct or indirect
              financial interest in or with respect to such transaction.  A member of any such Board of Directors shall not be deemed to have such a financial interest by reason of such member’s holding Capital Stock of the Borrower, Holdings or any Parent
              Company or any options, warrants or other rights in respect of such Capital Stock.

             

            7.10     Sales and Leasebacks. 
              Enter into any arrangement with any Person providing for the leasing by the Borrower or any of its Restricted Subsidiaries of real or personal Property which is to be sold or transferred by the Borrower or any of its Restricted Subsidiaries
              (a) to such Person or (b) to any other Person to whom funds have been or are to be advanced by such Person on the security of such Property or rental obligations of the Borrower or any of its Restricted Subsidiaries, except for (i) any such
              arrangement entered into in the ordinary course of business of the Borrower or any of its Restricted Subsidiaries, (ii) sales or transfers by the Borrower or any of its Restricted Subsidiaries to any Loan Party, (iii) sales or transfers by
              any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary that is a Restricted Subsidiary and (iv) any such arrangement to the extent that the Fair Market Value of such Property does not exceed the greater of (i) $100,000,000 and
              (ii) 3.0% of Consolidated Total Assets at the time of such event, in the aggregate for all such arrangements.

             

            7.11       Changes in Fiscal Periods. 

              Permit the fiscal year of the Borrower to end on a day other than December 31; provided, that the Borrower may, upon written notice to the Administrative Agent, change its fiscal
              year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are
              necessary to reflect such change in fiscal year.

             

            7.12       Negative Pledge Clauses. 

              Enter into any agreement that prohibits or limits the ability of any Loan Party to create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, to secure the Obligations or, in the case
              of any Subsidiary Guarantor, its obligations under the Guarantee and Collateral Agreement, other than:

             

            (a)          this Agreement, the other Loan Documents and any Intercreditor Agreement;

             

            (b)          any agreements governing Indebtedness and/or other obligations secured by a Lien permitted by this Agreement (in which case, any prohibition or
                limitation shall only be effective against the assets subject to such Liens permitted by this Agreement);

             

            (c)        software and other Intellectual Property licenses pursuant to which such Loan Party is the licensee of the relevant software or Intellectual
                Property, as the case may be (in which case, any prohibition or limitation shall relate only to the assets subject to the applicable license);

             

            (d)        Contractual Obligations incurred in the ordinary course of business which (i) limit Liens on the assets that are the subject of the applicable
                Contractual Obligation or (ii) contain customary provisions restricting the assignment, transfer or pledge of such agreements;

             

            
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            (e)         any agreements regarding Indebtedness or other obligations of any Non-Guarantor Subsidiary not prohibited under Section 7.2 (in which case, any prohibition or limitation shall only be effective against the assets of such Non-Guarantor Subsidiary and its Subsidiaries);

             

            (f)          prohibitions and limitations in effect on the Closing Date and listed on Schedule 7.12;

             

            (g)         customary provisions contained in joint venture agreements, shareholder agreements and other similar agreements applicable to joint ventures and
                other non-wholly owned entities not prohibited by this Agreement;

             

            (h)          customary provisions restricting the subletting, assignment, pledge or other transfer of any lease governing a leasehold interest;

             

            (i)          customary restrictions and conditions contained in any agreement relating to any Disposition of Property, leases, subleases, licenses, sublicenses,
                cross license, pooling and similar agreements not prohibited hereunder;

             

            (j)          any agreement in effect at the time any Person becomes a Subsidiary of the Borrower or is merged with or into the Borrower or a Subsidiary of the
                Borrower, so long as such agreement was not entered into in contemplation of such Person becoming a Subsidiary of the Borrower or a party to such merger;

             

            (k)          restrictions imposed by applicable law or regulation or license requirements;

             

            (l)         restrictions in any agreements or instruments relating to any Indebtedness permitted to be incurred by this Agreement (including indentures,
                instruments or agreements governing any New Incremental Debt, indentures, instruments or agreements governing any Permitted Refinancing Obligations and indentures, instruments or agreements governing any Permitted Refinancings of each of
                the foregoing) (i) if the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially more restrictive on the Restricted Subsidiaries than the encumbrances contained in this Agreement (as
                determined in good faith by the Borrower) or (ii) if such encumbrances and restrictions are customary for similar financings in light of prevailing market conditions at the time of incurrence thereof (as determined in good faith by the
                Borrower) and the Borrower determines in good faith that such encumbrances and restrictions would not reasonably be expected to materially impair the Borrower’s ability to create and maintain the Liens on the Collateral pursuant to the
                Security Documents;

             

            (m)        restrictions in respect of Indebtedness secured by Liens permitted by Sections 7.3(g) and 7.3(y) relating solely to the assets or proceeds thereof secured by such Indebtedness;

             

            (n)          customary provisions restricting assignment of any agreement entered into in the ordinary course of business;

             

            (o)          restrictions arising in connection with cash or other deposits not prohibited hereunder and limited to such cash or other deposit;

             

            (p)          restrictions set forth in any documentation governing Term Pari Passu Obligations, including the Term Loan Documents;

             

            (q)          restrictions and conditions that arise in connection with any Dispositions permitted by Section

                7.5; provided, however, that such restrictions and conditions shall apply only to the property subject to such Disposition;

             

            
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            (r)        any agreement or restriction relating to the Target or its business in effect on the Closing Date so long as such restriction is not created in
                contemplation of such acquisition; and

             

            (s)        the foregoing shall not apply to any restrictions or conditions imposed by any amendments, modifications, restatements, renewals, increases,
                supplements, refundings, replacements or refinancings of the contracts, instruments or other obligations referred to in clauses (a) through
              (r) above, provided, that
                the restrictions and conditions contained in such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in good faith judgment of the Borrower no more restrictive than those
                restrictions and conditions in effect immediately prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing under the applicable contract, instrument or other obligation.

             

            7.13       Clauses Restricting Subsidiary
                  Distributions.  Enter into any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Restricted Subsidiary held by, or pay any
              Indebtedness owed to, the Borrower or any of its Restricted Subsidiaries or (b) make Investments in the Borrower or any of its Restricted Subsidiaries, except for such encumbrances or restrictions existing under or by reason of or consisting
              of:

             

            (i)          this Agreement or any other Loan Documents and under any Intercreditor Agreement, or any
                other agreement entered into pursuant to any of the foregoing;

             

            (ii)         provisions limiting the Disposition of assets or property in asset sale agreements, stock
                sale agreements and other similar agreements, which limitation is in each case applicable only to the assets or interests the subject of such agreements but which may include customary restrictions in respect of a Restricted Subsidiary in
                connection with the Disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary;

             

            (iii)        customary net worth provisions contained in Real Property leases entered into by the
                Borrower and its Restricted Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower to meet its ongoing payment obligations
                hereunder or, in the case of any Subsidiary Guarantor, its obligations under the Guarantee and Collateral Agreement;

             

            (iv)        agreements related to Indebtedness permitted by this Agreement (including indentures,
                instruments or agreements governing any New Incremental Debt, indentures, instruments or agreements governing any Permitted Refinancing Obligations and indentures, instruments or agreements governing any Permitted Refinancings of each of
                the foregoing) to the extent that (x) the encumbrances and restrictions contained in any such agreement or instrument taken as a whole are not materially more restrictive on the Restricted Subsidiaries than the encumbrances and restrictions
                contained in this Agreement (as determined in good faith by the Borrower) or (y) such encumbrances and restrictions are customary for similar financings in light of prevailing market conditions at the time of incurrence thereof (as
                determined in good faith by the Borrower) and the Borrower determines in good faith that such encumbrances and restrictions would not reasonably be expected to materially impair the Borrower’s ability to pay the Obligations when due;

             

            (v)          licenses, sublicenses, cross-licensing or pooling by the Borrower and its Restricted
                Subsidiaries of, or similar arrangements with respect to, Intellectual Property in the ordinary course of business (in which case such restriction shall relate only to such Intellectual Property);

             

            
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            (vi)       Contractual Obligations incurred in the ordinary course of business which include customary
                provisions restricting the assignment, transfer or pledge thereof;

             

            (vii)      customary provisions contained in joint venture agreements, shareholder agreements and other
                similar agreements applicable to joint ventures and other non-wholly owned entities not prohibited by this Agreement;

             

            (viii)      customary provisions restricting the subletting or assignment of any lease governing a
                leasehold interest;

             

            (ix)        customary restrictions and conditions contained in any agreement relating to any Disposition
                of Property, leases, subleases, licenses and similar agreements not prohibited hereunder;

             

            (x)         any agreement in effect at the time any Person becomes a Restricted Subsidiary or is merged
                with or into the Borrower or any Restricted Subsidiary, so long as such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary or a party to such merger;

             

            (xi)       encumbrances or restrictions on cash or other deposits imposed by customers under contracts
                entered into in the ordinary course of business;

             

            (xii)        encumbrances or restrictions imposed by applicable law, regulation or customary license
                requirements;

             

            (xiii)       restrictions and conditions contained in the documentation governing the Existing Notes
                Financing;

             

            (xiv)       any agreement in effect on the Closing Date and described on Schedule 7.13;

             

            (xv)      restrictions or conditions imposed by any obligations secured by Liens permitted pursuant to Section 7.3 (other than obligations in respect of Indebtedness), if such restrictions or conditions apply only to the property or assets securing such obligations and such encumbrances and
                restrictions are customary for similar obligations in light of prevailing market conditions at the time of incurrence thereof (as determined in good faith by the Borrower) and the Borrower determines in good faith that such encumbrances and
                restrictions would not reasonably be expected to materially impair the Borrower’s ability to pay the Obligations when due;

             

            (xvi)       the Term Loan Documents;

             

            (xvii)    restrictions created in connection with any Receivables Facility solely applicable to the
                Receivables and Related Assets and the Receivables Subsidiary subject thereto;

             

            (xviii)    restrictions or conditions contained in any trading, netting, operating, construction,
                service, supply, purchase or other agreement to which the Borrower or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided, that
                such agreement prohibits the encumbrance of solely the property or assets of the Borrower or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not
                extend to any other asset or property of the Borrower or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary; and

             

            
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            (xix)     the foregoing shall not apply to any restrictions or conditions imposed by any amendments,
                modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or other obligations referred to in clauses (i) through (xviii) above, provided, that the restrictions and conditions contained in such amendments, modifications, restatements, renewals,
                increases, supplements, refundings, replacements or refinancings are, in good faith judgment of the Borrower no more restrictive than those restrictions and conditions in effect immediately prior to such amendment, modification,
                restatement, renewal, increase, supplement, refunding, replacement or refinancing under the applicable contract, instrument or other obligation.

             

            7.14      Limitation on Hedge Agreements. 

              Enter into any Hedge Agreement other than Hedge Agreements entered into in the ordinary course of business, and not for speculative purposes.

             

            7.15        Amendment of Company Tax Sharing Agreement

             

            Amend, modify, change, waive, cancel or terminate any term or condition of the Company Tax Sharing Agreement or Prior Tax Sharing Agreement in a manner materially adverse to the interests of
              the Company or the Lenders without the prior written consent of the Required Lenders.

             

            7.16     Anti-Cash Hoarding.
              On or after the 2021 Notes Exchange Effective Date, after giving effect to any prepayments pursuant to Section 2.12(b)(iii) and after giving effect to any
              payments to be made in connection with the 2021 Notes Exchange substantially concurrently with the occurrence of the 2021 Notes Exchange Effective Date, hold or permit Holdings and its Subsidiaries to hold at any time more than $100,000,000
              in cash or Cash Equivalents (other than cash, Cash Equivalents or the proceeds of any borrowing made two Business Days after the 2021 Notes Exchange Effective Date, in each case, which are specifically identified to the Administrative Agent
              and used to pay the cash consideration and other amounts due and payable in connection with any purchase, redemption or discharge of 2021 Notes, regardless of whether such purchase, redemption or discharge is in connection with the 2021 Notes
              Exchange) so long as there are any Tranche A Revolving Loans, Swingline Loans, Local Loans, Acceptances and/or L/C Obligations outstanding.

             

            SECTION VIIA.

              HOLDINGS NEGATIVE COVENANTS

             

            Holdings hereby covenants and agrees with each Lender that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding (that has not been Cash Collateralized) or
              any Loan or other amount is owing to any Lender or any Agent hereunder (other than (i) contingent or indemnification obligations not then due and (ii) obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations
              or Specified Additional Obligations), unless the Required Lenders shall otherwise consent in writing, (a) Holdings will not create, incur, assume or permit to exist any Lien on any Capital Stock of the Borrower held by Holdings other than
              Liens created under the Loan Documents or Liens not prohibited by Section 7.3 and (b) Holdings shall do or cause to be done all things necessary to preserve, renew and keep in full force and
              effect its legal existence; provided, that Holdings may merge with any other person so long as no Default has occurred and is continuing or would result therefrom and (i) Holdings
              shall be the surviving entity or (ii) if the surviving entity is not Holdings (such other person, “Successor Holdings”), (A) Successor Holdings shall be an entity organized or
              existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (B) Successor Holdings shall expressly assume all the obligations of Holdings under this Agreement and the other Loan
              Documents pursuant to a supplement hereto or thereto in form reasonably satisfactory to the Administrative Agent, and (C) Successor Holdings shall have delivered to the Administrative Agent (x) an officer’s certificate stating that such
              merger or consolidation does not violate this Agreement or any other Loan Document and (y) if

             

            
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            requested by the Administrative Agent, an opinion of counsel to the effect that such merger or consolidation does not violate this Agreement or any other Loan Document and covering such other matters as are
              contemplated by the opinions of counsel delivered on the Closing Date pursuant to Section 5.1(e) (it being understood that if the foregoing are satisfied, Successor Holdings will succeed to, and
              be substituted for, Holdings under this Agreement).

             

            SECTION VIII.

              EVENTS OF DEFAULT

             

            8.1          Events of Default. 
              If any of the following events shall occur and be continuing:

             

            (a)       The Borrower shall fail to pay (i) any principal of any Loan when due in accordance with the terms hereof, (ii) any principal of any Reimbursement
                Obligation within three Business Days after any such Reimbursement Obligation becomes due in accordance with the terms hereof or (iii) any interest owed by it on any Loan or Reimbursement Obligation, or any other amount payable by it
                hereunder or under any other Loan Document, within five Business Days after any such interest or other amount becomes due in accordance with the terms hereof;

             

            (b)        Any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate or
                other document furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall in either case prove to have been inaccurate in any material respect (or if qualified by materiality, in any
                respect) and such inaccuracy is adverse to the Lenders on or as of the date made or deemed made or furnished;

             

            (c)          The Borrower or any Subsidiary Guarantor shall default in the observance or performance of any agreement contained in Section 6.4(a) (solely with respect to maintaining the existence of the Borrower) or Section
                  7 or Holdings shall default in the observance or performance of any agreement contained in Section 7A; provided, that, notwithstanding anything to the contrary herein, an Event of Default by the Borrower under Section 7.1 shall be subject to the cure rights set forth in Section 8.2;

             

            (d)          Any Loan Party shall default in the observance or performance of any other agreement contained in this Agreement or any other Loan Document (other
                than as provided in paragraphs (a) through (c) of this Section 8.1), and such default shall continue unremedied (i) for a period of six
                Business Days if such breach relates to the terms or provisions of Section 6.2(g) or 6.7(a) or (ii) for a period of 30 days after such Loan Party receives from the Administrative Agent or the Required Lenders notice of the existence of such default;

             

            (e)          The Borrower or any of its Restricted Subsidiaries shall:

             

            (i)       default in making any payment of any principal of any Indebtedness for Borrowed Money
                (excluding the Loans and Reimbursement Obligations) on the scheduled or original due date with respect thereto beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness for Borrowed Money was
                created;

             

            (ii)         default in making any payment of any interest on any such Indebtedness for Borrowed Money
                beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness for Borrowed Money was created; or

             

            (iii)        default in the observance or performance of any other agreement or condition relating to
                any such Indebtedness for Borrowed Money or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event of

             

            
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            default shall occur, the effect of which payment or other default or other event of default is to cause, or to permit the holder or beneficiary of such Indebtedness (or a
              trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if required, such Indebtedness for Borrowed Money to become due prior to its Stated Maturity or to become subject to a mandatory offer to purchase
              by the obligor thereunder;

             

            provided, that:

             

            (A)         a default, event or condition described in this paragraph shall not at any time constitute an Event of Default unless, at such time, one or more defaults or
              events of default of the type described in this paragraph shall have occurred and be continuing with respect to Indebtedness for Borrowed Money the outstanding principal amount of which individually exceeds $50,000,000, and in the case of
              Indebtedness for Borrowed Money of the types described in clauses (i) and (ii) of the definition thereof, with respect to such Indebtedness which
              exceeds such amount either individually or in the aggregate; and

             

            (B)       this paragraph (e) shall not apply to (i) secured Indebtedness that becomes due as a result of the sale, transfer, destruction or other disposition of the
              Property or assets securing such Indebtedness for Borrowed Money if such sale, transfer, destruction or other disposition is not prohibited hereunder and under the documents providing for such Indebtedness, or (ii) any Guarantee Obligations
              except to the extent such Guarantee Obligations shall become due and payable by any Loan Party and remain unpaid after any applicable grace period or period permitted following demand for the payment thereof;

