Document:

Exhibit 4.5

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

As of March 11, 2020,
Netfin Acquisition Corp. has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”): (1) our units; (2) our Class A ordinary shares; and (3) our redeemable
warrants.

 

The following description
of our units, Class A ordinary shares, and redeemable warrants is a summary and does not purport to be complete. It is subject
to and qualified in its entirety by reference to our amended and restated memorandum and articles of association, which is incorporated
by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.5 is a part. We encourage you to read
our amended and restated memorandum and articles of association and the applicable provisions of the Companies Law and the common
law of the Cayman Islands.

 

Terms not otherwise defined herein shall
have the meaning assigned to them in the Annual Report on Form 10-K of which this Exhibit 4.5 is a part.

 

Description of Units

 

1. Public
Units

 

Each unit consists
of one Class A ordinary share and one redeemable warrant. Each warrant entitles the holder thereof to purchase one share of our
Class A ordinary shares at a price of $11.50 per share, subject to adjustment as described in our prospectus (the “Prospectus”).

 

2. Private
Placement Units

 

The private placement
units (including the private placement shares, the private placement warrants and the Class A ordinary shares issuable upon exercise
of such warrants) are not transferable, assignable or salable until 30 days after the completion of our initial business combination
(except, among other limited exceptions as described under the section of the Prospectus entitled “Principal Shareholders
—Transfers of Founder Shares and Private Placement Units,” to our officers and directors and other persons or entities
affiliated with our sponsor) and they are not redeemable by us so long as they are held by members of our sponsor or its permitted
transferees. Otherwise, the private placement units are identical to the units sold in the initial public offering except that
the private placement warrants, so long as they are held by our sponsor or its permitted transferees, (i) are not redeemable by
us, (ii) may not (including the Class A ordinary shares issuable upon exercise of these warrants), subject to certain limited exceptions,
be transferred, assigned or sold by the holders until 30 days after the completion of our initial business combination, (iii) may
be exercised by the holders on a cashless basis, and (iv) are entitled to registration rights, as described under the section of
the Prospectus entitled “Description of Securities — Warrants — Private Placement Warrants.”

 

In order to finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working
capital loans may be convertible into private placement-equivalent units at a price of $10.00 per unit at the option of the
lender. Such units would be identical to the private placement units, including as to exercise price, exercisability and exercise
period of the underlying warrants. The terms of such working capital loans by our sponsor or its affiliates, or our officers and
directors, if any, have not been determined and no written agreements exist with respect to such loans.

 

Our sponsor has agreed
not to transfer, assign or sell any of the private placement units (including the private placement warrants and the Class A ordinary
shares issuable upon exercise of any of the private placement warrants) until the date that is 30 days after the date we complete
our initial business combination, except that, among other limited exceptions as described under the section of the Prospectus
entitled “Principal Shareholders —Transfers of Founder Shares and Private Placement Units” made to our officers
and directors and other persons or entities affiliated with our sponsor.

 

    1

     

    

 

Description of Class
A ordinary shares

 

Pursuant to our amended
and restated memorandum and articles of association, our authorized capital stock consists of 200,000,000 Class A ordinary shares,
$0.0001 par value, 20,000,000 Class B ordinary shares, $0.0001 par value and 1,000,000 shares of undesignated preferred stock,
$0.0001 par value.

 

Ordinary shareholders
of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary
shares and holders of Class B ordinary shares vote together as a single class on all matters submitted to a vote of our shareholders
except as required by law. Unless specified in our amended and restated memorandum and articles of association, or as required
by applicable provisions of the Companies Law or applicable stock exchange rules, the affirmative vote of a majority of our ordinary
shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require
a special resolution under Cayman Islands law, which requires the affirmative vote of a majority of at least two-thirds of
the shareholders who attend and vote at a general meeting of the company, and pursuant to our amended and restated memorandum and
articles of association; such actions include amending our amended and restated memorandum and articles of association and approving
a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which generally
serves for a term of three years with only one class of directors being elected in each year. There is no cumulative voting with
respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election of
directors can elect all of the directors. However, only holders of Class B ordinary shares have the right to elect directors in
any election held prior to or in connection with the completion of our initial business combination, meaning that holders of Class
A ordinary shares will not have the right to elect any directors until after the completion of our initial business combination.
Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally
available therefor.

 

Because our amended
and restated memorandum and articles of association authorize the issuance of up to 200,000,000 Class A ordinary shares, if we
were to enter into a business combination, we may (depending on the terms of such a business combination) be required to increase
the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote on the business
combination to the extent we seek shareholder approval in connection with our initial business combination. Our board of directors
is divided into three classes with only one class of directors being elected in each year and each class (except for those directors
appointed prior to our first annual meeting of shareholders) serving a three-year term.

 

In accordance with
Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year
end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold annual or general meetings
or elect directors. We may not hold an annual meeting of shareholders to elect new directors prior to the consummation of our initial
business combination.

 

We will provide our
public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business
combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated
as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held
in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to
be $10.00 per public share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced
by the deferred underwriting commissions we will pay to the underwriters. Our sponsor, officers and directors have entered into
a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares,
private placement shares and public shares in connection with the completion of our initial business combination. Unlike many special
purpose acquisition companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business
combinations and provide for related redemptions of public shares for cash upon completion of such initial business combinations
even when a vote is not required by law, if a shareholder vote is not required by law and we do not decide to hold a shareholder
vote for business or other legal reasons, we will, pursuant to our amended and restated memorandum and articles of association,
conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing
our initial business combination. Our amended and restated memorandum and articles of association require these tender offer documents
to contain substantially the same financial and other information about our initial business combination and the redemption rights
as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by law, or
we decide to obtain shareholder approval for business or other reasons, we will, like many special purpose acquisition companies,
offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer
rules. If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution
under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general
meeting of the company.

 

    2

     

    

 

However, the participation
of our sponsor, officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in the
Prospectus), if any, could result in the approval of our initial business combination even if a majority of our public shareholders
vote, or indicate their intention to vote, against such initial business combination. For purposes of seeking approval of an ordinary
resolution, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. Our
amended and restated memorandum and articles of association require that at least five days’ notice will be given of any
general meeting.

 

If we seek shareholder
approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public shareholder,
together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group”
(as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares (as
defined in the Prospectus) without our prior consent. However, we would not be restricting our shareholders’ ability to vote
all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders’ inability
to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such
shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And, as a result, such shareholders will continue to hold that number of shares exceeding 20% and, in order to dispose
such shares would be required to sell their shares in open market transactions, potentially at a loss.

 

If we seek shareholder
approval in connection with our initial business combination, our sponsor, officers and directors have agreed to vote their founder
shares and private placement shares and any public shares purchased during or after the initial public offering (including in open
market and privately negotiated transactions) in favor of our initial business combination. As a result, in addition to our initial
shareholders’ founder shares, we would need only 9,147,001, or 36.2%, of the 25,300,000 public shares sold in the initial
public offering to be voted in favor of an initial business combination in order to have our initial business combination (assuming
all outstanding shares are voted) approved. Additionally, each public shareholder may elect to redeem their public shares irrespective
of whether they vote for or against the proposed transaction or whether they were a public shareholder on the record date for the
shareholder meeting held to approve the proposed transaction.

 

Pursuant to our amended
and restated memorandum and articles of association, if we are unable to complete our initial business combination within 18 months
from the closing of the initial public offering, we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held
in the trust account and not previously released to us (less taxes payable and up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will completely extinguish public shareholders’
rights as shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate
and dissolve, subject, in the case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for claims
of creditors and in all cases subject to the other requirements of applicable law. Our sponsor, officers and directors have entered
into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to any founder shares or private placement shares held by them if we fail to complete our initial business
combination within 18 months from the closing of the initial public offering. However, if our initial shareholders acquire public
shares in or after the initial public offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

    3

     

    

 

In the event of a liquidation,
dissolution or winding up of the company after a business combination, our shareholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares,
if any, having preference over the ordinary shares. Our shareholders have no preemptive or other subscription rights. 

 

There are no sinking
fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to
redeem their public shares for cash at a per share price equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number
of then outstanding public shares, upon the completion of our initial business combination, subject to the limitations and on the
conditions described herein.

 

Description of Redeemable Warrants

 

1.
Public Shareholders’ Warrants

 

Each warrant entitles
the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of one year from the closing of the initial public offering or 30 days after the completion
of our initial business combination. The warrants will expire five years after the completion of our initial business combination,
at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We are not obligated
to deliver any Class A ordinary shares pursuant to the exercise of a warrant and have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is
then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect
to registration. No warrant is exercisable and we are not obligated to issue a Class A ordinary share upon exercise of a warrant
unless the Class A ordinary share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under
the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the
two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled
to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle
any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant will have paid the full purchase price for the unit solely for the Class A ordinary share underlying such unit.

 

We have agreed that
as soon as practicable, but in no event later than fifteen (15) business days after the closing of our initial business combination,
we will use our best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the
Class A ordinary shares issuable upon exercise of the warrants. We will use our best efforts to cause the same to become effective
and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration
of the warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Class A ordinary
shares issuable upon exercise of the warrants is not effective by the sixtieth (60th) business day after the closing
of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during
any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Class A ordinary
shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition
of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public
warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities
Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event
we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent
an exemption is not available.

 

    4

     

    

 

Once the warrants become
exercisable, we may call the warrants for redemption:

 

		(a)	in whole and not in part;

 

		(b)	at a price of $0.01 per warrant;

 

		(c)	upon not less than 30 days’ prior written notice of redemption ; and

 

		(d)	if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds
$18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any
20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrantholders.

 

If and when the warrants
become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities
for sale under all applicable state securities laws.

 

We have established
the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants,
each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However, the price
of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.

 

If we call the warrants
for redemption as described above, our management will have the option to require any holder that wishes to exercise his, her or
its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants
that are outstanding and the dilutive effect on our shareholders of issuing the maximum number of Class A ordinary shares issuable
upon the exercise of our warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise
price by surrendering their warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x)
the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market
value” of our Class A ordinary shares (defined below) over the exercise price of the warrants by (y) the fair market value.
The “fair market value” will mean the average reported closing price of the Class A ordinary shares for the 10 trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If
our management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the
number of Class A ordinary shares to be received upon exercise of the warrants, including the “fair market value” in
such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise
of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
advantage of this option, the holders of the private placement warrants and their permitted transferees would still be entitled
to exercise their private placement warrants for cash or on a cashless basis using the same formula described above that other
warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless
basis, as described in more detail below.

 

A holder of a warrant
may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise
such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates),
to the warrant agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of
the Class A ordinary shares outstanding immediately after giving effect to such exercise.

 

    5

     

    

 

If the number of outstanding
Class A ordinary shares is increased by a share capitalization payable in Class A ordinary shares, or by a split-up of ordinary
shares or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the number
of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding
ordinary shares. A rights offering to holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price
less than the fair market value will be deemed a share capitalization of a number of Class A ordinary shares equal to the product
of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for Class A ordinary shares) and (ii) the quotient of (x)
the price per Class A ordinary share paid in such rights offering and (y) the fair market value. For these purposes (i) if the
rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable
for Class A ordinary shares, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A ordinary
shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class
A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such
rights.

 

In addition, if we,
at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other
assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other securities into which the
warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption
rights of the holders of Class A ordinary shares in connection with a proposed initial business combination, or (d) in connection
with the redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market
value of any securities or other assets paid on each Class A ordinary share in respect of such event.

 

If the number of outstanding
Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary
shares or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to
such decrease in outstanding Class A ordinary shares.

 

Whenever the number
of Class A ordinary shares purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise
price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator
of which will be the number of Class A ordinary shares purchasable upon the exercise of the warrants immediately prior to such
adjustment, and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter.

 

In addition, if (x)
we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary
share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case
of any such issuance to our initial shareholders or their affiliates, without taking into account any founder shares held by our
initial shareholders or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances
represent more than 50% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination,
and (z) the volume weighted average trading price of our Class A ordinary shares during the 10 trading day period starting on the
trading day after the day on which we consummate our initial business combination is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the market value, and the $18.00 per share redemption
trigger price will be adjusted (to the nearest cent) to be equal to 180% of the market value.

 

    6

     

    

 

In case of any reclassification
or reorganization of the outstanding Class A ordinary shares (other than those described above or that solely affects the par value
of such Class A ordinary shares), or in the case of any merger or consolidation of us with or into another corporation (other than
a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization
of our outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets
or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of
the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified
in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of Class A ordinary shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or
transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to
such event. If less than 70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is
payable in the form of Class A ordinary shares in the successor entity that is listed for trading on a national securities exchange
or is quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following
such event, and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure
of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant
Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional
value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to
which the holders of the warrants otherwise do not receive the full potential value of the warrants.

 

The warrants are issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and
us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any
ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding
public warrants to make any change that adversely affects the interests of the registered holders.

 

The warrants may be
exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with
the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment
of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number
of warrants being exercised. The warrant holders do not have the rights or privileges of holders of ordinary shares and any voting
rights until they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon
exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on
by shareholders.

 

2. Private
Placement Warrants

 

The private placement
warrants (including the Class A ordinary shares issuable upon exercise of the private placement warrants) are not transferable,
assignable or salable until 30 days after the completion of our initial business combination (except, among other limited exceptions
as described under the section of the Prospectus entitled “Principal Shareholders —Transfers of Founder Shares and
Private Placement Units,” to our officers and directors and other persons or entities affiliated with our sponsor) and they
will not be redeemable by us so long as they are held by our sponsor, members of our sponsor or their permitted transferees. The
sponsor or its permitted transferees, have the option to exercise the private placement warrants on a cashless basis. Except as
described below, the private placement warrants have terms and provisions that are identical to those of the warrants being sold
as part of the units in the initial public offering. If the private placement warrants are held by holders other than the sponsor
or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same
basis as the warrants included in the units sold in the initial public offering.

 

If holders of the private
placement warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its
warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number of
Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” of our Class A
ordinary shares (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value”
will mean the average reported closing price of the Class A ordinary shares for the 10 trading days ending on the third trading
day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that
these warrants will be exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees is
because it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated
with us, their ability to sell our securities in the open market will be significantly limited. We have policies in place that
prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when insiders
will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material non-public information.
Accordingly, unlike public shareholders who could exercise their warrants and sell the Class A ordinary shares received upon such
exercise freely in the open market in order to recoup the cost of such exercise, the insiders could be significantly restricted
from selling such securities. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is
appropriate.

 

 

7EXHIBIT 10.1

 

EXECUTION VERSION

 

	 

 

 

THIRD AMENDED
AND RESTATED CREDIT AGREEMENT

dated as of

March 6, 2020

among

SMART WORLDWIDE HOLDINGS, INC.

as Holdings,

 

SMART MODULAR
TECHNOLOGIES (GLOBAL), INC.,

as the Parent Borrower,

 

SMART MODULAR
TECHNOLOGIES, INC.,

as Co-Borrower,

The Lenders Party Hereto

and

BARCLAYS BANK PLC,

as Administrative Agent and as Collateral Agent

___________________________

Barclays Bank PLC, DEUTSCHE BANK AG NEW YORK BRANCH and MORGAN STANLEY SENIOR FUNDING,
INC.

as Joint Lead Arrangers and Joint Bookrunners,

 

 

	 

 

     

    

    

 TABLE
OF CONTENTS

 

Page

 

	Article
I

                                                                                                          

                                                                                Definitions

	SECTION
    1.01.   Defined Terms	1
	SECTION
    1.02.   Classification of Loans and Borrowings	60
	SECTION
    1.03.   Terms Generally	60
	SECTION
    1.04.   Accounting Terms; GAAP	60
	SECTION
    1.05.   Certain Calculations and Tests.	62
	SECTION
    1.06.   Currency Translation	62
	SECTION
    1.07.   Change of Currency	63
	SECTION
    1.10.   Effect of this Agreement on the Original Credit Agreement	64
	Article II

                                                                                 

                                                                                The Credits

	SECTION
    2.01.   Commitments	64
	SECTION
    2.02.   Loans and Borrowings	65
	SECTION
    2.03.   Requests for Borrowings	65
	SECTION
    2.04.   Swingline Loans	66
	SECTION
    2.05.   Letters of Credit	68
	SECTION
    2.06.   Funding of Borrowings	73
	SECTION
    2.07.   Interest Elections	73
	SECTION
    2.08.   Termination and Reduction of Commitments	74
	SECTION
    2.09.   Repayment of Loans; Evidence of Debt	75
	SECTION
    2.10.   [Reserved]	76
	SECTION
    2.11.   Prepayment of Loans	76
	SECTION
    2.12.   Fees	83
	SECTION
    2.13.   Interest	84
	SECTION
    2.14.   Alternate Rate of Interest	85
	SECTION
    2.15.   Increased Costs	86
	SECTION
    2.16.   Break Funding Payments	88
	SECTION
    2.17.   Taxes	88
	SECTION
    2.18.   Payments Generally; Pro Rata Treatment; Sharing of Setoffs	91
	SECTION
    2.19.   Mitigation Obligations; Replacement of Lenders	93
	SECTION
    2.20.   Incremental Credit Extensions	94
	SECTION
    2.21.   Refinancing Amendments	96
	SECTION
    2.22.   Defaulting Lenders	97
	SECTION
    2.23.   Illegality	99
	SECTION
    2.24.   Loan Modification Offers	99
	Article III

                                                                                 

                                                                                Representations and Warranties

	SECTION
    3.01.   Organization; Powers	100

 

    -i-

    

    

Page

 

	SECTION
    3.02.   Authorization; Enforceability	100
	SECTION
    3.03.   Approvals; No Conflicts	101
	SECTION
    3.04.   Financial Condition; No Material Adverse Effect	101
	SECTION
    3.05.   Properties	101
	SECTION
    3.06.   Litigation and Environmental Matters	101
	SECTION
    3.07.   Compliance with Laws and Agreements	102
	SECTION
    3.08.   Investment Company Status	102
	SECTION
    3.09.   Taxes	102
	SECTION
    3.10.   ERISA	102
	SECTION
    3.11.   Disclosure	103
	SECTION
    3.12.   Subsidiaries	103
	SECTION
    3.13.   Intellectual Property; Licenses, Etc.	103
	SECTION
    3.14.   Solvency	103
	SECTION
    3.15.   Senior Indebtedness	103
	SECTION
    3.16.   Federal Reserve Regulations	103
	SECTION
    3.17.   Use of Proceeds	104
	SECTION
    3.18.   PATRIOT Act, Sanctions and Anti-Corruption	104
	Article IV

                                                                                 

                                                                                Conditions

	SECTION
    4.01.   Effective Date	104
	SECTION
    4.02.   Each Credit Event After the Effective Date	106
	Article V

                                                                                 

                                                                                Affirmative Covenants

	SECTION
    5.01.   Financial Statements and Other Information	107
	SECTION
    5.02.   Notices of Material Events	109
	SECTION
    5.03.   Information Regarding Collateral	110
	SECTION
    5.04.   Existence; Conduct of Business	110
	SECTION
    5.05.   Payment of Taxes, etc.	110
	SECTION
    5.06.   Maintenance of Properties	111
	SECTION
    5.07.   Insurance	111
	SECTION
    5.08.   Books and Records; Inspection and Audit Rights	111
	SECTION
    5.09.   Compliance with Laws	112
	SECTION
    5.10.   Use of Proceeds and Letters of Credit	112
	SECTION
    5.11.   Additional Subsidiaries	112
	SECTION
    5.12.   Further Assurances	112
	SECTION
    5.13.   [Reserved]	113
	SECTION
    5.14.   Designation of Subsidiaries	113
	SECTION
    5.15.   Changes in Fiscal Period	113
	SECTION
    5.16.   Certain Post-Closing Obligations	113
	SECTION
    5.17.   Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions	113
	SECTION
    5.18.   People with Significant Control Regime	114

 

    -ii-

    

    

Page

 

	Article VI

                                                                                 

                                                                                Negative Covenants

	SECTION
    6.01.   Indebtedness; Certain Equity Securities	114
	SECTION
    6.02.   Liens	121
	SECTION
    6.03.   Fundamental Changes; Holdings Covenant	124
	SECTION
    6.04.   Investments, Loans, Advances, Guarantees and Acquisitions	126
	SECTION
    6.05.   Asset Sales	129
	SECTION
    6.06.   [Reserved]	131
	SECTION
    6.07.   Negative Pledge	131
	SECTION
    6.08.   Restricted Payments; Certain Payments of Indebtedness	133
	SECTION
    6.09.   Transactions with Affiliates	139
	SECTION
    6.10.   Financial Covenant	140
	Article VII

                                                                                 

                                                                                Events of Default

	SECTION
    7.01.   Events of Default	140
	SECTION
    7.02.   Right to Cure	143
	SECTION
    7.03.   Application of Proceeds	144
	Article VIII

                                                                                 

                                                                                Administrative Agent

	SECTION
    8.01.   Appointment and Authority	145
	SECTION
    8.02.   Rights as a Lender	145
	SECTION
    8.03.   Exculpatory Provisions	145
	SECTION
    8.04.   Reliance by Administrative Agent	146
	SECTION
    8.05.   Delegation of Duties	147
	SECTION
    8.06.   Non-Reliance on Administrative Agent and Other Lenders	148
	SECTION
    8.07.   No Other Duties, Etc.	148
	SECTION
    8.08.   Administrative Agent May File Proofs of Claim	148
	SECTION
    8.09.   No Waiver; Cumulative Remedies; Enforcement	149
	SECTION
    8.10.   Withholding Taxes	150
	Article IX

                                                                                 

                                                                                Miscellaneous

	SECTION
    9.01.   Notices	150
	SECTION
    9.02.   Waivers; Amendments	152
	SECTION
    9.03.   Expenses; Indemnity; Damage Waiver	155
	SECTION
    9.04.   Successors and Assigns	157
	SECTION
    9.05.   Survival	163
	SECTION
    9.06.   Counterparts; Integration; Effectiveness	164
	SECTION
    9.07.   Severability	164
	SECTION
    9.08.   Right of Setoff	164
	SECTION
    9.09.   Governing Law; Jurisdiction; Consent to Service of Process	165

 

    -iii-

    

    

Page

 

	SECTION
    9.10.   WAIVER OF JURY TRIAL	165
	SECTION
    9.11.   Headings	166
	SECTION
    9.12.   Confidentiality	166
	SECTION
    9.13.   USA Patriot Act	167
	SECTION
    9.14.   Judgment Currency	167
	SECTION
    9.15.   Release of Liens and Guarantees	167
	SECTION
    9.16.   [Reserved]	168
	SECTION
    9.17.   No Advisory or Fiduciary Responsibility	168
	SECTION
    9.18.   Interest Rate Limitation	169
	SECTION
    9.19.   No Fiduciary Relationship	169
	SECTION
    9.20.   Obligation Joint and Several	169
	SECTION
    9.21.   Acknowledgment and Consent to Bail-In of Affected Financial Institutions	170

    -iv-

    

    

	SCHEDULES:	 	 
	 	 	 
	Schedule 1.01(a)	—	Excluded Subsidiaries
	Schedule 2.01	—	Commitments
	Schedule 3.12	—	Subsidiaries
	Schedule 5.16	—	Certain Post-Closing Obligations
	Schedule 6.01	—	Existing Indebtedness
	Schedule 6.02	—	Existing Liens
	Schedule 6.04(e)	—	Existing Investments
	Schedule 6.07	—	Existing Restrictions
	Schedule 6.09	—	Existing Affiliate Transactions
	Schedule 9.01	—	Notices
	 	 	 
	EXHIBITS:	 	 
	 	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B	—	[Reserved]
	Exhibit C	—	Form of Perfection Certificate
	Exhibit D -1	—	Form of Borrowing Request
	Exhibit D -2	—	Form of Conversion/Continuation 
	Exhibit D -3	—	Form of Repayment Notice
	Exhibit E	—	Form of Collateral Agreement
	Exhibit F	—	[Reserved]
	Exhibit G	—	Form of First Lien Intercreditor Agreement
	Exhibit H	—	Form of Second Lien Intercreditor Agreement
	Exhibit I	—	[Reserved]
	Exhibit J	—	Form of Intercompany Note
	Exhibit K	—	[Reserved]
	Exhibit L	—	Form of Specified Discount Prepayment Notice
	Exhibit M	—	Form of Specified Discount Prepayment Response 
	Exhibit N	—	Form of Discount Range Prepayment Notice
	Exhibit O	—	Form of Discount Range Prepayment Offer
	Exhibit P	—	Form of Solicited Discounted Prepayment Notice
	Exhibit Q	—	Form of Solicited Discounted Prepayment Offer
	Exhibit R	—	Form of Acceptance and Prepayment Notice
	Exhibit S-1	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit S-2	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit S-3	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit S-4	—	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)

 

    -v-

    

    

THIRD AMENDED
AND RESTATED CREDIT AGREEMENT dated as of March 6, 2020 (this “Agreement”), among SMART WORLDWIDE HOLDINGS,
INC., a Cayman Islands exempted company (“Holdings”), SMART MODULAR TECHNOLOGIES (GLOBAL), INC., a Cayman Islands
exempted company (the “Parent Borrower”), SMART MODULAR TECHNOLOGIES, INC., a California corporation (the “Co-Borrower”
and, together with the Parent Borrower, the “Borrowers” and each a “Borrower”), the LENDERS
party hereto and BARCLAYS BANK PLC, as Administrative Agent and as Collateral Agent.

 

WHEREAS, the
Borrowers, certain of the Lenders and the Administrative Agent are party to an Second Amended and Restated Credit Agreement dated
as of August 9, 2017 (the “Original Closing Date”) (as amended by that certain First Incremental Facility Amendment,
dated as of June 8, 2018, that certain Second Amendment, dated as of October 12, 2018, and as further amended, amended and restated,
modified or otherwise supplemented prior to the date hereof, the “Original Credit Agreement”) and have agreed
to amend and restate in its entirety the Original Credit Agreement and replace it in its entirety with this Agreement;

 

The parties
hereto agree as follows:

 

Article
I

 

Definitions

 

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

 

“ABL
Financings” means customary “asset based financings” entered into by Holdings, Parent Borrower, a Restricted
Subsidiary or Intermediate Parent providing for Liens on the Collateral or other assets of and property of the Parent Borrower
and its Subsidiaries on a customary “crossing-lien” priority basis (or any other priority more favorable to the Lenders
than customary “crossing-lien” priority) to be set forth in a customary intercreditor agreement reasonably acceptable
to the Parent Borrower and the Administrative Agent.

 

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

 

“Acceptable
Discount” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Acceptable
Prepayment Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Acceptance
and Prepayment Notice” means an irrevocable written notice from a Term Lender accepting a Solicited Discounted Prepayment
Offer to make a Discounted Term Loan Prepayment at the Acceptable Discount specified therein pursuant to Section 2.11(a)(ii)(D)
substantially in the form of Exhibit R.

 

“Acceptance
Date” has the meaning specified in Section 2.11(a)(ii)(D).

 

“Accepting
Lenders” has the meaning specified in Section 2.24(a).

 

“Accounting
Changes” has the meaning assigned to such term in Section 1.04(d).

 

     

    

    

“Acquired
EBITDA” means, with respect to any Pro Forma Entity for any period, the amount for such period of Consolidated EBITDA
of such Pro Forma Entity (determined as if references to the Parent Borrower and the Restricted Subsidiaries in the definition
of the term “Consolidated EBITDA” were references to such Pro Forma Entity and its Subsidiaries which will become
Restricted Subsidiaries), all as determined on a consolidated basis for such Pro Forma Entity.

 

“Acquired
Entity or Business” has the meaning given such term in the definition of “Consolidated EBITDA.”

 

“Acquisition
Transaction” means any Investment by Holdings, any Borrower or any Restricted Subsidiary in a Person if (a) as a result
of such Investment, (i) such Person becomes a Restricted Subsidiary or (ii) such Person, in one transaction or a series of related
transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets (or
all or substantially all the assets constituting a business unit, division, product line or line of business) to, or is liquidated
into, Holdings, the Parent Borrower or a Restricted Subsidiary and (b) after giving effect to such Investment, the Parent Borrower
is in compliance with Section 5.16, and, in each case, any Investment held by such Person.

 

“Additional
Lender” means any Additional Revolving Lender or any Additional Term Lender, as applicable.

 

“Additional
Revolving Lender” means, at any time, any bank or other financial institution that agrees to provide any portion of
any (a) Incremental Revolving Commitment Increase or Additional/Replacement Revolving Commitments pursuant to an Incremental
Facility Amendment in accordance with Section 2.20 or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing
Amendment in accordance with Section 2.21; provided that each Additional Revolving Lender shall be subject to the approval
of (i) the Administrative Agent and, if such Additional Revolving Lender will provide an Incremental Revolving Commitment Increase
or any Additional/Replacement Revolving Commitment, each Issuing Bank and the Swingline Lender (such approval in each case not
to be unreasonably withheld or delayed) and (ii) the Parent Borrower.

 

“Additional
Term Lender” means, at any time, any bank or other financial institution (including any such bank or financial institution
that is a Lender at such time) that agrees to provide any portion of any (a) Term Facility pursuant to an Incremental Facility
Amendment in accordance with Section 2.20 or (b) Credit Agreement Refinancing Indebtedness pursuant to a Refinancing Amendment
in accordance with Section 2.21; provided that each Additional Term Lender (other than any Person that is a Lender, an
Affiliate of a Lender or an Approved Fund of a Lender at such time or an Affiliated Lender or Affiliated Debt Fund) shall be subject
to the approval of (i) the Administrative Agent (such approval not to be unreasonably withheld or delayed) and (ii) the Parent
Borrower.

 

“Additional/Replacement
Revolving Commitment” has the meaning assigned to such term in Section 2.20(a).

 

“Adjusted
LIBO Rate” means with respect to any Eurocurrency Borrowing denominated in dollars for any Interest Period, an interest
rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (i) the LIBO Rate for such Interest Period
multiplied by (ii) the Statutory Reserve Rate.

 

“Administrative
Agent” means Barclays Bank PLC, in its capacity as administrative agent hereunder and under the other Loan Documents,
and its successors in such capacity as provided in Article VIII. The Administrative Agent may from time to time designate one
or more of its Affiliates or

 

    2

    

    

branches to
perform the functions of the Administrative Agent in connection with Loans denominated in any currency other than dollars, in
which case references to the “Administrative Agent” shall, in connection with Loans denominated in any such currency,
mean any Affiliate or branch so designated.

 

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

 

“Affected
Class” has the meaning specified in Section 2.24(a).

 

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

 

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

 

“Affiliated
Debt Fund” means an Affiliated Lender that is a bona fide debt fund primarily engaged in, or that advises funds or other
investment vehicles that are engaged in, making, purchasing, holding or otherwise investing in commercial loans, bonds and/or
similar extensions of credit or securities in the ordinary course and the investment decisions of which are not controlled by
the private equity business of Silver Lake Partners.

 

“Affiliated
Lender” means, at any time, any Lender that is the Sponsor or an Affiliate of the Sponsor (other than Holdings, the
Parent Borrower or any of their respective Subsidiaries or any natural person) at such time.

 

“Affiliated
Lender Cap” has the meaning assigned to such term in Section 9.04(f)(iv).

 

“Agent”
means the Administrative Agent, the Collateral Agent, each Lead Arranger, each Joint Bookrunner and any successors and assigns
in such capacity, and “Agents” means two or more of them.

 

“Agent
Parties” has the meaning given to such term in Section 9.01(c).

 

“Agreement”
has the meaning provided in the preamble hereto.

 

“Agreement
Currency” has the meaning assigned to such term in Section 9.14(b).

 

“Alternate
Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective
Rate in effect for such day plus 0.50%, (b) the Prime Rate in effect on such day and (c) the Adjusted LIBO Rate for a one-month
Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%; provided,
that for the avoidance of doubt, the LIBO Rate for any day shall be based on the rate determined on such day at approximately
11:00 a.m. (London time) by reference to the ICE Benchmark Administration Interest Settlement Rates (or the successor thereto
if the ICE Benchmark Administration is no longer making a LIBO Rate available) for deposits in Dollars (as set forth by any service
selected by the Administrative Agent that has been nominated by the ICE Benchmark Administration (or the successor thereto if
the ICE Benchmark Administration is no longer making a LIBO Rate available) as an authorized vendor for the purpose of displaying
such rates). Any change in such rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO
Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate
or the Adjusted LIBO Rate, as the case may be.

 

    3

    

    

“Anti-Corruption
Laws” means applicable laws and regulations from time to time concerning or relating to bribery or corruption.

 

“Applicable
Account” means, with respect to any payment to be made to the Administrative Agent hereunder, the account specified
by the Administrative Agent from time to time for the purpose of receiving payments of such type.

 

“Applicable
Creditor” has the meaning assigned to such term in Section 9.14(b).

 

“Applicable
Discount” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

“Applicable
Fronting Exposure” means, with respect to any Person that is an Issuing Bank or the Swingline Lender at any time, the
sum of (a) the aggregate amount of all Letters of Credit issued by such Person in its capacity as an Issuing Bank (if applicable)
that remains available for drawing at such time, (b) the aggregate amount of all LC Disbursements made by such Person in
its capacity as an Issuing Bank (if applicable) that have not yet been reimbursed by or on behalf of the applicable Borrower at
such time and (c) the aggregate principal amount of all Swingline Loans made by such Person in its capacity as a Swingline
Lender (if applicable) outstanding at such time.

 

“Applicable
Percentage” means, at any time with respect to any Revolving Lender, the percentage of the aggregate Revolving Commitments
represented by such Lender’s Revolving Commitment at such time (or, if the Revolving Commitments have terminated or expired,
such Lender’s share of the total Revolving Exposure at that time); provided that, at any time any Revolving Lender
shall be a Defaulting Lender, “Applicable Percentage” shall mean the percentage of the total Revolving Commitments
(disregarding any such Defaulting Lender’s Revolving Commitment) represented by such Lender’s Revolving Commitment.
If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving
Commitments most recently in effect, giving effect to any assignments pursuant to this Agreement and to any Lender’s status
as a Defaulting Lender at the time of determination.

 

“Applicable
Rate” means, for any day, with respect to the Revolving Commitments, the applicable rate per annum set forth below under
the caption “ABR Spread” or “Eurocurrency Spread”, as the case may be, based upon the First Lien Leverage
Ratio as of the end of the fiscal quarter of the Parent Borrower for which consolidated financial statements have theretofore
been most recently delivered pursuant to Section 5.01(a) or 5.01(b); provided that until the date of the delivery
of the consolidated financial statements pursuant to Section 5.01(a) or (b) as of and for the fiscal quarter ended February
28, 2020, the Applicable Rate shall be based on the rates per annum set forth in Category 2:

 

	Category	First
    Lien Leverage Ratio:	ABR

    Spread	Eurocurrency
    Spread
	1	Greater than 2.25
    to 1.00	2.75%	3.75%
	2	Less than or equal
    to 2.25 to 1.00	2.50%	3.50%

 

For purposes
of the foregoing, each change in the Applicable Rate resulting from a change in the First Lien Leverage Ratio shall be effective
during the period commencing on and including the Business Day following the date of delivery to the Administrative Agent pursuant
to Section 5.01(a) or 5.01(b) of the consolidated financial statements and related Compliance Certificate indicating such
change and ending on the date immediately preceding the effective date of the next such change. Notwithstanding the foregoing,
the Applicable Rate, at the option of the Administrative Agent or the Required Revolving Lenders, shall be based on the rates
per annum set forth in Category 1 (i) at any time that an Event of Default under Section 7.01(a) has occurred and is continuing
and shall continue to so

 

    4

    

    

apply to but
excluding the date on which such Event of Default shall cease to be continuing (and thereafter, the Category otherwise determined
in accordance with this definition shall apply) or (ii) if Holdings and the Parent Borrower fail to deliver the consolidated financial
statements required to be delivered pursuant to Section 5.01(a) or 5.01(b) or any Compliance Certificate required to be delivered
pursuant hereto, in each case within the time periods specified herein for such delivery, during the period commencing on and
including the day of the occurrence of a Default resulting from such failure and until the delivery thereof.

 

If at any time
the Administrative Agent determines that the financial statements upon which the Applicable Rate was determined were incorrect
(whether based on a restatement, fraud or otherwise), or any ratio or compliance information in a Compliance Certificate or other
certification was incorrectly calculated, relied on incorrect information or was otherwise not accurate, true or correct, upon
demand by the Administrative Agent, the Borrower shall be required to retroactively pay any additional amount that the Borrower
would have been required to pay if such financial statements, Compliance Certificate or other information had been accurate and/or
computed correctly at the time they were delivered.

 

“Approved
Bank” has the meaning assigned to such term in the definition of the term “Permitted Investments.”

 

“Approved
Foreign Bank” has the meaning assigned to such term in the definition of “Permitted Investments.”

 

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

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any Person whose consent is required by Section 9.04), substantially in the form of Exhibit A or any other form reasonably
approved by the Administrative Agent.

 

“Auction
Agent” means (a) the Administrative Agent or (b) any other financial institution or advisor employed by a Borrower (whether
or not an Affiliate of the Administrative Agent) to act as an arranger in connection with any Discounted Term Loan Prepayment
pursuant to Section 2.11(a)(ii); provided that such Borrower shall not designate the Administrative Agent as the Auction
Agent without the written consent of the Administrative Agent (it being understood that the Administrative Agent shall be under
no obligation to agree to act as the Auction Agent).

 

“Audited
Financial Statements” means the audited consolidated balance sheet of Parent as of August 30, 2019 and the related audited
consolidated statements of income and cash flow for the fiscal year ended August 30, 2019, including the notes thereto.

 

“Available
Amount” means a cumulative amount equal to (without duplication):

 

(a)       the
greater of (i) $51,000,000 and (ii) 50% of Consolidated EBITDA for the Test Period then last ended (such greater amount, the “Starter
Basket”), plus

 

(b)       (i)
50% multiplied by (ii) Consolidated Net Income less cash charges included in clauses (a) through (p) of the definition of Consolidated
Net Income for the period (treated as one

 

    5

    

    

accounting
period) from the first day of the first fiscal quarter of the Parent Borrower commencing after the Original Closing Date to the
end of the most recent Test Period, plus

 

(c)       returns,
profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind
amounts received by Holdings, any Intermediate Parent, the Parent Borrower and the Restricted Subsidiaries on Investments made
using the Available Amount (not to exceed the amount of such Investments), plus

 

(d)       the
Fair Market Value of Investments of Holdings, the Parent Borrower or any of the Restricted Subsidiaries in any Unrestricted Subsidiary
made using the Available Amount that has been re-designated as a Restricted Subsidiary or that has been merged or consolidated
with or into Holdings, the Parent Borrower or any of the Restricted Subsidiaries, plus

 

(e)       the
Net Proceeds of a sale or other Disposition of any Unrestricted Subsidiary (including the issuance of stock of an Unrestricted
Subsidiary) received by Holdings, the Parent Borrower or any Restricted Subsidiary, plus

 

(f)       to
the extent not included in Consolidated Net Income or used to make Restricted Payments pursuant to Section 6.08(a)(xvi)(B), dividends
or other distributions or returns on capital received by Holdings, the Parent Borrower or any Restricted Subsidiary from an Unrestricted
Subsidiary, plus

 

(g)       the
aggregate amount of any Retained Declined Proceeds since the Original Closing Date;

 

provided that use of the
Available Amount shall be subject to in the case of use of the Available Amount pursuant to 6.08(a)(viii) or 6.08(b)(iv), there
being no Significant Event of Default that shall have occurred and be continuing or would result therefrom.

 

“Available
Equity Amount” means a cumulative amount equal to (without duplication):

 

(a)       the
Net Proceeds of new public or private issuances of Qualified Equity Interests in Holdings or any parent of Holdings (including
Parent) which are contributed to Holdings or the Parent Borrower, plus

 

(b)       capital
contributions received by Holdings or the Parent Borrower after the Original Closing Date in cash or Permitted Investments (other
than in respect of any Disqualified Equity Interest) and the Fair Market Value of any in-kind contributions, plus

 

(c)       the
net cash proceeds received by Holdings or the Parent Borrower from Indebtedness and Disqualified Equity Interest issuances issued
after the Original Closing Date and which have been exchanged or converted into Qualified Equity Interests, plus

 

(d)       returns,
profits, distributions and similar amounts received in cash or Permitted Investments and the Fair Market Value of any in-kind
amounts received by Holdings, the Borrowers and the Restricted Subsidiaries on Investments made using the Available Equity Amount
(not to exceed the amount of such Investments).

 

“Available
RP Capacity Amount” means the amount of Restricted Payments that may be made at the time of determination pursuant to
Sections 6.08(a)(v), (xii) and (xvi)(A), minus the sum of the amount of the Available RP Capacity Amount
utilized by Holdings or any Restricted Subsidiary to (a)

 

    6

    

    

make Restricted
Payments in reliance on Section 6.08(a)(v), (xii) and/or (xvi)(A), (b) make Investments pursuant to Section
6.04(m)(iv), (c) make Restricted Debt Payments pursuant to Section 6.08(b)(iv)(D) and (d) incur Indebtedness pursuant
to Section 6.01(a)(xxxv)(A).

 

“Bail-In
Action” means 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” means (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).

 

“Bankruptcy
Code” means Title 11 of the United State Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Basel
III” means, collectively, those certain agreements on capital requirements, a leverage ratio and liquidity standards
contained in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems,” “Basel
III: International Framework for Liquidity Risk Measurement, Standards and Monitoring,” and “Guidance for National
Authorities Operating the Countercyclical Capital Buffer,” each as published by the Basel Committee on Banking Supervision
in December 2010 (as revised from time to time), and as implemented by a Lender’s primary banking regulatory authority.

 

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

 

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

 

“Board
of Directors” means, with respect to any Person, (a) in the case of any corporation, the board of directors of such
Person or any committee thereof duly authorized to act on behalf of such board, (b) in the case of any limited liability company,
the board of managers, board of directors, manager or managing member of such Person or the functional equivalent of the foregoing,
(c) in the case of any partnership, the board of directors, board of managers, manager or managing member of a general partner
of such Person or the functional equivalent of the foregoing and (d) in any other case, the functional equivalent of the foregoing.
In addition, the term “director” means a director or functional equivalent thereof with respect to the relevant Board
of Directors.

 

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

 

“Borrower”
or “Borrowers” have the meaning provided in the preamble hereto.

 

“Borrower
Materials” has the meaning assigned to such term in Section 5.01.

 

“Borrower
Offer of Specified Discount Prepayment” means the offer by a Borrower to make a voluntary prepayment of Term Loans at
a specified discount to par pursuant to Section 2.11(a)(ii)(B).

 

    7

    

    

“Borrower
Solicitation of Discount Range Prepayment Offers” means the solicitation by a Borrower of offers for, and the corresponding
acceptance by a Term Lender of, a voluntary prepayment of Term Loans at a specified range at a discount to par pursuant to Section
2.11(a)(ii)(C).

 

“Borrower
Solicitation of Discounted Prepayment Offers” means the solicitation by a Borrower of offers for, and the subsequent
acceptance, if any, by a Term Lender of, a voluntary prepayment of Term Loans at a discount to par pursuant to Section 2.11(a)(ii)(D).

 

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

 

“Borrowing
Minimum” means (a) in the case of a Eurocurrency Revolving Borrowing, $5,000,000, (b) in the case of an ABR Revolving
Borrowing, $1,000,000 and (c) in the case of a Swingline Loan, $1,000,000.

 

“Borrowing
Multiple” means (a) in the case of a Eurocurrency Revolving Borrowing, $1,000,000, (b) in the case of an ABR Revolving
Borrowing, $500,000 and (c) in the case of a Swingline Loan, $100,000.

 

“Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03.

 

“Brazil
Facility” means reference to certain Financing Agreement, dated as of December 30, 2014, without giving effect to any
amendments thereof, among Banco Nacional de Desenvolvimento Economico e Social – BNDES, SMART Modular Technologies Industria
de Componentes Eletronicos LTDA. and SMART Modular Technologies Industria e Comercio de Componentes LTDA.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in London or New York City
are authorized or required by law to remain closed; provided that when used in connection with a Eurocurrency Loan, the
term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market.

 

“Capital
Expenditures” means, for any period, the additions to property, plant and equipment and other capital expenditures of
Holdings, the Parent Borrower and the Restricted Subsidiaries that are (or should be) set forth in a consolidated statement of
cash flows of the Parent Borrower for such period prepared in accordance with GAAP.

 

“Capital
Lease Obligation” means an obligation that is a Capitalized Lease; and the amount of Indebtedness represented thereby
at any time shall be the amount of the liability in respect thereof that would at that time be required to be capitalized on a
balance sheet in accordance with GAAP as in effect on the Original Closing Date.

 

“Capitalized
Leases” means all leases that have been or should be, in accordance with GAAP as in effect on the Original Closing Date,
recorded as capitalized leases.

 

“Capitalized
Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as
liabilities) by the Parent Borrower and its Restricted Subsidiaries during such period in respect of purchased software or internally
developed software and

 

    8

    

    

software enhancements
that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the
Parent Borrower and its Restricted Subsidiaries.

 

“Cash
Management Obligations” means (a) obligations of Holdings, any Intermediate Parent, the Parent Borrower or any Subsidiary
in respect of (a) any overdraft and related liabilities arising from treasury, depository, cash pooling arrangements and cash
management or treasury services or any automated clearing house transfers of funds, (b) other obligations in respect of netting
services, employee credit or purchase card programs and similar arrangements, (c) letters of credit and (d) other services related,
ancillary or complementary to the foregoing (including Cash Management Services).

 

“Casualty
Event” means any event that gives rise to the receipt by Holdings, any Intermediate Parent, the Parent Borrower or any
Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property
(including any improvements thereon) to replace or repair such equipment, fixed assets or real property.

 

“CFC”
means a “controlled foreign corporation” within the meaning of Section 957 of the Code.

 

“Change
in Control” means (a) the failure of Parent, directly or indirectly through wholly owned subsidiaries, to beneficially
own all of the voting and economic Equity Interests of the Parent Borrower or (b) the acquisition of beneficial ownership
by any Person or group, other than the Permitted Holders (or any holding company parent of Holdings owned directly or indirectly
by the Permitted Holders), of Equity Interests representing 40% or more of the aggregate votes entitled to vote for the election
of directors of Holdings having a majority of the aggregate votes on the Board of Directors of Holdings and the aggregate number
of votes for the election of such directors of the Equity Interests beneficially owned by such Person or group is greater than
the aggregate number of votes for the election of such directors represented by the Equity Interests beneficially owned by the
Permitted Holders, unless the Permitted Holders otherwise have the right (pursuant to contract, proxy or otherwise), directly
or indirectly, to designate, nominate or appoint (and do so designate, nominate or appoint) directors of Holdings having a majority
of the aggregate votes on the Board of Directors of Holdings.

 

For purposes
of this definition, including other defined terms used herein in connection with this definition and notwithstanding anything
to the contrary in this definition or any provision of Section 13d-3 of the Exchange Act, (i) “beneficial ownership”
shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act as in effect on the date hereof, (ii) the phrase Person
or group is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such
Person or group or its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator
of any such plan, (iii) if any group includes one or more Permitted Holders, the issued and outstanding Equity Interests of Holdings,
directly or indirectly owned by the Permitted Holders that are part of such group shall not be treated as being beneficially owned
by such group or any other member of such group for purposes of clause (b) of this definition, (iv) a Person or group shall not
be deemed to beneficially own Equity Interests to be acquired by such Person or group pursuant to a stock or asset purchase agreement,
merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto)
until the consummation of the acquisition of the Equity Interests in connection with the transactions contemplated by such agreement
and (v) a Person or group will not be deemed to beneficially own the Equity Interests of another Person as a result of its ownership
of Equity Interests or other securities of such other Person’s parent (or related contractual rights) unless it owns 50%
or more of the total voting power of the Equity Interests entitled to vote for the election of directors of such Person’s
parent having a majority of the aggregate votes on the Board of Directors of such Person’s parent.

 

    9

    

    

“Change
in Law” means: (a) the adoption of any rule, regulation, treaty or other law after the date of this Agreement, (b) any
change in any rule, regulation, treaty or other law or in the administration, interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) the making or issuance of any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this Agreement provided that, notwithstanding
anything herein to the contrary, (i) any requests, rules, guidelines or directives under the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 or issued in connection therewith and (ii) any requests, rules, guidelines or directives promulgated
by the Bank of 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 shall be deemed to
be a “Change in Law,” to the extent enacted, adopted, promulgated or issued after the date of this Agreement, but
only to the extent such rules, regulations, or published interpretations or directives are applied to Holdings and its Subsidiaries
by the Administrative Agent or any Lender in substantially the same manner as applied to other similarly situated borrowers under
comparable syndicated credit facilities, including, without limitation, for purposes of Section 2.15.

 

“Class”
when used in reference to (a) any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are
Revolving Loans, Incremental Revolving Loans, Other Revolving Loans, Term Loans, Incremental Term Loans, Other Term Loans or Swingline
Loans, (b) any Commitment, refers to whether such Commitment is a Revolving Commitment, Other Revolving Commitment, Term Commitment
or Other Term Commitment and (c) any Lender, refers to whether such Lender has a Loan or Commitment with respect to a particular
Class of Loans or Commitments. Other Term Commitments, Other Term Loans, Other Revolving Commitments (and the Other Revolving
Loans made pursuant thereto) and Incremental Term Loans that have different terms and conditions shall be construed to be in different
Classes.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended.

 

“Collateral”
means any and all assets, whether real or personal, tangible or intangible, on which Liens are purported to be granted pursuant
to the Security Documents as security for the Secured Obligations.

 

“Collateral
Agent” means Barclays Bank PLC, in its capacity as collateral agent hereunder and under the other Loan Documents, and
shall include any duly appointed successor in that capacity.

 

“Collateral
Agreement” means the Collateral Agreement, dated as of August 26, 2011, among the Co-Borrower, each other Domestic Subsidiary
that is a Loan Party and the Administrative Agent.

 

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

 

(a)       the
Administrative Agent shall have received from (i) Holdings, any Intermediate Parent, each Borrower and each Subsidiary Loan Party
either (x) a counterpart of the Guarantee Agreement duly executed and delivered on behalf of such Person or (y) in the case of
any Person that becomes a Loan Party after the Effective Date (including by ceasing to be an Excluded Subsidiary), a supplement
to the Guarantee Agreement, in the form specified therein, duly executed and delivered on behalf of such Person, (ii) Holdings,
any Intermediate Parent and each Domestic Subsidiary Loan Party either (x) a counterpart of the Collateral Agreement duly executed
and delivered on behalf of such Person or (y) in the case of any Person that becomes a Subsidiary Loan Party after the Effective
Date (including by ceasing to be an Excluded Subsidiary), a supplement to the Collateral Agreement, in the form specified

 

    10

    

    

therein, duly
executed and delivered on behalf of such Person and (iii) each Foreign Loan Party either (x) counterparts to one or more Foreign
Collateral Agreements or Foreign Pledge Agreements or (y) in the case of a Foreign Subsidiary Loan Party that becomes such after
the Effective Date, either counterparts to a new supplements to existing Foreign Collateral Agreements or Foreign Pledge Agreements,
in each case that the Administrative Agent determines, based on advice of counsel, to be reasonably necessary in order for the
Secured Obligations to be secured by all or substantially all tangible and intangible assets of such Foreign Subsidiary (including
Mortgaged Properties, accounts receivable, moveable assets (including inventory and equipment), contract rights, intellectual
property and other general intangibles and proceeds of the foregoing, but excluding Equity Interests other than Equity Interests
required to be pledged pursuant to clause (b) below) in which a security interest may be obtained under the laws of the jurisdiction
of organization of such Foreign Subsidiary, duly executed and delivered on behalf of such Person, in each case under this clause
(a) together with, in the case of any such Loan Documents executed and delivered after the Effective Date, documents and, to the
extent reasonably requested by the Administrative Agent, opinions of the type referred to in Sections 4.01(b));

 

(b)       all
outstanding Equity Interests of each Borrower and each Restricted Subsidiary (other than any Equity Interests constituting Excluded
Assets) owned by or on behalf of any Loan Party, shall have been pledged pursuant to the Collateral Agreement, a Foreign Collateral
Agreement or a Foreign Pledge Agreement, and the Administrative Agent shall have received certificates or other instruments representing
all such Equity Interests (if any), together with undated stock powers or other instruments of transfer with respect thereto endorsed
in blank;

 

(c)       if
any Indebtedness for borrowed money of Holdings, the Parent Borrower or any Subsidiary in a principal amount of $10,000,000 or
more is owing by such obligor to any Loan Party, such Indebtedness shall be evidenced by a promissory note that shall have been
pledged pursuant to the Collateral Agreement, or a Foreign Collateral Agreement, as applicable, and the Administrative Agent shall
have received all such promissory notes, together with undated instruments of transfer with respect thereto endorsed in blank;

 

(d)       all
certificates, agreements, documents and instruments, including Uniform Commercial Code financing statements, required by the Security
Documents, Requirements of Law and reasonably requested by the Administrative Agent to be filed, delivered, registered or recorded
to create the Liens intended to be created by the Security Documents and perfect such Liens to the extent required by, and with
the priority required by, the Security Documents and the other provisions of the term “Collateral and Guarantee Requirement”,
shall have been filed, registered or recorded or delivered to the Administrative Agent for filing, registration or recording;
and

 

(e)       the
Administrative Agent shall have received (i) counterparts of a Mortgage with respect to each Mortgaged Property duly executed
and delivered by the record owner of such Mortgaged Property, (ii) to the extent applicable in the relevant jurisdiction (w) a
policy or policies of title insurance (or marked unconditional commitment to issue such policy or policies) in the amount equal
to not less than 100% (or such lesser amount as reasonably agreed to by the Administrative Agent in consultation with the Required
Lenders) of the Fair Market Value of such Mortgaged Property and fixtures, as reasonably determined by the Parent Borrower and
agreed to by the Administrative Agent (in consultation with the Required Lenders), issued by a nationally recognized title insurance
company reasonably acceptable to the Administrative Agent insuring the Lien of each such Mortgage as a first priority Lien on
the Mortgaged Property described therein, free of any other Liens except as expressly permitted by Section 6.02, together with
such endorsements (other than a creditor’s rights endorsement), coinsurance and reinsurance as the Administrative Agent
(in consultation with the Required Lenders) may reasonably request to the extent available in the applicable jurisdiction at commercially
reasonable rates, (iii) a completed “Life-of-Loan” Federal Emergency Management Agency (“FEMA”) Standard
Flood Hazard

 

    11

    

    

Determination
with respect to each Mortgaged Property subject to the applicable FEMA rules and regulations (together with a notice about special
flood hazard area status and flood disaster assistance duly executed by the Parent Borrower and each Loan Party relating thereto),
(iv) if any Mortgaged Property is located in an area determined by FEMA to have special flood hazards, evidence of such flood
insurance as may be required under applicable law, including Regulation H of the Board of Governors and the other Flood Insurance
Laws and as required under Section 5.07, and (v) such legal opinions as the Administrative Agent may reasonably request with respect
to any such Mortgage or Mortgaged Property.