             

            provided, further, that no Event of Default under this clause (e) shall arise or result from

             

            (1)          [reserved],

             

            (2)       any change of control (or similar event) under any other Indebtedness for Borrowed Money that is triggered due to the Permitted Investors (as defined herein)
              obtaining the requisite percentage contemplated by such change of control provision, unless both (x) such Indebtedness for Borrowed Money shall become due and payable or shall otherwise be required to be repaid, repurchased, redeemed or
              defeased, whether at the option of any holder thereof or otherwise and (y) at such time, the Borrower and/or its Restricted Subsidiaries would not be permitted to repay such Indebtedness for Borrowed Money in accordance with the terms of this
              Agreement; or

             

            (3)          any event or circumstance related to any Immaterial Subsidiary;

             

            (f)          (i) Holdings or the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary (whether or not then designated as such))
                shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief
                entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement (including any arrangement provisions of the Canada Business Corporations Act (Canada) or any other applicable
                corporation legislation under the laws of any Province or Territory of Canada), adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver,
                trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings or the Borrower or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary (whether or not then
                designated as such)) shall make a general assignment for the benefit of its creditors;

             

            
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            (ii)         there shall be commenced against Holdings or the Borrower or any of its Restricted
                Subsidiaries (other than any Immaterial Subsidiary (whether or not then designated as such)) any case, proceeding or other action of a nature referred to in clause (i) above that (A) results
                in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days;

             

            (iii)        there shall be commenced against Holdings or the Borrower
                or any of its Restricted Subsidiaries (other than any Immaterial Subsidiary (whether or not then designated as such)) any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process
                against substantially all of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof;

             

            (iv)         Holdings or the Borrower or any of its Restricted
                Subsidiaries (other than any Immaterial Subsidiary (whether or not then designated as such)) shall consent to or approve of, or acquiesce in, any of the acts set forth in clause (i), (ii), or (iii) above; or

             

            (v)          Holdings or the Borrower or any of its Restricted Subsidiaries (other than any Immaterial
                Subsidiary (whether or not then designated as such)) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due;

             

            (g)         (i)the Borrower or any of its Restricted Subsidiaries shall incur any liability in connection with any
                “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan;

             

            (ii)        a failure to meet the minimum funding standards (as defined in Section 302(a) of ERISA), whether or not waived, shall exist with respect to any Single Employer
              Plan or any Lien in favor of the PBGC or a Lien shall arise on the assets of the Borrower or any of its Restricted Subsidiaries;

             

            (iii)      a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to
              terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is reasonably likely to result in the termination of such Single Employer Plan for purposes of Title IV of ERISA;

             

            (iv)        any Single Employer Plan shall terminate in a distress termination under Section 4041(c) of ERISA or in an involuntary termination by the PBGC under Section
              4042 of ERISA;

             

            (v)          the Borrower or any of its Restricted Subsidiaries shall, or is reasonably likely to, incur any liability as a result of a withdrawal from, or the Insolvency
              of, a Multiemployer Plan; or

             

            (vi)         any other event or condition shall occur or exist with respect to a Plan or a Commonly Controlled Plan;

             

            and in each case in clauses (i) through (vi) above, which event or condition, together with all
              other such events or conditions, if any, would reasonably be expected to result in a direct obligation of the Borrower or any of its Restricted Subsidiaries to pay money that would reasonably be expected to have a Material Adverse Effect;

             

            
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            (h)        One or more final judgments or decrees shall be entered against the Borrower or any of its Restricted Subsidiaries (other than any Immaterial
                Subsidiary (whether or not then designated as such)) pursuant to which the Borrower and any such Restricted Subsidiaries taken as a whole has a liability (not paid or fully covered by third-party insurance or effective indemnity) of
                $50,000,000 or more (net of any amounts which are covered by insurance or an effective indemnity), and all such judgments or decrees shall not have been vacated, discharged, dismissed, stayed or bonded within 60 days from the entry thereof;

             

            (i)           Subject to Schedule 6.10, any limitations
                expressly set forth herein and the exceptions set forth in the applicable Security Documents:

             

            (i)          any of the Security Documents shall cease, for any reason (other than by reason of the
                express release thereof in accordance with the terms thereof or hereof) to be in full force and effect or shall be asserted in writing by the Borrower or any Guarantor not to be a legal, valid and binding obligation of any party thereto;

             

            (ii)         any security interest purported to be created by any Security Document with respect to any
                material portion of the Collateral of the Loan Parties on a consolidated basis shall cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected security interest (having the priority required by this
                Agreement or the relevant Security Document) in the securities, assets or properties covered thereby, except to the extent that (x) any such loss of perfection or priority results from limitations of foreign laws, rules and regulations as
                they apply to pledges of Capital Stock in Foreign Subsidiaries or the application thereof, or from the failure of the Collateral Agent (or, in the case of the Term Loan Agreement First Priority Collateral,
                the Designated Term Loan Agent) to maintain possession of certificates actually delivered to it representing securities pledged under the Guarantee and Collateral Agreement or otherwise or to file UCC continuation statements, (y) such loss
                is covered by a lender’s title insurance policy and the Administrative Agent shall be reasonably satisfied with the credit of such insurer or (z) any such loss of validity, perfection or priority is the result of any failure by the
                Collateral Agent (or, in the case of the Term Facility First Priority Collateral, the Designated Term Loan Agent) to take any action necessary to secure the validity, perfection or priority of the security
                interests or;

             

            (iii)        the Guarantee Obligations pursuant to the Security Documents by any Loan Party of any of
                the Obligations shall cease to be in full force and effect (other than in accordance with the terms hereof or thereof), or such Guarantee Obligations shall be asserted in writing by any Loan Party not to be in effect or not to be legal,
                valid and binding obligations; or

             

            (j)           (i)          Holdings shall cease to own, directly or indirectly, 100% of the Capital Stock of the Borrower;
                or

             

            (ii)         for any reason whatsoever, any “person” or “group” (within the meaning of Rule 13d-5 of the
                Exchange Act as in effect on the Closing Date, but excluding any employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such
                plan, and excluding the Permitted Investors) shall become the “beneficial owner” (within the meaning of Rule 13d-3 and 13d-5 of the Exchange Act as in effect on the Closing Date), directly or indirectly, of more than the greater of (x) 35%
                of the then outstanding voting securities having ordinary voting power of Holdings and (y) the percentage of the then outstanding voting securities having ordinary voting power of Holdings owned, directly or indirectly, beneficially (within
                the meaning of Rule 13d-3 and 13d-5 of the Exchange Act as in effect on the Closing Date) by the Permitted Investors (it being understood that if any such person or group includes one or more Permitted Investors, the outstanding voting
                securities having ordinary voting power of Holdings directly or indirectly owned by the Permitted

             

            
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            Investors that are part of such person or group shall not be treated as being owned by such person or group for purposes of determining whether this clause (y) is triggered) (any of the foregoing, a “Change of Control”);

             

            then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph
              (f) above with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall
              immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the following actions may be taken:  (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of
              the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Commitments to be terminated forthwith, whereupon the Revolving Commitments shall immediately terminate; and (ii) with the consent of the
              Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing
              under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable.  In the case of all Letters of Credit with respect to which presentment for honor shall not have
              occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a Cash Collateral Account an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit.  Amounts
              held in such Cash Collateral Account shall be applied by the Administrative Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been
              backstopped or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents.  After all such Letters of Credit shall have expired or been fully drawn upon, all
              Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower then due and owing hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such Cash Collateral Account
              shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto).  Except as expressly provided above in this Section 8.1 or otherwise in any Loan Document,
              presentment, demand and protest of any kind are hereby expressly waived by the Borrower.

             

            8.2          Right to
                  Cure.

             

            (a)         Notwithstanding anything to the contrary contained

                in Section 8.1, in the event that the Borrower fails to comply with the requirements of the financial covenant set forth in Section 7.1 at any time when the Borrower is required to comply with such financial covenant pursuant to the terms thereof, then

             

            (A)        after the end of the most recently ended fiscal quarter of the Borrower until the expiration of
              the tenth Business Day subsequent to the date the relevant financial statements are required to be delivered pursuant to Section 6.1(a) or (b) (the last day of such period being the “Anticipated Cure Deadline”), Holdings or the Borrower shall have the right to issue Qualified Capital Stock for cash or otherwise receive cash capital contributions and, in each case for
              Holdings, contribute the proceeds therefrom in the form of Qualified Capital Stock to the Borrower or obtain a contribution to its equity (the “Cure Right”), and upon the receipt by the Borrower of such cash (the “Cure Amount”),
              pursuant to the exercise by Holdings or the Borrower of such Cure Right, the calculation of Consolidated EBITDA as used in the financial covenant set forth in Section 7.1 shall be recalculated
              giving effect to the following pro forma adjustments:

             

            (i)        Consolidated EBITDA for such fiscal quarter (and for any subsequent period that includes such fiscal quarter) shall be increased,
              solely for the purpose of measuring the financial covenant set forth in Section 7.1 and not for any other purpose

             

            
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            under this Agreement (including but not limited to determining the availability or amount of any covenant baskets or carve-outs
              or determining the Applicable Margin), by an amount equal to the Cure Amount; provided
              that no Cure Amount shall reduce Indebtedness on an actual or a pro forma basis for any Test Period including the applicable period for purposes of calculating the financial covenant set forth in Section 7.1, nor shall any Cure Amount held by the Borrower qualify as cash or Cash Equivalents for the purposes of calculating any net obligations or liabilities under the terms of this Agreement;
              and

             

            (ii)        If, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of the financial covenant set forth in Section 7.1, the Borrower shall be deemed to have
              satisfied the requirements of the financial covenant set forth in Section 7.1 as of the relevant date of determination with the
              same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the financial covenant set forth in Section 7.1
              that had occurred shall be deemed cured for all purposes of this Agreement; and

             

            (B)         upon receipt by the Administrative Agent of written notice, on or prior to the Anticipated Cure Deadline, that the Borrower or
              Holdings intends to exercise the Cure Right in respect of a fiscal quarter, the Lenders shall not be permitted to accelerate Loans held by them, to terminate the Revolving Commitments held by them or to exercise remedies against the
              Collateral or any other remedies on the basis of a failure to comply with the requirements of the financial covenant set forth in Section 7.1,
              unless such failure is not cured pursuant to the exercise of the Cure Right on or prior to the Anticipated Cure Deadline; provided, no Revolving Lender or Swingline Lender shall be
              required to make a Loan; no Local Fronting Lender shall be required to make a Local Loan; no Issuing Lender shall be required to issue, extend, amend, renew or otherwise modify a Letter of Credit and no Local Fronting Lender shall be required
              to create, extend, amend, renew or otherwise modify an Acceptance, in each case, during such standstill period until the Borrower has exercised its Cure Right and contributed the Cure Amount in accordance with this Section 8.02(a).

             

            (b)        Notwithstanding anything herein to the contrary, (i) in each four consecutive fiscal-quarter period there shall be at
                least two fiscal quarters in respect of which the Cure Right is not exercised, (ii) there can be no more than five fiscal quarters in respect of which the Cure Right is exercised during the term of the Facilities and (iii) for purposes of
                this Section 8.2, the Cure Amount utilized shall be no greater than the minimum amount required to remedy the applicable failure to comply
                with the financial covenant set forth in Section 7.1.

             

            SECTION IX.

              THE AGENTS

             

            9.1         Appointment.  Each Lender,
              Issuing Lender and Swingline Lender hereby irrevocably designates and appoints each Agent as the agent of such Lender under the Loan Documents and each such Lender irrevocably authorizes each Agent, in such capacity, to take such action on
              its behalf under the provisions of the applicable Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms of the applicable Loan Documents, together with such other powers as
              are reasonably incidental thereto, including the authority to enter into any Intercreditor Agreement, any Increase Supplement, Lender Joinder Agreement and any Extension Amendment.  Notwithstanding any provision to the contrary elsewhere in
              this Agreement, the Agents shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or
              liabilities shall be read

             

            
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            into this Agreement or any other Loan Document or otherwise exist against the Agents.  Without limiting the generality of the foregoing, the Lenders hereby irrevocably authorize
              and instruct each Agent to, without any further consent of any Secured Party, enter into (or acknowledge and consent to) or amend, renew, extend, supplement, restate, replace, waive or otherwise modify the ABL Intercreditor Agreement and any
              Junior Intercreditor Agreement with the collateral agent or other representatives of the holders of Indebtedness that is permitted to be secured by a Lien on the Collateral that is not prohibited (including with respect to priority) under
              this Agreement and, to the extent applicable, the ABL Intercreditor Agreement, and to subject the Liens on the Collateral securing the Secured Obligations to the provisions thereof.  The Lenders irrevocably agree that (x) the Agents may rely
              exclusively on a certificate of a Responsible Officer of the Borrower as to whether any such other Liens are permitted and (y) the ABL Intercreditor Agreement and any Junior Intercreditor Agreement entered into by either Agent shall be
              binding on the Lenders, and each Lender hereby agrees that it will take no actions contrary to the provisions of any Intercreditor Agreement.  Upon execution and delivery of a joinder documentation to this Credit Agreement acceptable to the
              Tranche B Administrative Agent, the Primary Administrative Agent and the Borrower, Alter Domus (US) LLC (or such other Person designated by the Primary Administrative Agent and the Borrower) shall be appointed as the Tranche B Administrative
              Agent.

             

            9.2          Delegation of Duties.  Each
              Agent may execute any of its duties under the applicable Loan Documents by or through any of its branches, agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  Neither Agent
              shall be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.  Each Agent and any such agent or attorney-in-fact may perform any and all of its duties by or through their
              respective Related Persons.  The exculpatory provisions of this Section shall apply to any such agent or attorney-in-fact and to the Related Persons of each Agent and any such
              agent or attorney-in-fact, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent.

             

            9.3         Exculpatory Provisions. 
              Neither any Agent nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with
              this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or
              willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in
              any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
              enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder or the creation, perfection or priority of any Lien purported
              to be created by the Security Documents or the value or the sufficiency of any Collateral.  The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements
              contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party, nor shall any Agent be required to take any action that, in its opinion or the opinion of its
              counsel, may expose it to liability that is not subject to indemnification under Section 10.5 or that is contrary to any Loan Document or applicable law.

             

            9.4          Reliance by the Agents.

             

            (a)          The Agents shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent,
                certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and

             

            
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            to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts
              selected by the Agents.  The Tranche B Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instruction, determination or request of the Primary Administrative Agent.

             

            (b)          Each Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or
                transfer thereof shall have been filed with the Administrative Agent.  Each Agent shall be fully justified in failing or refusing to take any action under the applicable Loan Document unless it shall first receive such advice or concurrence
                of the Required Lenders (or, if so specified by this Agreement, all Lenders or the Majority Facility Lenders in respect of any Facility) as it deems appropriate or it shall first be indemnified to its satisfaction by the Revolving Lenders
                against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.

             

            (c)          The Agents shall in all cases be fully protected in acting, or in refraining from acting, under the applicable Loan Documents in accordance with a
                request of the Required Lenders (or, if so specified by this Agreement, all Lenders or the Majority Facility Lenders in respect of any Facility), and such request and any action taken or failure to act pursuant thereto shall be binding upon
                all the Lenders and all future holders of the Loans.  The Tranche B Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under the applicable Loan Documents in accordance with a request of the
                Primary Administrative Agent, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.  Notwithstanding anything contained herein to the contrary
                (but subject to the indemnity provisions of Section 10.5(c)), any action or any omission to act taken by the Tranche B Administrative Agent
                at the direction of the Required Lenders (or such other Lenders as may be required to give such instructions under Section 10.1) or any
                Agent shall not constitute gross negligence or willful misconduct.

             

            (d)        In determining compliance with any conditions hereunder to the making of a Loan, the issuance of a Letter of Credit or the creation of an Acceptance,
                that by its terms must be fulfilled to the satisfaction of a Lender, an Issuing Lender or Swingline Lender, the Agents may presume that such condition is satisfactory to such Lender, Issuing Lender or Swingline Lender unless the
                Administrative Agent shall have received notice to the contrary from such Lender, Issuing Lender, or Swingline Lender prior to the making of such Loan or the issuance of such Letter of Credit.

             

            9.5          Notice of Default.  Neither
              Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless such Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event
              of Default and stating that such notice is a “notice of default.”  In the event that an Agent receives such a notice, such Agent shall give notice thereof to the Lenders.  The Agents shall take such action with respect to such Default or
              Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or the Majority Facility Lenders in respect of any Facility); provided,
              that unless and until such Agent shall have received such directions, such Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
              advisable in the best interests of the Lenders.

             

            9.6         Non-Reliance on Agents and Other Lenders. 

              Each Lender expressly acknowledges that neither the Agents nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates have made any representations or warranties to it and that no act by any Agent
              hereafter taken, including any review of the affairs of a Loan Party or any Affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agent to any Lender.  Each Lender represents to the Agents that it has,
              independently and without reliance upon any Agent or any other Lender, and based on such

             

            
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            documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, Property, financial and other condition and creditworthiness of the Loan
              Parties and their Affiliates and made its own decision to make its Loans hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on
              such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the applicable Loan Documents, and to make such investigation as
              it deems necessary to inform itself as to the business, operations, Property, financial and other condition and creditworthiness of the Loan Parties and their Affiliates.  Except for notices, reports and other documents expressly required to
              be furnished to the Lenders by the Agents hereunder, the Agents shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, Property, condition (financial or
              otherwise), prospects or creditworthiness of any Loan Party or any Affiliate of a Loan Party that may come into the possession of either Agent or any of its officers, directors, employees, agents, attorneys in fact or Affiliates.

             

            9.7          Indemnification.

             

            (a)          The Revolving Lenders severally agree to indemnify and hold harmless each
                Agent, any Issuing Lender and Swingline Lender in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Aggregate Exposure
                Percentages in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the
                date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities,
                obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted
                against such Agent, any Issuing Lender or Swingline Lender in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the
                transactions contemplated hereby or thereby or any action taken or omitted by such Agent, any Issuing Lender or Swingline Lender under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
                suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s, Issuing Lender’s or Swingline Lender’s gross negligence or willful
                misconduct.

             

            (b)         The Tranche B Term Lenders severally agree to indemnify and hold harmless the Primary Administrative Agent and Tranche B Administrative Agent, in
                each case, in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably based upon the aggregate principal amount of Tranche B Term Loans held by such Tranche B
                Term Lender in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the
                date upon which the Tranche B Term Loans shall have been paid in full, ratably in accordance with the Tranche B Term Loans immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
                actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Administrative Agent in any way
                relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or
                omitted by such Administrative Agent under or in connection with any of the foregoing.

             

            (c)          The agreements in this Section 9.7 shall
                survive the payment of the Loans and all other amounts payable hereunder.

             

            
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            9.8         Agent in Its Individual Capacity.  Each Agent and its
              Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent.  With respect to its Loans or Swingline Loan made or renewed by it and with respect to
              any Letter of Credit or Acceptance, issued or participated in by it, as applicable, each Agent shall have the same rights and powers under the applicable Loan Documents as any Lender and may exercise the same as though it were not an Agent,
              and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

             

            9.9          Successor Agents.

             

            (a)         Subject to the appointment of a successor as set forth herein, any Agent may resign upon 30 days’ notice to the Lenders, the Borrower and the other
                Agent.  Upon receipt of any such notice of resignation, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall be a bank that has an office in New York, New York with a combined capital and surplus of at least $500,000,000 and shall (unless an Event of Default under Section 8.1(a) or Section 8.1(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by
                the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of such retiring Agent, and the retiring Agent’s rights, powers and duties as Agent
                shall be terminated, without any other or further act or deed on the part of such retiring Agent or any of the parties to this Agreement or any holders of the Loans.  If no successor Agent shall have been so appointed by the Required
                Lenders with such consent of the Borrower and shall have accepted such appointment within 30 days after the retiring Agent’s giving of notice of resignation (the “Resignation

                Effective Date”), then the retiring Agent may (but shall not be obligated to do so), on behalf of the Lenders and, unless an Event of Default under Section 8.1(a) or Section 8.1(f) with respect to the Borrower shall have occurred and
                be continuing, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) appoint a successor Administrative Agent and/or Collateral Agent, as the case may be, with the qualifications set forth above (other than any such Agent is a Lender at such time).  Whether or not a successor has been appointed, such
                Agent’s resignation shall become effective in accordance with such notice on the Resignation Effective Date.  After any retiring Agent’s resignation as Agent, the provisions of this Section

                  9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan Documents.  If no successor Agent has been appointed and
                such appointment is effective by the Resignation Effective Date, any other then existing Agent (in the sole discretion of such Agent) may become such successor Agent and, if no other then-existing Agent elects to become such successor
                Agent, all payments, communications and determinations required to be made by, to or through the retiring Administrative Agent shall instead be made by or to each Lender (and other Persons entitle to payments) directly (and each Lender (and
                each other Person) will cooperate with the Borrower to enable the Borrower to take such actions), until such time as the Required Lenders appoint a successor Administrative Agent as provided in this clause (a); provided, until a successor Agent has been appointed
                by Required Lenders and such appointment is effective, the Borrower may appoint a paying agent to make such payments, communications and/or determinations on behalf of all such Lenders and other Persons.

             

            (b)          If at any time either the Borrower or the Required Lenders determine that any Person serving as an Agent is a Defaulting Lender, the Borrower by
                notice to the Lenders and such Person or the Required Lenders by notice to the Borrower and such Person may, subject to the appointment of a successor as set forth herein, remove such Person as an Agent.  If such Person is removed as an
                Agent, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8.1(a) or Section 8.1(f) with respect to the Borrower shall have occurred and be continuing) be subject to approval by
                the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of such retiring Agent, and the retiring Agent’s rights, powers and duties as Agent
                shall be terminated,

             

            
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            without any other or further act or deed on the part of such retiring Agent or any of the parties to this Agreement or any holders of the Loans.  Such removal will, to the fullest extent
              permitted by applicable law, be effective on the date a replacement Agent is appointed.

             

            (c)          Any resignation by the Administrative Agent pursuant to this Section 9 shall also constitute its resignation as Collateral Agent and, if applicable, Issuing Lender and Swingline Lender.  Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such
                successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Collateral Agent and, if applicable, Issuing Lender and Swingline Lender, provided that, to the extent such successor Administrative Agent is not capable of becoming an Issuing Lender, such successor shall not so succeed and become vested and another
                Issuing Lender may be appointed in accordance with clause (c) of the definition of “Issuing Lender”, (ii) the retiring Collateral Agent,
                Issuing Lender and Swingline Lender shall be discharged from all of its respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor Issuing Lender shall issue letters of credit in substitution for
                or to backstop the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Lender to effectively assume the obligations of the retiring Issuing Lender with
                respect to such Letters of Credit.

             

            9.10        Authorization to Release Liens and
                  Guarantees.  The Agents are hereby irrevocably authorized by each of the Lenders to effect any release or subordination of Liens or Guarantee Obligations contemplated by Section 10.15.
            

             

            9.11       Agents May File Proofs of Claim. 

              In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, to the maximum extent permitted by applicable law, each Agent (irrespective of whether the principal of any
              Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether either Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in
              such proceeding or otherwise, 

             

            (a)          to file a proof of claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other
                Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders, the Swingline Lender and the Agents (including any claim for the
                reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lenders, the Swingline Lender and the Agents and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders, the
                Swingline Lender and the Agents under Sections 2.9, 3.3 and 10.5) allowed in such judicial proceeding; and

             

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

             

            and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender, each Issuing Lender and the Swingline
              Lender to make such payments to the Agents and, if either Agent shall consent to the making of such payments directly to the Lenders, Issuing Lenders and Swingline Lender, to pay to such Agent any amount due for the reasonable compensation,
              expenses, disbursements and advances of such Agent and its agents and counsel, and any other amounts due to such Agent under Sections 2.9 and 10.5.

             

            Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender, Issuing Lender or Swingline Lender any
              plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any

             

            
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            Lender, Issuing Lender or Swingline Lender to authorize such Agent to vote in respect of the claim of any Lender, Issuing Lender or Swingline Lender or in any such proceeding.

             

            9.12        Specified Hedge Agreements, Specified Cash Management Obligations and Specified Additional Obligations.

             

            (a)          Except as otherwise expressly set forth herein or in any Security Documents, to the maximum extent permitted by applicable law, no Person that
                obtains the benefits of any guarantee by any Guarantor of the Obligations or any Collateral with respect to any Specified Hedge Agreement entered into by it and the Borrower or any Subsidiary Guarantor or with respect to any Specified Cash Management Obligations or Specified Additional Obligations owed by the Borrower or any Subsidiary
                Guarantor to such Person shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or impairment
                of any Collateral) other than, if applicable, in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.  Notwithstanding any other provision of this Section 9 to the contrary, neither Agent shall be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, obligations arising
                under any Specified Hedge Agreement or with respect to Specified Cash Management Obligations or with
                respect to Specified Additional Obligations unless such Agent has received written notice of such obligations (together with the information required by Sections 9.12(b) and (c) below), together with such
                other supporting documentation as it may request, from the applicable Person to whom such obligations are owed.

             

            (b)         The Borrower and any Hedge Bank may from time to time designate the Hedge Agreement to which they are parties as being a “Specified Hedge Agreement”
                upon written notice (a “Hedge Designation Notice”) to the Administrative Agent from the Borrower, which Hedge Designation
                Notice shall include (i) a description of such Hedge Agreement and (ii) the maximum portion (expressed in Dollars) of the Hedge Termination Value thereunder, if any, that is elected by the Borrower to constitute a “Designated Hedge Pari
                Passu Distribution Amount” and as to which an equal reserve shall be taken against the Tranche A Borrowing Base as a Specified Reserve (such portion, a “Designated
                Hedge Pari Passu Distribution Amount” and the obligations under such Specified Hedge Agreement (to the extent a Specified Reserve equal to such Designated Hedge Pari Passu Distribution Amount exists with
                respect to such Specified Hedge Agreement), “Pari Passu Distribution Hedge Obligations”); provided, that no such Designated Hedge Pari Passu Distribution Amount with respect to any Specified Hedge Agreement shall constitute Pari Passu Distribution
                Hedge Obligations (and no such Specified Reserve shall be established by the Administrative Agent in connection therewith) to the extent that, at the time of delivery of the applicable Hedge Designation Notice and after giving effect to
                such Designated Hedge Pari Passu Distribution Amount (including any Specified Reserve with respect to such Pari Passu Distribution Hedge Obligations to be established by the Administrative Agent in connection therewith), the difference
                between Tranche A Availability and the Tranche A Revolving Extensions of Credit then outstanding would be less than zero (it being understood, for the avoidance of doubt, that in such a case (1) a Specified Reserve shall be established in
                an amount equal to the amount that will cause the difference between Tranche A Availability and the Tranche A Revolving Extensions of Credit then outstanding (after giving effect to such Specified Reserve) to equal zero, (2) the Designated
                Hedge Pari Passu Distribution Amount in respect of such Specified Hedge Agreement shall be deemed to equal the amount of such Specified Reserve and (3) a portion of the Secured Obligations in respect of such Specified Hedge Agreement equal
                to the amount of such Specified Reserve shall constitute Pari Passu Distribution Hedge Obligations to the extent such Specified Reserve exists).

             

            (c)        The Borrower and any counterparty may from time to time designate obligations towards such counterparty as being a “Specified Additional Obligation”,
                subject, in the case of principal, to the limitations set forth in the definition thereof, upon written notice (an “Additional Obligation Designation

             

            
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            Notice”) to the Administrative Agent from the Borrower, which Additional Obligation Designation Notice shall include (i) a description
              of such obligations and (ii) the amount (expressed in Dollars) thereunder, if any, that is elected by the Borrower to constitute a Designated Additional Obligation Pari Passu Distribution Amount and as to which an equal reserve shall be taken
              against the Tranche A Borrowing Base as a Specified Reserve (such amount, a “Designated Additional Obligation Pari Passu Distribution Amount” and such obligations (to the extent a
              Specified Reserve equal to such Designated Additional Obligation Pari Passu Distribution Amount exists with respect to such Specified Additional Obligations), “Pari Passu Distribution
                Additional Obligations”); provided, that no such Designated Additional Obligation Pari Passu Distribution Amount with respect to any obligations shall constitute Pari Passu
              Distribution Additional Obligations (and no such Specified Reserve shall be established by the Administrative Agent in connection therewith) to the extent that, at the time of delivery of the applicable Additional Obligation Designation
              Notice and after giving effect to such Designated Additional Obligation Pari Passu Distribution Amount (including any Specified Reserve with respect to such Pari Passu Distribution Additional Obligations to be established by the
              Administrative Agent in connection therewith), the difference between Tranche A Availability and the Tranche A Revolving Extensions of Credit then outstanding would be less than zero (it being understood, for the avoidance of doubt, that in
              such a case (1) a Specified Reserve shall be established in an amount equal to the amount that will cause the difference between Tranche A Availability and the Tranche A Revolving Extensions of Credit then outstanding (after giving to such
              Specified Reserve) to equal zero, (2) the Designated Additional Obligation Pari Passu Distribution Amount in respect of such obligations shall be deemed to equal the amount of such Specified Reserve and (3) a portion of the Secured
              Obligations in respect of such obligations equal to the amount of such Specified Reserve plus any accrued interest or fees in respect of such Designated Additional Obligation Pari
              Passu Distribution Amount shall constitute Pari Passu Distribution Additional Obligations to the extent such Specified Reserve exists).

             

            (d)         The Borrower and the applicable Hedge Bank or counterparty, as applicable, may increase, decrease or terminate any Designated Hedge Pari Passu
                Distribution Amount or Designated Additional Obligation Pari Passu Distribution Amount, as applicable, in respect of a Specified Hedge Agreement or other obligations, respectively, upon written notice to the Administrative Agent, in which
                case the Administrative Agent shall promptly make a corresponding adjustment to the Specified Reserve with respect thereto; provided, that any increase in a Designated Hedge Pari Passu Distribution Amount or Designated Additional Obligation Pari Passu Distribution Amount, as applicable, shall be deemed to be a new designation of a Designated Hedge Pari Passu
                Distribution Amount or Designated Additional Obligation Pari Passu Distribution Amount, as applicable, pursuant to a new Hedge Designation Notice or Additional Obligation Designation Notice, respectively, and shall be subject to the
                limitations set forth in Section 9.12(b) or Section 9.12(c), as applicable.  For the avoidance of doubt, obligations under any Hedge Agreement designated pursuant to this Section 9.12 in excess of the applicable Designated Hedge Pari Passu Distribution Amount, and obligations under any Specified Additional Obligations designated pursuant to this Section

                  9.12 in excess of the applicable Designated Additional Obligation Pari Passu Distribution Amount, shall in each case constitute Secured Obligations under a Specified Hedge Agreement or Specified
                Additional Obligation, as applicable, but shall be entitled to a lesser priority of payment as set forth in Section 6.6 of the Guarantee
                and Collateral Agreement.

             

            9.13      Joint Lead Arrangers, Joint Bookrunners, Syndication Agent and Co-Documentation Agents.  None of the Joint Lead Arrangers, Joint Bookrunners, the Syndication Agent or the Co-Documentation Agents shall have any duties
              or responsibilities hereunder in their respective capacities. 

             

            SECTION X.

              MISCELLANEOUS

             

            10.1        Amendments and Waivers.

             

            
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            (a)        Except to the extent otherwise expressly set forth in this Agreement (including Sections
                  2.25, 2.26, 7.11 and 10.16) or the applicable Loan Documents,
                neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section
                  10.1.

             

            The Required Lenders and each Loan Party and Local Borrowing Subsidiary party to the relevant Loan Document may, subject to the acknowledgment of the Administrative Agent, or, with the
              written consent of the Required Lenders, the Administrative Agent and each Loan Party and Local Borrowing Subsidiary party to the relevant Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications
              hereto and to the other Loan Documents for the purpose of adding, deleting or otherwise modifying any provisions to this Agreement or the other Loan Documents or changing in any manner the rights or obligations of the Agents, the Issuing
              Lenders, the Swingline Lender or the Lenders or of the Loan Parties or their Subsidiaries or the Local Borrowing Subsidiaries hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Administrative
              Agent may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall:

             

            (A)         forgive or reduce the principal amount or extend the final scheduled date of maturity of any
                Loan, reduce the stated rate of any interest, fee or premium payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of
                the Required Lenders) and (y) that any amendment or modification of defined terms used in the financial ratios in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (A)) or extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each
                Lender directly and adversely affected thereby, which such consent of each Lender directly and adversely affected thereby shall be sufficient to effect such waiver without regard for a Required Lender consent;

             

            (B)         amend, modify or waive any provision of paragraph (a) of this Section 10.1 without the written consent of all Lenders;

             

            (C)         reduce any percentage specified in the definition of Required Lenders or Supermajority Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents (except as
                provided in Section 7.4(j)), release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their obligations under the Guarantee and Collateral
                Agreement, in each case without the written consent of all Lenders (except as expressly permitted hereby (including pursuant to Section 7.4 or 7.5)
                or by any Security Document);

             

            (D)        amend, modify or waive any provision of paragraph (a) or (c) of Section 2.18 or Section 6.6 of the Guarantee and Collateral Agreement without the written consent of all Lenders directly and adversely affected thereby;

             

            (E)         reduce the number of Appraisals, investigations, reviews, verifications and field
                examinations conducted and reports provided pursuant to Section 6.14 without the written consent of Supermajority Lenders;

             

            
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            (F)         reduce the percentage specified in the definition of Majority Facility Lenders with respect
                to any Facility without the written consent of all Lenders under such Facility, which consent shall be sufficient to effect such waiver under the applicable Facility without regard for a Required Lender consent;

             

            (G)         amend, modify or waive any provision of Section 9 with respect to any Agent without the written consent of such Agent;

             

            (H)       amend, modify or waive any provision of Section 3 with respect to any Issuing Lender without the written consent of such Issuing Lender;

             

            (I)           [reserved];

             

            (J)          amend, modify or waive any provision of Section 2.6
                without the written consent of the Swingline Lender;

             

            (K)        affect the rights or duties of each Local Fronting Lender under this Agreement or the other
                Loan Documents without the written consent of such Local Fronting Lender; or

             

            (L)       amend, supplement or otherwise modify or waive any of the terms
                and provisions (and related definitions) related to the Borrowing Base (including an amendment for the purpose of establishing any additional borrowing base in respect of assets owned by Foreign Subsidiaries) and any provisions (including
                advance rates) relating to the Maximum Availability, Availability or Revolving Extensions of Credit in any manner that has the effect of increasing the amounts available to be borrowed hereunder without the
                written consent of the Supermajority Lenders; provided, however, that the foregoing shall not apply to any such
                waivers, consents or other modifications related to the Borrowing Base or any provisions relating to the Maximum Availability, Availability or Revolving Extensions of Credit that have the effect of increasing the amounts available to be
                borrowed hereunder to the extent expressly permitted hereunder, which waivers, consents or other modifications shall not, for the avoidance of doubt, constitute amendments, supplements or other modifications subject to this Section 10.1(a).