 

Notwithstanding
the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) the
foregoing provisions of this definition shall not require the creation or perfection of pledges of or security interests in, or
the obtaining of title insurance, legal opinions or other deliverables with respect to, particular assets of the Loan Parties,
or the provision of Guarantees by any Subsidiary, if, and for so long as and to the extent that the Administrative Agent (in consultation
with the Required Lenders) and the Parent Borrower reasonably agree in writing that the cost of creating or perfecting such pledges
or security interests in such assets, or obtaining such title insurance, legal opinions or other deliverables in respect of such
assets, or providing such Guarantees (taking into account any material adverse tax consequences to Holdings and its Subsidiaries
(including the imposition of withholding or other material Taxes)), shall be excessive in view of the benefits to be obtained
by the Lenders therefrom, (b) Liens required to be granted from time to time pursuant to the term “Collateral and Guarantee
Requirement” shall be subject to exceptions and limitations set forth in the Security Documents as in effect on the Effective
Date, (c) in no event shall control agreements or other control or similar arrangements be required with respect to deposit accounts,
securities accounts, letter of credit rights or other assets requiring perfection by control (but not, for the avoidance of doubt,
possession), (d) no perfection actions shall be required with respect to assets subject to certificates of title, (e) no perfection
actions shall be required with respect to commercial tort claims reasonably expected to result in a recovery of less than $10,000,000
and, other than the filing of UCC financing statements, no perfection shall be required with respect to promissory notes evidencing
debt for borrowed money in a principal amount of less than $10,000,000 individually, (f) no landlord lien waivers, estoppels or
collateral access letters shall be required, (g) in no event shall the Collateral include any Excluded Assets and (h) with respect
to Loan Parties that exist as of the Effective Date, Collateral and Guarantee requirements shall be limited to those required
by Section 4.01(f) and Section 5.16 with respect to existing assets and Section 5.12 (b) with respect to any assets acquired after
the Effective Date that are not otherwise Excluded Assets. The Administrative Agent (with the approval, or at the direction, of
the Required Lenders) may grant extensions of time or waivers for the creation and perfection of security interests in or the
obtaining of title insurance, legal opinions or other deliverables with respect to particular assets or the provision of any Guarantee
by any Subsidiary (including extensions beyond the Effective Date or in connection with assets acquired, or Subsidiaries formed
or acquired, after the Effective Date) where it determines that such action cannot be accomplished without undue effort or expense
by the time or times at which it would otherwise be required to be accomplished by this Agreement or the Security Documents.

 

“Commitment”
means (a) with respect to any Lender, its Revolving Commitment, Other Revolving Commitment of any Class, Term Commitment,
Other Term Commitment of any Class or any combination thereof (as the context requires) and (b) with respect to any Swingline
Lender, its Swingline Commitment.

 

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

 

“Compliance
Certificate” means a Compliance Certificate required to be delivered pursuant to Section 5.01.

 

    12

    

    

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

 

(a)           without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income,
the sum of the following amounts for such period:

 

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

 

(ii)              
provision for taxes based on income, profits, revenue or capital, including federal, foreign and state income, franchise,
excise, value added and similar taxes based on income, profits, revenue or capital and foreign withholding taxes paid or accrued
during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising
from any tax examinations;

 

(iii)            
depreciation and amortization (including amortization of Capitalized Software Expenditures and amortization of deferred
financing fees or costs);

 

(iv)             
other non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash
charges represent an accrual or reserve for potential cash items in any future period, (A) such Person may elect not to add back
such non-cash charge in the current period and (B) to the extent such Person elects to add back such non-cash charge, the cash
payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization
of a prepaid cash item that was paid in a prior period);

 

(v)               
the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties
in any Non-Wholly Owned Subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions
in respect thereof;

 

(vi)             
(A) the amount of expenses relating to payments made to option holders of Holdings or any of its direct or indirect parent
companies in connection with, or as a result of, any distribution being made to shareholders of such Person or its direct or indirect
parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time
of, and entitled to share in, such distribution, in each case to the extent permitted in the Loan Documents and (B) the amount
of fees, expenses and indemnities paid or accrued in such period to directors, including of Holdings and any direct or indirect
parent company thereof;

 

(vii)           
any losses on the sale or receivables and related assets pursuant to a Permitted Receivables Financing;

 

(viii)         
any costs or expenses incurred by Holdings, the Parent Borrower or any Restricted Subsidiary pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any
stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash
proceeds contributed to the capital

 

    13

    

    

of
Holdings or Net Proceeds of an issuance of Equity Interests of Holdings (other than Disqualified Equity Interests);

 

(ix)             
any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial
losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and
loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of
a similar nature;

 

(x)               
earnout and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments
thereof and purchase price adjustments;

 

(xi)             
expenses consisting of internal software development costs that are expensed but could have been capitalized under alternative
accounting policies in accordance with GAAP;

 

(xii)           
Public Company Costs;

 

(xiii)         
other add backs and adjustments reflected in a quality of earnings report provided by a “big four” accounting
firm with respect to any Permitted Acquisition or other Investment (including, for the avoidance of doubt, add backs and adjustments
of the same type in future periods);

 

(xiv)         
any expenses reimbursed in cash during such period by non-Affiliate third parties (other than Holdings, the Parent Borrower
or any of its Subsidiaries); and

 

(xv)       revenue
of the Parent Borrower and its Subsidiaries arising from the operation of the Work Opportunity Tax Credit legislation (as if such
legislation was approved on January 1 of the fiscal year to which such revenue relates); provided that the aggregate amount added
to Consolidated EBITDA for such period pursuant to this clause (xv) shall not exceed 2.0% of consolidated revenue for the Parent
Borrower and its Subsidiaries for such period

 

plus

 

(b)            without duplication, the amount of “run rate” cost savings, operating expense reductions and synergies (collectively,
“Run Rate Benefits”) related to the Transactions or any Specified Transaction, any restructuring, cost saving
initiative, new contract or other initiative projected by the Parent Borrower in good faith to be realized as a result of actions
that have been taken or initiated or are expected to be taken or initiated on or prior to the date that is 24 months after the
end of the relevant Test Period (including actions initiated prior to the Effective Date) (in the good faith determination of
the Parent Borrower), including any Run Rate Benefits, expenses and charges (including restructuring and integration charges)
in connection with, or incurred by or on behalf of, any joint venture of Holdings, the Parent Borrower or any of the Restricted
Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Parent Borrower) with respect
to any Specified Transaction, and any restructuring, cost saving initiative or other initiative (which Run Rate Benefits shall
be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such Run Rate Benefits had
been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided
that (A) such Run Rate Benefits are reasonably quantifiable, (B) no

 

    14

    

    

cost
savings, operating expense reductions or synergies shall be added pursuant to this clause (b) to the extent duplicative of any
expenses or charges relating to such Run Rate Benefits, operating expense reductions or synergies that are included in clause
(a) above (it being understood and agreed that “run rate” shall mean the full recurring benefit that is associated
with any action taken) (C) the share of any such Run Rate Benefits, expenses and charges with respect to a joint venture that
are to be allocated to Holdings, the Parent Borrower or any of the Restricted Subsidiaries shall not exceed the total amount thereof
for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA
for the relevant Test Period and (D) the amount added back pursuant to this clause (b) in any Test Period, when taken together
with amounts added back to Consolidated Net Income pursuant to clause (a)(i) thereof, shall not exceed 35% of Consolidated EBITDA
for such Test Period (calculated after giving effect to amounts added back pursuant to this clause (b));

 

plus

 

(c)            without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income,
the amount of discretionary research and development costs incurred by the Parent Borrower and its Restricted Subsidiaries which
are identified in good faith by the Parent Borrower to have been incurred specifically for the purposes of qualifying for a reduced
tax rate or other tax incentive in Brazil and that were not required to support the Parent Borrower’s ongoing research and
development activities; provided that (i) the aggregate amount of such costs added pursuant to this clause shall not exceed
$5,000,000 in any Test Period and (ii) if the aggregate amount of such costs added pursuant to this clause with respect to any
fiscal year of the Parent Borrower exceeds the tax benefit actually derived therefrom calculated by the Parent Borrower in good
faith based on its annual tax returns, the amount of any such excess shall reduce Consolidated EBITDA in the fiscal quarter in
which such annual tax returns are filed or, if earlier, in the fiscal quarter in which such excess is determined;

 

plus

 

(d)            cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated
Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated
EBITDA pursuant to clause (d) below for any previous period and not added back

 

less

 

(e)            without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts
for such period:

 

(i)                
non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential
cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period);

 

(ii)              
the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties
in any Non-Wholly Owned Subsidiary added (and not deducted in such period from Consolidated Net Income);

 

in each case, as determined on
a consolidated basis for the Parent Borrower and its Restricted Subsidiaries in accordance with GAAP; provided that,

 

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(I)       there
shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property,
business or asset acquired by Holdings, the Parent Borrower or any Restricted Subsidiary during such period (other than any Unrestricted
Subsidiary) whether such acquisition occurred before or after the Effective Date to the extent not subsequently sold, transferred
or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent
not so acquired) (each such Person, property, business or asset acquired, including pursuant to a transaction consummated prior
to the Effective Date, and not subsequently so disposed of, an “Acquired Entity or Business”), and the Acquired
EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted
Restricted Subsidiary”), in each case based on the Acquired EBITDA of such Pro Forma Entity for such period (including
the portion thereof occurring prior to such acquisition or conversion) determined on a historical Pro Forma Basis; and

 

(II)       there
shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business
or asset (other than any Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued
operations by the Parent Borrower or any Restricted Subsidiary during such period (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, at Parent Borrower’s election, only
when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred
or otherwise disposed of, closed or classified, a “Sold Entity or Business”), and the Disposed EBITDA of any
Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a “Converted Unrestricted
Subsidiary”), in each case based on the Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary
for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or
conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which
a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity
or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment
certificate delivered to the Administrative Agent (for further deliver to the Lenders).

 

“Consolidated
First Lien Debt” means the amount of Consolidated Net Debt under the Loans and under any Incremental Facilities and
the amount of Consolidated Net Debt that is secured by a Lien on a material portion of the Collateral that has the same or senior
priority (but without regard to the control of remedies) with Liens securing the Secured Obligations or on a first priority basis.

 

“Consolidated
Interest Expense” means the sum of (a) the amount of cash interest expense (including that attributable to Capitalized
Leases), net of cash interest income of the Parent Borrower and the Restricted Subsidiaries with respect to all outstanding Indebtedness
for borrowed money of the Parent Borrower and the Restricted Subsidiaries, including all commissions, discounts and other fees
and charges owed with respect to letters of credit and bankers’ acceptance financing and net costs under hedging agreements,
plus (b) the aggregate amount of actual cash payments made with respect to any increase in the principal amount of Indebtedness
as a result of pay-in-kind interest that are required to be made in connection with any repayment of such Indebtedness, and excluding,
for the avoidance of doubt, (i) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses
and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown
accounting), (ii) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under
hedging agreements or other derivative instruments pursuant to FASB Accounting Standards Codification No. 815-Derivatives and
Hedging, (iii)

 

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any one-time
cash costs associated with breakage in respect of hedging agreements for interest rates, (iv) commissions, discounts, yield and
other fees and charges (including any interest expense) incurred in connection with any Permitted Receivables Financing, (v) all
non-recurring cash interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations,
(vi) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether
actual, contingent or potential) with respect thereto and with respect to any Permitted Acquisition or other Investment, all as
calculated on a consolidated basis in accordance with GAAP, (vii) costs and expenses in connection with any amendment or modification
of Indebtedness (whether or not consummated), (viii) penalties and interest relating to taxes, (ix) accretion or accrual of discounted
liabilities not constituting Indebtedness and (x) any expense resulting from the discounting of Indebtedness in connection with
the application of recapitalization or purchase accounting.

 

“Consolidated
Net Debt” means, as of any date of determination, (a) the aggregate outstanding principal amount of all third party
Indebtedness of the Parent Borrower and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis
in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of acquisition
method accounting in connection with the Transactions, any Permitted Acquisition (or other Investment permitted hereunder) or
any push-down accounting) consisting only of Indebtedness for borrowed money, unreimbursed obligations under letters of credit,
any Permitted Receivables Financing, obligations in respect of Capitalized Leases and debt obligations evidenced by promissory
notes or similar instruments, minus (b) the aggregate amount of cash and Permitted Investments (in each case, free and
clear of all liens, other than Liens permitted pursuant to Section 6.02), excluding cash and Permitted Investments which are listed
as “restricted” on the consolidated balance sheet of the Parent Borrower and its Restricted Subsidiaries as of such
date.

 

“Consolidated
Net Income” means, for any period, the net income (loss) of the Parent Borrower and its Restricted Subsidiaries
for such period determined on a consolidated basis in accordance with GAAP, excluding, without duplication:

 

(a)               
(i) restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions
after the Effective Date and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated
financial statements and (ii) any unusual or non-recurring operating expenses directly attributable to the implementation of cost
savings initiatives and any severance, relocation costs, integration and facilities’ opening costs and other business optimization
expenses (including related to new product introductions and other strategic or costs savings initiatives), signing costs, retention
or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation
of facilities, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement
employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations
and judgements thereof) and extraordinary, non-recurring or unusual gains or losses or expenses (less all fees and expenses relating
thereto but including any accruals or reserves in respect thereof),

 

(b)               
the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net
Income,

 

(c)               
Transaction Costs,

 

(d)               
the net income for such period of any Person that is an Unrestricted Subsidiary and any Person that is not a Subsidiary
or that is accounted for by the equity method of

 

    17

    

    

accounting;
provided that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments
that are actually paid in cash (or to the extent converted into cash) by such Person to the Parent Borrower or a Restricted Subsidiary
thereof during such period to the extent such dividends or distributions or other payments are attributable to the net income
for such period of such Person,

 

(e)               
any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or
any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment
of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in
each case, including any such transaction consummated prior to the Effective Date and any such transaction undertaken but not
completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each
case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses
in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification
460),

 

(f)                
any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other
derivative instruments,

 

(g)               
accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including
any adjustment of estimated payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting
policies during such period,

 

(h)               
all Non-Cash Compensation Expenses,

 

(i)                
any income (loss) attributable to deferred compensation plans or trusts,

 

(j)                
any income (loss) from investments recorded using the equity method of accounting (but including any cash dividends or
distributions actually received by the Parent Borrower or any Restricted Subsidiary in respect of such investment),

 

(k)               
any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary
course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to
the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are
actually disposed of),

 

(l)                
any non-cash gain (loss) attributable to the mark to market movement in the valuation of hedging obligations or other derivative
instruments pursuant to FASB Accounting Standards Codification 815-Derivatives and Hedging or mark to market movement of other
financial instruments pursuant to FASB Accounting Standards Codification 825-Financial Instruments; provided that any cash
payments or receipts relating to transactions realized in a given period shall be taken into account in such period,

 

(m)             
any non-cash gain (loss) related to currency remeasurements of Indebtedness, net loss or gain resulting from hedging agreements
for currency exchange risk and revaluations of intercompany balances or other balance sheet items (including Indebtedness and
gain or loss relating to translation of assets and liabilities),

 

    18

    

    

(n)               
any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case,
that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period
in which such cash payment was made),

 

(o)               
any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived
assets, and investments in debt and equity securities),

 

(p)               
solely for the purpose of calculating the Available Amount, the net income for such period of any Restricted Subsidiary
(other than any Guarantor) shall be excluded to the extent the declaration or payment of dividends or similar distributions by
that Restricted Subsidiary of its net income is not at the date of determination wholly permitted without any prior Governmental
Approval (which has not been obtained) or, directly or indirectly, is otherwise restricted by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has
been legally waived; provided that Consolidated Net Income of the Parent Borrower will be increased by the amount of dividends
or other distributions or other payments actually paid in cash (or to the extent converted into cash) or Permitted Investments
to Holdings, the Parent Borrower or a Restricted Subsidiary thereof in respect of such period, to the extent not already included
therein,

 

(q)               
any accruals or obligations accrued related to workers’ compensation programs to the extent that expenses deducted
in the calculation of net income exceed the net amounts paid in cash related to workers’ compensation programs in that period,
and

 

(r)                
any reserves, accruals or obligations accrued by the Parent Borrower or any of its Subsidiaries for any federal and state
employment tax liabilities, including social security, federal unemployment, state unemployment and state disability taxes deducted
in the calculation of net income during such period, less the amount of such obligations paid in cash with respect to such period.

 

There shall
be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying
acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and
deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative
pronouncements (including the effects of such adjustments pushed down to the Parent Borrower and its Restricted Subsidiaries),
as a result of the Transactions, any acquisition or Investment consummated prior to the Effective Date and any Permitted Acquisitions
or other Investment or the amortization or write-off of any amounts thereof.

 

In addition,
to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include (i) the amount of proceeds
received or due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification
and other reimbursement provisions in connection with the Transactions, any acquisition or other Investment or any disposition
of any asset permitted hereunder and (ii) the amount of any cash tax benefits related to the tax amortization of intangible assets
in such period.

 

“Consolidated
Secured Debt” means Consolidated Net Debt that is secured by a Lien on the Collateral.

 

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“Consolidated
Total Assets” means, as at any date of determination, the amount that would be set forth opposite the caption “total
assets” (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and the Restricted Subsidiaries
in accordance with GAAP.

 

“Consolidated
Working Capital” means, at any date, the excess of (a) the sum of all amounts (other than cash and Permitted Investments)
that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption)
on a consolidated balance sheet of Holdings, the Parent Borrower and the Restricted Subsidiaries at such date, excluding the current
portion of current and deferred income taxes over (b) the sum of all amounts that would, in conformity with GAAP, be set forth
opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of Holdings,
the Parent Borrower and the Restricted Subsidiaries on such date, including deferred revenue but excluding, without duplication,
(i) the current portion of any Funded Debt, (ii) all Indebtedness consisting of Loans and obligations under letters of credit
to the extent otherwise included therein, (iii) the current portion of interest and (iv) the current portion of current and deferred
income taxes; provided that, for purposes of calculating Excess Cash Flow, increases or decreases in working capital (A) arising
from acquisitions, dispositions or Unrestricted Subsidiary designations by Holdings, the Borrowers and the Restricted Subsidiaries
shall be measured from the date on which such acquisition, disposition or Unrestricted Subsidiary designation occurred and not
over the period in which Excess Cash Flow is calculated until the first anniversary of such acquisition, disposition or designation
and (B) shall exclude (I) the impact of non-cash adjustments contemplated in the Excess Cash Flow calculation, (II) the impact
of adjusting items in the definition of “Consolidated Net Income”, (III) any changes in current assets or current
liabilities as a result of (x) the effect of fluctuations in the amount of accrued or contingent obligations, assets or liabilities
under hedging agreements or other derivative obligations, (y) any reclassification, other than as a result of the passage of time,
in accordance with GAAP of assets or liabilities, as applicable, between current and noncurrent or (z) the effects of acquisition
method accounting and (IV) the impact of any Permitted Receivables Financing to the extent the cash proceeds of such Permitted
Receivables Financing do not result in an equivalent decrease in Excess Cash Flow.

 

“Contract
Consideration” has the meaning assigned to such term in the definition of “Excess Cash Flow.”

 

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

 

“Converted
Restricted Subsidiary” has the meaning given such term in the definition of “Consolidated EBITDA.”

 

“Converted
Unrestricted Subsidiary” has the meaning given such term in the definition of “Consolidated EBITDA.”

 

“Convertible
Instrument Payments” means (i) payments by Holdings in respect of those certain 2.25% Convertible Senior Notes due 2026
of Parent, issued pursuant to that certain Indenture, dated as of February 11, 2020, among Parent and U.S. Bank National Association,
as Trustee (as defined therein) in an aggregate principal amount not exceeding $5,625,000 for each calendar year and (ii) payments
in connection with any exercise of the early conversion thereof by Parent.

 

“Credit
Agreement Refinancing Indebtedness” means Indebtedness issued, incurred or otherwise obtained (including by means of
the extension or renewal of existing Indebtedness) by a Loan Party in exchange for, or to extend, renew, replace or refinance,
in whole or part, any Class of existing

 

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Term Loans
or Revolving Loans (or unused Revolving Commitments), (“Refinanced Debt”); provided that such exchanging,
extending, renewing, replacing or refinancing Indebtedness (a) is in an original aggregate principal amount not greater than the
aggregate principal amount of the Refinanced Debt (including unused Commitments) (plus any premium, accrued interest and fees
and expenses incurred in connection with such exchange, extension, renewal, replacement or refinancing ), (b) does not mature
earlier than or, except in the case of Revolving Commitments, have a Weighted Average Life to Maturity shorter than the Refinanced
Debt (other than Customary Bridge Loans and except with respect to an amount equal to the Maturity Carveout Amount at such time),
(c) shall not be guaranteed by any entity that is not a Loan Party, (d) in the case of any secured Indebtedness (i) is not secured
by any assets not securing the Secured Obligations and (ii) is subject to the relevant Intercreditor Agreement(s) and (e) has
covenants, events of default and guarantees (excluding pricing, interest rate margins, rate floors, discounts, fees, premiums
and prepayment or redemption provisions and other than with respect to Customary Bridge Loans) that are not materially more favorable
(when taken as a whole) to the lenders or investors providing such Indebtedness than the terms and conditions of this Agreement
(when taken as a whole) are to the Lenders (except for covenants or other provisions applicable only to periods after the Latest
Maturity Date at the time of such refinancing) (it being understood that, to the extent that any financial maintenance covenant
and any related equity cure are added for the benefit of any such Indebtedness, no consent shall be required by the Administrative
Agent or any of the Lenders if such financial maintenance covenant and any related equity cure are either (i) also added for the
benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or (ii) only applicable
after the Latest Maturity Date at the time of such refinancing).

 

“Cure
Amount” has the meaning assigned to such term in Section 7.02(a).

 

“Cure
Right” has the meaning specified in Section 7.02(a).

 

“Customary
Bridge Loans” means customary bridge loans with a maturity date of no longer than one year; provided that (a)
the Weighted Average Life to Maturity of any loans, notes, securities or other Indebtedness which are exchanged for or otherwise
replace such bridge loans is not shorter than the Weighted Average Life to Maturity of any Term Loans outstanding at the time
such bridge loans are incurred and (b) the final maturity date of any loans, notes, securities or other Indebtedness which are
exchanged for or otherwise replace such bridge loans is no earlier than the Latest Maturity Date at the time such bridge loans
are incurred.

 

“Customary
Escrow Provisions” means customary redemption terms in connection with escrow arrangements.

 

“Customary
Exceptions” means (a) customary asset sale, insurance and condemnation proceeds events, excess cash flow sweeps, change-of-control
offers or events of default and/or (b) Customary Escrow Provisions.

 

“Debtor
Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

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

 

“Defaulting
Lender” means, subject to Section 2.22(b), any Lender that (a) has failed to perform any of its funding obligations
hereunder, including in respect of its Loans or participations in

 

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respect of
Letters of Credit or Swingline Loans, within one Business Day of the date required to be funded by it hereunder unless such Lender
notifies the Administrative Agent and the Parent 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, (b) has notified the Parent Borrower, the Administrative Agent,
any Issuing Bank, any Swingline Lender or any Lender that it does not intend to comply with its funding obligations or has made
a public statement or provided any written notification to any Person to that effect with respect to its funding obligations hereunder
or under other agreements in which it commits to extend credit (unless such public statement or written notification relates to
such Lender’s funding obligations 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 request
by the Administrative Agent (whether acting on its own behalf or at the reasonable request of the Parent Borrower (it being understood
that the Administrative Agent shall comply with any such reasonable request)), to confirm in a manner satisfactory to the Administrative
Agent and the Parent Borrower that it will comply with its funding obligations (provided that such Lender shall cease to
be a Defaulting Lender pursuant to this clause (c) upon receipt of such confirmation by the Administrative Agent and the Parent
Borrower), or (d) has, or has a direct or indirect parent company that has (i) become or is insolvent, (ii) become the subject
of a proceeding under any Debtor Relief Law, (iii) had a receiver, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, (iv)
taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment
or (v) 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.

 

“Defaulting
Lender Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such
Defaulting Lender’s Applicable Percentage of the outstanding Letter of Credit obligations other than Letter of Credit obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized
in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage
of Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated
to other Lenders or cash collateralized in accordance with the terms hereof.

 

“Designated
Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by Holdings, any Intermediate
Parent, a Borrower or a Subsidiary in connection with a Disposition pursuant to Section 6.05(k) that is designated as Designated
Non-Cash Consideration pursuant to a certificate of a Responsible Officer of Holdings, setting forth the basis of such valuation
(which amount will be reduced by the Fair Market Value of the portion of the non-cash consideration converted to cash within 180
days following the consummation of the applicable Disposition). A particular item of Designated Non Cash Consideration will no
longer be considered to be outstanding when and to the extent it has been paid, redeemed, sold or otherwise disposed of or returned
in exchange for consideration in the form of cash or Permitted Investments in compliance with Section 6.05.

 

“Discount
Prepayment Accepting Lender” has the meaning assigned to such term in Section 2.11(a)(ii)(B).

 

“Discount
Range” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

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“Discount
Range Prepayment Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

“Discount
Range Prepayment Notice” means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made
pursuant to Section 2.11(a)(ii)(C) substantially in the form of Exhibit N.

 

“Discount
Range Prepayment Offer” means the irrevocable written offer by a Term Lender, substantially in the form of Exhibit O,
submitted in response to an invitation to submit offers following the Auction Agent’s receipt of a Discount Range Prepayment
Notice.

 

“Discount
Range Prepayment Response Date” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

“Discount
Range Proration” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

“Discounted
Prepayment Determination Date” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Discounted
Prepayment Effective Date” means in the case of a Borrower Offer of Specified Discount Prepayment or Borrower Solicitation
of Discount Range Prepayment Offer, five (5) Business Days following the receipt by each relevant Term Lender of notice from the
Auction Agent in accordance with Section 2.11(a)(ii)(B), Section 2.11(a)(ii)(C) or Section 2.11(a)(ii)(D), as applicable unless
a shorter period is agreed to between a Borrower and the Auction Agent.

 

“Discounted
Term Loan Prepayment” has the meaning assigned to such term in Section 2.11(a)(ii)(A).

 

“Disposed
EBITDA” means, with respect to any Sold Entity or Business or Converted Unrestricted Subsidiary for any period, the
amount for such period of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary (determined
as if references to the Parent Borrower and its Restricted Subsidiaries in the definition of the term “Consolidated EBITDA”
(and in the component financial definitions used therein) were references to such Sold Entity or Business and its subsidiaries
or to such Converted Unrestricted Subsidiary and its subsidiaries), all as determined on a consolidated basis for such Sold Entity
or Business or Converted Unrestricted Subsidiary.

 

“Disposition”
has the meaning assigned to such term in Section 6.05.

 

“Disqualified
Equity Interest” means, with respect to any Person, any Equity Interest in such Person that by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable, either mandatorily or at the option of the
holder thereof), or upon the happening of any event or condition:

 

(a)               
matures or is mandatorily redeemable (other than solely for Equity Interests in such Person or in Parent that do not constitute
Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests), whether pursuant to a sinking fund
obligation or otherwise;

 

(b)               
is convertible or exchangeable, either mandatorily or at the option of the holder thereof, for Indebtedness or Equity Interests
(other than solely for Equity Interests in such Person

 

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or
in Parent that do not constitute Disqualified Equity Interests and cash in lieu of fractional shares of such Equity Interests);
or

 

(c)               
is redeemable (other than solely for Equity Interests in such Person or in Parent that do not constitute Disqualified Equity
Interests and cash in lieu of fractional shares of such Equity Interests) or is required to be repurchased by such Person or any
of its Affiliates, in whole or in part, at the option of the holder thereof;

 

in each case, on or prior to
the date that is 91 days after the Latest Maturity Date; provided, however, that (i) an Equity Interest in
any Person that would not constitute a Disqualified Equity Interest but for terms thereof giving holders thereof the right to
require such Person to redeem or purchase such Equity Interest upon the occurrence of an “asset sale” or a “change
of control” or similar event shall not constitute a Disqualified Equity Interest if any such requirement becomes operative
only after the Termination Date and (ii) if an Equity Interest in any Person is issued pursuant to any plan for the benefit
of employees of Holdings (or any direct or indirect parent thereof) or any of its subsidiaries or by any such plan to such employees,
such Equity Interest shall not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by
Holdings (or any direct or indirect parent company thereof) or any of its subsidiaries in order to satisfy applicable statutory
or regulatory obligations of such Person.

 

“Disqualified
Lenders” means (i) those Persons identified by the Sponsor, Holdings or the Parent Borrower to the Joint Bookrunners
and the Administrative Agent in writing prior to the Effective Date, (ii) those Persons who are competitors of Holdings and its
Subsidiaries identified by a Sponsor, the Parent Borrower or Holdings to the Administrative Agent from time to time in writing
(including by email) which designation shall become effective two days after delivery of each such written supplement to the Administrative
Agent, but which shall not apply retroactively to disqualify any persons that have previously acquired an assignment or participation
interest in the Loan, and (iii) in the case of each Persons identified pursuant to clauses (i) and (ii) above, any of their Affiliates
that are (x) identified in writing by a Sponsor, the Parent Borrower or Holdings from time to time or (y) clearly identifiable
as Affiliates on the basis of such Affiliate’s name (other than, in the case of this clause (y), Affiliates that are bona
fide debt funds).

 

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

 

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

 

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

 

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

 

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

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of

 

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this definition, or (c) any financial
institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this
definition and is subject to consolidated supervision with its parent.

 

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

 

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

 

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

 

“Effective
Yield” means, as to any Indebtedness, the effective yield on such Indebtedness in the reasonable determination of the
Administrative Agent and the Parent Borrower and consistent with generally accepted financial practices, taking into account the
applicable interest rate margins, any interest rate floors (the effect of which floors shall be determined in a manner set forth
in the proviso below) or similar devices and all fees, including upfront or similar fees or original issue discount (amortized
over the shorter of (a) the remaining Weighted Average Life to Maturity of such Indebtedness and (b) the four years following
the date of incurrence thereof) payable generally to lenders or other institutions providing such Indebtedness, but excluding
any arrangement, structuring, ticking, commitment, underwriting or other similar fees payable in connection therewith and, if
applicable, consent fees for an amendment; (in each case regardless of whether any such fees are paid to or shared in whole or
in part with any lender) and any other fees not paid to all relevant lenders generally; provided that with respect to any
Indebtedness that includes a “LIBOR floor” or “Base Rate floor,” (i) to the extent that the LIBO Rate
or Alternate Base Rate (without giving effect to any floors in such definitions), as applicable, on the date that the Effective
Yield is being calculated is less than such floor, the amount of such difference shall be deemed added to the interest rate margin
for such Indebtedness for the purpose of calculating the Effective Yield and (ii) to the extent that the LIBO Rate or Alternate
Base Rate (without giving effect to any floors in such definitions), as applicable, on the date that the Effective Yield is being
calculated is greater than such floor, then the floor shall be disregarded in calculating the Effective Yield.

 

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and (d) any other Person (including
Holdings, any Intermediate Parent, the Parent Borrower or any of their Affiliates), other than, in each case, (i) a natural person
(or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the primary benefit
of a natural person), (ii) a Defaulting Lender or (iii) a Disqualified Lender.

 

“Environmental
Laws” means all applicable treaties, rules, regulations, codes, ordinances, judgments, orders, and decrees of any Governmental
Authority and other applicable Requirements of Law, and all applicable injunctions or binding agreements issued, promulgated or
entered into by or with any Governmental Authority, in each instance relating to the protection of the environment, to preservation
of natural resources, to the Release or threatened Release of any Hazardous Material or to the extent relating to exposure to
Hazardous Materials, to health or safety matters.

 

“Environmental
Liability” means any liability, obligation, loss, claim, action, order or cost, contingent or otherwise (including any
liability for damages, costs of environmental remediation or restoration, administrative oversight costs, consultants’ fees,
fines, penalties and indemnities) directly or indirectly resulting from or based upon (a) any actual or alleged violation
of any Environmental Law or permit, license or approval issued thereunder, (b) Environmental Laws and the generation, use,
handling,

 

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transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release
or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant
to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity
Interests” means shares, shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity ownership interests in a Person.

 

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

 

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

 

“ERISA
Event” means (a) any “reportable event,” as defined in Section 4043(c) of ERISA or the regulations issued
thereunder with respect to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan
to satisfy the minimum funding standards (within the meaning of Section 412 or Section 430 of the Code or Section 302 of ERISA)
applicable to such Plan, whether or not waived; (c) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of
an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or
is expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code);
(e) the incurrence by a Loan Party or any ERISA Affiliate of any liability under Title IV of ERISA (other than premiums due and
not delinquent under Section 4007 of ERISA) with respect to the termination of any Plan; (f) the receipt by a Loan Party or any
ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan under Section
4041 of ERISA or to appoint a trustee to administer any Plan under Section 4042 of ERISA; (g) the incurrence by a Loan Party or
any ERISA Affiliate of any liability with respect to the withdrawal from any Plan subject to Section 4063 of ERISA during a plan
year in which it was a “substantial employer” (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations
that is treated as such a withdrawal under Section 4062(e) of ERISA), or a complete or partial withdrawal (within the meanings
of Sections 4203 and 4205 of ERISA) from a Multiemployer Plan; or (h) the receipt by a Loan Party or any ERISA Affiliate of any
notice, or the receipt by any Multiemployer Plan from a Loan Party or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, “insolvent,” within
the meaning of Section 4245 of ERISA, or in “endangered or critical status,” within the meaning of Sections 431 or
432 of the Code or Sections 304 or 305 of ERISA.

 

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

 

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

 

“Event
of Default” has the meaning assigned to such term in Section 7.01.

 

“Exchange
Act” means the United States Securities Exchange Act of 1934, as amended from time to time.

 

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“Exchange
Rate” means on any day, for purposes of determining the US Dollar Equivalent of any amount denominated in a currency
other than U.S. Dollars, the rate at which such currency may be exchanged into U.S. Dollars as set forth at approximately 11:00
a.m. on such day as set forth on the Reuters World Currency Page for such currency. In the event that such rate does not appear
on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available service
for displaying exchange rates as may be agreed upon by the Administrative Agent and the Parent Borrower, or, in the absence of
such an agreement, such Exchange Rate shall instead be the spot rate of exchange of the Administrative Agent through its principal
foreign exchange trading office, at or about 11:00 a.m., New York City time on the date two Business Days prior to the date as
of which the foreign exchange computation is made; provided that if at the time of any such determination, for any reason,
no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such
rate, and such determination shall be conclusive absent manifest error.

 

“Excluded
Assets” means (a) any fee-owned real property with a fair market value of less than $5,000,000 and all leasehold interests
in real property, (b) motor vehicles and other assets subject to certificates of title or ownership, (c) Equity Interests of (x)
Unrestricted Subsidiaries, (y) Immaterial Subsidiaries and (z) not-for-profit Subsidiaries, captive insurance companies and other
special purpose subsidiaries (d) margin stock and Equity Interests in any Person (other than any wholly-owned Restricted Subsidiaries)
to the extent either not permitted by, or creating an enforceable right of termination in favor of any other party (other than
a Loan Party) thereto under, the terms of such Person’s Organizational Documents, (e) letter of credit rights with a value
of less than $10,000,000 (except to the extent a security interest therein can be perfected by a UCC filing), (f) commercial tort
claims with a value of less than $10,000,000 (except to the extent a security interest therein can be perfected by a UCC filing),
(g) any lease, license or other agreement (including, without limitation, any state or local franchises, charters or authorizations)
with any Person or any property subject thereto at the time of the acquisition of such property (including pursuant to a purchase
money security interest or similar arrangement) if, to the extent and for so long as the grant of a Lien thereon to secure the
Secured Obligations constitutes a breach of or a default under, or results in the termination of, such lease, license or other
agreement or would otherwise require consent of any party thereto (other than any Loan Party) unless such consent has been obtained
(but only to the extent any of the foregoing is not rendered ineffective by, or is otherwise unenforceable under, any Requirements
of Law), (h) any asset subject to a Lien of the type permitted by Section 6.02(iv) (whether or not incurred pursuant to such Section)
or a Lien permitted by Section 6.02(xi), in each case if, to the extent and for so long as the grant of a Lien thereon to secure
the Secured Obligations constitutes a breach of or a default under any agreement pursuant to which such Lien has been created
(but only to the extent any of the foregoing is not rendered ineffective by, or is otherwise unenforceable under, any Requirements
of Law), (i) any intent-to-use trademark applications filed in the United States Patent and Trademark Office, (j) any asset with
respect to which the Parent Borrower shall have reasonably determined (in consultation with the Required Lenders and the Administrative
Agent) that grant of a Lien thereon to secure the Secured Obligations would result in material adverse tax consequences to Holdings
and the Subsidiaries (other than on account of any Taxes payable in connection with filings, recordings, registrations, stampings
and any similar acts in connection with the creation or perfection of Liens) as determined by the Parent Borrower (in consultation
with the Required Lenders and the Administrative Agent), (k) any asset if, to the extent and for so long as the grant of a Lien
thereon to secure the Secured Obligations is prohibited by any Requirements of Law (other than to the extent that any such prohibition
would be rendered ineffective pursuant to any other applicable Requirements of Law), (l) any asset of a type or category that
is owned by a Loan Party as of the Effective Date and is not required to become Collateral pursuant to Section 4.01(f), Section
5.16 or any other Loan Document in effect on the Effective Date and (m) receivables and related assets (or interests therein)
(A) sold to any Receivables Subsidiary or (B) otherwise pledged, factored, transferred or sold in connection with any Permitted
Receivables Financing.

 

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“Excluded
Subsidiary” means (a) any Subsidiary that is not a wholly-owned subsidiary of the Parent Borrower on the Effective Date
or, if later, the date it first becomes a Subsidiary, (b) each Subsidiary listed on Schedule 1.01(a), (c) each Unrestricted
Subsidiary, (d) each Immaterial Subsidiary, (e) any Subsidiary that is prohibited by (i) applicable Requirements of Law or (ii)
any contractual obligation existing on the Effective Date or on the date any such Subsidiary is acquired (so long in respect of
any such contractual prohibition such prohibition is not incurred in contemplation of such acquisition), in each case from guaranteeing
the Secured Obligations or which would require governmental (including regulatory) consent, approval, license or authorization
to provide a Guarantee (unless such governmental consent, approval, license or authorization has been obtained), or for which
the provision of a Guarantee would result in a material adverse tax consequence (including as a result of the operation of Section
956 of the Code or any similar law or regulation in any applicable jurisdiction) to Holdings or one of its subsidiaries (as reasonably
determined by Holdings in consultation with the Required Lenders and the Administrative Agent), (f) any FSHCO, (g) any Foreign
Subsidiary of the Co-Borrower that is a CFC within the meaning of Section 957 of the Code, (h) any other Subsidiary excused from
becoming a Loan Party pursuant to the last paragraph of the definition of the term “Collateral and Guarantee Requirement”,
(i) any Subsidiary that is not required to be a Loan Party as of the Effective Date pursuant to Section 4.01(f) or Section 5.16
and (j) each Receivables Subsidiary.

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, (a) 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, as applicable,
such Swap Obligation (or any Guarantee thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule,
regulation or order of the U.S. 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 applicable keep well, 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 or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as
specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made
by or on account of any obligation of any Loan Party hereunder or under any other Loan Document, (a) any Taxes imposed on (or
measured by) its net income or profits (however denominated), branch profits Taxes, and franchise Taxes, in each case imposed
by (i) any jurisdiction as a result of such recipient being organized or having its principal office located in or, in the case
of any Lender, having its applicable lending office located in, such jurisdiction or (ii) any other jurisdiction as a result of
any other present or former connection between such recipient and the jurisdiction imposing such Tax (other than a connection
arising solely from such recipient having executed, delivered, or become a party to, performed its obligations or received payments
under, received or perfected a security interest under, sold or assigned of an interest in, engaged in any other transaction pursuant
to, or enforced, any Loan Document), (b) any withholding Tax that is attributable to such Lender’s failure to comply with
Section 2.17(e), (c) except in the case of an assignee pursuant to a request by a Borrower under Section 2.19, any U.S. federal
withholding Taxes imposed on amounts payable to a Lender pursuant to a Requirement of Law in effect at the time such Lender became
a party hereto or designated a new lending office, except to the extent that such Lender (or its assignor, if any) was entitled,
immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts with respect
to such withholding Tax under Section 2.17(a) and (d) any U.S. federal withholding Tax imposed pursuant to FATCA.

 

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“Fair
Market Value” means with respect to any asset or group of assets on any date of determination, the value of the consideration
obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing
at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics
of such asset. Except as otherwise expressly set forth herein, such value shall be determined in good faith by Parent Borrower.

 

“FATCA”
means Sections 1471 through 1474 of the Code as in effect on the date hereof (and any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future Treasury regulations or official administrative
interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor
version described above) and any intergovernmental agreements implementing such current Sections of the Code (or any such amended
or successor version described above).

 

“Federal
Funds Effective Rate” means, for any day, the rate calculated by the Federal reserve Bank of New York based on such
day’s federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of
New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal
Reserve Bank of New York as the federal funds effective rate; provided, that if the Federal Funds Effective Rate for any
day is less than zero the Federal Funds Effective Rate for such day will be deemed to be zero.

 

“FEMA”
has the meaning assigned to such term in the definition of “Collateral and Guarantee Requirement.”

 

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

 

“Financial
Performance Covenant” means the covenant set forth in Section 6.10.

 

“First
Lien Intercreditor Agreement” means the First Lien Intercreditor Agreement substantially in the form of Exhibit G, among
the Administrative Agent and one or more Senior Representatives for holders of Permitted First Priority Refinancing Debt, with
such modifications thereto as the Administrative Agent, Required Lenders and the Borrowers may reasonably agree.

 

“First
Lien Leverage Ratio” means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated First
Lien Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

 

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

 

“Foreign
Collateral Agreement” means one or more security documents among the applicable Foreign Loan Parties and the Administrative
Agent granting a Lien on the assets of such Foreign Loan Parties to secure the Secured Obligations. Each Foreign Collateral Agreement
shall be in form and substance reasonably satisfactory to the Administrative Agent (in consultation with the Required Lenders)
and the Parent Borrower.

 

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“Foreign
Intellectual Property” means any right, title or interest in or to any Intellectual Property governed by or arising
or existing under the laws of any jurisdiction other than the United States of America or any state thereof.

 

“Foreign
Loan Party” means each Loan Party which is organized under the laws of a jurisdiction other than the United States of
America, any State thereof or the District of Columbia.

 

“Foreign
Pledge Agreement” means a pledge or charge agreement with respect to the Collateral that constitutes Equity Interests
of a Foreign Subsidiary or, if the holder of such Collateral is a Foreign Subsidiary, constitutes Equity Interests of a Domestic
Subsidiary. Each Foreign Pledge Agreement shall be in form and substance reasonably satisfactory to the Administrative Agent (in
consultation with the Required Lenders) and the Parent Borrower.

 

“Foreign
Subsidiary” means each Loan Party which is a Subsidiary of the Parent Borrower and is organized under the laws of a
jurisdiction other than the United States of America, any State thereof or the District of Columbia.

 

“Foreign
Prepayment Event” has the meaning assigned to such term in Section 2.11(g).

 

“Foreign
Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of
America, any State thereof or the District of Columbia.

 

“FSHCO”
means any direct or indirect Subsidiary of the Co-Borrower that has no material assets other than Equity Interests (including
for this purpose, any debt or other instrument treated as equity for U.S. federal income tax purposes) in one or more direct or
indirect Foreign Subsidiaries that are CFCs.

 

“Funded
Debt” means all Indebtedness of the Parent Borrower and its Restricted Subsidiaries for borrowed money that matures
more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at
the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement
that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness
in respect of the Loans.

 

“GAAP”
means generally accepted accounting principles in the United States of America, as in effect from time to time; provided,
however, that if Holdings, Intermediate Parent or the Parent Borrower notifies the Administrative Agent that Holdings or
the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective
Date (or, with respect to the treatment of leases in the definition of Capital Lease Obligation and Capitalized Leases, any change
occurring after the date the Company has made the election described in the parenthetical in the definition of Capital Lease Obligation)
in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies Holdings and
the Parent Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained herein, (a)
all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred
to herein shall be made, without giving effect to any election under FASB Accounting Standards Codification 825-Financial Instruments,
or any successor thereto (including pursuant to the FASB Accounting Standards Codification), to value any Indebtedness of Intermediate
Parent or any

 

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subsidiary
at “fair value,” as defined therein and (b) the amount of any Indebtedness under GAAP with respect to Capital Lease
Obligations shall be determined in accordance with the definition of Capital Lease Obligations.

 

“Governmental
Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, registrations and filings
with, and reports to, Governmental Authorities.

 

“Governmental
Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state, local or otherwise, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or
supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or
services for the purpose of assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital,
equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor
to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support
such Indebtedness; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary
course of business or customary and reasonable indemnity obligations in effect on the Effective Date or entered into in connection
with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness).
The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined in good faith by a Financial Officer. The term “Guarantee”
as a verb has a corresponding meaning.

 

“Guarantee
Agreement” means the Master Guarantee Agreement, dated as of August 26, 2011, among the Loan Parties and the Administrative
Agent.

 

“Guarantors”
means collectively, (a) Holdings, each Intermediate Parent and the Subsidiary Loan Parties and (b) with respect to the Secured
Obligations of Holdings, each Intermediate Parent and the Subsidiary Loan Parties, the Borrowers.

 

“Hazardous
Materials” means all explosive, radioactive, hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum by-products or distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes regulated as hazardous or toxic, or any other term of similar meaning and
regulatory effect, pursuant to any Environmental Law.

 

“Holdings”
means SMART Worldwide Holdings, Inc., a Cayman Islands exempted company or any Successor Holdings.

 

“Identified
Participating Lenders” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

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“Identified
Qualifying Lenders” has the meaning specified in Section 2.11(a)(ii)(D).

 

“IFRS”
means international accounting standards as promulgated by the International Accounting Standards Board.

 

“Immaterial
Subsidiary” means any Subsidiary other than a Material Subsidiary.

 

“Impacted
Loans” has the meaning assigned to such term in Section 2.14(b).

 

“Incremental
Cap” means, as of any date of determination, the sum of (a) the greater of (i) $102,000,000 and (ii) 100% of Consolidated
EBITDA for the Test Period then last ended plus (b) the aggregate principal amount of all voluntary prepayments of the
Loans pursuant to Section 2.11(a) (other than in respect of Revolving Loans unless there is an equivalent permanent reduction
in Revolving Commitments made prior to such date (other than, in each case, any such prepayments with the proceeds of long-term
Indebtedness) plus (c) the maximum aggregate principal amount that can be incurred without causing the First Lien Leverage
Ratio, after giving effect to the incurrence or establishment, as applicable, of any Incremental Facilities or Incremental Equivalent
Debt (which shall assume that all such Indebtedness is Consolidated First Lien Debt and the full amounts of any Incremental Revolving
Commitment Increase and Additional/Replacement Revolving Commitments established at such time are fully drawn) and the use of
proceeds thereof, on a Pro Forma Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental
Facility or Incremental Equivalent Debt, made pursuant to the foregoing clauses (a) and (b) or clause (d) below or under the Revolving
Credit Facility in connection therewith), to exceed either (i) 3.00 to 1.00 for the most recent Test Period then ended or (ii)
if incurred in connection with a Permitted Acquisition or other Investment, the First Lien Leverage Ratio immediately prior to
the incurrence of such Incremental Facility or Incremental Equivalent Debt for the Test Period then last ended plus (d)
an amount equal to the amount of Indebtedness that is permitted to be incurred in reliance on Section 6.01(a)(xiv) as of
such date.

 

“Incremental
Equivalent Debt” means Indebtedness incurred pursuant to Section 6.01(a)(xxx).

 

“Incremental
Facility” has the meaning assigned to such term in Section 2.20(a).

 

“Incremental
Facility Amendment” has the meaning assigned to such term in Section 2.20(f).

 

“Incremental
Revolving Commitment Increase” has the meaning assigned to such term in Section 2.20(a).

 

“Incremental
Revolving Loan” means Revolving Loans made pursuant to Additional/Replacement Revolving Commitments.

 

“Incremental
Term Loans” has the meaning assigned to such term in Section 2.20(a).

 

“Incurrence-Based
Amounts” has the meaning assigned to such term in Section 1.04(g).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person
in respect of the deferred purchase price of property or services (excluding trade accounts payable in the ordinary

 

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course of business
and any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP
and if not paid after being due and payable), (e) all Indebtedness of others secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness
of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person
as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise,
of such Person in respect of bankers’ acceptances; provided that the term “Indebtedness” shall not include
(i) deferred or prepaid revenue, (ii) purchase price holdbacks in respect of a portion of the purchase price of an asset
to satisfy warranty or other unperformed obligations of the seller, (iii) any obligations attributable to the exercise of appraisal
rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto and (iv) Indebtedness
of any Parent Entity appearing on the balance sheet of Holdings or the Parent Borrower, or solely by reason of push down accounting
under GAAP. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which
such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest
in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not
liable therefor. The amount of Indebtedness of any Person for purposes of clause (e) above shall (unless such Indebtedness has
been assumed by such Person) be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Indebtedness
and (B) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith. For all purposes
hereof, the Indebtedness of Holdings, the Parent Borrower and the Restricted Subsidiaries, their parent companies and their subsidiaries
shall exclude intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans,
advances or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the
ordinary course of business.

 

“Indemnified
Taxes” means all Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Loan Party under any Loan Document.

 

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

 

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

 

“Intellectual
Property” has the meaning assigned to such term in the Collateral Agreement.

 

“Intercreditor
Agreements” means any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

 

“Interest
Coverage Ratio” means, as of any date, the ratio of (a) Consolidated EBITDA to (b) Consolidated Interest Expense,
in each case for the Test Period as of such date.

 

“Interest
Election Request” means a request by a Borrower to convert or continue a Revolving Borrowing or Term Loan Borrowing
in accordance with Section 2.07.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan (including a Swingline Loan), the last Business Day of each
March, June, September and December and (b) with respect to any Eurocurrency Loan, the last Business Day of the Interest
Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest
Period of more than

 

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three months’
duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period.

 

“Interest
Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date such Borrowing is disbursed
or converted to or continued as a Eurocurrency Borrowing and ending on the date that is one, two, three or six months thereafter
as selected by a Borrower in its Borrowing Request (or, if agreed to by all Lenders participating therein, twelve months or such
other period less than one month thereafter as such Borrower may elect); provided that (a) if any Interest Period
would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless
such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day, (b) any Interest Period that commences on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last
Business Day of the last calendar month at the end of such Interest Period and (c) no Interest Period shall extend beyond
(i) in the case of Term Loans, the maturity date with respect thereto and (ii) in the case of Revolving Loans, the Revolving Maturity
Date. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Internally
Generated Funds” means cash of the Loan Parties other than to the extent (i) financed with the proceeds of long term
Indebtedness (other than Revolving Loans), (ii) constituting Net Proceeds from Prepayment Events that are reinvested pursuant
to Section 2.11(c), (iii) constituting Net Proceeds of new public or private issuances of Qualified Equity Interests in
Holdings or any parent of Holdings (including Parent) which are contributed to the Parent Borrower, or (iv) constituting capital
contributions received by Holdings or the Parent Borrower after the Effective Date in cash or Permitted Investments.

 

“Intermediate
Parent” means any Subsidiary of Holdings and of which the Parent Borrower is a subsidiary.

 

“Interpolated
Rate” means, in relation to the LIBO Rate, the rate which results from interpolating on a linear basis between (a) the
applicable LIBO Rate for the longest period (for which that LIBO Rate is available) which is less than the Interest Period of
that Loan and (b) the applicable LIBO Rate for the shortest period (for which that LIBO Rate is available) which exceeds the Interest
Period of that Loan, each as of approximately 11:00 a.m. (London, England time) two Business Days prior to the commencement of
such Interest Period of that Loan.

 

“Investment”
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase
or other acquisition of Equity Interests or debt or other securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of any other debt or equity participation or
interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case
of the Parent Borrower and its Subsidiaries, their parent companies and their subsidiaries, (i) intercompany advances arising
from their cash management, tax, and accounting operations and (ii) intercompany loans, advances or Indebtedness having a term
not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business) or (c)
the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the property
and assets or business of another Person or assets constituting a business unit, line of business or division of such Person.
The amount, as of any date of determination, of (a) any Investment in the form of a loan or an advance shall be the principal
amount thereof outstanding on such date, minus any cash payments actually received by such investor representing interest
in respect of such Investment (to the extent any

 

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such payment
to be deducted does not exceed the remaining principal amount of such Investment and without duplication of amounts increasing
the Available Amount or the Available Equity Amount), but without any adjustment for write-downs or write-offs (including as a
result of forgiveness of any portion thereof) with respect to such loan or advance after the date thereof, (b) any Investment
in the form of a Guarantee shall be equal to the stated or determinable amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof, as determined in good faith by a Financial Officer, (c) any Investment in the form of a transfer of Equity Interests
or other non-cash property by the investor to the investee, including any such transfer in the form of a capital contribution,
shall be the Fair Market Value of such Equity Interests or other property as of the time of the transfer, minus any payments
actually received by such investor representing a return of capital of, or dividends or other distributions in respect of, such
Investment (to the extent such payments do not exceed, in the aggregate, the original amount of such Investment and without duplication
of amounts increasing the Available Amount or the Available Equity Amount), but without any other adjustment for increases or
decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date of such Investment,
and (d) any Investment (other than any Investment referred to in clause (a), (b) or (c) above) by the specified Person in the
form of a purchase or other acquisition for value of any Equity Interests, evidences of Indebtedness or other securities of any
other Person shall be the original cost of such Investment (including any Indebtedness assumed in connection therewith), plus
(i) the cost of all additions thereto and minus (ii) the amount of any portion of such Investment that has been repaid
to the investor in cash as a repayment of principal or a return of capital, and of any cash payments actually received by such
investor representing interest, dividends or other distributions in respect of such Investment (to the extent the amounts referred
to in clause (ii) do not, in the aggregate, exceed the original cost of such Investment plus the costs of additions thereto and
without duplication of amounts increasing the Available Amount or the Available Equity Amount), but without any other adjustment
for increases or decreases in value of, or write-ups, write-downs or write-offs with respect to, such Investment after the date
of such Investment. For purposes of Section 6.04, if an Investment involves the acquisition of more than one Person, the amount
of such Investment shall be allocated among the acquired Persons in accordance with GAAP; provided that pending the final
determination of the amounts to be so allocated in accordance with GAAP, such allocation shall be as reasonably determined by
a Financial Officer.

 

“Investor”
means a holder of Equity Interests in Holdings (or any direct or indirect parent thereof).

 

“ISP”
means, 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
Bank” means (a) Barclays Bank PLC, Deutsche Bank AG New York Branch, and Morgan Stanley Senior Funding, Inc. and (b) each
Revolving Lender that shall have become an Issuing Bank hereunder as provided in Section 2.05(k) (other than any Person that shall
have ceased to be an Issuing Bank as provided in Section 2.05(l)), each in its capacity as an issuer of Letters of Credit hereunder.
Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing
Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued
by such Affiliate. Barclays Bank PLC, Deutsche Bank AG New York Branch and Morgan Stanley Senior Funding, Inc. shall not be obligated
to issue any commercial or trade Letters of Credit; Barclays Bank PLC, Deutsche Bank AG New York Branch, and Morgan Stanley Senior
Funding, Inc. shall not be obligated to issue any bank guarantees; and Morgan Stanley Senior Funding, Inc. shall not be obligated
to issue any Letters of Credit not denominated in dollars.

 

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“Joint
Bookrunners” means Barclays Bank PLC, Deutsche Bank AG New York Branch, and Morgan Stanley Senior Funding, Inc..

 

“Judgment
Currency” has the meaning assigned to such term in Section 9.14(b).

 

“Junior
Financing” means any Material Indebtedness (other than any permitted intercompany Indebtedness owing to Holdings, Intermediate
Parent, the Parent Borrower or any Restricted Subsidiary) that is subordinated in right of payment to the Loan Document Obligations.

 

“Latest
Maturity Date” means, at any date of determination, the latest maturity or expiration date applicable to any Loan or
Commitment hereunder at such time, including the latest maturity or expiration date of any Other Term Loan, any Other Term Commitment,
any Other Revolving Loan or any Other Revolving Commitment, in each case as extended in accordance with this Agreement from time
to time.