             

            Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Local Borrowing Subsidiaries, the
              Lenders, the Issuing Lender, the Agents and all future holders of the Loans.  In the case of any waiver, the Loan Parties, the Lenders, the Issuing Lender and the Agents shall be restored to their former position and rights hereunder and
              under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing unless limited by the terms of such waiver; but no such waiver shall extend to any subsequent or other Default or Event
              of Default, or impair any right consequent thereon.

             

            Notwithstanding anything to the contrary herein, any amendment, modification, waiver or other action which by its terms requires the consent of all Lenders, all Revolving Lenders or each
              affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that (x) the Commitment of any such Defaulting Lender may not be increased or extended, the maturity of the Loans of any such
              Defaulting Lender may not be extended, the rate of interest on any of such Loans may not be reduced and the principal amount of any of such Loans may not be forgiven, in each case without the consent of such Defaulting Lender and (y) any
              amendment, modification, waiver or other action that by its terms adversely affects any such Defaulting Lender

             

            
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            in its capacity as a Lender in a manner that differs in any material respect from, and is more adverse to such Defaulting Lender than it is to, other affected Lenders shall require the
              consent of such Defaulting Lender.

             

            (b)        Any waiver, amendment, supplement or modification otherwise permitted pursuant to Section
                  10.1(a) shall not be permitted to the extent that such waiver, amendment, supplement or modification

             

            (i)          Tranche A Revolving Facility

             

            (A)        amends, supplements or otherwise modifies or waives any of the terms and provisions (and
                related definitions) related to the Tranche A Borrowing Base (including an amendment for the purpose of establishing any additional borrowing base in respect of assets owned by Foreign Subsidiaries) and any provisions (including advance
                rates) relating to the Tranche A Availability or Tranche A Revolving Extensions of Credit in any manner that has the effect of increasing the amounts available to be borrowed from the Tranche A Lenders hereunder without the written consent
                of the Supermajority Tranche A Lenders; provided, however, that the foregoing shall not apply to any such waivers,
                consents or other modifications related to the Tranche A Borrowing Base or any provisions relating to the Tranche A Availability or Tranche A Revolving Extensions of Credit that have the effect of increasing the amounts available to be
                borrowed from the Tranche A Lenders hereunder to the extent expressly permitted hereunder, which waivers, consents or other modifications shall not, for the avoidance of doubt, constitute amendments, supplements or other modifications
                subject to this Section 10.1(b);

             

            (B)        amend, supplement or otherwise modify or waives any term of this Agreement or any other Loan
                Document in a manner that adversely and disproportionally affects the rights of the Tranche A Revolving Lenders as compared to other Revolving Lenders without the written consent of the Required Tranche A Lenders;

             

            (C)         reduce any percentage specified in the definition of Required Tranche A Lenders or
                Supermajority Tranche A Lenders without the written consent of all Tranche A Revolving Lenders;

             

            (D)         amend, modify or waive any provision of paragraph (c)
                of Section 2.11 or Section 6.6 of the Holdings Guarantee and Pledge Agreement without the written consent of all Tranche A Revolving Lenders directly and adversely affected thereby; or

             

            (E)         amends, modifies or waives any provision of paragraph
                    (b)(i) of this Section 10.1 without the written consent of all Tranche A Revolving Lenders directly and adversely affected thereby;

             

            (ii)          [reserved].

             

            (c)         Any waiver, amendment, supplement or modification otherwise permitted pursuant to Section 10.1(a) shall not be permitted to the extent that such waiver, amendment, supplement or modification, amends, supplements or modifies the rights, duties or
                obligations of an Agent without the written consent of such Agent directly and adversely affected thereby.

             

            (d)       In addition, notwithstanding the foregoing, this Agreement or any other Loan Document may
                be amended with the written consent of the Administrative Agent (not to be unreasonably withheld,

             

            
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            delayed or conditioned), the Borrower and the Lenders providing the relevant Refinancing Revolving Commitments (as defined below), as may be necessary or appropriate, in the
                opinion of the Borrower and the Administrative Agent, to provide for the incurrence of Permitted Refinancing Obligations under this Agreement in the form of a new tranche of Revolving Commitments hereunder (“Refinancing Revolving Commitments”), which Refinancing Revolving Commitments will be used to refinance or replace all of the Revolving Commitments hereunder (“Refinanced Revolving Commitments”); provided, that

             

            (i)        the aggregate amount of such Refinancing Revolving Commitments shall not exceed the aggregate
                amount of such Refinanced Revolving Commitments (plus accrued interest, fees, discounts, premiums and expenses and any amounts necessary or appropriate to Cash Collateralize any
                then outstanding Letters of Credit); and

             

            (ii)        in connection with any amendments relating to the Refinancing Revolving Commitments, the
                Administrative Agent and the Collateral Agent may be substituted by the Borrower and any Person designated by the Lenders providing the relevant Refinancing Revolving Commitments pursuant to customary agency transfer documentation (it being
                understood that such Person shall become and succeed the then-current Administrative Agent and Collateral Agent as the Administrative Agent and Collateral Agent).

             

            Any Refinancing Revolving Commitments that have the same terms shall constitute a single Tranche hereunder.  The Borrower shall notify the Administrative Agent of the date on which the
              Borrower proposes that such Refinancing Revolving Commitments shall become effective, which shall be a date not less than 10 Business Days (or such shorter period as the Administrative Agent may agree to) after the date on which such notice
              is delivered to the Administrative Agent; provided, that no such Refinancing Revolving Commitments, and no amendments relating thereto, shall become effective, unless the Borrower
              shall deliver or cause to be delivered documents of a type comparable to those described under clause (viii) of Section 2.25(b) to the extent
              reasonably requested by the Administrative Agent (or successor thereto, as applicable).

             

            (e)        Furthermore, notwithstanding the foregoing, if following the Closing Date, the Administrative Agent and the Borrower shall have jointly identified an
                ambiguity, mistake, omission, defect, or inconsistency, in each case, in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such
                amendment shall become effective without any further action or consent of any other party to this Agreement or any other Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following
                receipt of notice thereof; it being understood that posting such amendment electronically on the Platform to the Required Lenders shall be deemed adequate receipt of
                notice of such amendment.  After the Amendment No. 5 Effective Date, the Primary Administrative Agent and the Borrower shall be permitted to amend the Loan Documents to make such changes to the mechanical and agency provisions thereof as
                may be necessary or appropriate to better effectuate or memorialize the appointment and/or joinder of the Tranche B Administrative Agent and/or the implementation of the Tranche B Term Facility without the consent of any other party hereto.

             

            (f)          Furthermore, notwithstanding the foregoing, this Agreement may be amended, supplemented or otherwise modified in accordance with Sections 2.25, 2.26,
              7.11 and 10.16.

             

            10.2        Notices; Electronic Communications.

             

            (a)          All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless
                otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered or posted to the Platform, or three Business Days after

             

            
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            being deposited in the mail, postage prepaid, hand delivered or, in the case of telecopy notice, when sent (except in the case of a telecopy notice not given
              during normal business hours (New York time) for the recipient, which shall be deemed to have been given at the opening of business on the next Business Day for the recipient), addressed as follows in the case of the Borrower or the Agents,
              and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such Person or at such other address as may be hereafter notified by the respective parties hereto:

             

            	
                    The Borrower:

                  	
                    Revlon Consumer Products Corporation

                      One New York Plaza

                      New York, New York 10004

                      Attention: Michael T. Sheehan, Senior Vice  

                      President, Deputy General Counsel and Secretary

                      Telephone:  (212) 527-5539

                      Email:  Michael.Sheehan@revlon.com

                  
	 	 
	 	
                    Attention:  Eric Warren

                      Email:  Eric.Warren@revlon.com

                      

                      Attention:  Donald Eng

                      Email:  Donald.Eng@revlon.com

                  
	 	 
	
                    With a copy (which shall not

                      constitute notice) to:

                  	
                    Paul, Weiss, Rifkind, Wharton &Garrison LLP

                      1285 Avenue of the Americas

                      New York, New York 10019-6064

                      Attention:  Catherine Goodall

                      Telecopy:  (212) 492-0919

                      Telephone: (212)373-3919

                    

                     Email: CGoodall@paulweiss.com

                  
	 	 
	
                    Agents (other than the Tranche B 

                    Administrative Agent):

                  	
                    For loan borrowing notices, continuations,  

                    

                     conversions, and payments:

                    

                     

                    

                     Citibank, N.A.

                      Citigroup / ABTF Global Loans

                      1615 Brett Road

                      New Castle, DE 19720

                      Attention:  Kimberly M. Shelton

                      Email: Kimberly.Shelton@citi.com

                    For financial statements, certificates, other

                      information:

                      

                      Citibank, N.A.

                      Asset Based & Transitional Finance

                      390 Greenwich Street, 1st Fl

                      New York, NY 10013

                      Attention:  David Smith

                      Email: David.l2.Smith@citi.com

                  

            
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                    With a copy (which shall not

                      constitute notice) to:

                  	
                    Latham & Watkins LLP

                      885 Third Avenue

                      New York, NY 10022

                      Attention: Eugene Mazzaro / Alfred Xue

                      Telecopy:  (212) 751-4864

                      Telephone:  (212) 906-1200

                      Email: Eugene.Mazzaro@lw.com /

                    

                    Alfred.Xue@lw.com 

                  
	 	 
	
                    Tranche B Administrative Agent

                  	
                    For loan borrowing notices, continuations, 

                    

                     conversions, and payments:

                    

                     

                    

                     Alter Domus (US) LLC

                      225 W. Washington Street, 9th Floor

                      Chicago, Illinois 60606

                      Attention: Legal Department and Steve Lenard

                    Email: legal@alterdomus.com and 

                    cpcagency@alterdomus.com

                  
	 	 
	
                    With a copy (which shall not

                      constitute notice) to:

                  	
                    Holland & Knight LLP

                      150 N. Riverside Plaza, Suite 2700

                      Chicago, Illinois 60606

                      Attention: Joshua M. Spencer

                      Email: joshua.spencer@hklaw.com

                  
	 	 
	
                    Issuing Lenders:

                  	
                    Citibank, N.A.

                      Citigroup / ABTF Global Loans

                      1615 Brett Road

                      New Castle, DE 19720

                      Attention:  Kimberly M. Shelton

                      Email: Kimberly.Shelton@citi.com

                     

                    JPMorgan Chase Bank, N.A.

                      925 Westchester Avenue, 3rd Floor

                      White Plains, NY 10604

                      Attention:  Donna DiForio

                      Email: Donna.DiForio@jpmorgan.com

                     

                    Bank of America, N.A.

                    Business Capital-Trade & International Services

                    

                     Group

                     450 B Street, Suite 430

                      San Diego, CA 92101

                      Attention:  JoAnn Regina

                      Vice President, Credit Support Manager

                      Telecopy:  (619) 515-5793

                      Telephone:  (904) 312-5688

                      Email: JoAnn.Regina@BAML.com

                  

             

            

            
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                    Swingline Lender:

                  	
                    Citibank, N.A.

                      Citigroup / ABTF Global Loans

                      1615 Brett Road

                      New Castle, DE 19720

                      Attention:  Kimberly M. Shelton

                      Email: Kimberly.Shelton@citi.com

                  

            

            

            provided, that any notice, request or demand to or upon the Agents, the Lenders or the Borrower shall not be effective
              until received.

             

            (b)        Notices and other communications to the Lenders hereunder may be delivered or furnished by posting to the Platform or by any electronic communications pursuant to procedures approved by the Administrative Agent; provided, that the foregoing shall not apply to notices pursuant to Section 2 unless
                otherwise agreed by the Administrative Agent and the applicable Lender.  Any 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.

             

            (c)         The Borrower, each Agent and each Lender hereby acknowledges that (i) Holdings, the Borrower, the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders, the Issuing Lenders and the Swingline Lender materials and/or
                information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower
                Materials on IntraLinks or another similar electronic system (the “Platform”) and (ii) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive information other than information that is publicly available, or not material
                with respect to Holdings, the Borrower or its Subsidiaries, or their respective securities, for purposes of the United States Federal and state securities laws (collectively, “Public Information”).  The Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the Borrower Materials that is Public Information and that
                (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the
                Borrower shall be deemed to have authorized the Administrative Agent, the Issuing Lenders, the Swingline Lender and the Lenders to treat such Borrower Materials as containing only Public Information (although it may be sensitive and
                proprietary) (provided, however, that to the extent such Borrower Materials constitute Confidential Information, they shall be treated as set forth in Section 10.14); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent shall be entitled to treat any
                Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information”; provided, that there is no requirement that the Borrower identify any such information as “PUBLIC.”

             

            (d)         THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE
                BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
                FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the
                Administrative Agent or any of its Related Persons (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, any Issuing

             

            
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            Lender, the Swingline Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or the
              Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable
              judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Agent Party or any of its Related Persons; provided, however, that in no event shall any Agent Party have any liability to the Borrower, any Lender, any Issuing Lender, the Swingline Lender or any other Person for indirect, special, incidental, consequential or
              punitive damages (as opposed to direct or actual damages).

             

            (e)          Each of the Borrower, the Administrative Agent, each Issuing Lender and the Swingline Lender may change its address, telecopier or telephone number
                for notices and other communications hereunder by notice to such other Persons.  Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrower, the
                Administrative Agent, each Issuing Lender and the Swingline Lender.  In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address,
                contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.  Furthermore, each Public Lender agrees to cause at
                least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its
                delegate, in accordance with such Public Lender’s compliance procedures and applicable law, including United States Federal securities laws, to make reference to Borrower Materials that are not made available through the “Public Side
                Information” portion of the Platform and that may contain information other than Public Information.

             

            (f)         The Administrative Agent, the Issuing Lenders, the Swingline Lender and the Lenders shall be entitled to rely and act upon any notices (including
                telephonic notices of borrowing) believed in good faith by the Administrative Agent to be given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or
                followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  All telephonic notices to and other telephonic communications with the Administrative
                Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

             

            10.3        No Waiver; Cumulative Remedies.

             

            (a)         No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under
                the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
                remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

             

            (b)         Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and
                under the other Loan Documents against the Loan Parties or the Local Borrowing Subsidiaries or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and
                maintained exclusively by, the Administrative Agent in accordance with Section 8.1 for the benefit of all the Lenders, the Issuing Lenders
                and the Swingline Lender; provided, however, that the foregoing shall not prohibit (i) each Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Agent) hereunder and under the other Loan
                Documents, (ii) each Issuing Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing Lender, as the case may be)

             

            
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            hereunder and under the other Loan Documents and the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Swingline Lender, as the case
              may be) hereunder and under the other Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 10.7(b) or (c), as applicable (subject to the terms of Section 10.7(a)), or (iv) any Lender from filing proofs of claim or appearing and filing pleadings on its
              own behalf during the pendency of a proceeding relative to any Loan Party or Local Borrowing Subsidiary under any Debtor Relief Law.

             

            10.4      Survival of Representations and Warranties. 

              All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and
              the making of the Loans and other extensions of credit hereunder. 

             

            10.5        Payment of Expenses; Indemnification. 

              Except with respect to Taxes which are addressed in Section 2.20, the Borrower agrees: 

             

            (a)        to pay or reimburse each Agent for all of its reasonable and documented out-of-pocket costs and expenses incurred in connection with the syndication
                of the Facilities (other than fees payable to syndicate members), any Appraisals in accordance with the terms hereof, and the development, preparation, execution and
                delivery of this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith and any amendment, supplement or modification hereto or thereto, and, as to the Agents only, the administration of
                the transactions contemplated hereby and thereby, including the reasonable fees and disbursements and other charges of a single firm of counsel to the Agents (other than the Tranche B Administrative Agent) (plus one firm of special
                regulatory counsel and one firm of local counsel per material jurisdiction as may reasonably be necessary in connection with collateral matters), a single firm of counsel to the Tranche B Administrative Agent and a financial advisor to the
                Primary Administrative Agent in connection with Amendment No. 5 and the 2021 Notes Exchange (which, in respect of fees of such financial advisor, shall be capped at $250,000 for services rendered through the earlier of the termination of
                the exchange in respect of the 2021 Notes and November 15, 2020), in each case, in connection with all of the foregoing;

             

            (b)         to pay or reimburse each Lender and each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with
                the enforcement of any rights under this Agreement, the other Loan Documents and any such other documents referred to in Section 10.5(a)
                above (including all such costs and expenses incurred in connection with any legal proceeding, including any proceeding under any Debtor Relief Law or in connection with any workout or restructuring), including the documented fees and
                disbursements of a single firm of counsel and, if necessary, a single firm of special regulatory counsel and a single firm of local counsel per material jurisdiction as may reasonably be necessary, for the Agents (other than the Tranche B
                Administrative Agent) and the Lenders, taken as a whole, a single firm of counsel for the Tranche B Administrative Agent and, in the event of an actual or perceived conflict of interest, where the Agent or Lender affected by such conflict
                informs the Borrower and thereafter retains its own counsel, one additional counsel for each Lender or Agent or group of Lenders or Agents subject to such conflict; and

             

            (c)        to pay, indemnify or reimburse each Lender, each Agent, each Issuing Lender, the Swingline Lender, each Joint Lead Arranger, each Joint Bookrunner
                and their respective Affiliates, and their respective partners that are natural persons, members that are natural persons, officers, directors, employees, trustees, advisors, agents and controlling Persons (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties,
                costs, expenses or disbursements arising out of any actions, judgments or suits of any kind or nature whatsoever, arising out of or in connection with any claim, action or proceeding (any of the foregoing, a “Proceeding”) relating to or otherwise with respect to the execution,
                delivery, enforcement, performance

             

            
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            and administration of this Agreement, the other Loan Documents and any such other documents referred to in Section 10.5(a) above and the
              transactions contemplated hereby and thereby, including any of the foregoing relating to the use of proceeds of the Loans, Letters of Credit (including any refusal by the Issuing Lender 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) or the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the
              Borrower, any of its Subsidiaries or any of the Properties and the reasonable fees and disbursements and other charges of any legal counsel in connection with claims, actions or proceedings by any Indemnitee
              against the Borrower hereunder (all the foregoing in this clause (c), collectively, the “Indemnified Liabilities”);

             

            provided, that, the Borrower shall not have any obligation hereunder to any Indemnitee with respect to Indemnified
              Liabilities to the extent such Indemnified Liabilities have resulted from (i) the gross negligence, bad faith or willful misconduct of such Indemnitee or its Related Persons as determined by a court of competent jurisdiction in a final
              non-appealable decision, (ii) a material breach of the Loan Documents by such Indemnitee or its Related Persons as determined by a court of competent jurisdiction in a final non-appealable decision, (iii)
              disputes solely among Indemnitees or their Related Persons and not arising from any act or omission by any Parent Company, Holdings, Borrower or any of its Subsidiaries (it being understood that this clause

                  (iii) shall not apply to the indemnification of an Agent or a Joint Lead Arranger in a suit involving an Agent or a Joint Lead Arranger, in each case, in its capacity as such, unless such suit has resulted from the gross
              negligence, bad faith or willful misconduct of such Agent or Joint Lead Arranger as determined by a court of competent jurisdiction in a final non-appealable decision) or (iv) except with respect to the Tranche
              B Administrative Agent, any settlement of any Proceeding effected without the Borrower’s consent (which consent shall
              not be unreasonably withheld, conditioned or delayed), but if settled with the Borrower’s written consent or if there is a judgment by a court of competent jurisdiction in any such Proceeding, the Borrower shall indemnify and hold harmless each Indemnitee from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or
              judgment in accordance with the other provisions of this Section 10.5.

             

            No Indemnitee referred to above shall be liable for any damages arising from the use by unintended recipients of any information or other material distributed by it through telecommunications, electronic or
              other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

             

            For purposes hereof, a “Related Person” of an Indemnitee means (i) if the Indemnitee is any Agent or any of its Affiliates or their
              respective partners that are natural persons, members that are natural persons, officers, directors, employees, agents and controlling Persons, any of such Agent and its Affiliates and their respective officers, directors, employees, agents
              and controlling Persons; provided, that solely for purposes of Section 9, references to each Agent’s
              Related Persons shall also include such Agent’s trustees and advisors, and (ii) if the Indemnitee is any Lender or any of its Affiliates or their respective partners that are natural persons, members that are natural persons, officers,
              directors, employees, agents and controlling Persons, any of such Lender and its Affiliates and their respective officers, directors, employees, agents and controlling Persons.  All amounts due under this Section

                  10.5 shall be payable promptly after receipt of a reasonably detailed invoice therefor.  Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to the
              Borrower at the address thereof set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Borrower in a written notice to the Administrative Agent.

             

            The agreements in this Section 10.5 shall survive repayment of the Obligations.

             

            10.6        Successors and Assigns; Participations and
                  Assignments.

             

            
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            (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 any Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder (other than in accordance with Section 7.4(j)) 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) subject to Sections 2.24 and 2.26(e), no Lender may assign or otherwise transfer its
                rights or obligations hereunder except in accordance with this Section 10.6.

             

            (b)         (i)Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may, in compliance with applicable
                law, assign (other than to any Disqualified Institution or a natural person) to one or more assignees (each, an “Assignee”),
                all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or
                delayed, it being understood that it shall be deemed reasonable for the Borrower to withhold such consent in respect of a prospective Lender if the Borrower reasonably believes such prospective Lender would constitute a Disqualified
                Institution) of:

             

            (1)       the Borrower; provided, that no consent of the Borrower shall be
              required for an assignment of (x) Revolving Loans or Revolving Commitments to a Revolving Lender, an Affiliate of a Revolving Lender, or an Approved Fund of a Revolving Lender (other than a Defaulting Lender) or (y)

              any Loan or Commitment if an Event of Default under Section 8.1(a) or 8.1(f) has occurred and is continuing, any other Person;  provided, further, that a
              consent under this clause (A) shall be deemed given if the Borrower shall not have objected in writing to a proposed assignment within ten Business Days after receipt by it of a written notice
              thereof from the Administrative Agent;

             

            (2)        the Administrative Agent; provided, that no consent of the
              Administrative Agent shall be required for an assignment to a Lender, an Affiliate of a Lender or an Approved Fund (other than a Defaulting Lender); and

             

            (3)          each Issuing Lender and Swingline Lender.

             

            (ii)          Subject to Sections 2.24 and 2.26(e), assignments shall be subject to the following additional conditions:

             

            (1)         except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning
              Lender’s Commitments or Loans under any Facility, the amount of the Commitments 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 unless the Borrower and the Administrative Agent otherwise consent; provided,
              that (1) no such consent of the Borrower shall be required if an Event of Default under Section 8.1(a) or 8.1(f) has occurred and is continuing
              and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any;

             

            (2)        the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption via an electronic settlement system acceptable
              to the Administrative Agent and the Borrower (or, at the Borrower’s request, manually) together with a processing and recordation fee of $3,500 to be paid by either the applicable assignor or assignee (which fee may be waived or reduced in
              the sole discretion

             

            
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            of the Administrative Agent); provided, that only one such fee shall be payable in the case of
              contemporaneous assignments to or by two or more related Approved Funds; and

             

            (3)        the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire and all documentation and other information
              reasonably determined by the Administrative Agent to be required by applicable “know your customer” and anti-money laundering rules and regulations, including the USA Patriot Act.

             

            For the purposes of this Section 10.6, “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 and that is administered or managed by (I) a Lender, (II) an Affiliate of a Lender, (III) an
              entity or an Affiliate of an entity that administers or manages a Lender or (IV) an entity or an Affiliate of an entity that is the investment advisor to a Lender.  Notwithstanding the foregoing, no Lender shall be permitted to make
              assignments under this Agreement to any Disqualified Institutions without the written consent of the Borrower.

             

            (iii)      Subject to acceptance and recording thereof pursuant to paragraph (b)(v) below, 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 subject to the obligations under and entitled to the benefits of Sections 2.19, 2.20, 2.21, 10.5 and 10.14).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 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 10.6 (and will be required to
                comply therewith), other than any sale to a Disqualified Institution, which shall be null and void.

             

            (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 Commitments of, and principal amount of the Loans and L/C
                Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”) (it being understood that the Register in respect of the Tranche B Facility (the “Tranche B Register”) shall be maintained by the Tranche B Administrative Agent and the Register (other than in respect of the Tranche B Facility) (the “Primary Register”) shall be maintained by the Primary Administrative Agent.  The Borrower, the Local Borrowing Subsidiaries, the Primary Administrative Agent, the Tranche B Administrative Agent, the Issuing
                Lenders, the Swingline Lender 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 (and the entries in the Register shall be
                conclusive absent demonstrable error for such purposes), notwithstanding notice to the contrary.  The Register shall be available for inspection by the Borrower, the Local Borrowing Subsidiaries, the Issuing Lenders, the Swingline Lender
                and any Lender (in respect of its own position), at any reasonable time and from time to time upon reasonable prior notice.  Upon the request of the Tranche B Administrative Agent, the Primary Administrative Agent shall share the Primary
                Register with the Tranche B Administrative Agent.  Upon request of the Primary Administrative Agent, the Tranche B Administrative Agent shall the Tranche B Register with the Primary Administrative Agent.  Notwithstanding any other

             

            
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            language to the contrary contained herein or in any other Loan Documents, as of any particular date, the Tranche B Administrative Agent shall be entitled to rely conclusively
              upon the Primary Register as most recently delivered by the Primary Administrative Agent to the Tranche B Administrative Agent (including without limitation in connection with any determination as to which Lenders constitute the Required
              Lenders under this Agreement).

             

            (v)       Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender
                and an Assignee (except as contemplated by Sections 2.24 and 2.26(e)), the Assignee’s completed administrative questionnaire (unless the
                Assignee shall already be a Lender hereunder) and all applicable tax forms, the processing and recordation fee referred to in paragraph (b) of this Section 10.6 (unless waived by the
                Administrative Agent) and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and promptly record the information contained therein in the
                Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

             

            (c)        (i)          Any Lender may, without the consent of any Person, in compliance with applicable law, sell
                participations (other than to any Disqualified Institution) to one or more banks or other entities (a “Participant”), in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments 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 Local Borrowing Subsidiaries, the Administrative Agent, the Issuing Lenders, the Swingline Lender 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 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 may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly and adversely affected thereby pursuant to the proviso to the second sentence of Section 10.1 and (2) directly affects such Participant.  Subject to paragraph (c)(ii) of this Section 10.6, the Borrower and Local Borrowing Subsidiaries agree that each Participant shall be entitled to the benefits of Sections 2.19, 2.20 and 2.21 (if such
                Participant agrees to have related obligations thereunder (it being understood that the documentation required under Section 2.20 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 10.6.  Notwithstanding the foregoing, no Lender shall be permitted to sell participations under this Agreement to any Disqualified Institutions without the written consent of the Borrower.

             

            (ii)         A Participant shall not be entitled to receive any greater payment under Section 2.19, 2.20 or 2.21 than the
                applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent to such greater
                amounts.  No Participant shall be entitled to the benefits of Section 2.20 unless such Participant complies with Section 2.20(e), (g) or (j), as (and to the extent) applicable, as if such Participant were a Lender (it being understood that the documentation required under Section 2.20 shall be delivered to the participating Lender).

             

            (iii)        Each Lender that sells a participation, acting solely for U.S. federal income tax purposes
                as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a register on which it enters the name and addresses 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

             

            
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            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 this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine 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.  Unless otherwise required by the IRS, any disclosure required by the foregoing sentence shall be made by the relevant
              Lender directly and solely to the IRS.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such
              participation for all purposes of this Agreement, notwithstanding any notice to the contrary.  For the avoidance of doubt, the Administrative Agent (it its capacity as such) shall have no responsibility for maintaining a Participant Register.

             

            (d)          Any Lender may, without the consent of or notice to the Administrative Agent or the Borrower, at any time pledge or assign a security interest in
                all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central banking authority, and this Section 10.6 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.

             

            (e)          The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring the same (in the case of an
                assignment, following surrender by the assigning Lender of all Notes representing its assigned interests).

             

            (f)          The Borrower may prohibit any assignment if it would require the Borrower to make any filing with any Governmental Authority or qualify any Loan or
                Note under the laws of any jurisdiction and the Borrower shall be entitled to request and receive such information and assurances as it may reasonably request from any Lender or any Assignee to determine whether any such filing or
                qualification is required or whether any assignment is otherwise in accordance with applicable law.

             

            (g)          [reserved].

             

            (h)          [reserved].

             

            (i)          None of the Sponsor, any Affiliate thereof, Holdings or any of its Subsidiaries may acquire by assignment, participation or otherwise any right to
                or interest in any of the Commitments or Loans hereunder (and any such attempted acquisition shall be null and void).

             

            (j)          [reserved].

             

            (k)         Notwithstanding anything to the contrary contained herein, the replacement of any Lender pursuant to Section 2.24 or 2.26(e) shall be deemed an assignment pursuant to Section 10.6(b) and shall be valid and in full force and effect for all purposes under this Agreement.

             

            (l)         Any assignor of a Loan or Commitment or seller of a participation hereunder shall be entitled to rely conclusively on a representation of the
                assignee Lender or purchaser of such participation in the relevant Assignment and Assumption or participation agreement, as applicable, that such assignee or purchaser is not a Disqualified Institution.  None of the Joint Lead Arrangers,
                the Joint Bookrunners or the Agents shall have any responsibility or liability for monitoring the list or identities of, or enforcing provisions relating to, Disqualified Institutions.  Without limiting the generality of the foregoing, the

             

            
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            Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Institution or (y)
              have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified Institution.

             

            10.7        Adjustments; Set off.

             

            (a)          Except to the extent that this Agreement provides for payments to be allocated to a particular Lender or to the Lenders under a particular Facility,
                if any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or
                receive any collateral in respect thereof (whether voluntarily or involuntarily, by setoff, pursuant to events or proceedings of the nature referred to in Section 8.1(f), or otherwise) in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefited Lender shall purchase for cash from
                the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefited Lender to share
                the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that (i) if all or any portion of such excess payment or
                benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest and (ii) the provisions of this Section 10.7 shall not be construed to apply to any payment made by any Loan Party
                or Local Borrowing Subsidiary pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee
                or participant.

             

            (b)         In addition to any rights and remedies of the Revolving Lenders provided by law, each Revolving Lender shall have the right, without prior notice to
                the Company, any such notice being expressly waived by the Company to the extent permitted by applicable law, upon any amount becoming due and payable by the Company hereunder (whether at the stated maturity, by acceleration or otherwise)
                after the expiration of any cure or grace periods, to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final but excluding trust accounts), in any currency, and
                any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Revolving Lender or any Affiliate, branch or agency thereof
                to or for the credit or the account of the Company.  Each Revolving Lender agrees promptly to notify the Company and the Administrative Agent after any such setoff and application made by such Revolving Lender; provided, that the failure to give such notice shall not affect the validity of such setoff and application.

             

            (c)        In addition to any rights and remedies of the Local Fronting Lenders provided by law, upon both the occurrence of an Event of Default and
                acceleration of the obligations owing in connection with this Agreement, each Local Fronting Lender shall have the right, without prior notice to the applicable Local Borrowing Subsidiary, any such notice being expressly waived to the
                extent permitted by applicable law, to set off and apply against any indebtedness, whether matured or unmatured, of such Local Borrowing Subsidiary to such Local Fronting Lender any amount owing from such Local Fronting Lender to such Local
                Borrowing Subsidiary at, or at any time after, the happening of both of the above mentioned events, and such right of set-off may be exercised by such Local Fronting Lender against such Local Borrowing Subsidiary or against any trustee in
                bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, custodian or execution, judgment or attachment creditor of such Local Borrowing Subsidiary, or against anyone else claiming through or against such Local
                Borrowing Subsidiary or such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receivers, or execution, judgment or attachment creditor, notwithstanding the fact that such right of set-off shall not have
                been exercised by such Local Fronting Lender prior to the making, filing or issuance, or service upon such Local Fronting Lender

             

            
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            of, or of notice of, any such petition, assignment for the benefit of creditors, appointment or application for the appointment of a receiver, or issuance of execution, subpoena, order or
              warrant.  Each Local Fronting Lender agrees promptly to notify the applicable Local Borrowing Subsidiary and the Administrative Agent after any such set-off and application made by such Local Fronting Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application.

             

            10.8       Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
              one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or electronic (i.e., “pdf” or “tiff”) transmission shall be effective as delivery of a manually executed counterpart hereof.  A set of the
              copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. 

             

            10.9       Severability.  Any provision of
              this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
              prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

             

            10.10     Integration.  This Agreement and
              the other Loan Documents represent the entire agreement of the Borrower, the Agents and the Lenders with respect to the subject matter hereof and thereof. 