 

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

 

“LC
Exposure” means, at any time, the sum of (a) the aggregate amount of all Letters of Credit that remains available
for drawing at such time and (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on
behalf of such Borrower at such time. The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of
the total LC Exposure at such time. 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 International
Standby Practices (ISP98), such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available
to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated
amount of such Letter of Credit in effect at such time; provided that with respect to any Letter of Credit that, by its
terms or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof,
the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect
to all such increases, whether or not such maximum stated amount is in effect at such time.

 

“LCT
Election” has the meaning specified in Section 1.09.

 

“LCT
Test Date” has the meaning specified in Section 1.09.

 

“Lead
Arrangers” means Barclays Bank PLC, Deutsche Bank AG New York Branch, and Morgan Stanley Senior Funding, Inc.

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an
Assignment and Assumption, an Incremental Facility Amendment, a Loan Modification Agreement or a Refinancing Amendment, in each
case, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context
otherwise requires, the term “Lenders” includes the Swingline Lender.

 

“Letter
of Credit” means any letter of credit or bank guaranty issued pursuant to this Agreement other than any such letter
of credit or bank guaranty that shall have ceased to be a “Letter of Credit” outstanding hereunder pursuant to Section 9.05.

 

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“Letter
of Credit Commitment” shall mean, as to any Issuing Bank, the amount set forth on Schedule 2.01 opposite such Issuing
Bank’s name or, in the case of an Issuing Bank that becomes an Issuing Bank after the Closing Date, the amount notified
in writing to the Administrative Agent by the Parent Borrower and such Issuing Bank; provided that the Letter of Credit Commitment
of any Issuing Bank may be increased or decreased if agreed in writing between the Parent Borrower and such Issuing Bank (each
acting in its sole discretion) and notified to the Administrative Agent.

 

“Letter
of Credit Sublimit” means an amount equal to $15,000,000. The Letter of Credit Sublimit is part of and not in addition
to the aggregate Revolving Commitments.

 

“LIBO
Rate” means, for any Interest Period as to any Eurocurrency Borrowing, (i) the rate per annum determined by the Administrative
Agent to be the offered rate which appears on the page of the Reuters screen which displays the London interbank offered rate
(“LIBOR”) administered by ICE Benchmark Administration Limited (such page currently being the LIBOR01 page)
for deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period in dollars,
determined as of approximately 11:00 a.m. (London, England time), two Business Days prior to the commencement of such Interest
period or (ii) in the event the rate referenced in the preceding clause (i) does not appear on such page or service or if such
page or service shall cease to be available, the rate determined by the Administrative Agent to be the offered rate on such other
page or other service which displays the LIBO Rate for deposits (for delivery on the first day of such Interest Period) with a
term equivalent to such Interest Period in dollars, determined as of approximately 11:00 a.m. (London, England time) two Business
Days prior to the commencement of such Interest Period; provided that if LIBO Rates are quoted under either of the preceding clauses
(i) or (ii), but there is no such quotation for the Interest Period elected, the LIBO Rate shall be equal to the Interpolated
Rate; and provided, further, that if any such rate determined pursuant to the preceding clauses (i) or (ii) is less than zero,
the LIBO Rate will be deemed to be zero;

 

provided
that to the extent a comparable or successor rate is established pursuant to Section 2.14, such established rate shall
be applied to the applicable Interest Period in a manner consistent with market practice; provided, further that
to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be
applied to the applicable Interest Period as otherwise reasonably determined by the Administrative Agent in consultation with
the Parent Borrower.

 

“LIBOR”
has the meaning assigned to such term in the definition of “LIBO Rate.”

 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR
(or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time
to time).

 

“LIBOR
Successor Rate” has the meaning specified in Section 2.14.

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Alternate Base Rate, Interest Period and LIBO Rate, timing and frequency of determining rates and making
payments of interest and other technical, administrative or operational matters as may be appropriate, in the discretion of the
Administrative Agent, to reflect the adoption and implementation of such LIBOR Successor Rate and to permit the administration
thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent
determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for
the administration of such LIBOR

 

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Successor Rate
exists, in such other manner of administration as the Administrative Agent determines with the consent of the Parent Borrower
(such consent not to be unreasonably withheld)).

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing)
relating to such asset; provided that in no event shall an operating lease be deemed to constitute a Lien.

 

“Limited
Condition Transactions” means (a) any Acquisition Transaction or any other acquisition or Investment permitted
by this Agreement, (b) any repayment, repurchase or refinancing of Indebtedness with respect to which an irrevocable notice
of repayment (or similar irrevocable notice) is required to be delivered and (c) any dividends or distributions on, or redemptions
of, equity interests not prohibited by this Agreement declared or requiring irrevocable notice in advance thereof.

 

“Loan
Document Obligations” has the meaning specified in the Collateral Agreement.

 

“Loan
Documents” means this Agreement, any Refinancing Amendment, any Loan Modification Agreement, the Guarantee Agreement,
the Collateral Agreement, the Intercreditor Agreements, the other Security Documents and, except for purposes of Section 9.02,
any promissory notes delivered pursuant to Section 2.09(e).

 

“Loan
Modification Agreement” means a Loan Modification Agreement, in form reasonably satisfactory to the Administrative Agent,
among the Borrowers, the Administrative Agent and one or more Accepting Lenders, effecting one or more Permitted Amendments and
such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.24.

 

“Loan
Modification Offer” has the meaning specified in Section 2.24(a).

 

“Loan
Parties” means Holdings, any Intermediate Parent, the Parent Borrower, the Co-Borrower and the Subsidiary Loan Parties.

 

“Loans”
means the loans made by the Lenders to any Borrower pursuant to this Agreement.

 

“Majority
in Interest,” when used in reference to Lenders of any Class, means, at any time, (a) in the case of the Revolving Lenders,
Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50% of the sum of the aggregate Revolving
Exposures and the unused aggregate Revolving Commitments at such time and (b) in the case of the Term Lenders of any Class, Lenders
holding outstanding Term Loans of such Class representing more than 50% of all Term Loans of such Class outstanding at such time,
provided that (a) the Revolving Exposures, Term Loans and unused Commitments of the Borrowers or any Affiliate thereof
and (b) whenever there are one or more Defaulting Lenders, the total outstanding Term Loans and Revolving Exposures of, and
the unused Revolving Commitments of, each Defaulting Lender shall in each case be excluded for purposes of making a determination
of the Majority in Interest.

 

“Management
Investors” means the directors, officers, partners, members and employees of Holdings, any Parent Entity, the Parent
Borrower and/or its Subsidiaries who are (directly or indirectly through one or more investment vehicles) investors in Holdings
(or any direct or indirect parent thereof, including Parent).

 

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“Material
Adverse Effect” means any event, circumstance or condition that has had, or would reasonably be expected to have, a
materially adverse effect on (a) the business, financial condition, or results of operations of the Parent Borrower and its
Restricted Subsidiaries, taken as a whole, (b) the ability of the Parent Borrower and the other Loan Parties, taken as a whole,
to perform their payment obligations under the Loan Documents or (c) the rights and remedies of the Administrative Agent
(taken as a whole) under the Loan Documents.

 

“Material
Indebtedness” means Indebtedness for borrowed money (other than the Loan Document Obligations), Capital Lease Obligations,
unreimbursed obligations for letter of credit drawings and financial guarantees (other than ordinary course of business contingent
reimbursement obligations) or obligations in respect of one or more Swap Agreements, of any one or more of Holdings, Intermediate
Parent, the Parent Borrower and the Restricted Subsidiaries in an aggregate principal amount exceeding the greater of (a) $26,000,000
and (b) 25% of Consolidated EBITDA for the most recently ended Test Period at such time; provided that in no event shall
any Permitted Receivables Financing be considered Material Indebtedness for any purpose. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations in respect of any Swap Agreement at any time shall be the
maximum aggregate amount (giving effect to any netting agreements) that Holdings, Intermediate Parent, the Parent Borrower or
such Restricted Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Material
Subsidiary” means (i) each Wholly Owned Restricted Subsidiary that, as of the last day of the most recent Test
Period, had revenues or total assets for the fiscal quarter of the Parent Borrower ended on such last day in excess of 5.0% of
the consolidated revenues or total assets, as applicable, of the Parent Borrower for such quarter and (ii) any group comprising
Wholly Owned Restricted Subsidiaries that each would not have been a Material Subsidiary under clause (i) but that, taken together,
as of the last day of such fiscal quarter of the Parent Borrower, had revenues or total assets for such quarter in excess of 10.0%
of the consolidated revenues or total assets, as applicable, of the Parent Borrower for such quarter; provided that solely
for purposes of Sections 7.01(h) and (i) each such Subsidiary forming part of such group is subject to an Event of Default under
one or more of such Sections.

 

“Maturity
Carveout Amount” means, at any date of determination, an amount equal to (a) the greater of (i) $51,000,000 and (ii)
50% of Consolidated EBITDA for the Test Period then last ended minus (b) the aggregate principal amount of (i) Incremental Term
Loans utilizing the Maturity Carveout Amount pursuant to Section 2.20(b)(A)(I), (ii) Incremental Equivalent Debt utilizing the
Maturity Carveout Amount pursuant to Section 2.20(b)(A)(I), (iii) Maturity Carveout Refinancing Debt and/or (iv) Maturity Carveout
Permitted Holdings Debt.

 

“Maturity
Carveout Permitted Holdings Debt” means Indebtedness incurred pursuant to Section 6.01(a)(xviii) that utilizes
the Maturity Carveout Amount.

 

“Maximum
Rate” has the meaning assigned to such term in Section 9.18.

 

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

 

“Mortgage”
means a mortgage, deed of trust, assignment of leases and rents, or other security document granting a Lien on any Mortgaged Property
to secure the Secured Obligations. Each Mortgage shall be in form and substance reasonably satisfactory to the Administrative
Agent and the Parent Borrower.

 

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“Mortgaged
Property” means each parcel of real property and the improvements thereto owned in fee by a Loan Party with respect
to which a Mortgage is granted pursuant to Section 5.11 or Section 5.12.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which a Loan Party or any
ERISA Affiliate makes or is obligated to make contributions or with respect to which any Loan Party or ERISA Affiliate could have
liability under Section 4212(c) of ERISA.

 

“Net
Proceeds” means, with respect to any event, (a) the proceeds received in respect of such event in cash or Permitted
Investments, including (i) any cash or Permitted Investments received in respect of any non-cash proceeds (including any
cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price
adjustment or earn-out, but excluding any interest payments), but only as and when received, (ii) in the case of a casualty,
insurance proceeds that are actually received, and (iii) in the case of a condemnation or similar event, condemnation awards
and similar payments that are actually received, minus (b) the sum of (i) all fees and out-of-pocket expenses
paid by Holdings, any Intermediate Parent, any Borrower and its Restricted Subsidiaries in connection with such event (including
attorney’s fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges,
transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses and brokerage,
consultant, accountant and other customary fees), (ii) in the case of a sale, transfer or other disposition of an asset (including
pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), (w) any funded escrow established
pursuant to the documents evidencing any Disposition to secure any indemnification obligations or adjustments to the purchase
price associated with any such sale or disposition; provided that the amount of any subsequent reduction of such escrow
(other than in connection with a payment in respect of any such liability) shall be deemed to be Net Proceeds occurring on the
date of such reduction solely to the extent that Holdings, the Borrowers and/or any Restricted Subsidiaries receives cash in an
amount equal to the amount of such reduction, (x) the amount of all payments that are permitted hereunder and are made by Holdings,
any Intermediate Parent, the Borrowers and the Restricted Subsidiaries as a result of such event to repay Indebtedness (other
than the Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event, (y) the pro
rata portion of net cash proceeds thereof (calculated without regard to this clause (y)) attributable to minority interests and
not available for distribution to or for the account of Holdings, any Intermediate Parent, the Borrowers and the Restricted Subsidiaries
as a result thereof and (z) the amount of any liabilities directly associated with such asset and retained by the Borrowers
or any Restricted Subsidiary and (iii) the amount of all taxes paid (or reasonably estimated to be payable) including the
amount of Restricted Payments permitted with respect to the payment of Taxes under Section 6.08(a)(vi)(z), and the amount of any
reserves established by Holdings, any Intermediate Parent, the Parent Borrower and the Restricted Subsidiaries to fund contingent
liabilities reasonably estimated to be payable, that are directly attributable to such event, provided that any reduction
at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) shall be deemed to
constitute the receipt by the Parent Borrower at such time of Net Proceeds in the amount of such reduction.

 

“New
Project” shall mean (a) each facility which is either a new facility, branch or office or an expansion, relocation,
remodeling or substantial modernization of an existing facility, branch or office owned by a Borrower or the Subsidiaries which
in fact commences operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent
such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new
market.

 

“Non-Accepting
Lender” has the meaning assigned to such term in Section 2.24(c).

 

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“Non-Cash
Compensation Expense” means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership
interest-based awards and similar incentive based compensation awards or arrangements.

 

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

 

“Not
Otherwise Applied” means, with reference to the Available Amount, the Starter Basket or the Available Equity Amount,
as applicable, that was not previously applied pursuant to Section 6.01(a)(xxxvi), 6.04(m), 6.08(a)(viii) or 6.08(b)(iv).

 

“Non-Wholly
Owned Subsidiary” of any Person means any Subsidiary of such Person other than a Wholly Owned Subsidiary.

 

“Offered
Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Offered
Discount” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Original
Closing Date” has the meaning assigned to such term in the recitals hereto.

 

“Original
Credit Agreement” has the meaning assigned to such term in the recitals hereto.

 

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

 

“Other
Revolving Commitments” means one or more Classes of revolving credit commitments hereunder or extended Revolving Commitments
that result from a Refinancing Amendment or a Loan Modification Agreement.

 

“Other
Revolving Loans” means the Revolving Loans made pursuant to any Other Revolving Commitment or a Loan Modification Agreement.

 

“Other
Taxes” means all present or future recording, stamp, documentary, transfer, sales, property or similar Taxes arising
from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document, except any such Taxes that are imposed by the jurisdictions described in clause (a) of the definition of the
term “Excluded Taxes” with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Other
Term Commitments” means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment
or a Loan Modification Agreement.

 

“Other
Term Loans” means one or more Classes of Term Loans that result from a Refinancing Amendment or a Loan Modification
Agreement.

 

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“Parent”
means, SMART Global Holdings, Inc. a Cayman Islands exempted company and indirect parent entity of Holdings.

 

“Parent
Entity” means any Person that is a direct or indirect parent of Holdings.

 

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

 

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

 

“Participating
Lender” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

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

 

“Perfection
Certificate” means a certificate substantially in the form of Exhibit C.

 

“Permitted
Acquisition” means an Acquisition Transaction; provided that (a) with respect to each such purchase or other
acquisition, all actions required to be taken with respect to any such newly created or acquired Subsidiary (including each subsidiary
thereof) or assets in order to satisfy the requirements set forth in clauses (a), (b), (c) and (d) of the definition of the term
“Collateral and Guarantee Requirement” to the extent applicable shall have been taken (or arrangements for the taking
of such actions within the timeframes required by Section 5.11 shall have been made that are reasonably satisfactory to the Administrative
Agent) (unless such newly created or acquired Subsidiary is designated as an Unrestricted Subsidiary pursuant to Section 5.14
or is otherwise an Excluded Subsidiary) and (b) after giving effect to any such purchase or other acquisition, no Significant
Event of Default shall have occurred and be continuing.

 

“Permitted
Amendment” means an amendment to this Agreement and, if applicable the other Loan Documents, effected in connection
with a Loan Modification Offer pursuant to Section 2.24, providing for an extension of a maturity date applicable to all, or any
portion of, the Loans and/or Commitments of any Class of the Accepting Lenders and, in connection therewith, (a) a change in the
Applicable Rate with respect to the Loans and/or Commitments of the Accepting Lenders, and/or (b) a change in the fees payable
to, or the inclusion of new fees to be payable to, the Accepting Lenders, and/or (c) any call protection with respect to the Loans
and/or commitments of the Accepting Lenders, and/or (d) any changes to any prepayment provisions with respect to the Loans of
such Accepting Lenders that are less favorable to such Accepting Lenders than to the Non-Accepting Lenders with respect to such
applicable Loans and/or (e) additional covenants or other provisions applicable only to periods after the Latest Maturity Date
at the time of such Loan Modification Offer (it being understood that to the extent that any financial maintenance covenant and
any related equity cure are added for the benefit of any such Loans and/or Commitments, no consent shall be required by the Administrative
Agent or any of the Lenders if such financial maintenance covenant and any related equity cure are either (i) also added for the
benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Loans and/or Commitments or
(ii) only applicable after the Latest Maturity Date at the time of such Loan Modification Offer).

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related
Business Assets and cash or Permitted Investments between Holdings, the Parent Borrower or a Restricted Subsidiary and another
Person.

 

“Permitted
Encumbrances” means:

 

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(a)               
Liens for Taxes, assessments or other governmental charges or other governmental charges that are not overdue for a period
of more than 60 days or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

 

(b)               
Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or construction contractors’ Liens and other similar Liens arising in the ordinary course of business that secure amounts
not overdue for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other action has been taken
to enforce such Lien or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP, in each case so long
as such Liens do not individually or in the aggregate have a Material Adverse Effect;

 

(c)               
Liens incurred or deposits made in the ordinary course of business (i) in connection with workers’ compensation,
unemployment insurance and other social security legislation and (ii) securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees or similar instrument for the benefit
of) insurance carriers providing property, casualty or liability insurance to Holdings, any Intermediate Parent, the Parent Borrower
or any Restricted Subsidiary or otherwise supporting the payment of items set forth in the foregoing clause (i);

 

(d)               
Liens incurred or deposits made to secure the performance of bids, trade contracts, governmental contracts and leases,
statutory obligations (other than under ERISA or the Code), surety, stay, customs and appeal bonds, performance bonds, bankers
acceptance facilities and other obligations of a like nature (including those to secure health, safety and environmental obligations)
and obligations in respect of letters of credit, bank guarantees or similar instruments that have been posted to support the same,
incurred in the ordinary course of business or consistent with past practices;

 

(e)               
easements, rights-of-way, restrictions, encroachments, protrusions, zoning restrictions and other similar encumbrances
and minor title defects affecting real property that, in the aggregate, do not in any case materially interfere with the ordinary
conduct of the business of Holdings, any Intermediate Parent, the Parent Borrower and its Restricted Subsidiaries, taken as a
whole;

 

(f)                
Liens securing, or otherwise arising from, judgments not constituting an Event of Default under Section 7.01(j);

 

(g)               
Liens on goods the purchase price of which is financed by a documentary letter of credit issued for the account of Holdings
or any of its Subsidiaries or Liens on bills of lading, drafts or other documents of title arising by operation of law or pursuant
to the standard terms of agreements relating to letters of credit, bank guarantees and other similar instruments; provided
that such Lien secures only the obligations of Holdings or such Subsidiaries in respect of such letter of credit to the extent
such obligations are permitted by Section 6.01;

 

(h)               
rights of setoff, banker’s lien, netting agreements and other Liens arising by operation of law or by of the terms
of documents of banks or other financial institutions in relation to the maintenance of administration of deposit accounts, securities
accounts, cash

 

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management
arrangements or in connection with the issuance of letters of credit, bank guarantees or other similar instruments; and

 

(i)                
Liens arising from precautionary Uniform Commercial Code financing statements or similar filings made in respect of operating
leases entered into by the Parent Borrower or any of its Subsidiaries;

 

“Permitted
First Priority Refinancing Debt” means any secured Indebtedness incurred by a Borrower or any Loan Party in the form
of one or more series of senior secured notes or loans; provided that (i) such Indebtedness is secured by the Collateral
on an equal priority basis (but without regard to the control of remedies) with the Loan Document Obligations and is not secured
by any property or assets of such Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes
Credit Agreement Refinancing Indebtedness in respect of Term Loans (including portions of Classes of Term Loans, Other Term Loans)
or outstanding Revolving Loans, (iii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption
features (other than Customary Exceptions) that could result in redemptions of such Indebtedness prior to the maturity of the
Refinanced Debt (it being understood that the Borrowers and Loan Parties shall be permitted to make any AHYDO “catch up”
payments, if applicable) and (iv) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become
party to a First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement; provided that if such Indebtedness
is the initial Permitted First Priority Refinancing Debt incurred by the Parent Borrower, then the Parent Borrower, the Subsidiary
Loan Parties, the Administrative Agent and the Senior Representative for such Indebtedness shall have executed and delivered the
First Lien Intercreditor Agreement. Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued
in exchange therefor.

 

“Permitted
Holders” means (a) the Sponsors, (b) the Management Investors and their respective Permitted Transferees and (c) any
group of which the Persons described in clauses (a) and/or (b) are members and any other member of such group; provided that the
Persons described in clauses (a) and (b), without giving effect to the existence of such group or any other group, collectively
own, directly or indirectly, Voting Equity Interests in such Person representing a majority of the aggregate votes entitled to
vote for the election of directors of such Person having a majority of the aggregate votes on the Board of Directors of such Person
owned by such group.

 

“Permitted
Holdings Debt” has the meaning specified in Section 6.01(a)(xviii).

 

“Permitted
Investments” means any of the following, to the extent owned by Holdings, any Intermediate Parent, the Parent Borrower
or any Restricted Subsidiary or any Intermediate Parent:

 

(a)               
dollars, euro, pounds, Australian dollars, Swiss Francs, Canadian dollars, Yuan and such other currencies held by it from
time to time in the ordinary course of business;

 

(b)               
readily marketable obligations issued or directly and fully guaranteed or insured by the government or any agency or instrumentality
of (i) the United States or (ii) any member nation of the European Union rated A-2 (or the equivalent thereof) or better by S&P
or P-2 (or the equivalent thereof) or better by Moody’s, having average maturities of not more than 24 months from the date
of acquisition thereof; provided that the full faith and credit of the United States or such member nation of the European
Union is pledged in support thereof;

 

(c)               
time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is
a Lender or (ii) has combined capital and surplus of at least (x) $250,000,000 in the case of U.S. banks and (y) $100,000,000
(or the US Dollar Equivalent as of

 

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the
date of determination) in the case of non-U.S. banks (any such bank meeting the requirements of clause (i) or (ii) above being
an “Approved Bank”), in each case with average maturities of not more than 12 months from the date of acquisition
thereof;

 

(d)               
commercial paper and variable or fixed rate notes issued by an Approved Bank (or by the parent company thereof) or any
variable or fixed rate note issued by, or guaranteed by, a corporation rated A-2 (or the equivalent thereof) or better by S&P
or P-2 (or the equivalent thereof) or better by Moody’s, in each case with average maturities of not more than 24 months
from the date of acquisition thereof;

 

(e)               
repurchase agreements entered into by any Person with an Approved Bank, a bank or trust company (including any of the Lenders)
or recognized securities dealer, in each case, having capital and surplus in excess of (x) $250,000,000 in the case of U.S. banks
and (y) $100,000,000 (or the US Dollar Equivalent as of the date of determination) in the case of non-U.S. banks, in each case,
for direct obligations issued by or fully guaranteed or insured by the government or any agency or instrumentality of (i) the
United States or (ii) any member nation of the European Union rated A-2 (or the equivalent thereof) or better by S&P
and P-2 (or the equivalent thereof) or better by Moody’s, in which such Person shall have a perfected first priority security
interest (subject to no other Liens) and having, on the date of purchase thereof, a Fair Market Value of at least 100% of the
amount of the repurchase obligations;

 

(f)                
marketable short-term money market and similar highly liquid funds either (i) having assets in excess of (x) $250,000,000
in the case of U.S. banks or other U.S. financial institutions and (y) $100,000,000 (or the US Dollar Equivalent as of the date
of determination) in the case of non-U.S. banks or other non-U.S. financial institutions or (ii) having a rating of at least A-2
or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations,
an equivalent rating from another nationally recognized rating service);

 

(g)               
securities with average maturities of 24 months or less from the date of acquisition issued or fully guaranteed by any
state, commonwealth or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth
or territory having an investment grade rating from either S&P or Moody’s (or the equivalent thereof);

 

(h)               
investments with average maturities of 24 months or less from the date of acquisition in mutual funds rated A (or the equivalent
thereof) or better by S&P or A2 (or the equivalent thereof) or better by Moody’s;

 

(i)                
instruments equivalent to those referred to in clauses (a) through (h) above denominated in euros or any other foreign
currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management
purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted
by any Subsidiary organized in such jurisdiction; and

 

(j)                
investments, classified in accordance with GAAP as current assets of Holdings, any Intermediate Parent, the Parent Borrower
or any Subsidiary, in money market investment programs that are registered under the Investment Company Act of 1940 or that are
administered by financial institutions having capital of at least $250,000,000, and, in either case, the portfolios of which are
limited such that substantially all of such investments are of the character, quality and maturity described in clauses (a)
through (i) of this definition.

 

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(k)               
with respect to any Foreign Subsidiary: (i) obligations of the national government of the country in which such Foreign
Subsidiary is organized or maintains its chief executive office and principal place of business; provided such country
is India, China, Australia, a member nation of the European Union whose legal tender is the British Pound Sterling or the euro
or a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date
of investment therein, (ii) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which
is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office
and principal place of business; provided such country is India, China, Australia, a member state of the European Union
or is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from
S&P is at least “A-2” or the equivalent thereof or from Moody’s is at least “P-2” or the equivalent
thereof (any such bank being an “Approved Foreign Bank”), and in each case with maturities of not more than
24 months from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved
Foreign Bank; and

 

(l)                
investment funds investing at least 90% of their assets in securities of the types described in clauses (a) through (k)
above.

 

“Permitted
Receivables Financing” means receivables securitizations or other receivables financings (including any factoring program)
that are non-recourse to Holdings and the Restricted Subsidiaries (except for (w) recourse to any Foreign Subsidiaries that own
the assets underlying such financing (or have sold such assets in connection with such financing), (x) any customary limited recourse
or, to the extent applicable only to non-Loan Parties, that is customary in the relevant local market, (y) any performance undertaking
or Guarantee, to the extent applicable only to non-Loan Parties, that is customary in the relevant local market, and (z) an unsecured
parent Guarantee by Holdings, any Intermediate Parent, Intermediate Holdings or a Restricted Subsidiary that is a parent company
of a Foreign Subsidiary of obligations of Foreign Subsidiaries, and, in each case, reasonable extensions thereof); provided
that, with respect to Permitted Receivables Financings incurred in the form of a factoring program, the outstanding amount
of such Permitted Receivables Financing for the purposes of this definition shall be deemed to be equal to the Permitted Receivables
Net Investment for the last Test Period.

 

“Permitted
Receivables Net Investment” means the aggregate cash amount paid by the purchasers under any Permitted Receivables Financing
in the form of a factoring program in connection with their purchase of accounts receivable and customary related assets or interests
therein, as the same may be reduced from time to time by collections with respect to such accounts receivable and related assets
or otherwise in accordance with the terms of such Permitted Receivables Financing (but excluding any such collections used to
make payments of commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Receivables
Financing in the form of a factoring program which are payable to any Person other than Intermediate Holdings, a Borrower or a
Restricted Subsidiary).

 

“Permitted
Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal or extension of any
Indebtedness of such Person; provided that (a) the principal amount (or accreted value, if applicable) thereof does
not exceed the principal amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded, renewed
or extended except by an amount equal to unpaid accrued interest and premium thereon plus other amounts paid, and fees and expenses
incurred, in connection with such modification, refinancing, refunding, renewal or extension and by an amount equal to any existing
commitments unutilized thereunder, (b) other than with respect to a Permitted Refinancing in respect of Indebtedness permitted
pursuant to clauses (ii)(A), (v),

 

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(vii), (xxxi),
(xxxii), (xxxiv), (xxxv) and (xxxvi) of Section 6.01(a), Indebtedness resulting from such modification, refinancing, refunding,
renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a Weighted Average Life
to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being modified, refinanced, refunded,
renewed or extended (other than Customary Bridge Loans), (c) if the Indebtedness being modified, refinanced, refunded, renewed
or extended is subordinated in right of payment to the Loan Document Obligations, Indebtedness resulting from such modification,
refinancing, refunding, renewal or extension is subordinated in right of payment to the Loan Document Obligations on terms at
least as favorable to the Lenders as those contained in the documentation governing the Indebtedness being modified, refinanced,
refunded, renewed or extended and (d) if the Indebtedness being modified, refinanced, refunded, renewed or extended is permitted
pursuant to Section 6.01(a)(ii), (xxiii), (xxiv) or (xxx) (i) the terms and conditions (including, if applicable, as to collateral
but excluding as to subordination, interest rate (including whether such interest is payable in cash or in kind), rate floors,
fees, discounts and redemption premium) of Indebtedness resulting from such modification, refinancing, refunding, renewal or extension
are not, taken as a whole, are not materially more favorable to the investors providing such Indebtedness than the terms and conditions
of the Indebtedness being modified, refinanced, refunded, renewed or extended (except for covenants or other provisions applicable
to periods after the Latest Maturity Date at the time such Indebtedness is incurred) (it being understood that, to the extent
that any financial maintenance covenant and any related equity cure or any other covenant is added for the benefit of any such
Permitted Refinancing, the terms shall not be considered materially more favorable if such financial maintenance covenant and
related equity cure or other covenant is either (A) also added for the benefit of any corresponding Loans remaining outstanding
after the issuance or incurrence of such Permitted Refinancing or (B) only applicable after the Latest Maturity Date at the time
of such refinancing); provided that a certificate of a Responsible Officer delivered to the Administrative Agent at least
five Business Days prior to such modification, refinancing, refunding, renewal or extension, together with a reasonably detailed
description of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto,
stating that the Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement,
shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent
notifies Holdings within such five Business Day period that it disagrees with such determination (including a reasonable description
of the basis upon which it disagrees) and (ii) the primary obligor in respect of, and/or the Persons (if any) that Guarantee,
the Indebtedness resulting from such modification, refinancing, refunding, renewal or extension are the primary obligor in respect
of, and/or Persons (if any) that Guaranteed the Indebtedness being modified, refinanced, refunded, renewed or extended. For the
avoidance of doubt, it is understood that a Permitted Refinancing may constitute a portion of an issuance of Indebtedness in excess
of the amount of such Permitted Refinancing; provided that such excess amount is otherwise permitted to be incurred under Section
6.01. For the avoidance of doubt, it is understood and agreed that a Permitted Refinancing includes successive Permitted Refinancings
of the same Indebtedness.

 

“Permitted
Second Priority Refinancing Debt” means secured Indebtedness incurred by the Parent Borrower or any Loan Party in the
form of one or more series of junior lien secured notes or junior lien secured loans; provided that (i) such Indebtedness
is secured by the Collateral on a junior lien basis to the Secured Obligations and the obligations in respect of any Permitted
First Priority Refinancing Debt and is not secured by any property or assets of Holdings, any Intermediate Parent, the Parent
Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing
Indebtedness in respect of Term Loans (including portions of Classes of Term Loans or Other Term Loans) or outstanding Revolving
Loans, (iii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption features (other than
Customary Exceptions) that could result in redemptions of such Indebtedness prior to the maturity of the Refinanced Debt and (iv) 
such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Loan

 

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Parties and
(v) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a Second Lien
Intercreditor Agreement. Permitted Second Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange
therefor.

 

“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) any trust or other legal entity the beneficiary of which is such Person’s immediate family, including
his or her spouse, ex-spouse, children, stepchildren or their respective lineal descendants and (c) without duplication with any
of the foregoing, such Person’s heirs, executors and/or administrators upon the death of such Person and any other Person
who was an Affiliate of such Person upon the death of such Person and who, upon such death, directly or indirectly owned Equity
Interests in Holdings or the Parent.

 

“Permitted
Unsecured Refinancing Debt” means unsecured Indebtedness incurred by the Parent Borrower or any Loan Party in the form
of one or more series of senior unsecured notes or loans; provided that (i) such Indebtedness constitutes Credit Agreement
Refinancing Indebtedness in respect of Term Loans (including portions of Classes of Term Loans or Other Term Loans) or outstanding
Revolving Loans, (ii) such Indebtedness (other than Customary Bridge Loans) does not have mandatory redemption features (other
than Customary Exceptions) that could result in redemptions of such Indebtedness prior to the maturity of the Refinanced Debt
(it being understood that the Parent Borrower and Loan Parties shall be permitted to make any AHYDO “catch up” payments,
if applicable) and (iii) such Indebtedness is not secured by any Lien on any property or assets of Holdings, Intermediate
Parent, the Borrowers or any Restricted Subsidiary. Permitted Unsecured Refinancing Debt will include any Registered Equivalent
Notes issued in exchange therefor.

 

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

 

“Plan”
means any “employee pension benefit plan” as defined in Section 3(2) ERISA (other than a Multiemployer Plan) which
is subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, (i) which
is or was sponsored, maintained or contributed to by, or required to be contributed to by, any Loan Party or any ERISA Affiliate
or (ii) with respect to which any Loan Party or any ERISA Affiliate has any actual or contingent liability.

 

“Planned
Expenditures” has the meaning assigned to such term in clause (b) of the definition of “Excess Cash Flow”.

 

“Platform”
has the meaning specified in Section 5.01.

 

“Post-Transaction
Period” means, with respect to any Specified Transaction, the period beginning on the date such Specified Transaction
is consummated and ending on the last day of the eighth full consecutive fiscal quarter immediately following the date on which
such Specified Transaction is consummated.

 

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

 

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“Pro
Forma Adjustment” means, for any Test Period, any adjustment to Consolidated EBITDA made in accordance with clause (b)
of the definition of that term.

 

“Pro
Forma Basis,” “Pro Forma Compliance” and “Pro Forma Effect” means, with respect
to compliance with any test, financial ratio or covenant hereunder required by the terms of this Agreement to be made on a Pro
Forma Basis, that (a) to the extent applicable, the Pro Forma Adjustment shall have been made and (b) all Specified
Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement
or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to
have occurred as of the first day of the applicable period of measurement in such test; financial ratio or covenant: (i) income
statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in
the case of a Disposition of all or substantially all Equity Interests in any subsidiary of Holdings or any division, product
line, or facility used for operations of Holdings, the Parent Borrower or any of its Subsidiaries, shall be excluded and (B) in
the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be
included, (ii) any retirement of Indebtedness, (iii) any Indebtedness incurred or assumed by Holdings, the Parent Borrower
or any of its Subsidiaries in connection therewith (but without giving effect to any simultaneous incurrence of any Indebtedness
pursuant to any fixed dollar basket or Consolidated EBITDA grower basket or under the Revolving Credit Facility or any other revolving
facilities) and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable
period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness
as at the relevant date of determination and (iv) the amount of unrestricted cash shall be calculated on the date of the consummation
of the Specified Transaction after giving pro forma effect to such Specified Transaction (other than, for the avoidance of doubt,
the cash proceeds of any Indebtedness the incurrence of which is a Specified Transaction or that is incurred to finance such Specified
Transaction); provided that, without limiting the application of the Pro Forma Adjustment pursuant to clause (a) above,
the foregoing pro forma adjustments may be applied to any such test, financial ratio or covenant solely to the extent that such
adjustments are consistent with the definition of “Consolidated EBITDA” (and, subject to the provisions set forth
in clause (b) thereof) and give effect to events (including cost savings, operating expense reductions and synergies) that are
(i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on Holdings, the Parent Borrower or
any of its Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment.”

 

“Pro
Forma Disposal Adjustment” means, for any Test Period that includes all or a portion of a fiscal quarter included in
any Post-Transaction Period with respect to any Sold Entity or Business, the pro forma increase or decrease in Consolidated EBITDA
projected by the Parent Borrower in good faith as a result of contractual arrangements between the Parent Borrower or any Restricted
Subsidiary entered into with such Sold Entity or Business at the time of its disposal or within the Post-Transaction Period and
which represent an increase or decrease in Consolidated EBITDA which is incremental to the Disposed EBITDA of such Sold Entity
or Business for the most recent Test Period prior to its disposal.

 

“Pro
Forma Entity” has the meaning given to such term in the definition of “Acquired EBITDA.”

 

“Pro
Forma Financial Statements” has the meaning assigned to such term in Section 3.04(b).

 

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

 

    49

    

    

“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
Company Costs” means costs relating to compliance with the provisions of the Exchange Act (and any similar Requirement
of Law under any other applicable jurisdiction), as applicable to companies with equity or debt securities held by the public,
the rules of national securities exchange companies with listed equity or debt securities, directors’ or managers’
and employees’ compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings
and reports to shareholders or debtholders, directors’ and officers’ insurance and other executive costs, legal and
other professional fees, listing fees and other costs associated with being a public company.

 

“Public
Lender” has the meaning assigned to such term in Section 5.01.

 

“Purchasing
Borrower Party” means Holdings or any subsidiary of Holdings.

 

“Qualified
Equity Interests” means Equity Interests in Holdings or any parent of Holdings other than Disqualified Equity Interests.

 

“Qualifying
Lender” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“QFC
Credit Support” has the meaning assigned to such term in Section 9.23.

 

“Quotation
Day” means, with respect to dollars or euro for any Interest Period, two Business Days prior to the first day of such
Interest Period unless market practice differs in the London interbank market for any such currency, in which case the Quotation
Day for such currency shall be determined by the Administrative Agent in accordance with market practice in the London interbank
market (and if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation
Day shall be the last of those days).

 

“Receivables
Subsidiary” means any Special Purpose Entity established in connection with a Permitted Receivables Financing and any
other subsidiary (other than any Loan Party) involved in a Permitted Receivables Financing which is not permitted by the terms
of such Permitted Receivables Financing to guarantee the Obligations or provide Collateral.

 

“Refinanced
Debt” has the meaning assigned to such term in the definition of “Credit Agreement Refinancing Indebtedness.”

 

“Refinancing
Amendment” means an amendment to this Agreement executed by each of (a) the Borrowers and Holdings, (b) the
Administrative Agent and (c) each Additional Lender and Lender that agrees to provide any portion of the Credit Agreement
Refinancing Indebtedness being incurred pursuant thereto, in accordance with Section 2.21.

 

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

 

“Registered
Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement
transaction under the Securities Act of 1933, substantially identical notes (having the same Guarantees) issued in a dollar-for-dollar
exchange therefor pursuant to an exchange offer registered with the SEC.

 

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“Related
Business Assets” means assets (other than cash or Permitted Investments) used or useful in a Similar Business (which
may consist of securities of a Person, including the Equity Interests of any Subsidiary (other than the Parent Borrower)).

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the partners, directors, officers,
employees, members, trustees, agents, controlling persons, advisors and other representatives of such Person and of each of such
Person’s Affiliates and permitted successors and assigns.

 

“Release”
means any release, spill, emission, leaking, dumping, injection, pouring, deposit, disposal, discharge, leaching or migrating
into or through the environment (including ambient air, surface water, groundwater, land surface or subsurface strata).

 

“Required
Additional Debt Terms” means with respect to any Indebtedness, (a) except with respect to Customary Bridge Loans and
except with respect to an amount equal to the Maturity Carveout Amount at such time, such Indebtedness does not mature earlier
than the Latest Maturity Date (other than Customary Bridge Loans), (b) such Indebtedness does not have mandatory redemption features
(other than Customary Exceptions) that could result in redemptions of such Indebtedness prior to the Latest Maturity Date (it
being understood that the Parent Borrower and Loan Parties shall be permitted to make any AHYDO “catch up” payments,
if applicable), (c) such Indebtedness is not guaranteed by any entity that is not a Loan Party, (d) such Indebtedness that is
secured (i) is not secured by any assets not securing the Secured Obligations, (ii) is subject to the relevant Intercreditor Agreement(s)
and (iii) is subject to security agreements relating to such Indebtedness that are substantially the same as the Security Documents
(with such differences as are reasonably satisfactory to the Administrative Agent and the Parent Borrower) and (e) the covenants,
events of default and guarantees of such Indebtedness (excluding pricing, interest rate margins, rate floors, discounts, fees,
premiums and prepayment or redemption provisions) are not materially more favorable (when taken as a whole) to the lenders or
investors providing such Indebtedness than the terms and conditions of this Agreement (when taken as a whole) are to the Lenders
(except for covenants or other provisions applicable only to periods after the Latest Maturity Date at such time) (it being understood
that, to the extent that any financial maintenance covenant, any related equity cure or any other covenant are added for the benefit
of any Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such financial maintenance
covenant, related equity cure or other covenant are either (i) also added for the benefit of any corresponding Loans remaining
outstanding after the issuance or incurrence of any such Indebtedness in connection therewith or (ii) only applicable after the
Latest Maturity Date at such time); provided that a certificate of a Responsible Officer delivered to the Administrative
Agent at least five Business Days prior to the incurrence of such Indebtedness, together with a reasonably detailed description
of the material terms and conditions of such resulting Indebtedness or drafts of the documentation relating thereto, stating that
Holdings has determined in good faith that such terms and conditions satisfy the foregoing requirement, shall be conclusive evidence
that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Parent Borrower
within such five Business Day period that it disagrees with such determination (including a reasonable description of the basis
upon which it disagrees).

 

“Required
Lenders” means, at any time, Lenders having Revolving Exposures, Term Loans and unused Commitments (other than Swingline
Commitments) representing more than 50% of the aggregate Revolving Exposures, outstanding Term Loans and unused Commitments (other
than Swingline Commitments) at such time; provided that to the extent set forth in Section 9.02, (a) the Revolving
Exposures, Term Loans and unused Commitments of the Borrowers or any Affiliate thereof (other than an Affiliated Debt Fund) and
(b) whenever there are one or more Defaulting Lenders, the total outstanding Term Loans and Revolving Exposures of, and the
unused Revolving Commitments of, each

 

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Defaulting
Lender shall in each case be excluded for purposes of making a determination of Required Lenders.

 

“Required
Revolving Lenders” means, at any time, Revolving Lenders having Revolving Exposures and unused Commitments (exclusive
of Swingline Commitments) representing more than 50% of the aggregate Revolving Exposures and unused Commitments (exclusive of
Swingline Commitments) at such time; provided that (a) the Revolving Exposures and unused Commitments of the Borrowers
or any Affiliate thereof and (b) whenever there are one or more Defaulting Lenders, the total outstanding Revolving Exposures
of, and the unused Revolving Commitments of, each Defaulting Lender, shall, in each case of clauses (a) and (b), be excluded for
purposes of making a determination of Required Revolving Lenders.

 

“Requirements
of Law” means, with respect to any Person, any statutes, laws, treaties, rules, regulations, official administrative
pronouncements, orders, decrees, writs, injunctions or determinations of any arbitrator or 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” has the meaning assigned to such term in Section 8.05.

 

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

 

“Responsible
Officer” means the chief executive officer, president, vice president, chief financial officer, treasurer or assistant
treasurer, or other similar officer, manager or a director of a Loan Party and with respect to certain limited liability companies
or partnerships that do not have officers, any manager, sole member, managing member or general partner thereof, and as to any
document delivered on the Effective Date or thereafter pursuant to paragraph (a)(i) of the definition of the term “Collateral
and Guarantee Requirement,” any secretary or assistant secretary of a Loan Party. Any document delivered hereunder that
is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Loan Party.

 

“Restricted
Debt Payment” has the meaning assigned to such term in Section 6.08(b).

 

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

 

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

 

“Retained
Declined Proceeds” has the meaning assigned to such term in Section 2.11(e) of the Original Credit Agreement.

 

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

 

“Revolving
Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to
acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum possible
aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from time to
time pursuant to Section 2.08 and (b) reduced or increased from time to time pursuant to (i) assignments by or
to such Lender pursuant to an Assignment and Assumption or (ii) a Refinancing Amendment or a Loan Modification Agreement.
The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment and
Assumption, Loan Modification Agreement or Refinancing Amendment pursuant to which such Lender shall have assumed its Revolving
Commitment, as the case may be. The initial aggregate amount of the Lenders’ Revolving Commitments on the Effective Date
is $50,000,000.

 

“Revolving
Credit Facility” means the Revolving Commitments and the Revolving Loans made hereunder.

 

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

 

“Revolving
Lender” means a Lender with a Revolving Commitment or, if the Revolving Commitments have terminated or expired, a Lender
with Revolving Exposure.

 

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

 

“Revolving
Maturity Date” means March 6, 2025 (the “Initial Revolving Maturity Date”).

 

“Run
Rate Benefits” has the meaning assigned to such term in the definition of “Consolidated EBITDA.”

 

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

 

“Sanctioned
Person” means a Person that is (a) the subject of restrictive Sanctions, (b) located in or organized under the laws
of a country or territory which is the subject of country- or territory-wide Sanctions (including without limitation Cuba, Iran,
North Korea, Syria, or the Crimea region), or (c) majority-owned (in the aggregate) or controlled by any of the foregoing.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the U.S. Treasury, Office of Foreign Assets Control, or the United States Department of State,
(b) the United Nations Security Council, (c) the European Union and any of its member states, (d) Her Majesty’s Treasury
of the United Kingdom or (e) any other similar sanctions or laws in force in any other jurisdictions where the Parent Borrower,
Holdings or any Restricted Subsidiary conducts business or owns assets.

 

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

 

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“Second
Lien Intercreditor Agreement” means a Second Lien Intercreditor Agreement substantially in the form of Exhibit H, among
the Administrative Agent and one or more Senior Representatives for holders of Permitted Second Priority Refinancing Debt, with
such modifications thereto as the Administrative Agent, the Required Lenders and the Borrowers may reasonably agree.

 

“Secured
Cash Management Obligations” has the meaning specified in the Collateral Agreement.

 

“Secured
Leverage Ratio” means, on any date, the ratio of (a) Consolidated Secured Debt as of such date to (b) Consolidated EBITDA
for the Test Period as of such date.

 

“Secured
Obligations” has the meaning specified in the Collateral Agreement.

 

“Secured
Parties” means (a) each Lender, (b) the Administrative Agent and Collateral Agent, (c) each Joint Bookrunner, (d) each
Person to whom any Secured Cash Management Obligations are owed, (e) each counterparty to any Swap Agreement the obligations under
which constitute Secured Swap Obligations and (f) the permitted successors and assigns of each of the foregoing.

 

“Secured
Swap Obligations” has the meaning specified in the Collateral Agreement.

 

“Security
Documents” means the Collateral Agreement, the Mortgages, the Foreign Pledge Agreements, the Foreign Collateral Agreements
and each other security agreement or pledge agreement executed and delivered pursuant to the Collateral and Guarantee Requirement,
Section 4.01(f), 5.11, 5.12 or 5.15 to secure any of the Secured Obligations.

 

“Senior
Representative” means, with respect to any series of Permitted First Priority Refinancing Debt or Permitted Second Priority
Refinancing Debt, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or
agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their
successors in such capacities.

 

“SGH
Note” means that certain Note Payable, dated as of January 23, 2015, between SMART Modular Technologies (DE), Inc. and
Parent, as in effect on the Effective Date.

 

“Significant
Event of Default” means any Event of Default under Section 7.01(a), (b), (h) or (i).

 

“Significant
Subsidiary” means any Restricted Subsidiary that, or any group of Restricted Subsidiaries that, taken together, as of
the last day of the fiscal quarter of Holdings most recently ended for which financial statements are available, had revenues
or total assets for such quarter in excess of 10.0% of the consolidated revenues or total assets, as applicable, of Holdings for
such quarter.

 

“SLP
Fund” means the collective reference to Silver Lake Partners V, L.P. and any of its parallel funds, feeder funds, alternative
investment vehicles, co-investment entities, and, in each case, its or their respective predecessor and/or successor funds, vehicles
and/or entities.

 

“SOFR”
means, with respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New
York, as the administrator of the benchmark (or a successor administrator) on the Federal Reserve Bank of New York’s website
(or any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

 

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“Sold
Entity or Business” has the meaning assigned to such term in the definition of the term “Consolidated EBITDA.”

 

“Solicited
Discount Proration” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Solicited
Discounted Prepayment Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Solicited
Discounted Prepayment Notice” means an irrevocable written notice of a Borrower Solicitation of Discounted Prepayment
Offers made pursuant to Section 2.11(a)(ii)(D) substantially in the form of Exhibit P.

 

“Solicited
Discounted Prepayment Offer” means the irrevocable written offer by each Term Lender, substantially in the form of Exhibit
Q, submitted following the Administrative Agent’s receipt of a Solicited Discounted Prepayment Notice.

 

“Solicited
Discounted Prepayment Response Date” has the meaning assigned to such term in Section 2.11(a)(ii)(D).

 

“Special
Purpose Entity” means a direct or indirect subsidiary of Holdings, whose organizational documents contain restrictions
on its purpose and activities and impose requirements intended to preserve its separateness from Holdings and/or one or more Subsidiaries
of Holdings.

 

“Specified
Discount” has the meaning assigned to such term in Section 2.11(a)(ii)(B).

 

“Specified
Discount Prepayment Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(B).

 

“Specified
Discount Prepayment Notice” means an irrevocable written notice of a Borrower Offer of Specified Discount Prepayment
made pursuant to Section 2.11(a)(ii)(B) substantially in the form of Exhibit L.

 

“Specified
Discount Prepayment Response” means the irrevocable written response by each Term Lender, substantially in the form
of Exhibit M, to a Specified Discount Prepayment Notice.

 

“Specified
Discount Prepayment Response Date” has the meaning assigned to such term in Section 2.11(a)(ii)(B).

 

“Specified
Discount Proration” has the meaning assigned to such term in Section 2.11(a)(ii)(B).

 

“Specified
Transaction” means, with respect to any period, any Investment, sale, transfer or other disposition of assets, incurrence
or repayment of Indebtedness, Restricted Payment, subsidiary designation, New Project or other event that by the terms of the
Loan Documents requires “Pro Forma Compliance” with a test or covenant hereunder or requires such test or covenant
to be calculated on a Pro Forma Basis.

 

“Sponsor”
means Silver Lake Partners V, L.P., its Affiliates and any funds, partnerships, co-investment entities and other investment vehicles
managed, advised or controlled thereby or by one or

 

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more directors
thereof or under common control therewith (other than Holdings, the Parent Borrower and its Subsidiaries or any portfolio company
of any of the foregoing).

 

“Starter
Basket” has the meaning assigned to such term in the definition of “Available Amount.”

 

“Statutory
Reserve Rate” means, with respect to any currency, a fraction (expressed as a decimal), the numerator of which is the
number one and the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset or similar
percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by any Governmental
Authority of the United States or of the jurisdiction of such currency or any jurisdiction in which Loans in such currency are
made to which banks in such jurisdiction are subject for any category of deposits or liabilities customarily used to fund loans
in such currency or by reference to which interest rates applicable to Loans in such currency are determined. Such reserve, liquid
asset or similar percentages shall include those imposed pursuant to Regulation D of the Board of Governors and if any Lender
is required to comply with the requirements of The Bank of England and/or the Financial Services Authority (or any authority that
replaces any of the functions thereof) or the requirements of the European Central Bank. Eurocurrency Loans shall be deemed to
be subject to such reserve, liquid asset or similar requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under Regulation D or any other applicable law, rule or regulation.
The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

“Submitted
Amount” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

“Submitted
Discount” has the meaning assigned to such term in Section 2.11(a)(ii)(C).

 

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

 

“Subsidiary”
means any subsidiary of the Parent Borrower.

 

“Subsidiary
Loan Party” means each Subsidiary of the Parent Borrower (other than the Co-Borrower) that is a party to the Guarantee
Agreement.

 

“Successor
Borrower” has the meaning assigned to such term in Section 6.03(a)(iv).

 

“Successor
Holdings” has the meaning assigned to such term in Section 6.03(a)(v).

 

“Supported
QFC” has the meaning assigned to such term in Section 9.23.

 

“Swap”
means any agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the
Commodity Exchange Act.

 

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“Swap
Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together
with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any
Master Agreement.

 

“Swap
Obligation” means, with respect to any Person, any obligation to pay or perform under any Swap.

 

“Swingline
Commitment” means the commitment of the Swingline Lender to make Swingline Loans up to an aggregate principal amount
not to exceed $10,000,000.

 

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

 

“Swingline
Lender” means (a) Barclays Bank PLC, in its capacity the lender of Swingline Loans hereunder and (b) each Revolving
Lender that shall have become a Swingline Lender hereunder as provided in Section 2.04(d) (other than any Person that shall have
ceased to be a Swingline Lender as provided in Section 2.04(e)), each in its capacity as a lender of Swingline Loans hereunder.

 

“Swingline
Loan” means a Loan made pursuant to Section 2.04.

 

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

 

“Term
Commitment” means, with respect to each Additional Term Lender, the commitment, if any, of such Lender to make a Term
Loan hereunder on the effectiveness date of the applicable Incremental Amendment pursuant to which such Term Loan is made available,
expressed as an amount representing the maximum principal amount of the Term Loan to be made by such Term Lender hereunder.

 

“Term
Facility” means any Incremental Term Loans or any refinancing thereof.

 

“Term
Lenders” means any Person that shall have become a party hereto pursuant to an Assignment and Assumption, an Incremental
Facility Amendment in respect of any Term Loans, Loan Modification Agreement or a Refinancing Amendment in respect of any Term
Loans, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Term
Loans” means any Incremental Term Loan.

 

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“Term
SOFR” means the forward-looking term rate for any period that is approximately (as reasonably determined by the Administrative
Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period,” that is based
on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information
service as selected by the Administrative Agent from time to time in its reasonable discretion.

 

“Termination
Date” means the date on which the Commitments shall have expired or been terminated, the principal of and interest on
each Loan and the other Loan Document Obligations (other than contingent amounts as to which no claim has been made) payable under
any Loan Document shall have been paid in full and the LC Exposure has been reduced to zero (including as a result of obtaining
the consent of the applicable Issuing Bank as described in Section 9.05) and the Issuing Banks have no further obligation to issue
or amend Letters of Credit hereunder.

 

“Test
Period” means, at any date of determination (a) for any determination under this Agreement (other than any determination
of the Applicable Rate, the commitment fee under Section 2.12 and compliance with the Financial Performance Covenant), the most
recently completed four consecutive fiscal quarters of Holdings ending on or prior to such date for which financial statements
are internally available and (b) for any determination of the Applicable Rate, the commitment fee under Section 2.12 and compliance
with the Financial Performance Covenant, the most recently completed four consecutive fiscal quarters of Holdings ending on or
prior to such date for which financial statements have been (or were required to have been) delivered pursuant to Section 5.01(a)
or 5.01(b); provided that, prior to the first date after the Effective Date on which financial statements are internally available
or have been delivered pursuant to Section 5.01(a) or 5.01(b), as applicable, the Test Period in effect shall be the period of
four consecutive fiscal quarters of the Parent Borrower ended November 29, 2019. “Total Leverage Ratio” means
on any date, the ratio of (a) Consolidated Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of
such date.

 

“Transactions”
means, collectively, (a) the consummation of the transactions contemplated by this Agreement, (b) the consummation of any other
transactions in connection with the foregoing and (c) the payment of the fees and expenses incurred in connection with any
of the foregoing (including the Transaction Costs).

 

“Transaction
Costs” means any fees or expenses incurred or paid by the Sponsor, the Management Investors, Holdings, the Parent Borrower
or any other Subsidiary in connection with the Transactions, this Agreement and the other Loan Documents and the transactions
contemplated hereby and thereby.

 

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

 

“UCC”
or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the State
of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the
perfection or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed
by the Uniform Commercial Code as in effect in a U.S. jurisdiction other than the State of New York, the term “UCC”
shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or priority and for purposes of definitions relating to such provisions.

 

“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

 

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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.

 

“Unaudited
Financial Statements” means the unaudited consolidated balance sheet of Parent as of March 1, 2019, May 31, 2019 and
November 29, 2019 and the related unaudited consolidated statements of income and cash flows for the nine-month periods then ended.

 

“Unrestricted
Subsidiary” means any Subsidiary (other than the Co-Borrower) designated by the Parent Borrower as an Unrestricted Subsidiary
pursuant to Section 5.14 subsequent to the Effective Date.

 

“US
Dollar Equivalent” means, on any date of determination, (a) with respect to any amount denominated in dollars, such
amount and (b) with respect to any amount denominated in any currency other than dollars, the equivalent in dollars of such amount,
determined by the Administrative Agent pursuant to Section 1.06 using the Exchange Rate with respect to such currency at the time
in effect under the provisions of such Section.