             

            10.11     GOVERNING LAW.  THIS AGREEMENT
              AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT
              THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

             

            10.12      Submission to Jurisdiction; Waivers. 

              Each party hereto hereby irrevocably and unconditionally: 

             

            (a)          submits for itself and its Property in any legal action or proceeding relating to this Agreement and the other Loan Documents and any Letter of
                Credit to which it is a party to the exclusive general jurisdiction of the Supreme Court of the State of New York for the County of New York (the “New York Supreme
                Court”), and the United States District Court for the Southern District of New York (the “Federal District Court” and, together with the New York Supreme Court, the “New York Courts”), and appellate courts from
                either of them; provided, that nothing in this Agreement shall be deemed or operate to preclude
                (i) any Agent from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations (in which case any party shall be entitled to assert any claim or defense,
                including any claim or defense that this Section 10.12 would otherwise require to be asserted in a legal action or proceeding in a New York
                Court), or to enforce a judgment or other court order in favor of the Administrative Agent or the Collateral Agent, (ii) any party from bringing any legal action or proceeding in any jurisdiction for the recognition and enforcement of any
                judgment and (iii) if all such New York Courts decline jurisdiction over any person, or decline (or in the case of the Federal District Court, lack) jurisdiction over any subject matter of such action or proceeding, a legal action or
                proceeding may be brought with respect thereto in another court having jurisdiction;

             

            (b)         consents that any such action or proceeding may be brought in the New York Courts and appellate courts from either of them, and waives any objection
                that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

             

            
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            (c)          agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
                substantially similar form of mail), postage prepaid, to it at its address set forth in Section 10.2 or at such other address of which the
                Administrative Agent shall have been notified pursuant thereto;

             

            (d)          agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

             

            (e)          waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
              Section 10.12 of any special, exemplary, punitive or consequential damages (provided, that such waiver shall not limit the indemnification obligations of the Loan Parties to the extent such special, exemplary, punitive or consequential
                damages are included in any third party claim with respect to which the applicable Indemnitee is entitled to indemnification under Section 10.5).

             

            10.13      Acknowledgments.  The Borrower
              hereby acknowledges that: 

             

            (a)          it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;

             

            (b)         neither the Agents nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or
                any of the other Loan Documents, and the relationship between the Agents and Lenders, on the one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor;

             

            (c)          no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the
                Lenders or among the Borrower and the Lenders;

             

            (d)        no advisory or agency relationship between it and any Agent or Lender (in their capacities as such) is intended to be or has been created in respect
                of any of the transactions contemplated hereby,

             

            (e)          the Agents and the Lenders, on the one hand, and the Borrower, on the other hand, have an arms-length business relationship,

             

            (f)        the Borrower is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
                contemplated hereby and by the other Loan Documents,

             

            (g)        each of the Agents and the Lenders is engaged in a broad range of transactions that may involve interests that differ from the interests of the
                Borrower and none of the Agents or the Lenders has any obligation to disclose such interests and transactions to the Borrower by virtue of any advisory or agency relationship, and

             

            (h)          none of the Agents or the Lenders (in their capacities as such) has advised the Borrower as to any legal, tax, investment, accounting or regulatory
                matters in any jurisdiction (including the validity, enforceability, perfection or avoidability of any aspect of any of the transactions contemplated hereby under applicable law, including the U.S. Bankruptcy Code or any consents needed in
                connection therewith), and none of the Agents or the Lenders (in their capacities as such) shall have any responsibility or liability to the Borrower with respect thereto and the Borrower has consulted with its own advisors regarding the
                foregoing to the extent it has deemed appropriate.

             

            
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            To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Agents and the Lenders with respect to any breach or alleged breach of agency or fiduciary
              duty in connection with any aspect of any transaction contemplated hereby.

             

            10.14     Confidentiality.  Each of the
              Agents and the Lenders agree to treat any and all information, regardless of the medium or form of communication, that is disclosed, provided or furnished, directly or indirectly, by or on behalf of the Borrower or any of its Affiliates in
              connection with this Agreement or the transactions contemplated hereby (including any potential amendments, modifications or waivers, or any request therefor), whether furnished before or after the Closing Date (“Confidential Information”), as strictly confidential and not to use Confidential Information for any purpose other than evaluating the Transactions and negotiating, making available, syndicating and
              administering this Agreement (the “Agreed Purposes”).  Without limiting the foregoing, each Agent and each Lender agrees to treat any and all Confidential Information with adequate
              means to preserve its confidentiality, and each Agent and each Lender agrees not to disclose Confidential Information, at any time, in any manner whatsoever, directly or indirectly, to any other Person whomsoever, except: 

             

            	

                  	(1)	
                    to its partners that are natural persons, members that are natural persons, directors, officers, employees, counsel, advisors, trustees and Affiliates (collectively, the “Representatives”),

                      to the extent necessary to permit such Representatives to assist in connection with the Agreed Purposes (it being understood that the Representatives to whom such disclosure is made will be informed of the confidential nature of such
                      Confidential Information and instructed to keep such Confidential Information confidential, with the applicable Agent or Lender responsible for the breach of this Section 10.14 by such
                      Representatives as if they were party hereto);

                  

             

            	

                  	(2)	
                    to any pledgee referred to in Section 10.6(d) and prospective Lenders and participants in connection with the syndication (including secondary trading) of the Facilities and
                      Commitments and Loans hereunder (excluding any Disqualified Institution), in each case who are informed of the confidential nature of the information and agree to observe and be bound by standard confidentiality terms at least as
                      favorable to the Borrower and its Affiliates as those contained in this Section 10.14;

                  

             

            	

                  	(3)	
                    to any party or prospective party (or their advisors) to any swap, derivative or similar transaction under which payments are made by reference to the Borrower and the Obligations, this Agreement or payments hereunder, in each case
                      who are informed of the confidential nature of the information and agree to observe and be bound by standard confidentiality terms at least as favorable to the Borrower and its Affiliates as those contained in this Section 10.14;

                  

             

            	

                  	(4)	
                    upon the request or demand of any Governmental Authority having or purporting to have jurisdiction over it;

                  

             

            	

                  	(5)	
                    in response to any order of any Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, provided, that in the case of clauses (4) and (5), the disclosing Agent or Lender, as applicable, agrees, to the extent practicable and not prohibited by applicable law, to
                      notify the Borrower prior to such disclosure and cooperate with the Borrower in obtaining an appropriate protective order (except with respect to any audit or examination conducted by bank accountants or
                      any governmental bank regulatory authority exercising examination or regulatory authority);

                  

             

            
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                  	(6)	
                    to the extent reasonably required or necessary, in connection with any litigation or similar proceeding relating to the Facilities;

                  

             

            	

                  	(7)	
                    information that has been publicly disclosed other than in breach of this Section 10.14;

                  

             

            	

                  	(8) 	
                    to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings
                      issued with respect to such Lender or in connection with examinations or audits of such Lender;

                  

             

            	

                  	(9)	
                    to the extent reasonably required or necessary, in connection with the exercise of any remedy under the Loan Documents; provided, that each
                      Agent and Lender uses commercially reasonable efforts to ensure that such information is kept confidential in connection with such exercise of remedies and the recipient is informed of the confidential nature of the information;

                  

             

            	

                  	(10)	
                    to the extent the Borrower has consented to such disclosure in writing;

                  

             

            	

                  	(11)	
                    to any other party to this Agreement;

                  

             

            	

                  	(12)	
                    to the extent that such information is received from a third party that is not, to such Agent or Lender’s knowledge, subject to contractual or fiduciary confidentiality obligations owing to the Borrower and its Affiliates and their
                      related parties;

                  

             

            	

                  	(13)	
                    to the extent that such information is independently developed by such Agent or Lender; or

                  

             

            	

                  	(14)	
                    by the Administrative Agent to the extent reasonably required or necessary to obtain a CUSIP for any Loans or Commitment hereunder, to the CUSIP Service Bureau.

                  

             

            Each Agent and each Lender acknowledges that (i) Confidential Information includes information that is not otherwise publicly available and that such non-public information may constitute confidential business
              information which is proprietary to the Borrower and/or its Affiliates and (ii) the Borrower has advised the Agents and the Lenders that it is relying on the Confidential Information for its success and would not disclose the Confidential
              Information to the Agents and the Lenders without the confidentiality provisions of this Agreement.  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 and its Affiliates 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, including Federal and state securities laws.  Notwithstanding any other provision of this Agreement, any other Loan Document or any Assignment and Assumption, the provisions of this Section 10.14 shall survive with respect to each Agent and Lender until the second anniversary of such Agent or Lender ceasing to be an Agent or a Lender, respectively.

             

            10.15      Release of Collateral and Guarantee
                  Obligations; Subordination of Liens.

             

            (a)          Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any
                Disposition of Property permitted by the Loan Documents (including by way of merger and including any assets transferred to a Subsidiary that is not a

             

            
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            Loan Party in a transaction permitted by this Agreement) or any Loan Party becoming an Excluded Subsidiary or ceasing to be a Subsidiary, all Liens and Guarantees on such assets or all assets of
              such Excluded Subsidiary or former Subsidiary shall automatically terminate and the Collateral Agent shall (without notice to, or vote or consent of, any Lender, or any Affiliate of any Lender that is a party to any Specified Hedge Agreement
              or documentation in respect of Specified Cash Management Obligations or Specified Additional Obligations) execute and deliver all releases reasonably necessary or desirable (i) to evidence the release of Liens created in any Collateral being
              Disposed of in such Disposition (including any assets of any Loan Party that becomes an Excluded Subsidiary) or of such Excluded Subsidiary or former Subsidiary, as applicable, (ii) to provide notices of the termination of the assignment of
              any Property for which an assignment had been made pursuant to any of the Loan Documents which is being Disposed of in such Disposition or of such Excluded Subsidiary or former Subsidiary, as applicable, and (iii) to release the Guarantee and
              any other obligations under any Loan Document of any Person being Disposed of in such Disposition or which becomes an Excluded Subsidiary or former Subsidiary, as applicable.  Any representation, warranty or covenant contained in any Loan
              Document relating to any such Property so Disposed of (other than Property Disposed of to the Borrower or any of its Restricted Subsidiaries) or of a Loan Party which becomes an Excluded Subsidiary or former Subsidiary, as applicable, shall
              no longer be deemed to be repeated once such Property is so Disposed of.  In addition, upon the reasonable request of the Borrower in connection with (A) any Lien of the type permitted by Section 7.3(g)
              on Excluded Collateral to secure Indebtedness to be incurred pursuant to Section 7.2(c) (or pursuant to Section 7.2(d), 7.2(j), or 7.2(v) if such Indebtedness is of the type that is contemplated by Section 7.2(c)) if the holder of such Lien so
              requires, (B) any Lien securing Indebtedness pursuant to Section 7.2(t)(x) if the holder of such Lien so requires and pursuant to Section 7.2(t)(y)
              if the holder of such Lien so requires and if the holder of the applicable Indebtedness being refinanced also so requires, and in each case to the extent constituting Excluded Collateral, (C) any Lien of the type permitted by Sections 7.3(o), 7.3(r)(i), 7.3(t) or 7.3(bb), in each
              case, to the extent the obligations giving rise to such permitted Lien prohibit (or require the release of) the security interest of the Collateral Agent thereon and so long as such cash subject to such Lien is not included in the definition
              of Qualified Cash after giving effect thereto, or 7.3(kk) to the extent constituting Excluded Collateral, or (D) the ownership of joint ventures or other entities qualifying under clause (iv) of the definition of Excluded Equity Securities, the Collateral Agent shall execute and deliver all releases necessary or desirable to evidence that no Liens exist on such Excluded
              Collateral under the Loan Documents.

             

            (b)        Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations (other than (x) obligations in respect of
                any Specified Hedge Agreement, Specified Cash Management Obligations or Specified Additional
                Obligations and (y) any contingent or indemnification obligations not then due) have been paid in full, all Commitments have terminated or expired and no Letter of Credit shall be outstanding that is not Cash Collateralized, upon the request of the Borrower, all Liens and Guarantee Obligations under any Loan Documents shall automatically terminate
                and the Collateral Agent shall (without notice to, or vote or consent of, any Lender, or any Affiliate of any Lender that is a party to any Specified Hedge Agreement or documentation in respect of Specified Cash Management Obligations or Specified Additional Obligations) take such actions as shall be required to release its security interest
                in all Collateral, and to release all Guarantee Obligations under any Loan Document, whether or not on the date of such release there may be outstanding Obligations in respect of Specified Hedge Agreements, Specified Cash Management Obligations or Specified Additional Obligations or
                contingent or indemnification obligations not then due.  Any such release of Guarantee Obligations shall be deemed subject to the provision that such Guarantee Obligations shall be reinstated if after such release any portion of any payment
                in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a
                result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its Property, or otherwise, all as though such payment had not been made.

             

            
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            (c)          Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any Liens
                permitted by the Loan Documents, the Collateral Agent shall (without notice to, or vote or consent of, any Lender) take such actions as shall be required to subordinate the Lien on any Collateral to any Lien permitted under Section 7.3.

             

            10.16     Accounting Changes.  In the event
              that any Accounting Change (as defined below) shall occur and such change results in a change in the method of calculation of financial ratios, covenants, standards or terms in this Agreement, then following notice either from the Borrower to
              the Administrative Agent or from the Administrative Agent to the Borrower (which the Administrative Agent shall give at the request of the Required Lenders), the Borrower and the Administrative Agent agree to enter into negotiations in order
              to amend such provisions of this Agreement so as to equitably reflect such Accounting Changes with the desired result that the criteria for evaluating the Borrower’s financial
              condition and covenant capacities shall be the same after such Accounting Changes as if such Accounting Changes had not been made.  If any such notices are given then, regardless of whether such notice is given prior to or following such
              Accounting Change, until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders and have become effective, all financial ratios, covenants, standards and terms
              in this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred.  Any amendment contemplated by the prior sentence shall become effective upon the consent of the Required Lenders, it being
              understood that a Lender shall be deemed to have consented to and executed such amendment if such Lender has not objected in writing within five Business Days following receipt of notice of execution of the applicable amendment by the
              Borrower and the Administrative Agent, it being understood that the posting of an amendment referred to in the preceding sentence electronically on the Platform to the Lenders
              shall be deemed adequate receipt of notice of such amendment.  “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation,
              pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC, in each case, occurring after the Closing Date, including any change to IFRS
              contemplated by the definition of “GAAP.”  Without limiting the foregoing, for purposes of determining compliance with any provision of this Agreement, the determination of whether a lease is to be treated as an operating lease or capital
              lease shall be made without giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of proposed Accounting Standards Update (ASU) Leases (Topic 840) issued August 17, 2010, or any successor
              proposal. 

             

            10.17    WAIVERS OF JURY TRIAL.  EACH OF
              THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND FOR ANY COUNTERCLAIM
              THEREIN. 

             

            10.18      USA PATRIOT ACT.  Each Lender
              hereby notifies the Loan Parties and each Local Borrowing Subsidiary that pursuant to the requirements of the USA Patriot Act (Title III of Publ. 107 56 (signed into law October 26, 2001)) (the “USA Patriot Act”), it is required to obtain, verify and record information that identifies the Loan Parties and each Local Borrowing Subsidiary, which information includes the name and address of such Loan Parties or Local
              Borrowing Subsidiaries, as applicable, and other information that will allow such Lender to identify the Loan Parties or Local Borrowing Subsidiaries, as applicable, in accordance with the USA Patriot Act, and the Borrower agrees to provide
              such information from time to time to any Lender or Agent reasonably promptly upon request from such Lender or Agent. 

             

            
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            10.19      Intercreditor Arrangements.

             

            (a)        General Application.  This Agreement shall be applicable both before and after the
                institution of a proceeding under Debtor Relief Laws in respect of any Loan Party or after a moratorium of indebtedness is declared or a winding-up, administration or dissolution occurs or after any other proceeding under any Debtor Relief
                Law occurs involving Borrower or any other Loan Party, including, without limitation, the filing of any petition by or against Borrower or any other Loan Party under title 11 of the United States Code (the “Bankruptcy Code”), or any other Debtor Relief Law, and all converted or successor cases in respect thereof (collectively, a “Loan Party Insolvency”), and all references herein to Borrower or any other Loan Party shall be deemed to apply to the trustee for Borrower or such other Loan
                Party and Borrower or such other Loan Party as debtor-in-possession.  The relative rights of the Lenders in or to any distributions from or in respect of any Collateral or proceeds of Collateral shall continue after the institution of any
                Loan Party Insolvency or after a moratorium of indebtedness is declared or a winding-up, administration or dissolution occurs or after any other proceeding under any Debtor Relief Law occurs involving Borrower or any other Loan Party on the
                same basis as prior to the date of such institution.  This Section 10.19 is a “subordination agreement” under section 510(a) of the
                Bankruptcy Code and shall be enforceable in any Loan Party Insolvency.

             

            (b)          Commencement of Insolvency Proceedings.  Notwithstanding any rights or remedies available to
                the Tranche B Term Lenders under any Loan Document, applicable law or otherwise, prior to the payment in full of the Revolving Loans, no Tranche B Term Lender shall commence, or support the commencement of, an involuntary Loan Party
                Insolvency against Borrower or any other Loan Party without the consent of Required Lenders.