 

“USA
Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, as amended from time to time.

 

“U.S.
Tax Compliance Certificate” means a certificate substantially in the form of Exhibit S-1, Exhibit S-2, Exhibit S-3,
or Exhibit S-4, as applicable.

 

“Voting
Equity Interests” means Equity Interests that are entitled to vote generally for the election of directors to the Board
of Directors of the issuer thereof. Shares of preferred stock that have the right to elect one or more directors to the Board
of Directors of the issuer thereof only upon the occurrence of a breach or default by such issuer thereunder shall not be considered
Voting Equity Interests as long as the directors that may be elected to the Board of Directors of the issuer upon the occurrence
of such a breach or default represent a minority of the aggregate voting power of all directors of Board of Directors of the issuer.
The percentage of Voting Equity Interests of any issuer thereof beneficially owned by a Person shall be determined by reference
to the percentage of the aggregate voting power of all Voting Equity Interests of such issuer that are represented by the Voting
Equity Interests beneficially owned by such Person.

 

“Weighted
Average Life to Maturity” means, 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.

 

“Wholly
Owned Restricted Subsidiary” means any Restricted Subsidiary that is a Wholly Owned Subsidiary.

 

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“Wholly
Owned Subsidiary” means, with respect to any Person at any date, a subsidiary of such Person of which securities or
other ownership interests representing 100% of the Equity Interests (other than (a) directors’ qualifying shares and (b) nominal
shares issued to foreign nationals or other Persons to the extent required by applicable Requirements of Law) are, as of such
date, owned, controlled or held by such Person or one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person.

 

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

 

“Withholding
Agent” means any Loan Party, the Administrative Agent and any other withholding agent, if applicable.

 

“Write-Down
and Conversion Powers” means, (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.

 

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

 

SECTION 1.03.            
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (a) any definition of or reference to any agreement (including this Agreement and
the other Loan Documents), instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed
to include such Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the
case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof,
(c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights.

 

SECTION 1.04.            
Accounting Terms; GAAP.

 

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(a)               
All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial
data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with GAAP as in effect from time to time.

 

(b)               
Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or utilization of
any basket contained in this Agreement, Consolidated EBITDA, Consolidated Total Assets, the Total Leverage Ratio, the First Lien
Leverage Ratio, the Secured Leverage Ratio and the Interest Coverage Ratio shall be calculated on a Pro Forma Basis to give effect
to all Specified Transactions (including the Transactions) that have been made during the applicable period of measurement or
subsequent to such period and prior to or simultaneously with the event for which the calculation is made and to the extent the
proceeds of any new Indebtedness are to be used to repay other Indebtedness (including by repurchase, redemption, retirement,
extinguishment, defeasance, discharge or pursuant to escrow or similar arrangements) no later than 60 days following the incurrence
of such new Indebtedness, Holdings shall be permitted to give Pro Forma Effect to such repayment of Indebtedness.

 

(c)               
Where reference is made to “Holdings, Intermediate Parent, the Borrowers and the Restricted Subsidiaries on a consolidated
basis” or similar language, such consolidation shall not include any Subsidiaries of Holdings other than Intermediate Parent
and the Restricted Subsidiaries.

 

(d)               
In the event that Holdings elects to prepare its financial statements in accordance with IFRS and such election results
in a change in the method of calculation of financial covenants, standards or terms (collectively, the “Accounting Changes”)
in this Agreement, Holdings and the Administrative Agent agree to enter into good faith negotiations in order to amend such provisions
of this Agreement (including the levels applicable herein to any computation of the Total Leverage Ratio, the First Lien Leverage
Ratio, the Secured Leverage Ratio and the Interest Coverage Ratio) so as to reflect equitably the Accounting Changes with the
desired result that the criteria for evaluating Holdings’ financial condition shall be substantially the same after such
change as if such change had not been made. Until such time as such an amendment shall have been executed and delivered by Holdings,
the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue
to be calculated or construed in accordance with GAAP (as determined in good faith by a Responsible Officer of Holdings) (it being
agreed that the reconciliation between GAAP and IFRS used in such determination shall be made available to Lenders) as if such
change had not occurred.

 

(e)               
Each Lender and the Administrative Agent hereby acknowledges and agrees that Holdings and its Subsidiaries may be required
to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation
or application thereof, and that such restatements will not, solely as a result of such change in GAAP or IFRS (or such interpretation
or application), result in a Default or an Event of Default under the Loan Documents.

 

(f)                
For purposes of determining the permissibility of any action, change, transaction or event that requires a calculation
of any financial ratio or test (including, without limitation, Section 6.10, any First Lien Leverage Ratio test, any Secured Leverage
Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test, the amount of Consolidated EBITDA and/or Consolidated
Total Assets), such financial ratio or test shall be calculated at the time such action is taken (subject to Section 1.07), such
change is made, such transaction is consummated or such event occurs, as the case may be, and no Default or Event of Default shall
be deemed to have occurred solely as a result of a change in such financial ratio or test occurring after the time such action
is taken, such change is made, such transaction is consummated or such event occurs, as the case may be.

 

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(g)               
Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or
consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including,
without limitation, Section 6.10, any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio
test and/or any Interest Coverage Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with
any amounts incurred or transactions entered into (or consummated) in reliance on a provision of this Agreement that requires
compliance with a financial ratio or test (including, without limitation, Section 6.10, any First Lien Leverage Ratio test, any
Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage Ratio test) (any such amounts, the “Incurrence-Based
Amounts”), it is understood and agreed that the Fixed Amounts shall be disregarded in the calculation of the financial ratio
or test applicable to the Incurrence-Based Amounts.

 

SECTION
1.05.            
Certain Calculations and Tests.

 

(a)               
Notwithstanding anything to the contrary herein, with respect to any amounts incurred or transactions entered into (or
consummated) in reliance on a provision of this Agreement that does not require compliance with a financial ratio or test (including,
without limitation, pro forma compliance with Section 6.10 hereof, any First Lien Leverage Ratio test, any Secured Leverage Ratio
test, Interest Coverage Ratio test and/or any Total Leverage Ratio test) (any such amounts, the “Fixed Amounts”)
substantially concurrently with any amounts incurred or transactions entered into (or consummated) in reliance on a provision
of this Agreement that requires compliance with any such financial ratio or test (including, without limitation, Section 6.10,
any First Lien Leverage Ratio test, any Secured Leverage Ratio test, any Total Leverage Ratio test and/or any Interest Coverage
Ratio test) (any such amounts, the “Incurrence Based Amounts”), it is understood and agreed that the Fixed
Amounts (and any cash proceeds thereof) shall be disregarded in the calculation of the financial ratio or test applicable to the
Incurrence-Based Amounts.

 

(b)               
For the avoidance of doubt, in connection with the incurrence of any Indebtedness under Section 2.20, the definitions of
Required Lenders, Required Revolving Lenders and Required Term Loan Lenders shall be calculated on a Pro Forma Basis in accordance
with this Section 1.04, Section 2.20 and the definition of “Incremental Cap”; provided that any waiver, amendment
or modification obtained on such basis (i) will not become operative until substantially contemporaneously with the incurrence
of such Indebtedness, (ii) is not required in order to avoid a covenant Default and (iii) does not affect the rights or duties
under this Agreement of Lenders holding Loans or Commitments of any then outstanding Class but not the Lenders in respect of such
Indebtedness to be incurred.

 

SECTION 1.06.            
Currency Translation(a). For purposes of any determination under Article V, Article VI (other than Section 6.10)
or Article VII or any determination under any other provision of this Agreement expressly requiring the use of a current exchange
rate, all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than dollars shall be translated
into dollars at the Exchange Rate (rounded to the nearest currency unit, with 0.5 or more of a currency unit being rounded upward);
provided, however, that for purposes of determining compliance with Article VI with respect to the amount of any
Indebtedness, Investment, Disposition or Restricted Payment in a currency other than dollars, no Default or Event of Default shall
be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment
is incurred or Disposition or Restricted Payment made; provided that, for the avoidance of doubt, the foregoing provisions
of this Section 1.06 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or
Investment may be incurred or Disposition or Restricted Payment made at any time under such Sections. For purposes of any determination
of Consolidated Net Debt, amounts in currencies other than dollars shall be translated into dollars at the currency exchange rates
used in preparing the most recently delivered financial statements pursuant to Section 5.01(a) or (b).

 

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SECTION 1.07.            
Change of Currency. (a) Each provision of this Agreement shall be subject to such reasonable changes of construction
as the Administrative Agent may from time to time specify with the Parent Borrower’s consent (such consent not to be unreasonably
withheld) to appropriately reflect a change in currency of any country and any relevant market conventions or practices relating
to such change in currency.

 

(b) The Administrative
Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration,
submission or any other matter related to the rates in the definition of “LIBO Rate” or with respect to any rate that
is an alternative or replacement for or successor to any of such rate (including, without limitation, any LIBOR Successor Rate)
or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

 

SECTION 1.08.            
Cashless Rollovers. Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document,
to the extent that any Lender extends the maturity date of, or replaces, renews or refinances, any of its then-existing Loans
with an Incremental Facility, Credit Agreement Refinancing Indebtedness or loans incurred under a new credit facility, in each
case, to the extent such extension, replacement, renewal or refinancing is effected by means of a “cashless roll”
by such Lender, such extension, replacement, renewal or refinancing shall be deemed to comply with any requirement hereunder or
any other Loan Document that such payment be made “in Dollars”, “in immediately available funds”, “in
Cash” or any other similar requirement.

 

SECTION 1.09.            
Limited Condition Transactions.

 

Notwithstanding anything in this
Agreement or any other Loan Document to the contrary, for purposes of:

 

(i)       
determining compliance with any provision of this Agreement (other than Section 6.10) which requires the calculation of
the Interest Coverage Ratio, the Total Leverage Ratio, the Secured Leverage Ratio or the First Lien Leverage Ratio;

 

(ii)     
determining the accuracy of representations and warranties and/or whether a Default or Event of Default (or any subset
of Defaults or Events of Default) shall have occurred and be continuing or would result from an action; or

 

(iii)   
testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated
EBITDA or Consolidated Total Assets or by reference to the Available Amount or the Available Equity Amount) (including the incurrence
of any Incremental Facility);

 

in each case, in connection with
a Limited Condition Transaction, at the option of Holdings (Holdings’ election to exercise such option in connection with
any Limited Condition Transaction, an “LCT Election”), with such LCT Election to be made on or prior to (a)
in the case of any Limited Condition Transaction described in clause (a) of the definition of “Limited Condition Transaction,”
the date of execution of, at the option of Holdings, the definitive agreement or a letter of intent related to such Limited Condition
Transaction, or (b) with respect to any Limited Condition Transaction described in clause (b) or (c) of the definition of
“Limited Condition Transaction,” the date of delivery of irrevocable notice with respect thereto (provided
that, in each case, Holdings may subsequently elect to rescind such LCT Election), and the date of determination of whether any
such Limited Condition Transaction (including any Specified Transaction or other action in connection therewith) is permitted
hereunder shall be deemed to be the date the definitive agreement or a letter of intent for such Limited Condition

 

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Transaction are entered into
or the date of delivery of irrevocable notice with respect to such Limited Condition Transaction, as applicable (the “LCT
Test Date”), and if, after giving Pro Forma Effect to the Limited Condition Transaction, the Specified Transactions
and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness or Liens and the
use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test
Date, Holdings could have taken such action on the relevant LCT 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 Holdings has made an LCT Election and any
of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date (including with respect to the
incurrence of Indebtedness) are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations
in Consolidated EBITDA of Holdings or the Person subject to such Limited Condition Transaction, 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;
provided, however, if any ratios improve or baskets increase as a result of such fluctuations, such improved ratios
or increased baskets may be utilized. If Holdings has made an LCT Election for any Limited Condition Transaction, then in connection
with any subsequent calculation of the incurrence ratios subject to the LCT Election on or following the relevant LCT Test Date
and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the
definitive agreement, letter of intent or notice, as applicable, for such Limited Condition Transaction is terminated or expires
without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a pro forma
basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of
Indebtedness or Liens and the use of proceeds thereof) have been consummated.

 

SECTION 1.10.            
Effect of this Agreement on the Original Credit Agreement. This Agreement shall be binding on the Borrowers, the
Administrative Agent, the Collateral Agent, the Lenders and the other parties hereto and the provisions of the Original Credit
Agreement shall be replaced in their entirety by this Agreement and the provisions hereof; provided that for the avoidance
of doubt (a) the Obligations (as defined in the Original Credit Agreement) of the Borrowers and the other Loan Parties under the
Original Credit Agreement and the other Loan Documents that remain unpaid and outstanding as of the date of this Agreement shall
continue to exist under and be evidenced by this Agreement and the other Loan Documents, (b) all Letters of Credit under and as
defined in the Original Credit Agreement shall continue as Letters of Credit under this Agreement and (c) the Collateral and the
Loan Documents shall continue to secure, guarantee, support and otherwise benefit the Obligations on the same terms as prior to
the effectiveness hereof. Upon the effectiveness of this Agreement, each Loan Document (other than the Original Credit Agreement)
that was in effect immediately prior to the date of this Agreement shall continue to be effective on its terms unless otherwise
expressly stated herein. Except as provided herein or as restated in connection herewith, each of the Schedules and Exhibits to
the Original Credit Agreement shall remain in effect and shall be Schedules and Exhibits to this Agreement.

 

Article
II

 

The Credits

 

SECTION 2.01.            
Commitments. Subject to the terms and conditions set forth herein, each Revolving Lender agrees to make Revolving
Loans to the Borrowers denominated in dollars from time to time during the Revolving Availability Period in an aggregate principal
amount which will not result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within
the

 

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foregoing limits
and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

SECTION 2.02.            
Loans and Borrowings.

 

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

 

(b)               
Subject to Section 2.14, each Revolving Borrowing and Term Borrowing denominated in dollars shall be comprised entirely
of ABR Loans or Eurocurrency Loans as a Borrower may request in accordance herewith; provided that all Borrowings made
on the Effective Date must be made as ABR Borrowings unless such Borrower shall have given the notice required for a Eurocurrency
Borrowing under Section 2.03 and provided an indemnity extending the benefits of Section 2.16 to Lenders in respect
of such Borrowings. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect
the obligation of such Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)               
At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum; provided that a Eurocurrency
Borrowing that results from a continuation of an outstanding Eurocurrency Borrowing may be in an aggregate amount that is equal
to such outstanding Borrowing. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that
is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. Each Swingline Loan shall be in an
amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum. Borrowings of more than
one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total
of twelve Eurocurrency Borrowings outstanding.

 

SECTION 2.03.            
Requests for Borrowings. To request a Revolving Borrowing or Term Borrowing, the applicable Borrower shall notify
the Administrative Agent of such request which notice may be given in writing (a) in the case of a Eurocurrency Borrowing,
not later than 2:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing (or, in the case
of any Eurocurrency Borrowing to be made on the Effective Date, such shorter period of time as may be agreed to by the Administrative
Agent) or (b) in the case of an ABR Borrowing, not later than 2:00 p.m., New York City time, one Business Day before
the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement
of an LC Disbursement as contemplated by Section 2.05(f) may be given not later than 10:00 a.m., New York City time,
one Business Day before the date of the proposed Borrowing. Each Borrowing Request shall be irrevocable and shall be by hand delivery
or facsimile to the Administrative Agent of a written Borrowing Request signed by the applicable Borrower. Each such written Borrowing
Request shall specify the following information:

 

(i)                
whether the requested Borrowing is to be a Revolving Borrowing, a Term Borrowing or a Borrowing of any other Class (specifying
the Class thereof);

 

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(ii)              
the aggregate amount of such Borrowing;

 

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

 

(iv)             
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

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

 

(vi)             
the location and number of such Borrower’s account to which funds are to be disbursed, which shall comply with the
requirements of Section 2.06, or, in the case of any ABR Revolving Borrowing or Swingline Loan requested to finance the reimbursement
of an LC Disbursement as provided in Section 2.05(f), the identity of the Issuing Bank that made such LC Disbursement; and

 

(vii)           
that as of the date of such Borrowing, the conditions set forth in Sections 4.02(a) and 4.02(b) are satisfied.

 

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

 

SECTION 2.04.            
Swingline Loans.

 

(a)               
Subject to the terms and conditions set forth herein (including Section 2.22), in reliance upon the agreements of the other
Lenders set forth in this Section 2.04, the Swingline Lender agrees to make Swingline Loans to the Borrowers from time to time
during the Revolving Availability Period denominated in dollars, in an aggregate principal amount at any time outstanding that
will not result in (i) subject to Section 9.04(b)(ii), the outstanding Swingline Loans of the Swingline Lender exceeding its Swingline
Commitment or (ii) the aggregate Revolving Exposures exceeding the aggregate Revolving Commitments, provided that
the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing
limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans.

 

(b)               
To request a Swingline Loan, the Parent Borrower shall notify the Administrative Agent and the Swingline Lender of such
request in writing, not later than 10:00 a.m., New York time, or, if agreed by the Swingline Lender, 2:00 p.m., New York time,
on the day of such proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which
shall be a Business Day), the amount of the requested Swingline Loan and (x) if the funds are not to be credited to a general
deposit account of such Borrower maintained with the Swingline Lender because such Borrower is unable to maintain a general deposit
account with the Swingline Lender under applicable Requirements of Law, the location and number of such Borrower’s account
to which funds are to be disbursed, which shall comply with Section 2.06, or (y) in the case of any ABR Revolving Borrowing
or Swingline Loan requested to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f), the identity
of the Issuing Bank that made such LC Disbursement. The Swingline Lender shall make each Swingline Loan available to such Borrower
by means of a credit to the general deposit accounts of such

 

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Borrower maintained
with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided
in Section 2.05(f), by remittance to the applicable Issuing Bank) by 3:00 p.m., New York City time, on the requested
date of such Swingline Loan.

 

(c)               
The Swingline Lender may by written notice given to the Administrative Agent not later than 2:00 p.m., New York City
time, on any Business Day require the 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 Revolving Lenders
will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving Lender,
specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Swingline Loans. Each 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 Lender’s Applicable Percentage of such Swingline Loan or Swingline Loans.
Each 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 any reduction or termination of the Revolving Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever. Each 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 2.06 with respect
to Loans made by such Lender (with references to 12:00 noon, New York City time, in such Section being deemed to be references
to 3:00 p.m., New York City time) (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations
of the Revolving Lenders pursuant to this paragraph), and the Administrative Agent shall promptly remit to the Swingline Lender
the amounts so received by it from the Revolving Lenders. The Administrative Agent shall notify the Borrowers 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 Borrowers
(or other Person on behalf of the Borrowers) 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 by the Swingline Lender to the Administrative Agent; any such amounts
received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall
have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear, provided
that any such payment so remitted shall be repaid to the Swingline Lender or the Administrative Agent, as the case may be, and
thereafter to the Borrowers, if and to the extent such payment is required to be refunded to the Borrowers for any reason. The
purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the
payment thereof.

 

(d)               
The Parent Borrower may, at any time and from time to time, designate as additional Swingline Lenders one or more Revolving
Lenders that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as a Swingline
Lender hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative
Agent and the Parent Borrower, executed by the Borrowers, the Administrative Agent and such designated Swingline Lender, and,
from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations
of a Swingline Lender under this Agreement and (ii) references herein to the term “Swingline Lender” shall be
deemed to include such Revolving Lender in its capacity as a lender of Swingline Loans hereunder.

 

(e)               
The Parent Borrower may terminate the appointment of any Swingline Lender as a “Swingline Lender” hereunder
by providing a written notice thereof to such Swingline Lender, with a copy to the Administrative Agent. Any such termination
shall become effective upon the earlier of (i) such Swingline Lender’s acknowledging receipt of such notice and (ii) the
fifth Business Day

 

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following the
date of the delivery thereof, provided that no such termination shall become effective until and unless the Swingline Exposure
of such Swingline Lender shall have been reduced to zero. Notwithstanding the effectiveness of any such termination, the terminated
Swingline Lender shall remain a party hereto and shall continue to have all the rights of a Swingline Lender under this Agreement
with respect to Swingline Loans made by it prior to such termination, but shall not make any additional Swingline Loans.

 

SECTION 2.05.            
Letters of Credit.

 

(a)               
General. Subject to the terms and conditions set forth herein (including Section 2.22), each Issuing Bank agrees,
in reliance upon the agreements of the Revolving Lenders set forth in this Section 2.05, to issue Letters of Credit denominated
in dollars, for a Borrower’s own account (or for the account of any other Subsidiary of a Borrower so long as a Borrower
and such other Subsidiary are co-applicants in respect of such Letter of Credit), in a form reasonably acceptable to the Administrative
Agent and the applicable Issuing Bank, which shall reflect the standard operating procedures of such Issuing Bank, at any time
and from time to time during the Revolving Availability Period and prior to the fifth Business Day prior to the Revolving Maturity
Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any
form of letter of credit application or other agreement submitted by the Parent Borrower to, or entered into by the Parent Borrower
with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

(b)               
Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment, renewal or extension of an outstanding Letter of Credit), a Borrower shall deliver in writing by hand delivery or facsimile
(or transmit by electronic communication, if arrangements for doing so have been approved by the recipient) to the applicable
Issuing Bank and the Administrative Agent (at least five Business Days before the requested date of issuance, amendment, renewal
or extension or such shorter period as the applicable Issuing Bank and the Administrative Agent may agree) a notice requesting
the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying the
date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is
to expire (which shall comply with paragraph (d) of this Section), the amount of such Letter of Credit, the name and address
of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of
Credit. If requested by the applicable Issuing Bank, such Borrower also shall submit a letter of credit or bank guarantee application
on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be
issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of any Letter of Credit such
Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension,
(i) subject to Section 9.04(b)(ii), the Applicable Fronting Exposure of each Issuing Bank shall not exceed its Revolving
Commitment, (ii) the aggregate Revolving Exposures shall not exceed the aggregate Revolving Commitments and (iii) the
aggregate LC Exposure shall not exceed the Letter of Credit Sublimit. Any Borrower may, at its sole discretion, request Letters
of Credit from any Issuing Bank up to such Issuing Bank’s Letter of Credit Commitment. No Issuing Bank shall be under any
obligation to issue any Letter of Credit if (i) any order, judgment or decree of any Governmental Authority or arbitrator shall
enjoin or restrain such Issuing Bank from issuing the Letter of Credit, or any law applicable to such Issuing Bank any directive
(whether or not having the force of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit
the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon such Issuing Bank with
respect to the Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise
compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost
or expense which was not applicable on the Effective Date and which

 

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such Issuing
Bank in good faith deems material to it, (ii) except as otherwise agreed by the Administrative Agent and the such Issuing Bank,
the Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $500,000,
in the case of a standby Letter of Credit, (iii) any Lender is at that time a Defaulting Lender, if after giving effect to Section
2.22(a)(iv), any Defaulting Lender Fronting Exposure remains outstanding, unless such Issuing Bank has entered into arrangements,
including the delivery of cash collateral, reasonably satisfactory to such Issuing Bank with such Borrower or such Lender to eliminate
such Issuing Bank’s Defaulting Lender Fronting Exposure arising from either the Letter of Credit then proposed to be issued
or such Letter of Credit and all other LC Exposure as to which such Issuing Bank has Defaulting Lender Fronting Exposure or (iv)
it would violate one or more policies of any Issuing Bank in effect on the Effective Date applicable to letters of credit generally.

 

(c)               
Notice. Each Issuing Bank agrees that it shall not permit any issuance, amendment, renewal or extension of a Letter
of Credit to occur unless it shall have given to the Administrative Agent written notice thereof required under paragraph (m)
of this Section.

 

(d)               
Expiration Date. Unless cash collateralized or backstopped pursuant to arrangements reasonably acceptable to the
applicable Issuing Bank, each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the
date that is one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof,
one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Revolving Maturity Date;
provided that if such expiry date is not a Business Day, such Letter of Credit shall expire at or prior to the close of
business on the next succeeding Business Day; provided, further, that any Letter of Credit may, upon the request
of a Borrower, include a provision whereby such Letter of Credit shall be renewed automatically for additional consecutive periods
of one year or less (but not beyond the date that is five Business Days prior to the Revolving Maturity Date) unless the applicable
Issuing Bank notifies the beneficiary thereof within the time period specified in such Letter of Credit or, if no such time period
is specified, at least 30 days prior to the then-applicable expiration date, that such Letter of Credit will not be renewed.

 

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

 

(f)                
Reimbursement. If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrowers
shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than
4:00 p.m., New York City time, on the Business Day immediately following the day that the Borrowers receive notice of such
LC Disbursement, provided that, if such LC Disbursement is not less than $1,000,000, the Borrowers may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04

 

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that such payment
be financed with an ABR Revolving Borrowing or a Swingline Loan, in each case in an equivalent amount, and, to the extent so financed,
the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing
or Swingline Loan. If the Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Lender
of the applicable LC Disbursement, the payment then due from the Borrowers in respect thereof and such Revolving Lender’s
Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative
Agent its Applicable Percentage of the payment then due from the Borrowers, in the same manner as provided in Section 2.06
with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations
of the Revolving Lenders pursuant to this paragraph), and the Administrative Agent shall promptly remit to the applicable Issuing
Bank the amounts so received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment
from the Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing
Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then
to such Revolving Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant
to this paragraph to reimburse any Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline
Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrowers of their obligation to reimburse such
LC Disbursement.

 

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

 

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documents if
such documents are not in strict compliance with the terms of such Letter of Credit, and any such acceptance or refusal shall
be deemed not to constitute gross negligence or willful misconduct.

 

(h)               
Disbursement Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents
purporting to represent a demand for payment under a Letter of Credit. Each Issuing Bank shall promptly notify the Administrative
Agent and the Parent Borrower in writing by hand delivery or facsimile or other electronic transmission of such demand for payment
and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or
delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse such Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement in accordance with paragraph (f) of this Section.

 

(i)                
Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the Borrowers shall reimburse
such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each
day from and including the date such LC Disbursement is made to but excluding the date that the Borrowers reimburse such LC Disbursement,
at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrowers fail to reimburse such LC
Disbursement when due pursuant to paragraph (f) of this Section, then Section 2.13(c) shall apply. Interest accrued
pursuant to this paragraph shall be paid to the Administrative Agent, for the account of the applicable Issuing Bank, except that
interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (f) of this Section to reimburse
such Issuing Bank shall be for the account of such Lender to the extent of such payment and shall be payable on demand or, if
no demand has been made, on the date on which the Borrowers reimburse the applicable LC Disbursement in full.

 

(j)                
Cash Collateralization. If a Significant Event of Default shall occur and be continuing, on the Business Day on
which the Parent Borrower receives notice from the Administrative Agent or the Required Revolving Lenders (or, if the maturity
of the Loans has been accelerated, Revolving Lenders with LC Exposure representing more than 50% of the aggregate LC Exposure
of all Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit in
an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders,
an amount in cash in dollars equal to the LC Exposure attributable to Letters of Credit as of such date plus any accrued and unpaid
interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and
such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any
Event of Default with respect to the Borrowers described in paragraph (h) or (i) of Section 7.01. The Borrowers also shall
deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b). Each such deposit shall
be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this
Agreement. At any time that there shall exist a Defaulting Lender, if any Defaulting Lender Fronting Exposure remains outstanding
(after giving effect to Section 2.22(a)(iv)), then promptly upon the request of the Administrative Agent, the Issuing Bank
or the Swingline Lender, the Borrowers shall deliver to the Administrative Agent cash collateral in an amount sufficient to cover
such Defaulting Lender Fronting Exposure (after giving effect to any cash collateral provided by the Defaulting Lender). The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any
interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative
Agent in Permitted Investments and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or
profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative
Agent to reimburse the Issuing Banks for LC Disbursements for which they have not been reimbursed and, to the extent not so applied,
shall be held for the satisfaction of the reimbursement obligations of the Borrowers for the LC

 

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Exposure at
such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Lenders with LC Exposure
representing more than 50% of the aggregate LC Exposure of all the Revolving Lenders), be applied to satisfy other obligations
of the Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral hereunder as a result
of the occurrence of an Event of Default or the existence of a Defaulting Lender, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrowers within three Business Days after all Events of Default have been cured or waived or after the
termination of Defaulting Lender status, as applicable. If the Borrowers are required to provide an amount of cash collateral
hereunder pursuant to Section 2.11(b), such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers
as and to the extent that, after giving effect to such return, the Borrowers would remain in compliance with Section 2.11(b)
and no Event of Default shall have occurred and be continuing.

 

(k)               
Designation of Additional Issuing Banks. The Parent Borrower may, at any time and from time to time, designate as
additional Issuing Banks one or more Revolving Lenders that agree to serve in such capacity as provided below. The acceptance
by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form
and substance reasonably satisfactory to the Administrative Agent and the Parent Borrower, executed by the Borrowers, the Administrative
Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender
shall have all the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the term
“Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit
hereunder.

 

(l)                
Termination of an Issuing Bank. The Parent Borrower may terminate the appointment of any Issuing Bank as an “Issuing
Bank” hereunder by providing a written notice thereof to such Issuing Bank, with a copy to the Administrative Agent. Any
such termination shall become effective upon the earlier of (i) such Issuing Bank’s acknowledging receipt of such notice
and (ii) the fifth Business Day following the date of the delivery thereof; provided that no such termination shall
become effective until and unless the LC Exposure attributable to Letters of Credit issued by such Issuing Bank (or its Affiliates)
shall have been reduced to zero. At the time any such termination shall become effective, the Parent Borrower shall pay all unpaid
fees accrued for the account of the terminated Issuing Bank pursuant to Section 2.12(b). Notwithstanding the effectiveness
of any such termination, the terminated Issuing Bank shall remain a party hereto and shall continue to have all the rights of
an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such termination, but shall not issue
any additional Letters of Credit.

 

(m)             
Issuing Bank Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each Issuing
Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative
Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect
of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations
and cancellations and all disbursements and reimbursements, (ii) within five Business Days following the time that such Issuing
Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the
currency and face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect
to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business
Day on which such Issuing Bank makes any LC Disbursement, the date, currency and amount of such LC Disbursement, (iv) on
any Business Day on which a Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such
day, the date of such failure and amount of such LC Disbursement and (v) on any other Business Day, such other information as
the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.

 

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SECTION 2.06.            
Funding of Borrowings.

 

(a)               
Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds in the applicable currency by 12:00 noon, New York City time, to the Applicable Account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be
made as provided in Section 2.04. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting
the amounts so received, in like funds, to an account of the Borrowers maintained with the Administrative Agent in New York City
and designated by the Borrowers in the applicable Borrowing Request; provided that ABR Revolving Loans made to finance
the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall be remitted by the Administrative Agent to the
applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to Section 2.05(f) to reimburse
such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear.

 

(b)               
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that
such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section
and may, in reliance on such assumption and in its sole discretion, make available to a Borrower a corresponding amount. In such
event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the
applicable Lender agrees to pay to the Administrative Agent an amount equal to such share on demand of the Administrative Agent.
If such Lender does not pay such corresponding amount forthwith upon demand of the Administrative Agent therefor, the Administrative
Agent shall promptly notify the applicable Borrower, and the applicable Borrower agrees to pay such corresponding amount to the
Administrative Agent forthwith on demand. The Administrative Agent shall also be entitled to recover from such Lender or applicable
Borrower interest on such corresponding amount, for each day from and including the date such amount is made available to the
applicable Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater
of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation, or (ii) in the case of such Borrower, the interest rate applicable to such Borrowing in accordance
with Section 2.13. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing.

 

(c)               
The obligations of the Lenders hereunder to make Term Loans and Revolving Loans, to fund participations in Letters of Credit
and Swingline Loans and to make payments pursuant to Section 9.03(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any payment under Section 9.03(c) on any date required hereunder shall not
relieve any other Lender of its corresponding obligation to do so on such date, and, other than as expressly provided herein with
respect to a Defaulting Lender, no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase
its participation or to make its payment under Section 9.03(c).

 

SECTION 2.07.            
Interest Elections.

 

(a)               
Each Revolving Borrowing and Term Borrowing initially shall be of the Type specified in the applicable Borrowing Request
or designated by Section 2.03 and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified
in such Borrowing Request or designated by Section 2.03. Thereafter, each Borrower may elect to convert such Borrowing to
a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor,
all as provided in this Section. Each Borrower may elect different options with

 

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respect to
different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding
the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This
Section shall not apply to Swingline Loans, which may not be converted or continued.

 

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

 

(c)               
Each written Interest Election Request shall specify the following information in compliance with Section 2.03:

 

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

 

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

 

(iii)            
whether the resulting Borrowing is to be an ABR Borrowing (solely in the case of a Borrowing denominated in dollars) or
a Eurocurrency Borrowing; and

 

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

 

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

 

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

 

(e)               
If the applicable Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing
prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end
of such Interest Period, the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration.
..

 

SECTION 2.08.            
Termination and Reduction of Commitments.

 

(a)               
Unless previously terminated, the Revolving Commitments shall terminate on the Revolving Maturity Date.

 

(b)               
Each Borrower may at any time terminate, or from time to time reduce, the Commitments of any Class, provided that
(i) each reduction of the Commitments of any Class shall be in an amount that is an integral multiple of $500,000 and not
less than $1,000,000 and (ii) each Borrower

 

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shall not terminate
or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans or Swingline Loans
in accordance with Section 2.11, the aggregate Revolving Exposures would exceed the aggregate Revolving Commitments. The
Parent Borrower may terminate the Commitments of any Defaulting Lending on a non-pro rata basis upon notice to the Administrative
Agent.

 

(c)               
Each Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b)
of this Section at least one Business Day prior to the effective date of such termination or reduction, specifying such election
and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by such Borrower pursuant to this Section shall be irrevocable, provided
that a notice of termination of the Commitments delivered by such Borrower may state that such notice is conditioned upon the
effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or the occurrence
of some other identifiable event or condition, in which case such notice may be revoked by such Borrower (by notice to the Administrative
Agent on or prior to the specified effective date of termination) if such condition is not satisfied. Any termination or reduction
of the Commitments of any Class shall be permanent. Each reduction of the Commitments of any Class shall be made ratably among
the Lenders in accordance with their respective Commitments of such Class.

 

SECTION 2.09.            
Repayment of Loans; Evidence of Debt.

 

(a)               
Each Borrower, jointly and severally, hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Revolving Loan of such Lender on the Revolving Maturity Date,
(ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Term Loan of such
Lender as provided in Section 2.10 and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline
Loan made by the Swingline Lender on the earlier to occur of (A) the date that is ten (10) Business Days after such Loan
is made and (B) the Revolving Maturity Date; provided that on each date that a Revolving Borrowing is made, such Borrower
shall repay all Swingline Loans that are then outstanding.

 

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

 

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

 

(d)               
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein, provided that the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the
Borrowers to pay any amounts due hereunder in accordance with the terms of this Agreement. In the event of any inconsistency between
the entries made pursuant to paragraphs (b) and (c) of this Section, the accounts maintained by the Administrative Agent pursuant
to paragraph (c) of this Section shall control.

 

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(e)               
Any Lender may request through the Administrative Agent that Loans of any Class made by it be evidenced by a promissory
note. In such event, the Borrowers shall execute and deliver to such Lender a promissory note payable to such Lender or its registered
assigns and in a form provided by the Administrative Agent and approved by the Borrowers.

 

SECTION 2.10.            
[Reserved] .

 

SECTION 2.11.            
Prepayment of Loans.

 

(a)

 

(i)                
The Borrowers shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without
premium or penalty.

 

(ii)              
Notwithstanding anything in any Loan Document to the contrary, so long as no Default or Event of Default has occurred and
is continuing, a Borrower may prepay any outstanding Term Loans on the following basis:

 

(A)             
Each Borrower shall have the right to make a voluntary prepayment of Term Loans at a discount to par (such prepayment,
the “Discounted Term Loan Prepayment”) pursuant to a Borrower Offer of Specified Discount Prepayment, Borrower
Solicitation of Discount Range Prepayment Offers or Borrower Solicitation of Discounted Prepayment Offers, in each case made in
accordance with this Section 2.11(a)(ii); provided that (x) the Borrowers shall not make any Borrowing of Revolving Loans
to fund any Discounted Term Loan Prepayment and (y) the Borrowers shall not initiate any action under this Section 2.11(a)(ii)
in order to make a Discounted Term Loan Prepayment unless (I) at least ten (10) Business Days shall have passed since the consummation
of the most recent Discounted Term Loan Prepayment as a result of a prepayment made by the Borrowers on the applicable Discounted
Prepayment Effective Date; or (II) at least three (3) Business Days shall have passed since the date the Parent Borrower was notified
that no Term Lender was willing to accept any prepayment of any Term Loan and/or Other Term Loan at the Specified Discount, within
the Discount Range or at any discount to par value, as applicable, or in the case of Borrower Solicitation of Discounted Prepayment
Offers, the date of the applicable Borrower’s election not to accept any Solicited Discounted Prepayment Offers.

 

(B)             
(1) Subject to the proviso to subsection (A) above, a Borrower may from time to time offer to make a Discounted Term Loan
Prepayment by providing the Auction Agent with three (3) Business Days’ notice in the form of a Specified Discount Prepayment
Notice; provided that (I) any such offer shall be made available, at the sole discretion of such Borrower, to each Term
Lender and/or each Lender with respect to any Class of Term Loans on an individual tranche basis, (II) any such offer shall specify
the aggregate principal amount offered to be prepaid (the “Specified Discount Prepayment Amount”) with respect
to each applicable tranche, the tranche or tranches of Term Loans subject to such offer and the specific percentage discount to
par (the “Specified Discount”) of such Term Loans to be prepaid (it being understood that different Specified
Discounts and/or Specified Discount Prepayment Amounts may be offered with respect to different tranches of Term Loans and, in
such an event, each such offer will be treated as a separate offer pursuant to the terms of this Section), (III) the Specified
Discount Prepayment Amount shall be in an aggregate amount not less than $1,000,000 and whole increments of $500,000 in excess
thereof and (IV) each such offer shall remain

 

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outstanding
through the Specified Discount Prepayment Response Date. The Auction Agent will promptly provide each relevant Term Lender with
a copy of such Specified Discount Prepayment Notice and a form of the Specified Discount Prepayment Response to be completed and
returned by each such Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York time, on the third
Business Day after the date of delivery of such notice to the relevant Term Lenders (the “Specified Discount Prepayment
Response Date”).

 

(2)       Each
relevant Term Lender receiving such offer shall notify the Auction Agent (or its delegate) by the Specified Discount Prepayment
Response Date whether or not it agrees to accept a prepayment of any of its relevant then outstanding Term Loans at the Specified
Discount and, if so (such accepting Term Lender, a “Discount Prepayment Accepting Lender”), the amount and
the tranches of such Lender’s Term Loans to be prepaid at such offered discount. Each acceptance of a Discounted Term Loan
Prepayment by a Discount Prepayment Accepting Lender shall be irrevocable. Any Term Lender whose Specified Discount Prepayment
Response is not received by the Auction Agent by the Specified Discount Prepayment Response Date shall be deemed to have declined
to accept the applicable Borrower Offer of Specified Discount Prepayment.

 

(3)       If
there is at least one Discount Prepayment Accepting Lender, the applicable Borrower will make prepayment of outstanding Term Loans
pursuant to this paragraph (B) to each Discount Prepayment Accepting Lender in accordance with the respective outstanding amount
and tranches of Term Loans specified in such Lender’s Specified Discount Prepayment Response given pursuant to subsection
(2); provided that, if the aggregate principal amount of Term Loans accepted for prepayment by all Discount Prepayment
Accepting Lenders exceeds the Specified Discount Prepayment Amount, such prepayment shall be made pro-rata among the Discount
Prepayment Accepting Lenders in accordance with the respective principal amounts accepted to be prepaid by each such Discount
Prepayment Accepting Lender and the Auction Agent (in consultation with the applicable Borrower and subject to rounding requirements
of the Auction Agent made in its reasonable discretion) will calculate such proration (the “Specified Discount Proration”).
The Auction Agent shall promptly, and in any case within three (3) Business Days following the Specified Discount Prepayment Response
Date, notify (I) the Parent Borrower of the respective Term Lenders’ responses to such offer, the Discounted Prepayment
Effective Date and the aggregate principal amount of the Discounted Term Loan Prepayment and the tranches to be prepaid, (II)
each Term Lender of the Discounted Prepayment Effective Date, and the aggregate principal amount and the tranches of Term Loans
to be prepaid at the Specified Discount on such date and (III) each Discount Prepayment Accepting Lender of the Specified Discount
Proration, if any, and confirmation of the principal amount, tranche and Type of Loans of such Lender to be prepaid at the Specified
Discount on such date. Each determination by the Auction Agent of the amounts stated in the foregoing notices to the Parent Borrower
and Lenders shall be conclusive and binding for all purposes absent manifest error. The payment amount specified in such notice
to the Parent Borrower shall be due and payable by the applicable Borrower on the Discounted Prepayment Effective Date in accordance
with subsection (F) below (subject to subsection (J) below).

 

(C)             
(1)Subject to the proviso to subsection (A) above, a Borrower may from time to time solicit Discount Range Prepayment
Offers by providing the Auction Agent with three (3) Business Days’ notice in the form of a Discount Range Prepayment Notice;
provided that (I) any such solicitation shall be extended, at the sole discretion of

 

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such
Borrower, to each Term Lender and/or each Lender with respect to any Class of Loans on an individual tranche basis, (II) any
such notice shall specify the maximum aggregate principal amount of the relevant Term Loans (the “Discount Range Prepayment
Amount”), the tranche or tranches of Term Loans subject to such offer and the maximum and minimum percentage discounts
to par (the “Discount Range”) of the principal amount of such Term Loans with respect to each relevant tranche
of Term Loans willing to be prepaid by a Borrower (it being understood that different Discount Ranges and/or Discount Range Prepayment
Amounts may be offered with respect to different tranches of Term Loans and, in such an event, each such offer will be treated
as a separate offer pursuant to the terms of this Section), (III) the Discount Range Prepayment Amount shall be in an aggregate
amount not less than $1,000,000 and whole increments of $500,000 in excess thereof and (IV) each such solicitation by such Borrower
shall remain outstanding through the Discount Range Prepayment Response Date. The Auction Agent will promptly provide each relevant
Term Lender with a copy of such Discount Range Prepayment Notice and a form of the Discount Range Prepayment Offer to be submitted
by a responding relevant Term Lender to the Auction Agent (or its delegate) by no later than 5:00 p.m., New York time, on
the third Business Day after the date of delivery of such notice to the relevant Term Lenders (the “Discount Range Prepayment
Response Date”). Each relevant Term Lender’s Discount Range Prepayment Offer shall be irrevocable and shall specify
a discount to par within the Discount Range (the “Submitted Discount”) at which such Term Lender is willing
to allow prepayment of any or all of its then outstanding Term Loans of the applicable tranche or tranches and the maximum aggregate
principal amount and tranches of such Lender’s Term Loans (the “Submitted Amount”) such Lender is willing
to have prepaid at the Submitted Discount. Any Term Lender whose Discount Range Prepayment Offer is not received by the Auction
Agent by the Discount Range Prepayment Response Date shall be deemed to have declined to accept a Discounted Term Loan Prepayment
of any of its Term Loans at any discount to their par value within the Discount Range.

 

(2)       The
Auction Agent shall review all Discount Range Prepayment Offers received on or before the applicable Discount Range Prepayment
Response Date and shall determine (in consultation with the applicable Borrower and subject to rounding requirements of the Auction
Agent made in its sole reasonable discretion) the Applicable Discount and Term Loans to be prepaid at such Applicable Discount
in accordance with this subsection (C). The Borrowers agree to accept on the Discount Range Prepayment Response Date all Discount
Range Prepayment Offers received by Auction Agent by the Discount Range Prepayment Response Date, in the order from the Submitted
Discount that is the largest discount to par to the Submitted Discount that is the smallest discount to par, up to and including
the Submitted Discount that is the smallest discount to par within the Discount Range (such Submitted Discount that is the smallest
discount to par within the Discount Range being referred to as the “Applicable Discount”) which yields a Discounted
Term Loan Prepayment in an aggregate principal amount equal to the lower of (I) the Discount Range Prepayment Amount and (II)
the sum of all Submitted Amounts. Each Lender that has submitted a Discount Range Prepayment Offer to accept prepayment at a discount
to par that is larger than or equal to the Applicable Discount shall be deemed to have irrevocably consented to prepayment of
Term Loans equal to its Submitted Amount (subject to any required proration pursuant to the following subsection (3)) at the Applicable
Discount (each such Lender, a “Participating Lender”).

 

(3)       If
there is at least one Participating Lender, the applicable Borrower will prepay the respective outstanding Term Loans of each
Participating Lender in the

 

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aggregate
principal amount and of the tranches specified in such Lender’s Discount Range Prepayment Offer at the Applicable Discount;
provided that if the Submitted Amount by all Participating Lenders offered at a discount to par greater than the Applicable
Discount exceeds the Discount Range Prepayment Amount, prepayment of the principal amount of the relevant Term Loans for those
Participating Lenders whose Submitted Discount is a discount to par greater than or equal to the Applicable Discount (the “Identified
Participating Lenders”) shall be made pro-rata among the Identified Participating Lenders in accordance with the Submitted
Amount of each such Identified Participating Lender and the Auction Agent (in consultation with the applicable Borrower and subject
to rounding requirements of the Auction Agent made in its sole reasonable discretion) will calculate such proration (the “Discount
Range Proration”). The Auction Agent shall promptly, and in any case within five (5) Business Days following the Discount
Range Prepayment Response Date, notify (I) the applicable Borrower of the respective Term Lenders’ responses to such solicitation,
the Discounted Prepayment Effective Date, the Applicable Discount, and the aggregate principal amount of the Discounted Term Loan
Prepayment and the tranches to be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Applicable Discount,
and the aggregate principal amount and tranches of Term Loans to be prepaid at the Applicable Discount on such date, (III) each
Participating Lender of the aggregate principal amount and tranches of such Lender to be prepaid at the Applicable Discount on
such date, and (z) if applicable, each Identified Participating Lender of the Discount Range Proration. Each determination by
the Auction Agent of the amounts stated in the foregoing notices to the applicable Borrower and Lenders shall be conclusive and
binding for all purposes absent manifest error. The payment amount specified in such notice to the applicable Borrower shall be
due and payable by such Borrower on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject
to subsection (J) below).

 

(D)             
(1)Subject to the proviso to subsection (A) above, the Borrowers may from time to time solicit Solicited Discounted
Prepayment Offers by providing the Auction Agent with three (3) Business Days’ notice in the form of a Solicited Discounted
Prepayment Notice; provided that (I) any such solicitation shall be extended, at the sole discretion of the applicable
Borrower, to each Term Lender and/or each Lender with respect to any Class of Term Loans on an individual tranche basis, (II)
any such notice shall specify the maximum aggregate dollar amount of the Term Loans (the “Solicited Discounted Prepayment
Amount”) and the tranche or tranches of Term Loans the applicable Borrower is willing to prepay at a discount (it being
understood that different Solicited Discounted Prepayment Amounts may be offered with respect to different tranches of Term Loans
and, in such an event, each such offer will be treated as a separate offer pursuant to the terms of this Section), (III) the Solicited
Discounted Prepayment Amount shall be in an aggregate amount not less than $1,000,000 and whole increments of $500,000 in excess
thereof and (IV) each such solicitation by such Borrower shall remain outstanding through the Solicited Discounted Prepayment
Response Date. The Auction Agent will promptly provide each relevant Term Lender with a copy of such Solicited Discounted Prepayment
Notice and a form of the Solicited Discounted Prepayment Offer to be submitted by a responding Term Lender to the Auction Agent
(or its delegate) by no later than 5:00 p.m., New York time on the third Business Day after the date of delivery of such
notice to the relevant Term Lenders (the “Solicited Discounted Prepayment Response Date”). Each Term Lender’s
Solicited Discounted Prepayment Offer shall (x) be irrevocable, (y) remain outstanding until the Acceptance Date, and (z) specify
both a discount to par (the “Offered Discount”) at which such Term Lender is willing to allow prepayment of
its then outstanding Term

 

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Loan
and the maximum aggregate principal amount and tranches of such Term Loans (the “Offered Amount”) such Lender
is willing to have prepaid at the Offered Discount. Any Term Lender whose Solicited Discounted Prepayment Offer is not received
by the Auction Agent by the Solicited Discounted Prepayment Response Date shall be deemed to have declined prepayment of any of
its Term Loans at any discount.

 

(2)       The
Auction Agent shall promptly provide the Parent Borrower with a copy of all Solicited Discounted Prepayment Offers received on
or before the Solicited Discounted Prepayment Response Date. The Parent Borrower shall review all such Solicited Discounted Prepayment
Offers and select the largest of the Offered Discounts specified by the relevant responding Term Lenders in the Solicited Discounted
Prepayment Offers that is acceptable to the Parent Borrower (the “Acceptable Discount”), if any. If the Parent
Borrower elects to accept any Offered Discount as the Acceptable Discount, then as soon as practicable after the determination
of the Acceptable Discount, but in no event later than by the third Business Day after the date of receipt by the Parent Borrower
from the Auction Agent of a copy of all Solicited Discounted Prepayment Offers pursuant to the first sentence of this subsection
(2) (the “Acceptance Date”), the Parent Borrower shall submit an Acceptance and Prepayment Notice to the Auction
Agent setting forth the Acceptable Discount. If the Auction Agent shall fail to receive an Acceptance and Prepayment Notice from
the Parent Borrower by the Acceptance Date, the Parent Borrower shall be deemed to have rejected all Solicited Discounted Prepayment
Offers.

 

(3)       Based
upon the Acceptable Discount and the Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, within three (3) Business Days after receipt of an Acceptance and Prepayment Notice (the “Discounted
Prepayment Determination Date”), the Auction Agent will determine (in consultation with the applicable Borrower and
subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) the aggregate principal amount and
the tranches of Term Loans (the “Acceptable Prepayment Amount”) to be prepaid by the applicable Borrower at
the Acceptable Discount in accordance with this Section 2.11(a)(ii)(D). If such Borrower elects to accept any Acceptable Discount,
then such Borrower agrees to accept all Solicited Discounted Prepayment Offers received by Auction Agent by the Solicited Discounted
Prepayment Response Date, in the order from largest Offered Discount to smallest Offered Discount, up to and including the Acceptable
Discount. Each Lender that has submitted a Solicited Discounted Prepayment Offer with an Offered Discount that is greater than
or equal to the Acceptable Discount shall be deemed to have irrevocably consented to prepayment of Term Loans equal to its Offered
Amount (subject to any required pro-rata reduction pursuant to the following sentence) at the Acceptable Discount (each such Lender,
a “Qualifying Lender”). The Borrowers will prepay outstanding Term Loans pursuant to this subsection (D) to
each Qualifying Lender in the aggregate principal amount and of the tranches specified in such Lender’s Solicited Discounted
Prepayment Offer at the Acceptable Discount; provided that if the aggregate Offered Amount by all Qualifying Lenders whose
Offered Discount is greater than or equal to the Acceptable Discount exceeds the Solicited Discounted Prepayment Amount, prepayment
of the principal amount of the Term Loans for those Qualifying Lenders whose Offered Discount is greater than or equal to the
Acceptable Discount (the “Identified Qualifying Lenders”) shall be made pro-rata among the Identified Qualifying
Lenders in accordance with the Offered Amount of each such Identified Qualifying Lender and the Auction Agent (in consultation
with the Parent Borrower and subject to rounding requirements of the Auction Agent made in its sole reasonable discretion) will
calculate such proration (the “Solicited Discount Proration”). On or prior

 

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to
the Discounted Prepayment Determination Date, the Auction Agent shall promptly notify (I) the Parent Borrower of the Discounted
Prepayment Effective Date and Acceptable Prepayment Amount comprising the Discounted Term Loan Prepayment and the tranches to
be prepaid, (II) each Term Lender of the Discounted Prepayment Effective Date, the Acceptable Discount, and the Acceptable Prepayment
Amount of all Term Loans and the tranches to be prepaid to be prepaid at the Applicable Discount on such date, (III) each Qualifying
Lender of the aggregate principal amount and the tranches of such Lender to be prepaid at the Acceptable Discount on such date,
and (IV) if applicable, each Identified Qualifying Lender of the Solicited Discount Proration. Each determination by the Auction
Agent of the amounts stated in the foregoing notices to such Borrower and Lenders shall be conclusive and binding for all purposes
absent manifest error. The payment amount specified in such notice to such Borrower shall be due and payable by such Borrower
on the Discounted Prepayment Effective Date in accordance with subsection (F) below (subject to subsection (J) below).

 

(E)              
In connection with any Discounted Term Loan Prepayment, the Borrowers and the Lenders acknowledge and agree that the Auction
Agent may require as a condition to any Discounted Term Loan Prepayment, the payment of customary fees and expenses from the Borrowers
in connection therewith.

 

(F)              
If any Term Loan is prepaid in accordance with paragraphs (B) through (D) above, such Borrower shall prepay such Term Loans
on the Discounted Prepayment Effective Date. Such Borrower shall make such prepayment to the Auction Agent, for the account of
the Discount Prepayment Accepting Lenders, Participating Lenders, or Qualifying Lenders, as applicable, at the Administrative
Agent’s Office in immediately available funds not later than 11:00 a.m. (New York time) on the Discounted Prepayment
Effective Date and all such prepayments shall be applied to the remaining principal installments of the relevant tranche of Term
Loans on a pro rata basis across such installments. The Term Loans so prepaid shall be accompanied by all accrued and unpaid interest
on the par principal amount so prepaid up to, but not including, the Discounted Prepayment Effective Date. Each prepayment of
the outstanding Term Loans pursuant to this Section 2.11(a)(ii) shall be paid to the Discount Prepayment Accepting Lenders, Participating
Lenders, or Qualifying Lenders, as applicable. The aggregate principal amount of the tranches and installments of the relevant
Term Loans outstanding shall be deemed reduced by the full par value of the aggregate principal amount of the tranches of Term
Loans prepaid on the Discounted Prepayment Effective Date in any Discounted Term Loan Prepayment.

 

(G)             
To the extent not expressly provided for herein, each Discounted Term Loan Prepayment shall be consummated pursuant to
procedures consistent, with the provisions in this Section 2.11(a)(ii), established by the Auction Agent acting in its reasonable
discretion and as reasonably agreed by such Borrower.

 

(H)             
Notwithstanding anything in any Loan Document to the contrary, for purposes of this Section 2.11(a)(ii), each notice or
other communication required to be delivered or otherwise provided to the Auction Agent (or its delegate) shall be deemed to have
been given upon Auction Agent’s (or its delegate’s) actual receipt during normal business hours of such notice or
communication; provided that any notice or communication actually received outside of normal business hours shall be deemed
to have been given as of the opening of business on the next Business Day.

 

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(I)                
Each of the Borrowers and the Lenders acknowledges and agrees that the Auction Agent may perform any and all of its duties
under this Section 2.11(a)(ii) by itself or through any Affiliate of the Auction Agent and expressly consents to any such delegation
of duties by the Auction Agent to such Affiliate and the performance of such delegated duties by such Affiliate. The exculpatory
provisions pursuant to this Agreement shall apply to each Affiliate of the Auction Agent and its respective activities in connection
with any Discounted Term Loan Prepayment provided for in this Section 2.11(a)(ii) as well as activities of the Auction Agent.

 

(J)                
Each Borrower shall have the right, by written notice to the Auction Agent, to revoke in full (but not in part) its offer
to make a Discounted Term Loan Prepayment and rescind the applicable Specified Discount Prepayment Notice, Discount Range Prepayment
Notice or Solicited Discounted Prepayment Notice therefor at its discretion at any time on or prior to the applicable Specified
Discount Prepayment Response Date (and if such offer is revoked pursuant to the preceding clauses, any failure by such Borrower
to make any prepayment to a Term Lender, as applicable, pursuant to this Section 2.11(a)(ii) shall not constitute a Default or
Event of Default under Section 7.01 or otherwise).