             

            (c)          DIP Financings and Adequate Protection

             

            (i)          If any Loan Party shall become subject to a Loan Party Insolvency and it, as a
                debtor-in-possession, moves for approval of (A) financing to be provided by any Tranche A Revolving Lender or an Affiliate or Approved Fund of a Tranche A Revolving Lender holding Obligations (any such provider of financing, a “DIP Lender”) or to be provided by one or more other parties with the consent of the Administrative Agent (acting at the direction of the Required Lenders) under Section 364 of the
                Bankruptcy Code (or any similar provision of any other applicable Debtor Relief Law or any order of a court of competent jurisdiction) (including, for the avoidance of doubt, any “roll up” of pre-petition Tranche A Secured Obligations) (“DIP Financing”) or (B) the use of “cash collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) or any similar relief under any other applicable Bankruptcy Law
                (“Cash Collateral Use”) with the consent of the Administrative Agent (acting at the direction of the Required Lenders), each Tranche B Term Lender agrees that no objection will be
                raised by the Administrative Agent or any of the Tranche B Term Lenders (and they will not request the Administrative Agent to make or support any such objection) to any such DIP Financing or Cash Collateral Use on any grounds so long as:

             

            (A)      the Administrative Agent retains its Lien on the Collateral (in each case, including proceeds
                thereof arising after the commencement of such proceeding to the extent obtainable under applicable law) to secure the Tranche B Secured Obligations with the same priority (subject to the Lien and claims securing the DIP Financing) as
                existed prior to the commencement of the case under the Bankruptcy Code or any other Debtor Relief Laws, and

             

            (B)         the Tranche B Term Lenders may seek adequate protection liens or any similar relief under
                any other applicable Debtor Relief Law to secure the Tranche B

             

            
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            Secured Obligations to the extent such adequate protection is provided to Tranche A Revolving Lenders (provided,
              that, (x) any such liens shall be subordinated to any adequate protection liens for the benefit of the Revolving Loans and (y) any proceeds of any adequate protection provided to any Tranche B Term Lender shall be applied in accordance with Section 6.6 of the Guarantee and Collateral Agreement).

             

            (ii)        To the extent the Tranche A Revolving Lenders (or an Affiliate or Approved Fund of a Tranche
                A Revolving Lender holding Obligations) do not provide DIP Financing or approve of Cash Collateral Use, each Tranche A Revolving Lender agrees that the Tranche B Term Lenders may seek to provide DIP Financing so long as (and each Tranche B
                Term Lender agrees that it (and its Affiliates) will not seek to provide a DIP Financing unless):

             

            (A)      the Administrative Agent retains its Lien on the Collateral (in each case, including proceeds
                thereof arising after the commencement of such proceeding) to secure the Tranche A Secured Obligations with the same priority (subject to being senior to the Lien and claims securing such DIP Financing) as existed prior to the commencement
                of the case under the Bankruptcy Code or any other Debtor Relief Laws,

             

            (B)        with respect to any such DIP Financing provided by Tranche B Term Lenders, the Lien on the
                Collateral securing such DIP Financing and any superpriority administrative claim granted in respect thereof is junior in priority to the Administrative Agent’s Lien on the Collateral to secure the Secured Obligations and the adequate
                protection superpriority claim granted in respect thereof,

             

            (C)       no prepetition Tranche B Secured Obligations shall be rolled up into, refinanced by or
                otherwise converted into such DIP Financing and

             

            (D)       such DIP Financing shall be deemed to be Tranche B Secured Obligations subject to the same or
                more junior waterfall treatment set forth in Section 6.6 of the Guarantee and Collateral Agreement, mutatis mutandis;

             

            provided, however, that the Tranche A Revolving Lenders reserve their
              right to object to any such DIP Financings provided by such Tranche B Term Lender.

             

            (iii)       Each Tranche B Term Lender agrees not to contest (or support any other Person contesting)
                any request by the Administrative Agent, any Issuing Bank or any Tranche A Revolving Lender for adequate protection under any Debtor Relief Law or any objection by the Administrative Agent, any Issuing Bank or any Tranche A Revolving Lender
                to any motion, relief, action or proceeding based upon such Administrative Agent, Issuing Bank or Tranche A Revolving Lender claiming a lack of adequate protection.

             

            (iv)        If, in connection with any DIP Financing or Cash Collateral Use, any Liens on the Collateral
                held by Tranche A Revolving Lenders are subject to a surcharge or are subordinated to an administrative priority claim or a professional fee “carve out” or fees owed to the United States Trustee, then the Liens on the Collateral of the
                Administrative Agent for the benefit of the Tranche B Term Lenders shall also be subordinated to such interest or claim.

             

            (v)         If a DIP Financing causes a Tranche A Discharge Date to occur and such DIP Financing is
                secured by liens on the Collateral on a senior basis to the liens securing the Tranche B Secured Obligations, the provisions of this Section 10.19 will survive the Tranche A Discharge Date and
                will apply with like effect, mutatis mutandis, to such DIP Financing as if such DIP

             

            
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            Financing were Tranche A Secured Obligations.  In furtherance of this clause (v), the Administrative Agent may enter into an
              intercreditor agreement in a form reasonably acceptable to Required Lenders immediately prior to such Tranche A Discharge Date.

             

            (d)          Post-Petition Interest.

             

            (i)       Notwithstanding anything to the contrary, Collateral and the proceeds thereof shall be applied
                to satisfy the Tranche A Secured Obligations in accordance with Section 6.6 of the Guarantee and Collateral Agreement as if such Tranche A Secured Obligations accrued any applicable Post-Petition Interest (irrespective of whether or not
                such Post-Petition Interest may be disallowed in any proceeding under any Debtor Relief Law).

             

            (ii)         No Tranche B Term Lender shall oppose or seek to challenge any claim by the Administrative
                Agent or any Tranche A Secured Party for allowance of Post-Petition Interest in any Loan Party Insolvency.

             

            (e)         Relief from Automatic Stay.  Each Tranche B Term Lender agrees not to seek (or support any
                other person seeking) relief from the automatic stay or any other stay in any Loan Party Insolvency or after a moratorium of indebtedness is declared or a winding-up, administration or dissolution occurs or after any other proceeding under
                any Debtor Relief Law occurs in respect of the Collateral, or oppose any request by Required Lenders or the Administrative Agent to seek relief from the automatic stay or any other stay in respect of the Collateral.

             

            (f)          Plan of Reorganization.

             

            (i)          The Lenders hereby agree that the claims in respect of the Tranche A Secured Obligations and
                the Tranche B Secured Obligations shall be separately classified in any Loan Party Insolvency of any Loan Party.  Each Lender agrees to consent to, and not object to, the separate classification under a plan under the Bankruptcy Code (a “Bankruptcy Plan”) of the Tranche A Secured Obligations and the Tranche B Secured Obligations.

             

            (ii)        If any Tranche A Secured Obligations and Tranche B Secured Obligations are classified in the
                same class (within the meaning of Section 1126(c) of the Bankruptcy Code or any similar provision in other insolvency law),

             

            (A)       no Tranche B Term Lender will vote to “accept” a Bankruptcy Plan unless Tranche A Revolving
                Lenders holding at least two-thirds in amount of the Tranche A Secured Obligations voting on such Plan have voted to accept such Bankruptcy Plan with respect to such Class,

             

            (B)       each Tranche B Term Lender in such class will not (and each Tranche B Term Lender will be
                deemed to have irrevocably waived the right to) make an election under section 1111(b) of the Bankruptcy Code to have the entire allowed claim of each member of the class treated as a secured claim in such Loan Party Insolvency
                notwithstanding section 506(a) of the Bankruptcy Code, unless Tranche A Revolving Lenders holding at least two-thirds in an amount of the Tranche A Secured Obligations otherwise agree in writing,

             

            (C)         for purposes of calculating votes in clauses (B) and (C), Tranche A Secured Obligations held
                by a Tranche B Term Lender (or an Affiliate thereof) shall be

             

            
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            deemed to vote in the same proportion as Tranche A Secured Obligations that are not held by a Tranche B Term Lender (or an Affiliate thereof) and

             

            (D)        each Lender shall submit any votes to the Administrative Agent (and only the Administrative
                Agent) not later than five (5) Business Days prior to the voting deadline established pursuant to the terms of such Bankruptcy Plan or any court order establishing voting procedures (“Voting

                  Procedures Order”) and the Administrative Agent shall promptly tally the votes and, only if the Administrative Agent determines that Tranche A Revolving Lenders holding the requisite minimum two-thirds in amount vote on such
                Bankruptcy Plan have voted to accept such Bankruptcy Plan, the Agent shall submit such votes in accordance with the terms of the Bankruptcy Plan or Voting Procedures Order.

             

            The Administrative Agent shall be authorized by each Lender to withdraw or modify any vote submitted by such Lender in contravention of the procedures set forth herein.

             

            (iii)       Each Tranche B Term Lender hereby agrees that it shall not propose, vote in favor of, or
                otherwise support any plan of reorganization that is in contravention of any of the provisions set forth in Section 6.6 of the Guarantee and Collateral Agreement or this Section 10.19.

             

            (iv)        No Tranche B Term Lender may object to, oppose, or challenge the determination of the extent
                of any Liens held by the Administrative Agent for the benefit of any of the Lenders and other Secured Parties or any right to payment pursuant to Section 6.6 of the Guarantee and Collateral Agreement for any post-petition interest, fees,
                costs, or other charges.

             

            (v)        Notwithstanding any other provision hereof to the contrary, each Tranche B Term Lender,
                agrees that, without the consent of the Required Lenders, none of such Tranche B Term Lenders shall, for any purpose during any insolvency or liquidation Proceeding or otherwise, support, endorse, propose or submit, whether directly or
                indirectly, any plan of reorganization that provides for the impairment of the repayment in full in cash of the Tranche A Secured Obligations, unless the Required Lenders shall have consented to such plan in writing.

             

            (g)         Credit Bidding.  Each Tranche B Lender agrees not to “credit bid” or offset against the
                purchase price of any Collateral against the amount of any or all of its Secured Obligations without the consent of Required Lenders unless such credit bid provides for the Tranche A Discharge Date to occur upon the closing of the
                applicable sale.

             

            (h)          Payments Over

             

            (i)           So long as the Tranche A Discharge Date has not occurred,

             

            (x)        any Collateral or proceeds thereof (other than any debt obligations of the reorganized debtor distributed as contemplated by Section

                  10.19(h)(ii)); and

             

            (y)        any payment of all or part of the Tranche B Secured Obligations owing to it, or any collateral in respect thereof (whether voluntarily or involuntarily, by
              setoff or recoupment, pursuant to events or proceedings of the nature referred to in Section 8.1(f), or otherwise) (other than regularly scheduled interest pursuant to Section 2.15(d) so long as an Event of Default pursuant to Section 8.1(a) or (f) has not occurred and is continuing and any
              debt obligations of the reorganized debtor are distributed as contemplated by Section 10.19(h)(ii))

             

            
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            in each case, received by any Tranche B Term Lender shall be segregated and held in trust and forthwith paid over to the Administrative Agent for the benefit of the Tranche A Secured Parties
              in the same form as received, with any necessary endorsements (which endorsements shall be without recourse and without any representations or warranties) or as a court of competent jurisdiction may otherwise direct.  The Administrative Agent
              is authorized to make any such endorsements as agent for the Tranche B Term Lenders.  This authorization is coupled with an interest and is irrevocable until the Tranche A Discharge Date has occurred.

             

            (ii)         If, in any proceeding under any Debtor Relief Laws, debt obligations of the reorganized
                debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization, arrangement, compromise or liquidation or similar dispositive restructuring plan, both on account of the Tranche A
                Secured Obligations and on account of Tranche B Secured Obligations, then, to the extent the debt obligations distributed on account of the Tranche A Secured Obligations and on account of the Tranche B Secured Obligations are secured by
                Liens upon the same property, the provisions of this Section 10.19 will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect, mutatis
                mutandis, to the Liens securing such debt obligations.

             

            (iii)       To the extent that the Secured Parties receive payments on the Secured Obligations or
                proceeds of Collateral, which are subsequently invalidated, declared to be fraudulent or preferential, set aside, and/or required to be repaid to a trustee, receiver, or any other party under any Debtor Relief Law, common law, equitable
                cause, or otherwise (and whether as a result of any demand, settlement, litigation, or otherwise) (each, an “Avoidance”), then to the extent of such payment or proceeds received,
                such Obligations, or part thereof, intended to be satisfied by such payment or proceeds shall be revived and continue in full force and effect as if such payments or proceeds had not been received by the Lenders, and this Agreement, if
                theretofore terminated, shall be reinstated in full force and effect as of the date of such Avoidance, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the payment priorities and the relative
                rights and obligations of the Lenders provided for herein with respect to any event occurring on or after the date of such Avoidance.

             

            (i)          Realization on Collateral.  Each Tranche B Term Lender agrees that it will not seek
                consultation rights in connection with, and it will not object to or oppose, a motion to sell, liquidate or otherwise dispose of Collateral under Section 363 of the Bankruptcy Code if the Required Lenders have consented to such sale,
                liquidation or other disposition, including, without limitation, in connection with any credit bid consented to by the Required Lenders.  Each Tranche B Term Lender, further agrees that it will not directly or indirectly oppose or impede
                entry of any order in connection with such sale, liquidation or other disposition, including orders to retain professionals or set bid procedures in connection with such sale, liquidation or disposition if the Required Lenders have
                consented to (A) such retention of professionals and bid procedures in connection with such sale, liquidation or disposition of such assets and (B) the sale, liquidation or disposition of such assets, in which event, the Tranche Revolving B
                Lenders will be deemed to have consented to the sale or disposition of Collateral pursuant to Section 363(f) of the Bankruptcy Code.

             

            (j)         Refinancings.  The Revolving Commitments may be refinanced or replaced in full with any
                other credit agreement, loan agreement or other agreement or instrument evidencing or governing the terms of such refinancing or replacement indebtedness (each, a “Tranche

                A Refinancing”), in each case, without notice to, or the consent of, any Tranche B Term Lender and without affecting the payment priorities provided for herein or the provisions of this Section 10.19; provided, however, that, to the extent such refinancing or replacement satisfies the conditions of Refinancing Debt save for the condition that it be
                incurred under this Agreement, (x) the Tranche B Term Lenders agree to be bound automatically to the terms of any such replacement or refinancing and (y) without prejudice to the foregoing clause (x), the

             

            
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            Tranche B Term Lenders (or an authorized agent on their behalf) agree to enter into such documents or agreements (including joinder agreements substantially similar to the 2021 Notes Lender
              Joinder Agreements) as the Borrower shall reasonably request and in form and substance reasonably acceptable to the agent of the revolving lenders providing such refinancing or replacement such that the Tranche B Term Loans become tranche B
              term loans (or equivalent term) under such refinancing or replacement; provided, further, that the terms of the definitive documentation of such refinancing or replacement may not contain terms that would require the consent
              of the Tranche B Term Lenders pursuant to the terms of Section 10.1 of this Agreement to the extent such terms were effected as an amendment to this Agreement.

             

            10.20     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 that are treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that 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 10.20 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. 

             

            10.21     Payments Set Aside.  To the
              extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any Issuing Lender, the Swingline Lender or any Lender, or the Administrative Agent, any Issuing Lender, the Swingline Lender or any Lender exercises
              its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the
              Administrative Agent, such Issuing Lender, Swingline Lender or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the
              extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender,
              each Issuing Lender and the Swingline Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.  The
              obligations of the Lenders, the Issuing Lenders and the Swingline Lender under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of
              this Agreement. 

             

            10.22     Electronic Execution of Assignments and
                  Certain Other Documents.  The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby
              (including without limitation Assignment and Assumptions, amendments or other notices of borrowing, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on
              electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
              recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or
              any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is
              under no obligation to agree to accept electronic signatures in 

             

            
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            any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

             

            10.23    Acknowledgement and Consent to Bail-In of
                  Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability
              of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and
              acknowledges and agrees to be bound by: 

             

            (a)          the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may
                be payable to it by any party hereto that is an Affected Financial Institution; and

             

            (b)          the effects of any Bail-in Action on any such liability, including, if applicable:

             

            (i)          a reduction in full or in part or cancellation of any such liability;

             

            (ii)         a conversion of all, or a portion of, such liability into shares or other instruments of
                ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu
                of any rights with respect to any such liability under this Agreement or any other Loan Document; or

             

            (iii)       the variation of the terms of such liability in connection with the exercise of the
                write-down and conversion powers of the applicable Resolution Authority.

             

            10.24     Delegation by
                  each Local Borrowing Subsidiary.  Each Local Borrowing Subsidiary hereby irrevocably designates and appoints the Company as the agent of such Local Borrowing Subsidiary under this Agreement and
              the other Loan Documents for the purpose of giving notices and taking other actions delegated to such Local Borrowing Subsidiary pursuant to the terms of this Agreement and the other Loan Documents.  In furtherance of the foregoing, each
              Local Borrowing Subsidiary hereby irrevocably grants to the Company such Local Borrowing Subsidiary’s power-of-attorney, and hereby authorizes the Company, to act in place of such Local Borrowing Subsidiary with respect to matters delegated
              to such Local Borrowing Subsidiary pursuant to the terms of this Agreement and the other Loan Documents and to take such other actions as are reasonably incidental thereto.  Each Local Borrowing Subsidiary hereby further acknowledges and
              agrees that the Company shall receive all notices to such Local Borrowing Subsidiary for all purposes of this Agreement.  The Company hereby agrees to provide prompt notice to the relevant Local Borrowing Subsidiary of any notices received
              and all action taken by the Company under this Agreement and the other Loan Documents on behalf of such Local Borrowing Subsidiary. 

             

            10.25     Interest Act (Canada)  For
              purposes of the Interest Act (Canada), whenever any interest under this Agreement on account of Local Loans or Acceptances which are made in Canada or made to any Local Borrowing Subsidiary which is organized under the laws of Canada or any
              Province thereof is calculated using a rate based upon a year of 360 days, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate based upon a year of 360 days, (y)
              multiplied by the actual number of days in the calendar year in which the period for which such interest is payable ends, and (z) divided by 360. The rates of interest specified in this Agreement are nominal rates and all interest payments
              and computations are to be made without allowance or deduction for deemed reinvestment of interest. 

             

            
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            10.26      Judgment.The Obligations of each Borrower in respect of each
              Local Loan and Acceptance reimbursement obligation due to any party hereto in Dollars (including, without limitation, by virtue of any conversion of a Local Loan or Acceptance from a Permitted Foreign Currency into Dollars pursuant to the
              provisions of Section 2.32) or any holder of any Obligation which is denominated in Dollars, shall, notwithstanding any judgment in a currency (the “judgment currency”) other than Dollars, be discharged only to the extent that on the Business Day following receipt by such party or such holder (as the case may be) of any sum adjudged to be so due in the judgment currency
              such party or such holder (as the case may be) may in accordance with normal banking procedures purchase Dollars with the judgment currency; if the amount of Dollars so purchased is less than the sum originally due to such party or such
              holder (as the case may be) in Dollars, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such party or such holder (as the case may be) against such loss, and if the amount of Dollars so
              purchased exceeds the sum originally due to any party to this Agreement or any holder of Obligations (as the case may be), such party or such holder (as the case may be), agrees to remit to such Borrower, such excess. 

             

            10.27     Submission To Jurisdiction. Each
              Local Borrowing Subsidiary hereby irrevocably and unconditionally submits to the non-exclusive jurisdiction of any New York state or federal court sitting in the City of New York and any competent court of the jurisdiction under the laws of
              which such Local Borrowing Subsidiary is organized (the “local court”), and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
              Agreement, the Notes or any Draft.  Each Local Borrowing Subsidiary hereby irrevocably and unconditionally agrees that all claims in respect of such action or proceeding may be heard and determined in such New York state court or local court
              or, to the extent permitted by law, in such federal court.  Each Local Borrowing Subsidiary hereby irrevocably and unconditionally waives, to the fullest extent it may effectively do so, any defense of an inconvenient forum to the maintenance
              of such action or proceeding in any such court and any right of jurisdiction on account of the place of residence or domicile of such Local Borrowing Subsidiary.  Each Local Borrowing Subsidiary hereby irrevocably and unconditionally appoints
              the Company as its agent to receive on behalf of such Local Borrowing Subsidiary and its property service of copies of the summons and complaint and any other process which may be served in any such action or proceeding in any such New York
              state or federal court.  In any such action or proceeding in such New York state or federal court sitting in the City of New York, such service may be made on such Local Borrowing Subsidiary by delivering a copy of such process to such Local
              Borrowing Subsidiary in care of the Company at the Company’s address listed in Section 10.2 and by depositing a copy of such process in the mails by certified or registered air mail, addressed
              to such Local Borrowing Subsidiary (such service to be effective upon such receipt by the Company and the depositing of such process in the mails as aforesaid).  Each Local Borrowing Subsidiary hereby irrevocably and unconditionally
              authorizes and directs the Company to accept such service on its behalf.  Each Local Borrowing Subsidiary hereby agrees that, to the fullest extent permitted by applicable law, 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. 

             

            10.28     Certain ERISA Matters.

             

            (a)        Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person
                became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and its Affiliates, and not, for the avoidance of doubt, to or for the benefit of Holdings, the Borrower,
                each Local Borrowing Subsidiary or any other Loan Party (except that the representations in Section 4.5 are made in reliance on the
                accuracy and compliance of the representations and covenants made in this Section 10.28(a)), that at least one of the following is and will
                be true:

             

            
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            (i)          such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as
                modified by Section 3(42) of ERISA) of one or more Plans in connection with the Loans, the Letters of Credit, the Acceptances or the Commitments,

             

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

             

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

             

            (iv)        such other representation, warranty and covenant as may be agreed in writing between the
                Administrative Agent, in its sole discretion, and such Lender, but only if in substance such other arrangement confirms the absence of an ERISA prohibited transaction.

             

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

             

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

             

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

             

            (iii)        the Person making the investment decision on behalf of such Lender with respect to the
                entrance into, participation in, administration of and performance of the Loans, the Letters

             

            
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            of Credit, the Acceptances, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular
              transactions and investment strategies (including in respect of the Obligations),

             

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

             

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

             

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

             

            (d)          The representations in this Section 10.28 are
                intended to comply with United States Department of Labor Regulations codified at  29 C.F.R. §  2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997).  To the extent these regulations are revoked, repealed or no
                longer effective, these representations shall be deemed to be no longer in effect.

             

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

             

            (a)         In the event a Covered Entity that is party to a Supported QFC (each, a “Covered

                Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under
                such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be

             

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

             

            (b)          As used in this Section 10.29, the following
                terms have the following meanings:

             

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

             

            “Covered Entity”: any of the following:

             

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

             

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

             

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

             

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

             

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

             

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            IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

             

            	 	
                    REVLON CONSUMER PRODUCTS 

                    CORPORATION,

                  	 
	 	
                    as Borrower

                  	 
	 	 	 
	 	
                    By:

                  	 	 
	 	 

                  	
                    Name:

                  	 
	 	 

                  	
                    Title:

                  	 
	 	 	 
	 	
                    REVLON, INC.  (solely for purposes of Section 7A),

                  	 
	 	
                    as Holdings

                  	 
	 	 	 
	 	
                    By:

                  	 	 
	 	 

                  	
                    Name:

                  	 
	 	 

                  	
                    Title:

                  	 

             

            

            
              
                

            

            	 	
                    Citibank, N.A., as Administrative Agent, Collateral 

                    Agent, Issuing Lender and Swingline Lender

                  	 
	 	 	 
	 	
                    By:

                  	 	 
	 	 	
                    Name:

                  	 
	 	 	
                    Title:

                  	 

            

            

            
              
                

            

            	 	
                    [●],

                  	 
	 	
                    as a Lender

                  	 
	 	 	 	 
	 	
                    By:

                  	 	 
	 	 	
                    Name:

                  	 
	 	 	
                    Title:

                  	 

            

            

            

            

            
              
                

            

            

            

            
              EXHIBIT B

               

              Form of 2021 Notes Lender Joinder Agreement

               

              [See Attached]

               

              

               

              

              
                
                  

              

               

              

              
                Exhibit B

                

                

                [FORM OF]

                

                

                LENDER JOINDER AGREEMENT

                

                

                THIS LENDER JOINDER AGREEMENT, dated as of _____________ ___, 2020 (this “Lender Joinder Agreement”), by and among the bank or financial institution party hereto (the “Additional Tranche B
                      Lender”), REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation (together with its successors and
                  assigns, the “Borrower”), and __________, as the administrative agent for the Lenders referred to below (in such capacity, the “Tranche B Administrative Agent”).

                

                

                RECITALS:

                

                

                WHEREAS, reference is made to the Asset-Based Revolving Credit Agreement, dated as of September 7, 2016 (as amended April
                  17, 2018, March 6, 2019, April 17, 2020, May 7, 2020 and as further amended, restated, waived, supplemented or otherwise modified from time to time, the “Credit

                      Agreement”; unless otherwise defined herein, terms defined in the Amended Credit Agreement (as defined below) and used herein shall have the meanings given to them in the Credit Agreement), among the Borrower, Revlon, Inc.,
                  a Delaware corporation (“Holdings”), solely for purposes of Section 7A, the Local Borrowing Subsidiaries party thereto, the Lenders and Issuing
                  Lenders party thereto and Citibank, N.A. (“Citi”), as administrative agent, collateral agent issuing lender and swingline lender;

                

                

                WHEREAS, pursuant to the Confidential Offering Memorandum and Consent Solicitation Statement of Revlon Consumer Products
                  Corporation dated as of September 29, 2020, as supplemented or modified from time to time (the “Offering Memorandum”), the Additional Tranche B
                  Lender party hereto (or its Affiliate) has elected to participate in an exchange offer and certain related transactions (the “Exchange Transactions”)

                  in respect of the Borrower’s 5.75% Senior Notes due 2021 (the “2021 Notes”); and

                

                

                WHEREAS, pursuant an amendment to the Credit Agreement entered into in connection with the Exchange Transactions on or prior
                  to the Effective Date (as defined below) (the “Amendment” and the Credit Agreement as amended by the Amendment, the “Amended Credit Agreement”), one or more banks or financial institutions (“Additional Tranche B
                      Lenders”) will become holders of  Tranche B Term Loans by entering into one or more Lender Joinder Agreements.

                

                

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

                

                

                	1.	
                        The Additional Tranche B Lender party hereto hereby represents and warrants that set forth on Schedule A, opposite the name of such Additional Tranche B Lender, is the amount of the Borrower’s 2021 Notes exchanged by such Additional Tranche B Lender or its Affiliate (in
                          such capacity, the “Exchanging 2021 Noteholder”) in connection with the Exchange Transactions.

                      

                

                

                Notwithstanding the amount set forth on Schedule

                      A, the amount of Tranche B Term Loans the Additional Tranche B Lender is entitled to receive will be set forth in Schedule 2.1 to the Amended Credit Agreement, as amended by the Amendment, in accordance with the terms of
                  the Offering Memorandum.

                
                  
                    

                

                
                

                

                	2.	
                        The Additional Tranche B Lender party hereto hereby agrees to become a Tranche B Term Lender on the terms and subject to the conditions
                          set forth below:

                      

                

                

                Such Additional Tranche B Lender (a) represents and warrants that it is legally authorized to enter into this Lender Joinder
                  Agreement; (b) confirms that it has received a copy of the Amended Credit Agreement, together with copies of the financial statements referred to in Section 4.1 or 6.1 (on file with the Securities and Exchange Commission), as applicable,
                  of the Amended Credit Agreement, the other Loan Documents and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Lender Joinder Agreement; (c) agrees that it
                  will, independently and without reliance upon Citi, the Tranche B Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
                  taking or not taking action under the Amended Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such action as
                  agent on its behalf and to exercise such powers and discretion under the Amended Credit Agreement, the other Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as
                  applicable, by the terms thereof, together with such powers as are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Additional Tranche B Lender as a Lender contained in Section 9.6 of the Amended
                  Credit Agreement; and (f) agrees that it will be bound by the provisions of the Amended Credit Agreement  and the other Loan Documents, including, any intercreditor arrangements set forth therein or applicable thereto  and will perform in
                  accordance with the terms of the Amended Credit Agreement and the other Loan Documents, including, any intercreditor arrangements set forth therein or applicable thereto, all the obligations which by the terms of the Amended Credit
                  Agreement are required to be performed by it as a Lender, including its obligations pursuant to Section 10.6 of the Amended Credit Agreement.

                

                

                	3.	
                        The Additional Tranche B Lender hereby agrees to the deemed making of its Tranche B Term Loans on the following terms and conditions on
                          the Effective Date set forth on Schedule A pertaining to such Additional Tranche B Lender attached hereto:

                      

                

                

                	

                      	1.	
                        Additional Tranche B Lender to Be a Lender.  Such Additional
                          Tranche B Lender acknowledges and agrees that upon its execution of this Lender Joinder Agreement that such Additional Tranche B Lender shall on and as of the Effective Date set forth on Schedule A become a “Lender” with respect to the Tranche B Term Loan Facility, under, and for all purposes of, the Amended Credit Agreement and the other Loan Documents, shall be
                          subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall be deemed to have funded make available such amount of Tranche B Term Loans on the
                          Effective Date. Each Additional Tranche B Lender represents and warrants that it is an Eligible Assignee.

                      

                

                

                	

                      	2.	
                        Certain Delivery Requirements.  Each Additional Tranche B Lender
                          has delivered herewith to the Borrower and the Tranche B Administrative Agent (i) all documentation and other information reasonably determined by the Tranche B Administrative Agent to be required by applicable “know your
                          customer” and anti-money laundering rules and regulations, including the USA Patriot Act, and (ii) such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Additional
                          Tranche B Lender may be required to deliver to the Borrower and the Tranche B Administrative Agent pursuant to Section 2.20(e) and 2.20(g) of the Amended Credit Agreement.

                      

                

                

                	

                      	3.	
                        Credit Agreement Governs.  Except as set forth in this Lender
                          Joinder Agreement, Tranche B Term Loans shall otherwise be subject to the provisions of the Amended Credit Agreement and the other Loan Documents.

                      

                

                

                	

                      	4.	
                        Notice.  For purposes of the Amended Credit Agreement, the
                          initial notice address of such Additional Tranche B Lender shall be as set forth below its signature below.

                      

                

                

                
                  2

                  
                    

                

                

                

                	

                      	5.	
                        Recordation of the New Loans.  Upon execution and delivery
                          hereof, the Tranche B Administrative Agent will record the Tranche B Term Loans deemed made by such Additional Tranche B Lender in the Register.

                      

                

                

                	

                      	6.	
                        Amendment, Modification and Waiver.  This Lender Joinder
                          Agreement may not be amended, waived, supplemented or otherwise modified except as provided by Section 10.1 of the Amended Credit Agreement.

                      

                

                

                	

                      	7.	
                        Entire Agreement.  This Lender Joinder Agreement, the Amended
                          Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and
                          verbal, among the parties or any of them with respect to the subject matter hereof.

                      

                

                

                	

                      	8.	
                        GOVERNING LAW.  THIS LENDER JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS LENDER JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
                            INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER
                            JURISDICTION WOULD BE REQUIRED THEREBY.

                      

                

                

                	

                      	9.	
                        Severability.  Any term or provision of this Lender Joinder
                          Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and
                          provisions of this Lender Joinder Agreement or affecting the validity or enforceability of any of the terms or provisions of this Lender Joinder Agreement in any other jurisdiction. If any provision of this Lender Joinder
                          Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.

                      

                

                

                	

                      	10.	
                        Counterparts.  This Lender Joinder Agreement may be executed in
                          counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.  The provisions of Section 10.22 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

                      

                

                

                	

                      	11.	
                        Electronic Execution. The words “execution,” “execute”, “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Lender Joinder
                          Agreement and the transactions contemplated hereby (including without limitation assignment and assumptions, amendments or other
                            borrowing requests, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Tranche B Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
                            enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global
                            and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each of the parties represents and warrants to the other
                            parties that it has the corporate capacity and authority to execute the Lender Joinder Agreement through electronic means and
                            there are no restrictions for doing so in that party’s constitutive documents.

                      

                

                

                [Remainder of Page Intentionally Left Blank]

                

                

                
                  3

                  
                    

                

                

                

                IN WITNESS WHEREOF, each
                  of the undersigned has caused its duly authorized officer to execute and deliver this Lender Joinder Agreement as of the date first above written.

                

                

                	 	 	 	 
	 	

                      	,
	 	
                        as an Additional Tranche B Lender

                      	 
	 	 	 	 
	 	
                        By:

                      	 	 
	 	 	
                        Name:

                      	 
	 	 	
                        Title:

                      	 
	 	 	 	 
	 	
                        If second signature required:

                      	 
	 	 	 	 
	 	
                        By:

                      	 	 
	 	 	
                        Name:

                      	 
	 	 	
                        Title:

                      	 
	 	 	 	 
	 	
                        Notice Address:

                      	 
	 	
                        Attention:

                      	 
	 	
                        Telephone:

                      	 
	 	
                        Facsimile:

                      	 

                

                

                

                

                

                

                

                

                [Signature Page to Lender Joinder Agreement]

                

                

                
                  
                    

                

                

                

                	 	
                        REVLON CONSUMER PRODUCTS
                            CORPORATION,

                      
	 	
                        as Borrower

                      
	 	 	 
	 	
                        By:

                      	 
	 	 	
                        Name:

                      
	 	 	
                        Title:

                      

                

                

                

                

                

                

                [Signature Page to Lender Joinder Agreement]

                

                

                
                  
                    

                

                

                

                Consented to by:

                	
                        __________________________________,

                        as Tranche B Administrative Agent

                      	 
	 	 
	
                        By:

                      	 
	 	 	 
	 	
                        Name:

                      	 
	 	
                        Title:

                      	 

                

                

                

                

                

                

                

                

                [Signature Page to Lender Joinder Agreement]

                

                

                
                  
                    

                

                

                

                SCHEDULE A

                

                

                2021 NOTES EXCHANGED FOR TRANCHE B TERM LOANS

                

                

                	
                        Name of

                        Additional Tranche B Lender

                      	
                        Name of Exchanging 

                        2021 Noteholder (if different)

                      	
                        Principal Amount of

                        2021 Notes Exchanged

                      
	 	 	 	 	 	 	
                        

                        

                      	 	 
	 	 	 	 	 	 	$ 

                      	 	 
	
                        

                        

                      	 	 	 	 	 	 	 	 

                

                

                Effective Date of Lender Joinder Agreement:  [________________] [TO BE INSERTED BY THE TRANCHE B ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
                  EFFECTIVE DATE OF RECORDATION IN THE REGISTER THEREFOR]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]