 

(b)               
In the event and on each occasion that the aggregate Revolving Exposures exceed the aggregate Revolving Commitments, the
Borrowers shall prepay Revolving Borrowings or Swingline Loans (or, if no such Borrowings are outstanding, deposit cash collateral
in an account with the Administrative Agent pursuant to Section 2.05(j)) in an aggregate amount necessary to eliminate such
excess.

 

(c)               
[Reserved]

 

(d)               
[Reserved]

 

(e)               
Prior to any optional prepayment of Borrowings pursuant to Section 2.11(a)(i), the Borrowers shall select the Borrowing
or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (f) of
this Section. Optional prepayments shall be allocated among the Classes of Borrowings as directed by the Borrowers. In the absence
of a designation by the Borrowers as described in the preceding provisions of this paragraph of the Type of Borrowing of any Class,
the Administrative Agent shall make such designation in its reasonable discretion with a view, but no obligation, to minimize
breakage costs owing under Section 2.16.

 

(f)                
The Borrowers shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) of any optional prepayment pursuant to Section 2.11(a)(i) in writing by hand delivery or facsimile or other electronic
transmission of any prepayment hereunder (i) in the case of prepayment of a Eurocurrency Borrowing, not later than 11:00 a.m.,
New York City time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing,
not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment. Each such notice shall be
irrevocable and shall specify the prepayment date and principal amount of each Borrowing or portion thereof to be prepaid and,
in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such prepayment; provided that
a notice of optional prepayment may state that such notice is conditional upon the effectiveness of other credit facilities or
the receipt of the proceeds from the issuance of other Indebtedness or the occurrence of some other identifiable event or condition,
in which case such notice of prepayment may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to
the specified date of prepayment) if such condition is not satisfied. Promptly following receipt of any such notice (other than
a notice relating

 

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solely to Swingline
Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall
be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02,
except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required
by Section 2.13. At the Borrowers’ election in connection with any prepayment pursuant to this Section 2.11, such prepayment
shall not be applied to any Term Loan or Revolving Loan of a Defaulting Lender and shall be allocated ratably among the relevant
non-Defaulting Lenders.

 

(g)               
[Reserved]

 

SECTION 2.12.            
Fees.

 

(a)               
Each Borrower agrees to pay to the Administrative Agent in dollars for the account of each Revolving Lender a commitment
fee, which shall accrue at the rate of 0.50% per annum (or at any time following delivery of the consolidated financial statements
pursuant to Section 5.01(a) or Section 5.01(b) as of and for the first fiscal quarter ending after the Effective Date (which shall
be reduced to 0.375% per annum if the First Lien Leverage Ratio is less than or equal to 2.25 to 1.00), on the average daily unused
amount of the Revolving Commitment of such Lender during the period from and including the Effective Date to but excluding the
date on which the Revolving Commitments terminate. Accrued commitment fees shall be payable in arrears on the third Business Day
following the last day of March, June, September and December of each year and on the date on which the Revolving Commitments
terminate, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis
of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day). For purposes of computing commitment fees, a Revolving Commitment of a Lender shall be deemed to be used to the extent of
the outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline Exposure of such Lender shall be disregarded
for such purpose).

 

(b)               
Each Borrower agrees to pay (i) to the Administrative Agent in dollars for the account of each Revolving Lender (other
than any Defaulting Lender) a participation fee with respect to its participations in Letters of Credit, which shall accrue at
the Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans on the daily amount of such
Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from
and including the Effective Date to and including the later of the date on which such Lender’s Revolving Commitment terminates
and the date on which such Lender ceases to have any LC Exposure, and (ii) to each Issuing Bank in dollars a fronting fee,
which shall accrue at the rate of 0.125% per annum on the average daily amount of the LC Exposure attributable to Letters of Credit
issued by such Issuing Bank (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from
and including the Effective Date to and including the later of the date of termination of the Revolving Commitments and the date
on which there ceases to be any LC Exposure, as well as such Issuing Bank’s standard fees with respect to the issuance,
amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting
fees accrued through and including the last day of March, June, September and December of each year shall be payable on the third
Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that
all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date
on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to an Issuing Bank pursuant to
this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the

 

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basis of a
year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

 

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

 

(d)               
[Reserved].

 

(e)               
Notwithstanding the foregoing, and subject to Section 2.22, no Borrower shall be obligated to pay any amounts to any Defaulting
Lender pursuant to this Section 2.12.

 

SECTION 2.13.            
Interest.

 

(a)               
The Loans comprising each ABR Borrowing (including each Swingline Loan denominated in dollars) shall bear interest
at the Alternate Base Rate plus the Applicable Rate.

 

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

 

(c)               
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrowers
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, during the continuance of Significant
Event of Default, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i)
in the case of overdue principal, 2.00% per annum plus the rate otherwise applicable to such Loan as provided in the preceding
paragraphs of this Section or (ii) in the case of any other amount (including overdue interest), 2.00% per annum plus the rate
applicable to ABR Revolving Loans as provided in paragraph (a) of this Section; provided that no amount shall be payable pursuant
to this Section 2.13(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 2.13(c) on any overdue amount, reimbursement obligation in respect of any LC Disbursement
or other amount payable to a Defaulting Lender so long as such Lender shall be a Defaulting Lender; provided, further, that such
amounts shall be payable to any non-Defaulting Lender which assumes the obligations of a Defaulting Lender pursuant to Section
2.22(a)(iv).

 

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

 

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

 

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SECTION 2.14.            
Alternate Rate of Interest. (a) Other than as set forth in clause (b) below, if at least two Business Days prior
to the commencement of any Interest Period for a Eurocurrency Borrowing:

 

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

 

(ii)              
the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not
adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such
Interest Period (in each case with respect to the Loans impacted by this clause (b) or clause (a) above, “Impacted Loans”);

 

(iii)            
the Administrative Agent shall give notice thereof to the Parent Borrower and the Lenders by facsimile or email as promptly
as practicable thereafter and, until the Administrative Agent notifies the Parent Borrower and the Lenders that the circumstances
giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing
to, or continuation of any Borrowing as, a Eurocurrency Borrowing and shall be ineffective and (ii) if any Borrowing Request
requests a Eurocurrency Borrowing, then such Borrowing shall be made as an ABR Borrowing and the utilization of the LIBO Rate
component in determining the Alternate Base Rate shall be suspended; provided, however, that, in each case, the
Parent Borrower may revoke any Borrowing Request that is pending when such notice is received.

 

(iv)             
Notwithstanding the foregoing, if the Administrative Agent has made the determination described in clause (a) of this Section
2.14 and/or is advised by the Required Lenders of their determination in accordance with clause (b) of this Section 2.14 and the
Parent Borrower shall so request, the Administrative Agent, the Required Lenders and the Parent Borrower shall negotiate in good
faith to amend the definition of “LIBO Rate” and other applicable provisions to preserve the original intent thereof
in light of such change; provided that, until so amended, such Impacted Loans will be handled as otherwise provided pursuant
to the terms of this Section 2.14; provided, further, that any amended definition of “LIBO Rate” shall
provide that in no event shall such amended LIBO Rate be less than zero for purposes of this Agreement.

 

(b)               
Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines
(which determination shall be conclusive absent manifest error), or the Parent Borrower notifies the Administrative Agent that
the Parent Borrower has determined, that:

 

(i)                
adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without
limitation, because the LIBOR Screen Rate is not available or published on a current basis, and such circumstances are unlikely
to be temporary; or

 

(ii)              
the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent
has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available,
or used for determining the interest rate of loans; provided that, at the time of such statement, there is no successor
administrator that is satisfactory to the Administrative Agent and the Parent Borrower that will continue to provide LIBOR after
such specific date (such specific date, the “Scheduled Unavailability Date”), or

 

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(iii)            
syndicated loans currently being executed, or that include language similar to that contained in this Section, are being
executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR,

 

then, reasonably
promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable,
the Administrative Agent and the Parent Borrower may amend this Agreement in accordance with this Section 2.14 to replace
LIBOR with one or more alternate benchmark rates, which may be one or more SOFR-Based Rates, giving due consideration to any evolving
or then existing convention for similar dollar denominated syndicated credit facilities for such alternate benchmark rates (any
such proposed rate, a “LIBOR Successor Rate”) and, in each case, including any mathematical or other adjustments
to any such benchmark or any method for calculating such adjustment, giving due consideration to any evolving or then existing
convention for similar dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating
such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its
reasonable discretion (in consultation with the Parent Borrower) and may be periodically updated (the “Adjustment”),
and any such amendment shall become effective at 5:00 p.m. (New York time) on the fifth Business Day after the Administrative
Agent shall have posted such proposed amendment to all Lenders and the Parent Borrower unless, prior to such time, Lenders comprising
the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders (A) in the case of an
amendment to replace LIBOR with one or more SOFR-Based Rates, object to the applicable Adjustment, or (B) in the case of an amendment
to replace LIBOR with any other alternate benchmark rate, object to such amendment; provided that, for the avoidance of
doubt, in the case of clause (A) the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any
such amendment.

 

If
no LIBOR Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Administrative Agent will promptly so notify the Parent Borrower and each Lender.
 Thereafter, (x) the obligation of the Lenders to make, continue or convert into Eurocurrency Loans shall be suspended
(to the extent of the affected Eurocurrency Loans or Interest Periods), and (y) the Adjusted LIBO Rate component shall no
longer be utilized in determining the Alternate Base Rate.  Upon receipt of such notice, the Parent Borrower may revoke any
pending request for a Borrowing of, conversion to or continuation of Eurocurrency Loans (to the extent of the affected Eurocurrency
Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of ABR
Loans (subject to the foregoing clause (y)) in the amount specified therein.

 

Notwithstanding
anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than zero for purposes of this Agreement.

 

In
connection with the implementation of a LIBOR Successor Rate, the Administrative Agent and the Parent Borrower will have the right
to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any
other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any
further action or consent of any other party to this Agreement; provided that, with respect to any such amendment effected,
the Administrative Agent shall post each such amendment implementing such LIBOR Successor Conforming Changes to the Lenders reasonably
promptly after such amendment becomes effective.

 

SECTION 2.15.            
Increased Costs.

 

(a)               
If any Change in Law shall:

 

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

 

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

 

(iii)            
subject any Lender to any Taxes on its Loans, letters of credit, Commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto;

 

and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan or ABR Borrowing (or of
maintaining its obligation to make any such Loan) or to increase the cost to such Lender or Issuing Bank of participating in,
issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or issue any Letter of Credit)
or to reduce the amount of any sum received or receivable by such Lender or Issuing Bank hereunder (whether of principal, interest
or otherwise), then, from time to time upon request of such Lender or Issuing Bank, the Borrowers will pay to such Lender or Issuing
Bank, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Bank, as the case may be,
for such increased costs actually incurred or reduction actually suffered, provided that to the extent any such costs or reductions
are incurred by any Lender as a result of any requests, rules, guidelines or directives enacted or promulgated under the Dodd-Frank
Wall Street Reform and Consumer Protection Act of 2010 and Basel III after the Effective Date, then such Lender shall be compensated
pursuant to this Section 2.15(a) only to the extent such Lender is imposing such charges on similarly situated borrowers under
the other syndicated credit facilities that such Lender is a lender under. Notwithstanding the foregoing, this paragraph will
not apply to (A) Indemnified Taxes or Other Taxes or (B) Excluded Taxes.

 

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

 

(c)               
A certificate of a Lender or an Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or
Issuing Bank or its holding company in reasonable detail, as the case may be, as specified in paragraph (a) or (b) of this
Section delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender or Issuing Bank,
as the case may be, the amount shown as due on any such certificate within 15 days after receipt thereof.

 

(d)               
Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s or Issuing Bank’s

 

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right to demand
such compensation, provided that the Borrowers shall not be required to compensate a Lender or Issuing Bank pursuant to
this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or
Issuing Bank, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or Issuing Bank’s intention to claim compensation therefor; provided further that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.16.            
Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan other than
on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion
of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Revolving Loan or Term Loan on the date specified in any notice delivered pursuant hereto (regardless
of whether such notice may be revoked under Section 2.11(f) and is revoked in accordance therewith) or (d) the assignment
of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the
Borrowers pursuant to Section 2.19 or Section 9.02(c), then, in any such event, the Borrowers shall, after receipt of a written
request by any Lender affected by any such event (which request shall set forth in reasonable detail the basis for requesting
such amount), compensate each Lender for the actual loss, cost and expense attributable to such event. For purposes of calculating
amounts payable by the Borrowers to the Lenders under this Section 2.16, each Lender shall be deemed to have funded each
Eurocurrency Loan made by it at the Adjusted LIBO Rate (determined without giving effect to any interest rate “floor”)
for such Loan by a matching deposit or other borrowing for a comparable amount and for a comparable period, whether or not such
Eurocurrency Loan was in fact so funded. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled
to receive pursuant to this Section delivered to the Borrowers shall be conclusive absent manifest error. The Borrowers shall
pay such Lender the amount shown as due on any such certificate within 15 days after receipt of such demand.

 

SECTION 2.17.            
Taxes.

 

(a)               
Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and
clear of and without deduction for any Taxes, provided that if an applicable Withholding Agent shall be required by applicable
Requirements of Law to withhold or deduct any Taxes from such payments, then (i) the applicable Withholding Agent shall make such
withholding or deductions, (ii) the applicable Withholding Agent shall timely pay the full amount withheld deducted to the relevant
Governmental Authority in accordance with applicable Requirements of Law and (iii) if the Tax in question is an Indemnified Tax
or Other Tax, the amount payable by the applicable Loan Party shall be increased as necessary so that after all required deductions
have been made (including deductions applicable to additional amounts payable under this Section 2.17) the Lender (or, in the
case of a payment received by the Administrative Agent for its own account, the Administrative Agent) receives an amount equal
to the sum it would have received had no such deductions been made.

 

(b)               
Without limiting the provisions of and without duplication of any amounts payable pursuant to Section 2.17(a), the Parent
Borrower shall timely pay to the relevant Governmental Authority in accordance with Requirements of Law, or at the option of the
Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)               
Without limiting the provisions of and without duplication of any amounts payable pursuant to Section 2.17(a), each
Borrower shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full
amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be (including
Indemnified

 

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Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by
the relevant Governmental Authority. A certificate setting forth in reasonable detail the basis and calculation of the amount
of such payment or liability delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or
on behalf of a Lender, shall be conclusive absent manifest error.

 

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

 

(e)               
Each Lender shall, at such times as are reasonably requested by the Parent Borrower or the Administrative Agent, provide
the Parent Borrower and the Administrative Agent with any properly completed and executed documentation prescribed by applicable
Requirements of Law, or reasonably requested by the Parent Borrower or the Administrative Agent, certifying as to any entitlement
of such Lender to an exemption from, or reduction in, any withholding Tax with respect to any payments to be made to such Lender
under the Loan Documents (including, in the case of a Lender seeking exemption from the withholding imposed under FATCA, any documentation
necessary to prevent such withholding). Each such Lender shall, whenever a lapse in time or change in circumstances renders such
documentation expired, obsolete or inaccurate, deliver promptly to the Parent Borrower and the Administrative Agent updated or
other appropriate documentation (including any new documentation reasonably requested by the applicable withholding agent) or
promptly notify the Parent Borrower and the Administrative Agent in writing of its legal ineligibility to do so.

 

Without limiting
the generality of the foregoing:

 

(i)                
Each Lender that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Parent
Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement two properly completed
and duly signed original copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt
from U.S. federal backup withholding.

 

(ii)              
Each Lender that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Parent
Borrower and the Administrative Agent on or before the date on which it becomes a party to this Agreement (and from time to time
thereafter when required by Law or upon the reasonable request of a Borrower or the Administrative Agent) whichever of the following
is applicable:

 

(A)             
two properly completed and duly signed original copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any
successor forms), as applicable, claiming eligibility for the benefits of an income Tax treaty to which the United States is a
party,

 

(B)             
two properly completed and duly signed original copies of Internal Revenue Service Form W-8ECI (or any successor forms),

 

(C)             
in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) two properly completed and duly signed U.S. Tax Compliance Certificates substantially in the form of Exhibit S-1 and (y)

 

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two
properly completed and duly signed original copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any successor
forms), as applicable,

 

(D)             
to the extent a Lender is not the beneficial owner (for example, where the Lender is a partnership or a participating Lender),
two properly completed and duly signed original copies of Internal Revenue Service Form W-8IMY (or any successor forms) of the
Lender, accompanied by copies of a Form W-8ECI, Form W-8BEN, Form W-8BEN-E, U.S. Tax Compliance Certificate, Form W-9, Form W-8IMY
(or other successor forms) or any other required information from each beneficial owner that would be required under this Section
2.17(e) if such beneficial owner were a Lender, as applicable (provided that, if the Lender is a partnership for U.S. federal
income Tax purposes (and not a participating Lender) and one or more direct or indirect partners are claiming the portfolio interest
exemption, the U.S. Tax Compliance Certificate, substantially in the form of Exhibit S-2, may be provided by such Lender on behalf
of such direct or indirect partner(s)), or

 

(E)              
two properly completed and duly signed original copies of any other form prescribed by applicable U.S. federal income Tax
law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax on any payments to such Lender under
the Loan Documents, together with such supplementary documentation as may be prescribed by applicable Requirements of Law to permit
the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(iii)            
If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Parent Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by a Borrower or the Administrative Agent
such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by a Borrower or the Administrative Agent as may be necessary for the Parent Borrower and the
Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has or has not complied with
such Lender’s obligations under FATCA and, if necessary, to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (iii), “FATCA” shall include any amendments made to FATCA after the date hereof.

 

Each Lender
hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative Agent any documentation
provided by such Lender to the Administrative Agent pursuant to this Section 2.17(e).

 

Notwithstanding
any other provision of this Section 2.17(e), a Lender shall not be required to deliver any form or other documentation that such
Lender is not legally eligible to deliver.

 

(f)                
If the Parent Borrower determines in good faith that a reasonable basis exists for contesting, or claiming a refund of,
any Taxes for which indemnification has been demanded hereunder, the Administrative Agent or the relevant Lender, as applicable,
shall use commercially reasonable efforts to cooperate with the Parent Borrower in a reasonable challenge or claim for refund
of such Taxes (including, if requested, pursuing a refund of such Taxes) if so requested by the Parent Borrower, provided
that (a) the Administrative Agent or such Lender determines in its reasonable discretion that it would not be materially prejudiced
by cooperating in such challenge, (b) the Parent Borrower pays all

 

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reasonable
related expenses of the Administrative Agent or such Lender, as applicable and (c) the Parent Borrower indemnifies the Administrative
Agent or such Lender, as applicable, for any liabilities or other costs reasonably incurred by such party in connection with such
challenge. If the Administrative Agent or a Lender receives a refund of any Indemnified Taxes or Other Taxes as to which it has
been indemnified by the Parent Borrower or with respect to which the Parent Borrower has paid additional amounts pursuant to this
Section 2.17, it shall promptly pay over such refund to the Parent Borrower (but only to the extent of indemnity payments made,
or additional amounts paid, by the Parent Borrower under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes
giving rise to such refund), net of all related out-of-pocket expenses (including Taxes) of the Administrative Agent or such Lender
and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided
that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees promptly to repay the amount
paid over to the Parent Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority)
to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund
to such Governmental Authority. The Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower’s
request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such
refund received from the relevant taxing authority (provided that the Administrative Agent or such Lender may delete any information
therein that the Administrative Agent or such Lender deems confidential). Notwithstanding anything to the contrary, this Section
2.17(f) shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other
information relating to Taxes which it deems confidential) to any Loan Party or any other Person.

 

(g)               
The agreements in this Section 2.17 shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder.

 

(h)               
For purposes of this Section 2.17, the term “Lender” shall include any Issuing Bank and any Swingline Lender.

 

SECTION 2.18.            
Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

 

(a)               
Each Borrower shall make each payment required to be made by it under any Loan Document (whether of principal, interest,
fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to
the time expressly required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required,
prior to 2:00 p.m., New York City time), on the date when due, in immediately available funds, without condition or deduction
for any counterclaim, recoupment or setoff. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to such account as may be specified by the Administrative Agent, except payments to be made directly to
any Issuing Bank or the Swingline Lender shall be made as expressly provided herein and except that payments pursuant to Sections
2.15, 2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other Loan Documents
shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for
the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment (other than payments
on the Eurocurrency Loans) under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall
be extended to the next succeeding Business Day. 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 payment of principal

 

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pursuant to
the preceding two sentences, interest thereon shall be payable at the then applicable rate for the period of such extension. All
payments or prepayments of any Loan shall be made in dollars, all reimbursements of any LC Disbursements shall be made in dollars,
all payments of accrued interest payable on a Loan or LC Disbursement shall be made in dollars, and all other payments under each
Loan Document shall be made in dollars.

 

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

 

(c)               
If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Revolving Loans, Term Loans or participations in LC Disbursements or Swingline Loans resulting in
such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving Loans, Term Loans and participations
in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the
Lender receiving such greater proportion shall purchase (for cash at face value) participations in the Revolving Loans, Term Loans
and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest
on their respective Revolving Loans, Term Loans and participations in LC Disbursements and Swingline Loans; provided that
(i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest and (ii) the
provisions of this paragraph shall not be construed to apply to (A) any payment made by such Borrower pursuant to and in
accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting
Lender), (B) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of
its Loans or participations in LC Disbursements or Swingline Loans to any assignee or participant or (C) any disproportionate
payment obtained by a Lender of any Class as a result of the extension by Lenders of the maturity date or expiration date of some
but not all Loans or Revolving Commitments of that Class or any increase in the Applicable Rate in respect of Loans of Lenders
that have consented to any such extension. The Borrowers consent to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
the Borrowers rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrowers in the amount of such participation.

 

(d)               
Unless the Administrative Agent shall have received notice from the Parent Borrower prior to the date on which any payment
is due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrowers will not make
such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith
and may, in reliance upon such assumption and in its sole discretion, distribute to the Lenders or Issuing Banks, as the case
may be, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders or Issuing
Banks, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it
to but excluding the date of payment to the Administrative Agent, at the greater of the

 

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

 

(e)               
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), Section 2.05(e) or
Section 2.05(f), Section 2.06(a) or Section 2.06(b), Section 2.18(d) or Section 9.03(c), then the Administrative Agent may, in
its discretion and in the order determined by the Administrative Agent (notwithstanding any contrary provision hereof), (i) apply
any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations
under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold any such amounts in a segregated account
as cash collateral for, and to be applied to, any future funding obligations of such Lender under any such Section.

 

SECTION 2.19.            
Mitigation Obligations; Replacement of Lenders.

 

(a)               
If any Lender requests compensation under Section 2.15, or if the Borrowers are required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or any event gives rise to the
operation of Section 2.23, then such Lender shall use reasonable efforts to designate a different lending office for funding or
booking its Loans hereunder or its participation in any Letter of Credit affected by such event, or to assign and delegate its
rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such designation
or assignment and delegation (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17 or mitigate the applicability
of Section 2.23, as the case may be, and (ii) would not subject such Lender to any unreimbursed cost or expense reasonably deemed
by such Lender to be material and would not be inconsistent with the internal policies of, or otherwise be disadvantageous in
any material economic, legal or regulatory respect to, such Lender.

 

(b)               
If (i) any Lender requests compensation under Section 2.15 or gives notice under Section 2.23, (ii) the Borrowers are required
to pay any additional amount to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section
2.17 or (iii) any Lender is a Defaulting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement and the other Loan
Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts
such assignment and delegation); provided that (A) the Borrowers shall have received the prior written consent of the Administrative
Agent to the extent such consent would be required under Section 9.04(b) for an assignment of Loans or Commitments, as applicable
(and if a Revolving Commitment is being assigned and delegated, each Issuing Bank and each Swingline Lender), which consents,
in each case, shall not unreasonably be withheld or delayed, (B) such Lender shall have received payment of an amount equal to
the outstanding principal of its Loans and unreimbursed participations in LC Disbursements and Swingline Loans, accrued but unpaid
interest thereon, accrued but unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts), (C) the Borrowers or
such assignee shall have paid (unless waived) to the Administrative Agent the processing and recordation fee specified in Section
9.04(b)(ii) and (D) in the case of any such assignment resulting from a claim for compensation under Section 2.15, payments required
to be made pursuant to Section 2.17 or a notice given under Section 2.23, such assignment will result in a material reduction
in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto,
as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph
(a) above), the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. Each party hereto
agrees that an assignment required pursuant to this paragraph may be

 

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effected pursuant
to an Assignment and Assumption executed by the Borrowers, the Administrative Agent and the assignee and that the Lender required
to make such assignment need not be a party thereto.

 

SECTION 2.20.            
Incremental Credit Extensions.

 

(a)               
The Borrowers or any Subsidiary Loan Party may at any time and from time to time after the Effective Date, subject to the
terms and conditions set forth herein, by notice to the Administrative Agent request (i) one or more additional Classes of term
loans or additional term loans of the same Class of any existing Class of term loans (the “Incremental Term Loans”),
(ii) one or more increases in the amount of the Revolving Commitments of any Class (each such increase, an “Incremental
Revolving Commitment Increase”) or (iii) one or more additional Classes of Revolving Commitments (the “Additional/Replacement
Revolving Commitments,” and, together with the Incremental Term Loans and the Incremental Revolving Commitment Increases,
the “Incremental Facilities”); provided that, subject to Section 1.07, after giving effect to the effectiveness
of any Incremental Facility Amendment referred to below and at the time that any such Incremental Term Loan, Incremental Revolving
Commitment Increase or Additional/Replacement Revolving Commitment is made or effected, no Event of Default shall have occurred
and be continuing or would result therefrom (except, in the case of the incurrence or provision of any Incremental Facility in
connection with a Permitted Acquisition or other Investment not prohibited by the terms of this Agreement, which shall be subject
to no Significant Event of Default or other customary “Sungard” or “certain funds” conditionality that
is otherwise agreed to by the Lenders providing such Incremental Facilities. Notwithstanding anything to contrary herein, the
sum of (i) the aggregate principal amount of the Incremental Facilities, and (ii) the aggregate outstanding principal amount of
Incremental Equivalent Debt shall not at the time of incurrence of any such Incremental Facilities or Incremental Equivalent Debt
(and after giving effect to such incurrence) exceed the Incremental Cap at such time (calculated in a manner consistent with the
definition of “Incremental Cap”).

 

(b)               
Each Incremental Term Loan shall comply with the following clauses (A) through (E): (A) except with respect to (I) the
Maturity Carveout Amount, (II) Customary Bridge Loans which would either automatically be converted into or required to be exchanged
for permanent financing which does not mature earlier than the earlier of the Revolving Maturity Date and the maturity date with
respect to any other Incremental Term Loan and (III) Incremental Term Loans incurred in connection with an Acquisition Transaction
or other Investment, the maturity date of any Incremental Term Loans shall not be earlier than the earlier of the Revolving Maturity
Date and the maturity date with respect to any other Incremental Term Loan and the Weighted Average Life to Maturity of the Incremental
Term Loans shall not be shorter than the remaining Weighted Average Life to Maturity of any other Incremental Term Loans, (B)
the pricing (including any “MFN” or other pricing terms), interest rate margins, rate floors, fees, premiums (including
prepayment premiums), funding discounts and, subject to clause (A), the maturity and amortization schedule for any Incremental
Term Loans shall be determined by the Borrowers and the applicable Additional Lenders; (C)(i) to the extent secured, the Incremental
Term Loans shall be secured solely by a Lien on the Collateral ranking equal in priority (but without regard to the control of
remedies) with (or, subject to the First Lien/Second Lien Intercreditor Agreement, junior in priority to) the Lien on the Collateral
securing the Secured Obligations and (ii) no Incremental Term Loans shall be guaranteed by entities other than the Guarantors
or the Borrowers, (D) Incremental Term Loans shall be on terms and pursuant to documentation to be determined by the Borrowers
and the applicable Additional Lenders; provided that, to the extent such terms and documentation are not consistent with the terms
of the Revolving Credit Facility or any other Incremental Term Loans (except to the extent permitted by clause (A) or (B) above),
they shall be reasonably satisfactory to the Administrative Agent (it being understood that, to the extent that any financial
maintenance covenant or any other covenant is added for the benefit of any Incremental Term Loan, no consent shall be required
from the Administrative Agent or any of the Term Lenders to the extent that such financial maintenance

 

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covenant or
other covenant is (1) also added for the benefit of any existing Loans or (2) only applicable after the Latest Maturity Date),
and (E) such Incremental Term Loans may be provided in any currency as mutually agreed among the Administrative Agent, Borrower
and the applicable Additional Lenders. Each Incremental Term Loan shall be in a minimum principal amount of $5,000,000 and integral
multiples of $1,000,000 in excess thereof (unless the Parent Borrower and the Administrative Agent otherwise agree); provided
that such amount may be less than $5,000,000, if such amount represents all the remaining availability under the aggregate principal
amount of Incremental Term Loans set forth above.

 

(c)               
The Incremental Revolving Commitment Increase shall be treated the same as the Class of Revolving Commitments being increased
(including with respect to maturity date thereof) and shall be considered to be part of the Class of Revolving Loans being increased
(it being understood that, if required to consummate an Incremental Revolving Commitment Increase, the pricing, interest rate
margins, rate floors and undrawn commitment fees on the Class of Revolving Commitments being increased may be increased and additional
upfront or similar fees may be payable to the lenders providing the Incremental Revolving Commitment Increase (without any requirement
to pay such fees to any existing Revolving Lenders)).

 

(d)               
The Additional/Replacement Revolving Commitments (i) shall rank equal in right of payment with the Revolving Loans, shall
be secured only by the Collateral securing the Secured Obligations and shall only be guaranteed by the Loan Parties, (ii) shall
not mature earlier than the Revolving Maturity Date and shall require no mandatory commitment reduction prior to the Revolving
Maturity Date, (iii) shall have interest rates (including through fixed interest rates), interest margins, rate floors, upfront
fees, undrawn commitment fees, funding discounts, original issue discounts, prepayment terms and premiums and commitment reduction
and termination terms as determined by the Borrowers and the lenders of such commitments, (iv) shall contain borrowing, repayment
and termination of Commitment procedures as determined by the Borrowers and the lenders of such commitments, (v) may include provisions
relating to letters of credit, as applicable, issued thereunder, which issuances shall be on terms substantially similar (except
for the overall size of such subfacilities, the fees payable in connection therewith and the identity of the letter of credit
issuer, as applicable, which shall be determined by the Borrowers, the lenders of such commitments and the applicable letter of
credit issuers and borrowing, repayment and termination of commitment procedures with respect thereto, in each case which shall
be specified in the applicable Incremental Facility Amendment) to the terms relating to the Letters of Credit with respect to
the applicable Class of Revolving Commitments or otherwise reasonably acceptable to the Administrative Agent and (vi) may otherwise
have terms and conditions different from those of the Revolving Credit Facility (including currency denomination); provided
that (x) except with respect to matters contemplated by clauses (ii), (iii), (iv) and (v) above, any differences shall be
reasonably satisfactory to the Administrative Agent (except for covenants and other provisions applicable only to the periods
after the Latest Maturity Date) and (y) the documentation governing any Additional/Replacement Revolving Commitments may include
financial maintenance covenant or related equity cure so long as the Administrative Agent shall have been given prompt written
notice thereof and this Agreement is amended to include such financial maintenance covenant or related equity cure for the benefit
of each facility (provided, further, however, that, if the applicable new financial maintenance covenant is a “springing”
financial maintenance covenant for the benefit of such revolving credit facility or covenant only applicable to, or for the benefit
of, a revolving credit facility, such financial maintenance covenant shall be automatically included in this Agreement only for
the benefit of each revolving credit facility hereunder (and not for the benefit of any term loan facility hereunder)).

 

(e)               
Each notice from the Borrowers pursuant to this Section shall be given in writing and shall set forth the requested amount
and proposed terms of the relevant Incremental Term Loans, Incremental Revolving Commitment Increases or Additional/Replacement
Revolving Commitments.

 

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(f)                
Commitments in respect of Incremental Term Loans, Incremental Revolving Commitment Increases and Additional/Replacement
Revolving Commitments pursuant to this Agreement shall become Commitments (or in the case of an Incremental Revolving Commitment
Increase to be provided by an existing Lender with a Revolving Commitment, an increase in such Lender’s applicable Revolving
Commitment) under this Agreement pursuant to an amendment (an “Incremental Facility Amendment”) to this Agreement
and, as appropriate, the other Loan Documents, executed by Holdings, the Borrowers, and any applicable Subsidiary Loan Party,
each Lender agreeing to provide such Commitment (provided that no Lender shall be obligated to provide any loans or commitments
under any Incremental Facility unless it so agrees), if any, each Additional Lender, if any, the Administrative Agent (such consent
not to be unreasonably withheld or delayed) and, in the case of Incremental Revolving Commitment Increases, each Issuing Bank
(such consent not to be unreasonably withheld or delayed). Incremental Term Loans and loans under Incremental Revolving Commitment
Increases and Additional/Replacement Revolving Commitments pursuant to this Agreement shall be a “Loan” for all purposes
of this Agreement and the other Loan Documents. The Incremental Facility Amendment may, subject to Section 2.14(c), without the
consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary, appropriate
or advisable (including changing the amortization schedule or extending the call protection of existing Term Loans in a manner
required to make the Incremental Term Loans fungible with such Term Loans), in the reasonable opinion of the Administrative Agent
and the Borrowers, to effect the provisions of this Section 2.20 (including, in connection with an Incremental Revolving Commitment
Increase, to reallocate Revolving Exposure on a pro rata basis among the relevant Revolving Lenders). The effectiveness of any
Incremental Facility Amendment and the occurrence of any credit event (including the making (but not the conversion or continuation)
of a Loan and the issuance, increase in the amount, or extension of a Letter of Credit thereunder) pursuant to such Incremental
Facility Amendment shall be subject to the satisfaction of such conditions as the parties thereto shall agree. The Borrowers and
any Restricted Subsidiary may use the proceeds of the Incremental Term Loans, Incremental Revolving Commitment Increases and Additional/Replacement
Revolving Commitments for any purpose not prohibited by this Agreement.

 

(g)               
Notwithstanding anything to the contrary, this Section 2.20 shall supersede any provisions in Section 2.18 or Section 9.02
to the contrary.

 

SECTION 2.21.            
Refinancing Amendments.

 

(a)               
At any time after the Effective Date, the Parent Borrower may obtain, from any Lender or any Additional Lender, Credit
Agreement Refinancing Indebtedness in respect of (a) all or any portion of any Class of Term Loans then outstanding under
this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding Other Term Loans) or
(b) all or any portion of the Revolving Loans (or unused Revolving Commitments) under this Agreement (which for purposes
of this clause (b) will be deemed to include any then outstanding Other Revolving Loans and Other Revolving Commitments),
in the form of (x) Other Term Loans or Other Term Commitments or (y) Other Revolving Loans or Other Revolving Commitments,
as the case may be, in each case pursuant to a Refinancing Amendment; provided that the Net Proceeds of such Credit Agreement
Refinancing Indebtedness shall be applied, substantially concurrently with the incurrence thereof, to the prepayment of outstanding
Term Loans or reduction of Revolving Commitments being so refinanced, as the case may be; provided further that the terms
and conditions applicable to such Credit Agreement Refinancing Indebtedness may provide for any additional or different financial
or other covenants or other provisions that are agreed between the Borrowers and the Lenders thereof and applicable only during
periods after the Latest Maturity Date that is in effect on the date such Credit Agreement Refinancing Indebtedness is issued,
incurred or obtained; provided further that the consent of the Issuing Banks shall be required to the extent such consent
would be required for an assignment pursuant to Section 9.04 (such consent not to be unreasonably withheld). Each Class of Credit
Agreement Refinancing Indebtedness incurred under this

 

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Section 2.21
shall be in an aggregate principal amount that is (x) not less than $5,000,000 in the case of Other Term Loans or $5,000,000
in the case of Other Revolving Loans and (y) an integral multiple of $1,000,000 in excess thereof (in each case unless the
Borrowers and the Administrative Agent otherwise agree). Any Refinancing Amendment may provide for the issuance of Letters of
Credit for the account of the Borrowers, or the provision to the Borrowers of Swingline Loans, pursuant to any Other Revolving
Commitments established thereby, in each case on terms substantially equivalent to the terms applicable to Letters of Credit and
Swingline Loans under the Revolving Commitments. The Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Refinancing Amendment. Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment,
this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of
the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans
and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other Revolving Commitments and/or Other Term Commitments).
Any Refinancing 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 reasonable opinion of the Administrative Agent and the Borrowers, to
effect the provisions of this Section. In addition, if so provided in the relevant Refinancing Amendment and with the consent
of each Issuing Bank, participations in Letters of Credit expiring on or after the Revolving Maturity Date shall be reallocated
from Lenders holding Revolving Commitments to Lenders holding extended revolving commitments in accordance with the terms of such
Refinancing Amendment; provided, however, that such participation interests shall, upon receipt thereof by the relevant
Lenders holding Revolving Commitments, be deemed to be participation interests in respect of such Revolving Commitments and the
terms of such participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly.

 

(b)               
This Section 2.21 shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.

 

SECTION 2.22.            
Defaulting Lenders.

 

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

 

(i)                
Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in Section 9.02.

 

(ii)              
Reallocation of Payments. Subject to the last sentence of Section 2.11(f), any payment of principal, interest, fees
or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether voluntary or mandatory,
at maturity, pursuant to Article VII or otherwise, and including any amounts made available to the Administrative Agent by that
Defaulting Lender pursuant to Section 9.08), shall be applied at such time or times as may be determined by the Administrative
Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder;
second, in the case of a Revolving Lender, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender
to each Issuing Bank and the Swingline Lender hereunder; third, as the Parent Borrower may request (so long as no Default
or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, as determined by the Administrative Agent; fourth, to the payment of any amounts
owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its

 

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obligations
under this Agreement; fifth, in the case of a Revolving Lender, if so determined by the Administrative Agent and the Parent
Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting
Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the Issuing Banks
or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, such Issuing
Bank or the Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations
under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to
any Loan Party as a result of any judgment of a court of competent jurisdiction obtained by any Loan Party against that Defaulting
Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to that
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment
of the principal amount of any Loans or LC Disbursements and such Lender is a Defaulting Lender under clause (a) of the definition
thereof, such payment shall be applied solely to pay the relevant Loans of, and LC Disbursements owed to, the relevant non-Defaulting
Lenders on a pro rata basis prior to being applied pursuant to Section 2.05(j) or this Section 2.22(a)(ii). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
or to post cash collateral pursuant to Section 2.05(j) shall be deemed paid to and redirected by that Defaulting Lender, and each
Lender irrevocably consents hereto.

 

(iii)            
Certain Fees. That Defaulting Lender (x) shall not be entitled to receive or accrue any commitment fee pursuant
to Section 2.12(a) for any period during which that Lender is a Defaulting Lender (and the Borrowers shall not be required to
pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited
in its right to receive Letter of Credit fees as provided in Section 2.12(b).

 

(iv)             
Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting
Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations
in Swingline Loans and Letters of Credit pursuant to Sections 2.04 and 2.05, the “Applicable Percentage” of each non-Defaulting
Lender shall be computed without giving effect to the Revolving Commitment of that Defaulting Lender; provided that the
aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swingline
Loans shall not exceed the positive difference, if any, of (1) the Revolving Commitment of that non-Defaulting Lender minus
(2) the aggregate principal amount of the Revolving Loans of that Lender.

 

(b)               
Defaulting Lender Cure. If the Parent Borrower, the Administrative Agent, Swingline Lender and each Issuing Bank
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be 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), such Lender will, to the extent applicable,
purchase 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 and Swingline Loans to be held
on a pro rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect to Section 2.22(a)(iv)),
whereupon that 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 Borrowers 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

 

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waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

SECTION 2.23.            
Illegality. If any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted
that it is unlawful, for any Lender to make, maintain or fund Loans whose interest is determined by reference to the Adjusted
LIBO Rate, or to determine or charge interest rates based upon the Adjusted LIBO Rate, then, on notice thereof by such Lender
to the Borrowers through the Administrative Agent any obligation of such Lender to make or continue Eurocurrency Loans or to convert
ABR Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrowers shall, upon three Business Days’
notice from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Loans of
such Lender to ABR Loans either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain
such Eurocurrency Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurocurrency Loans,
and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Adjusted LIBO
Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender
without reference to the Adjusted LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender
that it is no longer illegal for such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate. Each Lender
agrees to notify the Administrative Agent and the Borrowers in writing promptly upon becoming aware that it is no longer illegal
for such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate. Upon any such prepayment or conversion,
the Borrowers shall also pay accrued interest on the amount so prepaid or converted.

 

SECTION 2.24.            
Loan Modification Offers.

 

(a)               
At any time after the Effective Date, the Borrowers may on one or more occasions, by written notice to the Administrative
Agent, make one or more offers (each, a “Loan Modification Offer”) to all the Lenders of one or more Classes
(each Class subject to such a Loan Modification Offer, an “Affected Class”) to effect one or more Permitted
Amendments relating to such Affected Class pursuant to procedures reasonably specified by the Administrative Agent and reasonably
acceptable to the Borrowers (including mechanics to permit conversions, cashless rollovers and exchanges by Lenders and other
repayments and reborrowings of Loans of Accepting Lenders or Non-Accepting Lenders replaced in accordance with this Section 2.24).
Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such
Permitted Amendment is requested to become effective. Permitted Amendments shall become effective only with respect to the Loans
and Commitments of the Lenders of the Affected Class that accept the applicable Loan Modification Offer (such Lenders, the “Accepting
Lenders”) and, in the case of any Accepting Lender, only with respect to such Lender’s Loans and Commitments of
such Affected Class as to which such Lender’s acceptance has been made.

 

(b)               
A Permitted Amendment shall be effected pursuant to a Loan Modification Agreement executed and delivered by Holdings, the
Borrowers, each applicable Accepting Lender and the Administrative Agent; provided that no Permitted Amendment shall become
effective unless Holdings and the Borrowers shall have delivered to the Administrative Agent such legal opinions, board resolutions,
secretary’s certificates, officer’s certificates and other documents as shall be reasonably requested by the Administrative
Agent in connection therewith. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan
Modification Agreement. Each Loan Modification Agreement may, without the consent of any Lender other than the applicable Accepting
Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary

 

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or appropriate,
in the opinion of the Administrative Agent, to give effect to the provisions of this Section 2.24, including any amendments necessary
to treat the applicable Loans and/or Commitments of the Accepting Lenders as a new “Class” of loans and/or commitments
hereunder.

 

(c)               
If, in connection with any proposed Loan Modification Offer, any Lender declines to consent to such Loan Modification Offer
on the terms and by the deadline set forth in such Loan Modification Offer (each such Lender, a “Non-Accepting Lender”)
then the Borrowers may, on notice to the Administrative Agent and the Non-Accepting Lender, (i) replace such Non-Accepting Lender
in whole or in part by causing such Lender to (and such Lender shall be obligated to) assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04) all or any part of its interests, rights and obligations
under this Agreement in respect of the Loans and Commitments of the Affected Class to one or more Eligible Assignees (which Eligible
Assignee may be another Lender, if a Lender accepts such assignment); provided that neither the Administrative Agent nor any Lender
shall have any obligation to the Borrowers to find a replacement Lender; provided, further, that (a) the applicable assignee shall
have agreed to provide Loans and/or Commitments on the terms set forth in the applicable Permitted Amendment, (b) such Non-Accepting
Lender shall have received payment of an amount equal to the outstanding principal of the Loans of the Affected Class assigned
by it pursuant to this Section 2.24(c), accrued interest thereon, accrued fees and all other amounts (including any amounts under
Section 2.09(a)(i)) payable to it hereunder from the Eligible Assignee (to the extent of such outstanding principal and accrued
interest and fees) and (c) unless waived, the Borrowers or such Eligible Assignee shall have paid to the Administrative Agent
the processing and recordation fee specified in Section 9.04(b).

 

(d)               
No rollover, conversion or exchange (or other repayment or termination) of Loans or Commitments pursuant to any Loan Modification
Agreement in accordance with this Section 2.24 shall constitute a voluntary or mandatory payment or prepayment for purposes of
this Agreement.

 

(e)               
Notwithstanding anything to the contrary, this Section 2.24 shall supersede any provisions in Section 2.18 or Section 9.02
to the contrary.

 

Article
III

 

Representations and Warranties

 

The Parent
Borrower (and with respect to Sections 3.01 through 3.04, Holdings) represents and warrants to the Lenders as of the Effective
Date that:

 

SECTION 3.01.            
Organization; Powers. Each of Holdings, the Parent Borrower and the Restricted Subsidiaries is (a) duly incorporated
or organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdictions) under the
laws of the jurisdiction of its organization, (b) has the corporate or other organizational power and authority to carry on its
business as now conducted and to execute, deliver and perform its obligations under each Loan Document to which it is a party
and (c) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except
in the case of clause (a) (other than with respect to any Loan Party), clause (b) (other than with respect to Holdings and the
Parent Borrower) and clause (c), where the failure to do so, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

SECTION 3.02.            
Authorization; Enforceability. This Agreement has been duly authorized, executed and delivered by each of Holdings
and the Borrowers and constitutes, and each other Loan Document to which any Loan Party is to be a party, when executed and delivered
by such Loan

 

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Party, will
constitute, a legal, valid and binding obligation of Holdings, the Borrowers or such Loan Party, as the case may be, enforceable
against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

 

SECTION 3.03.            
Approvals; No Conflicts. The (i) execution, delivery or performance by, any Loan Party of this Agreement or any
other Loan Document and (ii) grant by any Loan Party of the Liens granted by it pursuant to the Security Documents (a) do
not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except
such as have been obtained or made and are in full force and effect and except filings necessary to perfect Liens created under
the Loan Documents, (b) will not violate (i) the Organizational Documents of, or (ii) any Requirements of Law applicable
to, Holdings, the Parent Borrower or any Restricted Subsidiary, (c) will not violate or result in a default under any indenture
or other agreement or instrument evidencing Indebtedness binding upon Holdings, the Parent Borrower or any Restricted Subsidiary
or their respective assets, or give rise to a right thereunder to require any payment, repurchase or redemption to be made by
Holdings, the Parent Borrower or any Restricted Subsidiary, or give rise to a right of, or result in, termination, cancellation
or acceleration of any obligation thereunder and (d) will not result in the creation or imposition of any Lien on any asset
of Holdings, the Parent Borrower or any Restricted Subsidiary, except Liens created under the Loan Documents, except (in the case
of each of clauses (a), (b)(ii) and (c)) to the extent that the failure to obtain or make such consent, approval, registration,
filing or action, or such violation, default or right, as the case may be, individually or in the aggregate, could not reasonably
be expected to have a Material Adverse Effect.

 

SECTION 3.04.            
Financial Condition; No Material Adverse Effect.

 

(a)               
The Audited Financial Statements and Unaudited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein and (ii) fairly present in all material
respects the financial condition of Parent and its subsidiaries as of the respective dates thereof and their results of operations
for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein.

 

(b)               
Since the Effective Date, there has been no Material Adverse Effect.

 

SECTION 3.05.            
Properties.

 

(a)               
Each of Holdings, the Parent Borrower and the Restricted Subsidiaries has good title to, or valid leasehold interests in,
all its real and personal property material to its business, if any (including the Mortgaged Properties), (i) free and clear of
all Liens except for Liens permitted by Section 6.02 and (ii) except for minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their
intended purposes, in each case, except where the failure to do so could not reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect.

 

(b)               
As of the Effective Date, none of Holdings, the Borrowers or any Restricted Subsidiary owns any real property.

 

SECTION 3.06.            
Litigation and Environmental Matters.

 

(a)               
There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to
the knowledge of Holdings or the Parent Borrower,

 

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threatened
in writing against or affecting Holdings, the Parent Borrower or any Restricted Subsidiary that could reasonably be expected,
individually or in the aggregate, to result in a Material Adverse Effect.

 

(b)               
Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, none of Holdings, the Parent Borrower or any Restricted Subsidiary (i) has failed to comply with
any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental
Law, (ii) has, to the knowledge of Holdings or the Parent Borrower, become subject to any Environmental Liability, (iii) 
has received written notice of any claim with respect to any Environmental Liability or (iv) has, to the knowledge of Holdings
or the Parent Borrower, any basis to reasonably expect that Holdings, the Parent Borrower or any Restricted Subsidiary will become
subject to any Environmental Liability. The representations and warranties contained in this Section 3.06(b) are the sole and
exclusive representations and warranties of this Agreement with respect to environmental matters, including matters related to
Environmental Law or Environmental Liability.

 

SECTION 3.07.            
Compliance with Laws and Agreements. Each of Holdings, the Parent Borrower and its Restricted Subsidiaries is in
compliance with (a) all Requirements of Law applicable to it or its property and (b) all indentures and other agreements
and instruments evidencing Indebtedness binding upon it or its property, except, in each case of, where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.08.            
Investment Company Status. None of Holdings, the Parent Borrower or any other Loan Party is or is required to be
registered as an “investment company” as defined in the Investment Company Act of 1940, as amended from time to time.

 

SECTION 3.09.            
Taxes. Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, Holdings, the Parent Borrower and each Restricted Subsidiary (a) have timely filed or caused to be filed all Tax
returns and reports required to have been filed and (b) have paid or caused to be paid all Taxes required to have been paid
(whether or not shown on a Tax return) including in their capacity as tax withholding agent, except any Taxes (i) that are
not overdue by more than 30 days or (ii) that are being contested in good faith by appropriate proceedings, provided
that Holdings, the Parent Borrower or such Restricted Subsidiary, as the case may be, has set aside on its books adequate
reserves therefor in accordance with GAAP.

 

SECTION 3.10.            
ERISA.

 

(a)               
Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, each
Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws.

 

(b)               
Except as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, (i)
no ERISA Event has occurred during the five year period prior to the date on which this representation is made or deemed made
or is reasonably expected to occur, (ii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to
incur, any liability under Title IV of ERISA with respect to any Plan (other than premiums due and not delinquent under Section
4007 of ERISA), (iii) neither any Loan Party nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability
(and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under
Section 4201 of ERISA with respect to a Multiemployer Plan and (iv) neither any Loan Party nor any ERISA Affiliate has engaged
in a transaction that could be subject to Section 4069 or 4212(c) of ERISA.

 

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SECTION 3.11.            
Disclosure. As of the Effective Date, no reports, financial statements, certificates or other written information
furnished by or on behalf of any Loan Party to the Administrative Agent or any Lender in connection with the negotiation of any
Loan Document or delivered thereunder (as modified or supplemented by other information so furnished) when taken as a whole contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not materially misleading; provided that, with respect to projected financial
information, Holdings and the Parent Borrower represent only that such information was prepared in good faith based upon assumptions
believed by them to be reasonable at the time delivered and, if such projected financial information was delivered prior to the
Effective Date, as of the Effective Date, it being understood that any such projected financial information may vary from actual
results and such variations could be material.

 

SECTION 3.12.            
Subsidiaries. As of the Effective Date, Schedule 3.12 sets forth the name of, and the ownership interest
of Holdings and each Subsidiary in, each Subsidiary.

 

SECTION 3.13.            
Intellectual Property; Licenses, Etc. Except as could not reasonably be expected to have a Material Adverse Effect,
each of Holdings, Intermediate Parent, the Parent Borrower and each Restricted Subsidiary owns, licenses or possesses the right
to use, all Intellectual Property that is reasonably necessary for the operation of its business as currently conducted, and,
without conflict with the rights of any Person. No Intellectual Property, advertising, product, process, method, substance, part
or other material used by Holdings, the Parent Borrower or any Restricted Subsidiary, and the operation of its business as currently
conducted, infringes upon or violates any Intellectual Property rights held by any Person except for such infringements or violations,
which could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the Intellectual
Property is pending or, to the knowledge of Holdings and the Parent Borrower, threatened in writing against Holdings, each Borrower
or any Restricted Subsidiary, which could reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.14.            
Solvency. On the Effective Date, immediately after the consummation of the Transactions to occur on the Effective
Date, after taking into account all applicable rights of indemnity and contribution, (a) the fair value of the assets of
Holdings, the Parent Borrower and its Restricted Subsidiaries, taken as a whole, at a fair valuation, will exceed their debts
and liabilities, subordinated, contingent or otherwise, (b) the present fair saleable value of the property of Holdings,
the Parent Borrower and its Restricted Subsidiaries, taken as a whole, will be greater than the amount that will be required to
pay the probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other
liabilities become absolute and matured, (c) Holdings, the Parent Borrower and its Restricted Subsidiaries, taken as a whole,
will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute
and matured, and (d) Holdings, the Parent Borrower and its Restricted Subsidiaries, taken as a whole, will not have unreasonably
small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to
be conducted following the Effective Date. For purposes of this Section 3.14, the amount of any contingent liability at any
time shall be computed as the amount that, in the light of all of the facts and circumstances existing at such time, represents
the amount that could reasonably be expected to become an actual or matured liability.

 

SECTION 3.15.            
Senior Indebtedness. The Loan Document Obligations constitute “Senior Indebtedness” (or any comparable
term) under and as defined in the documentation governing any Junior Financing.

 

SECTION 3.16.            
Federal Reserve Regulations. None of Holdings, the Parent Borrower or any other Restricted Subsidiary is engaged
or will engage, principally or as one of its

 

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important activities,
in the business of purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors), or extending
credit for the purpose of purchasing or carrying margin stock. No part of the proceeds of the Loans will be used, directly or
indirectly, to purchase or carry any margin stock or to refinance any Indebtedness originally incurred for such purpose, or for
any other purpose that entails a violation (including on the part of any Lender) of the provisions of Regulations U or X of the
Board of Governors.

 

SECTION 3.17.            
Use of Proceeds. The Borrowers will use the proceeds of (a) the Revolving Loans made on the Effective Date
to finance a portion of the Transactions and pay Transaction Costs and (b) the Revolving Loans and Swingline Loans after
the Effective Date for working capital and other general corporate purposes.

 

SECTION 3.18.            
PATRIOT Act, Sanctions and Anti-Corruption .

 

(a)               
Holdings, the Parent Borrower and the Restricted Subsidiaries have not in the last five (5) years, directly or to the Borrower’s
knowledge, indirectly, transacted unlawful business with or for the benefit of any Sanctioned Person or otherwise violated Sanctions,
and shall not use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary,
joint venture partner or other Person, for the purpose of funding (i) any unlawful activities of or business with any Sanctioned
Person, or (ii) any other transaction that will result in a violation of Sanctions by any party to the Agreement.

 

(b)               
Holdings, the Parent Borrower and the Restricted Subsidiaries have not in the last five (5) years made, and will not use
the proceeds of the Loans directly, or, to the knowledge of Holdings, indirectly for, any payments or provision of anything of
value to any governmental official or employee, political party, official of a political party, candidate for political office,
or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of any Anti-Corruption Laws.

 

(c)               
Except as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, to
the knowledge of Holdings, none of Holdings, the Parent Borrower or the Restricted Subsidiaries has, in the past five (5) years,
committed a violation of Sanctions, Title III of the USA Patriot Act, or the Anti-Corruption Laws.

 

(d)               
(i) None of the Loan Parties is a Sanctioned Person, and (ii) except as could not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect, none of the Restricted Subsidiaries that are not Loan Parties or, to the knowledge
of the Parent Borrower, any director, officer, employee or agent of any Loan Party or other Restricted Subsidiary, in each case,
is a Sanctioned Person.

 

Article
IV

 

Conditions

 

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

 

(a)               
The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this
Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include
facsimile or other

 

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electronic
transmission of a signed counterpart of this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)               
The Administrative Agent shall have received a written opinion (addressed to the Administrative Agent, the Lenders and
the Issuing Banks and dated the Effective Date) of (i) Simpson Thacher & Bartlett LLP, New York and California counsel for
the Loan Parties, (ii) Maples & Calder, Cayman counsel to Holdings, the Parent Borrower and certain other Loan Parties, (iii)
Machado Meyer, Brazilian counsel to certain Loan Parties, (iv) TS&P, Luxembourg counsel to certain Loan Parties and (v) Pinsent
Masons, United Kingdom counsel to certain Loan Parties, in each case, in form and substance reasonably satisfactory to the Administrative
Agent. Each of Holdings and the Parent Borrower hereby requests such counsel to deliver such opinions.

 

(c)               
The Administrative Agent shall have received a certificate of each Loan Party, dated the Effective Date, in form and substance
reasonably satisfactory to the Administrative Agent with appropriate insertions, executed by any Responsible Officer of such Loan
Party, and including or attaching the documents referred to in paragraph (d) of this Section.

 

(d)               
The Administrative Agent shall have received a copy of (i) each Organizational Document of each Loan Party certified, to
the extent applicable, as of a recent date by the applicable Governmental Authority, (ii) signature and incumbency certificates
of the Responsible Officers of each Loan Party executing the Loan Documents to which it is a party, (iii) resolutions of the board
of directors and/or similar governing bodies of each Loan Party approving and authorizing the execution, delivery and performance
of Loan Documents to which it is a party, certified as of the Effective Date by its secretary, an assistant secretary or a Responsible
Officer as being in full force and effect without modification or amendment, and (iv) a good standing certificate (to the extent
such concept exists) from the applicable Governmental Authority of each Loan Party’s jurisdiction of incorporation, organization
or formation.

 

(e)               
The Administrative Agent shall have received, or substantially simultaneously with the occurrence of the Effective Date,
shall receive all fees and other amounts previously agreed in writing by the Joint Bookrunners and the Parent Borrower to be due
and payable on or prior to the Effective Date, including, to the extent invoiced at least three Business Days prior to the Effective
Date, reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel)
required to be reimbursed or paid by any Loan Party under any Loan Document.

 

(f)                
The Collateral and Guarantee Requirement shall have been satisfied.

 

(g)               
The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all
material respects on and as of the Effective Date; provided that, to the extent that such representations and warranties
specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided
further that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect”
or similar language shall be true and correct in all respects on the date of such credit extension or on such earlier date, as
the case may be.

 

(h)               
The Joint Bookrunners shall have received the Audited Financial Statements and the Unaudited Financial Statements.

 

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(i)                
At the time of the Effective Date and immediately after giving effect to any Borrowing or the issuance, amendment, renewal
or extension of any Letter of Credit, as the case may be, no Default or Event of Default shall have occurred and be continuing.

 

(j)                
The Administrative Agent shall have received a certificate from the chief financial officer of the Parent Borrower certifying
as to the solvency of the Parent Borrower and its Subsidiaries on a consolidated basis after giving effect to the Transactions.

 

(k)               
The Administrative Agent and the Joint Bookrunners shall have received a Beneficial Ownership Certification and all other
documentation at least two Business Days prior to the Effective Date and other information about the Loan Parties as shall have
been reasonably requested in writing at least 10 Business Days prior to the Effective Date by the Administrative Agent or the
Joint Bookrunners that they shall have reasonably determined is required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act and the
Beneficial Ownership Regulation.

 

(l)                
Since August 30, 2019, there shall not have occurred any change, development, circumstance, effect, event or occurrence
that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

 

The Administrative Agent shall
notify Holdings, the Parent Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall
not become effective unless each of the foregoing conditions shall have been satisfied (or waived pursuant to Section 9.02)
at or prior to 5:00 p.m., New York City time, on the Effective Date (and, in the event such conditions are not so satisfied
or waived, the Commitments shall terminate at such time).

 

Without limiting
the generality of the provisions of Article VIII, for purposes of determining compliance with the conditions specified
in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Effective
Date specifying its objection thereto.

 

SECTION 4.02.            
Each Credit Event After the Effective Date. After the Effective Date, the obligation of each Lender to make a Loan
on the occasion of any Borrowing, and of each Issuing Bank to issue, amend to increase the face amount of, renew or extend any
Letter of Credit, in each case, other than on the Effective Date or with respect to any Incremental Facility, Loan Modification
or Permitted Amendment, to the extent set forth in the related Incremental Facility Amendment, Loan Modification or Permitted
Amendment, is subject to receipt of the request therefor in accordance herewith and to the satisfaction of the following conditions
(subject, in each case, to Section 1.09):

 

(a)               
The representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all
material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter
of Credit, as the case may be (in each case, unless such date is the Effective Date); provided that, to the extent that
such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects
as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality,”
“Material Adverse Effect” or similar language shall

 

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be
true and correct in all respects on the date of such credit extension or on such earlier date, as the case may be.

 

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

 

Each Borrowing (provided
that a conversion or a continuation of a Borrowing shall not constitute a “Borrowing” for purposes of this Section)
and each issuance, amendment to increase the face amount of, renewal or extension of a Letter of Credit shall be deemed to constitute
a representation and warranty by the Parent Borrower on the date thereof as to the matters specified in paragraphs (a) and
(b) of this Section (subject, in each case, to Section 1.05).

 

Article
V

 

Affirmative Covenants

 

Until the Termination
Date, the Parent Borrower covenants and agrees with the Lenders that:

 

SECTION 5.01.            
Financial Statements and Other Information. The Parent Borrower will furnish to the Administrative Agent, on behalf
of each Lender:

 

(a)               
on or before the date on which such financial statements are required or permitted to be filed with the SEC (or, if such
financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each such
fiscal year of the Parent Borrower), audited consolidated balance sheet and audited consolidated statements of operations and
comprehensive income, stockholders’ equity and cash flows of the Parent Borrower as of the end of and for such year, and
related notes thereto, setting forth in each case in comparative form the figures for the previous fiscal year (which comparative
form may be based on pro forma financial information to the extent any previous fiscal year includes a period occurring prior
to the Effective Date), all reported on by Deloitte LLP or other independent public accountants of recognized national standing
(without a “going concern” or like qualification or exception and without any qualification or exception as to the
scope of such audit (other than with respect to, or resulting from, (A) an upcoming maturity date of any Indebtedness, (B) the
activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiaries or (C) any potential inability
to satisfy a financial maintenance covenant on a future date or in a future period)) to the effect that such consolidated financial
statements present fairly in all material respects the financial condition as of the end of and for such year and results of operations
and cash flows of the Parent Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

(b)               
on or before the date on which such financial statements are required or permitted to be filed with the SEC with respect
to each of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, if such financial statements are not
required to be filed with the SEC, on or before the date that is 45 days after the end of each such fiscal quarter), unaudited
consolidated balance sheet and unaudited consolidated statements of operations and comprehensive income, stockholders’ equity
and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in
each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as
of the end of) the previous fiscal year, all certified by a Financial Officer as presenting fairly in

 

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all
material respects the financial condition as of the end of and for such fiscal quarter and such portion of the fiscal year and
results of operations and cash flows of the Parent Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

 

(c)               
simultaneously with the delivery of each set of consolidated financial statements referred to in clauses (a) and (b) above,
the consolidating financial information reflecting adjustments, if any, necessary to eliminate the accounts of Unrestricted Subsidiaries
(if any) from such consolidated financial statements;

 

(d)               
not later than five Business Days after any delivery of financial statements under paragraph (a) or (b) above,
a certificate of a Financial Officer (i) certifying as to whether a Default has occurred and, if a Default has occurred,
specifying the details thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably
detailed calculations demonstrating compliance with the Financial Performance Covenant, if applicable and being tested on the
last day of the applicable quarter;

 

(e)               
[Reserved];

 

(f)                
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and registration
statements (other than amendments to any registration statement (to the extent such registration statement, in the form it became
effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration
statement on Form S-8) filed by Holdings, the Parent Borrower or any of its Restricted Subsidiaries with the SEC or with any national
securities exchange; and

 

(g)               
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of Holdings, any Intermediate Parent, the Parent Borrower or any of its Restricted Subsidiaries, or compliance with
the terms of any Loan Document, as the Administrative Agent on its own behalf or on behalf of any Lender may reasonably request
in writing.

 

Notwithstanding
the foregoing, the obligations in paragraphs (a) and (b) of this Section 5.01 may be satisfied with respect to financial
information of the Parent Borrower and its Subsidiaries by furnishing (A) the Form 10-K or 10-Q (or the equivalent), as applicable,
of Holdings (or any Intermediate Parent or any direct or indirect parent of Holdings) filed with the SEC or a similar regulatory
authority in a foreign jurisdiction or (B) the applicable financial statements of Holdings (or any Intermediate Parent or any
direct or indirect parent of Holdings); provided that (i) to the extent such information relates to a parent of the
Parent Borrower, such information is accompanied by consolidating information, which may be unaudited, that explains in reasonable
detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent
Borrower and its Subsidiaries on a standalone basis, on the other hand, and (ii) to the extent such information is in lieu
of information required to be provided under Section 5.01(a), such materials are accompanied by a report and opinion of Deloitte
& Touche LLP or any other independent registered public accounting firm of nationally recognized standing, which report and
opinion (x) shall be prepared in accordance with generally accepted auditing standards, (y) shall not be subject to any “going
concern” or like qualification or exception or any qualification or exception as to the scope of such audit (other than
any exception or explanatory paragraph, with respect to, or resulting from, (i) an upcoming maturity date of any Indebtedness
occurring within one year from the time such opinion is delivered, (ii) the activities, operations, financial results, assets
or liabilities of any Unrestricted Subsidiaries or (iii) any potential

 

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inability to
satisfy a financial maintenance covenant on a future date or in a future period) and (z) shall not be required to address consolidating
information described in clause (i) above.

 

Documents required
to be delivered pursuant to Section 5.01(a), (b), (c), (d) or (f) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower’s website
on the Internet at the website address listed on Schedule 9.01 (or otherwise notified pursuant to Section 9.01(d)); or
(ii) on which such documents are posted on the Parent Borrower’s behalf on an Internet or intranet website, if any, to which
each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent); provided that: (i) the Parent Borrower shall deliver such documents to the Administrative Agent upon its reasonable
request until a written notice to cease delivering such documents is given by the Administrative Agent and (ii) the Parent Borrower
shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents and upon its reasonable
request, provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents.
The Administrative Agent shall have no obligation to request the delivery of or maintain paper copies of the documents referred
to above, and each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such
documents.

 

The Parent
Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Bookrunners will make available to the Lenders
and the Issuing Bank materials and/or information provided by or on behalf of the Parent Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material
non-public information with respect to the Parent Borrower or its Affiliates, or the respective securities of any of the foregoing,
and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Parent
Borrower hereby agrees that it will, upon the Administrative Agent’s reasonable request, use commercially reasonable efforts
to identify that portion of the Borrower Materials that may be distributed to the Public Lenders 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 Parent Borrower
shall be deemed to have authorized the Administrative Agent, the Joint Bookrunners, the Issuing Bank and the Lenders to treat
such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with
respect to the Parent Borrower or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section
9.12); (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 and the Lead Arranger 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.” Notwithstanding the foregoing, the Parent Borrower shall be under no obligation
to mark any Borrower Materials “PUBLIC.”

 

SECTION 5.02.            
Notices of Material Events. Promptly after any Responsible Officer of Holdings or any Borrower obtains actual knowledge
thereof, Holdings or such Borrower will furnish to the Administrative Agent (for distribution to each Lender through the Administrative
Agent) written notice of the following:

 

(a)               
the occurrence of any Default;

 

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(b)               
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or, to the knowledge of a Financial Officer or another executive officer of Holdings, the Parent Borrower or any of its Subsidiaries,
affecting Holdings, any Intermediate Parent, the Parent Borrower or any Subsidiary or the receipt of a written notice of an Environmental
Liability in each case that could reasonably be expected to result in a Material Adverse Effect; and

 

(c)               
the occurrence of any ERISA Event that could reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.

 

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

 

SECTION 5.03.            
Information Regarding Collateral.

 

(a)               
Holdings or the Parent Borrower will furnish to the Administrative Agent prompt (and in any event within 60 days or such
longer period as reasonably agreed to by the Administrative Agent) written notice of any change (i) in any Loan Party’s
legal name (as set forth in its certificate of organization or like document), (ii) in the jurisdiction of incorporation
or organization of any Loan Party or in the form of its organization or (iii) in any Loan Party’s organizational identification
number to the extent that such Loan Party is organized or owns Mortgaged Property in a jurisdiction where an organizational identification
number is required to be included in a UCC financing statement for such jurisdiction..

 

(b)               
Not later than five Business Days after delivery of financial statements pursuant to Section 5.01(a) or (b), Holdings
or the Parent Borrower shall deliver to the Administrative Agent a certificate executed by a Responsible Officer of Holdings or
the Parent Borrower (i) setting forth the information required pursuant to Sections 1(a)(i), 1(b), 2, 5, 6 and 8 (other than
8(f)) of the Perfection Certificate or confirming that there has been no change in such information since the date of the Perfection
Certificate delivered on the Effective Date or the date of the most recent certificate delivered pursuant to this Section and
(ii) identifying any Wholly Owned Restricted Subsidiary that has become, or ceased to be, a Material Subsidiary or an Excluded
Subsidiary during the most recently ended fiscal quarter.

 

SECTION 5.04.            
Existence; Conduct of Business. Each of Holdings and the Parent Borrower will, and will cause each Restricted Subsidiary
to, do or cause to be done all things necessary to obtain, preserve, renew and keep in full force and effect its legal existence
and the rights, licenses, permits, privileges, franchises, Intellectual Property material to the conduct of its business, except
to the extent (other than with respect to the preservation of the existence of Holdings and the Parent Borrower) that the failure
to do so could not reasonably be expected to have a Material Adverse Effect; provided that the foregoing shall not prohibit
any merger, consolidation, liquidation or dissolution permitted under Section 6.03, any Lien permitted by Section 6.02 or
any Disposition permitted by Section 6.05.

 

SECTION 5.05.            
Payment of Taxes, etc. Each of Holdings and the Parent Borrower will, and will cause each Restricted Subsidiary
to, pay its obligations in respect of Tax liabilities, assessments and governmental charges, before the same shall become delinquent
or in default, except where the failure to make payment could not reasonably be expected, individually or in the aggregate, to
result in a Material Adverse Effect.

 

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SECTION 5.06.            
Maintenance of Properties. Each of Holdings and the Parent Borrower will, and will cause each Restricted Subsidiary
to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear
and tear excepted, except where the failure to do so could not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

SECTION 5.07.            
Insurance.

 

(a)               
Each of Holdings and the Parent Borrower will, and will cause each Restricted Subsidiary to, maintain, with insurance companies
that Holdings believes (in the good faith judgment of the management of Holdings) are financially sound and responsible at the
time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance
which Holdings believes (in the good faith judgment of management of Holdings) is reasonable and prudent in light of the size
and nature of its business) and against at least such risks (and with such risk retentions) as Holdings believes (in the good
faith judgment or the management of Holdings) are reasonable and prudent in light of the size and nature of its business, and
will furnish to the Lenders, upon written request from the Administrative Agent, information presented in reasonable detail as
to the insurance so carried. Not later than 60 days after the Effective Date (or such later date as the Collateral Agent may agree
in its reasonable discretion), each such policy of insurance maintained by a Loan Party shall (i) name the Administrative Agent,
on behalf of the Lenders, as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty
insurance policy, contain a loss payable/mortgagee clause or endorsement that names the Administrative Agent, on behalf of the
Secured Parties as the loss payee or mortgagee thereunder.

 

(b)               
If any portion of any Mortgaged Property subject to FEMA rules and regulations is at any time located in an area identified
by FEMA (or any successor agency) as a Special Flood Hazard Area with respect to which flood insurance has been made available
under the Flood Insurance Laws, then the Parent Borrower shall, or shall cause the relevant Loan Party to, (i) maintain or cause
to be maintained, flood insurance sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood
Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance, which evidence complies with applicable
Flood Insurance Laws and rules and regulations promulgated pursuant thereto.

 

SECTION 5.08.            
Books and Records; Inspection and Audit Rights. Each of Holdings and the Parent Borrower will, and will cause each
Restricted Subsidiary to, maintain proper books of record and account in which entries that are full, true and correct in all
material respects and are in conformity with GAAP (or applicable local standards) consistently applied shall be made of all material
financial transactions and matters involving the assets and business of Holdings, the Parent Borrower or its Restricted Subsidiary,
as the case may be. Each of Holdings and the Parent Borrower will, and will cause each of its Restricted Subsidiaries to, permit
any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its
properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its
officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided that,
excluding any such visits and inspections during the continuation of an Event of Default, only the Administrative Agent on behalf
of the Lenders may exercise visitation and inspection rights of the Administrative Agent and the Lenders under this Section 5.08
and the Administrative Agent shall not exercise such rights more often than one time during any calendar year absent the existence
of an Event of Default and only one such time shall be at the reasonable expense of the Parent Borrower; provided further
that (a) when an Event of Default exists, the Administrative Agent or any Lender (or any of their respective representatives
or independent contractors) may do any of the foregoing at the expense of the Parent Borrower at any time during normal business
hours and upon reasonable advance notice and

 

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(b) the
Administrative Agent and the Lenders shall give Holdings and the Parent Borrower the opportunity to participate in any discussions
with Holdings’ or the Parent Borrower’s independent public accountants.

 

SECTION 5.09.            
Compliance with Laws. Each of Holdings and the Parent Borrower will, and will take reasonably commercial efforts
to cause each Restricted Subsidiary to, comply with all Requirements of Law (including Environmental Laws, the applicable provisions
of ERISA and the USA Patriot Act and other anti-terrorism laws) with respect to it, its property and operations, except where
the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 5.10.            
Use of Proceeds and Letters of Credit. The Borrowers will use the proceeds of the the Revolving Loans drawn on the
Effective Date to finance all or a portion of the Transactions. The proceeds of the Revolving Loans and Swingline Loans drawn
after the Effective Date will be used only for general corporate purposes (including Permitted Acquisitions). Letters of Credit
will be used only for general corporate purposes. Holdings and its subsidiaries will use the proceeds of (i) any Incremental Facilities
for working capital or any other purpose not prohibited by this Agreement and (ii) any Credit Agreement Refinancing Indebtedness,
applied among the Loans and any Incremental Facilities in accordance with the terms of this Agreement. Holdings, the Parent Borrower
and the Restricted Subsidiaries will not, directly or to the Parent Borrower’s knowledge, indirectly, use the proceeds of
the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person,
for any purpose that will result in a violation by any Person (including any Person participating in the transaction, whether
as underwriter, advisor, investor, lender or otherwise) of the USA Patriot Act.

 

SECTION 5.11.            
Additional Subsidiaries.

 

(a)               
If any additional Restricted Subsidiary or Intermediate Parent is formed or acquired after the Effective Date (including,
without limitation, upon the formation of any Restricted Subsidiary that is a Division Successor), Holdings or the Parent Borrower
will, within 90 days after such newly formed or acquired Restricted Subsidiary or Intermediate Parent is formed or acquired (unless
such Restricted Subsidiary is an Excluded Subsidiary), notify the Administrative Agent thereof, and will cause such Restricted
Subsidiary or Intermediate Parent to satisfy the Collateral and Guarantee Requirement with respect to such Restricted Subsidiary
or Intermediate Parent and with respect to any Equity Interest in or Indebtedness of such Restricted Subsidiary or Intermediate
Parent owned by or on behalf of any Loan Party within 30 days after such notice (or such longer period as the Administrative Agent
shall reasonably agree).

 

(b)               
Within 90 days (or such longer period as the Administrative Agent may reasonably agree) after Holdings or the Parent Borrower
identifies any new Material Subsidiary or any Restricted Subsidiary that has ceased to be an Excluded Subsidiary pursuant to Section
5.03(b), all actions (if any) required to be taken with respect to such Subsidiary in order to satisfy the Collateral and Guarantee
Requirement shall have been taken with respect to such Subsidiary.

 

SECTION 5.12.            
Further Assurances.

 

(a)               
Each of Holdings and the Parent Borrower will, and will cause each Loan Party to, execute any and all further documents,
financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing
statements, fixture filings, mortgages, deeds of trust and other documents), that may be required under any applicable law and
that the

 

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Administrative
Agent or the Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied,
all at the expense of the Loan Parties.

 

(b)               
If, after the Effective Date, any material assets (including any owned (but not leased) real property or improvements thereto
or any interest therein with a Fair Market Value in excess of, together with any other real property assets that have been acquired,
$7,500,000) are acquired by the Parent Borrower or any other Loan Party or are held by any Subsidiary on or after the time it
becomes a Loan Party pursuant to Section 5.11 (other than assets constituting Collateral under a Security Document that become
subject to the Lien created by such Security Document upon acquisition thereof or constituting Excluded Assets), the Parent Borrower
will notify the Administrative Agent thereof, and, if requested by the Administrative Agent, the Parent Borrower will cause such
assets to be subjected to a Lien securing the Secured Obligations and will take and cause the other Loan Parties to take, such
actions as shall be necessary and reasonably requested by the Administrative Agent and consistent with the Collateral and Guarantee
Requirement to grant and perfect such Liens, including actions described in paragraph (a) of this Section, all at the expense
of the Loan Parties and subject to the last paragraph of the definition of the term “Collateral and Guarantee Requirement.”

 

SECTION 5.13.            
[Reserved].

 

SECTION 5.14.            
Designation of Subsidiaries. The Parent Borrower may at any time after the Effective Date designate any Restricted
Subsidiary of the Parent Borrower as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided
that immediately before and after such designation on a Pro Forma Basis as of the end of the most recent Test Period, no Significant
Event of Default shall have occurred and be continuing. The designation of any Subsidiary as an Unrestricted Subsidiary after
the Effective Date shall constitute an Investment by the Parent Borrower therein at the date of designation in an amount equal
to the Fair Market Value of the Parent Borrower’s or its Subsidiary’s (as applicable) investment therein. The designation
of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute (i) the incurrence at the time of designation of any
Investment, Indebtedness or Liens of such Subsidiary existing at such time and (ii) a return on any Investment by the Parent Borrower
in Unrestricted Subsidiaries pursuant to the preceding sentence in an amount equal to the fair market value at the date of such
designation of the Parent Borrower’s or its Subsidiary’s (as applicable) Investment in such Subsidiary.

 

SECTION 5.15.            
Changes in Fiscal Period. Holdings shall not make any change in its fiscal year; provided however, that Holdings
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, Holdings, the Parent 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 the fiscal year.

 

SECTION 5.16.            
Certain Post-Closing Obligations. As promptly as practicable, and in any event within the time periods after the
Effective Date specified in Schedule 5.16 or such later date as the Administrative Agent reasonably agrees to in writing,
including to reasonably accommodate circumstances unforeseen on the Effective Date, Holdings, the Parent Borrower and each other
Loan Party shall deliver the documents or take the actions specified on Schedule 5.16, in each case except to the
extent otherwise agreed by the Administrative Agent pursuant to its authority as set forth in the definition of the term “Collateral
and Guarantee Requirement.”

 

SECTION 5.17.            
Anti-Money Laundering Laws; Anti-Corruption Laws; Sanctions(a). Each of Holdings and the Parent Borrower will, and
will take all reasonably available action to cause each Restricted Subsidiary to:

 

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(a)               
Not use the proceeds of any Loans, Letters of Credit or Borrowing in furtherance of an offer, promise, provide, or authorize
the provision of any money, property, contribution, gift, entertainment or other thing of value, directly or indirectly, to any
government official (including any officer or employee of a government or government-owned or -controlled entity or of a public
international organization, or any political party or party official or candidate for political office), or any other Person acting
in an official capacity, to influence official action or secure an improper advantage, or to encourage the recipient to breach
a duty of good faith or loyalty or the policies of his/her employer, or otherwise in violation of any Anti-Corruption Law;

 

(b)       Not
use the proceeds of any Loans, Letters of Credit or Borrowing for the purpose of transacting any unlawful business directly or
knowingly indirectly with or for the benefit of any Sanctioned Person or otherwise in violation of Sanctions; and

 

(c)       Adopt
and revise from time to time, as the case may be, adequate policies and procedures reasonably designed to ensure compliance with
applicable Anti-Corruption Laws, Sanctions, and applicable anti-money laundering rules and regulations, including without limitation
the USA Patriot Act.

 

SECTION 5.18.            
People with Significant Control Regime. Each of Holdings, the Parent Borrower and each Restricted Subsidiary shall
(a) within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from any
company incorporated in the United Kingdom whose shares form part of the Collateral and (b) promptly provide the Administrative
Agent with a copy of that notice.

 

Article
VI

 

Negative Covenants

 

Until the Termination
Date, each of Holdings and each of the Borrowers covenants and agrees with the Lenders that:

 

SECTION 6.01.            
Indebtedness; Certain Equity Securities.

 

(a)               
Holdings and the Parent Borrower will not, and will not permit any Restricted Subsidiary or Intermediate Parent to, create,
incur, assume or permit to exist any Indebtedness, except:

 

(i)                
Indebtedness of Holdings, any Intermediate Parent, the Borrowers and any of the Restricted Subsidiaries under the Loan
Documents (including any Indebtedness incurred pursuant to Section 2.20, 2.21 or 2.24);

 

(ii)              
Indebtedness (A) outstanding on the date hereof and listed on Schedule 6.01 and any Permitted Refinancing thereof
and (B) that is intercompany Indebtedness among Holdings, the Parent Borrower and/or the Restricted Subsidiaries outstanding on
the date hereof and any Permitted Refinancing thereof;

 

(iii)            
Guarantees by Holdings, any Intermediate Parent, the Parent Borrower and the Restricted Subsidiaries in respect of Indebtedness
of the Parent Borrower or any Restricted Subsidiary otherwise permitted hereunder; provided that (A) such Guarantee is
otherwise permitted by Section 6.04, (B) no Guarantee by any Restricted Subsidiary of any Junior Financing shall be permitted
unless such Restricted Subsidiary shall have also provided a Guarantee of the Loan Document Obligations pursuant to the Guarantee
Agreement and (C) if the

 

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Indebtedness
being Guaranteed is subordinated to the Loan Document Obligations, such Guarantee shall be subordinated to the Guarantee of the
Loan Document Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;

 

(iv)             
Indebtedness of Holdings, any Intermediate Parent, the Parent Borrower or of any Restricted Subsidiary owing to any other
Restricted Subsidiary or the Parent Borrower, Holdings or any Intermediate Parent to the extent permitted by Section 6.04;
provided that all such Indebtedness of any Loan Party owing to any Restricted Subsidiary that is not a Loan Party shall
be subordinated to the Loan Document Obligations (to the extent any such Indebtedness is outstanding at any time after the date
that is 30 days after the Effective Date or such later date as the Administrative Agent may reasonably agree) (but only to the
extent permitted by applicable law and not giving rise to material adverse Tax consequences) on terms (i) at least as favorable
to the Lenders as those set forth in the form of intercompany note attached as Exhibit J or (ii) otherwise reasonably satisfactory
to the Administrative Agent;

 

(v)               
(A) Indebtedness (including Capital Lease Obligations) of the Parent Borrower or any Restricted Subsidiaries financing
the acquisition, construction, repair, replacement or improvement of fixed or capital assets (whether through the direct purchase
of property or any Person owning such property); provided that such Indebtedness is incurred concurrently with or within 270 days
after the applicable acquisition, construction, repair, replacement or improvement, and (B) any Permitted Refinancing of any Indebtedness
set forth in the immediately preceding subclause (A); provided, further, that, at the time of any such incurrence
of Indebtedness and after giving Pro Forma Effect thereto and the use of the proceeds thereof, the aggregate principal amount
of Indebtedness that is outstanding in reliance on this clause (v) shall not exceed the greater of $31,000,000 and 30% of Consolidated
EBITDA for the most recently ended Test Period as of such time;

 

(vi)             
Indebtedness in respect of Swap Agreements (other than Swap Agreement entered into for speculative purposes);

 

(vii)           
(A) Indebtedness of any Person that becomes a Restricted Subsidiary (or of any Person not previously a Restricted Subsidiary
that is merged or consolidated with or into the Parent Borrower or a Restricted Subsidiary) after the date hereof as a result
of a Permitted Acquisition or other Investment, or Indebtedness of any Person that is assumed by the Parent Borrower or any Restricted
Subsidiary in connection with an acquisition of assets by the Parent Borrower or such Restricted Subsidiary in a Permitted Acquisition
or other Investment; provided that such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other Investment;
provided, further, that either (1) the Interest Coverage Ratio after giving Pro Forma Effect to the assumption of such Indebtedness
and such Permitted Acquisition or other Investment is either (x) equal to or greater than 2.00 to 1.00 or (y) equal to or greater
than the Interest Coverage Ratio immediately prior to the incurrence of such Indebtedness and such Permitted Acquisition or other
Investment for the most recently ended Test Period as of such time or (2) the Total Leverage Ratio after giving Pro Forma Effect
to the assumption of such Indebtedness and such Permitted Acquisition or other Investment is either (x) equal to or less than
5.00 to 1.00 or (y) equal to or less than the Total Leverage Ratio immediately prior to the incurrence of such Indebtedness and
such Permitted Acquisition or other Investment for the most recently ended Test Period as of such time and (B) any Permitted Refinancing
of Indebtedness incurred pursuant to the foregoing subclause (A);

 

(viii)         
[Reserved];

 

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(ix)             
Indebtedness representing deferred compensation to employees of Holdings, any Intermediate Parent, the Parent Borrower
and its Restricted Subsidiaries incurred in the ordinary course of business;

 

(x)               
Indebtedness consisting of unsecured promissory notes issued by any Loan Party to current or former officers, directors
and employees or their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests
of Holdings (or any direct or indirect parent thereof) permitted by Section 6.08(a);

 

(xi)             
Indebtedness constituting indemnification obligations or obligations in respect of purchase price or other similar adjustments
(including earnout or similar obligations) incurred in a Permitted Acquisition, any other Investment or any Disposition, in each
case permitted under this Agreement;

 

(xii)           
Indebtedness consisting of obligations under deferred compensation or other similar arrangements incurred in connection
with any Permitted Acquisition or other Investment permitted hereunder;

 

(xiii)         
Cash Management Obligations and other Indebtedness in respect of netting services, overdraft protections and similar arrangements
and Indebtedness arising from the honoring of a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds, (including Indebtedness owed on a short term basis of no longer than 30 days to banks and other financial
institutions incurred in the ordinary course of business of Holdings, the Parent Borrower and their Restricted Subsidiaries with
such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of Holdings,
the Parent Borrower and their Restricted Subsidiaries);

 

(xiv)         
Indebtedness of the Parent Borrower and its Restricted Subsidiaries; provided that at the time of the incurrence
thereof and after giving Pro Forma Effect thereto, the aggregate principal amount of Indebtedness outstanding in reliance on this
clause (xiv) (together with the aggregate principal amount of any Incremental Facilities and/or Incremental Equivalent Debt incurred
and outstanding (with any such Incremental Facilities and/or Incremental Equivalent Debt that is voluntarily prepaid considered
outstanding for the purposes of this clause (xiv)) in reliance on clause (d) of the definition of “Incremental Cap”)
shall not exceed the greater of $40,000,000 and 40% of Consolidated EBITDA for the most recently ended Test Period as of such
time;

 

(xv)           
Indebtedness consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in
supply arrangements, in each case in the ordinary course of business;

 

(xvi)         
Indebtedness incurred by the Parent Borrower or any of the Restricted Subsidiaries in respect of letters of credit, bank
guarantees, bankers’ acceptances or similar instruments issued or created, or related to obligations or liabilities incurred,
in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee
benefits or property, casualty or liability insurance or self-insurance or other reimbursement-type obligations regarding workers
compensation claims;

 

(xvii)       
obligations in respect of performance, bid, appeal and surety bonds and performance, bankers acceptance facilities and
completion guarantees and similar obligations provided by the Parent Borrower or any of the Restricted Subsidiaries or obligations
in respect of

 

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letters
of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent
with past practice;

 

(xviii)     
unsecured Indebtedness of Holdings or any Intermediate Parent (“Permitted Holdings Debt”) (A) that
is not subject to any Guarantee by any subsidiary thereof, (B) that will not mature prior to the date that is 91 days after
the Latest Maturity Date in effect on the date of issuance or incurrence thereof except in the case of Customary Bridge Loans
which would either automatically be converted into or required to be exchanged for permanent refinancing which does not mature
earlier than the date that is 91 days after the Latest Maturity Date and except with respect to an amount equal to the Maturity
Carveout Amount at such time), (C) that has no scheduled amortization or payments, repurchases or redemptions of principal
(it being understood that such Indebtedness may have mandatory prepayment, repurchase or redemption provisions satisfying the
requirements of clause (E) below), (D) that permits payments of interest or other amounts in respect of the principal thereof
to be paid in kind rather than in cash, (E) that has mandatory prepayment, repurchase or redemption, covenant, default and remedy
provisions customary for senior or senior subordinated discount notes of an issuer that is the parent of a borrower under senior
secured credit facilities, and in any event, with respect to covenant, default and remedy provisions, no more restrictive (taken
as a whole) than those set forth in this Agreement (other than provisions customary for senior or senior subordinated discount
notes of a holding company); provided that a certificate of a Responsible Officer delivered to the Administrative Agent
at least five Business Days prior to the issuance or incurrence of such Indebtedness, together with a reasonably detailed description
of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that Holdings
has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that
such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies Holdings within such five
Business Day period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees)
and (F) that any such Indebtedness of Holdings or any Intermediate Parent is subordinated in right of payment to its Guarantee
under the Guarantee Agreement; provided, further, that any such Indebtedness shall constitute Permitted Holdings
Debt only if immediately after giving effect to the issuance or incurrence thereof, no Event of Default shall have occurred and
be continuing;

 

(xix)         
[Reserved];

 

(xx)           
Indebtedness supported by a letter of credit issued pursuant to this Agreement or any other letter of credit, bank guarantee
or similar instrument permitted by this Section 6.01(a), in a principal amount not to exceed the face amount of such letter of
credit, bank guarantee or such other instrument;

 

(xxi)         
Indebtedness in respect of Permitted Receivables Financings and any Permitted Refinancing thereof;

 

(xxii)       
Permitted Unsecured Refinancing Debt and any Permitted Refinancing thereof;

 

(xxiii)     
Permitted First Priority Refinancing Debt and Permitted Second Priority Refinancing Debt, and any Permitted Refinancing
thereof;

 

(xxiv)     
[Reserved];

 

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(xxv)       
Indebtedness of any Restricted Subsidiary that is not a Loan Party; provided that the aggregate principal amount
of Indebtedness of which the primary obligor or a guarantor is a Restricted Subsidiary that is not a Loan Party outstanding in
reliance on this clause (xxv) shall not exceed, at the time of incurrence thereof and after giving Pro Forma Effect thereto, the
greater of $26,000,000 and 25% of Consolidated EBITDA for the most recently ended Test Period as of such time;

 

(xxvi)     
[Reserved];

 

(xxvii)   
all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent
interest on obligations described in clauses (i) through (xxvi) above; and

 

(xxviii) 
[Reserved.]

 

(xxix)     
Indebtedness arising from an ABL Financing in an aggregate principal amount not exceeding $150,000,000 and any Permitted
Refinancing thereof;

 

(xxx)       
(A) Indebtedness of the Parent Borrower or any Subsidiary Loan Party issued in lieu of Incremental Facilities consisting
of (i) secured or unsecured bonds, notes or debentures (which bonds, notes or debentures, if secured, may be secured either by
Liens on the Collateral ranking equal in priority (but without regard to control of remedies) with the Liens on the Collateral
securing the Secured Obligations or by Liens on the Collateral ranking junior in priority to the Liens on the Collateral securing
the Secured Obligations) or (ii) secured or unsecured loans (which loans, if secured, may be secured either by Liens on the Collateral
ranking equal in priority (but without regard to control of remedies) with the Liens on the Collateral securing the Secured Obligations
or by Liens on the Collateral ranking junior in priority to the Liens on the Collateral securing the Secured Obligations); provided
that (i) the aggregate outstanding principal amount of all such Indebtedness issued pursuant to this clause shall not exceed
at the time of incurrence thereof (x) the Incremental Cap less (y) the amount of all Incremental Facilities outstanding at such
time, (ii) to the extent such Indebtedness is secured by Liens on the Collateral ranking equal in priority, such Indebtedness
shall be considered Consolidated First Lien Debt for purposes of this clause and Section 2.20, (iii) to the extent
such Indebtedness is secured by Liens on the Collateral ranking junior in priority, in lieu of compliance with the First Lien
Leverage Ratios referenced in clause (c) of the definition of “Incremental Cap”, Indebtedness issued pursuant to this
clause shall be permitted to extent that such amount can be incurred without causing the Secured Leverage Ratio, after giving
effect to the incurrence or establishment, as applicable, of such Indebtedness and the use of proceeds thereof, on a Pro Forma
Basis (but without giving effect to any substantially simultaneous incurrence of any Incremental Facility or Incremental Equivalent
Debt, made pursuant to the clauses (a), (b) or (d) of the definition of “Incremental Cap” or under the Revolving Credit
Facility in connection therewith), to exceed either (I) 4.50 to 1.00 for the most recent Test Period then ended or (II) if incurred
in connection with a Permitted Acquisition or other Investment, the Secured Leverage Ratio immediately prior to the incurrence
of such Indebtedness for the Test Period then last ended (iv) to the extent such Indebtedness is unsecured or is not secured by
Liens on the Collateral, in lieu of compliance with the First Lien Leverage Ratios referenced in clause (c) of the definition
of “Incremental Cap”, Indebtedness issued pursuant to this clause shall be permitted to extent that such amount can
be incurred without causing either (I) the Total Leverage Ratio, after giving effect to the incurrence or establishment, as applicable,
of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis (but without giving effect to any substantially simultaneous
incurrence of any Incremental Facility or

 

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Incremental
Equivalent Debt, made pursuant to the clauses (a), (b) or (d) of the definition of “Incremental Cap” or under the
Revolving Credit Facility in connection therewith), to exceed either (I) 5.00 to 1.00 for the most recent Test Period then ended
or (II) if incurred in connection with a Permitted Acquisition or other Investment, the Total Leverage Ratio immediately prior
to the incurrence of such Indebtedness for the Test Period then last ended or (II) the Interest Coverage Ratio, after giving effect
to the incurrence or establishment, as applicable, of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis
(but without giving effect to any substantially simultaneous incurrence of any Incremental Facility or Incremental Equivalent
Debt, made pursuant to the clauses (a), (b) or (d) of the definition of “Incremental Cap” or under the Revolving Credit
Facility in connection therewith), to be less than either (I) 2.00 to 1.00 for the most recent Test Period then ended or (II)
if incurred in connection with a Permitted Acquisition or other Investment, the Interest Coverage Ratio immediately prior to the
incurrence of such Indebtedness for the Test Period then last ended and (v) such Indebtedness complies with the Required Additional
Debt Terms and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (A);

 

(xxxi)     
(A) Indebtedness of the Parent Borrower or any of the Restricted Subsidiaries; provided that after giving effect
to the incurrence of such Indebtedness on a Pro Forma Basis either (1) the Interest Coverage Ratio is either (x) equal to or greater
than 2.00 to 1.00 or (y) equal to or greater than the Interest Coverage Ratio immediately prior to the incurrence of such Indebtedness
for the most recently ended Test Period as of such time or (2) the Total Leverage Ratio is either (x) equal to or less than 5.00
to 1.00 or (y) equal to or less than the Total Leverage Ratio immediately prior to the incurrence of such Indebtedness for the
most recently ended Test Period as of such time and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing
subclause (A); provided, further, that the aggregate principal amount of Indebtedness of which the primary obligor
or a guarantor is a Restricted Subsidiary that is not a Loan Party outstanding in reliance on this clause (xix) shall not exceed,
at the time of incurrence thereof and after giving Pro Forma Effect thereto, the greater of $31,000,000 and 30% of Consolidated
EBITDA for the most recently ended Test Period as of such time;

 

(xxxii)   
(A) Indebtedness incurred to finance a Permitted Acquisition or other Investment; provided that either (i) the Interest
Coverage Ratio after giving Pro Forma Effect to the incurrence of such Indebtedness and such Permitted Acquisition or other Investment
is either (x) equal to or greater than 2.00 to 1.00 or (y) equal to or greater than the Interest Coverage Ratio immediately prior
to the incurrence of such Indebtedness and such Permitted Acquisition or other Investment for the most recently ended Test Period
as of such time or (ii) the Total Leverage Ratio after giving Pro Forma Effect to the incurrence of such Indebtedness and such
Permitted Acquisition or other Investment is either (x) equal to or less than 5.00 to 1.00 or (y) equal to or less than the Total
Leverage Ratio immediately prior to the incurrence of such Indebtedness and such Permitted Acquisition or other Investment for
the most recently ended Test Period as of such time and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the
foregoing clause (A); provided, further, that the aggregate principal amount of Indebtedness of which the primary
obligor or a guarantor is a Restricted Subsidiary that is not a Loan Party outstanding in reliance on this clause (xxvi) shall
not exceed, at the time of incurrence thereof and after giving Pro Forma Effect thereto, the greater of $31,000,000 and 30% of
Consolidated EBITDA for the most recently ended Test Period as of such time;

 

(xxxiii) 
additional Indebtedness in an aggregate principal amount, measured at the time of incurrence and after giving Pro Forma
Effect thereto and the use of the proceeds thereof, not to exceed 200% of the aggregate amount of direct or indirect equity investments
in cash or Permitted Investments in the form of common Equity Interests or Qualified Equity Interests

 

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(excluding,
for the avoidance of doubt, any Cure Amounts) received by Holdings or any Parent Entity (to the extent contributed to Holdings
in the form of common Equity Interests or Qualified Equity Interests) to the extent not included within the Available Equity Amount
or applied to increase any other basket hereunder;

 

(xxxiv)  
Indebtedness in the form of Capital Lease Obligations arising out of any Sale Leaseback and any Permitted Refinancing thereof;

 

(xxxv)    
(A) Indebtedness of the Parent Borrower or any Restricted Subsidiary in an aggregate amount at the time of incurrence thereof
and after giving Pro Forma Effect thereto not to exceed the Available RP Capacity Amount and (B) any Permitted Refinancing of
Indebtedness incurred pursuant to the foregoing clause (A);

 

(xxxvi)  
(A) Indebtedness of the Parent Borrower or any Restricted Subsidiary in an aggregate amount at the time of incurrence thereof
and after giving Pro Forma Effect thereto not to exceed the Available Amount that is Not Otherwise Applied as in effect immediately
prior to the time of such incurrence, so long as immediately after giving effect to any such incurrence pursuant to this clause
(A), no Significant Event of Default has occurred and is continuing, (B) Indebtedness of the Parent Borrower or any Restricted
Subsidiary in an amount not to exceed the Available Equity Amount that is Not Otherwise Applied as in effect immediately prior
to the time of such incurrence and (C) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clauses (A)
and (B).

 

(b)               
Holdings and any Intermediate Parent will not create, incur, assume or permit to exist any Indebtedness except Indebtedness
created under Section 6.01(a)(i), (iii), (iv), (v), (vi), (ix), (x), (xi), (xii), (xiii), (xv), (xvi), (xvii) and (xviii) and
all premiums (if any), interest (including post-petition interest), fees, expenses, charges and additional or contingent interest
on obligations described in the foregoing clauses.

 

(c)               
Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted Subsidiary or Intermediate Parent to,
issue any preferred Equity Interests or any Disqualified Equity Interests, except (A) in the case of Holdings, preferred Equity
Interests that are Qualified Equity Interests and (B) in the case of the Parent Borrower or any Restricted Subsidiary or Intermediate
Parent, (x) preferred Equity Interests or Disqualified Equity Interests issued to and held by Holdings, the Parent Borrower or
any Restricted Subsidiary and (y) preferred Equity Interests (other than Disqualified Equity Interests) issued to and held by
joint venture partners after the Effective Date; provided that in the case of this clause (y) any such issuance of preferred
Equity Interests shall be deemed to be an incurrence of Indebtedness and subject to the provisions set forth in Section 6.01(a)
and (b).

 

For purposes
of determining compliance with this Section 6.01, in the event that an item of Indebtedness meets the criteria of more than one
of the categories of Indebtedness described in clauses (a)(i) through (a)(xxxvi) above or from clause (a), (b) or (d) of the definition
of Incremental Cap to clause (c) of the definition of Incremental Cap, the Parent Borrower shall, in its sole discretion, classify
and reclassify or later divide, classify or reclassify such item of Indebtedness (or any portion thereof) and will only be required
to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding
under the Loan Documents will be deemed to have been incurred in reliance only on the exception in clause (a)(i); provided, further,
that if all or any portion of any Indebtedness (other than any Indebtedness set forth in the preceding proviso) that is not initially
incurred in reliance on ‎Section 6.01(a)(xxxi) subsequently could be incurred in reliance on ‎Section 6.01(a)(xxxi), such
Indebtedness, or the relevant portion thereof, shall automatically be reclassified as having been incurred in reliance on ‎Section
6.01(a)(xxxi), as applicable.

 

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Accrual of
interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment
of interest or dividends in the form of additional Indebtedness or Disqualified Equity Interests will not be deemed to be an incurrence
of Indebtedness or Disqualified Equity Interests for purposes of this covenant.

 

SECTION 6.02.            
Liens. Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted Subsidiary or Intermediate
Parent to, create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, except:

 

(i)                
Liens created under the Loan Documents;

 

(ii)              
Permitted Encumbrances;

 

(iii)            
Liens existing on the Effective Date; provided that any Lien securing Indebtedness or other obligations in excess
of $10,000,000 individually shall only be permitted if set forth on Schedule 6.02 and any modifications, replacements,
renewals or extensions thereof; provided that (A) such modified, replacement, renewal or extension Lien does not extend
to any additional property other than (1) after-acquired property that is affixed or incorporated into the property covered
by such Lien and (2) proceeds and products thereof, and (B) the obligations secured or benefited by such modified, replacement,
renewal or extension Lien are permitted by Section 6.01;

 

(iv)             
Liens securing Indebtedness permitted under Section 6.01(a)(v) or (xxxiv); provided that (A) such Liens
attach concurrently with or within 270 days after the acquisition, repair, replacement, construction or improvement (as applicable)
of the property subject to such Liens, (B) such Liens do not at any time encumber any property other than the property financed
by such Indebtedness except for accessions to such property and the proceeds and the products thereof, and any lease of such property
(including accessions thereto) and the proceeds and products thereof and (C) with respect to Capital Lease Obligations; such
Liens do not at any time extend to or cover any assets (except for accessions to or proceeds of such assets) other than the assets
subject to such Capital Lease Obligations; provided further that individual financings of equipment provided by one lender
may be cross collateralized to other financings of equipment provided by such lender;

 

(v)               
leases, licenses, subleases or sublicenses granted to others (whether or not on an exclusive or non-exclusive basis) that
are entered into in the ordinary course of business or that do not (A) interfere in any material respect with the business
of Holdings, the Parent Borrower and its Restricted Subsidiaries, taken as a whole, or (B) secure any Indebtedness;

 

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

 

(vii)           
Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course
of collection and (B) in favor of a banking institution arising as a matter of law encumbering deposits (including the right
of setoff) and that are within the general parameters customary in the banking industry;

 

(viii)         
Liens (A) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an Investment permitted
pursuant to Section 6.04 to be applied against the purchase price for such Investment or otherwise in connection with any escrow
arrangements with respect to any such Investment or any Disposition permitted under Section 6.05 (including

 

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any
letter of intent or purchase agreement with respect to such Investment or Disposition), (B) consisting of an agreement to
dispose of any property in a Disposition permitted under Section 6.05, in each case, solely to the extent such Investment
or Disposition, as the case may be, would have been permitted on the date of the creation of such Lien or (C) with respect to
escrow deposits consisting of the proceeds of Indebtedness (and related interest and fee amounts) otherwise permitted pursuant
to Section 6.01 in connection with Customary Escrow Provisions financing, and contingent on the consummation of any Investment,
Disposition or Restricted Payment permitted by Section 6.04, Section 6.05 or Section 6.08;

 

(ix)             
Liens on property of any Restricted Subsidiary that is not a Loan Party, which Liens secure Indebtedness of such Restricted
Subsidiary or another Restricted Subsidiary that is not a Loan Party, in each case permitted under Section 6.01(a);

 

(x)               
Liens granted by a Restricted Subsidiary that is not a Loan Party in favor of any Loan Party, Liens granted by a Restricted
Subsidiary that is not a Loan Party in favor of Restricted Subsidiary that is not a Loan Party and Liens granted by a Loan Party
in favor of any other Loan Party;

 

(xi)             
Liens existing on property at the time of its acquisition or existing on the property of any Person at the time such Person
becomes a Restricted Subsidiary (including by the designation of an Unrestricted Subsidiary as a Restricted Subsidiary), in each
case after the date hereof; provided that (A) such Lien was not created in contemplation of such acquisition or such Person becoming
a Restricted Subsidiary, (B) such Lien does not extend to or cover any other assets or property (other than, with respect to such
Person, any replacements of such property or assets and additions and accessions, proceeds and products thereto, after acquired
property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and
other obligations are permitted hereunder that require or include, pursuant to their terms at such time, a pledge of after acquired
property of such Person, and the proceeds and the products thereof and customary security deposits in respect thereof and in the
case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood
that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for
such acquisition), and (C) the Indebtedness secured thereby is permitted under Section 6.01(a)(v) or (vii);

 

(xii)           
any interest or title of a lessor under leases (other than leases constituting Capital Lease Obligations) entered into
by any of the Parent Borrower or any Restricted Subsidiaries in the ordinary course of business;

 

(xiii)         
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale or purchase of goods
by any of the Parent Borrower or any Restricted Subsidiaries in the ordinary course of business;

 

(xiv)         
Liens deemed to exist in connection with Investments in repurchase agreements under clause (e) of the definition of
the term “Permitted Investments”;

 

(xv)           
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(xvi)         
Liens that are contractual rights of setoff (A) relating to the establishment of depository relations with banks not
given in connection with the incurrence of Indebtedness,

 

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(B) relating
to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course
of business of Holdings, any Intermediate Parent, the Parent Borrower and its Restricted Subsidiaries or (C) relating to
purchase orders and other agreements entered into with customers of the Parent Borrower or any Restricted Subsidiary in the ordinary
course of business;

 

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

 

(xviii)     
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(xix)         
Liens on the Collateral (A) securing Permitted First Priority Refinancing Debt, (B) securing Permitted Second Priority
Refinancing Debt, (C) securing Incremental Equivalent Debt and (D) securing Indebtedness permitted pursuant to Section 6.01(a)(xxxvi)
or (xxxv); provided that (in the case of clauses (B) and (D), such Liens do not secure Consolidated First Lien Debt and the applicable
holders of such Indebtedness (or a representative thereof on behalf of such holders) shall have entered into the First Lien/Second
Lien Intercreditor Agreement which agreement shall provide that such Liens on the Collateral shall rank junior to the Liens on
the Collateral securing the Secured Obligations;

 

(xx)           
other Liens; provided that at the time of incurrence of the obligations secured thereby (after giving Pro Forma
Effect to any such obligations) the aggregate outstanding face amount of obligations secured by Liens existing in reliance on
this clause (xx) shall not exceed the greater of $40,000,000 and 40% of Consolidated EBITDA for the Test Period then last ended.

 

(xxi)         
Liens on cash and Permitted Investments used to satisfy or discharge Indebtedness; provided such satisfaction or
discharge is permitted hereunder;

 

(xxii)       
(A) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same
creates a Lien on the related inventory and proceeds thereof and (B) Liens on specific items of inventory or other goods and proceeds
of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account
of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods in the ordinary course of business;

 

(xxiii)     
Liens on cash or Permitted Investments securing Swap Agreements in the ordinary course of business submitted for clearing
in accordance with applicable Requirements of Law;

 

(xxiv)     
Liens on receivables and related assets incurred in connection with Permitted Receivables Financings;

 

(xxv)       
Liens on equipment of the Parent Borrower or any Restricted Subsidiary granted in the ordinary course of business to the
Parent Borrower’s or such Restricted Subsidiary’s client at which such equipment is located;

 

(xxvi)     
security given to a public utility or any municipality or governmental authority when required by such utility or authority
in connection with the operations of such Person in the ordinary course of business;

 

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(xxvii)   
 (A) Liens on Equity Interests in joint ventures; provided that any such Lien is in favor of a creditor of
such joint venture and such creditor is not an Affiliate of any partner to such joint venture and (B) purchase options, call,
and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by Holdings, the
Parent Borrower or any Restricted Subsidiary in joint ventures;

 

(xxviii) 
Liens securing Indebtedness permitted under Section 6.01(a)(xxix); provided that the Parent Borrower and the
provider of such ABL Financing shall enter into a customary “crossing lien” (or any other lien priority more favorable
to the Lenders than customary “crossing-lien” priority) intercreditor agreement with the Administrative Agent (which
may be based on the First Lien or Second Lien Intercreditor Agreement adjusted for such customary “crossing lien”
priority); and

 

(xxix)     
Liens incurred in connection with (A) Indebtedness of the Parent Borrower or any Restricted Subsidiary in an aggregate
amount at the time of incurrence thereof and after giving Pro Forma Effect thereto not to exceed the Available RP Capacity Amount
and (B) any Permitted Refinancing of Indebtedness incurred pursuant to the foregoing clause (A).

 

For
purposes of determining compliance with this ‎Section 6.02, in the event that any Lien meets the criteria of more than
one of the categories of Liens described in clauses ‎(i) through ‎(xxviii) above, the Parent Borrower shall, in its sole
discretion, classify and reclassify or later divide, classify or reclassify such Lien (or any portion thereof) and will only be
required to include the amount and type of such Lien in one or more of the above clauses.

 

SECTION 6.03.            
Fundamental Changes; Holdings Covenant.

 

(a)               
Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted Subsidiary or Intermediate Parent to,
merge into or consolidate or amalgamate with any other Person, or permit any other Person to merge into or consolidate with it,
or liquidate or dissolve (including, in each case, pursuant to a Division), except that:

 

(i)                
any Restricted Subsidiary or Intermediate Parent may merge, consolidate or amalgamate with (A) the Parent Borrower; provided
that the Parent Borrower shall be the continuing or surviving Person, or (B) in the case of any Restricted Subsidiary, any
one or more other Restricted Subsidiaries; provided that when any Subsidiary Loan Party is merging, consolidating or amalgamating
with another Restricted Subsidiary (1) the continuing or surviving Person shall be a Subsidiary Loan Party or (2) if
the continuing or surviving Person is not a Subsidiary Loan Party, the acquisition of such Subsidiary Loan Party by such surviving
Restricted Subsidiary is otherwise permitted under Section 6.04;

 

(ii)              
any Restricted Subsidiary (other than the Borrowers) or Intermediate Parent may liquidate or dissolve or change its legal
form if Holdings determines in good faith that such action is in the best interests of Holdings, the Parent Borrower and its Restricted
Subsidiaries and is not materially disadvantageous to the Lenders;

 

(iii)            
any Restricted Subsidiary may make a Disposition of all or substantially all of its assets (upon voluntary liquidation
or otherwise) to another Restricted Subsidiary; provided that if the transferor in such a transaction is a Loan Party,
then (A) the transferee must be a Loan Party, (B) to the extent constituting an Investment, such Investment must be
a permitted Investment in a Restricted Subsidiary that is not a Loan Party in accordance with Section 6.04 or (C) to
the extent

 

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constituting
a Disposition to a Restricted Subsidiary that is not a Loan Party, such Disposition is for Fair Market Value and any promissory
note or other non-cash consideration received in respect thereof is a permitted Investment in a Restricted Subsidiary that is
not a Loan Party in accordance with Section 6.04;

 

(iv)             
the Parent Borrower may merge, amalgamate or consolidate with any other Person; provided that (A) the Parent
Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation
or consolidation is not the Parent Borrower (any such Person, the “Successor Borrower”), (1) the Successor
Borrower shall be an entity organized or existing under the laws of the Cayman Islands, (2) the Successor Borrower shall expressly
assume all the obligations of the Parent Borrower under this Agreement and the other Loan Documents to which the Parent Borrower
is a party pursuant to a supplement hereto or thereto in form and substance reasonably satisfactory to the Administrative Agent,
(3) each Loan Party other than the Parent Borrower, unless it is the other party to such merger, amalgamation or consolidation,
shall have reaffirmed, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, that
its Guarantee of, and grant of any Liens as security for, the Secured Obligations shall apply to the Successor Borrower’s
obligations under this Agreement, (4) the Parent Borrower shall have delivered to the Administrative Agent a certificate
of a Responsible Officer and an opinion of counsel, each stating that such merger, amalgamation or consolidation complies with
this Agreement and (5) Holdings may not merge, amalgamate or consolidate with any Subsidiary Loan Party if any Permitted Holdings
Debt is then outstanding unless the Interest Coverage Ratio is greater than or equal to 2.00 to 1.00 on a Pro Forma Basis; provided
further that (y) if such Person is not a Loan Party, no Event of Default exists after giving effect to such merger, amalgamation
or consolidation and (z) if the foregoing requirements are satisfied, the Successor Borrower will succeed to, and be substituted
for, the Parent Borrower under this Agreement and the other Loan Documents; provided further that the Parent Borrower agrees
to use commercially reasonable efforts to provide any documentation and other information about the Successor Borrower as shall
have been reasonably requested in writing by any the Lender through the Administrative Agent that such Lender shall have reasonably
determined is required by regulatory authorities under applicable “know your customer” and anti-money laundering rules
and regulations, including Title III of the USA Patriot Act and the Beneficial Ownership Regulation;

 

(v)               
Holdings or any Intermediate Parent may merge, amalgamate or consolidate with any other Person, so long as no Event of
Default exists after giving effect to such merger, amalgamation or consolidation; provided that (A) Holdings or Intermediate
Parent, as applicable, shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger,
amalgamation or consolidation is not Holdings or Intermediate Parent, as applicable, or is a Person into which Holdings or Intermediate
Parent, as applicable, has been liquidated (any such Person, the “Successor Holdings”), (1) the Successor Holdings
shall expressly assume all the obligations of Holdings or Intermediate Parent, as applicable, under this Agreement and the other
Loan Documents to which Holdings or Intermediate Parent, as applicable, is a party pursuant to a supplement hereto or thereto
in form and substance reasonably satisfactory to the Administrative Agent, (2) each Loan Party other than Holdings or Intermediate
Parent, as applicable, unless it is the other party to such merger, amalgamation or consolidation, shall have reaffirmed, pursuant
to an agreement in form and substance reasonably satisfactory to the Administrative Agent, that its Guarantee of and grant of
any Liens as security for the Secured Obligations shall apply to the Successor Holdings’ obligations under this Agreement,
(3) the Successor Holdings shall, immediately following such merger, amalgamation or consolidation, directly or indirectly own
all Subsidiaries owned by Holdings or Intermediate Parent, as applicable, immediately prior to such transaction, (4) Holdings
or Intermediate Parent, as applicable, shall have delivered to the

 

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Administrative
Agent a certificate of a Responsible Officer and an opinion of counsel, each stating that such merger, amalgamation or consolidation
complies with this Agreement; provided further that if the foregoing requirements are satisfied, the Successor Holdings
will succeed to, and be substituted for, Holdings or immediate Parent, as applicable, under this Agreement and the other Loan
Documents; provided further that Holdings agrees to use commercially reasonable efforts to provide any documentation and
other information about the Successor Holdings as shall have been reasonably requested in writing by any the Lender through the
Administrative Agent that such Lender shall have reasonably determined is required by regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including Title III of the USA Patriot Act and
the Beneficial Ownership Regulation;

 

(vi)             
any Restricted Subsidiary may merge, consolidate or amalgamate with any other Person in order to effect an Investment permitted
pursuant to Section 6.04; provided that the continuing or surviving Person shall be a Restricted Subsidiary, which
together with each of its Restricted Subsidiaries, shall have complied with the requirements of Sections 5.11 and 5.12; and

 

(vii)           
any Restricted Subsidiary may effect a merger, dissolution, liquidation consolidation or amalgamation to effect a Disposition
permitted pursuant to Section 6.05.

 

(b)               
Holdings will not conduct, transact or otherwise engage in any business or operations other than (i) the ownership and/or
acquisition of the Equity Interests of any direct or indirect parent of the Parent Borrower, the Parent Borrower, (ii) the maintenance
of its legal existence, including the ability to incur fees, costs and expenses relating to such maintenance, (iii) participating
in tax, accounting and other administrative matters as a member of the consolidated group of Holdings and the Parent Borrower
or any of their Subsidiaries, (iv) the performance of its obligations under and in connection with the Loan Documents, any documentation
governing any Indebtedness or Guarantee permitted to be incurred or made by it under Article VI, the Acquisition Agreement, the
Transactions, the other agreements contemplated by the Acquisition Agreement and the other agreements contemplated hereby and
thereby, (v) financing activities, including any public offering of its common stock or any other issuance or registration of
its Equity Interests for sale or resale not prohibited by this Agreement, including the costs, fees and expenses related thereto
including the formation of one or more “shell” companies to facilitate any such offering or issuance, (vi) any transaction
that Holdings is permitted to enter into or consummate under Article VI (including, but not limited to, the making of any Restricted
Payment permitted by Section 6.08 or holding of any cash or Permitted Investments received in connection with Restricted Payments
made in accordance with Section 6.08 pending application thereof in the manner contemplated by Section 6.04, the incurrence of
any Indebtedness permitted to be incurred by it under Section 6.01 and the making of (and activities as necessary to consummate)
any Investment permitted to be made by it under Section 6.04), (vii) incurring fees, costs and expenses relating to overhead and
general operating including professional fees for legal, tax and accounting issues and paying taxes, (viii) providing indemnification
to officers and directors and as otherwise permitted in Section 6.09, (ix) activities as necessary to consummate, or incidental
to the consummation of, any Permitted Acquisition or any other Investment permitted hereunder, (x) activities incidental to the
consummation of the Transactions, (xi) activities incidental to the businesses or activities described in clauses (i) to (x) of
this paragraph.

 

SECTION 6.04.            
Investments, Loans, Advances, Guarantees and Acquisitions. Neither Holdings nor the Parent Borrower will, nor will
they permit any Restricted Subsidiary or Intermediate Parent to, make or hold any Investment, except:

 

(a)               
Permitted Investments at the time such Permitted Investment is made;

 

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(b)               
loans or advances to officers, directors and employees of Holdings, any Intermediate Parent, the Parent Borrower and its
Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous
ordinary business purposes, (ii) in connection with such Person’s purchase of Equity Interests of Holdings (or any
direct or indirect parent thereof) (provided that the amount of such loans and advances made in cash to such Person shall
be contributed to the Parent Borrower in cash as common equity or Qualified Equity Interests) and (iii) for purposes not
described in the foregoing clauses (i) and (ii); provided that at the time of incurrence thereof and after giving
Pro Forma Effect thereto, the aggregate principal amount outstanding in reliance on this clause (iii) shall not exceed the greater
of $5,000,000 and 5% of Consolidated EBITDA for the most recently ended Test Period as of such time;

 

(c)               
Investments by Holdings, any Intermediate Parent, the Parent Borrower or any Restricted Subsidiary in any of Holdings,
any Intermediate Parent, the Parent Borrower or any Restricted Subsidiary;

 

(d)               
Investments consisting of (A) prepayments to suppliers in the ordinary course of business and (B) extensions of trade credit
in the ordinary course of business;

 

(e)               
Investments (i) existing or contemplated on the date hereof and set forth on Schedule 6.04(e) and any
modification, replacement, renewal, reinvestment or extension thereof and (ii) Investments existing on the date hereof by
Holdings, the Parent Borrower or any Restricted Subsidiary in the Parent Borrower or any Restricted Subsidiary and any modification,
renewal or extension thereof; provided that the amount of the original Investment is not increased except by the terms
of such Investment to the extent as set forth on Schedule 6.04(e) or as otherwise permitted by this Section 6.04;

 

(f)                
Investments in Swap Agreements permitted under Section 6.01;

 

(g)               
promissory notes and other non-cash consideration received in connection with Dispositions permitted by Section 6.05;

 

(h)               
Permitted Acquisitions;

 

(i)                
[Reserved];

 

(j)                
Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;

 

(k)               
Investments (including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization
of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers or upon
the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment;

 

(l)                
loans and advances to Holdings (or any direct or indirect parent thereof) or any Intermediate Parent in lieu of, and not
in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted
Payments to the extent permitted to be made to Holdings (or such parent) or such Intermediate Parent in accordance with Section 6.08(a);

 

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(m)             
other Investments and other acquisitions (i) so long as, at the time any such Investment or other acquisition is made,
the aggregate outstanding amount of all Investments made in reliance on this clause (m) together with the aggregate amount of
all consideration paid in connection with all other acquisitions made in reliance on this clause (m), shall not exceed the greater
of $51,000,000 and 50% of Consolidated EBITDA for the most recently ended Test Period after giving Pro Forma Effect to the making
of such Investment or other acquisition, (ii) so long as immediately after giving effect to any such Investment no Significant
Event of Default has occurred and is continuing, in an amount not to exceed the Available Amount that is Not Otherwise Applied
as in effect immediately prior to the time of making of such Investment, (iii) in an amount not to exceed the Available Equity
Amount that is Not Otherwise Applied as in effect immediately prior to the time of making of such Investment and (iv) in an amount
not to exceed the Available RP Capacity Amount;

 

(n)               
advances of payroll payments to employees in the ordinary course of business;

 

(o)               
Investments and other acquisitions to the extent that payment for such Investments is made with Qualified Equity Interests
(excluding Cure Amounts) of Holdings (or any direct or indirect parent thereof); provided that (i) such amounts used pursuant
to this clause (q) shall not increase the Available Equity Amount or be applied to increase any other basket hereunder and (ii)
any amounts used for such an Investment or other acquisition that are not Qualified Equity Interests of Holdings (or any direct
or indirect parent thereof) shall otherwise be permitted pursuant to this Section 6.04);

 

(p)               
Investments of a Subsidiary acquired after the Effective Date or of a Person merged or consolidated with any Subsidiary
in accordance with this Section and Section 6.03 after the Effective Date to the extent that such Investments were not made
in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such
acquisition, merger or consolidation;

 

(q)               
non-cash Investments in connection with tax planning and reorganization activities; provided that after giving effect
to any such activities, the security interests of the Lenders in the Collateral, taken as a whole, would not be materially impaired;
and

 

(r)                
Investments consisting of Indebtedness, Liens, fundamental changes, Dispositions and Restricted Payments permitted (other
than by reference to this Section 6.04(r)) under Sections 6.01, 6.02, 6.03, 6.05 and 6.08, respectively;

 

(s)                
additional Investments (including Permitted Acquisitions); provided that after giving effect to any such Investment
on a Pro Forma Basis, the Total Leverage Ratio is less than or equal to 3.00 to 1.00 as of the most recent Test Period;

 

(t)                
contributions to a “rabbi” trust for the benefit of employees, directors, consultants, independent contractors
or other service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Parent Borrower;

 

(u)               
to the extent that they constitute Investments, purchases and acquisitions of inventory, supplies, materials or equipment
or purchases, acquisitions, licenses or leases of other assets, Intellectual Property, or other rights, in each case in the ordinary
course of business;

 

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(v)               
Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as
a Restricted Subsidiary pursuant to the definition of “Unrestricted Subsidiary”;

 

(w)             
Investments by a captive insurance subsidiary in accordance with any investment policy or any insurance statutes or regulations
applicable to it;

 

(x)               
Investments in connection with the Transactions;

 

(y)               
[Reserved];

 

(z)               
any Investment in a Similar Business; provided that at the time any such Investment is made, the aggregate outstanding
amount of all Investments made in reliance on this clause (y) together with the aggregate amount of all consideration paid
in connection with all other acquisitions made in reliance on this clause (y), shall not exceed the greater of (A) $31,000,000
and (B) 30% of Consolidated EBITDA for the most recently ended Test Period after giving Pro Forma Effect to the making of such
Investment; and

 

(aa)            
Investments in Unrestricted Subsidiaries; provided that at the time any such Investment is made, the aggregate outstanding
amount of all Investments made in reliance on this clause (z) together with the aggregate amount of all consideration paid in
connection with all other acquisitions made in reliance on this clause (z), shall not exceed the greater of (A) $31,000,000 and
(B) 30% of Consolidated EBITDA for the most recently ended Test Period after giving Pro Forma Effect to the making of such Investment.

 

For
purposes of determining compliance with this Section 6.04, in the event that a proposed Investment (or portion thereof) meets
the criteria of clauses (a) through (bb) above (or any sub-clause therein), the Parent Borrower will be entitled to classify or
later reclassify (based on circumstances existing on the date of such reclassification) such Investment (or portion thereof) between
such clauses (a) through (bb) (or any sub-clause therein), in a manner that otherwise complies with this Section 6.04; provided
that, if all or any portion of any Investment that is not initially made in reliance on Section 6.04(s) subsequently
could be made in reliance on Section 6.04(s), such Investment, or the relevant portion thereof, shall automatically be
reclassified as having been made in reliance on Section 6.04(s).

 

SECTION 6.05.            
Asset Sales. Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted Subsidiary or Intermediate
Parent to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will Holdings
or the Parent Borrower permit any Restricted Subsidiary to issue any additional Equity Interest in such Restricted Subsidiary
(other than issuing directors’ qualifying shares, nominal shares issued to foreign nationals or other Persons to the extent
required by applicable Requirements of Law and other than issuing Equity Interests to Holdings, the Parent Borrower or a Restricted
Subsidiary in compliance with Section 6.01(b) (each, a “Disposition”), except:

 

(a)               
Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business
and Dispositions of property no longer used or useful, or economically practicable to maintain, in the conduct of the business
of Holdings, any Intermediate Parent, the Parent Borrower and its Restricted Subsidiaries (including allowing any registration
or application for registration of any Intellectual Property that is no longer used or useful, or economically practicable to
maintain, to lapse, go abandoned, or be invalidated);

 

(b)               
Dispositions of inventory and other assets in the ordinary course of business;

 

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(c)               
Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of
similar replacement property (ii) an amount equal to the Net Proceeds of such Disposition are promptly applied to the purchase
price of such replacement property or (iii) such Disposition is allowable under Section 1031 of the Code, or any comparable
or successor provision is for like property (and any boot thereon) and for use in a Similar Business;

 

(d)               
Dispositions of property to the Parent Borrower or a Restricted Subsidiary; provided that if the transferor in such
a transaction is a Loan Party, then either (i) the transferee must be a Loan Party, (ii) to the extent constituting an Investment,
such Investment must be a permitted Investment in a Restricted Subsidiary that is not a Loan Party in accordance with Section 6.04
or (iii) to the extent constituting a Disposition to a Restricted Subsidiary that is not a Loan Party, such Disposition is for
Fair Market Value and any promissory note or other non-cash consideration received in respect thereof is a Investment in a Restricted
Subsidiary that is not a Loan Party in accordance with Section 6.04;

 

(e)               
Dispositions permitted by Section 6.03, Investments permitted by Section 6.04, Restricted Payments permitted
by Section 6.08 and Liens permitted by Section 6.02, in each case, other than by reference to this Section 6.05(e);

 

(f)                
any issuance, sale or pledge of Equity Interests in, or Indebtedness, or other securities of, an Unrestricted Subsidiary;

 

(g)               
Dispositions of Permitted Investments;

 

(h)               
Dispositions of (A) accounts receivable in connection with the collection or compromise thereof (including sales to factors
or other third parties) and (B) receivables and related assets pursuant to a Permitted Receivables Financing;

 

(i)                
leases, subleases, licenses or sublicenses (including the provision of software under an open source license), in each
case that do not materially interfere with the business of Holdings, the Parent Borrower and its Restricted Subsidiaries, taken
as a whole;

 

(j)                
transfers of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event;

 

(k)               
Dispositions of property to Persons other than Restricted Subsidiaries (including the (x) sale or issuance of Equity Interests
of a Restricted Subsidiary and (y) any Sale Leaseback) not otherwise permitted under this Section 6.05; (i) such Disposition
is made for Fair Market Value and (ii) with respect to any Disposition pursuant to this clause (k) for a purchase price in
excess the greater of (x) $5,000,000 and (y) 5% of Consolidated EBITDA for the most recently ended Test Period for any transaction
or series of related transaction, Holdings, the Parent Borrower or a Restricted Subsidiary shall receive not less than 75% of
such consideration in the form of cash or Permitted Investments; provided, however, that for the purposes of this
clause (iii), (A) the greater of the principal amount and the carrying value of any liabilities (as shown on the most
recent balance sheet of Holdings provided hereunder or in the footnotes thereto) or if incurred, accrued or increased subsequent
to the date of such balance sheet, such liabilities that would have been reflected on the balance sheet of Holdings (or Parent
Entity) or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance
sheet, as determined in good faith by Holdings) of Holdings, the Parent Borrower or such Restricted Subsidiary, other than liabilities
that are by their terms subordinated in right of

 

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payment
to the Loan Document Obligations, that are assumed by the transferee with respect to the applicable Disposition and for which
Holdings, any Intermediate Parent, the Parent Borrower and all of the Restricted Subsidiaries shall have been validly released
by all applicable creditors in writing, shall be deemed to be cash, (B) any securities received by Holdings, any Intermediate
Parent, the Parent Borrower or such Restricted Subsidiary from such transferee that are converted by Holdings, any Intermediate
Parent, the Parent Borrower or such Restricted Subsidiary into cash or Permitted Investments (to the extent of the cash or Permitted
Investments received) within 180 days following the closing of the applicable Disposition, shall be deemed to be cash and (C)
any Designated Non-Cash Consideration received by Holdings, any Intermediate Parent, the Parent Borrower or such Restricted Subsidiary
in respect of such Disposition having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration
received pursuant to this clause (k) that is at that time outstanding, not in excess of 5% of Consolidated Total Assets for
the most recently ended Test Period as of the time of 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, shall be deemed to be cash;

 

(l)                
Dispositions of Investments in joint ventures, including to the extent required by, or made pursuant to customary buy/sell
arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements;

 

(m)             
Dispositions of any assets (including Equity Interests) (A) acquired in connection with any Permitted Acquisition or other
Investment permitted hereunder, which assets are not used or useful to the core or principal business of Intermediate Parent,
the Parent Borrower and the Restricted Subsidiaries and (B) made to obtain the approval of any applicable antitrust authority
in connection with a Permitted Acquisition; and

 

(n)               
transfers of condemned property as a result of the exercise of “eminent domain” or other similar powers to
the respective Governmental Authority or agency that has condemned the same (whether by deed in lieu of condemnation or otherwise),
and transfers of property arising from foreclosure or similar action or that have been subject to a casualty to the respective
insurer of such real property as part of an insurance settlement;

 

(o)               
Dispositions by a captive insurance subsidiary of Investments;

 

(p)               
the unwinding of any Swap Obligations or Cash Management Obligations; and

 

(q)               
Dispositions of property for Fair Market Value not otherwise permitted under this Section 6.05 having an aggregate purchase
price not to exceed the greater of (A) $15,000,000 and (B) 15% of Consolidated EBITDA for the most recently ended Test Period
at the time of such Disposition.

 

SECTION 6.06.            
[Reserved].

 

SECTION 6.07.            
Negative Pledge. Holdings and the Parent Borrower will not, and will not permit any Restricted Subsidiary or Intermediate
Parent to enter into any agreement, instrument, deed or lease that prohibits or limits the ability of any Loan Party to create,
incur, assume or suffer to exist any Lien upon any of their respective properties or revenues, whether now owned or hereafter
acquired, for the benefit of the Secured Parties with respect to the Secured Obligations or under the Loan Documents; provided
that the foregoing shall not apply to:

 

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(a)               
restrictions and conditions imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation governing
Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt,
(iv) any documentation relating to any Permitted Receivables Financing, (v) documentation governing Indebtedness incurred under
Section 6.01(a)(xxxiv), (vi) any documentation governing Incremental Equivalent Debt (vii) any documentation governing any Permitted
Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with
respect to Indebtedness referenced in clause (iii) above, such restrictions shall not expand the scope in any material respect
of any such restriction or condition contained in the Indebtedness being refinanced;

 

(b)               
customary restrictions and conditions existing on the Effective Date and any extension, renewal, amendment, modification
or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction
or condition;

 

(c)               
restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any assets pending such sale;
provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are to be sold and such
sale is permitted hereunder;

 

(d)               
customary provisions in leases, licenses and other contracts restricting the assignment thereof;

 

(e)               
restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction
applies only to the property securing by such Indebtedness;

 

(f)                
any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary
(but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement
was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth
in such agreement does not apply to the Parent Borrower or any Restricted Subsidiary;

 

(g)               
(restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted
Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect
than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely
on such Restricted Subsidiary and its Subsidiaries);

 

(h)               
restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course
of business (or other restrictions on cash or deposits constituting Permitted Encumbrances);

 

(i)                
restrictions set forth on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof,
except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition;

 

(j)                
customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by
Section 6.04 and applicable solely to such joint venture; and

 

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(k)               
customary net worth provisions contained in real property leases entered into by Subsidiaries, so long as the Parent Borrower
has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Parent
Borrower and its Subsidiaries to meet their ongoing obligations.

 

SECTION 6.08.            
Restricted Payments; Certain Payments of Indebtedness.

 

(a)               
Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted Subsidiary or Intermediate Parent to,
declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:

 

(i)                
each Restricted Subsidiary may make Restricted Payments to the Parent Borrower or any other Restricted Subsidiary; provided
that in the case of any such Restricted Payment by a Restricted Subsidiary that is not a Wholly Owned Subsidiary of the Parent
Borrower, such Restricted Payment is made to the Parent Borrower, any Restricted Subsidiary and to each other owner of Equity
Interests of such Restricted Subsidiary based on their relative ownership interests of the relevant class of Equity Interests;

 

(ii)              
[Reserved];

 

(iii)            
Holdings, any Intermediate Parent and the Parent Borrower may declare and make dividend payments or other distributions
payable solely in the Equity Interests of such Person;

 

(iv)             
repurchases of Equity Interests in Holdings (or Restricted Payments by Holdings to allow repurchases of Equity Interest
in any direct or indirect parent of Holdings), any Intermediate Parent, the Parent Borrower or any Restricted Subsidiary deemed
to occur upon exercise of stock options or warrants or other incentive interests if such Equity Interests represent a portion
of the exercise price of such options or warrants or other incentive interests;

 

(v)               
Restricted Payments to Holdings which Holdings may use to redeem, acquire, retire or repurchase its Equity Interests (or
any options, warrants, restricted stock, stock appreciation rights or other equity linked interests issued with respect to any
of such Equity Interests) (or make Restricted Payments to allow any of the Holdings’ direct or indirect parent companies
to so redeem, retire, acquire or repurchase their Equity Interests) held by current or former officers, managers, consultants,
directors and employees (or their respective spouses, former spouses, other immediate family members, successors, executors, administrators,
heirs, legatees or distributes of any of the foregoing) of Holdings (or any direct or indirect parent thereof), any Intermediate
Parent, the Parent Borrower and the Restricted Subsidiaries, upon the death, disability, retirement or termination of employment
of any such Person or otherwise in accordance with any stock option or stock appreciation rights plan, any management, director
and/or employee stock ownership or incentive plan, stock subscription plan, employment termination agreement or any other employment
agreements with any director, officer or consultant or equity holders’ agreement, provided that, expect with respect to
non-discretionary repurchases, the an aggregate amount after the Effective Date together with the aggregate amount of loans and
advances to Holdings made pursuant to Section 6.04(l) in lieu of Restricted Payments permitted by this clause (v) shall not exceed
the sum of (a) the greater of $15,000,000 and 15% of Consolidated EBITDA for the most recently ended

 

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Test
Period in any fiscal year of the Parent Borrower (net of any proceeds from the reissuance or resale of such Equity Interests to
another Person received by Holdings, the Parent Borrower or any Restricted Subsidiary), (a) the amount in any fiscal year equal
to the cash proceeds of key man life insurance policies received by Holdings, the Parent Borrower or the Restricted Subsidiaries
after the Effective Date, and (b) the cash proceeds from the sale of Equity Interests (other than Disqualified Equity Interests)
of Holdings (to the extent contributed to Holdings in the form of common Equity Interests or Qualified Equity Interests) and,
to the extent contributed to Holdings, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity
or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants
of Holdings, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after
the Effective Date, to the extent the cash proceeds from the sale of such Equity Interests are contributed to Holdings in the
form of common Equity Interests or Qualified Equity Interests and are not Cure Amounts and have not otherwise been applied to
the payment of Restricted Payments by virtue of the Available Equity Amount or are otherwise applied to increase any other basket
hereunder; provided that any unused portion of the preceding basket calculated pursuant to clauses (a) and (b) above for any fiscal
year may be carried forward to succeeding fiscal years; provided, further, that any Indebtedness Incurred or Investments or payments
made in reliance upon the Available RP Capacity Amount utilizing the unused amounts available pursuant to this Section 6.08(a)(v)
shall reduce the amounts available pursuant to this Section 6.08(a)(v);

 

(vi)             
dividends and distribution in cash to any Intermediate Parent, Holdings or any direct or indirect parent of Holdings (x)
to pay its operating costs and expenses incurred in the ordinary course of business and other corporate overhead costs and expenses
(including administrative, legal, accounting and similar expenses provided by third parties) incurred in the ordinary course of
business and attributable to the ownership or operations of Holdings, the Parent Borrower and its subsidiaries, Transaction Costs
and any fees and expenses of and indemnification claims made by directors or officers of such parent attributable to the ownership
or operations of Holdings, the Parent Borrower and its subsidiaries and (y) to pay (or make dividends or distributions to allow
any direct or indirect parent thereof to pay) franchise, excise or similar taxes, or other fees and expenses required to maintain
its (or any of its direct or indirect parents) organization existence;

 

(vii)           
any Intermediate Parent, the Parent Borrower and the Restricted Subsidiaries may make Restricted Payments in cash to Holdings
and any Intermediate Parent and, where applicable, Holdings and such Intermediate Parent may make Restricted Payments in cash:

 

(A)             
the proceeds of which shall be used by Holdings or any Intermediate Parent to pay its Tax liability to the relevant jurisdiction
in respect of consolidated, combined, unitary or affiliated returns attributable to the income of the Parent Borrower and/or its
Subsidiaries (as applicable); provided that Restricted Payments made pursuant to this clause (a)(vi)(A) shall not exceed
the Tax liability that the Parent Borrower and/or its Subsidiaries (as applicable) would have incurred were such Taxes determined
as if such entity(ies) were a stand-alone taxpayer or a stand-alone group for all relevant taxable years; and provided,
further, that Restricted Payments under this clause (A) in respect of any Taxes attributable to the income of any Unrestricted
Subsidiaries of the

 

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Parent
Borrower may be made only to the extent that such Unrestricted Subsidiaries have made cash payments for such purpose to Parent
Borrower or its Restricted Subsidiaries;

 

(B)             
[Reserved];

 

(C)             
[Reserved];

 

(D)             
the proceeds of which shall be used by Holdings to make Restricted Payments permitted by Section 6.08(a)(iv) or Section
6.08(a)(v);

 

(E)              
to finance any Investment permitted to be made pursuant to Section 6.04 (other than Section 6.04(l)); provided
that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) Holdings
or any Intermediate Parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets
or Equity Interests but not including any loans or advances made pursuant to Section 6.04(b)) to be contributed to the Parent
Borrower or the Restricted Subsidiaries or (2) the Person formed or acquired to merge into or consolidate with the Parent
Borrower or any of the Restricted Subsidiaries to the extent such merger, amalgamation or consolidation is permitted in Section 6.03)
in order to consummate such Investment, in each case in accordance with the requirements of Sections 5.11 and 5.12;

 

(F)              
the proceeds of which shall be used to pay customary salary, bonus and other benefits payable to officers and employees
of Holdings or any direct or indirect parent company of Holdings to the extent such salaries, bonuses and other benefits are attributable
to the ownership or operation of Holdings, the Parent Borrower and the Restricted Subsidiaries; and

 

(G)             
the proceeds of which shall be used to pay (or to make Restricted Payments to allow any direct or indirect parent thereof
to pay) fees and expenses related to any equity or debt offering not prohibited by this Agreement (whether or not such offering
is successful); and

 

(H)             
the proceeds of which shall be used to make payments permitted by clauses (b)(iv) and (b)(v) of this Section 6.08;

 

(viii)         
in addition to the foregoing Restricted Payments, the Parent Borrower and any Intermediate Parent may make additional Restricted
Payments to any Intermediate Parent and Holdings, the proceeds of which may be utilized by Holdings to make additional Restricted
Payments or by Holdings or by any Intermediate Parent to make any payments in respect of any Permitted Holdings Debt, in an aggregate
amount, when taken together with the aggregate amount of loans and advances to Holdings previously made pursuant to Section 6.04(l)
in lieu of Restricted Payments permitted by this clause (viii), not to exceed the sum of (A) so long as no Significant Event of
Default shall have occurred and be continuing or would result therefrom, the Available Amount that is Not Otherwise Applied plus
(B) the Available Equity Amount that is Not Otherwise Applied;

 

(ix)             
redemptions in whole or in part of any of its Equity Interests for another class of its Equity Interests or with proceeds
from substantially concurrent equity contributions or issuances of new Equity Interests; provided that such new Equity

 

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Interests
contain terms and provisions at least as advantageous to the Lenders in all respects material to their interests as those contained
in the Equity Interests redeemed thereby.

 

(x)               
[Reserved];

 

(xi)             
Holdings or any Intermediate Parent may (a) pay cash in lieu of fractional Equity Interests in connection with any dividend,
split or combination thereof or any Permitted Acquisition (or other similar Investment) and (b) honor any conversion request by
a holder of convertible Indebtedness and make cash payments in lieu of fractional shares in connection with any such conversion
and may make payments on convertible Indebtedness in accordance with its terms;

 

(xii)           
the declaration and payment of Restricted Payments on Holdings’ common stock (or the payment of Restricted Payments
to any direct or indirect parent company of Holdings to fund a payment of dividends on such company’s common stock), following
consummation of an IPO, in an annual amount for each fiscal year of Holdings equal to the sum of (a) an amount equal to 6.0% of
the net cash proceeds of such IPO (and any subsequent public offerings) received by or contributed to Holdings and/or its Subsidiaries,
other than public offerings with respect to common stock registered on Form S-8 and (b) an amount equal to 7.0% of the market
capitalization of the IPO Entity at the time of such IPO; provided that any Indebtedness Incurred or Investments or payments
made in reliance upon the Available RP Capacity Amount utilizing the unused amounts available pursuant to this Section 6.08(a)(xii)
shall reduce the amounts available pursuant to this Section 6.08(a)(xii);

 

(xiii)         
payments made or expected to be made by Holdings, any Intermediate Parent, the Parent Borrower or any Restricted Subsidiary
in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee,
director, officer, manager or consultant (or their respective controlled Affiliates or Permitted Transferees) and any repurchases
of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of
the exercise price of such options or warrants or required withholding or similar taxes;

 

(xiv)         
additional Restricted Payments; provided that after giving effect to such Restricted Payment (A) on a Pro Forma
Basis, the Total Leverage Ratio is less than or equal to 4.00 to 1.00 as of the most recent Test Period and (B) there is no continuing
Significant Event of Default;

 

(xv)           
the distribution, by dividend or otherwise, of shares of Equity Interests of, or Indebtedness owed to Holdings, any Intermediate
Parent, a Borrower or a Restricted Subsidiary by, an Unrestricted Subsidiary (other than an Unrestricted Subsidiary, the primary
assets of which are Permitted Investments) to the extent that all Investments made by Holdings, Parent Borrower or any other Restricted
Subsidiary in such Unrestricted Subsidiary were made in reliance on Section 6.04(s);

 

(xvi)         
additional Restricted Payments (including Restricted Payments to Holdings, the proceeds of which may be utilized by Holdings
to make additional Restricted Payments, to make any payments in respect of any Permitted Holdings Debt or otherwise) (A) in an
aggregate amount not to exceed, at the time of making any such

 

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Restricted
Payment and when taken together with the aggregate amount of loans and advances to Holdings (or any direct or indirect parent
thereof) made pursuant to Section 6.04(l) in lieu of Restricted Payments permitted by this clause (viii) and the aggregate
amount of any other Restricted Payments made utilizing this clause (A), the greater of $31,000,000 and 30% of Consolidated EBITDA
for the most recently ended Test Period after giving Pro Forma Effect to the making of such Restricted Payment, (B) so long as,
immediately after giving effect to any such Restricted Payment, no Significant Event of Default has occurred and is continuing,
in an amount not to exceed the Available Amount that is Not Otherwise Applied and (C) in an amount not to exceed the Available
Equity Amount that is Not Otherwise Applied; provided that any Indebtedness Incurred or Investments or payments made in
reliance upon the Available RP Capacity Amount utilizing the unused amounts available pursuant to this Section 6.08(a)(xvi)
shall reduce the amounts available pursuant to this Section 6.08(a)(xvi);

 

(xvii)       
Convertible Instrument Payments;

 

(xviii)     
Restricted Payments to satisfy appraisal or other dissenters’ rights, pursuant to or in connection with a consolidation,
amalgamation, merger, transfer of assets or acquisition that complies with Section 6.03 or Section 6.04;

 

(xix)         
(a) payments made or expected to be made in respect of withholding or similar Taxes payable by any future, present or former
employee, director, manager or consultant and any repurchases of Equity Interests in consideration of such payments including
deemed repurchases, in each case, in connection with the exercise of stock options and the vesting of restricted stock and restricted
stock units and (b) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan,
stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;
and

 

(xx)           
the distribution, by dividend or otherwise, of shares of Equity Interests of, or Indebtedness owed to Holdings, the Parent
Borrower or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of
which are Permitted Investments).

 

For
purposes of determining compliance with this Section 6.08(a), in the event that a proposed Restricted Payment (or a portion
thereof) meets the criteria of clauses (i) through (xx) above (or any sub-clause therein), the Parent Borrower will be entitled
to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment
(or portion thereof) between such clauses (i) through (xx) (or any sub-clause therein), in a manner that otherwise complies with
this Section 6.08(a); provided that, if all or any portion of any Restricted Payment that is not initially made
in reliance on Section 6.08(a)(xiv) subsequently could be made in reliance on ‎Section 6.08(a)(xiv), such Restricted
Payment, or the relevant portion thereof, shall automatically be reclassified as having been made in reliance on ‎Section
6.08(a)(xiv).

 

(b)               
Neither Holdings nor the Parent Borrower will, nor will they permit any other Restricted Subsidiary to, make or pay, directly
or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of principal
of or interest on any Junior Financing, or any payment or other distribution (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any Junior Financing, or any other payment (including any payment under any Swap

 

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Agreement)
(any such payment a “Restricted Debt Payment”) that has a substantially similar effect to any of the foregoing,
except:

 

(i)                
payment of regularly scheduled interest and principal payments as, in the form of payment and when due in respect of any
Indebtedness, other than payments in respect of any Junior Financing prohibited by the subordination provisions thereof;

 

(ii)              
(ii)refinancings of Junior Financing Indebtedness with proceeds of other Junior Financing Indebtedness permitted to
be incurred under Section 6.01;

 

(iii)            
the conversion of any Junior Financing to Equity Interests (other than Disqualified Equity Interests) of Holdings or any
of its direct or indirect parent companies or any Intermediate Parent; and

 

(iv)             
Restricted Debt Payments prior to their scheduled maturity (A) in an aggregate amount not to exceed, at the time of making
any such Restricted Debt Payment and when taken together with the aggregate amount of loans and advances to Holdings (or any direct
or indirect parent thereof) made pursuant to Section 6.04(m) in lieu of Restricted Debt Payments permitted by this clause (iv)
and any other Restricted Debt Payments made utilizing this subclause (A), the greater of $26,000,000 and 25% of Consolidated EBITDA
for the most recently ended Test Period after giving Pro Forma Effect to the making of such Restricted Debt Payment, (B) so long
as, immediately after giving effect to any such Restricted Debt Payment, no Significant Event of Default has occurred and is continuing,
in an amount not to exceed the Available Amount that is Not Otherwise Applied, (C) in an amount not to exceed the Available Equity
Amount that is Not Otherwise Applied and (D) in an amount not to exceed the Available RP Capacity Amount;

 

(v)               
prepayments, redemptions, purchases, defeasances and other payments in respect of Junior Financings prior to their scheduled
maturity; provided that after giving effect to such Restricted Payment (A) on a Pro Forma Basis, the Total Leverage Ratio
is less than or equal to 4.00 to 1.0 as of the most recent Test Period and (B) there is no continuing Event of Default;

 

(vi)             
prepayments, redemptions, purchases, defeasances and other payments in respect of any Permitted Second Priority Refinancing
Debt prior to their scheduled maturity in an aggregate amount not to exceed the amount of Retained Declined Proceeds; and

 

(vii)           
Restricted Debt Payments (including prior to their scheduled maturity); provided that after giving effect to such
Restricted Debt Payment on a Pro Forma Basis, the Total Leverage Ratio is less than or equal to 4.00 to 1.00.

 

For purposes
of determining compliance with this Section 6.08(b), in the event that any Restricted Debt Payment (or a portion thereof) meets
the criteria of clauses (i) through (vii) above (or any sub-clause therein), the Parent Borrower will be entitled to classify
or later reclassify (based on circumstances existing on the date of such reclassification) such payment (or portion thereof) between
such clauses (i) through (vii) (or any sub-clause therein), in a manner that otherwise complies with this Section 6.08(b); provided
that, if all or any portion of any Restricted Debt Payment that is not initially made in reliance on Section 6.08(b)(v) subsequently
could be made in reliance on Section 6.08(b)(v), such Restricted Debt

 

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Payment, or
the relevant portion thereof, shall automatically be reclassified as having been made in reliance on Section 6.08(b)(v).

 

Notwithstanding
anything herein to the contrary, the foregoing provisions of this Section 6.08 will not prohibit the payment of any Restricted
Payment or Restricted Debt Payment within 60 days after the date of declaration thereof or the giving of such irrevocable notice,
as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions
of this Agreement.

 

SECTION 6.09.            
Transactions with Affiliates(i). Neither Holdings nor the Parent Borrower will, nor will they permit any Restricted
Subsidiary or any Intermediate Parent to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (i) (A)  transactions
with Holdings, the Parent Borrower, any Intermediate Parent or any Restricted Subsidiary and (B) transactions involving aggregate
payments or consideration of less than the greater of $5,000,000 and 5% of Consolidated EBITDA for the most recently ended Test
Period prior to such transaction, (ii) on terms substantially as favorable to Holdings, the Parent Borrower, such Intermediate
Parent or such Restricted Subsidiary as would be obtainable by such Person at the time in a comparable arm’s-length transaction
with a Person other than an Affiliate, (iii) the payment of fees and expenses related to the Transactions, (iv) [Reserved], (v) issuances
of Equity Interests of Holdings to the extent otherwise permitted by this Agreement, (vi) employment and severance arrangements
between Holdings, the Parent Borrower, any Intermediate Parent and the Restricted Subsidiaries and their respective officers and
employees in the ordinary course of business or otherwise in connection with the Transactions (including loans and advances pursuant
to Sections 6.04(b) and 6.04(n), (vii) payments by Holdings (and any direct or indirect parent thereof), the Parent Borrower
and the Restricted Subsidiaries pursuant to tax sharing agreements among Holdings (and any such parent thereof), any Intermediate
Parent, the Parent Borrower and the Restricted Subsidiaries on customary terms to the extent attributable to the ownership or
operation of the Parent Borrower and the Restricted Subsidiaries, to the extent payments are permitted by Section 6.08(a)(vii)(A) the
payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, directors, officers and
employees of Holdings (or any direct or indirect parent company thereof), the Parent Borrower, any Intermediate Parent and the
Restricted Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of Holdings,
any Intermediate Parent, the Parent Borrower and the Restricted Subsidiaries, (ix) transactions pursuant to permitted agreements
in existence or contemplated on the Effective Date and set forth on Schedule 6.09 or any amendment thereto to the extent
such an amendment is not adverse to the Lenders in any material respect to the Lenders when taken as a whole as compared to the
applicable agreement or arrangement as in effect on the Effective Date as determined by the Parent Borrower in good faith), (x) Restricted
Payments permitted under Section 6.08 and loans and advances in lieu thereof pursuant to Section 6.04(l), (xi) customary
payments by Holdings, any Intermediate Parent, the Parent Borrower and any Restricted Subsidiaries to the Sponsors made for any
financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities
(including in connection with acquisitions, divestitures or financings) and any subsequent transaction or exit fee, which payments
are approved by the majority of the members of the board of directors or a majority of the disinterested members of the board
of directors of such Person in good faith, (xii) the issuance or transfer of Equity Interests (other than Disqualified Equity
Interests) of Holdings, including to any Permitted Holder or to any former, current or future director, manager, officer, employee
or consultant (or any Affiliate of any of the foregoing) of Holdings, the Parent Borrower, any of the Subsidiaries or any direct
or indirect parent of any of the foregoing, (xiii) loans, advances and other transactions between or among Holdings, the Parent
Borrower, any Restricted Subsidiary or any joint venture (regardless of the form of legal entity) after the initial formation
of, and investment in, such joint venture in which Holdings or any Subsidiary has invested (and which Subsidiary or joint venture
would not be an Affiliate of Holdings but for Holdings’

 

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or a Subsidiary’s
ownership of Equity Interests in such joint venture or Subsidiary) to the extent permitted under Article VI; (xiv) Affiliate repurchases
of the Loans or Commitments to the extent permitted hereunder and the holding of such Loans and the payments and other related
transactions in respect thereof; (xv) transactions undertaken pursuant to membership in a purchasing consortium; (xvi) transactions
in connection with any Permitted Receivables Financing; and (xvii) the existence and performance of agreements and transactions
with any Unrestricted Subsidiary that were entered into prior to the designation of a Restricted Subsidiary as such Unrestricted
Subsidiary to the extent that the transaction was permitted at the time that it was entered into with such Restricted Subsidiary
and transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation of any such Unrestricted
Subsidiary as a Restricted Subsidiary; provided that such transaction was not entered into in contemplation of such designation
or redesignation, as applicable.

 

SECTION
6.10.            
Financial Covenant. Solely with respect to the Revolving Credit Facility, if on the last day of any Test Period,
the sum of (i) the aggregate principal amount of Revolving Loans then outstanding plus (ii) the amount by which the face amount
of Letters of Credit then outstanding (other than Letters of Credit that are Cash Collateralized) is in excess of $10,000,000
in the aggregate, exceeds 30% of the aggregate principal amount of Revolving Commitments then in effect, the Parent Borrower will
not permit the First Lien Leverage Ratio to exceed 3.50 to 1.00 as of the last day of such Test Period.

 

Article
VII

 

Events of Default

 

SECTION 7.01.            
Events of Default. If any of the following events (any such event, an “Event of Default”) shall
occur:

 

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

 

(b)               
any Loan Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred
to in paragraph (a) of this Section) payable under any Loan Document, when and as the same shall become due and payable,
and such failure shall continue unremedied for a period of five Business Days;

 

(c)               
any representation or warranty made or deemed made by or on behalf of Holdings, the Parent Borrower or any of its Restricted
Subsidiaries in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any
report, certificate, financial statement or other document furnished pursuant to or in connection with any Loan Document or any
amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or
deemed made, and such incorrect representation or warranty (if curable, including by a restatement of any relevant financial statements)
shall remain incorrect for a period of 30 days after notice thereof from the Administrative Agent to the Parent Borrower;

 

(d)               
Holdings, the Parent Borrower or any of the Restricted Subsidiaries shall fail to observe or perform any covenant, condition
or agreement contained in Sections 5.02(a), 5.04 (with respect to the existence of Holdings or the Parent Borrower) or in
Article VI (other than Sections 6.03(b), 6.09 or 6.10); provided that any Event of Default under Section 6.10
is subject to cure as provided in Section 7.02 and an Event of Default with respect to such Section 6.10

 

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shall
not occur until the expiration of the 10th Business Day subsequent to the date on which the financial statements with respect
to the applicable fiscal quarter (or the fiscal year ended on the last day of such fiscal quarter) are required to be delivered
pursuant to Section 5.01(a) or Section 5.01(b), as applicable and (ii) a default under Section 6.10 shall not constitute an Event
of Default with respect to the Term Loans unless and until the Required Revolving Lenders shall have terminated their Revolving
Commitments or declared all amounts under the Revolving Loans to be due and payable, respectively (such period commencing with
a default under Section 6.10 and ending on the date on which the Required Revolving Lenders terminate or accelerate the Revolving
Loans, the “Standstill Period”);

 

(e)               
Holdings, the Parent Borrower or any of its Restricted Subsidiaries shall fail to observe or perform any covenant, condition
or agreement contained in any Loan Document (other than those specified in paragraph (a), (b) or (d) of this Section), and
such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the
Parent Borrower;

 

(f)                
Holdings, the Parent Borrower or any of its Restricted Subsidiaries shall fail to make any payment (whether of principal
or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable
(after giving effect to any applicable grace period); provided further that this clause (f) shall not apply to any breach
or default that is (I) remedied by Holdings, the Parent Borrower or the applicable Restricted Subsidiary or (II) waived (including
in the form of amendment) by the required holders of the applicable item of Indebtedness, in the case of (I) and (II), prior to
the acceleration of Loans pursuant to this Section 7.01;

 

(g)               
any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness
or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption or defeasance thereof, prior to its scheduled maturity, provided that this paragraph (g) shall
not apply to (i) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including
as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale,
transfer or other disposition is not prohibited under this Agreement) or (ii) termination events or similar events occurring
under any Swap Agreement that constitutes Material Indebtedness (it being understood that paragraph (f) of this Section will apply
to any failure to make any payment required as a result of any such termination or similar event); provided further that
this clause (g) shall not apply to any breach or default that is (I) remedied by Holdings, the Parent Borrower or the applicable
Restricted Subsidiary or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness,
in the case of (I) and (II), prior to the acceleration of Loans pursuant to this Section 7.01

 

(h)               
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, court
protection, reorganization or other relief in respect of Holdings, the Parent Borrower, the Co-Borrower or any Significant Subsidiary
or its debts, or of a material part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, examiner, sequestrator,
conservator or similar official for Holdings, the Parent Borrower or any Significant Subsidiary or for a material part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 60 days or an order
or decree approving or ordering any of the foregoing shall be entered;

 

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(i)                
Holdings, the Parent Borrower, the Co-Borrower or any Significant Subsidiary shall (i) voluntarily commence any proceeding
or file any petition seeking liquidation, court protection, reorganization or other relief under any Federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (h) of this Section, (iii) apply
for or consent to the appointment of a receiver, trustee, examiner, custodian, sequestrator, conservator or similar official for
Holdings, the Parent Borrower or any Significant Subsidiary or for a material part of its assets, (iv) file an answer admitting
the material allegations of a petition filed against it in any such proceeding or (v) make a general assignment for the benefit
of creditors;

 

(j)                
one or more enforceable judgments for the payment of money in an aggregate amount in excess of the greater of (a) $26,000,000
and (b) 25% of Consolidated EBITDA for the most recently ended Test Period (to the extent not covered by insurance as to which
the insurer has been notified of such judgment or order and has not denied coverage) shall be rendered against Holdings, the Parent
Borrower and any of its Restricted Subsidiaries or any combination thereof and the same shall remain undischarged for a period
of 60 consecutive days during which execution shall not be effectively stayed, or any judgment creditor shall legally attach
or levy upon assets of such Loan Party that are material to the businesses and operations of Holdings, the Parent Borrower and
its Restricted Subsidiaries, taken as a whole, to enforce any such judgment;

 

(k)               
(i) an ERISA Event occurs that has resulted or would reasonably be expected to result in liability of any Loan Party
under Title IV of ERISA in an aggregate amount that would reasonably be expected to result in a Material Adverse Effect, or (ii) any
Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment
payment with respect to its Withdrawal Liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount
that would reasonably be expected to result in a Material Adverse Effect;

 

(l)                
to the extent unremedied for a period of 10 Business Days (in respect of a default under clause (x) only), any Lien purported
to be created under any Security Document (x) shall cease to be, or (y) shall be asserted by any Loan Party not to be, a valid
and perfected Lien on any material portion of the Collateral, with the priority required by the applicable Security Document,
except (i) as a result of the sale or other disposition of the applicable Collateral to a Person that is not a Loan Party
in a transaction permitted under the Loan Documents, (ii) as a result of the Administrative Agent’s failure to (A)
maintain possession of any stock certificates, promissory notes or other instruments delivered to it under the Security Documents
or (B) file Uniform Commercial Code continuation statements, (iii) as to Collateral consisting of real property to the extent
that such losses are covered by a lender’s title insurance policy and such insurer has not denied coverage or (iv) as a
result of acts or omissions of the Administrative Agent or any Lender;

 

(m)             
any material provision of any Loan Document or any Guarantee of the Loan Document Obligations shall for any reason be asserted
by any Loan Party not to be a legal, valid and binding obligation of any Loan Party thereto other than as expressly permitted
hereunder or thereunder;

 

(n)               
any Guarantees of the Loan Document Obligations by any Loan Party pursuant to the Guarantee Agreement shall cease to be
in full force and effect (in each case, other than in accordance with the terms of the Loan Documents); or

 

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(o)               
a Change in Control shall occur;

 

then, and in every such event
(other than an event with respect to Holdings or the Parent Borrower described in paragraph (h) or (i) of this Article),
and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required
Lenders shall, by notice to the Parent Borrower, take either or both of the following actions, at the same or different times:  (i) terminate
the Commitments, and thereupon the Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be
due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees and other obligations of the Parent Borrower accrued hereunder, shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Parent Borrower and (iii)
in the case of a Significant Event of Default, require that the Parent Borrower provide cash collateral as required in Section
2.05(j); and in case of any event with respect to Holdings or the Parent Borrower described in paragraph (h) or (i) of this
Article, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued
interest thereon and all fees and other obligations of the Parent Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Parent Borrower.

 

Notwithstanding
anything in this Agreement to the contrary, each Lender and the Administrative Agent hereby acknowledge and agree that a restatement
of historical financial statements shall not result in a Default hereunder (whether pursuant to Section 7.01(c) as it relates
to a representation made with respect to such financial statements (including any interim unaudited financial statements) or pursuant
to Section 7.01(d) as it relates to delivery requirements for financial statements pursuant to Section 5.01) to the extent that
such restatement does not reveal any material adverse difference in the financial condition, results of operations or cash flows
of the Parent Borrower and its Restricted Subsidiaries in the previously reported information from actual results reflected in
such restatement for any relevant prior period.

 

SECTION 7.02.            
Right to Cure.

 

(a)               
Notwithstanding anything to the contrary contained in Section 7.01, in the event that the Parent Borrower and the
Restricted Subsidiaries fail to comply with the requirements of the Financial Performance Covenant as of the last day of any fiscal
quarter of the Parent Borrower, at any time after the beginning of such fiscal quarter until the expiration of the 10th Business
Day following the date on which the financial statements with respect to such fiscal quarter (or the fiscal year ended on the
last day of such fiscal quarter) are required to be delivered pursuant to Section 5.01(a) or (b), as applicable (the “Cure
Expiration Date”), Holdings shall have the right to issue Qualified Equity Interests for cash or otherwise receive cash
contributions to the capital of Holdings as cash common equity or other Qualified Equity Interests (which Holdings shall contribute
through its Subsidiaries of which the Parent Borrower is a Subsidiary to the Parent Borrower as cash common equity) (collectively,
the “Cure Right”), and upon the receipt by the Parent Borrower of the Net Proceeds of such issuance that are
Not Otherwise Applied (the “Cure Amount”) pursuant to the exercise by Holdings of such Cure Right the Financial
Performance Covenant shall be recalculated giving effect to the following pro forma adjustment:

 

(i)                
Consolidated EBITDA shall be increased with respect to such applicable fiscal quarter and any four fiscal quarter period
that contains such fiscal quarter, solely for the purpose of measuring the Financial Performance Covenant and not for any other
purpose under this Agreement, by an amount equal to the Cure Amount; and

 

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(ii)              
if, after giving effect to the foregoing pro forma adjustment (without giving effect to any portion of the Cure Amount
or any portion of the Cure Amount on the balance sheet of the Parent Borrower and its Restricted Subsidiaries, in each case, with
respect to such fiscal quarter only but with giving pro forma effect to any portion of the Cure Amount actually applied to any
repayment of any Indebtedness), the Parent Borrower and its Restricted Subsidiaries shall then be in compliance with the requirements
of the Financial Performance Covenant, the Parent Borrower and its Restricted Subsidiaries shall be deemed to have satisfied the
requirements of the Financial Performance Covenant 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 Performance Covenant
that had occurred shall be deemed cured for the purposes of this Agreement;

 

(b)               
Notwithstanding anything herein to the contrary, (i) in each four consecutive fiscal quarter period of the Parent Borrower
there shall be at least two fiscal quarters in which the Cure Right is not exercised, (ii) during the term of this Agreement,
the Cure Right shall not be exercised more than five times and (iii) for purposes of this Section 7.02, the Cure Amount shall
be no greater than the amount required for purposes of complying with the Financial Performance Covenants and any amounts in excess
thereof shall not be deemed to be a Cure Amount. Notwithstanding any other provision in this Agreement to the contrary, the Cure
Amount received pursuant to any exercise of the Cure Right shall be disregarded for purposes of determining any available basket
under Article VI of this Agreement and there shall not have been a breach of any covenant under Article VI of this Agreement
by reason of having no longer included such Cure Amount in any basket during the relevant period.

 

(c)               
Notwithstanding anything herein to the contrary, in the event that the Parent Borrower and the Restricted Subsidiaries
fail to comply with the requirements of the Financial Performance Covenant as of the last day of any fiscal quarter of the Parent
Borrower, from the date of breach of the Financial Performance Covenant, until (y) the receipt by the Parent Borrower of the applicable
Cure Amount pursuant to Section 7.02(a) or the waiver of all Events of Default, no Borrowing of Revolving Loans or Swingline Loans
shall be permitted and no Letters of Credit shall be issued.

 

(d)               
From and after the Standstill Period, (A) no Default or Event of Default shall be deemed to have occurred or be continuing
with respect to Section 6.10 unless the Cure Amount is not paid by the end of the Standstill Period (provided that, if
the Cure Amount is not paid on or before the date the Standstill Period has lapsed without exercise of the Cure Right, such Event
of Default or potential Event of Default shall be deemed to exist from the date of the end of the applicable fiscal quarter) and
(B) neither the Administrative Agent nor any Lender or Secured Party shall exercise any remedy under the Loan Documents or applicable
law on the basis of an Event of Default caused by the failure to comply with Section 6.10 until the earlier of (x) the
date the Standstill Period ends without exercise of the Cure Right and (y) the date the Parent Borrower confirms in writing that
it does not intend to exercise the Cure Right. In no event shall there be more than one Standstill Period for any Test Period.

 

SECTION 7.03.            
Application of Proceeds. After the exercise of remedies provided for in Section 7.01, any amounts received on account
of the Secured Obligations shall be applied by the Administrative Agent in accordance with Section 4.02 of the Collateral Agreement
and/or the similar provisions in the other Security Documents. Notwithstanding the foregoing, Excluded Swap Obligations with respect
to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate adjustments shall
be made with respect to payments from other Loan Parties to preserve the allocation to Secured Obligations otherwise set forth
in Section 4.02 of the Collateral Agreement and/or the similar provisions in the other Security Documents. The Administrative
Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to,

 

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Secured Cash
Management Obligations or Secured Swap Obligations except to the extent expressly provided herein and unless the Administrative
Agent has received written notice of such Secured Obligations, together with such supporting documentation as the Administrative
Agent may request, from the applicable Secured Party.

 

Article
VIII

 

Administrative Agent

 

SECTION 8.01.            
Appointment and Authority.

 

(a)               
Each of the Lenders and the Issuing Bank hereby irrevocably appoints Barclays to act on its behalf as the Administrative
Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf
and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions
and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative
Agent, the Lenders and the Issuing Bank, and the Parent Borrower shall not have any rights as a third party beneficiary of any
of such provisions.

 

(b)               
The Administrative Agent shall also act as the “collateral agent” under the Loan Documents, and each of the
Lenders and the Issuing Bank hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender
and the Issuing Bank for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan
Parties to secure any of the Secured Obligations, together with such powers and discretion as are reasonably incidental thereto.
In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact
appointed by the Administrative Agent pursuant to Section 8.05 for purposes of holding or enforcing any Lien on the Collateral
(or any portion thereof) granted under the Security Documents, or for exercising any rights and remedies thereunder at the direction
of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article VIII and Article IX (including
Section 9.03 as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the
Loan Documents) as if set forth in full herein with respect thereto.

 

SECTION 8.02.            
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the
term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with Holdings, the Parent Borrower or any Subsidiary or other Affiliate thereof as if such Person were
not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 

SECTION 8.03.            
Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:

 

(a)               
shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)               
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by

 

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the
other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or
such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided
that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel,
may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law;

 

(c)               
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not
be liable for the failure to disclose, any information relating to the Parent Borrower or any of its Affiliates that is communicated
to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity;

 

(d)               
shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Section 9.02 and in the last paragraph of Section 7.01) or (ii)
in the absence of its own gross negligence or willful misconduct; provided that the Administrative Agent shall be deemed
not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by Holdings,
the Parent Borrower, a Lender or the Issuing Bank;

 

(e)               
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv)
the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Security Documents,
(v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent; and

 

(f)                
shall have no responsibility or liability for monitoring or enforcing the list of Disqualified Lenders or for any assignment
of any Loan or Commitment or for the sale of any participation, in either case, to a Disqualified Lender.

 

SECTION 8.04.            
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, representation, instrument, document or other
writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any
statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance
of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the Issuing Bank, the Administrative
Agent may presume that such condition is satisfactory to such Lender or the Issuing Bank unless the Administrative Agent shall
have received notice to the contrary from such Lender or the Issuing Bank prior to the making of such Loan or the issuance of
such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Parent Borrower), independent
accountants and other experts

 

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selected by
it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

SECTION 8.05.            
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to
the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Subject to
the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign upon 30 days’ notice to the Lenders, the Issuing Banks and the Parent Borrower. If the Administrative Agent becomes
a Defaulting Lender and is not performing its role hereunder as Administrative Agent, the Administrative Agent may be removed
as the Administrative Agent hereunder at the request of Holdings and the Required Lenders. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, with the Parent Borrower’s consent (unless a Significant Event of
Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office in the United States, or
an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the Issuing Banks, appoint
a successor Administrative Agent, which shall be an Approved Bank with an office in New York, New York, or an Affiliate of any
such Approved Bank (the date upon which the retiring Administrative Agent is replaced, the “Resignation Effective Date”).

 

If the Person
serving as Administrative Agent is a Defaulting Lender, the Required Lenders and Holdings may, to the extent permitted by applicable
law, by notice in writing to such Person remove such Person as Administrative Agent and, with the consent of the Parent Borrower,
appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30 days (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance
with such notice on the Removal Effective Date.

 

With effect
from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the retiring or removed Administrative Agent
shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except (i) that in the case
of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring
or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed and (ii) with respect to any outstanding payment obligations) and (2) except for any indemnity payments or
other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided
to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time, if
any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or removed) Administrative Agent (other than any rights to indemnity payments or other
amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date,
as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder
and under the other Loan Documents as set forth in this Section. The fees payable by Holdings and the Parent Borrower to a successor
Administrative Agent shall be the same as

 

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those payable
to its predecessor unless otherwise agreed between by Holdings, the Parent Borrower and such successor. After the retiring or
removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this
Article and Section 9.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring
or removed Administrative Agent was acting as Administrative Agent.

 

SECTION 8.06.            
Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the Issuing Bank acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based
on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender and the Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent
or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other
Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

Each Lender,
by delivering its signature page to this Agreement and funding its Loans on the Effective Date, or delivering its signature page
to an Assignment and Assumption, Incremental Facility Amendment or Refinancing Amendment pursuant to which it shall become a Lender
hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each other document
required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date.

 

No Lender
shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of the Secured Obligations,
it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Administrative
Agent on behalf of the Lenders in accordance with the terms thereof. In the event of a foreclosure by the Administrative Agent
on any of the Collateral pursuant to a public or private sale or other disposition, the Administrative Agent or any Lender may
be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition, and the Administrative Agent,
as agent for and representative of the Lenders (but not any Lender or Lenders in its or their respective individual capacities
unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement
or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of
the Secured Obligations as a credit on account of the purchase price for any collateral payable by the Administrative Agent on
behalf of the Lenders at such sale or other disposition. Each Lender, whether or not a party hereto, will be deemed, by its acceptance
of the benefits of the Collateral and of the Guarantees of the Secured Obligations, to have agreed to the foregoing provisions.

 

SECTION 8.07.            
No Other Duties, Etc. Anything herein to the contrary notwithstanding, neither any Joint Bookrunner nor any person
named on the cover page hereof as a Joint Lead Arranger shall have any powers, duties or responsibilities under this Agreement
or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the Issuing
Bank hereunder.

 

SECTION 8.08.            
Administrative Agent 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, the Administrative Agent (irrespective of whether the principal
of any Loan or outstanding Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on the Parent Borrower) shall be entitled and empowered,
by intervention in such proceeding or otherwise:

 

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(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
Letter of Credit outstandings and all other Secured 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 Bank and the Administrative Agent (including
any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Bank and the Administrative
Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Bank and the Administrative Agent
under Sections 2.12 and 9.03) 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 and the Issuing Bank to make such payments to the Administrative Agent and, if the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the Issuing Bank, to pay to the Administrative Agent any amount due
for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel,
and any other amounts due the Administrative Agent under Sections 2.12 and 9.03.

 

Nothing contained
herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender
or the Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Secured Obligations or the
rights of any Lender or the Issuing Bank to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the Issuing Bank or in any such proceeding.

 

SECTION 8.09.            
No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any Issuing Bank or the Administrative Agent
to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other
Loan Document 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, and provided under each other Loan Document, are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

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 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 Article VII for the benefit of all the Lenders and the Issuing Banks; provided, however, that
the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure
to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the Issuing
Banks or the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as Issuing
Bank or Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff
rights in accordance with Section 9.08 (subject to the terms of Section 2.18), or (d) 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 under any Debtor
Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder
and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Article VII and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso
and subject to Section 2.18, any Lender may, with the consent of the

 

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Required Lenders,
enforce any rights and remedies available to it and as authorized by the Required Lenders.

 

SECTION 8.10.            
Withholding Taxes. To the extent required by any applicable
Requirements of Law, the Administrative Agent may deduct or withhold from any payment to any Lender an amount equivalent to any
applicable withholding Tax. If the Internal Revenue Service or any other Governmental Authority of the United States or any other
jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account
of any Lender for any reason (including because the appropriate form was not delivered or not property executed, or because such
Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of
withholding Tax ineffective), such Lender shall indemnify and hold harmless the Administrative Agent (to the extent that the Administrative
Agent has not already been reimbursed by the Loan Parties pursuant to Section 2.17 and without limiting any obligation of the
Loan Parties to do so pursuant to Section 2.17) fully for all amounts paid, directly or indirectly, by the Administrative Agent
as Taxes or otherwise, together with all expenses incurred, including legal expenses and any other out-of-pocket expenses, whether
or not such Tax was 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
this Agreement or any other Loan Document against any amount due to the Administrative Agent under this Article VIII. The agreements
in this paragraph shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or
the replacement of, a Lender, the termination of this Agreement and the repayment, satisfaction or discharge of all other obligations
under any Loan Document. For the avoidance of doubt, the term “Lender” in this Section 8.10 shall include any Issuing
Bank and Swingline Lender.

 

Article
IX

 

Miscellaneous

 

SECTION 9.01.            
Notices.

 

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

 

(i)                
if to Holdings, the Parent Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender, to the address,
fax number or e-mail address specified for such Person on Schedule 9.01; and

 

(ii)              
if to any other Lender, to it at its address (or fax number, telephone number or e-mail address) set forth in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Parent
Borrower), it being understood that notices relating to Loan activity shall be provided for by fax.

 

Notices and
other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to
have been given when received; notices and other communications sent by fax or other electronic transmission shall be deemed to
have been given when

 

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sent (except
that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business
on the next business day for the recipient). Notices and other communications delivered through electronic communications to the
extent provided in subsection (b) below shall be effective as provided in such subsection (b).

 

(b)               
Electronic Communications. Notices and other communications to the Lenders and the Issuing Bank hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures
reasonably approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or
the Issuing Bank pursuant to Article II if such Lender or the Issuing Bank, as applicable, has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication.

 

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

 

(c)               
The Platform. 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 Parties (collectively, the “Agent Parties”) have
any liability to Holdings, the Parent Borrower, any Lender, the Issuing Bank or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent 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 non-appealable judgment to
have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no
event shall any Agent Party have any liability to Holdings, the Parent Borrower, any Lender, the Issuing Bank or any other Person
for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

 

(d)               
Change of Address, Etc. Each of Holdings, the Parent Borrower, the Administrative Agent, the Issuing Bank and the
Swingline Lender may change its address, electronic mail address, fax or telephone number for notices and other communications
or website hereunder by notice to the other parties hereto. Each other Lender may change its address, fax or telephone number
for notices and other communications hereunder by notice to the Parent Borrower, the Administrative Agent, the Issuing Bank 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, fax number and electronic mail address
to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

 

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(e)               
Reliance by Administrative Agent, Issuing Bank and Lenders. The Administrative Agent, the Issuing Bank and the Lenders
shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Parent 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. The Parent Borrower shall
indemnify the Administrative Agent, the Issuing Bank, each Lender and the Related Parties from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Parent Borrower
in the absence of gross negligence or willful misconduct as determined in a final and non-appealable judgment by a court of competent
jurisdiction. 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.

 

SECTION 9.02.            
Waivers; Amendments.

 

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

 

(b)               
Except as provided in Section 2.20 with respect to any Incremental Facilities Amendment or Section 2.21 with respect to
any Refinancing Amendment and Section 2.24 with respect to any Permitted Amendment, neither this Agreement, any Loan Document
nor any provision hereof or thereof may be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement
or agreements in writing entered into by Holdings, the Parent Borrower, the Administrative Agent (to the extent that such waiver,
amendment or modification does not affect the rights, duties, privileges or obligations of the Administrative Agent under this
Agreement, the Administrative Agent shall execute such waiver, amendment or other modification to the extent approved by the Required
Lenders) and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing
entered into by the Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with the consent
of the Required Lenders, provided that no such agreement shall (i) increase the Commitment of any Lender without the
written consent of such Lender (but not the Required Lenders) (it being understood that a waiver of any condition precedent set
forth in Section 4.02 or the waiver of any Default, mandatory prepayment or mandatory reduction of the Commitments shall not constitute
an extension or increase of any Commitment of any Lender), (ii) reduce the principal amount of any Loan or LC Disbursement
(it being understood that a waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of the Commitments
shall not constitute a reduction or forgiveness in principal) or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender directly and adversely affected thereby (but not the

 

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Required Lenders)
(it being understood that any change to the definition of First Lien Leverage Ratio or in the component definitions thereof shall
not constitute a reduction of interest or fees), provided that only the consent of the Required Lenders shall be necessary
to waive any obligation of the Parent Borrower to pay default interest pursuant to Section 2.13(c), (iii) postpone the maturity
of any Loan (it being understood that a waiver of any Default, Event of Default, mandatory prepayment or mandatory reduction of
the Commitments shall not constitute an extension of any maturity date), or the date of any scheduled amortization payment of
the principal amount of any Term Loan under Section 2.10, the applicable Refinancing Amendment or Loan Modification Agreement,
or the reimbursement date with respect to any LC Disbursement, or any date for the payment of any interest or fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without
the written consent of each Lender directly and adversely affected thereby (but not the Required Lenders), (iv) change any
of the provisions of this Section without the written consent of each Lender directly and adversely affected thereby (but not
the Required Lenders); provided that any such change which is in favor of a Class of Lenders holding Loans maturing after
the maturity of other Classes of Lenders (and only takes effect after the maturity of such other Classes of Loans or Commitments)
will require the written consent of the Required Lenders with respect to each Class directly and adversely affected thereby, (v) lower
the percentage set forth in the definition of “Required Lenders”, “Required Revolving Lenders” or any
other provision of any Loan Document specifying the number or percentage of Lenders (or Lenders of any Class) required to waive,
amend or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of
each Lender (or each Lender of such Class, as the case may be) (but not the Required Lenders), (vi) release all or substantially
all the value of the Guarantees under the Guarantee Agreement (except as expressly provided in the Loan Documents) without the
written consent of each Lender (other than a Defaulting Lender) (but not the Required Lenders) or (vii) release all or substantially
all the Collateral from the Liens of the Security Documents, without the written consent of each Lender (other than a Defaulting
Lender) (but not the Required Lenders), except as expressly provided in the Loan Documents; provided further that (A) no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or the
Swingline Lender without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as
the case may be, and (B) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing
entered into by Holdings, the Parent Borrower and the Administrative Agent to cure any ambiguity, omission, mistake, error, defect
or inconsistency and (C) any waiver, amendment or modification of this Agreement that by its terms affects the rights or duties
under this Agreement of Lenders holding Loans or Commitments of a particular Class (but not the Lenders holding Loans or Commitments
of any other Class) may be effected by an agreement or agreements in writing entered into by Holdings, Intermediate Parent, the
Parent Borrower and the requisite percentage in interest of the affected Class of Lenders stating that would be required to consent
thereto under this Section if such Class of Lenders were the only Class of Lenders hereunder at the time. Notwithstanding the
foregoing, (a) this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders,
the Administrative Agent, Holdings and the Parent Borrower (i) to add one or more additional credit facilities to this Agreement
and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof
to share ratably in the benefits of this Agreement and the other Loan Documents and (ii) to include appropriately the Lenders
holding such credit facilities in any determination of the Required Lenders on substantially the same basis as the Lenders prior
to such inclusion, (b) this Agreement and other Loan Documents may be amended or supplemented by an agreement or agreements in
writing entered into by the Administrative Agent and Holdings, the Parent Borrower or any Loan Party as to which such agreement
or agreements is to apply, without the need to obtain the consent of any Lender, to include “parallel debt” or similar
provisions, and any authorizations or granting of powers by the Lenders and the other Secured Parties in favor of the Collateral
Agent, in each case required to create in favor of the Collateral Agent any security interest contemplated to be created under
this Agreement, or to perfect any such security interest, where the Administrative Agent

 

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shall have
been advised by its counsel that such provisions are necessary or advisable under local law for such purpose (with Holdings and
the Parent Borrower hereby agreeing to, and to cause their subsidiaries to, enter into any such agreement or agreements upon reasonable
request of the Administrative Agent promptly upon such request), (c) upon notice thereof by Parent Borrower to the Administrative
Agent with respect to the inclusion of any previously absent financial maintenance covenant, this Agreement shall be amended by
an agreement in writing entered into by the Parent Borrower and the Administrative Agent without the need to obtain the consent
of any Lender to include such covenant on the date of the incurrence of the applicable Indebtedness to the extent required by
the terms of such definition or section, (d) amendments to or waivers of any terms or provisions relating solely to (x) the Revolving
Commitments (or, subject to subclause (A) above, Swingline Commitments or Letters of Credit) will require only the written approval
of the Required Revolving Lenders and the Parent Borrower and (y) the Term Facility will require only the written approval of
a Majority in Interest of the outstanding Term Loans and the Parent Borrower and (e) guarantees, collateral security documents
and related documents in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and
may be, together with this Agreement and the other Loan Documents, amended and waived with the consent of the Administrative Agent
at the request of the Parent Borrower without the need to obtain the consent of any other Lender if such amendment or waiver is
delivered in order (i) to comply with local law or advice of local counsel, (ii) to cure ambiguities or defects or (iii) to cause
such guarantee, collateral security document or other document to be consistent with this Agreement and the other Loan Documents.

 

(c)               
In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”)
requiring the consent of all Lenders, all Lenders of an affected Class or all directly and adversely affected Lenders, if the
consent of the Required Lenders or the Required Class Lenders of any such affected Class, as applicable, to such Proposed Change
is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender
whose consent is not obtained as described in paragraph (b) of this Section being referred to as a “Non-Consenting Lender”),
then, so long as the Lender that is acting as Administrative Agent is not a Non-Consenting Lender, the Parent Borrower may, at
its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04),
all its interests, rights and obligations under this Agreement to an Eligible Assignee that shall assume such obligations (which
Eligible Assignee may be another Lender, if a Lender accepts such assignment), provided that (a) the Parent Borrower shall
have received the prior written consent of the Administrative Agent to the extent such consent would be required under Section
9.04(b) for an assignment of Loans or Commitments, as applicable (and, if a Revolving Commitment is being assigned, each Issuing
Bank and Swingline Lender), which consent shall not unreasonably be withheld, (b) such Non-Consenting Lender shall have received
payment of an amount equal to the outstanding par principal amount of its Loans and participations in LC Disbursements and Swingline
Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including pursuant to Section 2.11(a)(i))
from the Eligible Assignee (to the extent of such outstanding principal and accrued interest and fees) or the Parent Borrower
(in the case of all other amounts) and (c) unless waived, the Parent Borrower or such Eligible Assignee shall have paid to
the Administrative Agent the processing and recordation fee specified in Section 9.04(b). Each party hereto agrees that an assignment
required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Parent Borrower,
the Administrative Agent and the assignee and that the Lender required to make such assignment need not be a party thereto.

 

(d)               
Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, the Revolving Commitments, Term
Loans and Revolving Exposure of any Lender that is at the time a Defaulting Lender shall not have any voting or approval rights
under the Loan Documents and

 

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shall be excluded
in determining whether all Lenders (or all Lenders of a Class), all affected Lenders (or all affected Lenders of a Class), the
Required Lenders of any Class or the Required Lenders have taken or may take any action hereunder (including any consent to any
amendment or waiver pursuant to this Section 9.02); provided that (x) the Commitment of any Defaulting Lender may
not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that affects any Defaulting Lender more adversely than other affected Lenders shall require
the consent of such Defaulting Lender.

 

(e)               
Notwithstanding anything in this Agreement or the other Loan Documents to the contrary, each Affiliated Lender (other than
an Affiliated Debt Fund) hereby agrees that, if a proceeding under the Bankruptcy Code or any other Federal, state or foreign
bankruptcy, insolvency, receivership or similar law shall be commenced by or against the Parent Borrower or any other Loan Party
at a time when such Lender is an Affiliated Lender, such Affiliated Lender irrevocably authorizes and empowers the Administrative
Agent to vote on behalf of such Affiliated Lender with respect to the Loans held by such Affiliated Lender in any manner in the
Administrative Agent’s sole discretion, unless the Administrative Agent instructs such Affiliated Lender to vote, in which
case such Affiliated Lender shall vote with respect to the Loans held by it as the Administrative Agent directs; provided
that such Affiliated Lender shall be entitled to vote in accordance with its sole discretion (and not in accordance with the direction
of the Administrative Agent) in connection with any plan of reorganization to the extent any such plan of reorganization proposes
to treat any Secured Obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to
such Affiliated Lender than the proposed treatment of similar Secured Obligations held by Lenders that are not Affiliates of the
Parent Borrower.

 

(f)                
Without any further consent of the Lenders, the Administrative Agent and the Collateral Agent shall be authorized to negotiate,
execute and deliver on behalf of the Secured Parties any (i) Intercreditor Agreement in a form substantially consistent with Exhibit
G or Exhibit H hereto or (ii) any customary “crossing-lien” intercreditor agreement entered into in connection with
Indebtedness permitted under Section 6.01(a)(xxix) and Liens permitted under Section 6.02(xxviii)..

 

(g)               
Notwithstanding the foregoing, only the Required Revolving Lenders shall have the ability to waive, amend, supplement or
modify the covenant set forth in Section 6.10, Article VII (solely as it relates to Section 6.10) or any component definition
of the covenant set forth in Section 6.10 (solely as it relates to Section 6.10).

 

SECTION 9.03.            
Expenses; Indemnity; Damage Waiver.

 

(a)               
The Parent Borrower shall pay, if the Effective Date occurs, (i) all reasonable and documented or invoiced out-of-pocket
costs and expenses incurred by the Administrative Agent and the Joint Bookrunners and their respective Affiliates (without duplication),
including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel llp
and to the extent reasonably determined by the Administrative Agent to be necessary, one local counsel in each applicable
jurisdiction (exclusive of any reasonably necessary special counsel) and, in the case of an actual or reasonably perceived conflict
of interest, one additional counsel per affected party, in each case for the Administrative Agent and the Joint Bookrunners, in
connection with the syndication of the credit facilities provided for herein, and, with respect to the Administrative Agent, the
preparation, execution, delivery and administration of the Loan Documents or any amendments, modifications or waivers of the provisions
thereof, (ii) all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by each Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all reasonable and documented or invoiced out-of-pocket expenses incurred by the Administrative Agent, the Joint Bookrunners,
each Issuing Bank, the Lead Arrangers or any Lender, including the fees, charges and disbursements of counsel for the Administrative
Agent, the Joint

 

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Bookrunners,
the Issuing Banks and the Lenders, in connection with the enforcement or protection of any rights or remedies (A) in connection
with the Loan Documents (including all such costs and expenses incurred during any legal proceeding, including any proceeding
under any Debtor Relief Laws), including its rights under this Section or (B) in connection with the Loans made or Letters
of Credit issued hereunder, including all such out-of-pocket costs and expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit; provided that such counsel shall be limited to one lead counsel
and such local counsel (exclusive of any reasonably necessary special counsel) as may reasonably be deemed necessary by the Administrative
Agent in each relevant jurisdiction and, in the case of an actual or reasonably perceived conflict of interest, one additional
counsel per affected party.

 

(b)               
Each Borrower shall indemnify the Administrative Agent, each Issuing Bank, the Lead Arrangers, each Lender, the Joint Bookrunners
and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and reasonable and documented or invoiced
out-of-pocket fees and expenses of one counsel and one local counsel in each applicable jurisdiction (and, in the case of a conflict
of interest, where the Indemnitee affected by such conflict notifies Holdings of the existence of such conflict and thereafter
retains its own counsel, one additional counsel) for all Indemnitees (which may include a single special counsel acting in multiple
jurisdictions), incurred by or asserted against any Indemnitee by any third party or by such Borrower, Holdings or any Subsidiary
arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any Loan Document
or any other agreement or instrument contemplated hereby or thereby, the performance by the parties to the Loan Documents of their
respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated thereby, (ii) any
Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing Bank to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms
of such Letter of Credit), (iii) to the extent in any way arising from or relating to any of the foregoing, any actual or
alleged presence or Release of Hazardous Materials on, at, to or from any Mortgaged Property or any other property currently or
formerly owned or operated by Holdings, the Parent Borrower or any Subsidiary, or any other Environmental Liability related in
any way to Holdings, the Parent Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Parent Borrower, Holdings or any Subsidiary and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities,
costs or related expenses (x) resulted from the gross negligence, bad faith or willful misconduct of any Indemnitee or its
Related Parties (as determined by a court of competent jurisdiction in a final and non-appealable judgment), (y) resulted
from a material breach of the Loan Documents by any Indemnitee or its Related Parties (as determined by a court of competent jurisdiction
in a final and non-appealable judgment) or (z) arise from disputes between or among Indemnitees that do not involve an act
or omission by Holdings, the Parent Borrower or any Restricted Subsidiary other than disputes between or among Indemnitees involving
claims against the Administrative Agent, Joint Bookrunners, Lead Arrangers or other Indemnitees acting in their capacities as
such. This Section 9.03(b) should not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc.
arising from any non-Tax claim.

 

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

 

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capacity as
such. For purposes hereof, a Lender’s “pro rata share” shall be determined based upon its share of the aggregate
Revolving Exposures, outstanding Term Loans and unused Commitments at such time. The obligations of the Lenders under this paragraph (c)
are subject to the last sentence of Section 2.02(a) (which shall apply mutatis mutandis to the Lenders’ obligations
under this paragraph (c)).

 

(d)               
To the extent permitted by applicable law, neither Holdings nor the Parent Borrower shall assert, and each hereby waives,
any claim against any Indemnitee or any Indemnitee’s Related Parties (i) for any direct or actual damages arising from the
use by unintended recipients of information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems (including the Internet) in connection with this Agreement
or the other Loan Documents or the transactions contemplated hereby or thereby; provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such direct or actual damages are determined by a court of competent jurisdiction
by final, non-appealable judgment to have resulted from the gross negligence or willful misconduct of, or a material breach of
the Loan Documents by, such Indemnitee or its Related Parties or (ii) on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement,
any other Loan Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of
Credit or the use of the proceeds thereof.

 

(e)               
All amounts due under this Section shall be payable not later than ten (10) Business Days after written demand therefor;
provided, however, that any Indemnitee shall promptly refund an indemnification payment received hereunder to the
extent that there is a final judicial determination that such Indemnitee was not entitled to indemnification with respect to such
payment pursuant to this Section 9.03.

 

SECTION 9.04.            
Successors and Assigns.

 

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

 

(b)               
Subject to the conditions set forth in paragraphs (b)(ii) and (f) below, any Lender may assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and
the Loans at the time owing to it) with the prior written consent (such consent (except with respect to assignments to competitors
of the Parent Borrower) not to be unreasonably withheld or delayed) of (A) the Parent Borrower; provided that no consent
of the Parent Borrower shall be required for an assignment (w) by a Term Lender to any other Term Lender or an Affiliate of any
Term Lender, (x) by a Term Lender to an Approved Fund, (y) by a Revolving Lender to another Revolving Lender or (z) if a Significant
Event of Default has occurred and is

 

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continuing,
unless such assignment is to a competitor of the Parent Borrower identified in writing to the Administrative Agent prior to the
Effective Date; and provided further that the Parent Borrower shall have the right to withhold its consent to any assignment
if in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of,
or make any filing or registration with, any Governmental Authority, (B) the Administrative Agent; provided that no
consent of the Administrative Agent shall be required for an assignment of a Term Loan to a Lender, an Affiliate of a Lender or
an Approved Fund or to the Parent Borrower or any Affiliate thereof and (C) solely in the case of Revolving Loans and Revolving
Commitments, each Issuing Bank and the Swingline Lender; provided that, for the avoidance of doubt, no consent of any Issuing
Bank or the Swingline Lender shall be required for an assignment of all or any portion of a Term Loan or Term Commitment. Notwithstanding
anything in this Section 9.04 to the contrary, if the Parent Borrower has not given the Administrative Agent written notice
of its objection to such assignment of Term Loans within ten (10) Business Days after written notice to the Parent Borrower, the
Parent Borrower shall be deemed to have consented to such assignment. In connection with obtaining the Borrowers’ consent
to assignments in accordance with this Section, the Borrowers shall be permitted to designate in writing to the Administrative
Agent up to two additional individuals (which, for the avoidance of doubt, may include officers or employees of the Sponsor) who
shall be copied on any such consent requests (or receive separate notice of such proposed assignments) from the Administrative
Agent.

 

(i)                
Assignments shall be subject to the following additional conditions: (A) 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
Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the trade date specified in the Assignment and Assumption with respect to such assignment or, if no trade date
is so specified, as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative
Agent) shall, in the case of Revolving Loans, not be less than $5,000,000 (and integral multiples of $1,000,000 in excess thereof)
(or any other amount acceptable to the Administrative Agent) or, in the case of a Term Loan, $1,000,000 (and integral multiples
of $1,000,000 in excess thereof), unless the Parent Borrower and the Administrative Agent otherwise consent (such consent not
to be unreasonably withheld or delayed); provided that no such consent of the Parent Borrower shall be required if a Significant
Event of Default has occurred and is continuing, (B) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement; provided that this clause (B)
shall not be construed to prohibit assignment of a proportionate part of all the assigning Lender’s rights and obligations
in respect of one Class of Commitments or Loans, (C) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption (which shall include a representation by the assignee and the assignor that the assignee is
not a Disqualified Lender or an Affiliate of a Disqualified Lender (so long as the list of Disqualified Lenders has been made
available to all Lenders), together (unless waived by the Administrative Agent) with a processing and recordation fee of $3,500;
provided that the Administrative Agent, in its sole discretion, may elect to waive such processing and recordation fee;
provided further that such recordation fee shall not be payable in a case of assignments by any Affiliate of the Joint
Bookrunners; provided further that assignments made pursuant to Section 2.19(b) or Section 9.02(c) shall not
require the signature of the assigning Lender to become effective, (D) the assignee, if it shall not be a Lender, shall deliver
to the Administrative Agent any tax forms required by Section 2.17(e) and an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information
about the Parent Borrower, the Loan Parties and their Related Parties or their respective securities) will be made available and
who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including
Federal and state securities laws and (E)

 

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unless
the Parent Borrower otherwise consents, no assignment of all or any portion of the Revolving Commitment of a Lender that is also
a Swingline Lender or an Issuing Bank may be made unless the assignor agrees, in its discretion, to retain all of its rights with
respect to and obligations to make or issue Swingline Loans and Letters of Credit, as applicable, hereunder in which case the
Applicable Fronting Exposure of such assignor may exceed such assignor’s Revolving Commitment for purposes of Sections 2.04(a)
and 2.05(b) by an amount not to exceed the difference between the assignor’s Revolving Commitment prior to such assignment
and the assignor’s Revolving Commitment following such assignment; provided that no such consent of the Parent Borrower
shall be required if a Significant Event of Default has occurred and is continuing.

 

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

 

(iii)            
The Administrative Agent, acting for this purpose as a non-fiduciary agent of each Borrower, shall maintain at one of its
offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses
of the Lenders, and the Commitment of, and principal and interest amounts of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and Holdings, the Parent Borrower, the Administrative Agent, the Issuing Banks and the Lenders shall treat
each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent shall maintain on the Register information
regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender. Notwithstanding the foregoing,
in no event shall the Administrative Agent be obligated to ascertain, monitor or inquire as to whether any Lender is an Affiliated
Lender, nor shall the Administrative Agent be obligated to monitor the aggregate amount of the Loans or Incremental Loans held
by Affiliated Lenders. The Register shall be available for inspection by the Parent Borrower, and with respect to their own respective
interests only, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. In
addition, the Parent Borrower shall provide to the Administrative Agent a list of Disqualified Lenders (the “Disqualified
Lender List”), if any, identifying in writing those Persons designated as “Disqualified Lenders” pursuant
to clauses (i), (ii) or (iii)(x) of the definition thereof, which Disqualified Lender List shall (x) become effective two days
after delivery to the Administrative Agent and (y) be made available to any Lender upon request in accordance with this Agreement;
provided that such Disqualified Lender List shall not apply retroactively to disqualify any persons that have previously
acquired an assignment or participation interest in the Loan. Notwithstanding anything contained in this Agreement or any other
Loan Document to the contrary, if any Lender was a Disqualified Lender at the time of the

 

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assignment
of any Loans or Commitments to such Lender, following written notice from the Parent Borrower to such Lender and the Administrative
Agent:  (1) such Lender shall promptly assign all Loans and Commitments held by such Lender to an Eligible Assignee; provided
that (A) the Administrative Agent shall not have any obligation to the Parent Borrower, such Lender or any other Person to
find such a replacement Lender, (B) the Parent Borrower shall not have any obligation to such Disqualified Lender or any other
Person to find such a replacement Lender or accept or consent to any such assignment to itself or any other Person subject to
the Parent Borrower’s consent in accordance with Section 9.04(b)(i) and (C) the assignment of such Loans and/or Commitments,
as the case may be, shall be at Fair Market Value; (2) such Lender shall not have any voting or approval rights under the Loan
Documents and shall be excluded in determining whether all Lenders (or all Lenders of any Class), all affected Lenders (or all
affected Lenders of any Class), a Majority in Interest of Lenders of any Class or the Required Lenders have taken or may take
any action hereunder (including any consent to any amendment or waiver pursuant to this Section 9.02); provided that
(x) the Commitment of any Disqualified Lender may not be increased or extended without the consent of such Lender and (y) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that affects any Disqualified Lender
adversely and in a manner that is disproportionate to other affected Lenders shall require the consent of such Disqualified Lender;
and (3) no Disqualified Lender is entitled to receive information provided solely to Lenders by the Administrative Agent or any
Lender or will be permitted to attend or participate in meetings attended solely by the Lenders and the Administrative Agent,
other than the right to receive notices or Borrowings, notices or prepayments and other administrative notices in respect of its
Loans or Commitments required to be delivered to Lenders pursuant to Article II.

 

(iv)             
Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire and any tax forms required by Section 2.17(e) (unless the assignee shall already be
a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 9.04 and any written
consent to such assignment required by paragraph (b) of this Section 9.04, the Administrative Agent shall accept such Assignment
and Assumption and 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.

 

(v)               
The words “execution,” “signed,” “signature” and words of like import in any Assignment
and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other similar state laws
based on the Uniform Electronic Transactions Act.

 

(c)               
 Any Lender may, without the consent of the Parent Borrower, the Administrative Agent, the Issuing Banks or the Swingline
Lender, sell participations to one or more banks or other Persons (other than to a Person, that is not an Eligible Assignee; provided
that for the purposes of this provision, Disqualified Lenders shall be deemed to be Eligible Assignees unless a list of Disqualified
Lenders has been made available to all Lenders by Holdings, the Parent Borrower or any of the Parent Borrower’s Subsidiaries)
(each such bank or other Person, a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to
the other parties hereto for the

 

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performance
of such obligations and (C) Holdings, the Parent Borrower, the Administrative Agent, the Issuing Banks and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender
shall retain the sole right to enforce this Agreement and any other Loan Documents and to approve any amendment, modification
or waiver of any provision of this Agreement and any other Loan Documents; provided that such agreement or instrument may
provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described
in the first proviso to Section 9.02(b) that directly and adversely affects such Participant. Subject to paragraph (c)(iii)
of this Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17
(subject to the obligations and limitations thereof, it being understood that any tax forms required by Section 2.17(e) shall
be provided solely 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. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 9.08 as though it were a Lender; provided that such Participant shall be subject to Section 2.18(c)
as though it were a Lender.

 

(i)                
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of each Borrower,
maintain a register on which it enters the name and address of each Participant and the principal and interest amounts of each
Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”),
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person
(including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans
or its other obligations under any Loan Document) except to the extent that such disclosure is necessary in connection with a
Tax audit or other proceeding to establish that such Commitment, Loan, or other obligation is in registered form under Section
5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive (absent manifest
error), and each Person whose name is recorded in the Participant Register pursuant to the terms hereof shall be treated as a
Participant for all purposes of this Agreement, notwithstanding notice to the contrary.

 

(ii)              
A Participant shall not be entitled to receive any greater payment under Section 2.15 or Section 2.17 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 Parent Borrower’s prior written consent (not to be unreasonably
withheld or delayed).

 

(d)               
Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, 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” bank, and this Section shall
not apply to any such pledge or assignment of a security interest, provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

 

(e)               
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall
make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate
(which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions,
including funding, with the consent of the Parent Borrower and the Administrative

 

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Agent, the
applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable
assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender
hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee
of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(f)             Any
Lender may, at any time, assign all or a portion of its rights and obligations under this Agreement to the Affiliated Lenders
(and such Affiliated Lenders may contribute the same to the Parent Borrower) subject to the following limitations:

 

(i)                
Affiliated Lenders will not receive information provided solely to Lenders by the Administrative Agent or any Lender and
will not be permitted to attend or participate in meetings attended solely by the Lenders and the Administrative Agent, other
than the right to receives notices or Borrowings, notices or prepayments and other administrative notices in respect of its Loans
or Commitments required to be delivered to Lenders pursuant to Article II; provided, however, that the foregoing
provisions of this clause (i) will not apply to any Affiliated Debt Fund;

 

(ii)              
for purposes of any amendment, waiver or modification of any Loan Document (including such modifications pursuant to Section 9.02),
or, subject to Section 9.02(f), any plan of reorganization pursuant to the Bankruptcy Code, that in either case does not require
the consent of each Lender or each affected Lender or does not adversely affect such Affiliated Lender in any material respect
as compared to other Lenders, Affiliated Lenders will be deemed to have voted in the same proportion as the Lenders that are not
Affiliated Lenders voting on such matter; and each Affiliated Lender hereby acknowledges, agrees and consents that if, for any
reason, its vote to accept or reject any plan pursuant to the Bankruptcy Code is not deemed to have been so voted, then such vote
will be (x) deemed not to be in good faith and (y) “designated” pursuant to Section 1126(e) of the Bankruptcy Code
such that the vote is not counted in determining whether the applicable class has accepted or rejected such plan in accordance
with Section 1126(c) of the Bankruptcy Code; provided that Affiliated Debt Funds will not be subject to such voting limitations
and will be entitled to vote as any other Lender;

 

(iii)            
Affiliated Lenders may not purchase Revolving Loans by assignment pursuant to this Section 9.04;

 

(iv)             
the aggregate principal amount of Loans purchased by assignment pursuant to this Section 9.04 and held at any one time
by Affiliated Lenders (other than Affiliated Debt Funds) may not exceed 25.0% of the outstanding principal amount of all Loans
plus the outstanding principal amount of all term loans made pursuant to any Incremental Facility calculated at the time such
Loans are purchased (such percentage, the “Affiliated Lender Cap”); provided that to the extent any
assignment to an Affiliated Lender would result in the aggregate principal amount of all Loans held by Affiliated Lenders exceeding
the Affiliated Lender Cap, the assignment of such excess amount will be void ab initio; and

 

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(g)            Notwithstanding
anything in Section 9.02 or the definition of “Required Lenders” to the contrary, for purposes of determining whether
the Required Lenders have (i) consented (or not consented) to any amendment, modification, waiver, consent or other action with
respect to any of the terms of any Loan Document or any departure by any Loan Party therefrom, (ii) otherwise acted on any matter
related to any Loan Document, or (iii) directed or required the Administrative Agent, Collateral Agent or any Lender to undertake
any action (or refrain from taking any action) with respect to or under any Loan Document,

 

(i)                
all Term Loans held by any Affiliated Lenders that are not Affiliated Debt Funds shall be deemed to be not outstanding
for all purposes of calculating whether the Required Lenders have taken any actions; and

 

(ii)              
all Term Loans, Revolving Commitments and Revolving Exposure held by Affiliated Debt Funds may not account for more than
49.9% of the Term Loans, Revolving Commitments and Revolving Exposure of consenting Lenders included in determining whether the
Required Lenders have consented to any action pursuant to Section 9.02.

 

Each Affiliated
Lender by its acquisition of any Loans outstanding hereunder will be deemed to have waived any right it may otherwise have had
to bring any action in connection with such Loans against the Administrative Agent, in its capacity as such, and will be deemed
to have acknowledged and agreed that the Administrative Agent shall not have any liability for any losses suffered by any Person
as a result of any purported assignment to or from an Affiliated Lender.

 

(h)            Assignments of Term Loans to any Purchasing Borrower Party shall be permitted through open market purchases and/or “Dutch
auctions,” so long as any offer to purchase or take by assignment (other than through open market purchases) by such Purchasing
Borrower Party shall have been made to all Term Lenders on a pro rata basis, through procedures (and subject to the terms) set
forth in Section 2.11(a)(ii), so long as (i) the Term Loans purchased are immediately cancelled, (ii) no proceeds from any loan
under the Revolving Credit Facility shall be used to fund such assignments and (iii) no Event of Default has occurred or is continuing
or would result therefrom.

 

(i)             Upon any contribution of Loans to a Borrower or any Restricted Subsidiary and upon any purchase of Loans by a Purchasing
Borrower Party, (A) the aggregate principal amount (calculated on the face amount thereof) of such Loans shall automatically be
cancelled and retired by such Borrower on the date of such contribution or purchase (and, if requested by the Administrative Agent,
with respect to a contribution of Loans, any applicable contributing Lender shall execute and deliver to the Administrative Agent
an Assignment and Assumption, or such other form as may be reasonably requested by the Administrative Agent, in respect thereof
pursuant to which the respective Lender assigns its interest in such Loans to such Borrower for immediate cancellation) and (B)
the Administrative Agent shall record such cancellation or retirement in the Register.

 

SECTION 9.05.            
Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to any Loan Document shall be considered
to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the
making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on
its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under
this Agreement is

 

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outstanding
and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions
of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the Transactions and the occurrence of the Termination Date. Notwithstanding the foregoing or anything
else to the contrary set forth in this Agreement, in the event that, in connection with the refinancing or repayment in full of
the credit facilities provided for herein, an Issuing Bank shall have provided to the Administrative Agent a written consent to
the release of the Revolving Lenders from their obligations hereunder with respect to any Letter of Credit issued by such Issuing
Bank (whether as a result of the obligations of the Parent Borrower (and any other account party) in respect of such Letter of
Credit having been collateralized in full by a deposit of cash with such Issuing Bank or being supported by a letter of credit
that names such Issuing Bank as the beneficiary thereunder, or otherwise), then from and after such time such Letter of Credit
shall cease to be a “Letter of Credit” outstanding hereunder for all purposes of this Agreement and the other Loan
Documents, and the Revolving Lenders shall be deemed to have no participations in such Letter of Credit, and no obligations with
respect thereto, under Section 2.05(e) or (f).

 

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

 

SECTION 9.07.            
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the
validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction. Without limiting the foregoing provisions of this
Section 9.07, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders
shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent, the Issuing Bank or the Swingline
Lender, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

 

SECTION 9.08.            
Right of Setoff(a). If a Significant Event of Default shall have occurred and be continuing, each Lender and each
Issuing Bank is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply
any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender or such Issuing Bank to or for the credit or the account of
any Borrower against any of and all the obligations of the Parent Borrower then due and owing under this Agreement held by such
Lender or Issuing Bank, irrespective of whether or not such Lender or Issuing Bank shall have made any demand under this Agreement
and although such obligations are owed to a branch or office of such Lender or Issuing Bank different from the branch or office
holding such deposit or obligated on such Indebtedness; provided that in the event that any Defaulting Lender shall exercise
any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application
in accordance with the provisions of Section 2.22 and,

 

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pending such
payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The
applicable Lender and applicable Issuing Bank shall notify the Parent Borrower and the Administrative Agent of such setoff and
application; provided that any failure to give or any delay in giving such notice shall not affect the validity of any
such setoff and application under this Section. The rights of each Lender and each Issuing Bank under this Section are in addition
to other rights and remedies (including other rights of setoff) that such Lender or such Issuing Bank may have. Notwithstanding
the foregoing, no amount set off from any Guarantor shall be applied to any Excluded Swap Obligation of such Guarantor.

 

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

 

(a)               
This Agreement shall be construed in accordance with and governed by the laws of the State of New York.

 

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

 

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

 

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

 

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

 

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PARTIES HERETO
HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

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

 

SECTION 9.12.            
Confidentiality.

 

(a)               
Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the confidentiality of the Information
(as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees,
trustees and agents, including accountants, legal counsel and other agents and advisors (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential and any failure of such Persons acting on behalf of the Administrative Agent, any Issuing Bank or the relevant Lender
to comply with this Section 9.12 shall constitute a breach of this Section 9.12 by the Administrative Agent, such Issuing Bank
or the relevant Lender, as applicable), (ii) to the extent requested by any regulatory authority or self-regulatory authority,
required by applicable law or by any subpoena or similar legal process or in connection with the exercise of remedies hereunder
or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder; provided that (x)
solely to the extent permitted by law and other than in connection with routine audits and reviews by regulatory and self-regulatory
authorities, each Lender and the Administrative Agent shall notify the Parent Borrower as promptly as practicable of any such
requested or required disclosure in connection with any legal or regulatory proceeding and (y) in the case of clause (ii) only,
each Lender and the Administrative Agent shall use commercially reasonable efforts to ensure that such Information is kept confidential
in connection with the exercise of such remedies, and provided further that in no event shall any Lender or the Administrative
Agent be obligated or required to return any materials furnished by the Parent Borrower or any Subsidiary of Holdings, (iii) to
any other party to this Agreement, (iv) subject to an agreement containing confidentiality undertakings substantially similar
to those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement, (B) any actual or prospective counterparty (or its advisors) to any Swap
Agreement or derivative transaction relating to any Loan Party or its Subsidiaries and its obligations under the Loan Documents
or (C) any pledgee referred to in Section 9.04(d), (vi) subject to an agreement containing confidentiality undertakings substantially
similar to those of this Section, to investors, financing sources and prospective financing sources, in each case, of the Term
Lenders, (vii) if required by any rating agency; provided that prior to any such disclosure, such rating agency shall have
agreed in writing to maintain the confidentiality of such Information or (vii) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent,
any Issuing Bank, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than Holdings
or a Borrower. For the purposes hereof, “Information” means all information received from Holdings or the Parent
Borrower relating to Holdings, the Parent Borrower, any other Subsidiary or their business, other than any such information that
is available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by Holdings,
the Parent Borrower or any Subsidiary. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

(b)               
EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE

 

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MATERIAL NON-PUBLIC
INFORMATION CONCERNING HOLDINGS, THE BORROWERS, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

(c)               
ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS FURNISHED BY THE BORROWERS 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 HOLDINGS, THE BORROWERS, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY,
EACH LENDER REPRESENTS TO THE BORROWERS 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.

 

SECTION 9.13.            
USA Patriot Act. Each Lender that is subject to the USA Patriot Act and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies each Loan Party that pursuant to the requirements of the USA Patriot Act, it is required
to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan
Party in accordance with the USA Patriot Act.

 

SECTION 9.14.            
Judgment Currency.

 

(a)               
If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency
into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could
be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given.

 

(b)               
The obligations of the Borrowers in respect of any sum due to any party hereto or any holder of any obligation owing hereunder
(the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged
only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in
the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase
the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally
due to the Applicable Creditor in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding any
such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers under this Section shall
survive the termination of this Agreement and the payment of all other amounts owing hereunder.

 

SECTION 9.15.            
Release of Liens and Guarantees.

 

(a)               
A Subsidiary Loan Party (other than a Borrower, which shall not be released) shall automatically be released from its obligations
under the Loan Documents, and all security interests created by the Security Documents in Collateral owned by (and, in the case
of clause (1), (2) and (3), in

 

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each case,
to the extent constituting Excluded Assets, upon the request of the Parent Borrower, the Equity Interests of) such Subsidiary
Loan Party shall be automatically released, (1) upon the consummation of any transaction permitted by this Agreement as a result
of which such Subsidiary Loan Party ceases to be a Restricted Subsidiary (including pursuant to a merger with a Subsidiary that
is not a Loan Party or a designation as a Unrestricted Subsidiary), (2) upon the request of the Parent Borrower, upon any
Subsidiary Loan Party becoming an Excluded Subsidiary or (3) upon the request of a Borrower, in connection with a transaction
permitted under this Agreement, as a result of which such Subsidiary Loan Party ceases to be a Wholly Owned Subsidiary; provided
that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such
consent shall not have provided otherwise. Upon any sale or other transfer by any Loan Party (other than to Holdings, the Parent
Borrower, the Co-Borrower or any other Subsidiary Loan Party) of any Collateral in a transaction permitted under this Agreement,
or upon the effectiveness of any written consent to the release of the security interest created under any Security Document in
any Collateral or the release of Holdings or any Subsidiary Loan Party from its Guarantee under the Guarantee Agreement pursuant
to Section 9.02, the security interests in such Collateral created by the Security Documents or such guarantee shall be automatically
released. Upon the Termination Date, all obligations under the Loan Documents and all security interests created by the Security
Documents shall be automatically released. In connection with any termination or release pursuant to this Section, the Administrative
Agent shall execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall
reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 9.15
shall be without recourse to or warranty by the Administrative Agent.

 

(b)               
The Lenders irrevocably authorize the Administrative Agent and Collateral Agent to (i) release or subordinate any Lien
on any property granted to or held by the Administrative Agent or the Collateral Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 6.02(iv), (viii)(A), (xxiv), (xx), (xi) or (xxviii) to the extent required
by the terms of the obligations secured by such Liens pursuant to documents reasonably acceptable to the Administrative Agent
and Collateral Agent) and (ii) subordinate any Lien on any Mortgaged Property if required under the terms of any lease, easement,
right of way or similar agreement effecting the Mortgaged Property provided such lease, easement, right of way or similar agreement
is permitted by Section 6.02.

 

(c)               
Each of the Lenders and the Issuing Bank irrevocably authorizes the Administrative Agent to provide any release or evidence
of release, termination or subordination contemplated by this Section 9.15. Upon request by the Administrative Agent at any time,
the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest
in particular types or items of property, or to release any Loan Party from its obligations under any Loan Document, in each case
in accordance with the terms of the Loan Document and this Section 9.15.

 

SECTION 9.16.            
[Reserved].

 

SECTION 9.17.            
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of the Borrowers
and Holdings acknowledges and agrees that (i) (A) the arranging and other services regarding this Agreement provided by the Administrative
Agent, the Lenders and the Joint Lead Arrangers are arm’s-length commercial transactions between the Borrowers, Holdings
and their respective Affiliates, on the one hand, and the Administrative Agent, the Lenders and the Joint Lead Arrangers, on the
other hand, (B) each of the Borrowers and Holdings has consulted its own legal, accounting, regulatory and tax advisors to the
extent it has deemed appropriate, and (C) each of the Borrowers and Holdings is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by

 

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the other Loan
Documents; (ii) (A) each of the Administrative Agent, the Lenders and the Joint Lead Arrangers is and has been acting solely as
a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not and will not be acting as
an advisor, agent or fiduciary for the Borrowers, Holdings, any of their respective Affiliates or any other Person and (B) none
of the Administrative Agent, the Lenders and the Joint Lead Arrangers has any obligation to the Borrowers, Holdings or any of
their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth
herein and in the other Loan Documents; and (iii) the Administrative Agent, the Lenders and the Joint Lead Arrangers and their
respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers,
Holdings and their respective Affiliates, and none of the Administrative Agent, the Lenders and the Joint Lead Arrangers has any
obligation to disclose any of such interests to the Borrowers, Holdings or any of their respective Affiliates. To the fullest
extent permitted by law, each of the Borrowers and Holdings hereby waives and releases any claims that it may have against the
Administrative Agent, the Lenders and the Joint Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.

 

SECTION 9.18.            
Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrowers. In determining whether the interest contracted for, charged or received by the Administrative Agent
or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment
that is not principal as an expense, fee or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof,
and (c) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated
term of the obligations hereunder.

 

SECTION 9.19.      
No Fiduciary Relationship. Each of Holdings and each Borrower, on behalf of itself and its subsidiaries, agrees
that in connection with all aspects of the transactions contemplated hereby and any communications in connection therewith, Holdings,
each Borrower, the other Subsidiaries and their Affiliates, on the one hand, and the Administrative Agent, the Lenders and their
Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary
duty on the part of the Administrative Agent, the Lenders or their Affiliates, and no such duty will be deemed to have arisen
in connection with any such transactions or communications.

 

SECTION 9.20.      
Obligation Joint and Several. The Borrowers shall have joint and several liability in respect of all Obligations
in respect of the Loans (the “Loan Obligations”) hereunder and under any other Loan Document to which any Borrower
is a party, without regard to any defense (other than the defense that payment in full has been made), setoff or counterclaim
which may at any time be available to or be asserted by any other Loan Party against the Lenders, or by any other circumstance
whatsoever (with or without notice to or knowledge of the Borrowers) which constitutes, or might be construed to constitute, an
equitable or legal discharge of the Borrowers’ liability hereunder, in bankruptcy or in any other instance, and the Loan
Obligations of the Borrowers hereunder shall not be conditioned or contingent upon the pursuit by the Lenders or any other person
at any time of any right or remedy against the Borrowers or against any other person which may be or become liable in respect
of all or any part of the Loan Obligations or against any Collateral or Guarantee therefor or right of offset with respect thereto.
The Borrowers hereby acknowledge that this Agreement is the independent and several obligation of each Borrower (regardless of
which Borrower shall have delivered a request for borrowings under Section 2.03) and may be enforced against each Borrower separately,
whether or not enforcement of any right or remedy hereunder has been sought against any other Borrower. Each Borrower hereby 

 

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expressly waives,
with respect to any of the Loans made to any other Borrower hereunder and any of the amounts owing hereunder by such other Loan
Parties in respect of such Loans, diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement
that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against such other Loan Parties under
this Agreement or any other agreement or instrument referred to herein or against any other person under any other guarantee of,
or security for, any of such amounts owing hereunder.

 

SECTION 9.21.      
Acknowledgment 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.

 

SECTION
9.22.            
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, that at least
one of the following is and will be true:

 

(i)       
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise for purposes
of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement;

 

(ii)     
the prohibited 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 so as to exempt from prohibitions of
Section 406 of ERISA and Section 4975 of the Code such Lender’s entrance into,

 

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participation
in, administration of and performance of the Loans, the Letters of Credit, 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.

 

(b)               
In addition, unless either (I) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender
or (II) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party
hereto, for the benefit of, the Administrative Agent and the Lead Arrangers and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Parent Borrower or any other Loan Party, that the Administrative Agent, the Lead
Arrangers or any of their respective Affiliates is not a fiduciary with respect to the assets of such Lender involved in such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement (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 hereto or thereto).

 

SECTION
9.23.            
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee
or otherwise, for any Swap Agreement 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 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

 

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apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC
and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no
event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)       As
used in this Section 9.21, 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” means 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, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day
and year first above written.

 

	 	SMART WORLDWIDE HOLDINGS, INC., as Holdings	 
	 	 	 
	 	 	 
	 	By:	/s/ Bruce Goldberg	 
	 	 	Name: Bruce Goldberg	 
	 	 	Title: Vice President, Chief Legal Officer,
    Chief Compliance Officer and Secretary	 
	 	 	 	 
	 	SMART MODULAR
        TECHNOLOGIES (GLOBAL), INC., as Parent Borrower

        
	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Bruce Goldberg	 
	 	 	Name: Bruce Goldberg	 
	 	 	Title: Vice President, Chief Legal Officer, Chief Compliance
    Officer and Secretary	 
	 	 	 	 
	 	SMART
MODULAR TECHNOLOGIES, INC., as Co-Borrower
	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Bruce Goldberg	 
	 	 	Name: Bruce Goldberg	 
	 	 	Title:
Vice President, Chief Legal Officer, Chief Compliance Officer and Secretary
	 
	 	 	 	 

 

    [SMART Modular – Signature Page to Credit Agreement]

    

    

	 	BARCLAYS BANK PLC, as Administrative Agent and Collateral Agent,	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Martin Corrigan	 
	 	 	Name: Martin Corrigan

    	 
	 	 	Title: Vice President	 
	 	 	 	 

 

    [SMART Modular – Signature Page to Credit Agreement]

    

    

	 	BARCLAYS BANK PLC, as a Lender, Swingline Lender and Issuing Bank,	 
	 	 	 
	 	 	 
	 	By:	/s/ Martin Corrigan	 
	 	 	Name: Martin Corrigan	 
	 	 	Title: Vice President	 
	 	 	 	 

 

    [SMART Modular – Signature Page to Credit Agreement]

    

    

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender and
    Issuing Bank,	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Strobel	 
	 	 	Name: Michael Strobel	 
	 	 	Title: Vice President	 
	 	 	 	 
	 	By:	/s/ Suzan Onal	 
	 	 	Name: Suzan Onal	 
	 	 	Title: Associate	 
	 	 	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC. as a Lender
    and Issuing Bank,	 
	 	 	 
	 	 	 	 
	 	By:	/s/ Julie Lilienfeld	 
	 	 	Name: Julie Lilienfeld	 
	 	 	Title: Vice President	 

 

    [SMART Modular – Signature Page to Credit Agreement]

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